Secure Income Reit Share Discussion Threads

[pacman88] 05/9/2003 14:46

Looking promising. Last year results were more than reasonable. No debt. AIM listing must have reduced demand as some institutions and investors are not able to invest on that market. The price consolidation at circa 95p looks to have provided nice support. Going for 200day MA which, if broken, coould be very exciting.

[irresponsible] 04/9/2003 10:36

Someone is buying today - first trades in ages. Could be catching peoples attention in the run-up to results.

[gavis] 03/9/2003 15:50

Oh, also just noticed that the Company's House Broker is Collins Stewart - perhaps this has held the shares back.

[gavis] 03/9/2003 15:44

Still these haven;t budged where most tech/software stocks around them have moved strongly. I agree they are an illiquid stock, but I feel that when they start to move they will move quickly. Potential negatives - the shares have recently moved from the main mkt to AIM and last years results included an execptional contract that will not be repeated this year. Otherwise I can see these being much higher a year from now. My opions based on their last results statement issued in April. Last years interims were announced on 17 Sept.

[irresponsible] 08/8/2003 14:59

Agreed. But illiquid sometimes means it can rise quickly on small buys. (And of course, fall quickly too!)

[rambutan2] 07/8/2003 10:57

move to aim didnt seem to go down well with its holders. his one always very illiquid.

[irresponsible] 07/8/2003 10:51

Another company that looks good but has missed the recent tech bounce.
Results are expected mid Sept. Judging by the results of other software companies selling to the insurance sector, should be another good year.

[yarer] 05/11/2002 00:14

Been tipped as a buy

[a7009090] 17/9/2002 15:00

gain: why not just post the highlights - the full results takes up a lot of space and the figures don't come out anyway.

[gain] 17/9/2002 13:52

Papers may highlight it tomorrow,

[ll] 17/9/2002 11:33

I was in yesterday, but thought it would have done better after seeing results forecasts on teletext not made a lot on this one surprised there is little interest any views.

[gain] 17/9/2002 10:32

A sweet set of results, and nobody's noticed yet




RNS Number:2546B
Sirius Financial Solutions PLC
17 September 2002

17 September 2002



SIRIUS FINANCIAL SOLUTIONS PLC


2002 INTERIM RESULTS
SIRIUS ACHIEVES RECORD INCREASE IN OPERATING PROFIT

Sirius Financial Solutions, the specialist supplier of software and services to
the insurance and financial services industry worldwide, today announces its
results for the six months 30 June 2002.

Highlights

* Record increase in operating profit before goodwill amortisation to #1.8m
(H1 2001: #0.6m) due in part to the previously-announced deferral of
revenue recognition from FY 2001

* Significant 17.6% increase in turnover to #10.7m (H1 2001:#9.1m)

* Further Sirius sales to large corporates have delivered a 34.0% increase in
growth for the Solutions business

* Recurring revenues increased to #3.1m (H1 2001: #2.9m)

* Strong operating cash and net cash inflows

* Gearing reduced to zero (28.9% at 31 December 2001)

* An interim dividend of 1.0p per share (2001: 1.0p)

* Partnership strategy proving successful, with an expectation of first joint
sales in H2

* The largest ever sale of Swift for IFAs, a 700-user licence for Royal Bank
of Scotland Independent Financial Advisers


Ian Yeoman, Chairman of Sirius Financial Solutions, said:

"After an outstanding first half-year, Sirius enters the second half of 2002
with confidence in its ability to sell and deliver across its principal product
sets, both directly and through alliances. There is a considerable prospect
pipeline with a healthy order book."

Enquiries:

Sirius Financial Solutions (0121 355 3567) Citigate Dewe Rogerson (020 7638 9571)
Stephen Verrall, Chief Executive Martin Jackson
Richard Bowser, Finance Director



SIRIUS FINANCIAL SOLUTIONS PLC

2002 INTERIM RESULTS



Chairman's Statement

REVIEW OF FINANCIAL PERFORMANCE

I am delighted to report that Sirius Financial Solutions has achieved a record
half-year financial performance.

In a difficult climate for technology vendors worldwide, made more challenging
by pressures upon the industry it serves, Sirius has proved its capacity to grow
turnover and profitability at a time when many of its competitors and peers are
recording diminished performance and staff reductions. Growth has been helped by
an increased supply of IT professionals currently available throughout the
world. Extensive research and development over the past years has produced a
contemporary range of products, which is matching the increasingly demanding
requirements of our target customers. It is because of this that we are
achieving a high conversion rate of leads and winning deals in an otherwise
difficult market.

Against this backdrop, a year-on-year 17.6% increase in H1 turnover to #10.7m is
excellent. However, it is the increase in H1 operating profit before goodwill
amortisation to #1.8m (H1 2001: #0.6m) that is most noteworthy. As reported
earlier, this is due in part to deferral of revenues gained in late 2001. Sirius
continues to benefit from a loyal customer base, with good recurring revenues
providing financial predictability.

H1 has seen positive cash inflows, with operating cash flow at #1.9m being
greater than operating profit before goodwill amortisation. This has resulted in
zero gearing at 30 June 2002 (31 December 2001: 28.9%). The group has continued
to focus upon productivity and higher-margin licence sales. It has balanced cost
containment where appropriate with ongoing recruitment where business needs have
dictated.

The Board will pay a maintained dividend of 1.0p per share on 31 October 2002 to
all shareholders on the register at the close of business on 27 September 2002.

PRODUCTS

Sirius for Underwriting

As anticipated, H1 has largely been a period of delivery against orders placed
in H2 2001. The first phase of the system delivery for New Zealand's largest
general insurer, NRMA, is currently being tested by the customer. Other notable
achievements have been Zimnat Lion Insurance in Zimbabwe going live within tight
timescales, the sixth Sirius system being sold in the Caribbean and the sixth
sale being made to a UK-based insurer. In total, 18 Sirius underwriting
solutions have now been sold to national and international insurers,
underwriting agents and brokers.

Whilst the carrier market in North America remains in a purchasing lull, market
acceptance of Sirius for Underwriting in the Caribbean has been particularly
good. We have reconfirmed our commitment to this region by a move to new
offices. H1 2002 has seen increased interest in our Sirius for MGA software to
Managing General Agents in North America.

Sirius for Broking

As well as continued run-rate sales the Broking product has achieved several
noteworthy wins in H1. These include being retained to deliver a common
technology platform for operations coming under the umbrella of the newly-formed
Folgate Partnership and a number of other sales to leading brokers such as
Waveney, Hanover Park and Charcol Insurance Brokers. Contract signing with AON
has been an important landmark and we have now commenced delivery. H1 has
further confirmed that Sirius has the market leading product which continues to
outsell all its competitors.

Swift for Independent Financial Advisers (IFAs)

The period has been one of particular success for Swift, crowned by winning a
700-user licence contract from Royal Bank of Scotland Independent Financial
Advisers (RBSIFS). This represents Swift's largest order secured to date and
demonstrates a step change in the market acceptance of the product, endorsing it
as a solution suitable for the UK's largest IFAs. The first phase of the RBSIFS
contract has already gone live in record time to meet the client's demands for
integration of the RBS and NatWest IFA operations. We have now started working
on two subsequent phases of this contract. As a consequence of winning and
succesfully deploying this contract we have received a significant increase in
enquiries for Swift. As the financial services industry approaches
depolarisation and increased regulation, the company is well placed to provide
technology tailored to the evolving needs of both providers and intermediaries.
The company has already embarked upon an initiative to provide connectivity
between Swift and a number of leading pension providers, supplying a range of
services, including online fund valuation, that will improve the efficiency of
the channel.

INSURER DIVISION

Complementing its core activity of quotation product support and development
services to the UK's general insurers, the Insurer Division has focused on two
areas in H1 2002.

Firstly, the division has embarked upon a collaborative development with AXA
Insurance to give Sirius for Broking users direct access to the company's
e-enablement facilities for commercial quotations and product information. As we
expect other insurers to join shortly we believe that this will be the first of
many developments, resulting in our users having a single point of input to
insurer extranets. This will provide efficiencies for both broker and insurer.

Secondly, progress has been made with our MediQuote facility. The period has
seen the addition of several health insurance products and also two new
providers have come on board: Medicash for cash plans, and Universal Provident
for private medical insurance. Partnerships have been built with a number of IFA
networks including DBS and Burns-Anderson, which give members direct access to
the MediQuote facility. The recent appointment of a Business Development
Director will give fresh impetus to our strategy to grow MediQuote, resulting in
its expansion into a complete health insurance portal.

PARTNERSHIPS

Our strategy to scale our organisation through partnerships has proved highly
successful. We have appointed a Partner Development Director, who is leading
negotiations with a number of management consultants and systems integrators in
the UK and elsewhere.

With our partner CMG, we confidently expect to achieve our first joint sales in
H2. CMG has invested significant resources in the training of staff who are now
equipped to support and implement Sirius systems. In the US we can report a
similar success story, resulting from an alliance formed with Align360, a
systems integrator with specialism in the insurance company market. Once again,
a significant commitment to staff training has been made and Align360 is already
delivering and supporting systems in addition to working on joint sales bids.

MEDIAmaker

In H1 2002, MEDIAmaker continued its unbroken trend of profitability since
acquisition in 1999, with particularly strong performance being delivered by its
Established Media team. During the period, this team delivered the largest
contract in the company's history, to huge acclaim from one of its blue-chip
clients. MEDIAmaker continues to work closely with Sirius' insurance clients,
resulting in plans to establish a specialist team dedicated to this sector.

PROSPECTS

After an outstanding first half-year, Sirius enters the second half of 2002 with
confidence in its ability to sell and deliver across its principal product sets,
both directly and through alliances. There is a considerable prospect pipeline
with a healthy order book.

All three main products are designed for rapid market deployment and provide
rich functionality at a competitive price. The purpose of all of them is to
achieve increased business efficiencies. This combination adds up to the fast
and measurable return on investment that customers worldwide are increasingly
demanding.

Our strength remains the extensive evidence that we can sell and deploy systems
coupled with sound and careful financial management. With committed and deployed
licences for Sirius now approaching 6,000 and with Swift systems being
increasingly acquired by many of the UK's largest financial services
organisations, we feel that we have a compelling and proven proposition to
present to our market.


Ian C Yeoman
Chairman
17 September 2002


Summarised Group Profit and Loss Account


Unaudited Six Unaudited Six Audited
months ended months ended Six months ended
30 June 2002 30 June 31 December
#,000 2001 2001
#'000 #'000

Turnover 10,698 9,093 17,374
Cost of sales (5,670) (4,860) (9,876)

Gross profit 5,028 4,233 7,498
Distribution costs (1,204) (1,426) (2,602)

Administrative expenses:
- goodwill amortisation (436) (436) (892)
- depreciation (245) (261) (514)
- other (1,763) (1,985) (3,727)

- total administrative expenses (2,444) (2,682) (5,133)

Operating profit before goodwill amortisation 1,816 561 655
Goodwill amortisation (436) (436) (892)

Operating profit/(loss) 1,380 125 (237)
Interest receivable 22 62 102
Interest payable and similar charges (43) (72) (146)

Profit/(Loss) on ordinary activities before taxation 1,359 115 (281)
Tax on profit/(loss) on ordinary activities (580) (82) (132)

Profit/(Loss) on ordinary activities after taxation 779 33 (413)
Equity dividends on ordinary shares (183) (165) (407)

Retained profit/(loss) for the period 596 (132) (820)
Earnings/(Loss) per ordinary 1p share (note 3):
Basic 4.7p 0.2p (2.6)p
Diluted 4.6p 0.2p (2.6)p
Adjusted 11.0p 3.5p 4.1p

Dividends per share 1.0p 1.0p 2.5p

EBITDA 2,061 822 1,169



Group Statement of Total Recognised Gains and Losses


Unaudited Six Unaudited Six Audited
months months Year
ended ended ended
30 June 2002 30 June 31 December
#,000 2001 2001
#'000 #'000

Profit/(Loss) for the financial period 779 33 (413)

Exchange difference on retranslation of net
assets of subsidiary undertaking 1 (29) (18)

Total recognised gains and losses relating to
the financial period 780 4 (431)


Summarised Group Balance Sheet


Unaudited As Unaudited As Audited
at at As at
30 June 2002 30 June 2001 31 December 2001
#,000 #'000 #'000

Fixed assets
Intangible assets 6,902 7,794 7,338
Tangible assets 1,403 1,694 1,522
8,305 9,488 8,860

Current assets
Stocks 54 7 46
Debtors 7,928 7,508 7,234
Cash at bank and in hand 1,300 19 133
9,282 7,534 7,413

Creditors: amounts falling due within one year (3,216) (3,489) (3,511)

Net current assets 6,066 4,045 3,902

Total assets less current liabilities 14,371 13,533 12,762

Creditors: amounts falling due after more than
one year (1,434) (506) (951)
Provisions for liabilities and charges - (3) -
Accruals and deferred income (955) (844) (308)
11,982 12,180 11,503

Capital and reserves
Called up share capital 172 163 163
Share capital to be issued - 950 950
Share premium account 4,163 4,163 4,163
Merger reserve 5,892 5,069 5,069
Profit and loss account 1,755 1,835 1,158
11,982 12,180 11,503

Shareholders' funds:
Equity 11,980 12,178 11,501
Non-equity 2 2 2
11,982 12,180 11,503



Summarised Group Statement of Cash Flows

Unaudited Six Unaudited Six Audited
months months Year
ended ended ended
30 June 2002 30 June 2001 31 December 2001
#,000 #'000 #'000

Net cash flow from operating activities
(note 4) 1,899 (264) 549
Returns on investments and servicing of finance (21) (9) (48)
Taxation - - -
Capital expenditure and financial investment (126) (169) (246)
Acquisitions: Deferred consideration paid (119) - -
Equity dividends paid (255) (240) (401)

Net cash flow before financing 1,378 (682) (146)
Financing (211) (249) 250

Increase/(Decrease) in cash 1,167 (931) 104



Group Reconciliation of Net Cash Flow to Movement in Funds/(Debt)


Unaudited Six Unaudited Six Audited
months months Year
ended ended ended
30 June 2002 30 June 2001 31 December 2001
#,000 #'000 #'000

Increase/(Decrease) in cash 1,167 (931) 104
Cash outflow/(inflow) from movement in debt
and lease financing 211 256 (242)

Change in net debt resulting from cash flows 1,378 (675) (138)
Other non-cash movements - (1) 3

Movement in net debt 1,378 (676) (135)
Net debt at 1 January (1,204) (1,069) (1,069)

Net funds/(debt) at 30 June/31 December 174 (1,745) (1,204)



Notes to the Unaudited Interim Report

1. Basis of preparation of interim financial information

The interim financial information has been prepared on the basis of the
accounting policies set out in the Group's statutory accounts for the year ended
31 December 2001. The taxation charge is calculated by applying the Directors'
best estimate of the annual tax rate to the profit for the period. The Group has
adopted FRS19 Deferred Tax in this period. There is no profit impact arising
from this adoption. Other expenses are accrued in accordance with the same
principles used in the preparation of the annual accounts.

2. Segmental analysis

The Group operates in one principal area of activity, that of the development
and supply of insurance specific application software both as a package and a
solution.

It operates within two geographical markets, the United Kingdom and North
America.

Turnover and operating profit are analysed as follows:


United North Europe and Total
Kingdom America and Rest of
Caribbean World #'000
#'000
#'000 #'000

Six months ended 30 June 2002:
Group turnover
Turnover by destination:
- sales to third parties 9,124 323 1,251 10,698

Turnover by origin:
- sales to third parties 10,375 323 - 10,698

Profit
Segment operating profit/(loss) before
goodwill amortisation 2,137 (151) - 1,986


Central group costs (170)
Goodwill amortisation (436)
Net interest payable and similar charges (21)

Profit on ordinary activities before 1,359
taxation


2. Segmental analysis (continued)

United North Europe and Total
Kingdom America and Rest of
Caribbean World
#'000 #'000 #'000 #'000
Six months ended 30 June 2001:
Group turnover
Turnover by destination:
- sales to third parties 8,017 656 420 9,093

Turnover by origin:
- sales to third parties 8,437 656 - 9,093

Profit
Segment operating profit/(loss) before
goodwill amortisation 1,183 (438) - 745


Central group costs (184)
Goodwill amortisation (436)
Net interest payable and similar charges (10)

Profit on ordinary activities before 115
taxation

2. Segmental analysis (continued)


United North America Europe and Total
Kingdom and Caribbean Rest of
World
#'000 #'000 #'000 #'000
Year ended 31 December 2001:
Group turnover
Turnover by destination:
- sales to third parties 13,541 1,934 1,899 17,374

Turnover by origin:
- sales to third parties 15,440 1,934 - 17,374

Profit
Segment operating profit/(loss) before
goodwill amortisation 1,564 (557) - 1,007


Central group costs (352)
Goodwill amortisation (892)
Net interest payable and similar charges (44)

Loss on ordinary activities before
taxation (281)



3. Earnings/(Loss) per ordinary share

The calculation of basic earnings per ordinary share is based on profits for the
half year of #779,062 (June 2001: profits of #33,401; December 2001: losses of
#412,881), and on 16,507,342 ordinary shares (June 2001: 15,969,160; December
2001 :16,035,175), being the weighted average number of ordinary shares in issue
during the period.

The diluted earnings per ordinary share is based on profits for the half year of
#779,062 (June 2001: profits of #33,401), and on 16,781,834 ordinary shares
(June 2001: 16,049,426), calculated as follows:


June June
2002 2001

Basic weighted average number of shares 16,507,342 15,969,160

Dilutive potential ordinary shares:
- executive share options and employee SAYE scheme 274,492 80,266


16,781,834 16,049,426


For the year ended 31 December 2001, the loss attributable to ordinary
shareholders and weighted average number of ordinary shares for the purpose of
calculating the diluted earnings per share are identical to those used for the
basic earnings per share. This is because the exercise of share options would
have the effect of reducing the loss per ordinary share and is therefore not
dilutive under the terms of FRS14.

Adjusted earnings per ordinary share

The adjusted earnings per ordinary share figure is based on the figure for
operating profit before goodwill amortisation of #1,816,481 (June 2001:
#561,472; December 2001: #655,060), and on 16,507,342 ordinary shares (June
2001: 15,969,160; December 2001: 16,035,175), being the weighted average number
of ordinary shares in issue during the half year.

The directors have chosen to present this adjusted earnings per ordinary share
as they believe that it provides a better indicator of the performance of the
Group.

4. Reconciliation of operating profit/(loss) to net cash flow from operating
activities


Unaudited Unaudited Audited
Six months ended Six months Year
30 June ended ended
2002 30 June 31 December
#'000 2001 2001
#'000 #'000

Operating profit/(loss) 1,380 125 (237)
Depreciation and amortisation 681 697 1,406

Changes in working capital and other (162) (1,086) (620)
non-cash items

Net cash flow from operating activities 1,899 (264) 549


5. Publication of non-statutory accounts

The financial information contained in this interim statement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985 and has neither been audited or reviewed. The financial information for the
full preceding year is based on the statutory accounts for the financial year
ended 31 December 2001. Those accounts, upon which the auditors issued an
unqualified opinion, have been delivered to the Registrar of Companies.

Copies of the Interim Financial Statement are being sent to all shareholders.
Further copies are available from the Company's website or its registered
office: Sirius House, Reddicroft, Sutton Coldfield, West Midlands, B73 6BN.



This information is provided by RNS
The company news service from the London Stock Exchange
END

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[ll] 16/9/2002 15:46

wow wow wow

[ll] 16/9/2002 10:40

check the results out on this one

[charlesrwa] 16/5/2002 23:57

this is a well run company ( I have met the impressive & dynamic entrepreneur who founded & runs the company) Theirs is an untold success story. THe problem of diminutive capitalisation could hold the stock back imho, otherwise it looks solid & set to rise

[jdavey] 20/11/2001 14:20

Specialist provider of IT solutions to the insurance industry. Customers in over 50 countries but majority in UK. Sells to insurance intermediaries, IFA's, insurance companies. Multimedia subsidiary too. An IT co with profits!!! Look at their web site www.siriusgroup.co.uk

[ivor whopper] 17/11/2001 13:16

YOU CANNOT BE SIRIUS, lol

[giotto] 17/11/2001 13:15

Does anybody know anything about this company please? They went up 69% yesterday and can't find mention of them anywhere.