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RNS Number:0615T Applied Optical Technologies PLC 10 December 2003 10th December 2003 Applied optical Technologies plc ("Applied Optical Technologies" or "the Group") Interim results for the six months ended 30th September 2003 Applied Optical Technologies plc, the supplier of anti-counterfeiting technologies and services, and premium packaging for brand enhancement and protection, announces interim results for the six months ended 30th September 2003. Highlights 2003 2002 unaudited unaudited Group turnover #12.7m #14.0m Adjusted operating profit/(loss) #20,000 #(272,000) Adjusted loss per share (1.3)p (1.2)p * Improved operating performance against last year * Record results from the American operations and higher contribution from 3DCD offset the impact of difficult conditions faced by the European business * Cash inflow from operating activities improved to #730,000 (2002: cash outflow of #413,000) * Balance sheet remains strong with cash at bank and in hand of #2.5 million (2002: #2.5 million) and net funds of #2.3 million (2002: 1.9 million) * Conditions have improved for all of the Group's operations and this should significantly improve profitability in the second half of the year David Mahony, Chairman, said: "The improved half year performance and the encouraging order intake give us confidence that the result for the current year will be in line with expectations. The measures taken to develop and widen both our own businesses and that of 3DCD should lead to increased profitability in the longer term, as will a successful conclusion to the current discussions on the strategic options open to the Group." - Ends - For further information, please contact: Applied Optical Technologies plc 0191 419 3344 Mark Turnage, Chief Executive (mturnage@aotgroup.com) Mike Angus, Finance Director (mangus@aotgroup.co.uk) Weber Shandwick Square Mile 020 7067 0700 Nick Oborne Sally Lewis 10th December 2003 Applied Optical Technologies plc ("Applied Optical Technologies" or "the Group") Interim results for the six months ended 30th September 2003 Chairman's Statement We are pleased to report that trading in the first half of the year improved against last year. We were not immune to the difficult conditions faced by our American ID technologies and European banknote and high security businesses, which affected the early months of this year, but their impact was offset by record results from our Maryland operation and a higher contribution from 3DCD. Market conditions are more encouraging throughout all our operations and this should significantly improve profitability, particularly in our European operations, in the second half of the current year. Results Group turnover for the six months was #12.7 million (2002: #14.0 million) and the operating profit, adjusted for the impact of goodwill and exceptional costs, was #20,000 (2002: loss of #272,000). Cash inflow from operating activities improved to #730,000 (2002: cash outflow of #413,000). The Group's balance sheet remains strong, with cash at bank and in hand of #2.5 million (2002: #2.5 million) and net funds of #2.3 million (2002: #1.9 million). American Operations Overall our American operations continued to perform well with operating profit up by 30% compared to the first half of last year. On a dollar basis, turnover increased by 4% from the previous year, although movement in the sterling-dollar exchange rate masked this growth at a consolidated level. The brand protection business in America increased during the period and the recently announced extension of the NBA contract reaffirmed our leading position in protecting licensed merchandise in America. As anticipated, turnover derived from the temporary license plates with AAMVA returned to normal levels following customers' difficulties with budgets which led to a downturn in sales in the prior year. These increases offset the reduction in Advantage ID Technologies business, which suffered from slippage due to the delay in the receipt of orders from some key customers. The second Advantage line is now fully operational and this enables us actively to seek additional contracts for the Lancaster facility. European Operations Turnover for the European operations was down by 19%, largely due to lower product enhancement sales and the delay in anticipated banknote and high security documents orders. This reduced volume led to a fall in gross margin from 27% to 19% but tight control of overheads limited the impact on operating profit. The benefits arising from the restructured European sales force are beginning to become apparent. Following the recently announced contract for tax stamps and orders received for banknote products, we now have an order book substantially ahead of that previously achieved. This order book will give our European operations the opportunity to improve performance in the second half of the current year. Joint Ventures During the six months to 30th September 2003 3DCD contributed #518,000 (2002: #188,000) to Group results. This improved contribution reflects increased activity at Microsoft but does not reflect any benefit from the new customers that the joint venture has recently secured; it is expected that this will have a positive impact on future results. Balance Sheet Restructuring The restructuring of the balance sheet approved at the Company's Annual General Meeting gained High Court approval on 31st October 2003. The deficit on Company reserves at 31st March 2003 was eliminated by a transfer of #17.2 million from the share premium account. Strategic Review We announced at the time of our Annual Results that we were undertaking a review of the options open to the Board to ensure a return to profitability and a recovery in the valuation placed by the market on the Group. Outside consultants were appointed to help with this evaluation and the Board, having reviewed the results of their work, has instituted measures to validate a number of options. We hope to be able to make a further announcement on this early in the new calendar year. Conclusion The improved half year performance and the encouraging order intake give us confidence that the result for the current year will be in line with expectations. The measures taken to develop and widen both our own businesses and that of 3DCD should lead to increased profitability in the longer term, as will a successful conclusion to the current discussions on the strategic options open to the Group. DA Mahony Chairman 10th December 2003 APPLIED OPTICAL TECHNOLOGIES plc Consolidated Profit and Loss Account Unaudited Unaudited 6 months 6 months Year ended ended ended 30-Sep-03 30-Sep-02 31-Mar-03 #'000 #'000 #'000 Turnover: Group and share of joint ventures 13,834 14,805 28,594 Less, share of joint ventures' turnover (1,156) (756) (1,434) ----------- --------- -------- Group turnover 12,678 14,049 27,160 Cost of sales (8,507) (9,028) (17,660) ----------- --------- -------- Gross profit 4,171 5,021 9,500 Goodwill amortisation (629) (1,057) (1,675) Goodwill impairment - (15,991) (15,991) Exceptional items - (226) (1,275) Other operating expenses (4,669) (5,363) (10,114) Net operating expenses (5,298) (22,637) (29,055) ----------- --------- -------- Group operating loss (1,127) (17,616) (19,555) Share of operating profit of joint ventures 518 70 207 ----------- --------- -------- Operating loss (609) (17,546) (19,348) Interest receivable and similar income (22) 43 93 Amounts written off investments (37) (5) (5) Interest payable and similar charges (21) (60) (114) ----------- --------- -------- Loss on ordinary activities before taxation (689) (17,568) (19,374) Taxation (609) (332) (112) ----------- --------- -------- Loss for the financial period (1,298) (17,900) (19,486) =========== ========= ======== Basic loss per share (2.6)p (35.5)p (38.7)p Diluted loss per share (2.6)p (35.5)p (38.7)p Adjusted loss per share (1.3)p (1.2)p (1.1)p Adjusted diluted loss per share (1.3)p (1.2)p (1.1)p APPLIED OPTICAL TECHNOLOGIES plc Consolidated Balance Sheet Unaudited Unaudited 30-Sep-03 30-Sep-02 31-Mar-03 #'000 #'000 #'000 Fixed assets Intangible assets 7,851 9,035 8,869 Tangible assets 11,853 12,779 12,413 Investments Investments in joint ventures Share of gross assets 1,029 793 692 Share of gross liabilities (359) (335) (299) ----------- --------- --------- 670 458 393 ----------- --------- --------- Investments in own shares 1,608 1,736 1,674 Other investments 28 28 28 ----------- --------- --------- 22,010 24,036 23,377 ----------- --------- --------- Current assets Stocks 2,302 2,793 2,554 Debtors - amounts falling due within one year 5,473 5,444 5,964 - amounts falling due after more than one year 1,694 5,295 2,218 ----------- --------- --------- 7,167 10,739 8,182 ----------- --------- --------- Cash 2,526 2,527 2,747 ----------- --------- --------- 11,995 16,059 13,483 ----------- --------- --------- Creditors : amounts falling due within one year (5,447) (6,148) (6,002) ----------- --------- --------- Net current assets 6,548 9,911 7,481 ----------- --------- --------- Total assets less current liabilities 28,558 33,947 30,858 Creditors : amounts falling due after more than one year (93) (331) (117) Provisions for liabilities and charges - (1,121) - ----------- --------- --------- Net assets 28,465 32,495 30,741 =========== ========= ========= Capital and Reserves Called up equity share capital 2,669 2,669 2,669 Share premium account 70,402 70,402 70,402 Profit and loss account (44,606) (40,576) (42,330) ----------- --------- --------- Equity shareholders' funds 28,465 32,495 30,741 =========== ========= ========= APPLIED OPTICAL TECHNOLOGIES plc Consolidated Cash Flow Statement Unaudited Unaudited 6 months 6 months Year ended ended ended 30-Sep-03 30-Sep-02 31-Mar-03 #'000 #'000 #'000 Cash inflow /(outflow) from operating activities 730 (413) 670 Dividend received from joint venture 221 656 972 Returns on investments and servicing of finance (11) 38 73 Taxation (44) (52) (114) Capital expenditure and financial investment (799) (1,459) (2,374) ----------- --------- -------- Cash inflow /(outflow) before management of liquid resources and financing 97 (1,230) (773) Management of liquid resources - - - Financing Issue of shares 29 - - Decrease in net debt (219) (256) (491) ----------- --------- -------- Net cash outflow from financing (190) (256) (491) ----------- --------- -------- ----------- --------- -------- Decrease in cash in the period (93) (1,486) (1,264) =========== ========= ======== Reconciliation of net cash flow to movement in net funds Decrease in cash in the period (93) (1,486) (1,264) Cash outflow from decrease in debt and lease financing 219 256 491 ----------- --------- -------- Change in net funds resulting from cash flows 126 (1,230) (773) Foreign exchange movements (134) (236) (291) ----------- --------- -------- Movement in net funds in period (8) (1,466) (1,064) Net funds at 1st April 2003 2,267 3,331 3,331 ----------- --------- -------- Net funds at 30th September 2003 2,259 1,865 2,267 =========== ========= ======== APPLIED OPTICAL TECHNOLOGIES plc Statement of Total Recognised Gains and Losses Unaudited Unaudited 6 months 6 months Year ended ended ended 30-Sep-03 30-Sep-02 31-Mar-03 #'000 #'000 #'000 Loss for the financial period attributable to shareholders (1,298) (17,900) (19,486) Translation of net foreign currency investments (978) (3,804) (3,910) ----------- --------- -------- Total gains and losses relating to the period (2,276) (21,704) (23,396) =========== ========= ======== Reconciliation of Movements in Shareholders' Funds Unaudited Unaudited 6 months 6 months Year ended ended ended 30-Sep-03 30-Sep-02 31-Mar-03 #'000 #'000 #'000 Loss for the financial period attributable to shareholders (1,298) (17,900) (19,486) Translation of net foreign currency investments (978) (3,804) (3,910) Adjustment in respect of savings related share scheme - - (62) ----------- --------- -------- Movement for the period (2,276) (21,704) (23,458) Opening shareholders' funds 30,741 54,199 54,199 ----------- --------- -------- Closing shareholders' funds 28,465 32,495 30,741 =========== ========= ======== Notes to the Interim Statement 1. Basis of preparation The financial information set out in this document does not constitute full financial statements within the meaning of the Companies Act 1985. The financial information for the six months ended 30th September 2003 has been prepared on the basis of the current accounting policies of the Group and is unaudited. These policies have not changed since 31st March 2003. The comparative figures for the financial year ended 31st March 2003 are not the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under Section 237 (2) or (3) of the Companies Act 1985. 2. Segment Information Unaudited Unaudited 6 months 6 months Year ended ended ended 30-Sep-03 30-Sep-02 31-Mar-03 a) Turnover by market sector #'000 #'000 #'000 Banknote and high security 3,605 2,105 4,377 Brand protection 4,747 5,518 10,566 Brand protection via Joint Venture 1,156 756 1,434 ID Technologies 3,045 4,621 8,906 Product Enhancement 702 1,213 2,063 Metallising 262 327 779 Other 317 265 469 ----------- --------- -------- 13,834 14,805 28,594 ----------- --------- -------- b) Turnover by geographical origin American operations 7,853 8,071 16,622 American operations via Joint Venture 1,156 756 1,434 European operations 5,514 6,828 12,109 Intersegment sales (689) (850) (1,571) ----------- --------- -------- 13,834 14,805 28,594 =========== ========= ======== c) Operating profit/(loss) by geographical origin American operations 854 (16,202) (15,448) European operations (1,463) (1,344) (3,900) ----------- --------- -------- Operating loss (609) (17,546) (19,348) Exclude goodwill amortisation 629 1,057 1,675 Exclude goodwill impairment - 15,991 15,991 Exclude exceptional items - 226 1,275 ----------- --------- -------- Adjusted operating profit/(loss) 20 (272) (407) =========== ========= ======== Adjusted operating profit/(loss) arises from : American operations 940 724 1,842 European operations (1,438) (1,066) (2,456) Joint Ventures 518 70 207 ----------- --------- -------- 20 (272) (407) =========== ========= ======== 3. Net Operating Expenses Unaudited Unaudited 6 months 6 months Year ended ended ended 30-Sep-03 30-Sep-02 31-Mar-03 #'000 #'000 #'000 Distribution Costs Selling and marketing costs 1,710 2,205 3,993 ---------- --------- -------- Administrative Expenses Technical support 304 316 669 Research and development costs 551 555 1,031 Administrative costs 2,104 2,287 4,421 Exceptional costs - 226 1,275 Goodwill amortisation 629 1,057 1,675 Goodwill impairment - 15,991 15,991 ---------- --------- -------- 3,588 20,432 25,062 ---------- --------- -------- ---------- --------- -------- Net Operating Expenses 5,298 22,637 29,055 ========== ========= ======== Exceptional items included within net operating expenses Reorganisation costs - 226 672 Impairment of amount due from joint venture partner - - 681 Tangible fixed asset impairment - - 50 Profit on disposal of fixed assets - - (128) ---------- --------- -------- - 226 1,275 ========== ========= ======== 4. Share of Operating Profit of Joint Ventures The share of operating profit of joint ventures represents the Group's share of the results of 3DCD for the six months ended 30th September 2003. 5. Interest Unaudited Unaudited 6 months 6 months Year ended ended ended 30-Sep-03 30-Sep-02 31-Mar-03 #'000 #'000 #'000 Interest receivable and similar income Bank interest receivable 6 43 36 Other interest receivable - 38 82 Foreign exchange losses (28) (38) (25) ---------- ----------- --------- (22) 43 93 ---------- ----------- --------- Interest payable and similar charges On finance leases and hire purchase agreements 3 8 31 On short term bank loans and overdrafts 12 35 13 Exchange losses on foreign currency borrowings 6 17 70 ---------- ----------- --------- 21 60 114 ---------- ----------- --------- 6. Taxation No taxation is payable in the current period by any of the Group's UK based companies due to losses brought forward from prior years. The tax charge for the period relates to the utilisation of the Group's deferred tax asset in respect of profits arising in the American operations. 7. Loss per Share The calculations of loss per share are based upon the following losses and numbers of shares. Unaudited Unaudited 6 months 6 months Year ended ended ended 30-Sep-03 30-Sep-02 31-Mar-03 Earnings #'000 #'000 #'000 Loss for the financial period (Basic and Diluted EPS) (1,298) (17,900) (19,486) ========== =========== ========= Adjusted earnings Loss for the financial period (1,298) (17,900) (19,486) Add back goodwill amortisation 629 1,057 1,675 Exclude amounts written off investments 37 5 5 Exclude goodwill impairment - 15,991 15,991 Exclude exceptional items - 226 1,275 ---------- ----------- --------- Adjusted loss (632) (621) (540) ========== =========== ========= Weighted average number of No. of No. of No. of shares shares shares shares For Basic and Diluted earnings per share 50,449,014 50,402,334 50,402,334 ========== =========== ========= 8. Notes to the Cash Flow Statement Reconciliation of Group Operating Loss to Operating Cash Flows Unaudited Unaudited 6 months 6 months Year ended ended ended 30-Sep-03 30-Sep-02 31-Mar-03 #'000 #'000 #'000 Operating loss (1,127) (17,616) (19,555) Depreciation 1,125 1,108 2,252 Profit on sale of fixed assets - - (126) Amortisation 629 1,057 1,675 Impairment charges - 15,991 16,722 Movement in stocks 177 (108) 134 Movement in debtors (69) 506 1,034 Movement in creditors (5) (1,297) (1,412) Movements in provisions for liabilities and charges - (54) (54) --------- -------- --------- Net cash inflow/(outflow) from operating activities 730 (413) 670 ========= ======== ========= Analysis of Net Funds At 30th At 1st April Exchange September 2003 Cashflows adjustments 2003 #'000 #'000 #'000 #'000 Cash at bank and in hand 2,747 (93) (128) 2,526 Finance leases (80) 16 - (64) Bank loans (400) 203 (6) (203) --------- ----------- -------- --------- 2,267 126 (134) 2,259 ========= =========== ======== ========= Reconciliation of Group Operating Loss to Operating Cash Flows Unaudited Unaudited 6 months 6 months Year ended ended ended 30-Sep-03 30-Sep-02 31-Mar-03 #'000 #'000 #'000 Analysis of cash flows for headings netted in the cash flow statement Returns on investments and servicing of finance Interest received 6 82 119 Interest paid (17) (44) (46) ---------- --------- --------- Net cash (outflow)/inflow from returns on investments and servicing of finance (11) 38 73 ========== ========= ========= Taxation Overseas tax paid (44) (52) (114) ---------- --------- --------- Net cash outflow from taxation (44) (52) (114) ========== ========= ========= Capital expenditure and financial investment Purchase of tangible fixed assets (1,020) (1,469) (2,403) Sale of tangible fixed assets 221 10 29 ---------- --------- --------- Net cash outflow from capital expenditure and financial investment (799) (1,459) (2,374) ========== ========= ========= Financing Issue of ordinary share capital 29 - - ---------- --------- --------- Loan repayments (203) (181) (381) Capital element of finance lease rental payments (16) (75) (110) ---------- --------- --------- Decrease in debt (219) (256) (491) ---------- --------- --------- ---------- --------- --------- Net cash outflow from financing (190) (256) (491) ========== ========= ========= A copy of this announcement has been sent to all shareholders. Further copies are available to members of the public from the Company's registered office, 40 Phoenix Road, Crowther, District 3, Washington, Tyne & Wear, NE38 0AD. This information is provided by RNS The company news service from the London Stock Exchange END IR ILFSRFALAIIV
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