We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sal SM Bny S&P500 | AMEX:NSB | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Friday 29 August 2003 NSB Retail Systems PLC PRESS RELEASE Interim Results Announcement NSB Retail Systems PLC, a leading supplier of software solutions to the global retail industry, today announces interim results for the six months ended 30 June 2003. Financial Highlights: * Operating profits from continuing operations up at £925k (2002 loss of £ 822k). * Revenues down in North America but up in Europe. Group turnover from continuing operations declined £5.6m to £31.9m (half of the decrease was weakening of the US dollar). * Strong performance from the UK. Challenging market conditions in North America but signs of recovery. * Cash balances up from £4m (December 2002) to £5.6m. * Strong position in the Store confirmed with sales to JC Penney and WH Smith. * All `connected retailer' products successfully introduced to the UK with at least one sale of each product. * UK hardware services business successfully sold. Nikaila Beckett, CEO of NSB Group said: "The Group is benefiting from the cost restructuring that was completed in the first half of 2003. The Group has been restored to profitability and is cash generative even in the current challenging market conditions. We have maintained high levels of investment in R&D and have successfully introduced, sold and implemented new market leading products. The fundamentals of our Group remain strong with committed management and staff and an outstanding list of clients." For further information please contact:- NSB Retail Systems PLC Nikaila Beckett, CEO 0118 930 1510 Stuart Mitchell, Group Finance 0118 930 1522 Director www.nsbgroup.com 2003 Interim CEO Statement Economic conditions in our major markets were challenging during the first half of 2003. Despite this, the Group was able to increase operating profit from continuing businesses by £1.7m to £925k and cash balances were £1.6m higher than year end at £5.6m. Our products demonstrated continuing appeal to retailers within our target markets and we were pleased to achieve our milestone of a successful introduction of all North American Connected Retailer solutions® into the UK market place. We now have at least one sale of each of the Connected Retailer products in Europe. The final stage of this was achieved by the sale of our CR Planning product to Poundstretcher. We are also encouraged by the many opportunities to cross sell the products newly introduced into the UK marketplace to existing NSB clients. Results Turnover from continuing businesses declined £5.6m to £31.9m. The weakening of the US dollar contributed to half of the decrease, the other principal contributory factor being lower North America licence sales. Despite this, continuing businesses were able to report much improved operating profits at £ 925k (2002 loss £822k). This higher margin was attributable to cost reduction actions taken over the past twelve months and a strong performance from the European business. Year on year costs of continuing operations (after eliminating currency effects and the bought out costs of hardware and third party software) have fallen £6.5m. In mid-April the Group sold it's UK hardware services business which is shown as discontinued in the profit and loss account. Turnover and operating profits were £1.0m and £101k respectively in the period to disposal (2002 turnover £ 2.1m and operating profit £255k for the six month period). The sale produced a gain of £407k. Goodwill which reflects the Group's four year amortisation policy and previous impairment write downs was much reduced at £15.5m (2002 £42.9m). The tax charge for the six months ended 30 June 2003 is £200k (June 2002: £nil) reflecting a rate lower than the full Corporation tax rate of 30%. The tax charge benefits from a favourable Canadian tax treatment for part of the acquisition cost of STS and tax losses in certain geographies. Adjusted basic earnings per share is 0.07p compared to a loss last year of 0.27p. The basic loss per share before adjusting for goodwill amortisation and profit on disposal of businesses is 3.69p compared to a loss of 11.04p in June 2002. Cash Flow and Receivables There was a cash inflow from 2003 operating activities of £1.9m (June 2002: inflow £0.3m) while restructuring costs provided in exceptional charges last year took £2.2m. Overall cash, which benefited from receipts from the disposal of the hardware business of £1.4m and tax refunds of £1m, at £5.6m was £1.6m higher than last year end. Trade receivables and accrued income stood at £20.5m (December 2002: £21.3m; June 2002: £27.7m). Collection of trade debtors remains a focus area for the Group and days sales outstanding (DSOs) continue to show improvement. DSOs at 30 June 2003 were 79 days for North America (December 2002: 84 days; June 2002: 82 days) and 54 days for Europe (December 2002: 44 days; June 2002: 78 days). Operating Company Performance North America North American retail spend continued to be soft in the first half of 2003 and, in common with competitors, we found the market challenging. In local currency terms revenues were down 18% on last year, principally attributable to lower recognisable licence revenues. The weakening of the US dollar added a further £ 2.8m to the decline in turnover from £28.1m in 2002 to £20.5m. Operating contribution was down only £4.6m from £10.7m to £6.1m, benefiting from cost savings of £1.8m from recent restructuring actions and £1.7m from the impact of the weaker US dollar on the cost base. While licence order intake was lower than the comparable period last year at £ 2.3m, there were a number of important wins including: * Dick's Sporting Goods (with revenues approaching $1billion) has a growing customer database that now represents a substantial proportion of their sales. They wanted to be able to increase their knowledge of their customers' shopping behaviour and to measure the impact of their customer loyalty program, Scorecard, and have purchased Connected Retailer CRM and Foundation. * Build-A-Bear Workshop, 2002 NRF Innovative Retailer of the year, has chosen Connected Retailer CRM Solution to help them better understand their customer base and support their accelerated growth plans. * An NSB Group client for 10 years, K&G, a US menswear chain, has purchased Planning, another Connected Retailer Solution. * Long-time client Laura's, one of Canada's leading women's apparel retailers with 145 stores (under the banners Laura, Laura Plus, Laura Petites and Melanie Lyne) has signed for Connected Retailer Store and CRM solutions. In addition they are expanding their current investment in Sales Analytics with the purchase of the Loss Prevention product. * An early adopter of the Connected Retailer, Liz Claiborne has over 200 outlet stores and more than 200 specialty fashion stores located in department stores in the US. In Europe they own the Dutch apparel maker Mexx. Liz Claiborne now plans to create one repository of customer information with Connected Retailer CRM. * A new client, Fred's Inc. has more than 450 discount stores in 14 southeastern states with annual sales of US$1.1bn. Their purchase of Connected Retailer Allocation will help them reduce store and warehouse inventory levels, minimize markdowns, and better allocate soft and seasonal merchandise lines. * With over 65 stores located throughout the Midwest, new client MC Sports has invested in Connected Retailer Allocation to improve the internal distribution of merchandise. Looking forward, our pipeline in North America remains strong. However, the Boards of customers are increasingly focusing on return on investment when buying new systems. Whilst this diligence is appropriate and is expected to increase the appeal of NSB Connected Retailer Solutions, this is delaying decision making and lengthening the sales cycle. Also, we believe that a number of clients are waiting for the system we sold to JC Penney to go live. This was the .Net based Connected Retailer Store 6.0 product which has created much interest within the retail community. JC Penney is due to go live, on schedule, in October of this year and this will encourage the buying decisions of others looking at this product. Our North American business is also being affected by the strengthening of the Canadian dollar since most of the company's revenues are US dollar based whereas the large proportion of costs are in Canadian dollars. Since April the Canadian dollar has strengthened around 15% and although we had benefited from our hedge strategy through the first half of the year, the stronger currency will increase the cost base in the second half. Europe In Europe, sales from continuing businesses are up £2.0m (22%) to £11.3m. This combined with cost savings from our 2002 restructurings of £3.3m has enabled us to report an operating profit from continuing operations of £4.0m, an increase of £5.0m when compared with 2002. Order intake was strongly up at £4.1m (2002 £0.5m). Important contract wins contributing to the order intake included: * WH Smith, with 740 stores and an e-commerce business, piloted NSB's queue-busting technology to reduce congestion during peak times at the point of sale. Building on the two year relationship, WH Smith has now invested in Connected Retailer Store and Sales Analytics for rollout to all their UK stores. * An enduring name on the UK high street, Woolworths has a store estate of 750 stores and an online business. Their purchase of Connected Retailer Voucher Management will enable them to handle Gift Cards throughout their entire business. * A leading men's and ladies' fashion retailer, with revenues of approximately £100m and trading from 240 stores, has selected Connected Retailer Store. * Poundstretcher, the UK value variety retailer, has 300 stores and turnover of £240m. This new client contract marks the first UK sale of the Connected Retailer Planning Solution. We have noted an increased level of activity in the UK over the last six months, driven in part by the requirement of retailers to be chip and PIN compliant by the end of 2004. Notwithstanding, there is overcapacity in the UK and pressure on margins, but we believe this business with its reduced cost base and extended strong product portfolio is now well placed. Customers Our commitment to client satisfaction, which was the focus of much effort in 2002, is bearing fruit. The Global Client Care Division has held client focus groups and is rapidly putting their recommendations into practice. We have also extended the capabilities and efficiencies of our Web-based call tracking and problem resolution system to the UK. Using the theme "Reality Retailing" and against the background of uncertainty caused by the war in Iraq and the spread of SARS to Canada, we held a notably successful Client Conference during the month of May in Montreal. This conference, which was the 18th annual gathering of our clients, offers a popular forum for our clients to give invaluable input into our R&D process, network with their peers, and learn about the latest trends in our industry. We also convened the second Executive Client Advisory Board on the closing day of the Conference. This forum acts as a meeting of the minds for our senior retail client executives and ensures the NSB Group's strategic thinking stays on target with both our clients' needs and technological advances in the industry. Our first global Client Satisfaction Survey was recently completed. It measured how well we are meeting our clients' needs and how we can improve our service. Areas identified for action will be monitored, and the Survey will become an annual benchmark of customer satisfaction. Products During the first half of 2003, we launched the new, easy-to-install Connected Retailer® Merchandising 3.0 and Connected Retailer Store 6.0 solutions aimed at the medium and smaller retailer, including our installed base. These solutions encompass further important product developments based on our previously announced Microsoft® .NET strategy. These product advances proved immediately popular at the North American launch to our clients during our annual conference in Montreal, particularly with retailers looking to upgrade their current implementations of classic NSB Group products. These important announcements are central to our stated commitment of demonstrating to our existing clients the ROI benefits of moving to the latest retail IT technologies whilst staying with NSB. The preconfigured Connected Retailer Store 6.0 Solution is built on our innovative Microsoft .NET POS product that was announced late 2002. It was this .NET POS product that was sold to major US department store JC Penney for eventual deployment across their 1000 department stores, one of the largest POS populations in North America. The ability to preconfigure this product for smaller retailers demonstrates the flexibility of our development processes. Board Changes Angus Monro stepped down as non-executive Chairman of the Board of Directors on May 22 due to other external commitments. The Group will, however, continue to benefit from Angus's extensive retail experience in his new role of non-executive Vice Chairman. The long-serving Board member, Richard Abraham, will now assume the position of non-executive Chairman. As announced in July, Mark Quartermaine left the Board upon leaving his executive position within the Group on August 11. Outlook We are seeing increased business activity in both North America and the UK. The US based National Retail Federation forecasted in July an improving trend in its retail sales outlook report. For example, apparel retailers saw growth in June 2003, rising a solid 2.9 percent unadjusted for the year and 1.3 percent seasonally adjusted month-to-month. Low interest rates and increasing consumer confidence are assisting this trend. However, the issue remains of converting, in a timely manner, the pipeline of sales opportunities into signed recognisable revenue. Whilst the trend appears to be improving, we have set relatively undemanding targets for new business for the remainder of 2003 and whilst some risk remains on North American licence sales, we generally have good visibility of revenues for the second half of 2003. The fundamentals of the Group remain strong. We have committed management, an outstanding list of clients and market leading products that are providing a good return on investment for our retail partners. The Group has been restored to profitability and is cash generative even in the current challenging market conditions. Nikaila Beckett CEO CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 30 JUNE 2003 Note Half year ended Half year ended Year ended 30 June 2003 30 June 2002 31 December 2002 (unaudited) (unaudited) (audited) £000 £000 £000 Turnover Continuing operations 31,890 37,458 69,250 Discontinued operations 11 1,017 2,066 4,109 ---------- ----------- ----------- Total turnover 2 32,907 39,524 73,359 ======== ======= ======= Operating profit/(loss) before amortisation of goodwill Continuing operations 925 (822) (662) Discontinued operations 11 101 255 279 ---------- ----------- ----------- Total operating profit/ 3 1,026 (567) (383) (loss) before amortisation of goodwill Exceptional costs - - (8,814) Amortisation of goodwill (15,536) (42,866) (185,268) ---------- ----------- ----------- Operating (loss) (14,510) (43,433) (194,465) Profit on disposal of 11 407 - - business ---------- ----------- ----------- (Loss) on ordinary (14,103 (43,433) (194,465) activities before interest and taxation Amounts written off - - (738) investments Interest (payable) (555) (516) (1,029) ---------- ----------- ----------- (Loss) on ordinary (14,658) (43,949) (196,232) activities before taxation Tax on loss on ordinary 4 (200) - 784 activities ---------- ----------- ----------- (Loss) on ordinary (14,858) (43,949) (195,448) activities after taxation Dividends - paid and 5 - - - proposed ----------- ----------- ----------- Retained (loss) for the (14,858) (43,949) (195,448) period ======= ======= ======= Half year ended Half year ended Year ended 30 June 2003 30 June 2002 31 December 2002 (unaudited) (unaudited) (audited) (Loss)/earnings per 6 Pence pence Pence ordinary share Basic (3.69) (11.04) (49.05) Adjusted basic 0.07 (0.27) (0.16) Diluted (3.68) (11.04) (49.05) Adjusted diluted 0.07 (0.27) (0.16) CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2003 Note 30 June 2003 30 June 2002 31 December 2002 (unaudited) (unaudited) (audited) £000 £000 £000 Fixed assets: Intangible assets 41,908 199,846 57,444 Tangible assets 3,956 5,147 4,832 Investments 7 252 990 252 --------- ----------- ----------- 46,116 205,983 62,528 Current assets: Stock 367 1,067 1,425 Debtors 8 24,447 32,188 26,925 Cash at bank and in hand 10 5,624 4,809 3,974 ---------- ----------- ----------- 30,438 38,064 32,324 Creditors: Amounts falling due within one year Deferred income (18,936) (16,794) (16,875) Other creditors (11,484) (15,327) (14,204) Exchangeable convertible 10 (5,352) (6,040) - preference shares (ECPS) ---------- ----------- ----------- Total creditors falling (35,772) (38,161) (31,079) due within one year ---------- ----------- ----------- Net current (liabilities) (5,334) (97) 1,245 /assets ----------- ----------- ----------- Total assets less current 40,782 205,886 63,773 liabilities Creditors: Amounts falling due after (17,233) (16,698) (20,054) more than one year Provisions for (3,066) (156) (5,527) liabilities and charges -------------- ----------- ----------- Net assets 20,483 189,032 38,192 ======== ======= ======= Capital and reserves: Called up share capital 6,497 6,414 6,479 Share premium account 191,318 186,714 191,318 Exchangeable shares 9 131,033 135,680 131,033 Merger reserve 3,638 3,638 3,638 Capital reserve 1,400 - - Warrant reserve 6,164 7,564 7,564 Profit and loss account (319,567) (150,978) (301,840) ------------ ----------- ----------- Equity shareholders' 20,483 189,032 38,192 funds ======= ======= ======= CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2003 Note Half year Half year Year ended ended ended 30 June 2003 30 June 2002 31 December 2002 (unaudited) (unaudited) (audited) £000 £000 £000 Net cash inflow from operating 1,914 341 (2,158) activities Cash flow arising from 2002 (2,242) - 5,371 exceptional costs provision --------- ----------- ----------- Net cash (outflow)/inflow from (328) 341 3,213 operating activities and exceptional costs Returns on investments and (295) (16) (402) servicing of finance Taxation 986 - (1,105) Capital expenditure (93) (747) (2,201) Purchase of own shares - (990) - Disposal proceeds 1,362 - - Equity dividends paid - - - --------- ----------- ----------- Cash inflow/(outflow) before 1,632 (1,412) (495) management of liquid resources and financing Financing Repayment of ECPS - (3,556) (4,364) Repayment of bank loans - (773) (1,739) Issue of share capital 18 118 140 ----------- ----------- ----------- (Decrease)/increase in cash in 1,650 (5,623) (6,458) the period ====== ======= ======= Reconciliation of net cash flow to movement in net funds (Decrease)/increase in cash in 1,650 (5,623) (6,458) the period Cash outflow from decrease in - 773 6,103 debt and lease financing Exchangeable convertible - 3,556 - preference shares Exchange movements (2,539) (148) 1,714 --------- ----------- ----------- Change in net debt resulting (889) (1,442) 1,359 from cash flows Net (debt)/funds at beginning 10 (15,789) (16,182) (17,148) of period ----------- ----------- ----------- Net (debt)/funds at end of 10 (16,678) (17,624) (15,789) period ====== ======= ======= Reconciliation of operating loss to net cash flow from operating activities Half year Half year Year ended ended ended 30 June 2003 30 June 2002 31 December 2002 (unaudited) (unaudited) (audited) £000 £000 £000 Operating (loss) (14,510) (43,433) (194,465) Depreciation and amortisation charges 16,135 43,831 187,750 (Profit) on sale of fixed assets - - 54 (Increase)/decrease in stocks 244 (147) (505) (Increase)/Decrease in debtors 175 6,264 11,527 Increase/(Decrease) in creditors (130) (6,174) (6,519) ---------- ----------- ----------- Net cash inflow/(outflow) from 1,914 341 (2,158) operating activities ====== ======= ======= Reconciliation of movement in shareholders' funds for the six months ended 30 June 2003 Half year ended Half year Year ended ended 30 June 2003 30 June 2002 31 December 2002 (unaudited) (unaudited) (audited) £000 £000 £000 Retained (loss) for the (14,858) (43,949) (195,448) period Exchange differences (2,869) 288 925 Issue of share capital 18 118 140 Capital reserve 1,400 - - Warrant reserve (1,400) - - ----------- ----------- ----------- Net reduction in (17,709) (43,543) (194,383) shareholders' funds Opening shareholders' 38,192 232,575 232,575 funds ----------- ----------- ----------- Closing shareholders' 20,483 189,032 38,192 funds ====== ======= ======= Consolidated Statement of Total Recognised Gains and Losses for the six months ended 30 June 2003 Half year Half year Year ended ended ended 30 June 2003 30 June 2002 31 December 2002 (unaudited) (unaudited) (audited) £000 £000 £000 Loss for the period (14,858) (43,949) (195,448) Exchange differences (2,869) 288 925 ---------- ----------- ----------- Total gains and losses for the period (17,727) (43,661) (194,523) ====== ======= ======= Note of Consolidated Historical Cost Profit and Losses for the six months ended 30 June 2003 There are no differences as the financial statements have been prepared under historical cost accounting rules. NOTES TO THE INTERIM FINANCIAL INFORMATION 1) Basis of Preparation The interim financial information has been prepared in accordance with the accounting policies set out in, and are consistent with, the Group's 2002 financial statements. The interim financial information is unaudited and does not comprise statutory accounts for the purposes of Section 240 of the Companies Act 1985. The abridged information for the year to 31 December 2002 has been extracted from the Group's statutory accounts for that period which have been filed with the Registrar of Companies. The auditors' report on the statutory accounts of the Group for that period was unqualified and did not contain a statement under either Section 237(2) or Section 237(3) of the Companies Act 1985. Copies of the Report and Financial Statements for 2002 are available from the Company's registered office by applying to the Company Secretary at NSB House, 1015 Arlington Business Park, Theale, Reading, RG7 4SA. 2) Turnover An analysis of turnover by activity is as follows: Half year ended Half year ended Year ended 30 June 2003 30 June 2002 31 December 2002 (unaudited) (unaudited) (audited) £000 £000 £000 Software licences 6,965 11,480 19,797 Software services and 21,963 23,964 44,938 support Hardware 2,962 2,014 4,515 ----------- ----------- ----------- Total continuing operations 31,890 37,458 69,250 Discontinued 1,017 2,066 4,109 ----------- ----------- ----------- 32,907 39,524 73,359 ======= ======= ======= 3) Analysis of result by region North North America America Europe Europe Total Total 30 June 30 June 30 June 30 June 30 June 30 June 2003 2002 2003 2002 2003 2002 £000 £000 £000 £000 £000 £000 Turnover - 20,542 28,123 11,348 9,335 31,890 37,458 continuing operations - discontinued - - 1,017 2,066 1,017 2,066 operations ----------- ---------- ----------- ---------- ----------- ---------- Total Turnover 20,542 28,123 12,365 11,401 32,907 39,524 ----------- ---------- ----------- ---------- ----------- ---------- Operating profit/ (loss) - continuing 6,064 10,680 4,036 (932) 10,100 9,748 operations - discontinued - - 101 255 101 255 operations ----------- ---------- ----------- ---------- ----------- ---------- Total Operating 6,064 10,680 4,137 (677) 10,201 10,003 profit/(loss) Development costs - - - - (6,382) (6,887) Marketing costs - - - - (1,392) (1,519) Central - - - - (1,401) (2,164) administrative costs ---------- ---------- --------- --------- ---------- ---------- Profit/(loss) - - - - 1,026 (567) before goodwill and interest ====== ======= ====== ======= ======= ======= 4) Taxation The full year tax rate on the profit before amortisation of goodwill is expected to be lower than the full Corporation tax rate of 30% benefiting from the favourable Canadian tax treatment for part of the acquisition cost of STS and tax losses in certain geographies. The taxation charge for the six months ended 30 June 2003 is £200,000 (June 2002: £nil, December 2002 £784,000 credit). 5) Dividends The directors do not recommend the payment of a dividend for the period. 6) Earnings per share Earnings per share is calculated under the provisions of Financial Reporting Standard 14 "Earnings per Share". Basic loss per share for the six months ended 30 June 2003 is based on loss after taxation of £14,858,000 (June 2002: £43,949,000 loss, December 2002: £ 195,448,000 loss) and on 402.5m ordinary shares being the average number of shares in issue (June 2002: 397.8m; December 2002: 398.5m). Adjusted earnings per share are based on loss after taxation, but before amortisation and impairment of goodwill giving a profit of £271,000 (June 2002: £1,083,000 loss; December 2002: £628,000 loss). Adjusted diluted earnings per share is based on the loss after taxation but before amortisation of goodwill and profit on disposal of business giving a profit of £271,000 (June 2002: £1,083,000 loss; December 2002: £628,000 loss) and then dividing this by 403.3m ordinary shares being the average number of shares including unexercised share options at the end of the period (June 2002: 409.7m; December 2002: 406.0m). For the purposes of the disclosures required by Financial Reporting Standard 14 "Earnings per share" none of the potential ordinary shares are regarded as being dilutive as their conversion would reduce the basic net loss per share. 7) Fixed asset investments Fixed asset investments of £252,000 relate to own shares purchased by the NSB Employee Share Trust. These have been classified within fixed asset investments as the shares are held for the continuing benefit of the Company through the reward of its employees. The shares have yet to vest unconditionally with the employees and as such have been recognised as a fixed asset of the Company. The market value of the shares in NSB Retail Systems PLC held by the NSB Employee Share Trust at 30 June 2003 was £265,000 (30 June 2002: £662,000; December 2002: £252,000). 8) Debtors Half year ended Half year ended Year ended 30 June 2003 30 June 2002 31 December 2002 (unaudited) (unaudited) (unaudited) £000 £000 £000 Trade debtors 13,788 21,538 17,070 Accrued income 6,715 6,120 4,267 Other debtors and 3,944 4,530 5,588 prepayments ---------- ----------- ----------- Total 24,447 32,188 26,925 ====== ======= ======= 9) NSB true and fair override The Group has applied the true and fair override provisions of the Companies Act 1985 in respect of the Exchangeable Shares. At the time of the STS acquisition 513165 N.B. Inc, a wholly owned Canadian subsidiary of NSB, was established primarily to allow the STS vendors to participate in the future performance of NSB in a tax efficient manner through holding Canadian securities, principally the Exchangeable Shares, rather than taking the consideration directly in NSB shares. The Exchangeable Shares issued carry economic rights, including voting rights, and benefits equivalent in all respects to those carried by existing NSB ordinary shares and are convertible into NSB ordinary shares on a one-for-one basis. Consequently, the Exchangeable Shares have been treated as NSB shareholders equity. Had the true and fair override not been applied, the Exchangeable Shares would have been classified as equity minority interests in 2002 and 2003. This would have reduced equity shareholders' funds by £135,680,000 in both years. There is no impact on the loss attributable to ordinary shareholders for either year. The remaining Exchangeable Convertible Preference Shares (ECPS) is now payable in accordance with the following schedule: 31 March 2004 Canadian $12m 31 January 2005 Canadian $14m 31 January 2006 Canadian $12m 31 July 2006 Canadian $2m 31 January 2007 Canadian $4m 31 July 2007 Canadian $6m Interest is payable at an effective rate of 5% on amounts outstanding. At 30 June 2003 there were 14.3m ECPS in issue carried at their cash redemption value of C$50m (£22.3m), of which £5.3m is included in creditors falling due within one year and £17.0m is included within creditors due in greater than one year. 10) Analysis of net debt At start of Exchange At end of period Cash flow ECPS movements period £000 £000 £000 £000 £000 Cash at bank and in 3,974 1,650 - - 5,624 hand ECPS due within one - - (5,352) - (5,352) year ECPS due after one (19,763) - 5,352 (2,539) (16,950) year ----------- ----------- ----------- ----------- ----------- Net debt (15,789) 1,650 - (2,539) (16,678) ======= ======= ======= ======= ======= 11) Discontinued business In February 2003 it was announced that the Group has entered into an agreement for the sale of its UK hardware services division. The sale was completed on 16 April 2003. Turnover and operating profits to the date of disposal are included in discontinued operations in the consolidated profit and loss account with the profit on disposal of the business of £407,000 shown separately. 12) Interim reports Interim reports will be sent to shareholders shortly and thereafter will be available from the Company's registered office. Copies of this announcement will be available for the next fourteen days from the Company's registered office, and will appear on the Company's website www.nsbgroup.com. END
1 Year Sal SM Bny S & P500 Chart |
1 Month Sal SM Bny S & P500 Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions