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Share Name | Share Symbol | Market | Type |
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Synvista Therapeutics, | AMEX:SYI | AMEX | Ordinary Share |
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RNS Number:5736O Systems Integrated Research PLC 12 August 2003 Systems Integrated Research plc Preliminary Results year ended 31 May 2003 Highlights * During the year the Group sold its 29% interest in the ordinary shares of Times Learning Systems Pte Limited to their holding company Times Publishing Limited. * The Group launched a new innovative product named "National Curriculum Tests" at the BETT 2003 education exhibition in January. * During the year the Department for Education and Skills announced a new four year multimillion pound initiative called the Test Bed Project. In May this year Durham County Council accepted the Company's tender submission to supply an Open Integrated Learning System for their Secondary/ Primary/Special School Test Bed Cluster Group. * The Group is continuing to investigate other ICT sector opportunities, which may result in significantly enhancing the Group's earnings capability. * The Group incurred a loss for the financial year and cash balances consequently decreased. The Group has reduced its cost base by 12% and improve the cash flows in the immediate future. FULL STATEMENT ATTACHED Enquiries: Mark Lewis 01773 820011, Systems Integrated Research plc, Managing Director John Simpson 020 7512 0191, ARM Corporate Finance Limited, Nominated Adviser Systems Integrated Research plc Preliminary Results Chairman's statement for the year ended 31 May 2003 Financial review Turnover for the year has reduced by 30% to #853,000, this compares with a turnover of #1,221,000 last year. The reduced turnover for the year has resulted in a loss before taxation of #288,000, compared to a loss before taxation for the previous year of #79,000. Gross margin percentage to turnover remains high at 97%. Overheads were reduced by 12% to #1,104,000 compared to #1,253,000 last year. As a result of lower turnover being achieved, staffing levels were reduced during February this year, the full impact on overhead reduction will be realised in the financial year 2003/04. Associated undertaking During the year the Group sold its 29% interest in the ordinary shares of Times Learning Systems Pte Limited to their holding company Times Publishing Limited. As part of the agreement we have retained the joint rights on all the products developed to date in the associated undertaking for a cost of #39,000. Product development The Group launched a new innovative product named "National Curriculum Tests" at the BETT 2003 education exhibition in January. The product allows teachers to set computerised mock SAT's tests for years one to nine in Mathematics, English and Science using the Qualifications and Curriculum Authority (QCA) test papers. The students' results are automatically marked and assessed for the teacher, saving a considerable amount of teacher's time. ICT Test Bed Project During the year the Department for Education and Skills (DfES) announced a new four year multimillion pound initiative called the Test Bed Project. This initiative sets out to examine how effective use of information and communications technology (ICT) can support the wider Government agenda of school reform. The project is investing in high levels of IT hardware and software in three areas of the country. The Group was pleased to announce in May this year that Durham County Council had accepted its tender submission to supply an Open Integrated Learning System for their Secondary/Primary/Special School Test Bed Cluster Group. The software has been delivered in the first quarter of the new financial year. Markets As reported in the Interim Statement, the announcement made that the BBC will be providing online learning content to schools, has led to a significant amount of uncertainty in the marketplace. Although the Government continues to focus on education as a key priority, schools are continuing to take long periods of time before making purchasing decisions, impacting on our turnover and profitability. The Group is continuing to investigate other ICT sector opportunities. Funding The Group incurred a loss for the financial year and cash balances consequently decreased. However the Group has taken action to significantly reduce its cost base and improve the cash flows in the immediate future. The loan repayments to Berg & Berg Enterprises, Inc. have also been deferred by a further 18 months in order to ensure that the Group has sufficient resources to fund trading for more than a year. The Board therefore considers that it is appropriate for the accounts to be prepared on a going concern basis. Systems Integrated Research plc Preliminary Results Consolidated profit & loss account for the year ended 31 May 2003 --------------------------------- -------- -------- 2003 2002 #'000 #'000 --------------------------------- -------- -------- Turnover 853 1,221 Cost of sales (23) (41) --------------------------------- -------- -------- Gross profit 830 1,180 Net operating expenses (1,104) (1,253) --------------------------------- -------- -------- Operating loss (274) (73) Investment income - interest receivable 5 20 Interest payable and similar charges (19) (26) --------------------------------- -------- -------- Loss on ordinary activities before taxation (288) (79) Tax on loss on ordinary activities - - --------------------------------- -------- -------- Loss on ordinary activities after taxation (288) (79) Preference shares dividend (45) (45) --------------------------------- -------- -------- Loss for the financial year (333) (124) --------------------------------- -------- -------- Loss and diluted loss per ordinary share (2.49p) (0.93p) IIMR loss per share (2.48p) (0.92p) All the above amounts relate to continuing operations. The Group has no recognised gains or losses other than the loss above and therefore no separate statement of total recognised gains and losses has been presented. There is no difference between the loss on ordinary activities before taxation and the retained loss for the financial year stated above, and their historical cost equivalents. Reconciliation of movements in shareholders' funds ---------------------------------- -------- -------- 2003 2002 #'000 #'000 ---------------------------------- -------- -------- Loss on ordinary activities after taxation (288) (79) Dividends and appropriations (45) (45) ---------------------------------- -------- -------- Net movement to shareholders' funds (333) (124) Opening shareholders' funds (1,484) (1,360) ---------------------------------- -------- -------- Closing shareholders' funds (1,817) (1,484) ---------------------------------- -------- -------- Systems Integrated Research plc Preliminary Results Consolidated balance sheet at 31 May 2003 ---------------------------------- -------- -------- 2003 2002 #'000 #'000 ---------------------------------- -------- -------- Fixed assets Tangible assets 51 79 ---------------------------------- -------- -------- Current assets Stocks 16 15 Debtors: amounts falling due after more than one year 44 91 Debtors: amounts falling due within one year 201 254 Cash at bank and in hand 120 521 ---------------------------------- -------- -------- 381 881 Creditors: amounts falling due within one year (164) (219) ---------------------------------- -------- -------- Net current assets 217 662 ---------------------------------- -------- -------- Total assets less current liabilities 268 741 ---------------------------------- -------- -------- Creditors: amounts falling due after more than one year (502) (483) Deferred income (130) (334) ---------------------------------- -------- -------- (632) (817) ---------------------------------- -------- -------- Net liabilities (364) (76) Capital and reserves Called up share capital 134 134 Share premium account 3,956 3,956 Profit and loss account - deficit (5,907) (5,574) ---------------------------------- -------- -------- Total equity shareholders' funds - deficit (1,817) (1,484) Minority interest - non-equity 1,453 1,408 ---------------------------------- -------- -------- (364) (76) ---------------------------------- -------- -------- Systems Integrated Research plc Preliminary Results Consolidated cash flow statement for the year ended 31 May 2003 2003 2002 #'000 #'000 Net cash outflow from continuing operating activities (see (400) (48) below) -------- -------- ---------------------------------- Returns on investments and servicing of finance Net interest received 5 19 Interest paid on hire purchase contracts - (2) ---------------------------------- -------- -------- Net cash inflow from returns on investments and servicing of 5 17 finance -------- -------- ---------------------------------- Taxation - - ---------------------------------- -------- -------- Capital expenditure and financial investment Purchase of tangible fixed assets (18) (22) Sale of tangible fixed assets 12 13 ---------------------------------- -------- -------- (6) (9) -------- -------- Net cash outflow before financing (401) (40) Financing Repayment of loan (inclusive of interest rolled up in the - (327) loan) Repayment of principal on hire purchase contracts - (13) ---------------------------------- -------- -------- Net cash outflow from financing - (340) ---------------------------------- -------- -------- Decrease in cash in the period (401) (380) ---------------------------------- -------- -------- Reconciliation of operating loss to net cash outflow from continuing operating activities Operating loss - continuing activities (274) (73) Depreciation of tangible fixed assets 33 47 Loss on disposal of tangible fixed assets 1 1 (Increase)/decrease in stocks (1) 5 Decrease in debtors 100 149 Decrease in creditors (55) (56) Decrease in deferred income (204) (121) ---------------------------------- -------- -------- Net cash outflow from continuing operating activities (400) (48) ---------------------------------- -------- -------- Systems Integrated Research plc Preliminary Results Notes to the Financial Statements for the year ended 31 May 2003 1. The Directors are not recommending the payment of an ordinary share dividend. 2. The loss per share for the year ended 31 May 2003 has been calculated on the consolidated loss on ordinary activities after taxation and after deduction of appropriations in respect of non-equity shares, namely #333,000, (2002: #124,000) divided by the weighted average of equity shares ranking for dividend during the year being 13,400,051 (2002: 13,400,051 shares). 3. Results for the year ended 31 May 2003 are abridged from the 2003 Annual Report and Accounts, which received an unqualified auditor's report and will be filed with the Registrar of Companies following the Annual General Meeting. 4. The Annual Report will be posted to shareholders week commencing on 18 August 2003. Further copies are available from the Company's head office: Blackbrook House, Ashbourne Road, Blackbrook, Belper, Derbyshire, DE56 2DB. 5. The Annual General Meeting of the Company will be held at the offices of J M Finn & Co, Salisbury House, London Wall, London, EC2M 5TA, England, on 29 September 2003 at 11.00 a.m. END This information is provided by RNS The company news service from the London Stock Exchange END FR UUAAROVRWAAR
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