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Vanguard Dividend Appreciation ETF | AMEX:VIG | AMEX | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.80 | 0.39% | 204.68 | 205.20 | 204.00 | 204.08 | 450,318 | 21:13:54 |
RNS Number:6548J VI Group PLC 04 April 2003 Friday 4th April 2003 VI GROUP plc (AIM (VIG) and AMEX (GVI)) PRELIMINARY RESULTS FOR THE YEAR ENDED 31ST DECEMBER 2002 VI Group plc ("VI" or "the Company"), one of the leading software providers to the mould and die industry, today announces another year of significant growth in its turnover for the year ended 31st December 2002. Profits have been impacted by the investments made in acquiring a new product line during the year (including higher goodwill and amortisation charges) designed to position the Company for future growth, but are ahead of recent expectations. SUMMARY * Turnover up 16.8% to #7.5m (2001: #6.4m) * EBITDA of #520,000 (2001: #1,033,000) * Pre tax profits reduced to #70,000 (2001: #726,000) but ahead of recent expectations * Acquisition of Vero Tooling Systems of Canada completes the VI presence in the North American market around the "Detroit mould & die area" * Acquisition of Machining Strategist business adds 3D CAM distribution and product as a foundation for enhanced future CAM sales * Very strong growth in North America, plus continued expansion in Germany and Italy despite economic uncertainties in all areas Don Babbs, Chief Executive of VI, commented: "In a very busy year for VI we have grown revenues faster than our competitors and against the background of a poor economic climate. As we envisaged, we have taken part in the consolidation of the CAM market and invested heavily in the future expansion of our business. We are confident that product sales will continue to grow substantially." - Ends - For further information please contact: VI Group plc Tel: 01453 732 900 Don Babbs, Chief Executive Julie Randall Merlin Financial Tel: 020 7606 1244 Paul Downes / Tom Randell Attached : Chairman's Statement Operating and Financial Review Un-audited Consolidated Profit & Loss Account Un-audited Consolidated Balance Sheet Un-audited Consolidated Cash Flow Statement CHAIRMAN'S STATEMENT VI Group is reporting its financial results for 2002 against a background of unprecedented world uncertainty - record stock market lows, a further year of falling UK manufacturing production, US economic difficulties, and another problematic year for the automotive sector. Despite this background, VI has achieved a 17% growth in turnover to #7.542m (2001: #6.456m) and invested heavily for its future prosperity, resulting in a pre-tax profit of #0.07m (2001: #0.726m). We have been quick to put the #3m of net funds raised in the Spring to good use in structuring for further growth and in the acquisition of the Machining Strategist product line. Few companies in our sector have managed to grow sales significantly during 2002 and these investments have provided for an acceleration of our future growth plans. There is a lag between the timing of the investments and the return, and the result was an initial reduction in profit in the financial year prior to achieving the full sales benefit. The Company successfully listed on the American Stock Exchange (AMEX) in New York in October 2002 and this development provides further currency for future acquisition possibilities in North America where valuations are now more inviting than before. With this strategy in mind, the Company has entered into an agreement with Hemisphere Capital to initially provide a convertible loan of $1.0m (#662,000) with the availability of further acquisition finance in the future. The Machining Strategist acquisition is an important step in providing a shop floor based 3D CAM product as part of our mould and die offering and will be a fundamental element in the portfolio for developing our OEM channels. The acquisition of the Canadian company of our former distributor Vero Tooling also provided an opportunity to address seamlessly the important mould and die corridor between Detroit and Toronto. Once again, the efforts and sacrifices of our staff in expanding our business that have been paramount to the year's growth should not be overlooked. Much of our success has resulted from the efforts of product managers and developers to provide ever improving products that match customer requirements. These endeavours have been complemented by the diligence and dedication of our customer support staff, resulting in further improvements in our software maintenance business. The Company continues its twin strategy of broadening the product offering to achieve organic growth and market share whilst taking an opportunistic approach to the consolidation of the CAM market. The current year is once again a difficult year to forecast but I am confident that we will see significant growth following the investments made in 2002. Stephen Palframan Chairman 4th April 2003 OPERATING AND FINANCIAL REVIEW VI Group has produced yet another year of strong revenue growth, an increase of 17% on 2001, against a difficult economic background. The Company grew particularly strongly in the two highly competitive markets of North America (where sales more than doubled) and Germany (+18%), thanks to well organised local sales activities and improved product capabilities. With the exception of the UK, where the continuing engineering recession had a negative effect on sales (-3%) our more traditional market strongholds of Italy (+6%) and Japan (+8%) also grew despite their own market uncertainties. Following the investment by new and existing institutional investors in April the Company embarked on a plan to further accelerate growth - in development terms, completing its product line by providing end to end design-to-build capabilities; and in sales terms, by the expansion of resources for our direct sales offices. This foundation for accelerated growth had the short term effect of keeping earnings before interest, tax, depreciation and amortisation (EBITDA) lower at #520,000 (2001: #1,033,000), and reducing pre-tax profits to #70,000 (2001: #726,000). This reduction was also partly due to higher goodwill and amortisation costs associated with the acquisitions which took place during the year. New Operations The Company opened new branch offices in France (near Lyon and Lille) with the objective of directly addressing the second largest European mould and die software market. This operation should improve our market presence in a country where our technology has already been widely acknowledged. Similarly, the purchase of our Canadian distributor, Vero Tooling also provides us with an opportunity to build on their experience in the important 'border' mould and die sector by integrating the operation with our existing Detroit office. Since the acquisition in July, the two offices have been working closely together on some of the largest mould builder accounts in North America. The most significant event of the year was our largest acquisition to date. The Company purchased the Machining Strategist business belonging to NC Graphics (Cambridge) Ltd.. Machining Strategist is a 3D computer aided manufacturing (CAM) product with a good reputation as a fast and easy to use CAM system. The development team now forms our Cambridge based Technology Centre from which we will further develop Machining Strategist as an automated shop floor programming system. Many of Machining Strategist's techniques will be incorporated in our VISI-Series products during this year. Operating Expenses Gross profit increased to #5.9m, representing 79% of turnover (2001: #5.1m and 78%) after deducting the cost of product sales and providing maintenance services. Selling expenses rose 45% to #2.9m attributable in part to the new activities outlined above as well as the inclusion of the first full financial year of operation of the Detroit office. Administrative expenses were 40% higher at #1.7m for similar reasons. The Company also strengthened its information technology infrastructure to one more appropriate for its expanded activities and this contributed to increased administration costs. Product Development and Other Operating Income The last quarter saw a new release of VISI-Series which includes a large number of additional design capabilities for the production of electrodes, automatic drilling of complex mould plates, the parametric design of progressive die strips and numerous 3D modelling features. These additions have been well received by distributors and customers alike and place VISI-Series very firmly in the lead as a premier mould design package. Product development costs increased from just under #1.0m in 2001 to #1.3m in 2002, reflecting the additional investments made in expanding the breadth of the product. The Company finally received approval of its application for a Eureka grant based on a collaborative European research and development project for mould making software. The project started in July 2001 and is scheduled to continue until the end of December 2003. The revenues for this grant have been recognised in proportion to the expenses and are included in the other operating income total of #458,000. Taxation and Earnings per Share The Company made a loss of #231,000 (2001: profit of #438,000) after applying a tax charge of #301,000. Most of this tax charge originates in Italy. It includes taxes not relating directly to current profitability and so distorts any calculation of a tax rate as measured against pre-tax profits. Basic and fully diluted losses per share were 0.74 p (2002: profits per share of 2.12p) reflecting the tax charge and reduced pre-tax profit. Cash flow and net funds Cash outflow from operations was #0.4m compared to an inflow of #0.2m in 2001 as a result of the additional spending in the expansion of sales outlets and the product line. Cash balances at the year end were #1.2m (2001: #0.5m), with #0.5m of short-term borrowings (2001: #0.5m), giving a net cash figure of #0.7m (2001: #0.1m). The increase in net funds reflects the residual amount of cash remaining from the funds raised earlier in the year. Fund raising and investor activities The Company raised #3.1m of funds from institutional investors in May against the issue of 14.7 million new shares. Both new and existing institutional shareholders participated in this placement which has undoubtedly assisted the Company in accelerating its growth. The Company proceeded with its plan to list American Depositary Receipts ("ADR's") on the American Stock Exchange and trading commenced on October 28th 2002 with each ADR representing twenty underlying common shares. In conclusion, 2002 has been a growth year in which we have invested for future returns. Naturally, not all of these activities could bear their full fruit during 2002 and we expect still further growth during the coming year. Don Babbs Chief Executive 4th April 2003 Note: As the company is listed on both the London Stock Exchange AIM market and the American Stock Exchange (AMEX) it is issuing two simultaneous announcements concerning the results. The results will appear differently in each announcement as they are made in UK# and US$ and according to the differing UK and US accounting standards ("GAAP"). Un-audited Consolidated Profit and Loss Account Year ended 31 December 2002 2001 #'000 #'000 Turnover Continuing operations 6,984 6,456 Acquisitions 558 - 7,542 6,456 Cost of sales (1,595) (1,391) Gross profit 5,947 5,065 Selling expenses (2,917) (2,005) Administrative expenses (1,686) (1,204) Product development (1,282) (955) Net other operating income 458 132 Earnings before interest, tax, depreciation and amortisation ('EBITDA') 520 1,033 Depreciation (195) (159) Amortisation of goodwill and other intangible assets (278) (150) Operating profit 47 724 Continuing operations (67) 724 Acquisitions 114 - 47 724 Interest receivable and similar income 63 24 Interest payable and similar charges (40) (22) Profit on ordinary activities before taxation 70 726 Taxation on profit on ordinary activities (301) (288) (Loss) Profit on ordinary activities after taxation (231) 438 Basic and diluted (loss) earnings per share (0.74)p 2.12p Un-audited Consolidated Balance Sheet At 31 December 2002 2001 #'000 #'000 Fixed assets: Intangible fixed assets 1,963 572 Tangible fixed assets 636 393 Investments - 1 2,599 966 Current assets: Stock 20 27 Debtors 5,675 4,165 Cash at bank and in hand 1,185 513 6,880 4,705 Creditors; amounts falling due within one year (2,924) (2,238) Net current assets 3,956 2,467 Total assets less current liabilities 6,555 3,433 Creditors; amounts falling due after more than one year (146) (58) Provisions for liabilities and charges (242) (193) 6,167 3,182 Capital and reserves: Called up share capital 186 107 Share premium account 5,860 2,718 Other reserves 10 10 Profit and loss account 111 347 Equity shareholders' funds 6,167 3,182 Un-Audited Consolidated Cash Flow Statement Year ended 31 December 2002 2001 #'000 #'000 Cash inflow from operating activities (419) 185 Returns on investments and servicing of finance: Interest received 51 9 Interest paid (35) (22) Net cash (outflow) inflow from returns on investments and servicing of finance 16 (13) Taxation: Taxes paid (191) (292) Capital expenditure and financial investment: Purchase of tangible fixed assets (469) (195) Purchase of intangible fixed assets (1,419) (14) Sale of tangible fixed assets 50 15 Net cash outflow from capital expenditure and financial investment (1,838) (194) Acquisitions and disposals: Payments in respect of acquisitions - (274) Net bank loans and overdrafts acquired with subsidiary - - Net cash outflow from acquisitions and disposals - (274) Cash flows from financing activities: Finance leases received 170 57 Mortgage loans repaid (41) (40) Repayment of finance leases (31) (14) Issue of share capital 2971 250 Net cash flow from financing activities 3069 253 Net increase (decrease) in cash 637 (335) Cash at beginning of year 82 412 Exchange movements (5) 5 Cash at the end of the year 714 82 Cash Cash at bank and in hand 1,185 513 Bank loans and overdrafts (471) (431) 714 82 This information is provided by RNS The company news service from the London Stock Exchange END FR FZLFBXZBFBBB
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