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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Startup Giants Plc | AQSE:SUG | Aquis Stock Exchange | Ordinary Share | GB00BYP94G30 | Ordinary shares |
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0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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RNS Number:9943O Systems Union Group PLC 26 August 2003 Systems Union Group plc Interim Results for the six months ended 30 June 2003 Systems Union Group plc, the global software vendor, today issued its unaudited Interim Results for the half-year to 30 June 2003. Highlights * Profit before tax rose by 23 per cent to #2.0 million (2002: #1.6 million) * Sixth consecutive half-year of earnings meeting market expectations * EBITDA increased to #4.0 million (2002: #3.8 million) * EBITDA margin increased to 12 per cent (2002: 10 per cent) * Basic EPS improved to 1.7p (2002: 1.6p) * Adjusted EPS improved to 3.4p (2002: 3.2p) * Revenues declined by 9 per cent to #34.0 million (2002: #37.5 million) * Total costs reduced by 11 per cent to #30.0 million (2002: #33.7 million) * Cash and investments at 30-Jun-03 were #28.2 million (31-Dec-02: #25.2 million) and no debt * The directors will consider declaring a dividend from the full year results Paul Coleman, chief executive officer of Systems Union Group plc, said: "We are encouraged by the current level of potential orders and are reasonably optimistic that revenues will improve in the second half. However, we have already initiated further cost efficiency measures to ensure that if income levels remain consistent with the first half, there should be an improvement to earnings. Our focus will be to concentrate on growing the business organically and by acquisition using the resources available to the Company." For further information, please contact: Paul Coleman Systems Union Group plc 01252 556000 Robert Gibb Systems Union Group plc 01252 556219/ 07767 216021 Trevor Bass Fleet Financial 020 7067 0743 SYSTEMS UNION GROUP PLC INTERIM STATEMENT - full text The Board is pleased to report increased earnings for the period despite difficult trading conditions within the IT sector that resulted in a decline in revenue when compared with last year. Key highlights for the half-year are * Profit before tax rose by 23 per cent to #2.0 million (2002: #1.6 million) * Sixth consecutive half-year of earnings meeting market expectations * EBITDA increased to #4.0 million (2002: #3.8 million) * EBITDA margin increased to 12 per cent (2002: 10 per cent) * Basic EPS improved to 1.7p (2002: 1.6p) * Adjusted EPS improved to 3.4p (2002: 3.2p) * Revenues declined by 9 per cent to #34.0 million (2002: #37.5 million) * Total costs reduced by 11 per cent to #30.0 million (2002: #33.7 million) * Cash and investments at 30-Jun-03 were #28.2 million (31-Dec-02: #25.2 million) and no debt * The directors will consider declaring a dividend from the full year results The Group remains cash generative and debt-free with net current assets of #28.6 million. In addition, it continues to hold an investment in 9 million of its own shares, which are carried at a valuation of #6.3 million. Operational review SunSystems We have continued to pursue our strategy to develop global strategic alliances. An agreement, as announced in June 2003, has been reached with MAPICS, a world leader in manufacturing solutions. This will result in a minimum of US$1.5 million in royalties over a three-year period. The Company has also reached agreement to extend its product offerings for pan-application analytics. A targeting of further business from existing customers has yielded notable contract wins, particularly in the four key vertical markets of hospitality, insurance, energy and aid organisations. In addition, a number of new name customers have also purchased SunSystems licences. Shell Gas (LPG) will put 300 users onto SunSystems in 21 countries. Ritz-Carlton has purchased 15 licenses for properties in the US, Europe, the Middle East and Asia. Hilton International is rolling-out SunSystems across 25 properties in North America, Latin America and the Caribbean. MetLife and MIIX, both major insurance companies in the US, and ActionAid, one of the UK's largest development agencies, have all purchased SunSystems licences. KPMG has installed SunSystems in its practices in 6 Eastern European countries, bringing the total to 11 in that region. We have also been selected as a preferred supplier for government work in New South Wales, Australia. The newly opened office in Shanghai has already secured its first significant customer win. Elsewhere in China, SunSystems licences have been bought by a joint venture between Samsung, Philips and Beijing Datang that supplies third generation (3G) mobile technology. These sales build on our long history in the Asia-Pacific region with 2,300 existing SunSystems sites in China and Hong Kong. Our continuing investment in R&D, both in the UK and Shanghai, has built on the pre-eminence of our core SunSystems offerings. The focus has been to provide planned updates to SunSystems 5, SunSystems Collect, SunSystems i2i Purchase Requisitioning and SunSystems Report Server, together with a variety of service packs and bespoke work for key customers. Customer support and service is vital to our business. In addition to providing up-dated and enhanced products, we have invested in improved global communication and support systems to ensure our customers benefit from the application of modern technology. Pegasus Software Sales of Opera II now exceed Opera I and the high priority given to quality control procedures has resulted in a significant improvement in customer satisfaction levels. Enhancements to the range included the Advanced Nominal Ledger for Opera II and XRL, a reporting and analytics offering. Pegasus continues to develop new product initiatives including the introduction of a unique Instant Messenger system. Plans are well advanced to widen the distribution of Opera II outside the UK and the substantial network of resellers across the UK has been strengthened with the launch of the Certified Partner Programme. This will provide an improved range of benefits for resellers. Pegasus won the Special Achievement Award at the Help Desk Support Excellence Awards 2003. This scheme recognises distinction in the field of customer support and commended Pegasus's innovative usage of internet-based technology. REDtechnology.com Red is a leading provider of hosting and web technology solutions to medium-sized enterprises in the UK. Recent product releases included ConductIT, a sophisticated content management tool, FileIT, a document management tool, and PromoteIT, an e-marketing communication and analytics solution. Outlook We are encouraged by the current level of potential orders and are reasonably optimistic that revenues will improve in the second half. However, we have already initiated further cost efficiency measures to ensure that if income levels remain consistent with the first half, there should be an improvement to earnings. Our focus will be to concentrate on growing the business organically and by acquisition using the resources available to the Company. Bob Morton Paul Coleman Chairman Chief Executive Officer 26 August 2003 SYSTEMS UNION GROUP PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months ended 30 June 2003 Six months ended Six months ended Year ended 30 June 2003 30 June 2002 30 Dec 2002 (unaudited) (unaudited) (unaudited) #000 #000 #000 Note Turnover 2 34,016 37,459 74,631 Cost of operations (25,110) (28,599) (55,420) Research & development (4,868) (5,051) (10,544) EBITDA 4,038 3,809 8,667 Depreciation (525) (480) (983) Amortisation of intangibles (1,858) (1,965) (3,924) Operating profit 1,655 1,364 3,760 Net interest receivable 334 252 556 Profit on ordinary activities 1,989 1,616 4,316 before taxation Taxation on profit on ordinary (201) 65 (383) activities Profit for the financial period 1,788 1,681 3,933 Earnings per share 3 - basic 1.7p 1.6p 3.8p - diluted 1.7p 1.6p 3.7p Adjusted earnings per share 3 basic 3.4p 3.3p 7.2p - diluted 3.4p 3.2p 7.1p There is no difference between the retained profit for the period and its historical cost equivalent. SYSTEMS UNION GROUP PLC CONSOLIDATED BALANCE SHEET as at 30 June 2003 30 June 2003 30 Dec 2002 (unaudited) (audited) #000 #000 Fixed assets Intangible assets 60,987 62,842 Tangible assets 4,468 4,105 Investments 6,300 6,300 71,755 73,247 Current assets Debtors 19,077 18,840 Cash at bank and in hand 21,932 18,874 41,009 37,714 Creditors: amounts falling due within one (12,450) (12,820) year Net current assets 28,559 24,894 Total assets less current liabilities 100,314 98,141 Provisions for liabilities and charges (1,071) (1,310) Deferred income (16,722) (15,907) Net assets 82,521 80,924 Capital and reserves Called up share capital 5,198 5,196 Share premium account 9,494 9,478 Merger reserve 48,814 50,582 Warrant reserve 1,340 1,340 Profit and loss account 17,675 14,328 Equity shareholders' funds 82,521 80,924 SYSTEMS UNION GROUP PLC CONSOLIDATED CASH FLOW STATEMENT for the six months ended 30 June 2003 Six months ended Six months ended Year ended 30 June 2003 30 June 2002 31 Dec 2002 (unaudited) (unaudited) (audited) #000 #000 #000 Operating profit 1,655 1,364 3,760 Amortisation 1,858 1,965 3,924 Depreciation 525 480 983 Profit on sale of fixed assets - - (21) 4,038 3,809 8,646 Movement in working capital (335) (1,804) (3,573) Cash inflow from operating activities 3,703 2,005 5,073 Returns on investments and servicing of finance 334 252 556 Taxation (109) - (78) Purchase of tangible fixed assets (888) (460) (799) Purchase of licences - (1,250) (1,250) Cash inflow before management of liquid resources and financing 3,040 547 3,502 Management of liquid resources - - - Financing 18 40 79 Increase in cash in the period 3,058 587 3,581 Net funds at beginning of period 18,874 15,293 15,293 Net funds at end of period 21,932 15,880 18,874 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES for the six months ended 30 June 2003 Six months ended Six months ended Year ended 30 June 2003 30 June 2002 31 Dec 2002 (unaudited) (unaudited) (audited) #000 #000 #000 Profit For the period 1,788 1,681 3,933 Exchange adjustments (209) (290) (162) Total gains & losses relating to the 1,579 1,391 3,771 period Prior year adjustment - 867 867 Total recognised gains & losses 1,579 2,258 4,638 NOTES TO THE INTERIM ACCOUNTS 1 The financial information contained in this document does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. Statutory accounts for the year to 31 December 2002 have been filed with the Registrar of Companies. The auditors have reported on those accounts; their report is unqualified and did not contain a statement under section 237 of the Companies Act 1985. 2 SEGMENTAL ANALYSIS Six months ended Six months ended Year ended Revenue by type 30 June 2003 30 June 2002 31 Dec 2002 (unaudited) (unaudited) (audited) #000 #000 #000 Licences 10,963 13,048 26,690 Maintenance 17,148 15,489 31,716 Services 5,905 8,922 16,225 34,016 37,459 74,631 Six months ended Six months ended Year ended Revenue by region 30 June 2003 30 June 2002 31 Dec 2002 (unaudited) (unaudited) (audited) #000 #000 #000 Europe, Middle East & Africa 17,847 17,956 37,428 Asia-Pacific 7,010 7,870 16,072 The Americas 4,929 7,502 12,993 SunSystems 29,786 33,328 66,493 Pegasus Software 3,763 3,674 7,254 REDtechnology.com 467 457 884 34,016 37,459 74,631 3 EARNINGS PER SHARE The basic earnings per share has been calculated on the net profit of #1,788,000 and the weighted average number of shares in issue of 103,931,000. The adjusted earnings per share has been calculated on the net profit as adjusted for amortisation of goodwill. The diluted earnings per ordinary share are based on the net profit of #1,788,000 and on a fully diluted weighted average number of shares of 104,870,000. Independent Review Report to Systems Union Group plc Introduction We have been engaged by the Company to review the financial information set out on pages 4 to 7 and we have read the other information contained in the Interim Report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the Company in accordance with the terms of our engagement. Our review has been undertaken so that we might state to the Company those matters that we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have reached. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/ 4: Review of Interim Financial Information issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of Group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 June 2003. KPMG Audit plc Arlington Business Park Theale Reading RG7 4SD 26 August 2003 This information is provided by RNS The company news service from the London Stock Exchange END IR ILFSRTEIFFIV
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