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eVISO | BIT:EVS | Italy | Ordinary Share |
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RNS Number:0828J Envesta PLC 24 March 2003 Strictly embargoed until: 07:00, Monday 24 March 2003 ENVESTA PLC INTERIM RESULTS Envesta plc ("Envesta" or the "Company"), the alternative telephony provider, announces interim results for the six months ended 31 December 2002. Highlights (for the six months ended 31 December 2002) * Group turnover increased 284% to #5,837,862 (2001: #1,520,309) * Group operating profit of #452,169 (2001: loss #8,627) before goodwill amortisation of #340,412, generated by the acquisition of Seven Telecom * Average monthly revenues from Happy Talk and similar Premium Rate Service products grew by 104% * BT interconnect soon to be activated * Agreeing access to entirely new calling card markets in Africa and Asia * Implemented the infrastructure and calling card platforms to service the German calling card market Stephen Dean, Non-executive Chairman of Envesta, commented "The last six months have been an important period for Envesta. We are delighted to report that despite difficult markets for the telecommunications sector as a whole, the high quality niche market in which we operate continues to offer exciting opportunities for growth. Seven Telecom has continued to be cash generative and profitable at an operational level while also expanding and diversifying its product range. "The Board remains committed to developing Envesta as a broad based alternative telephony provider both through organic growth and acquisitions that satisfy our strict criteria of being synergistic with Seven Telecom and cash generative. Various discussions have been held with target companies during the period, some of which are ongoing." For further information please visit www.envestaplc.com or contact: Kevin McGovern, Finance Director Rosie Brown/Melissa Hubbard Envesta plc Tavistock Communications Tel: 0870 767 7778 Tel: 020 7600 2288 e-mail: Kevin.mcgovern@envestaplc.com e-mail: rbrown@tavistock.co.uk CHAIRMAN'S STATEMENT The last six months have been an important period for Envesta. We are delighted to report that despite difficult markets for the telecommunications sector as a whole, the high quality niche market in which we operate continues to offer exciting opportunities for growth. Seven Telecom has continued to be cash generative and profitable at an operational level while also expanding and diversifying its product range. FINANCIAL HIGHLIGHTS Six months ended 31 December 2002 6 months 6 months 6 months 12 months 12 months ended ended ended ended ended 31 December 31 December 31 December 30 June 30 June 2002 2002 2001 2002 2002 Excluding Including Excluding Including Goodwill Goodwill Goodwill Goodwill (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited) # # # # # GROUP TURNOVER 5,837,862 5,837,862 1,520,309 4,911,652 4,911,652 GROSS PROFIT 1,308,668 1,308,688 473,313 1,225,474 1,225,474 GROUP OPERATING PROFIT (LOSS) 452,169 111,757 (8,627) 285,335 (1,278,552) PROFIT (LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION 409,807 69,395 174,633 429,900 (1,133,987) Basic earnings per share (Loss) 0.23p (0.05)p 0.17p 0.30p (1.14)p Diluted earnings per share (Loss) 0.20p (0.04)p 0.17p 0.30p (1.14)p Group turnover has increased 284% when compared to the same period last year and demonstrates the success of Seven Telecom's strategy of focussing on high quality services in what is a price driven market at the lower end. Envesta's option to acquire the remaining 25% of Seven Telecom was exercised in July 2002. The final consideration of 20 million Ordinary Shares in Envesta was based upon the annualised post tax trading profit of Seven Telecom for the 16 months to 31 December 2002. Application has now been made for these new Ordinary Shares to be admitted to AIM and it is expected that trading in the new Ordinary Shares will commence on 28 March 2003. The Board has considered the carrying value of the #742,716 of goodwill generated by the acquisition and has decided to continue its prudent policy of amortising this over one year. This has resulted in an amortisation charge of #340,412 in the period with the balance to be written off in the second half. SEVEN TELECOM The Directors of Seven Telecom continue to grow the business organically and have worked hard to identify further niche gaps in the market. While still concentrating on what it does best - providing the infrastructure and capability to deliver cost effective, quality international telephone connections - they have achieved diversification and expansion of its product range in the last six months. Happy Talk Average monthly revenues from Happy Talk and similar affinity branded Premium Rate Service products have grown by 104% during the six-month period and Seven Telecom continues to sign up strategic affinity partners, including the newly signed Notun Din, the oldest published Bengali newspaper. British Telecom Interconnect The British Telecom ("BT") interconnect should be activated in the next few weeks, enabling Seven Telecom to enhance margins through direct connection to BT's UK infrastructure. The agreement makes it cost-effective for Seven Telecom to carry higher volumes of lower margin traffic and maximise the use of its switches. It also gives Seven Telecom access to better BT rates giving it the opportunity to act as a pure wholesaler, selling the minutes on to carriers who do not have a BT interconnect. New calling card markets Seven Telecom is in the process of agreeing access to entirely new calling card markets in Africa and Asia through third party providers. Targets will include India, Sierra Leone, Tanzania and Uganda. Such markets were not previously accessible as it was not possible to dial internationally from call boxes operated by government owned telephone companies. As with Seven Telecom's other products there is no capital outlay or risk. Distribution will be through existing channels and new distribution agreements within these countries. European Expansion Seven Telecom has recently implemented the infrastructure and calling card platforms to service the German calling card market. This will be achieved by routing traffic through its UK infrastructure, avoiding the requirement for capital expenditure outside the UK. Seven Telecom is reviewing other suitable European markets. PROSPECTS The Board remains committed to developing Envesta as a broad based alternative telephony provider both through organic growth and acquisitions that satisfy our strict criteria of being synergistic with Seven Telecom and cash generative. Seven Telecom has already demonstrated the viability of our business model, concentrating on carrying high quality traffic, and various discussions have been held with target companies during the period, some of which are ongoing. Stephen Dean Non-executive Chairman 24 March 2003 CONSOLIDATED PROFIT AND LOSS ACCOUNT Six months ended 31 December 2002 6 months 6 months 6 months 12 months 12 months ended ended ended ended ended 31 31 31 December 30 June 30 June December December 2002 2002 2001 2002 2002 Excluding Including Excluding Including Goodwill Goodwill Goodwill Goodwill (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited) # # # # # TURNOVER Continuing operations 5,837,862 5,837,862 1,296,464 4,687,807 4,687,807 Discontinued activities - - 223,845 223,845 223,845 GROUP TURNOVER 5,837,862 5,837,862 1,520,309 4,911,652 4,911,652 COST OF SALES (4,529,194) (4,529,194) (1,046,996) (3,686,178) (3,686,178) GROSS PROFIT 1,308,668 1,308,668 473,313 1,225,474 1,225,474 Administrative (856,499) (1,196,911) (481,940) (1,071,330) (2,635,217) expenses Other operating income - - - 131,191 131,191 GROUP OPERATING PROFIT (LOSS) 452,169 111,757 (8,627) 285,335 (1,278,552) - Continuing operations 452,169 111,757 62,302 356,264 (1,207,623) - Discontinued operations - - (70,929) (70,929) (70,929) 452,169 111,757 (8,627) 285,335 (1,278,552) Profit on sale of subsidiary undertaking - - 191,276 191,276 191,276 Interest payable (45,931) (45,931) (8,739) (47,459) (47,459) Interest receivable & similar income 3,569 3,569 723 748 748 PROFIT (LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION 409,807 69,395 174,633 429,900 (1,133,987) TAXATION (127,037) (127,037) (1,524) (95,514) (95,514) PROFIT (LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION 282,770 (57,642) 173,109 334,386 (1,229,501) Equity minority interest - - (3,083) (7,284) (7,284) RETAINED PROFIT / (LOSS) FOR THE FINANCIAL PERIOD 282,770 (57,642) 170,026 327,102 (1,236,785) Dividends - - - - - RETAINED PROFIT (LOSS) FOR THE PERIOD 282,770 (57,642) 170,026 327,102 (1,236,785) Basic earnings per share (Loss) 0.23p (0.05)p 0.17p 0.30p (1.14)p Diluted earnings per share (Loss) 0.20p (0.04)p 0.17p 0.30p (1.14)p CONSOLIDATED BALANCE SHEET As at 31 December 2002 31 December 31 December 30 June 2002 2001 2002 (Unaudited) (Unaudited) (Audited) # # # FIXED ASSETS Intangible fixed assets 402,311 791,432 - Tangible fixed assets 944,203 402,789 658,267 1,346,514 1,194,221 658,267 CURRENT ASSETS Investments 868,479 858,479 868,479 Stocks & work in progress - - - Debtors 495,186 763,209 518,929 Cash at bank & in hand 488,428 145,822 172,215 1,852,093 1,767,510 1,559,623 CREDITORS: Amounts falling due (1,817,703) (636,805) (1,022,060) within one year NET CURRENT ASSETS 34,390 1,130,705 537,563 TOTAL ASSETS LESS CURRENT 1,380,904 2,324,926 1,195,830 LIABILITIES CREDITORS: Amounts falling due after more than one year - (1,000,000) (500,000) Provisions for liabilities and other charges (23,514) - (23,514) Equity minority interest - (3,083) (7,284) NET ASSETS 1,357,390 1,321,843 665,032 CAPITAL & RESERVES Called up share capital - equity 1,437,564 1,137,564 1,237,564 Called up share capital - non-equity 2,500,000 2,500,000 2,500,000 Share premium account 10,856,140 9,656,140 10,306,140 Profit & loss account (13,436,314) (11,971,861) (13,378,672) SHAREHOLDERS' FUNDS 1,357,390 1,321,843 665,032 ANALYSIS OF SHAREHOLDERS' FUNDS Equity (1,142,610) (1,178,157) (1,834,968) Non-equity 2,500,000 2,500,000 2,500,000 1,357,390 1,321,843 665,032 CONSOLIDATED CASH FLOW For the period ended 31 December 2002 Six months Six months 12 months ended ended ended 31 December 30 June 2002 2001 2002 (Unaudited) (Unaudited) (Audited) # # # NET CASH INFLOW / (OUTFLOW) FROM OPERATING ACTIVITIES 1,211,866 (465,336) (38,959) RETURNS ON INVESTMENTS & SERVICING OF FINANCE Preference dividends paid - - - Interest received 3,569 723 748 Interest paid (45,931) (8,739) (47,459) NET CASH INFLOW / (OUTFLOW) FROM RETURNS ON INVESTMENTS & SERVICING OF FINANCE (42,362) (8,016) (46,711) TAXATION UK Corporation Tax paid - - - CAPITAL EXPENDITURE & FINANCIAL INVESTMENT Purchase of tangible fixed assets (403,291) (433,215) (754,298) Purchase of investments - - - Sale of tangible fixed assets - - - NET CASH INFLOW FROM CAPITAL EXPENDITURE & FINANCIAL INVESTMENT (403,291) (433,215) (754,298) ACQUISITIONS & DISPOSALS Purchase of subsidiary undertakings - (311,725) (313,887) Cash acquired with subsidiary undertakings - - - Disposal of subsidiary undertaking - - - Cash disposed with subsidiary undertaking - 38,044 - NET CASH INFLOW / (OUTFLOW) FROM ACQUISITIONS & DISPOSALS - (273,681) (313,887) EQUITY DIVIDENDS PAID - - - NET CASH INFLOW / (OUTFLOW) BEFORE FINANCING 766,213 (1,180,248) (1,153,855) FINANCING Proceeds from issue of shares - 474,452 533,500 Costs of share issues - - (59,048) Loan finance raised 300,000 - 1,000,000 Loan finance repaid (750,000) 400,000 (600,000) NET CASH INFLOW / (OUTFLOW) FROM (450,000) 874,452 874,452 FINANCING INCREASE / (DECREASE) IN CASH 316,213 (305,796) (279,403) NOTES TO THE STATEMENT OF CASH FLOWS (a) Reconciliation of operating profit to net cash inflow / (outflow) from operating activities Six months Six months 12 months ended ended ended 31 December 31 December 30 June 2002 2001 2002 (Unaudited) (Unaudited) (Audited) # # # Operating profit / (loss) 111,757 (8,627) (1,278,552) Depreciation 117,355 37,001 96,031 Amortisation 340,412 20,293 1,563,887 Goodwill impairment - - - Loss on sale of subsidiary - - - Increase in investments - (48,000) - Decrease / (increase) in stock - - - Decrease / (increase) in debtors 23,743 (414,459) (2,467) (Decrease) / increase creditors 618,599 (51,544) (417,858) NET CASH INFLOW / (OUTFLOW) FROM OPERATING ACTIVITIES 1,211,866 (465,336) (38,959) (b) Reconciliation of net cash flow to movement in net debt Six months Six months 12 months ended ended ended 31 December 31 December 30 June 2002 2001 2002 (Unaudited) (Unaudited) (Audited) # # # Increase / (decrease) in cash in year 316,213 (305,796) (279,403) Loan finance raised (300,000) (400,000) (400,000) Loan finance repaid 750,000 - - Movement in net funds in the period 766,213 (705,796) (679,403) Opening net (debt) (827,785) (148,382) (148,382) Closing net (debt) (61,572) (854,178) (827,785) (c) Analysis of net cash and debt At 31 June Cash Flow At 31 December 2002 2002 # # # Net cash Cash at bank 172,215 316,213 488,428 Bank overdrafts - - - 172,215 316,213 488,428 Debt due within one year (500,000) (50,000) (550,000) Debt due after more than one year (500,000) 500,000 - Net (debt) (827,785) 766,213 (61,572) NOTES TO THE INTERIM STATEMENT 1. The interim financial information has been prepared on the basis of the accounting policies set out in the Group's 2002 statutory accounts to 30 June 2002. The interim figures have not been audited. The interim financial statement does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 (The "Act"). Comparative financial information for the 12 months ended 30 June 2002 has been extracted from the statutory accounts for the period which have been delivered to the Registrar of Companies and upon which the auditors gave an unqualified report, with no statement under Section 237(2) or (3) of the Act. 2. The taxation charge for the 6 months has been calculated at an effective rate of 31% (30 June 2002: 30%). 3. The calculation of basic earnings per share is based on the loss for the six months of #57,642 (year ended 30 June 2002: loss: #1,229,501) and on a weighted average number of ordinary shares of 1p each in issue during the period of 123,756,436 (30 June 2002: 108,323,475). The calculation of the fully diluted earnings per share is based on the loss for the six month period and 132,117,092 (year ended 30 June 2002: 108,323,475) ordinary shares of 1p each being the weighted average number of shares in issue during the period, after allowing for share options and other contingent share issues. No dilution is accounted for in respect of the conversion of the preference shares as the result for the year is a loss and the conversion price is 7.5 pence per ordinary share. 4. The Directors have not declared an interim dividend. 5. The interim statement was approved by the board of Directors on 21 March 2003. Copies of this statement will be available to members of the public, free of charge, from the Company's registered office, 51 Cambridge Place, Cambridge, CB2 1RE. INDEPENDENT REVIEW REPORT TO ENVESTA PLC Introduction We have been instructed by the company to review the financial information for the six months ended 31 December 2002 which comprises the Group Profit and Loss Account, the Group Balance Sheet, the Group Cash Flow Statement and the related notes. 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. 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 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 excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom 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 31 December 2002. Spokes & Company Chartered Accountants Hilden Park House 79 Tonbridge Road Hildenborough Kent TN11 9BH 24 March 2003 This information is provided by RNS The company news service from the London Stock Exchange END IR BIGDXSGDGGXB
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