We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Planetel SPA | BIT:PLN | Italy | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.05 | -0.99% | 5.00 | 4.96 | 5.10 | 5.00 | 5.00 | 5.00 | 750 | 16:30:10 |
RNS Number:2289N Planit Holdings PLC 07 July 2003 Chairman's and Chief Executive's Statement As outlined in my Trading Update, announced in mid May, our results for the year to end April 2003 are below expectation. The impact of the down turn in both U.S. and European economies, a 35% reduction in worldwide demand for machine tools, and the uncertainty created by the lead up to the Iraq war had a major impact on Planit's worldwide sales. Planit's business however remains inherently strong and despite what turned out to be the worst trading year ever in our sector and making a small operating loss, it has remained profitable before goodwill amortisation, restructuring and provision for onerous lease and, more importantly continued to be cash generative.. In a relatively short space of time we have transformed our business from one focused on selling interior design software, operating in a market estimated to be valued at $60 million per year, to one that can compete aggressively in the Computer Aided Design & Manufacturing Market where the spend on software is estimated to be $1.2 billion per year. This repositioning of the Group though, has not come without cost. However, it has placed us in a strong position to become, both through organic growth and acquisition, a market leader in this fragmented but very large expanding market. As a result of the Group's transformation and our concerns over trading conditions we decided to take the opportunity to carry out a major restructure of our UK and US businesses. This involved merging overlapping sales functions and consolidating back office operational activities to make significant cost savings. In addition we reviewed our balance sheet and debtors and made prudent provisions going forward The key points in respect of the year's trading, together with prior year comparatives, are as follows: * Turnover #20,417,000 (2002 #22,347,000) * Operating loss #432,000 (2002 - Profit #3,874,000) * Operating profit before goodwill, restructuring and onerous lease costs #1,931,000 (2002 #4,965,000) * Basic loss per share (0.6p) (2002 - Earnings per share 2.7p) * Basic adjusted earnings per share before goodwill, restructuring and onerous lease costs 1.7p (2002 4.6p) * Dividend 0.4p per 10p ordinary share (2002 0.4p) * Cash flow from operating activities #3,288,000 (2002 #3,914,000) Retail Design (Interior design software) The retail design division, whilst affected by the slowdown in world economies, mitigated the impact on sales with the launch during the year of two new products, Planit Fusion and Autograph Version 6. This, together with the implementation of a series of joint marketing initiatives with our overseas subsidiaries and distributors, maintained sales levels in line with the previous years. Our key account client list continues to grow, a recent addition being Laura Ashley who are working with us to implement our technologies to help increase their in-store and online sales. The consolidation in the U.S. of our design products and strategy of promoting a single brand is already starting to show signs of success. Launched at the National Kitchen and Bath Show the new Autograph Version 6 was well received and is selling well. Autograph is a strong brand in the U.S. which has been bolstered by the new product and is, we believe, already taking market share from our main competitors. Planit France is at last beginning to perform in line with expectation. The appointment at the end of last year of a new President followed by a complete restructure has already had a positive impact on sales and profits. Agreements with major retailers together with improved sales to the independent sector have resulted in the business trading profitably by the year end. Our internet design solution Planit On Line continues to attract interest from major retailers. The increased use of the internet as a medium for generating enquiries and selling product is moving internet projects up their priority list. However, experience has shown that the lead time from receiving the initial enquiry to making a sale can be anything from 1 to 2 years. Those retailers such as MFI, who have already embraced our technology, are enjoying considerable success. We are in discussion with a number of retailers and expect to announce shortly agreements with at least two well known high street names. Design to Manufacture This division has suffered the most as a result of the difficult trading conditions. Sales are almost exclusively in the USA, the majority of which are to the 70,000 independent custom cabinet makers spread throughout the country. We have approximately 29,000 users of our design to manufacturer products and a major part of our revenue is the selling into this installed base high value licenses for increasing workshop automation. The economic uncertainty created by the war and the downturn in consumer spending has meant that these relatively small businesses have become reluctant to invest in expensive machinery and our high end software to drive it. We have taken a number of actions to remedy the situation, which include rationalising sales territories and reducing the number of sales agents, ensuring that our top producers receive the majority of the sales enquiries. We have increased our tele-marketing activities to improve lead flow and set up a small tele-sales team focused on selling upgrades and services into our installed user base. The market is slowly improving and the action we have taken is beginning to show signs of success. We will be launching a range of new products at the national wood working show in August which we expect will stimulate the market and build on the improvement in sales that we are starting to experience CAM The first full year's trading of Licom, the CAM company we acquired in the previous year has been an unqualified success. This success has been achieved against market trends where machine tools, the key driver of Licom sales are down 35% on last year. Increased investment in management and marketing together with the implementation of an improved go to market model has resulted in a significant increase in sales and profits over the previous year. The upgrading of key products during the year has now given us access to larger sectors of the Cam market. Licom is already a world leader in the supply of manufacturing software to the wood working industry and we are now starting to make inroads into the significantly larger engineering market. Lignatec, the stair manufacturing software we acquired in January, has achieved strong sales. We are currently developing the software so that we can sell it in the USA. Market research shows that there appears to be very little competition in the US and given the immediate success we have achieved in the UK we are optimistic about this opportunity. The acquisition of Radan Computational is also a very important part of our CAM strategy. Radan is the market leader in Europe and the USA in providing manufacturing software for the sheet metal industry. It dovetails perfectly with Licom by increasing our brand awareness in the engineering sector and by allowing both companies to offer users and prospects a one stop shop for all their manufacturing software needs. The addition of Radan's US operations provides us with the critical mass to create an independent CAM division and to aggressively attack the engineering markets. The appointment of a new President for this division supported by a strong management team should enable us to enjoy strong divisional growth in the current year. Current Trading and Prospects Although painful, the early actions taken in reorganising our operations are already proving beneficial, with the restructuring and cost savings having improved profit run rates across the Group. Clearing our financial decks and making appropriate provisions has cost us one year off our previous ongoing growth record. However, the effects of our actions are beginning to show through and we now look forward to returning to the growth pattern of previous years. We remain highly cash generative and a market leader in most of the markets in which we operate. We have a significant installed base in the UK, Europe and in the USA and we will be seeking to exploit the growth opportunities now open to the Group. Our target for the current year is to substantially increase sales and profits. Michael Jackson Trevor Semadeni Chairman Chief Executive Officer 7 July 2003 PLANIT HOLDINGS PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT Unaudited Audited FOR THE YEAR ENDED 30 APRIL 2003 Year Ended Year Ended 30 April 03 30 April 02 #000 #000 (as restated) Turnover Acquisition-Lignatec 63 - Continuing operations 20,354 22,347 20,417 22,347 Cost of sales (4,060) (4,323) Gross profit 16,357 18,024 Administrative expenses(^) (16,789) (14,150) Less: Goodwill amortisation 1,041 1,091 Restructuring costs 1,052 - Onerous lease provision 270 - Administrative expenses before goodwill amortisation, (14,426) (13,059) restructuring costs and onerous lease provision Operating profit before goodwill amortisation, 1,931 4,965 restructuring costs and onerous lease provision Goodwill amortisation (1,041) (1,091) Restructuring costs (1,052) - Onerous lease provision (270) - Operating (loss)/profit (432) 3,874 Acquisition-Lignatec 43 - USA operations - continuing (615) 2,192 UK and European operations - continuing 140 1,682 Operating (loss)/profit (432) 3,874 Profit on sale of subsidiary undertaking 176 - Interest receivable 200 256 Interest payable (515) (580) (Loss)/profit on ordinary activities before taxation (571) 3,550 Taxation credit/(charge) 227 (1,223) (Loss)/profit on ordinary activities after taxation (344) 2,327 Equity minority interest (162) (88) (Loss)/profit for the financial year (506) 2,239 Proposed final dividend (354) (333) (Loss)/profit retained for the year (860) 1,906 Basic and diluted (loss)/earnings per 10p ordinary share (0.6p) 2.7p Adjusted earnings per 10p ordinary share - basic 1.7p 4.0p Adjusted earnings per 10p ordinary share - diluted 1.6p 4.0p There is no material difference between the result as disclosed in the profit and loss account and the result on an unmodified historical cost basis. The recognised gains and losses for the periods concerned are represented by the results shown above, together with a net loss of #1,278,000 (2002 #121,000) in respect of foreign currency retranslation of the net assets of overseas subsidiaries. (^) The 2002 comparative figures reported for administrative expenses have been restated to include expenditure relating to internet development, previously separately analysed, following completion of the investment project. There is no net effect on operating profit. PLANIT HOLDINGS PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 APRIL 2003 1. Nature of financial information The preliminary financial information has been prepared on the basis of the accounting policies set out in the Group's 2002 published accounts. The financial information set out above, which is presently unaudited, does not constitute the Group's statutory accounts for the year ended 30 April 2003 but is derived from those accounts. Statutory accounts for 2002 have been filed with the Registrar of Companies, whereas those for 2003 will be delivered following the company's Annual General Meeting. The Company's auditors, PricewaterhouseCoopers, have given an unqualified opinion on the 2002 accounts in accordance with section 235 of the Companies Act 1985. 2. Segmental information Unaudited Audited By origin Half year ended Year Ended 30 April 03 30 April 02 #000 #000 Turnover Acquisition Lignatec 63 - USA operations - continuing 10,318 12,647 UK & European operations - continuing 10,036 9,700 20,417 22,347 Operating (loss)/profit Acquisition-Lignatec 43 - USA operations - continuing (615) 2,192 UK and European operations - continuing 140 1,682 (432) 3,874 3. Taxation The taxation position comprises a current year corporation tax charge of #235,000 (2002 #1,415,000) and a prior year corporation tax credit of #67,000 (2002 #221,000). Also included is a deferred tax credit of #395,000 (2002 charge of #29,000). 4. (Loss)/earnings per share Basic (loss)/earnings per 10p ordinary share have been calculated on the loss after taxation and minority interests of #506,000 (2002 profit #2,239,000) and the weighted average number of ordinary shares in issue during the year of 83,473,933 (2002 82,690,389). Basic adjusted earnings per 10p ordinary share is calculated on the adjusted profit after taxation and minority interests of #1,387,000 (2002 #3,330,000) after having excluded goodwill amortisation of #1,041,000 (2002 #1,091,000), restructuring costs of #1,052,000 (2002 Nil) and onerous lease provisions of #270,000 (2002 Nil) and the weighted average number of ordinary shares in issue during the year. The adjustments for restructuring costs and onerous lease provisions are made net of tax relief at 37% and 30% respectively totalling #470,000. The diluted (loss)/earnings per share calculations are calculated based on the respective (loss)/earnings and adjusted earnings stated above. The weighted average number of ordinary shares in issue during the year, together with dilutive potential ordinary shares amounted to 84,410,784 (2002 84,006,949). 5. Proposed final dividend The Board proposes that a final dividend of 0.40p per 10p ordinary share (2002 0.40p) be paid on 3 October 2003 in respect of the year ended 30 April 2003 to members on the share register at the close of business on 5 September 2003. 6. Report and Accounts A copy of the Report and Accounts, containing the notice of the AGM, will be posted to shareholders in August and be available from the Company's Registered Office at Inca House, Eureka Science & Business Park, Ashford, Kent, TN25 4AB. PLANIT HOLDINGS PLC --------------------- CONSOLIDATED BALANCE SHEET ---------------------------- AS AT 30 APRIL 2003 --------------------- Unaudited Audited 30 April 03 30 April 02 #000 #000 Fixed assets Intangible assets 20,368 18,287 Tangible assets 1,486 1,352 -------- ------- 21,854 19,639 -------- ------- Current assets Stocks 176 323 Debtors 6,215 5,947 Cash at bank and in hand 4,235 8,652 -------- ------- 10,626 14,922 Creditors- amounts falling due within one year (8,308) (12,117) -------- ------- Net current assets 2,318 2,805 -------- ------- Total assets less current liabilities 24,172 22,444 Creditors- amounts falling due after more than one year (8,546) (6,369) Provisions for liabilities and charges (364) (37) -------- ------- Net assets 15,262 16,038 -------- ------- Capital and reserves Called up share capital 8,862 8,331 Share premium account 13,923 13,463 Other reserve 209 - Profit and Loss account (8,213) (6,075) -------- ------- Equity shareholders' funds 14,781 15,719 Equity minority interests 481 319 -------- ------- 15,262 16,038 -------- ------- CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2003 Unaudited Audited Year ended Year ended 30 April 03 30 April 02 Notes #'000 #'000 Net cash inflow from operating (A) 3,288 3,914 activities ------- ----------- ---------- ------------------------- Returns on investment and servicing of finance Net interest paid (309) (320) Interest element of finance lease rental (6) (4) payments ------- ----------- ---------- (315) (324) ------------------------- ------- ----------- ---------- Taxation Corporation tax payments (958) (1,218) ------------------------- ------- ----------- ---------- (958) (1,218) ------------------------- ------- ----------- ---------- Capital expenditure Purchase of tangible fixed assets (666) (619) Sale of tangible fixed assets 102 59 ------------------------- ------- ----------- ---------- (564) (560) ------------------------- ------- ----------- ---------- Acquisitions and disposals Licom acquisition payment and related (368) (1,654) costs Radan acquisition payment and related (2,463) - costs Lignatec acquisition payment and related (78) - costs Cash acquired in acquisitions 310 1,169 Disposal of subsidiary undertaking 176 - Deferred consideration paid - (383) ------------------------- ------- ----------- ---------- (2,423) (868) ------------------------- ------- ----------- ---------- Equity dividend paid (333) (286) ------------------------- ------- ----------- ---------- Net cash (outflow)/inflow before use of (1,305) 658 liquid resources and financing ------- ----------- ---------- ------------------------- Management of liquid resources ------------------------- ------- ----------- ---------- Decrease/(increase) in short term 5,000 (1,000) deposits Financing Proceeds from issue of shares for cash - 55 Loan notes repaid (4,844) - Capital element of finance lease (77) (25) payments New bank loans received 3,598 5,054 Bank loan repaid (1,314) (5,199) ------------------------- ------- ----------- ---------- (2,637) (115) ------------------------- ------- ----------- ---------- Increase/(decrease) in cash (B) 1,058 (457) ------------------------- ------- ----------- ---------- (A) Reconciliation of operating (loss)/profit to net cash inflow from operating activities: Unaudited Audited Year ended Year ended 30 April 03 30 April 02 Continuing operations #'000 #'000 Operating (loss)/profit (432) 3,874 Goodwill amortisation 1,041 1,091 Depreciation 554 469 Decrease/(increase) in stocks 165 (16) Decrease/(increase) in debtors 2,026 (473) Decrease in creditors (126) (1,047) Loss on fixed asset disposal 60 16 -------------------------- ----------- ----------- Net cash inflow from operating activities 3,288 3,914 -------------------------- ----------- ----------- (B) Reconciliation of net (debt)/funds Increase/(decrease) in cash 1,058 (457) Decrease in debt and finance leases 2,637 170 (Decrease)/increase in liquid resources (5,000) 1,000 -------------------------- ----------- ----------- Change in net (debt)/funds resulting from (1,305) 713 cash flow Non-cash debt movements 282 (78) Loan notes - (4,844) -------------------------- ----------- ----------- Increase in net debt in the year (1,023) (4,209) Net debt at start of year (5,634) (1,425) -------------------------- ----------- ----------- Net debt at close of year (6,657) (5,634) -------------------------- ----------- ----------- (C) Analysis of net (debt)/ funds movement Position Non Position 30 April Cash cash 30 April 2002 flow items 2003 #'000 #'000 #'000 #'000 Cash at bank 1,152 583 - 1,735 Overdraft (1,921) 475 - (1,446) ---------------------- --- --------- --------- --------- --------- (769) 1,058 - 289 Debt due within 1 year Bank loans (1,441) 1,314 (1,250) (1,377) HP and lease (23) 77 (150) (96) liability Loan notes (4,844) 4,844 - - Debt due over 1 year Loan notes (2,400) - - (2,400) Bank loans (3,613) (3,598) 1,705 (5,506) HP and lease (44) - (23) (67) liability Bank deposits included in 7,500 (5,000) - 2,500 cash --- --------- --------- --------- --------- (5,634) (1,305) 282 (6,657) ---- -------------------- --- --------- --------- --------- --------- This information is provided by RNS The company news service from the London Stock Exchange END FR NKOKNKBKDCOK
1 Year Planetel Chart |
1 Month Planetel 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