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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:8369S Planit Holdings PLC 04 December 2003 Chairman and Chief Executive's Statement The six month period to 31 October has been a successful one for the Planit Group, with all its divisions, with the exception of U.S. design to manufacture, performing in line or better than expectation. We are however pleased to be able to report that in Europe design to manufacture moved into profit for the first time. The group strategy to become a dominant force in the large but fragmented CAD CAM industry was furthered through the acquisition of Radan and Job shop which have been reorganised, integrated into the group and are now trading profitably The group made operating profit (before goodwill amortisation) of #1,625,000 (2002: #1,306,000), on increased turnover of #13,045,000 (2002: #10,522,000). This profit was converted to free cashflow of #1,293,000 which was significantly up on last year (#752,000), which in turn contributed to a broadly unchanged net debt of #6,735,000 (2002: #6,657,000) despite acquisition and dividend payments. The group remains in a strong financial position with interest covered 7 times by operating profit and gearing of 42% down from 44% at the previous year end. Manufacturing Computer Aided Manufacturing Software (CAM) The UK and US manufacturing industries are beginning to recover and for the first time since 2001 the sales of CAM software are forecast to rise. We continue to dominate the woodworking sector through out Europe and the USA being the preferred supplier of most machine tool manufacturers. The acquisition last year of Alpha Stair, our stair making software, has already proved very successful with sales continuing on an upward trend. We have completed the development required to make it suitable for the US and Europe and we will be launching it into these markets early in the New Year. Radan's first six months as part of the Planit Group has been very successful with them winning a number of large orders, including one with BAE. They continue to dominate the UK market and we are optimistic that by selling their products through our existing distribution channels they will soon start to gain market share in Europe and the U.S.A. The acquisition of Jobshop complements our existing products by allowing us to integrate our manufacturing software with Jobshop's production scheduling and resource planning software. This will produce a cost effective solution for automating a machine shop and one which can be effectively deployed even in a small sub contractor's engineering business. The acquisition of Radan and Jobshop has broadened the range of products we can offer our engineering customers and for the first time we are able to offer them a single solution for all their production needs. We believe that this will enable us to start to dominate the engineering sector as we have traditionally done in the woodworking one. Cabinet Making Software The US division's sales are still below expectation but they continue to trade profitably and generate cash. The restructuring started at the end of last year has now been completed, reducing costs to bring them in line with sales. We appointed a new President in August who in turn has formed a new and experienced management team. The new team in a relatively short space of time has transformed the culture of the organisation; from one where employees were micro managed and afraid to make decisions to one that is open and inclusive and encourages employees to use their own initiative. This along with an increased emphasis on providing a greatly improved customer service has already started to improve our reputation in the market and is slowly starting to have an effect on sales. With a highly motivated team and the sales decline reversed, we are confident that we can build on these improvements so as to ensure that this division regains its full potential. The European arm, after three years of investment, has for the first time moved into profit. Sales are steadily climbing and the introduction next year of a new version, developed to meet the specific requirements of continental Europe should ensure that this division's growth in sales and profits continues. Retail Design Software Despite a continued recession in Continental Europe we have maintained sales revenues through the introduction of new and improved products and by increasing our focus on selling into our installed base. Sales have remained buoyant in the UK with demand from both our Independent and multi outlet clients for new licences, consultancy and custom development. Laura Ashley has now entered into a formal agreement for Planit Online and MFI continue to expand the use of our online planning software. Whilst we are operating in a mature market, the introduction and sale of new and innovative products and services allows us to maintain and increase sales and profits. This division remains very profitable and cash generative and makes an important contribution to the Group earnings. Outlook The Planit Group continues to grow organically and through acquisitions. The recovery in the UK and US manufacturing industries allows us to be cautiously optimistic about the immediate future. Our long term strategy is to consolidate the large but fragmented CAD CAM market so as to become a dominant force. We have a proven formula for acquiring companies, integrating them into our business and quickly making them earning enhancing and it is our intent to continue this process so as to achieve our objectives. Michael Jackson Trevor Semadeni Chairman Chief Executive Officer 4 December 2003 PLANIT HOLDINGS PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 31 OCTOBER 2003 Unaudited Unaudited Audited Half year ended Half year ended Year ended 31 October 03 31 October 02 30 April 03 #000 #000 #000 Turnover Acquisition - Huckerby Royall Systems 433 - - Continuing operations 12,612 10,522 20,417 13,045 10,522 20,417 Cost of sales (2,213) (2,059) (4,060) Gross profit 10,832 8,463 16,357 Administrative expenses (9,871) (7,671) (16,789) Less: Goodwill amortisation 664 514 1,041 Administrative expenses before goodwill (9,207) (7,157) (15,748) amortisation* Operating profit before goodwill amortisation 1,625 1,306 609 Goodwill amortisation (664) (514) (1,041) Operating profit/(loss) 961 792 (432) Acquisition - Huckerby Royall Systems 38 - - Continuing Operations 923 792 (432) Operating profit/(loss) 961 792 (432) Profit on sale of subsidiary - - 176 undertaking Interest receivable 74 142 200 Interest payable (293) (292) (515) Profit /(loss) on ordinary activities before 742 642 (571) taxation Taxation (charge)/credit (254) (218) 227 Profit/(loss) on ordinary activities after 488 424 (344) taxation Equity minority interest (131) (107) (162) Profit/(loss) for the financial 357 317 (506) period Final dividend payment year ended 30 April 2003 (12) - (354) Retained profit/(loss) for the 345 317 (860) period Basic and diluted earnings/(loss) per 10p ordinary share 0.4p 0.4p (0.6p) Adjusted earnings per 10p ordinary share - 1.1p 1.2p 1.7p basic Adjusted earnings per 10p ordinary share - 1.1p 1.1p 1.6p diluted 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 #327,000 (2002 #651,000) in respect of foreign currency retranslation of the net assets of overseas subsidiaries. *The 2002 and 2003 comparative figures for administrative expenses have been restated to include expenditure relating to restructuring costs, previously separately analysed, following completion of the restructuring programme and onerous lease provisions (2003 only). There is no net effect on operating profit. PLANIT HOLDINGS PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 31 OCTOBER 2003 1. Nature of financial information The interim information has been prepared on the basis of accounting policies set out in the Group's 2003 published accounts. The preceding unaudited financial information for each half year does not constitute full accounts within the meaning of Section 225 of the Companies Act and has not been delivered to the Registrar of Companies. The figures for the year ended 30 April 2003 are derived from the audited consolidated accounts published for that year, which have been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified. 2. Segmental information Unaudited Unaudited Audited By origin Half year ended Half year ended Year ended 31 October 03 31 October 02* 30 April 03* #000 #000 #000 Turnover Acquisition - Huckerby Royall 433 - Systems USA operations - continuing 4,437 5,108 9,699 UK & European operations - continuing 8,175 5,000 10,084 13,045 10,108 19,783 Impact of foreign exchange* - 414 634 13,045 10,522 20,417 Operating profit Acquisition - Huckerby Royall 38 - - Systems USA operations - continuing (22) 248 (658) UK and European operations - continuing 945 474 191 961 722 (466) Impact of foreign exchange* - 70 34 961 792 (432) Operating profit before Goodwill Amortisation Acquisition - Huckerby Royall 73 - - Systems USA operations - continuing 240 533 (92) UK and European operations - continuing 1,312 703 666 1,625 1,236 574 Impact of foreign exchange* - 70 34 1,625 1,306 608 * Foreign currency results for the period 31 October 2002 and 30 April 2003 have been retranslated at exchange rates used for the period ending 31 October 2003 to facilitate the comparison of results 3. Taxation The charge for the half year to 31 October 2003 is based on an estimated current year tax rate of 34% of accounting profits. PLANIT HOLDINGS PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 31 OCTOBER 2003 4. Earnings per share Basic earnings per 10p ordinary share have been calculated on the profit after taxation and minority interests of #357,000 (2002 #317,000) and the weighted average number of ordinary shares in issue during the period of 90,384,498 (2002 83,306,622). Basic adjusted earnings per 10p ordinary share is calculated on the adjusted profit after taxation and minority interests of #1,021,000 (2002 #970,000) after having excluded goodwill amortisation of #664,000 (2002 #514,000), (2002 also restructuring costs #199,000) and the weighted average number of ordinary shares in issue during the period. The diluted earnings per share calculations are calculated based on the respective earnings and adjusted earnings stated above. The weighted average number of ordinary shares in issue during the period, together with dilutive potential ordinary shares amounted to 91,226,736 (2002 84,387,902). 5. A copy of this announcement will be issued to shareholders as soon as practicable and copies are available from the Company's Registered Office at Inca House, Eureka Science and Business Park, Ashford, Kent, TN25 4AB PLANIT HOLDINGS PLC CONSOLIDATED BALANCE SHEET AS AT 31 OCTOBER 2003 Unaudited Unaudited Audited 31 October 03 31 October 02 30 April 03 #000 #000 #000 Fixed assets Intangible assets 21,919 17,239 20,368 Tangible assets 1,512 1,452 1,486 23,431 18,691 21,854 Current assets Stocks 174 290 176 Debtors 6,125 5,490 6,215 Cash at bank and in hand 3,930 3,584 4,235 10,229 9,364 10,626 Creditors- amounts falling due within one year (6,963) (5,849) (6,146) Net current assets 3,266 3,515 4,480 Total assets less current liabilities 26,697 22,206 26,334 Creditors- amounts falling due after more than one (7,688) (5,420) (8,546) year Provisions for liabilities and charges (94) - (364) Deferred income (2,776) (974) (2,162) Net assets 16,139 15,812 15,262 Capital and reserves Called up share capital 9,166 8,331 8,862 Share premium account 14,348 13,463 13,923 Other reserve 209 - 209 Profit and Loss account (8,195) (6,408) (8,213) Equity shareholders' funds 15,528 15,386 14,781 Equity minority interests 611 426 481 16,139 15,812 15,262 PLANIT HOLDINGS PLC CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SI X MONTHS ENDED 31 OCTOBER 2003 Unaudited Unaudited Audited Half year ended Half year ended Year ended 31 October 03 31 October 02 30 April 03 Notes #'000 #'000 #'000 Net cash inflow from operating activities (A) 1,255 1,441 2,915 Returns on investment and servicing of finance Net interest paid (211) (148) (308) Interest element of finance lease rental (7) (2) (7) payments (218) (150) (315) Taxation Corporation tax repayments/(payments) 256 (541) (958) 256 (541) (958) Capital expenditure Purchase of tangible fixed assets (234) (444) (666) Sale of tangible fixed assets 47 55 102 (187) (389) (564) Acquisitions and disposals Huckerby Royall Systems acquisition payment and (286) - - related costs Radan acquisition payment and related costs (744) - (2,464) Lignatec acquisition payment and related costs (130) - (72) Licom acquisition payment and related costs - (26) - Cash acquired in acquisitions 8 - 310 Disposal of subsidiary undertaking - - 176 (1,152) (26) (2,050) Equity dividend paid (366) (333) (333) Net cash inflow/(outflow) before use of liquid resources (412) 2 (1,305) and financing Management of liquid resources Decrease/(increase) in short term deposits - 5,000 5,000 Financing Proceeds from issue of shares for cash 10 - - Loan notes repaid - (4,844) (4,844) Capital element of finance lease payments (39) (10) (77) New bank loans received - - 3,598 Bank loan repaid (647) (671) (1,314) (676) (5,525) (2,637) Decrease in cash (B) (1,088) (523) 1,058 PLANIT HOLDINGS PLC NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 31 OCTOBER 2003 (A) Reconciliation of operating profit to net cash inflow from operating activities: Unaudited Unaudited Audited Half year ended Half year ended Year ended 31 October 03 31 October 02 30 April 03 Continuing operations #'000 #'000 #'000 Operating profit/(loss) 961 792 (432) Goodwill amortisation 664 514 1,041 Depreciation 332 252 555 Decrease/(increase) in stocks 2 33 165 Decrease/(increase) in debtors 103 456 2,026 Decrease in creditors (804) (604) (500) (Profit)/loss on fixed asset disposal (3) (2) 60 Net cash inflow from operating activities 1,255 1,441 2,915 (B) Reconciliation of net (debt)/funds (Decrease)/increase in cash (1,088) (523) 1,058 Decrease/(increase) in debt and finance 686 5,527 (2,207) leases (Decrease)/increase in liquid resources - (5,000) (5,000) Change in net funds/(debt) resulting from (402) 4 (6,149) cash flow Non-cash debt movements 324 268 282 Loan notes - - 4,844 Increase/(decrease) in net funds/(debt) in (78) 272 (1,023) the period Net (debt)/funds at start of period (6,657) (5,634) (5,634) Net (debt) at close of period (6,735) (5,634) (6,657) (C) Analysis of net (debt)/funds movement Position Cash Non-cash Position 30 April 03 flow items 31 October 03 #'000 #'000 #'000 #'000 Cash at bank 1,735 (305) - 1,430 Overdraft (1,446) (783) - (2,229) 289 (1,088) - (799) Debt due within 1 year Bank loans (1,377) 647 (564) (1,294) HP and lease liability (96) 39 (31) (88) Loan notes - - - - Debt due over 1 year Loan notes (2,400) - - (2,400) Bank loans (5,506) - 977 (4,529) HP and lease liability (67) - (58) (125) Bank deposits included in cash 2,500 - - 2,500 (6,657) (402) 324 (6,735) This information is provided by RNS The company news service from the London Stock Exchange END IR ILFERFELVIIV
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