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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Maclaren Minerals Ltd | CSE:MRN | CSE | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.035 | 58.33% | 0.095 | 0.08 | 0.10 | 0.10 | 0.095 | 0.095 | 80,000 | 20:58:30 |
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For further information please contact:
Merant Merant Financial Dynamics
Gerald Perkel Scott Hildebrandt Giles Sanderson
Chief Executive Officer Chief Financial Officer Harriet Keen
+1 (503) 617 2735 +1 (503) 617 2401 +44 (0) 20 7831 3113
Gerry.Perkel@merant.com Scott.Hildebrandt@merant.com
Merant Announces Fourth Quarter and Fiscal 2003 Financial Results
Quarterly Revenues Grow 9%; Quarterly Operating Margin 6.9% of Sales
St. ALBANS, UK and HILLSBORO, OREGON, US - 29 May 2003 - Merant (London Stock
Exchange (LSE): MRN; Nasdaq National Market (NNM): MRNT), a leading provider of
software and services for managing code, content and other business-critical
assets, announces results for the fourth quarter and fiscal year ended 30
April, 2003. Financial figures and comparisons presented below are on the basis
of continuing operations.
Key Fourth Quarter and Fiscal 2003 Results - Highlights:
* Fourth quarter total revenue growth of 9 percent sequentially and increased
9 percent compared to the fourth quarter of fiscal 2002
* Fourth quarter operating profits (EBITA) grew to $2.3 million (6.9 percent
operating margin)
* Positive cash flow from operations in the fourth quarter of $4.1 million
(excluding the cash impacts of restructuring)
* Fourth quarter licence fees grew 10 percent sequentially and 3 percent year
on year with 14 transactions valued at over $100,000
* Strong revenue visibility. Fourth quarter maintenance fee revenue accounted
for 49 percent of total revenue for the quarter
* Sequential increase in R&D and Sales and Marketing costs in line with
previously announced strategic growth initiatives and new product
introductions
* Key transactions in the fourth quarter included a large account win of over
$1 million consisting of the company's new enterprise-wide SCM product
offering
* Cash of $72.8 million, with no debt at the end of the fourth quarter
US $ (m) Q4 Q3 Q4 FY FY
2003 2003 2002 2003 2002
Revenue (US GAAP) 33.0 30.3 30.4 122.1 124.7
EBITA (loss) 2.3 1.4 (4.9) 4.2 (18.0)
(Earnings (loss) before
interest, taxes, amortisation
and exceptional charges)
PBT (Profit (loss) before taxes 2.5 1.6 (4.4) 5.5 (15.7)
including interest income)*
EPS (Earnings (loss) per share) 0.03 0.02 (0.04) 0.05 (0.13)
*
Goodwill amortisation, taxes and (1.7) (1.3) (28.0) (24.3) (73.3)
other exceptional charges
Net Income (Loss) (UK GAAP) 0.8 0.3 (32.4) (18.8) (89.0)
* Before exceptional restructuring charges, taxes and goodwill amortisation
Gerry Perkel, President and CEO of Merant commented:
"We were pleased to see our operating profit performance continue to improve in
the fourth quarter, in spite of the difficult market conditions that continue
around the world," said Gerry Perkel, President and CEO. "We were especially
pleased to see our fourth quarter revenues grow, sequentially and year on year,
based on the strength of some large transactions in the quarter. One of these
orders represented the delivery of the initial version of our new
enterprise-wide software configuration management product, set to be launched
next week.
"The exciting new capabilities of this solution, along with our
enterprise-grade web content management product, are two of our key growth
initiatives looking forward," Perkel noted. "We plan to leverage these
initiatives to drive improved profitability to enable the achievement of our
previously stated strategic goal of creating sustainable 15 percent operating
margins."
Fourth Quarter and Fiscal 2003 Results:
Operating earnings before interest and taxes (excluding charges for goodwill
amortisation and restructuring) in the fourth quarter increased to $2.3 million
compared to the $1.4 million reported in the third quarter, and the $4.9
million operating loss reported in the previous year's fourth quarter. Revenue
for the fourth quarter increased 9% sequentially to $33.0 million from the
$30.3 million reported for the third quarter and increased 9% compared to the
$30.4 million reported in the fourth quarter of the previous year.
Operating earnings before interest and taxes (excluding charges for goodwill
amortisation and restructuring) in fiscal 2003 increased to $4.2 million
compared to the $18.0 million loss reported in fiscal 2002. Revenue for fiscal
2003 decreased slightly to $122.1 million from the $124.7 million reported in
fiscal 2002.
Licence fee revenue accounted for approximately 38 percent of total revenue for
the fourth quarter and increased 10 percent compared to the third quarter. The
company recorded 14 licence fee transactions during the quarter valued at over
$100,000 leaving 60 percent of total licence fees made up of deals valued at
less than $100,000. Software Configuration Management (SCM) products
represented 97 percent of total licence fee revenue in the fourth quarter, of
which 49 percent was Dimensions (the industry's highest rated SCM suite) and 51
percent was PVCS Professional (the industry's most popular paid for SCM
solution).
Fourth quarter average licence fee transaction size (excluding maintenance and
consulting deal value) was $111,000 for Dimensions products. A key driver of
the company's success with its Dimensions product in the quarter was associated
with one significant strategic deal. The company has been working with a large
insurance provider to develop new capabilities in its Dimensions SCM product to
help enable a solution to address enterprise-wide needs. The delivery of these
new capabilities culminated in the recognition of over one million dollars in
revenue in the quarter and serves as a basis for significantly more revenue
over the next few years with this customer. As a follow-on to this work,
Merant will launch next week a significantly enhanced solution for the
mainframe, extending the benefits of Dimensions across all platforms including
the IBM mainframe environment, through a single repository, something no other
company currently offers.
Maintenance fee revenue accounted for 49 percent of total revenue for the
quarter. The remaining 13 percent of fourth quarter revenue consisted of
consulting and training fees. North American sales for the fourth quarter
represented 65 percent of total revenue. European sales represented 30 percent
of total revenue with Asia-Pacific sales accounting for 5 percent.
Gross margins of 79.5 percent during the fourth quarter of fiscal 2003, were
flat compared to the third quarter. Total costs associated with continuing
operations, excluding goodwill amortisation and restructuring charges, were
$30.7 million, increasing from the previous quarter due to additional funding
on growth initiatives. The company ended the fourth quarter of fiscal 2003 with
590 employees.
The company's fiscal 2003 ending balance sheet continued to be very strong.
Related key fourth quarter and ending balance sheet metrics include:
* $72.8 million in cash and marketable securities
* No debt
* Positive operating cash flow (excluding restructuring) of $4.1 million
* Depreciation expense of $0.6 million
* Capital expenditures of $0.5 million
* Accounts receivable days sales outstanding improved to 70 days in the
fourth quarter compared to 97 days in the fourth quarter of fiscal 2002,
driven by strong collections
* Deferred revenue grew sequentially to $41.5 million from the $39.9 million
reported in the third quarter, due primarily to continued robust seasonally
strong maintenance renewals
During the fourth quarter the company recorded a fundamental restructuring
charge of $1.8 million intended to shift the nature and focus of the company by
rebalancing its overall skills and resources toward its new growth initiatives.
The majority of the charge represents employee severance. In addition,
agreements were reached in the fourth quarter with respect to post-closing
matters relating to transactions associated with previous year discontinued
businesses. The finalization of these transactions resulted in a $0.9 million
gain in the fourth quarter. These previous year transactions have now been
fully closed. Goodwill amortisation in the fourth quarter of fiscal 2003 was
$1.3 million, which is currently estimated to continue in each quarter of 2004.
The company recorded a $0.5 million tax credit relating to the net favorable
release of previous accrued tax provisions in the fourth quarter, and expects
that its effective tax rate will be near zero throughout fiscal 2004.
Business Outlook and Strategic Direction
The company maintains a cautious outlook regarding revenue and earnings
performance as global recessionary pressures continue to limit information
technology and software development spending. In addition, the company's first
quarter is historically lower in terms of revenue.
Over the longer term, the company continues to be committed to supporting its
already strong market share in the client server SCM space, and will continue
its efforts to deliver the best customer solutions with its Professional and
Dimensions SCM products. In addition, growth initiatives aimed at driving
incremental revenue beyond the company's current core client server
(distributed) SCM market are focused in the following areas:
1. Enterprise-wide Software Configuration Management: The Company plans to
grow market share in the overall SCM market through enhancements to its
current Dimensions product, as well as through the extension of Dimensions
into the mainframe environment.
2. Web Content Management: The Company plans to continue to enhance its Merant
Collage product offering, a business content management solution that
delivers enterprise-class capability and seamless integration with SCM
solutions for a fraction of the price of competitive offerings.
3. Configuration Management: The Company plans to move beyond software
development into new markets requiring robust, high-end configuration
management tools. By enriching its strong Dimensions product feature set,
the Company is increasing its investment in several new market segment
opportunities, including regulated industries such as life sciences where
it can provide solutions to help reduce compliance risks and software
validation costs, as well as improve quality, repeatability and
accountability.
Over the longer term, once the economic conditions begin to improve and key
additional product revenues emerge from its increased growth investments, the
company's goal continues to be the generation of sustainable 15 percent
operating margins on sales.
Conference Call
A conference call has been scheduled for today at 4:00 p.m. GMT (11:00 a.m. US
EST) for investors, analysts and press. For those wishing to participate in the
call, the telephone numbers are UK: +44 (0)1452 569 393; US: 1 866 434 1089.
The replay of the conference call will be available for two weeks after the
conference call. Replay numbers are UK: +44 (0) 1452 55 00 00; US: 1 866 276
1167, passcode 167527#.
About Merant
Merant's software and services give companies the most flexible control of
code, content and workflow, enabling them to better view, track, protect and
re-use these business-critical assets. More than 90 of the Fortune 100 rely on
Merant's cost-effective solutions to automate business processes, significantly
boosting productivity, visibility and overall ROI. For more information, please
visit www.merant.com.
Forward-Looking Statements
The following statement is made in accordance with the U.S. Private Securities
Litigation Reform Act of 1995: This release contains forward-looking statements
that include statements regarding expectations for future financial results and
results of operations, business strategy, and prospects, including the growth
and/or performance of our software configuration management and other
businesses and related revenues. When used in this release, the words
`anticipate,' `plan', `believe', `estimate', `intend', `expect', `goal,'
`realize', `likely', `unlikely', and other similar expressions, as they relate
to Merant or its management, are intended to identify these forward-looking
statements. These forward-looking statements involve a number of risks and
uncertainties. Actual results could differ materially from those anticipated by
these forward-looking statements. Future results will be difficult to predict
as Merant continues to transform its business strategy to focus on its software
configuration management and web content management products and services.
Merant's ability to recruit and retain key personnel, especially in the sales
and business units and at the management level, could materially alter
financial results and plans for the sales and business units. Other factors
that could cause actual results to differ materially include, among others, the
extent to which the current weakness and uncertainty in the economic climate
generally and in IT spending in particular continues, the ability of Merant to
effectively manage its costs against uncertain revenue expectations, the
potential for a decrease in revenue or a slowdown in revenue growth which may
be caused by delays in the timing of sales and the delivery of products or
services, the ability of Merant to develop, release, market and sell products
and services to customers in the highly dynamic market for the company's
products, the potential need for software configuration management and web
content management products to shift based on changes in technology and
customer needs, the effect of competitors' efforts to enter Merant's markets
and the possible success of new and existing competitors in those markets, and
Merant's ability to manage and integrate acquired businesses or other
businesses that it may acquire in the future.
Further information on potential factors which could affect Merant's financial
results and operations are found in filings or submissions on Form 6-K as
periodically submitted to the SEC, and in Merant's Annual report on Form 20-F
for the year ended April 30, 2002. Merant undertakes no obligation to release
publicly any updates or revisions to any forward-looking statements contained
in this release that may reflect events or circumstances occurring after the
date of this release.
Financial Statement Information
The financial information contained in this report does not represent the
Company's full statutory accounts. The financial information relating to fiscal
2003 and the quarterly periods within fiscal 2003 and fiscal 2002 are unaudited
and no accounts have been delivered to the U.K. Registrar of Companies.
Statutory accounts dealing with fiscal 2002 have been delivered to the U.K.
Registrar of Companies and the Company's auditors made a report under section
235 on these accounts which was unqualified and did not contain a statement
under section 237(2) or section 237(3) of the Companies Act 1985.
U.S. Securities Filings
Copies of Merant's Annual Report to Shareholders and Annual Report on Form 20-F
for the year ended April 30, 2002, as well as its periodic reports on Form 6-K,
are available upon request to Merant's offices in Hillsboro, OR or St. Albans,
United Kingdom and are also available on the SEC website located at http://
www.sec.gov.
Management trading statement using UK GAAP results in USD
(unaudited)
Three Three Year to Year to
months to months to 30 April 30 April
30 April 30 April 2003 2002
2003 2002 $000 $000
$000 $000
Revenue: continuing business
Licence fees 12,646 12,279 46,062 47,648
Maintenance subscriptions 16,009 13,975 60,406 57,095
Training and consulting 4,356 4,122 15,591 19,918
Total revenue 33,011 30,376 122,059 124,661
Cost of revenue: continuing business
Cost of licence fees 959 524 2,902 2,042
Cost of maintenance subscriptions 2,028 2,190 8,027 8,392
Cost of training and consulting 3,768 4,882 14,233 19,844
Total cost of revenue 6,755 7,596 25,162 30,278
Gross profit 26,256 22,780 96,897 94,383
Operating expenses
Research and development 7,409 6,446 27,661 25,562
Sales and marketing 12,959 16,492 49,933 67,221
General and administrative 3,602 4,728 15,086 19,595
Total operating expenses, excluding 23,970 27,666 92,680 112,378
amortisation
Operating profit/(loss) before 2,286 (4,886) 4,217 (17,995)
interest
Interest income, net 252 443 1,255 2,315
Operating profit/(loss) before 2,538 (4,443) 5,472 (15,680)
amortisation
Amortisation of goodwill (1,343) (10,520) (20,327) (42,181)
Profit/(loss) before taxes and 1,195 (14,963) (14,855) (57,862)
exceptional items
Exceptional items:
Continuing operations:
Fundamental restructuring (1,802) (9,184) (5,405) (19,098)
(Loss) on the disposal of fixed - - - (2,524)
assets
Discontinued operations:
Gain (Loss) on sale of discontinued 939 (6,373) 939 (4,581)
operations
Profit/(loss) on ordinary 332 (30,520) (19,321) (84,065)
activities, before taxation
Taxation 472 - 472 -
Profit/(loss) for the period from 804 (30,520) (18,849) (84,065)
continuing operations after taxation
(Loss) from discontinued operations - (1,925) - (4,937)
Profit/(loss) for the period after 804 (32,445) (18,849) (89,002)
taxation
Profit/(loss) per share before
taxes, amortisation and exceptional
items
Profit/(loss) per ordinary share: $0.03 $(0.04) $0.05 $(0.13)
basic & diluted
Profit/(loss) per ADR equivalent: $0.13 $(0.19) $0.27 $(0.63)
basic & diluted
Net profit/(loss) per share for the
period
Profit/(loss) per ordinary share: $0.01 $(0.28) $(0.19) $(0.71)
basic & diluted
Profit/(loss) per ADR equivalent: $0.04 $(1.39) $(0.93) $(3.56)
basic & diluted
Ordinary shares: basic & diluted 98,813 116,682 100,954 125,092
ADR equivalents: basic & diluted 19,763 23,336 20,191 25,018
The management trading statement was translated at monthly average rates
Consolidated profit and loss account - UK GAAP results in USD
(unaudited)
Three Three Year to Year to
months to months to 30 April 30 April
30 April 30 April 2003 2002
2003 2002 $000 $000
$000 $000
Revenue: continuing business
Licence fees 12,646 12,279 46,062 47,648
Maintenance subscriptions 16,009 13,975 60,406 57,095
Training and consulting 4,356 4,122 15,591 19,918
33,011 30,376 122,059 124,661
Revenue: discontinued business - - - 44,589
Total revenue 33,011 30,376 122,059 169,250
Cost of revenue: continuing business
Cost of licence fees 959 524 2,902 2,042
Cost of maintenance subscriptions 2,028 2,190 8,027 8,392
Cost of training and consulting 3,768 4,882 14,233 19,844
6,755 7,596 25,162 30,278
Cost of revenue: discontinued business - - - 7,212
Total cost of revenue 6,755 7,596 25,162 37,490
Gross profit 26,256 22,780 96,897 131,760
Operating expenses
Research and development 7,409 6,446 27,661 34,554
Sales and marketing 12,959 16,492 49,933 85,075
General and administrative 3,602 6,653 15,086 26,575
Amortisation of goodwill 1,343 10,520 20,327 50,670
Total operating expenses 25,313 40,111 113,007 196,874
Operating profit/(loss):
Continuing business 943 (15,406) (16,110) (60,176)
Discontinued business - (1,925) - (4,938)
Total operating profit/(loss) 943 (17,331) (16,110) (65,114)
Exceptional items:
Continuing operations:
Fundamental restructuring (1,802) (9,184) (5,405) (19,098)
(Loss) on the disposal of fixed assets - - - (2,524)
Discontinued operations:
Gain (Loss) on sale of discontinued 939 (6,373) 939 (4,581)
operations
Profit/(loss) on ordinary activities, 80 (32,888) (20,576) (91,317)
before interest income
Interest income, net 252 443 1,255 2,315
Profit/(loss) on ordinary activities, 332 (32,445) (19,321) (89,002)
before taxation
Taxation 472 - 472 -
Profit/(loss) for the period 804 (32,445) (18,849) (89,002)
Profit/(loss) per share before taxes,
amortisation and exceptional items
Profit/(loss) per ordinary share: basic $0.03 $(0.04) $0.05 $(0.13)
& diluted
Profit/(loss) per ADR equivalent: basic $0.13 $(0.19) $0.27 $(0.63)
& diluted
Net profit/(loss) per share for the
period
Profit/(loss) per ordinary share: basic $0.01 $(0.28) $(0.19) $(0.71)
& diluted
Profit/(loss) per ADR equivalent: basic $0.04 $(1.39) $(0.93) $(3.56)
& diluted
Ordinary shares: basic & diluted 98,813 116,682 100,954 125,092
ADR equivalents: basic & diluted 19,763 23,336 20,191 25,018
The profit and loss account was translated at monthly average rates
Consolidated balance sheet - UK GAAP results in USD
(unaudited)
At At
30 April 30 April
2003 2002
$000 $000
Fixed assets
Intangible fixed assets 13,828 31,802
Tangible fixed assets 3,149 9,174
Investment 10,868 8,553
Total fixed assets 27,845 49,529
Current assets
Stock 144 137
Trade debtors 25,374 32,226
Other debtors and prepaid expenses 5,651 4,460
Cash and bank deposits 72,778 104,565
Total current assets 103,947 141,388
Creditors: amounts falling due within one
year
Trade creditors 1,977 3,814
Accrued employee compensation 8,869 7,621
Current corporation tax 9,261 14,499
Accrued expenses, other current liabilities 9,756 18,247
Deferred revenue 41,524 40,754
Total current liabilities 71,387 84,935
Net current assets 32,560 56,453
Total assets less current liabilities 60,405 105,982
Provision for liabilities and charges 7,159 19,421
Net assets 53,246 86,561
Capital and reserves
Called up share capital 3,321 3,358
Share premium account 322,422 293,262
Capital redemption reserve 1,498 1,018
Profit and loss account (273,995) (211,077)
Total shareholders' equity 53,246 86,561
The balance sheet is translated at the closing rate for each period.
Commentary on GB£ Annual Preliminary Report
For the year ended April 2003, operating earnings on continuing business
improved significantly to a loss of £10.7 million before interest, tax and
exceptional items compared to a loss for the year to April 2002 of £42.0
million. Total revenue for continuing business in the year ended April 2003
decreased to £78.6 million from £87.1 million in the previous financial year.
Licence fees accounted for approximately 38% of total revenue and declined by
11% when compared to year ended April 2002. Maintenance subscription services
accounted for 49% of total revenue. The remaining 13% consisted of consulting
and training fees.
Gross margins from continuing operations were 79%, compared to 76% in the year
ended April 2002. Total expenses were £89.3 million down from £129.0 million
(excluding discontinued business, and exceptional items) in the year ended
April 2002. This decline is a direct result of the aggressive restructuring
actions and general spending controls initiated over the past few quarters.
The company's fiscal 2003 ending balance sheet continued to be very strong.
Related key fourth quarter and ending balance sheet metrics include:
* £45.5 million in cash and marketable securities
* No debt
* Deferred revenue grew sequentially to £26.0 million due primarily to
continued robust seasonally strong maintenance renewals during the fourth
quarter
During the year ended April 30th 2003 the company recorded fundamental
restructuring charges of £3.5 million. In the first half of the year the
Company recorded a restructuring charge of £2.4 million related to the
Company's restructuring program that was announced during year ended April
2002. In the second half of the year it incurred an additional charge £1.1
million which is intended to shift the nature and focus of the company by
rebalancing its overall skills and resources toward its new growth initiatives.
The company recorded a £0.3 million tax credit relating to the net favorable
release of previous accrued tax liabilities in the fourth quarter, and remains
confident that its effective tax rate will be near zero throughout fiscal 2004
due primarily to the carry forward of previous years net operating losses.
Consolidated profit and loss account
(unaudited)
Year to Year to
30 April 30 April
2003 2002
(unaudited) (audited)
£000 £000
Revenue: continuing business
Licence fees 29,636 33,387
Maintenance subscriptions 38,902 39,779
Training and consulting 10,054 13,902
78,592 87,068
Revenue: discontinued business - 31,207
Total revenue 78,592 118,275
Cost of revenue: continuing business
Cost of licence fees 1,852 1,429
Cost of maintenance subscriptions 5,179 5,855
Cost of training and consulting 9,172 13,832
16,203 21,116
Cost of revenue: discontinued business - 5,510
Total cost of revenue 16,203 26,626
Gross profit 62,389 91,649
Operating expenses
Research and development 17,792 24,187
Sales and marketing 32,158 58,922
General and administrative 23,132 53,938
Total operating expenses 73,081 137,047
Operating (loss):
Continuing business (10,692) (41,953)
Discontinued business - (3,445)
Total operating (loss) (10,692) (45,398)
Exceptional items:
Fundamental restructuring (3,515) (13,342)
(Loss) on the disposal of fixed assets - (1,761)
Gain (Loss) on termination of business 594 (3,139)
(Loss) on ordinary activities, before interest (13,613) (63,640)
income
Interest income, net 815 1,614
(Loss) on ordinary activities, before taxation (12,798) (62,026)
Taxation 300 -
(Loss) for the period (12,498) (62,026)
(Loss) per ordinary share: basic (12.4)p (49.6)p
(Loss) per ordinary share: diluted (12.4)p (49.6)p
Consolidated balance sheet
(unaudited)
At At
30 April 30 April
2003 2002
(unaudited) (audited)
£000 £000
Fixed assets
Intangible fixed assets 8,652 21,782
Tangible fixed assets 1,970 6,284
Investment 6,800 5,858
Total fixed assets 17,422 33,924
Current assets
Stock 90 94
Trade debtors 15,878 22,115
Other debtors and prepaid expenses 3,536 3,061
Cash and bank deposits 45,538 71,620
Total current assets 65,040 96,890
Creditors: amounts falling due within one year
Trade creditors 1,237 2,612
Accrued employee compensation 5,549 1,533
Current corporation tax 5,795 9,950
Accrued expenses, other current liabilities 6,104 16,209
Deferred revenue 25,983 27,967
Total current liabilities 44,667 58,271
Net current assets 20,373 38,619
Total assets less current liabilities 37,795 72,543
Provision for liabilities and charges 4,479 13,328
Net assets 33,316 59,215
Capital and reserves
Called up share capital 2,078 2,300
Share premium account 201,741 200,865
Capital redemption reserve 937 697
Profit and loss account (171,440) (144,647)
Total shareholders' funds 33,316 59,215
Consolidated cash flow statement
(unaudited)
Year to 30 Year to 30
April April
2003 2002
(unaudited) (audited)
£'000 £'000
Operating (loss) (10,692) (45,398)
Depreciation of fixed assets 2,123 7,632
Amortisation of software product assets and other 13,485 35,896
intangibles
Changes in operating assets and liabilities (13,307) (10,267)
Exceptional items (2,921) (8,854)
Loss on the disposal of fixed assets - (1,761)
Net cash (outflow)/inflow from operating (11,312) (22,752)
activities
Returns on investments and servicing of finance 815 1,614
Taxation - (2,026)
Capital expenditure and financial investment (2,187) 10,318
Acquisitions and disposals - 44,984
Cash (outflow)/inflow before financing (12,684) 32,138
Financing - Purchase of Own Shares (10,880) (24,698)
(Decrease)/increase in cash (23,564) 7,440
Reconciliation of net cash flow to movements in
net funds
(Decrease)/increase in cash (23,564) 7,440
Cash inflow from decrease in debt - 1,404
Currency translation difference (2,518) 2,977
Movement in cash during the period (26,082) 11,821
Net funds at beginning of period 71,620 59,799
Net funds at end of period 45,538 71,620
Statement of total recognized gains and losses
(unaudited)
Year to Year to
30 April 30 April
2003 2002
£000 £000
(unaudited) (audited)
Loss for the period (12,498) (62,026)
Currency translation adjustment (2,518) 4,252
Total recognized gains and losses for the (15,016) (57,774)
period
Consolidated reconciliation of movement in shareholders' funds
(unaudited)
Year to Year to
30 April 30 April
2003 2002
£000 £000
(unaudited) (audited)
Loss for the period (12,498) (62,026)
Currency translation adjustment (2,518) 4,252
Goodwill previously written off - 11,732
Share options exercised 890 246
Share buy-back (11,773) (23,455)
Net reduction in shareholders' funds (25,899) (69,251)
Opening shareholders' funds 59,215 128,466
Closing shareholders' funds 33,316 59,215
END
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