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Name | Symbol | Market | Type |
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Lyxor Asset Management Luxembourg SA | EU:MTI | Euronext | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.24 | 0.15% | 163.06 | 158.00 | 165.00 | 163.04 | 162.54 | 162.54 | 98 | 17:00:00 |
RNS Number:3742P MTL Instruments Group PLC 04 September 2003 4 September 2003 MTL Instruments Group plc INTERIM RESULTS For the six months ended 30 June 2003 MTL Instruments Group plc is recognised as a world leader in the development and supply of Hazardous Area Business, Process Control and Surge Protection products aimed at the process control and telecommunications industries. Many of the world's safety-critical processes are monitored, controlled or protected by MTL products and the Group is distinguished by its global network of sales and support centres and by its acknowledged position as a thought leader in this high technology marketplace. MTL has recently developed solutions which enable process control systems to be devolved from the control room onto the process plant itself giving benefits of improved control integrity and cost savings. This has involved the combination of the Group's three core technologies - Intrinsic Safety, Surge Protection and Open Control Platforms. Highlights * Sales grew in local currency terms by 1.0% * Operating profit (before goodwill amortisation, exceptional items and tax) increased by 29% to #1.8m (2002: #1.4m) * Stock levels down to #9.1m (31 Dec 2002: #10.5m) * Net debt down to #3.8m (31 Dec 2002: #5.1m) * Earnings per share (before goodwill amortisation and exceptional items) of 6.3p (2002: 5.2p) * Interim dividend per share is maintained at 2.5p Outlook Malcolm Coster, Chairman of MTL Instruments Group plc today said: "In what continues to be challenging economic conditions, MTL has made sound progress in most geographies outside of the US. Notwithstanding conditions in the US, the Board expects the Group as a whole to report further progress in the second half of the year." For Further Information: Graeme Philp 01582 407250 Chief Executive, MTL Instruments Group plc Terry Garrett/ Christian San Jose 020 7067 0700 Weber Shandwick Square Mile Please see the company website: www.mtl-inst.com CHAIRMAN'S INTERIM STATEMENT Introduction MTL has delivered another solid performance in the first half of 2003 in economic conditions that continue to be challenging. Sales grew in local currency terms by 1% but reported sales were lower at #29.9m (2002: #30.9m) because of the weakness of the US dollar and Far Eastern currencies. Operating profit before goodwill amortisation of #0.5m (2002: #0.5m) and exceptional items of #0m (2002: #0.8m), but after finance charges of #0.1m (2002: #0.1m), increased by 28.6% to #1.8m (2002: #1.4m). Profit before tax was #1,250k (2002: #51k). Basic earnings per share were 4.2p (2002: 0.2p). Excluding goodwill amortisation and exceptional items, adjusted earnings per share were 6.3p (2002: 5.2p). Overview In the European region, the stronger Euro helped sales grow by 13.0% over the first half of 2002. There was a pleasing return to real growth in the UK and Germany and a continuation of the penetration into the Italian market. The economic conditions in the Americas sales region have continued to be tough and this has not been helped by the weakness of the US dollar. However the region achieved real underlying growth in the Hazardous Area business driven by growth in the adoption of Fieldbus technologies. Asia Pacific grew strongly apart from Singapore and China where business was severely restricted by the SARS outbreak, but activity levels in these countries are already recovering and are expected to improve even more strongly through the second half. Sales trends in the first half of 2003 have broadly followed order trends and our orders on-hand at the end of June were just over #3m. Operating expenses, excluding goodwill amortisation of #0.5m (2002: #0.5m) and exceptional items of #0m (2002: #0.8m), were #11.5m (2002: #12.9m), helped by weaker currencies and improvements in operational efficiency. Stock levels were significantly reduced to #9.1m (H1 2002: #11.8m) and this has helped cash generation in the first half of 2003. Net debt was reduced by #1.4m in the six months down to #3.8m (H1 2002: #8.6m). Hazardous Area Business Our traditional Hazardous Area business has grown well in the first half driven by the excellent positioning of our new Fieldbus products which have dominated this newly developing market. Sales of traditional intrinsic safety products have also held up well as the level of project activity has returned to something like normal levels following several years of delays and deferrals. All indications are that this level of activity will continue through the second half of the year and well into 2004. As we mentioned in last year's Annual Report, Fieldbus is rapidly being adopted as the preferred method of communication between sensors and actuators and the plant control system. MTL has placed itself in a leadership position in this newly developing market and has won several significant Fieldbus projects during this period. Two of these projects have a combined value of over #2m, and take the form of framework agreements, under which several phased orders are expected to be placed during the rest of this year and early 2004, with the majority of the revenue being recognised in 2004. We have also seen good growth in our intrinsically safe 8000 series I/O products as sales are pulled through by the sale of MOST control platforms. MOST (MTL Open Systems Technologies) We have been very pleased to see the level of interest from customers of all types in our MOST product range during the first half. Our order prospect "funnel" has grown rapidly and we anticipate that it will continue to grow in the USA and around the world throughout the rest of this year. Pleasingly, although the US remains the market where we are most advanced in developing our sales team, we have also seen a good level of success in the other targeted territories, particularly in Italy and China. However, the weakness of the US economy in the first half has meant that sales have been slower than anticipated as projects take longer to come to fruition. In particular, MOST has been impacted by difficult selling conditions for its Wonderware software reselling business in the US. This has offset the benefit of sales of the newer control and I/O products. Overall, MOST sales were broadly in line with the second half of last year, but with the improved project activity so far in 2003 we expect both orders and sales to increase strongly in the second half of the year. Activity in the second half will concentrate on continuing to develop our international OEM partners and adding to our list of accredited Systems Integration partners in key countries. We are also beginning to see the emergence of key vertical markets where we are building up application expertise and specialist software. Surge Technologies Our Surge Technologies business remained profitable despite a lack of capital investment by our customers in the US Wireless and Data Network markets. This has materially impacted these two areas of our business, which have been the main vehicles of growth over the last three years. We are actively internationalising the Wireless business into parts of Asia and Eastern Europe to reduce our exposure to the US wireless market. This, coupled with the development of new applications in the US should help to offset the impact of the general US economy in the second half and beyond. Gas Analysis Our Gas Analysis business has performed largely in line with expectations, despite the adverse effect from SARs in China, one if its best export territories. In the US, where we have recently appointed a dedicated sales manager, the market is developing well with orders received for flame treatment and combustion control applications amongst others. Dividend The Board has declared an interim dividend of 2.5p per share, in line with previous years. This dividend will be paid on 3rd October to shareholders registered on 12th September 2003. Summary and Outlook In what continues to be challenging economic conditions, MTL has made sound progress in most geographies outside of the US. Our Hazardous Area business has shown a promising return to growth this year helped by the rapid acceptance in the market of our new Fieldbus products. Project visibility and pre-negotiated framework agreements with customers give us confidence that this business will continue to be strong through the second half and beyond. The weakness in the US economy and the associated sluggishness in capital investment has held back our US centred businesses. After strong growth over the last three years, our Surge Technologies business has seen investment in its US dominated Wireless and Data Network protection business quite substantially reduced, and our MOST business, whilst seeing a pleasing level of interest in its new control and I/O system, has found it difficult to make progress with its Wonderware reselling business. We see both of these as being macro economy related rather than indications of any inherent weaknesses in either business model and we would expect both to recover with the US economy. Our continuing work on internationalising the Surge business should also help by reducing our exposure to the domestic US economy. Notwithstanding conditions in the US, the Board expects the Group as a whole to report further progress in the second half of the year. Malcolm Coster Chairman 4 September 2003 Group profit and loss account Unaudited Audited half year ended year ended 30 June 31 December Non- Non- Exceptional Exceptional Total Exceptional Exceptional Total 2003 2002 2002 2002 2002 2002 2002 #000 #000 #000 #000 #000 #000 #000 ----------------------------------------------------------------------------------------------------------------------- Turnover 29,888 30,862 - 30,862 60,129 - 60,129 Cost of sales (16,497) (16,458) (168) (16,626) (31,662) (259) (31,921) ----------------------------------------------------------------------------------------------------------------------- Gross profit 13,391 14,404 (168) 14,236 28,467 (259) 28,208 Operating costs (note 3) (12,029) (13,441) (611) (14,052) (25,543) (707) (26,250) ----------------------------------------------------------------------------------------------------------------------- Operating profit before goodwill amortisation 1,910 1,512 (779) 733 4,019 (966) 3,053 Goodwill amortisation (548) (549) - (549) (1,095) - (1,095) ----------------------------------------------------------------------------------------------------------------------- Operating profit 1,362 963 (779) 184 2,924 (966) 1,958 Finance charges (net) (112) (133) (300) ----------------------------------------------------------------------------------------------------------------------- Profit on ordinary activities before taxation 1,250 51 1,658 Tax on profit on ordinary activities (462) (20) (615) ----------------------------------------------------------------------------------------------------------------------- Profit for the period 788 31 1,043 Dividends paid and proposed (471) (471) (1,130) ----------------------------------------------------------------------------------------------------------------------- Retained profit/ (loss) 317 (440) (87) ----------------------------------------------------------------------------------------------------------------------- Earnings per share (note 4) Basic 4.2p 0.2p 5.5p Diluted 4.2p 0.2p 5.5p Before exceptional items & goodwill amortisation 6.3p 5.2p 13.3p ----------------------------------------------------------------------------------------------------------------------- Dividend per 2.5p 2.5p 6.0p share (note 5) ----------------------------------------------------------------------------------------------------------------------- All amounts relate to continuing activities Notes 1 Results for the year ended 31 December 2002 have been extracted from the full report and accounts for that year which have been filed with the Registrar of Companies. The report of the auditors on these accounts was unqualified. The interim report is prepared on the basis of the accounting policies set out in these financial statements. 2 The exceptional item in 2002 relates to a reorganisation in the Group businesses which resulted in staff reductions in the UK, US, Europe and Asia. 3 Operating costs Non- Non- Exceptional Exceptional Total Exceptional Exceptional Total 2003 2002 2002 2002 2002 2002 2002 #000 #000 #000 #000 #000 #000 #000 -------------------------------------------------------------------------------------------------------- Selling and marketing costs 6,948 7,054 225 7,279 13,815 275 14,090 Administration expenses (including goodwill) 3,145 3,259 59 3,318 6,396 77 6,473 Design and development costs 1,936 3,128 327 3,455 5,332 355 5,687 -------------------------------------------------------------------------------------------------------- 12,029 13,441 611 14,052 25,543 707 26,250 -------------------------------------------------------------------------------------------------------- 4 The calculation of earnings per share is based on the following earnings: Half Year Half Year 2003 2002 #000 #000 ---------------------------------------------------------------------------- Basic earnings 788 31 Exceptional items net of tax effect - 562 Goodwill amortisation net of tax deduction 395 378 ---------------------------------------------------------------------------- Earnings before exceptional items and goodwill amortisation 1,183 971 ---------------------------------------------------------------------------- The calculation of the basic earnings per share for the half year ended 30 June 2003 is based on the weighted average of 18,840,998 (2002: 18,833,267) shares in issue during the period. The calculation of the diluted earnings per share is based on the same weighted average number of ordinary shares increased by the relevant number of outstanding options to give a total diluted share base for 2003 of 18,840,998 (2002: 18,867,102). 5 The interim dividend will be paid on 3 October 2003 to shareholders registered on 12 September 2003. 6 This report is being sent to all shareholders. Copies may be obtained from the company's registered office at Power Court, Luton, Bedfordshire, LU1 3JJ. Group balance sheet Unaudited Audited as at as at 30 June 31 December 2003 2002 2002 #000 #000 #000 -------------------------------------------------------------------------------- Fixed assets Goodwill 13,728 14,824 14,276 Tangible assets 7,466 8,412 7,903 -------------------------------------------------------------------------------- 21,194 23,236 22,179 -------------------------------------------------------------------------------- Current assets Stocks 9,104 11,844 10,511 Debtors 15,433 15,519 14,746 Cash at bank and in hand 3,350 - 2,690 -------------------------------------------------------------------------------- 27,887 27,363 27,947 Creditors: amounts falling due within one year (9,519) (10,135) (10,316) -------------------------------------------------------------------------------- Net current assets 18,368 17,228 17,631 -------------------------------------------------------------------------------- Total assets less current liabilities 39,562 40,464 39,810 Creditors: amounts falling due after one year (6,552) (7,659) (7,026) Provisions for liabilites and charges (2,487) (3,075) (2,756) -------------------------------------------------------------------------------- Net assets 30,523 29,730 30,028 -------------------------------------------------------------------------------- Capital and reserves Called-up share capital 1,884 1,883 1,884 Reserves 28,639 27,847 28,144 -------------------------------------------------------------------------------- Equity shareholders' funds 30,523 29,730 30,028 -------------------------------------------------------------------------------- Group cash flow statement Unaudited Audited half year ended year ended 30 June 31 December 2003 2002 2002 #000 #000 #000 -------------------------------------------------------------------------------- Net cash inflow/(outflow) from operating activities 2,718 (163) 4,529 Returns on investments and servicing of finance (117) (138) (310) Taxation (295) (217) (852) Capital expenditure and financial investment (173) (248) (483) Acquisitions (188) - (65) Equity dividends paid (659) (659) (1,130) -------------------------------------------------------------------------------- Cash inflow/(outflow) before use of liquid resources and financing 1,286 (1,425) 1,689 Financing (478) (371) (539) -------------------------------------------------------------------------------- Increase/(decrease) in cash in period 808 (1,796) 1,150 -------------------------------------------------------------------------------- Reconciliation of operating profit to net operating cash flows Unaudited Audited half year ended year ended 30 June 31 December 2003 2002 2002 #000 #000 #000 -------------------------------------------------------------------------------- Operating profit 1,362 184 1,958 Depreciation and amortisation 1,234 1,324 2,453 Profit on sale of fixed assets (11) (38) (17) Decrease/(increase) in working capital and provisions 133 (1,633) 135 -------------------------------------------------------------------------------- Net cash inflow/(outflow) from operating activities 2,718 (163) 4,529 -------------------------------------------------------------------------------- Reconciliation of net cash flow to movement in net debt Unaudited Audited half year ended year ended 30 June 31 December 2003 2002 2002 #000 #000 #000 -------------------------------------------------------------------------------- Increase/(decrease) in cash in period 808 (1,796) 1,150 Cash outflow from movement in net debt 467 348 512 Net payments in respect of finance leases 11 23 37 Translation difference 88 274 587 -------------------------------------------------------------------------------- Movement in debt in period 1,374 (1,151) 2,286 Net debt at beginning of period (5,138) (7,424) (7,424) -------------------------------------------------------------------------------- Net debt at end of period (3,764) (8,575) (5,138) -------------------------------------------------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END IR LJMLTMMTMBMJ
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