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| Name | Symbol | Market | Type |
|---|---|---|---|
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.24 | 0.15% | 163.06 | 158.00 | 165.00 | 163.04 | 162.54 | 162.54 | 98 | 17:00:00 |
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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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