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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sipef | EU:SIP | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.40 | -2.62% | 52.00 | 52.00 | 52.20 | 53.20 | 52.00 | 53.00 | 859 | 14:57:20 |
FOR IMMEDIATE RELEASE 1 April 2003 Scipher plc ("Scipher" or the "Company") Trading update for the full year to 31 March 2003 Revenue for the full year is expected to be flat compared to last year, which is below market expectations. Whilst order books continued to strengthen during the second half, sales from several high-value contracts that were expected have slipped into the next financial year. In previous years over 25% of annual sales came in during the last month of the financial year and this has not happened in the current year. The Company has however received significant orders late in the month, though the related revenues will now occur in the following year. The effect of lower turnover in the year combined with a lower gross margin compared to last year will result in a loss for the year that is greater than market expectations. The impact of the shortfall in sales on cash has been reduced by the ongoing actions taken to reduce costs throughout the year and in particular during the second half. Whilst the ongoing borrowing requirement for the Company will be higher than previously anticipated, the Company has continued to operate within its current bank facilities. At the same time, the Board is exploring a number of options to increase its cash headroom. While the results for the financial year just ended will be disappointing, the Board is able to report important developments in the majority of the key areas of the business as follows: * Patent Licensing - the acquisition of yet2.com in December 2002 extended Scipher's expertise in all phases of IP management and licensing and provided the opportunity to expand its services in the US, Japan and Europe. A number of high-value new licensing contracts have slipped and are now expected to occur in the next year. Market opportunities remain excellent for this business. * Secure Identification - growth in sales of its fingerprint readers and from systems contracts for the NHS and other applications continued. This business has seen a potential new contract slip into the next financial year. * Communications - efforts taken to reduce costs and consolidate the communications activities have brought this business into profit. Whist turnover growth was reduced compared with the previous year, increasing sales from wireless products offset a reduction in optical sales. * 3D Sound continues to be the de facto 3D audio standard in PCs and has strengthened its position in the games market. Delays from two licensing contracts have resulted in lower sales for the year. These contracts are expected in the first half of the next financial year. * Displays - sales in Displays are up by 40% from last year, driven by the uptake in new microdisplay-based applications. * Sensors showed substantial growth in revenue, albeit from a low base, through the first commercial sales of its CO sensor and detector products. Looking ahead to the next financial year, the Directors expect difficult market conditions to continue for some time along with lengthened sales cycles. Nevertheless they see good prospects for renewed growth with particular benefit being derived from the Patent Licensing and Secure Identification operations. Enquiries: Scipher plc: Dr Ken Gray, Chairman Tel: 020 8848 6555 Chris Mutter, Finance Director Tel: 020 8848 6555 Michael Kendon Tel: 020 8848 6444 Financial Dynamics: James Melville-Ross Tel: 020 7831 3113 Juliet Clarke Tel: 020 7831 3113 END
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