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RNS Number:0923Z
Telemetrix PLC
25 July 2002
25 July 2002
Telemetrix PLC
2002 Interim Results
Financial summary
2001 2001 2002
H1 H2 H1
Turnover £49.9m £42.5m £41.9m
Operating Profit * £2.6m (£0.8m) £0.5m
Profit (loss) Before Tax £1.3m (£3.1m) (£0.6m)
Earnings Per Share * 2.1p (0.9p) 1.0p
Operating Cash Flow £6.6m £1.4m £8.1m
* Before goodwill amortisation and severance
• Zetex, the specialist semiconductor manufacturer, achieved first half
sales of £24.9m, up 9% from £22.9m in the second half of 2001 (first half
2001 - £27.9m) and an operating profit of £0.4m compared to an operating
loss in the immediately preceding period of £1.6m (first half 2001 -
operating profit £1.4m). Development spend at Zetex for the most recent
period was £2.1m, 14% down from the £2.5m spend in the second half of last
year (first half 2001 - £2.8m).
• Sales to consumer related markets grew 31% compared to H1 2001 and
accounted for 30% of total Zetex sales. Major contributors to Zetex' sales
were the automotive and satellite broadcast markets, while first time sales
were achieved from Zetex' multi-chip high efficiency Class D switching audio
amplifier solution, for which several design wins have been recorded.
• Trend, the portable manufacturer of portable broadband test equipment and
provider of network support services, reported an overall operating profit
for the first half of 2002 of £1.0m on sales of £17.0m compared to an
operating profit of £1.7m on sales of £19.5m in the second half of 2001
(first half 2001 - operating profit of £2.1m on sales of £22.0m).
• In the USA a new agreement was negotiated between Trend and Agilent,
granting Agilent limited rights of exclusivity and substantially releasing
them from their minimum purchase commitments. In substitution for the
latter a payment was made to Trend at the time of signing the new agreement
and further payments become due in the second half of the current year.
• Sales growth in Trend's Network Services Division continued in the first
half year although at a more modest level, as was anticipated at the time of
the Preliminary results announcement. Underlying maintenance sales grew
faster than the whole.
• Net cash at the period end was £0.3m compared to net debt of £4.3m at the
end of 2001. Group capital expenditure in the half year was £0.8m compared
to £3.2m in the second half of 2001 (first half 2001 - £6.7m).
Commenting on the outlook, the Chairman, Dr Colin Gaskell, states:
" In the second half of the current year we do not anticipate any general
improvement in the worldwide telecommunications field test equipment market.
However there are good prospects amongst a small number of financially strong
carriers, both fixed line and cellular, and, additionally, Trend expects to gain
further share of the transmission market.
Given a continuation of the current level of consumer spending in the major
economies of the world new product design wins, such as for the Class D audio
amplifier solution, will support further sequential sales growth at Zetex.
Overall we are confident that, even in somewhat difficult and uncertain market
conditions, the Group will make further headway in the second half ".
Enquiries:
Tim Curtis or Bruce Rattray
Chief Executive Finance Director
Telemetrix PLC Telemetrix PLC
Telephone: +44 (0)20 7638 9571 at Citigate Dewe Rogerson on 25 July 2002
Thereafter: +44 (0)1628 851144
TELEMETRIX PLC
INTERIM RESULTS 2002
CHAIRMAN'S STATEMENT
A tightly managed turn round by the Group's analog semiconductor manufacturer
Zetex in the first half of 2002 compared to the second half of 2001 underpinned
the Group's operating profit, before goodwill amortisation, of £0.5m, for the
period compared to an operating loss of £0.8m in the second half of last year
(first half 2001 - operating profit £2.6m). Group sales for the most recent
period were £41.9m compared to £42.5m in the second half of 2001 (first half
2001 - £49.9m). The turn round to operating profit in the first half of 2002
was achieved after spending £3.3m on development of new products and processes,
12% less than the £3.8m spent in the second half of last year (first half 2001 -
£4.6m).
Net interest payable in the half year at £0.1m was reduced from the £0.3m charge
in the second half of last year (first half 2001 - £nil) due to strong operating
cash flow, and virtual elimination of net debt, during the period. After
goodwill amortisation of £0.9m (first half 2001 - £0.9m) the pre-tax loss for
the period was £0.6m (first half 2001 - pre-tax profit £1.3m). After
reclaiming tax of £0.7m first half earnings per share, before goodwill
amortisation, were 1.0p compared to a loss per share of 0.9p (restated to
reflect adoption of FRS19 in current year) for the second half of last year
(first half 2001 -EPS 2.1p).
Capital expenditure in the half year was £0.8m compared to £3.2m in the second
half of 2001 (first half 2001 - £6.7m) and net cash at the period end was £0.3m
compared to net debt of £4.3m at the end of 2001. During the half year £0.9m
was loaned to the Company's ESOT. Operating cash flow for the period was £8.1m
compared to £1.4m in the second half of last year (first half 2001 - £6.6m).
ZETEX
On first half sales of £24.9m, up 9% from £22.9m in the second half of 2001
(first half 2001 - £27.9m), Zetex achieved an operating profit of £0.4m compared
to an operating loss in the immediately preceding period of £1.6m (first half
2001 - operating profit £1.4m). Development spend at Zetex for the most recent
period was £2.1m, 14% down from the £2.5m spend in the second half of last year
(first half 2001 - £2.8m).
Second quarter 2002 sales at £13.1m were 10% higher than those for the first
quarter of the year (£11.9m) which in turn were 1% higher than sales in the
fourth quarter of 2001. Sales to consumer related markets in the half year were
marginally ahead of the level in the second half of 2001 and significantly
greater than in the first half of that year. Major contributors in the consumer
sector were the automotive and satellite broadcast markets, while first time
sales were made of Zetex' multi-chip high efficiency Class D switching audio
amplifier solution, for which several design wins have been recorded
particularly for DVD players. Sales to distributors recovered sharply from the
levels of the second half of last year, as their inventory reduction programmes
were largely completed. Sales to the industrial control market were weak,
continuing the pattern of the second half of last year. Using selected
distributors a major launch programme has been initiated for the high density
trench MOSFET product range, for which p-channel devices, as well as the
previously released n-channel devices, are now available.
The Zetex products are competitive, particularly at higher voltage levels, and
early order volumes are encouraging. During the second half enhancements will
be made to the trench MOSFET manufacturing process that will increase
competitive performance and also improve yields. It is planned that in the
second half production of certain linear integrated circuits and of high density
MOSFETs will commence in the new 150mm wafer fabrication facility. It is
unlikely that, in the second half, the higher level of costs associated with the
start of manufacturing in the facility, including depreciation, will be fully
covered by the contribution from additional sales of the products produced
there. Capital expenditure at Zetex in the first half was £0.3m and is
anticipated to rise in the second half to £5m which will include the purchase of
equipment required to upgrade and enhance the processes in the new wafer
fabrication facility.
TREND
First half sales of Trend's broadband test equipment division fell 26% to £8.8m
compared to £11.9m in the second half of last year (first half 2001 - £14.2m).
The division recorded an operating loss of £0.2m on this level of sales,
compared to an operating profit of £0.4m in the second half of last year (first
half 2001 - operating profit £0.9m). The division's first half development
spend at £1.2m was broadly maintained at the level of the second half of 2001,
£1.3m (first half 2001 - £1.8m). The market for test equipment sales to
communications carriers around the world continued to deteriorate through the
most recent period as their capex budgets for 2002 were further reduced.
The effect of balance sheet induced spending cutbacks was felt most acutely in
the USA with first half sales of Trend test products to its Americas' OEM
partner, Agilent Technologies, nearly halving from the level of the second half
of last year. Under its exclusive OEM agreement with Trend, Agilent was
contractually committed to certain minimum purchase levels for 2002 and 2003.
In April a new agreement was negotiated, granting Agilent only limited rights of
exclusivity and substantially releasing them from their minimum purchase
commitments. In substitution for the latter a payment was made to Trend at the
time of signing the new agreement and further payments become due in the second
half of the current year. Trend now has a team of eight sales and technical
support engineers in the USA who are developing a customer base alongside
Agilent's as well as supporting Agilent in those accounts where they have
retained conditional exclusivity.
As was anticipated in the AGM prospects statement the European test equipment
market also weakened further during the first half of the year, and this was
particularly the case in Germany where Trend's sales were a third less than in
the second half of 2001. No major ADSL field test contracts were placed by
European carriers in the period. However sales of Trend's transmission testers
in the first half were higher than in the second half of last year in the UK,
Germany and Italy, and only marginally reduced in France, as further market
share was gained. During the half year a first order was received from a 3G
licence holder in Europe for ATM and SDH test equipment for the installation of
the fixed line back up network for next generation cellular networks; this
presents a growing market opportunity for Trend as 3G roll outs commence in
other countries.
Sales growth in Trend's Network Services Division continued in the first half
year although at a more modest level, as was anticipated at the time of the
Preliminary results announcement. For the period sales were up 8% to £8.2m
compared to £7.6m in the second half of last year (first half 2001 - £7.8m).
Operating profit was £1.2m compared to £1.3m in the second half of last year
(first half 2001 - £1.1m). The division's sales arising from maintenance
contracts, up 19% at £5.6m compared to £4.7m in the second half of 2001 (first
half 2001 - £5.2m), grew faster than those for the whole as certain
non-contracted legacy business wound down. At the end of the period a new
Operational Control Centre was opened at Trend's site in High Wycombe at a
capital cost of £0.2m. Services provided from this facility include 24 hour, 7
day a week remote network activity monitoring, diagnostics, performance analysis
and reporting.
Overall, Trend reported an operating profit for the first half of 2002 of £1.0m
on sales of £17.0m compared to an operating profit of £1.7m on sales of £19.5m
in the second half of 2001 (first half 2001 - operating profit of £2.1m on sales
of £22.0m).
OUTLOOK
In the second half of the current year we do not anticipate any general
improvement in the worldwide telecommunications field test equipment market.
However there are good prospects amongst a small number of financially strong
carriers, both fixed line and cellular, and, additionally, Trend expects to gain
further share of the transmission market; the latter will be aided by the
planned launch at the end of the third quarter of a new portable transmission
test platform on which will be incorporated STM 64 (10 Gb/sec) testing
capability, although its financial impact this year will be small.
Given a continuation of the recent levels of consumer spending in the major
economies of the world, new product design wins, such as for the Class D audio
amplifier solution, will support further sequential sales growth at Zetex.
Overall, we are confident that, even in somewhat difficult and uncertain market
conditions, the Group will make further headway in the second half.
Dr Colin Gaskell
Chairman
Consolidated Profit and Loss Account
Half Year Ended 30 June 2002
2002 2001 2001
Notes Half Year Half Year Full Year
(restated) (restated)
£ 000 £ 000 £ 000
Turnover 1 41,946 49,887 92,358
Cost of sales (29,234) (32,797) (63,160)
Gross profit 12,712 17,090 29,198
Operating expenses 1 (13,171) (15,764) (30,742)
Operating profit (loss) 1 (459) 1,326 (1,544)
Analysis : Operating profit before goodwill
amortisation & severance 465 2,648 1,819
Severance - (398) (1,515)
Goodwill amortisation (924) (924) (1,848)
Net interest receivable (payable) (101) (48) (299)
Profit (loss) on ordinary activities before taxation (560) 1,278 (1,843)
Tax on profit (loss) on ordinary activities 5 721 (445) 237
Profit (loss) on ordinary activities after taxation 161 833 (1,606)
Minority interests - (10) -
Profit (loss) attributable to shareholders for the
period 161 823 (1,606)
Dividend 7 (4) 10 (2,079)
Retained profit (loss) for the period 157 833 (3,685)
Earnings per share 3 0.2 p 0.9 p (1.7)p
Amount attributable to goodwill amortisation & severance 0.8 p 1.2 p 2.9 p
Earnings per share excluding goodwill amortisation 1.0 p 2.1 p 1.2 p
& severance
Diluted earnings per share 3 0.2 p 0.8 p (1.7)p
Diluted earnings per share excluding goodwill 1.0 p 2.0 p 1.2 p
amortisation & severance
Statement of Total Recognised Gains and Losses
Profit (loss) for the period 161 823 (1,606)
Currency translation differences (224) (194) (383)
Total recognised gains (losses) relating to the period (63) 629 (1,989)
Prior period adjustment 4 (2,420)
Total gains (losses) recognised since last Annual Report (2,483)
There is no material difference between historical cost profits
(losses) and those shown above
Group Balance Sheets
As at 30 June 2002
2002 2001 2001
Notes June June December
(restated) (restated)
£ 000 £ 000 £ 000
Fixed Assets
Intangible assets 17,218 19,538 18,534
Tangible assets 31,953 35,862 34,109
Investments 5 5,106 4,237 4,233
54,277 59,637 56,876
Current Assets
Stocks 16,699 21,674 19,343
Debtors 15,187 16,521 16,265
Cash at bank and in hand 9,917 4,475 6,742
41,803 42,670 42,350
Creditors : Amounts due within one year (22,286) (27,534) (24,491)
Net current assets 19,517 15,136 17,859
Total assets less current liabilities 73,794 74,773 74,735
Creditors : Amounts due after more than one year (6,113) (3,460) (7,155)
Provisions for liabilities and charges (3,335) (2,599) (3,243)
64,346 68,714 64,337
Capital and reserves
Equity shareholders' funds 64,346 68,704 64,337
Minority interests - 10 -
64,346 68,714 64,337
Reconciliation of Movements in Shareholders' Funds
Profit (loss) attributable to shareholders for the period 161 823 (1,606)
Dividend 6 (4) 10 (2,079)
Retained profit (loss) for the period 157 833 (3,685)
Effect of foreign exchange rate movements (224) (194) (383)
New share capital issued 76 20 350
Net increase (decrease) in shareholders' funds 9 659 (3,718)
Opening shareholders' funds as previously reported 64,337 69,905 69,905
Prior period adjustment 4 - (1,850) (1,850)
Closing shareholders' funds 64,346 68,714 64,337
Consolidated Cash Flow Statement
Half Year Ended 30 June 2002
2002 2001 2001
Notes Half Year Half Year Full Year
£ 000 £ 000 £ 000
Net cash inflow from operating activities 2 8,094 6,566 8,033
Returns on investments and servicing of finance
Interest paid (378) (346) (626)
Interest received 294 224 360
(84) (122) (266)
Tax received (paid) 717 (1,596) (3,084)
Capital expenditure and financial investment
Receipts from sale of fixed assets 67 2 42
Payments to acquire fixed assets (775) (6,735) (9,884)
Payments to acquire own shares by Telemetrix ESOT (907) (1,209) (1,215)
(1,615) (7,942) (11,057)
Equity dividends paid (2,094) (2,069) (2,070)
Net cash flow before management of liquid resources & financing 5,018 (5,163) (8,444)
Management of liquid resources (4,800) 2,419 3,819
Financing
Issue of ordinary share capital 54 20 350
Loans and finance leases raised 92 476 6,881
Loans repaid (947) (672) (1,591)
Capital element of finance leases repaid - (17) (24)
(801) (193) 5,616
Increase (decrease) in cash in the period (583) (2,937) 991
Reconciliation of net cash flow to movement in net cash
Increase (decrease) in cash in the period (583) (2,937) 991
Cash flow from (increase) decrease in debt and lease
financing 855 213 (5,266)
Cash flow from (decrease) in liquid resources 4,800 (2,419) (3,819)
Change in net cash (debt) resulting from cash flows 5,072 (5,143) (8,094)
Translation difference (408) (233) (291)
Movement in net cash in period 4,664 (5,376) (8,385)
Net cash at beginning of period (4,346) 4,039 4,039
Net cash (debt) at end of period 318 (1,337) (4,346)
Notes to The Interim Financial Statements
1.1 Segmental analysis
Turnover, operating profit and operating assets split 2002 2001 2001
by class of business Half Year Half Year Full Year
£ 000 £ 000 £ 000
Turnover
Analog semiconductors - Zetex 24,967 27,876 50,825
Broadband test equipment - Trend *(see below) 8,757 14,198 26,100
Enterprise network services - Trend 8,222 7,813 15,433
Telemetrix Group 41,946 49,887 92,358
Profit (loss)
Analog semiconductors - Zetex 385 962 (1,452)
Analysis : Analog semiconductors pre-severance 385 1,360 (284)
Severance - (398) (1,168)
Broadband test equipment - Trend *(see below) (1,145) (11) (856)
Analysis : Broadband test equipment pre-goodwill amortisation (221) 913 1,339
Severance costs - - (347)
Goodwill amortisation (924) (924) (1,848)
Enterprise network services - Trend 1,223 1,148 2,413
Telemetrix corporate (922) (773) (1,649)
Group Operating Profit (459) 1,326 (1,544)
Operating Assets
Analog semiconductors - Zetex 40,396 44,788 42,932
Broadband test equipment & enterprise network services - Trend 23,944 27,852 28,874
Analysis : Excluding goodwill 8,689 10,749 12,695
Goodwill 15,255 17,103 16,179
Telemetrix corporate (343) 223 (306)
Group net operating assets 63,997 72,863 71,500
Notes to The Interim Financial Statements
(continued)
1.2 Segmental analysis (continued)
Turnover and operating profit (loss) made by 2002 2001 2001
Group companies located in the following
geographic areas.
Half Year Half Year Full Year
£ 000 £ 000 £ 000
Turnover
United Kingdom 35,284 40,635 73,873
United States of America *(see below) 5,466 9,064 14,901
Continental Europe 12,344 16,209 27,526
Asia Pacific 12,543 2,911 13,538
Other geographical areas 499 1,449 1,473
66,136 70,268 131,311
Inter-area eliminations (24,190) (20,381) (38,953)
Group Turnover 41,946 49,887 92,358
Profit (loss)
United Kingdom (2,495) (1,538) (3,922)
Analysis : Pre-severance (2,495) (1,140) (2,463)
Severance - (398) (1,459)
United States of America *(see below) 811 579 282
Continental Europe 333 1,950 1,034
Analysis : Pre-goodwill amortisation & severance 1,257 2,874 2,938
Severance - - (56)
Goodwill amortisation (924) (924) (1,848)
Asia Pacific 863 226 1,024
Other geographical areas 29 109 38
Group Operating Profit (459) 1,326 (1,544)
* In April 2002, Trend renegotiated its OEM agreement with its distributor in
the USA. In return for agreeing to reduce certain minimum purchase commitments,
Trend received $2m (£1.4m) in cash and a non-refundable deposit against the
remaining purchase commitments. The exclusive distribution rights of the
distributor were limited such that Trend may now sell direct into the USA market
alongside the distributor. For the six month period to 30 June 2002, the minimum
value of purchase commitments forgiven was $1.6m (£1.1m). A consequence of the
reduced purchase commitment is that Trend were left with excess inventories and
during the period set aside £0.4m to provide for this. This stock provision has
been netted off against the $2m cash receipt within 'Other operating income'.
This is included as part of 'Operating expenses' in the Profit and Loss
account.
Notes to the Interim Financial Statements (continues)
2 Notes to consolidated cashflow statement
Reconciliation of operating profit (loss) to operating cashflows
2002 2001 2001
Half Year Half Year Full Year
£ 000 £ 000 £ 000
Operating profit (loss) (386) 1,326 (1,544)
Depreciation and
amortization 4,499 4,285 9,065
(Profit) loss on sale of
fixed assets (14) 7 -
(Increase) decrease
in stocks 2,717 (3,158) (891)
(Increase) decrease
in debitors 1,015 4,517 4,616
Increase (decrease) in
creditors & provisions 263 (411) (3,213)
Net cashflow from
Operating activities 8,094 6,566 8,033
3 Earnings per share (EPS) 2002 2002 2002 2002 2001 2001
For half years to 30 June Profits Basic Diluted Profits Basic Diluted
(losses) (losses)
£ 000 EPS (p) EPS (p) £ 000 EPS (p) EPS (p)
(restated) (restated) (restated)
Adjusted earnings and EPS 946 1.0 1.0 2,026 2.1 2.0
Exceptional items
Effect of goodwill amortization (924) (0.9) (0.9) (924) (0.9) (0.9)
Effect of severance costs - - - (398) (0.4) (0.4)
Tax effects of exceptional items 139 0.1 0.1 119 0.1 0.1
Profit for the financial period 161 0.2 0.2 823 0.9 0.8
Weighted average number of shares 97,132,586 98,300,092 96,501,962 99,590,429
Adjusted EPS are provided to eliminate the distortions caused by non-operating
items. 2001 figures have been restated to take account of the introduction of
FRS19, 'Deferred Taxation' (note 4).
4 Prior Period adjustment
The Company has adopted FRS 19 (Deferred Taxation) with effect from January 1,
2002 whereby full provision is required for deferred tax. The Company had
previously adopted the partial provision approach where provision was only made
to the extent that it was probable that an actual liability would crystallise in
the foreseable future.This has necessitated a restatement of prior year figures
in respect of the Group's liability for deferred tax. Reserves at January 1,
2001 have been reduced by £1,850,000 and the tax charge for 2001 has been
increased by £570,000 in the second half of the year. Earnings per share figures
have been restated accordingly.
Notes to The Interim Financial Statements
(continued)
5 Taxation
The taxation charge for the period has been calculated by applying the
estimated effective rate for the full year for each tax jurisdiction in
which the Group trades to the results of the half year incurred in those
jurisdictions, and adjusted for changes in the level of provisions relating
to prior years. This comprises a UK tax credit of £1,267,000 (2001 first
half, credit - £449,000) and a net overseas tax charge of £546,000
(2001 first half, charge - £894,000). All the above figures represent
'current' tax. There has been no movement in deferred tax in the six month
period to 30 June 2002 (2001 first half - no deferred tax movement).
6 Investments
Investments include the cost of shares acquired by the Telemetrix ESOT.
These shares have been acquired over the period starting 1 January 1999
(640,000 shares acquired and 37,500 shares allotted in this half year) and
now total 3,155,184 shares with an aggregated cost of £4,988,000 (£907,000
relating to this half year).
7 Dividend
During 2002, and prior to the record date, 198,500 share options were
exercised, of which 37,500 were in respect of ESOT shares. In addition,
5,633 new shares were issued prior to the record date. The combined effect
of these transactions was that 204,133 additional shares became eligible
for the 2001 dividend, creating an additional dividend charge of £4,000
over that disclosed at 31 December 2001. This increase has been recognised
in the profit and loss account in the period to 30 June 2002.
8 General notes
The results for the Half Year to 30 June 2002, and the balance sheet as at
30 June 2002, represent trading activities for the 26 weeks to 30 June 2002
(2001 - 26 weeks to 1 July 2001). This interim statement has been prepared
on the basis of the accounting policies set out in the Group's 2001
statutory accounts adjusted for the adoption of FRS 19 (Deferred Taxation)
as explained in note 4.
The financial information contained in the interim report does not
constitute statutory accounts as defined in Section 240 of the Companies
Act 1985. The results shown for the year ended 31 December 2001 are an
abridged version of the statutory accounts for the period on which the
auditors gave an unqualified report and which have been delivered to the
Registrar of Companies. The interim statement for the half year ended
June 2002 has not been audited but has been reviewed in accordance with APB
bulletin 1999/4, 'Review of Interim Financial Information'. The results
shown for the half year ended June 2001 were also reviewed in accordance
with APB bulletin 1999/4. Copies of this report are being sent to
shareholders and will be made available to the public at the Company's
registered office at Knaves Beech Estate, Loudwater, High Wycombe,
Buckinghamshire, HP10 9QZ, England, and on the Company's website at
www.telemetrix.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
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