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Share Name | Share Symbol | Market | Type |
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Advanced Drainage Systems Inc | NYSE:WMS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
RNS Number:3067P Wealth Management Software PLC 03 September 2003 FOR IMMEDIATE RELEASE 3 September 2003 WEALTH MANAGEMENT SOFTWARE PLC INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2003 Wealth Management Software plc, the West Midlands based software developer and supplier of integrated software products to the financial services, health and property markets, announces interim results for the half year ended 30 June 2003. KEY POINTS * Operating profit before goodwill amortisation increased 43% to #0.35m (2002: #0.25m) reflecting benefits of cost reductions implemented in 2002 as well as strategic withdrawal from low margin and loss making activities; * Turnover #3.97m (2002: #6.07m); profit before tax #0.21m (2002: #0.015m); * Cash increased to #1.92m (December 2002: #1.44m); * Earnings per share excluding exceptional items and goodwill of 0.90p (2002: 0.62p); * Continued enhancement of LISA(R) with two contracts announced in first half at BWD Rensburg and Bankhaus Baur; * Customer enhancements at a variety of sites which have recently gone live are producing steady stream of professional services and maintenance revenues; * Other projects, including #3m NHS development contract on track for delivery this year with further professional services revenues expected; On outlook, Paul Newton, Chairman said: "There are now signs that the long decline in most software markets, particularly in Financial Services has "bottomed out". We are pleased with the achievements made in the first half of 2003 and are confident of further profitable growth ahead." For further information: Paul Newton, Chairman Giles Trigg, Chief Financial Officer Wealth Management Software 0121 550 9222 Richard Darby Suzanne Brocks Buchanan Communications 020 7466 5000 Chairman's Statement Results I am pleased to report that the Company has achieved an operating profit (before goodwill amortisation) for the six months ended 30 June 2003, of #0.35 million, 43 percent up on the same period last year. The Company is now seeing the benefits of the cost reductions implemented during 2002 and of the strategic withdrawal from low margin and loss making activities. Whilst the revenue has been reduced as a result of the strategic withdrawal, overall profit levels have increased. In the six months ended 30 June 2003 the Company generated an operating profit (before goodwill amortisation) of #0.35 million (2002: #0.25 million) on turnover of #3.97 million (2002: #6.074 million). Operating profit amounted to #0.186 million (2002: #0.008 million) and profit before tax amounted to #0.21 million (2002: #0.015 million). Earnings per share (excluding exceptional items and goodwill) for the six month period amounted to 0.90p (2002: 0.62p). Basic and diluted earnings per share were 0.51p (2002: 0.04p). No interim dividend is declared. Cash reserves have increased from #1.44 million at 31 December 2002 to #1.92 million at 30 June 2003. Operations The Company continues to enhance its LISA(R) product and has been awarded two further LISA(R) orders in the first half as announced at the AGM on 10 July 2003. BWD Rensburg has placed an order for LISA(R) Document Broker and LISA(R) Document Warehouse. The value of this contract is #350,000 of which #180,000 represents the licence fee. The project will be implemented between July 2003 and June 2004, with licence revenues recognised equally between the two years. We have also received our second order in Germany, from Bankhaus Bauer AG in Stuttgart, for LISA(R) Fund Manager. This will provide the bank with comprehensive European private client portfolio management. The contract is valued at #145,000 and the revenue will be recognised in the second half of this year. As part of the contract we will develop a European business model solution that should enhance the Company's abilities to win further orders in Germany. We continue to work on customer enhancements at a variety of sites which have recently gone live producing a steady stream of professional services and maintenance revenues. Other projects, including the #3 million NHS development contract, are on track for delivery this year and a good stream of professional services revenues is expected from these projects. Our new LISA(R) Property Asset Management System is now live at BAA, where it supports a portfolio of over 50,000 properties. The Company's performance depends upon its employees and it is through their efforts that the challenges of the last year have been successfully met. I would like to thank them for their dedication during this period. Finance Cash at 30 June 2003 amounted to #1.92 million and finance lease commitments amounted to #0.01 million giving net funds of #1.91 million compared to #1.44 million at 31 December 2002. Net Assets at 30 June 2003 were #4.9 million, compared to #4.7 million at 31 December 2002. Strategy & Outlook There has been a long decline in most software markets, particularly in Financial Services. During this period, the Company has aligned its cost base with the lower level of activity in its markets thereby remaining profitable. However there are now signs that the decline has "bottomed out" and, because our software proposition gives our customers rapid business benefits through cost reductions and a greater competitive edge, we have been able to identify a pipeline of potential contracts, which contain both professional services and licence revenues, which will come to fruition through the remainder of 2003 and beyond. Our base in Europe is growing steadily and a number of further prospective customers have been identified. In particular we are hopeful that our project to provide a new German client with a full European Private Client management system will generate additional European opportunities. We are pleased with the achievements made in the first half of 2003 and are confident of further profitable growth ahead. Paul Newton Chairman 3 September 2003 Consolidated Profit & Loss Account Six Months Ended 30 June 2003 6 months 6 months 12 months to 30 June to 30 June to 31 December 2003 2002 2002 Total Total Total #000 #000 #000 Turnover 3,969 6,074 10,997 Operating Charges (3,783) (6,066) (12,081) Operating profit before goodwill 351 246 238 amortisation Goodwill amortisation (165) (238) (1,322) Operating profit/(loss) on ordinary activities before interest and taxation 186 8 (1,084) Loss on sale of operations - (7) (7) Profit/(loss) on ordinary activities before interest and taxation 186 1 (1,091) Net Interest Receivable 22 14 30 Profit/(loss) on ordinary activities before taxation 208 15 (1,061) Taxation (Note 4) 6 - (87) Profit/(loss) for the period 214 15 (1,148) Earnings per share (Note 3) Basic earnings/(loss) and diluted earnings/(loss) per share 0.51p 0.04p (2.74)p Earnings per share excluding exceptional items and goodwill 0.90p 0.62p 1.12p Consolidated Balance Sheet As at 30 June 2003 (Restated note 5) 30 June 30 June 31 December 2003 2002 2002 #000 #000 #000 Fixed Assets Goodwill 1,875 3,124 2,040 Tangible Assets 372 854 597 Investments 501 502 502 2,748 4,480 3,139 Current Assets Debtors 2,172 3,032 2,319 Cash at bank and in hand 1,916 1,424 1,446 4,088 4,456 3,765 Creditors: Amounts falling due within one year (1,923) (3,062) (2,205) Net Current Assets 2,165 1,394 1,560 Total assets less current liabilities 4,913 5,874 4,699 Creditors amounts falling due after one year - (12) - Net Assets 4,913 5,862 4,699 Capital and Reserves Share Capital 336 336 336 Share Premium 12,584 12,584 12,584 Profit & Loss account (8,007) (7,058) (8,221) Shareholders' funds 4,913 5,862 4,699 Reconciliation of Movements in Consolidated Shareholders' Funds Six Months Ended 30 June 2003 (Restated note 5) 30 June 30 June 31 December 2003 2002 2002 #000 #000 #000 Profit/(loss) for the period 214 15 (1,148) Net increase/(reduction) in Shareholders' Funds 214 15 (1,148) Opening Shareholders' Funds 4,699 5,847 5,847 Closing Shareholders' Funds 4,913 5,862 4,699 Consolidated Cashflow Statement Six months ended 30 June 2003 30 June 30 June 31 December 2003 2002 2002 #000 #000 #000 Net cash inflow from operating activities 446 461 487 Returns on investment and servicing of finance 22 14 30 Taxation 6 (50) (50) Capital expenditure and financial investment 1 (36) (33) Acquisitions and disposals - 430 430 Cash inflow before financing 475 819 864 Financing (5) (22) (45) Net increase in cash for the period 470 797 819 Reconciliation of net cash to movement in net funds 30 June 30 June 31 December 2003 2002 2002 #000 #000 #000 Net increase in cash in the period 470 797 819 Cash inflow from change in debt and lease financing 5 22 45 Movement in net funds resulting from cash flows 475 819 864 Net cash at the start of the period 1,437 573 573 Net cash at the end of the period 1,912 1,392 1,437 Reconciliation of operating profit/(loss) to net cash inflow from operating activities 30 June 30 June 31 December 2003 2002 2002 #000 #000 #000 Operating profit/(loss) 186 8 (1,084) Reorganisation provision - - 55 Depreciation and amortisation charges 388 515 980 Impairment of goodwill - - 846 (Profit)/loss on disposal of tangible fixed assets (6) 14 23 Increase in working capital (122) (76) (333) Net cash inflow from operating activities 446 461 487 Analysis of net funds 1 January 30 June 2003 Cash flow 2003 #000 #000 #000 Cash at bank and in hand 1,446 470 1,916 Finance leases (9) 5 (4) Total 1,437 475 1,912 Notes to the Accounts 1. The interim results for the six months ended 30 June 2003 have neither been reviewed nor audited and have been prepared on the basis of accounting policies consistent with those adopted for the year ended 31 December 2002 as set out in the financial statements of the group. The financial information contained herein does not constitute statutory accounts within the meaning of section 240 of the Companies' Act 1985. Statutory accounts for the year ended 31 December 2002, incorporating an unqualified audit report, have been filed with the Registrar of Companies. 2. In the year to 31 December 2002, exceptional charges of #1,141,000 were charged to the profit and loss account which principally comprised a provision for impairment in goodwill of #846,000 together with costs associated with reorganising the group. 3. Earnings per share 30 June 30 June 31 December 2003 2002 2002 #000 #000 #000 Earnings/(loss) per share has been calculated on the following profit/(losses) and number of shares Profit/(loss) for the period 214 15 (1,148) Attributable to exceptional items - 7 1,141 Attributable to goodwill 165 238 476 Underlying profit for the period excluding goodwill and exceptional items 379 260 469 Weighted average number of shares 41,967,049 41,967,049 41,967,049 Basic earnings/(loss) and diluted earnings/(loss) per share 0.51p 0.04p (2.74)p Earnings per share excluding exceptional items and goodwill 0.90p 0.62p 1.12p 4. Taxation Taxation in the six months to 30 June 2003 includes a research and development tax credit. 5. The 31 December 2001 comparatives were restated in the financial statements for the year ended 31 December 2002 to recognise a deferred tax asset of #237,000, following the adoption of FRS19 "Deferred Tax". The 30 June 2002 comparatives have been restated to recognise an equivalent amount at that date. There is no impact on the profit and loss account for the six months ended 30 June 2002. 6. A copy of this announcement is being sent to all shareholders and further copies are available from the Company Secretary, Fountain House, Great Cornbow, Halesowen, West Midlands B63 3BL. This information is provided by RNS The company news service from the London Stock Exchange END IR NKBKNABKDQCK
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