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Share Name | Share Symbol | Market | Type |
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Aptargroup Inc | TG:AGT | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.30 | 0.23% | 130.60 | 128.80 | 129.40 | 130.90 | 129.10 | 130.00 | 85 | 16:59:38 |
RNS Number:6012I Argonaut Games PLC 12 March 2003 For Immediate Release 12 March 2003 ARGONAUT GAMES PLC Interim Results for the six months ended 31 January 2003 Argonaut Games PLC ("Argonaut"), a leading UK-based computer games developer, announces its Interim Results for the six months ended 31 January 2003. Key points: - Harry Potter and the Chamber of Secrets becomes the sixth hit game developed by Argonaut to outsell 1 million copies - Turnover of #6.9m (2002: #9.3m), with advances income up 20% to #4.7m and a reduction in royalty income to #2.2m (2002: #5.4m) - Loss before tax of #1.1m (2002: profit #4.0m) after goodwill and impairment charges of #1.4m - Development capacity expanded as average total staff numbers rise to 284 (2002: 186) - Game development highlights - Release of the No1 hit "Harry Potter and the Chamber of Secrets" in November 2002 - Matoran Adventures, Argonaut's first Bionicle title for Lego, released on Game Boy Advance in October 2002 - Malice delayed until Autumn 2003 - Kung Fu Chaos released on 25th February 2003, 6 weeks ahead of schedule - 2003 will see the biggest release schedule in the Group's history - Net cash at the period end was #8.6m Julian Paul, Chairman, commented: "Although disappointed with the delay in the completion of Malice, Argonaut is pleased with the success of the latest Harry Potter title as well as our strong pipeline of games for the rest of the current financial year and for next year." For Further Information, please contact: Argonaut Games PLC 020 8951 6000 Jez San, Chief Executive Officer Joss Ellis, Chief Operating Officer John Crilly, Finance Director www.argonaut.com Buchanan Communications 020 7466 5000 Bobby Morse/ Isabel Petre Chairman's Statement The six months to 31 January 2003 saw another Argonaut developed game register a million-plus unit sales, as Harry Potter and the Chamber of Secrets ("Harry Potter 2") captured the number one position in the UK PS one charts. The period also saw the Group agreeing development terms on two major titles Orchid and I-Ninja, the continued development of our games scheduled for release in 2003 onwards, and the acquisition of Morpheme Ltd, a studio focused on the development of games and other content for mobile phones and hand-held devices. Results With income from advances growing by 20% and royalties from the Harry Potter games as forecast, turnover for the period was #6.9m (2002: #9.3m). The growth in advances income to #4.7m (2002: #3.9m) arises from the inclusion this half-year of advances in respect of Orchid and I-Ninja as both games were partially developed prior to agreeing terms with the publisher. In total our development teams worked on 9 games (18 versions) during the period. The reduction in royalty income to #2.2m (2002: #5.4m) was in line with forecast as this year our second PS one game under the Harry Potter brand faced new competition from Harry Potter games developed for the more powerful PS2, Xbox and GameCube consoles. Wages and salaries increased to #5.3m (2002: #4.0m) reflecting the inclusion this half year of our teams in Sheffield and at Morpheme Ltd and the organic growth of our development teams at Argonaut, Just Add Monsters and LTStudios. The Group had an average of 284 employees during the period, an increase of 98 over the average of 186 for the comparative period last year. Of this growth 60% came through acquisition. Following the first anniversary of our acquisition of Particle Systems Ltd, we carried out a review of the carrying value of this investment. Taking a prudent view of the valuation of this business we have taken an impairment charge of #1.0m. This exceptional item is included in the Profit and Loss account with the goodwill amortisation of #0.4m (2002: #0.1m) and depreciation charge of #0.3m (2002: #0.3m) under the heading depreciation and amortisation. Tight control of the cost base saw other operating charges maintained at #1.1m (2002: #1.1m) as technology and development procedures were shared across the enlarged Group. With interest income of #0.1m (2002: #0.2m) the Group made a profit before goodwill and exceptional items of #0.3m (2000: #4.1m) and a loss before tax for the period of #1.1m (2002: profit #4.0m). In line with the policy statement at the time of flotation the Directors do not propose the payment of a dividend. The Group continues to maintain a strong balance sheet. At the half year net cash represented #8.6m of the Group's total net assets of #20.0m. Operating Review Matoran Adventures, our first Bionicle title for Lego, was released on the Game Boy Advance ("GBA") at the end of October 2002. This GBA title was developed as a pilot to help Argonaut fully understand the intricacies of the Bionicle universe in advance of the four format Bionicle release for Christmas 2003. Matoran Adventures is a high quality game that has fulfilled all of its objectives. Given the relatively high advance the Group received for Matoran Adventures, as previously stated Argonaut is not anticipating any royalties on this title. Harry Potter 2, developed by Argonaut on the PS one for Electronic Arts Inc, was released on 16 November 2002. This was the second Harry Potter game developed by Argonaut on the PS one and, like its predecessor Harry Potter and the Philosopher's Stone ("Harry Potter 1"), it captured the number 1 position in the UK PS one charts giving Argonaut its sixth hit game to outsell a million copies. The title remained at number one for five weeks and continues to sell across all territories, as does Harry Potter 1. Following the change of publisher from Sierra Entertainment Inc to Vivendi Universal Games Inc, as a result of restructuring within the Vivendi Group, the release of Malice has been delayed from the first quarter of 2003 until the autumn of this year. This is in order to allow further development time to accommodate editing and game play alterations and so make a uniformly high quality title. This delay will have a significant impact on the Group's results for the financial year to 31 July 2003 in terms of royalty potential, the additional development costs and the fact that the team cannot be allocated to a new advance-earning project. The development of Malice commenced before the 2002 implementation of our new project management systems, which are specifically designed to prevent this type of delay occurring at the completion stage of a game. Although any delay to the launch of a game is very disappointing, we believe the maintenance of the very high quality standard of Argonaut's games is of vital importance to the Group's long-term performance and reputation. Development of the Group's other games continues to be on time and on budget and we are pleased to announce that Kung Fu Chaos, developed by our Cambridge studio Just Add Monsters for Microsoft, was released on 25 February in the USA, some six weeks earlier than planned, and will be released on 11 April in Europe. The table below details the platforms, publishers and expected release dates of all our signed titles. Title Platform Publisher Expected Release Date Kung Fu Chaos Xbox Microsoft 25 Feb/11 April 03 Malice PS2/Xbox Vivendi Universal Q4 2003 Bionicle PS2/PC/GC/Xbox Lego Q4 2003 SWAT GST PS2/Xbox Sierra Q4 2003 Orchid PS2/Xbox Namco TBA I-Ninja PS2/GC Namco TBA "PS2" Sony PlayStation 2, "GC" Nintendo Game Cube, "Xbox" Microsoft Xbox Carve, the development code name for our water based racing game developed for Xbox Live, is in the final stages of its development and will be ready for release in the second quarter of 2003. Development of Powerdrome is proceeding to plan at our Sheffield studio and we anticipate having this title ready for release in the fourth quarter of 2003. Neither of these games has been signed to a publisher as yet but negotiations continue on both products. Acquisition In August 2002, Argonaut made its first move into the mobile entertainment market with the purchase of the London based development company Morpheme Ltd. Since its acquisition, Morpheme has concentrated on building a portfolio of games for the new advanced mobile handsets. In addition, it has released a number of games for the current handsets. As stated in our announcement at the time of acquisition, we anticipate Morpheme will be loss making in its first year of operation within the Argonaut group. Outlook In the remainder of the current financial year, the Group will see the release of its first Xbox game, Kung Fu Chaos, in Europe, and potentially the release of its first Xbox Live game, Carve. During the next financial year Argonaut is looking forward to its biggest ever line up of games with up to six titles (14 versions) earmarked for release. With a rapidly expanding video games market and the strong support of our publishers, we hope to see many of these titles capturing lead positions in the various games charts around the world. As our teams complete the development of our current titles, they will move on to new projects, exploiting Argonaut's extensive technology base and development expertise to bring even more advanced games to the video gaming public. Although the number of new titles required to refill the pipeline for 2004-2005 will necessitate a great deal of signing activity, we believe the relationships we have developed with the world's leading publishers should facilitate this process greatly. Julian Paul Chairman Consolidated profit and loss account For the six months ended 31 January 2003 6 months 6 months 6 months 6 months Year ended ended ended ended ended 31 January 31 January 31 January 31 January 31 July 2003 2003 2003 2002 2002 All All Continuing Acquisitions Consolidated Continuing Continuing Note Unaudited Unaudited Unaudited Unaudited Audited #'000 #'000 #'000 #'000 #'000 Turnover 2 6,919 14 6,933 9,271 14,232 Wages and salaries (5,124) (211) (5,335) (4,022) (8,275) Depreciation and amortisation 3&4 (1,620) (109) (1,729) (371) (965) Other operating charges (1,057) (65) (1,122) (1,077) (2,680) Group operating (loss)/profit (882) (371) (1,253) 3,801 2,312 Share of associate's loss - - - (6) (17) (Loss)/profit before interest and (882) (371) (1,253) 3,795 2,295 tax Group interest receivable 168 - 168 232 498 Group interest payable (11) - (11) - (30) (Loss)/profit on ordinary activities before tax (725) (371) (1,096) 4,027 2,763 Tax on loss/profit on ordinary 5 activities - - - (389) - Retained (loss)/profit for the (725) (371) (1,096) 3,638 2,763 period Basic (loss)/profit per share 6 (1.13)p 3.86p 2.90p Fully diluted (loss)/profit per 6 (1.13)p 3.82p 2.87p share Statement of total recognised gains and losses For the six months ended 31 January 2003 6 months 6 months Year ended ended ended 31 January 31 January 31 July 2003 2002 2002 Unaudited Unaudited Audited #'000 #'000 #'000 (Loss)/profit for the period (1,096) 3,638 2,763 Translation differences - - 1 Total (losses)/gains recognised (1,096) 3,638 2,764 Consolidated Balance Sheet For the six months ended 31 January 2003 31 January 31 January 31 July 2003 2002 2002 Note Unaudited Unaudited Audited #'000 #'000 #'000 Fixed assets Intangible assets 7 3,787 5,693 4,719 Tangible assets 2,047 1,529 1,584 Investment in associates 8 71 81 71 5,905 7,303 6,374 Current assets Debtors 9 8,720 10,873 6,100 Current asset investment 8,981 9,771 11,103 Cash at bank and in hand 311 176 1,256 18,012 20,820 18,459 Creditors: amounts falling due within one year (3,410) (4,931) (3,241) Net current assets 14,602 15,889 15,218 Total assets less current liabilities 20,507 23,192 21,592 Creditors: amounts falling due after more that one year (500) (638) (388) Net assets 20,007 22,554 21,204 Capital and reserves Called up share capital 10 973 966 966 Share premium account 21,381 21,260 21,263 Shares to be issued 11 105 810 331 Merger reserve 5,177 5,177 5,177 Profit and loss account (7,629) (5,659) (6,533) Equity shareholders' funds 12 20,007 22,554 21,204 Consolidated cash flow statement For the six months ended 31 January 2003 6 months 6 months Year ended ended ended 31 January 31 January 31 July 2003 2002 2002 Note Unaudited Unaudited Audited #'000 #'000 #'000 Net cash (outflow)/inflow from operating activities 13 (1,847) (2,610) 434 Returns on investments and servicing of finance Interest received 168 265 498 Interest paid (11) - (13) Net cash inflow on returns on investments and servicing of finance 157 265 485 Capital expenditure and financial investment Proceeds from sale of tangible assets 10 - 190 Payments to acquire tangible assets (810) (396) (904) Net cash outflow on capital expenditure and financial investments (800) (396) (714) Acquisitions and disposals Purchase of a subsidiary undertaking 14 (344) (267) (306) Overdrafts acquired with subsidiary - (87) (81) Net cash outflow on acquisitions and disposals (344) (354) (387) Management of liquid resources Decrease in current asset investments 2,122 3,396 2,064 Financing Proceeds from issue of ordinary share capital 10 125 279 282 Loan stock redeemed (880) (520) (520) Net cash (outflow)/inflow from financing (755) (241) (238) (Decrease)/increase in net cash during the period 15 (1,467) 60 1,644 Notes to the Interim Report For the six months ended 31 January 2003 1. Basis of preparation The interim financial information has been prepared on the basis of the accounting policies set out in the Group's 31 July 2002 statutory accounts. The financial information contained in this report does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The abridged accounts for the year ended 31 July 2002 are an extract from the accounts for that year, which together with an unqualified independent auditors' report, have been delivered to the Registrar of Companies. On 1 August 2002, the entire issued share capital of Morpheme Limited was acquired. This acquisition has been accounted for adopting acquisition accounting. The consolidated results of the Group include the Group's share of the results of its associated company (a 49% interest in A/N Software, Inc) and the consolidated balance sheet includes the Group's interest in the net assets of the associate. 2. Turnover Turnover relating to the development of games is recognised on a percentage completion basis over the period of development on the basis of proportion of costs incurred to date to total anticipated costs. Immediate provision is made for anticipated losses, on the basis of the estimated direct costs to complete the contract. Costs incurred prior to the receipt of a letter of intent or signed contract are expensed as incurred. Turnover recognised in excess of billings is disclosed as amounts recoverable under contracts. Royalty income is recognised upon receipt of publishers' royalty statements. 6 months 6 months Year ended ended ended 31 January 31 January 31 July 2003 2002 2002 Unaudited Unaudited Audited #'000 #'000 #'000 Amounts receivable under development contracts 4,705 3,868 8,095 Royalties 2,228 5,403 6,137 6,933 9,271 14,232 3. Exceptional Item The Company has conducted a review for the impairment of goodwill on the acquisition of Particle Systems Limited in accordance with the guidance provided by FRS 11, Impairment of fixed assets and goodwill. Following this review, an impairment charge of #1,032,000 (2002: #nil) has been included within depreciation & amortisation. 4. Depreciation and amortisation Depreciation and amortisation of #1,729,000 includes depreciation on fixed assets of #345,000 (January 2002: #274,000); 'normal' amortisation of goodwill of #352,000 (January 2002: #97,000) and the above exceptional impairment charge. 5. Taxation There is no Corporation Tax charge for the period to 31 January 2003 (2002: #389,000) due to the effect of losses brought forward as at 31 January 2003. 6. Earnings per share Basic earnings per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period. Basic earnings per share Earnings Weighted attributable to average Basic ordinary number of earnings shareholders shares per share Accounting period Unaudited Unaudited Unaudited #'000 Six months to 31 January 2003 (1,096) 96,905,791 (1.13)p Six months to 31 January 2002 3,638 94,229,373 3.86p Year to 31 July 2002 2,763 95,431,125 2.90p Fully diluted earnings per share Earnings Weighted Fully attributable to average diluted ordinary number of earnings shareholders shares per share Accounting period Unaudited Unaudited Unaudited #'000 Six months to 31 January 2003 (1,096) 96,905,791 (1.13)p Six months to 31 January 2002 3,638 95,215,165 3.82p Year to 31 July 2002 2,763 96,417,309 2.87p The diluted loss per share and basic loss per share are the same for the period ending 31 January 2003 as in a loss-making period the effect of adjusting for share options would be anti-dilutive. 7. Intangible Assets As at As at As at 31 January 31 January 31 July 2003 2002 2002 Unaudited Unaudited Audited #'000 #'000 #'000 Cost As at 1 August 2002 5,258 720 720 Adjustment to the acquisition cost of Particle Systems Limited (see (614) - - below) Additions (note 14) 1,066 5,178 4,538 As at 31 January 2003 5,710 5,898 5,258 Amortisation As at 1 August 2002 539 108 108 Amortised during the period (Note 4) 352 97 431 Impairment charge - Particle Systems Ltd (Note 3) 1,032 - - As at 31 January 2003 1,923 205 539 Net book value 3,787 5,693 4,719 The adjustment to acquisition costs results from a reduction of #614,000 in the future cash and shares consideration expected to be paid to the vendors of Particle Systems Limited. 8. Investment in associates As at As at As at 31 January 31 January 31 July 2003 2002 2002 Unaudited Unaudited Audited #'000 #'000 #'000 A/N Software Inc. Net book value as at 1 August 71 90 81 Share of associate's operating loss - - (11) Translation differences - - 1 Net book value as at 31 July 71 90 71 LTStudios Limited Net book value as at 1 August - 199 199 Share of associate's operating loss - (6) (6) Adjustment on acquisition of controlling interest - (193) (193) Net book value as at 31 July - - - Total interest in associated undertakings 71 90 71 9. Debtors With the cash flow from development contracts weighted towards the end of the development cycle, the Group's debtor balance increases as it approaches the completion stages of development and as the Group increases the number of projects undertaken. In addition, the cash flow from royalties arrives 45 days after the end of the calendar quarter in which the sales were recorded. 10. Called up share capital As at As at As at 31 January 31 January 31 July 2003 2002 2002 Unaudited Unaudited Audited # '000 # '000 # '000 Authorised 125,000,000 ordinary shares of 1p each (31 July 2002 and 31 January 2002: 125,000,000 ordinary shares of 1p each) 1,250 1,250 1,250 Allotted, called up and fully paid 97,337,536 Ordinary shares of 1p each (31 January 2002: 96,643,738; 31 July 2002: 96,655,561 ordinary shares of 1p each) 973 966 966 The following share options were exercised during the six months to 31 January 2003: Date of exercise Number of Exercise Net Proceeds Market Shares Price Price (p) # '000 (p) 15 November 2002 3,675 10.5 0 22.5 15 November 2002 6,300 17.5 1 22.5 25 November 2002 252,000 17.5 44 24.0 25 November 2002 420,000 19 80 24.0 681,975 125 11. Shares to be issued As at As at As at 31 January 31 January 31 July 2003 2002 2002 Unaudited Unaudited Audited #'000 #'000 #'000 Shares to be issued to the vendors of Particle Systems contingent on future financial performance 105 810 331 12. Reconciliation of movements in equity shareholders' funds 6 months 6 months Year ended ended ended 31 January 31 January 31 July 2003 2002 2002 Unaudited Unaudited Audited #'000 #'000 #'000 As at 1 August 2002 21,204 16,867 16,867 Net proceeds from issue of equity shares 125 279 282 Issue of shares -Particle Systems - 960 960 Shares to be issued - 810 331 Revision of equity contingent consideration (226) - - (Loss)/profit for the period (1,096) 3,638 2,763 Translation differences - - 1 As at 31 January 2003 20,007 22,554 21,204 13. Reconciliation of operating profit to net cash inflow/outflow from operating activities 6 months 6 months Year ended ended ended 31 January 31 January 31 July 2003 2002 2002 Unaudited Unaudited Audited #'000 #'000 #'000 Continuing operations Operating (loss)/profit (1,253) 3,801 2,312 Depreciation and amortisation 1,729 371 965 Loss on disposal of fixed assets - - (14) (Increase)/decrease in debtors (2,597) (7,071) (2,279) Increase/(Decrease) in creditors due within one year 274 289 (550) Net cash (outflow)/inflow from operating activities (1,847) (2,610) 434 14. Acquisitions and disposals On 1 August 2002 the entire share capital of Morpheme Limited was acquired for #293,000 in cash with up to a further #700,000 in cash and 2,757,376 shares contingent on future financial performance over the period to July 2005. The Directors anticipate a further #640,000 in cash will be payable to the vendors. Purchase consideration # '000 Acquisition costs 51 Cash Consideration 293 344 Contingent consideration 640 984 The provisional fair values of Morpheme's identifiable assets and liabilities at the date of acquisition were as follows: Assets and liabilities acquired #'000 Fixed assets 8 Debtors 23 Creditors (112) Provisions for liabilities and charges (1) Net liabilities acquired (82) Goodwill 1,066 984 Goodwill arising on the acquisition of a subsidiary is calculated as the difference between the purchase consideration and the net assets on a fair value basis. Goodwill is amortised over its expected useful life, which in the case of Morpheme is 5 years. 15. Analysis of changes in net cash, investments and loans Cash at Current bank and Bank asset in hand overdrafts Net cash Loan stock investment Total # '000s # '000s # '000s # '000s # '000s As at 31 July 2002 1,256 - 1,256 (1,020) 11,103 11,339 Cash inflows/outflows (945) (522) (1,467) 880 (2,122) (2,709) As at 31 January 2003 311 (522) (211) (140) 8,981 8,630 16. Subsequent event - group restructuring Following the half-year the directors of Particle Systems Limited put the company into voluntary liquidation. As part of this process all Particle's staff were transferred to, and the assets and games in development acquired by, Argonaut Software Limited. This process had no impact on the work of the Group's development teams in Sheffield and operations continue as before save that the teams now form a division of Argonaut Software Limited as opposed to a separate legal entity. This information is provided by RNS The company news service from the London Stock Exchange END IR EAXDFFLADEFE
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