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RNS Number:2822S Cardpoint PLC 20 November 2003 Press Release 20 November 2003 Cardpoint plc Preliminary Results for the year ended 30 September 2003 Cardpoint plc, the provider of electronic payment transactions, which owns and operates 1,900 ATMs and approximately 3,000 mobile phone top-up terminals, reports its Preliminary Results for the year ended 30 September 2003. Highlights - All key financial metrics ahead of market expectations - Turnover at #12,166,000 up nearly fourfold (2002: #3,104,000) - EBITDA of #1,296,000 (2002: EBITDA loss #242,000) - Significant cash inflow from operating activities - Pre-tax profit, before goodwill of #50,000 (2002: loss of #757,000) - Acquisition of Green Machine and Securicor Cash Machine Limited for #1.3 million and up to #9.2 million respectively, adding a total of 1,317 ATMs to the estate at acquisition - Acquisition of PT Distribution for #1.7 million, facilitating Cardpoint's entry into complementary markets - Reduced operating costs through an outsourcing agreement with Securicor Cash Services Limited - ATMs regularly dispense over #50 million cash per month and the mobile top-up business distributes airtime value of #7 million per month Commenting on the Preliminary Results, Mark Mills, Chief Executive Officer, said: "Cardpoint has grown substantially in the last year, both organically and by way of acquisition. This has been reflected in the Results and also is a measure of the Group's dedication to integrating the new businesses quickly whilst maintaining the high quality service that our customers have come to expect. "Our planned transition from a pure ATM operator to a provider and facilitator of electronic payment transactions is part of our strategy to diversify our business and take advantage of synergistic markets that will add to the bottom line and increase shareholder value. Our most recent acquisition, PT Distribution, marks the start of this strategy and the Group will continue to grow organically as well as assess similar businesses to those in our current portfolio. We look forward to a successful year." For further information, please contact: Enquiries: Cardpoint plc Mark Mills, Chief Executive Officer Tel: +44 (0) 1253 785 808 mark.mills@cardpointplc.com www.cardpointplc.com Evolution Beeson Gregory Mike Brennan / Henry Turcan Tel: +44 020 7071 4310 henry.turcan@evbg.com www.evbg.com Media enquiries: Bankside Tel: +44 (0) 20 7444 4140 Henry Harrison-Topham / Ariane Vacher henry.ht@bankside.com www.bankside.com - Ends - Chief Executive Officer's Report Cardpoint plc has made excellent progress in the year ended 30 September 2003 and has delivered ahead of all business and market expectations. As part of an ongoing strategy and in order to diversify the product portfolio through complementary businesses, Cardpoint has transformed itself from a pure operator of automated teller machines (ATMs) into a provider and facilitator of electronic payment transactions. Results In the year to 30 September 2003, turnover reached #12,166,000, a nearly fourfold increase on the year to 30 September 2002, when turnover was #3,104,000. Cardpoint generated an EBITDA of #1,296,000 during the year, compared to a loss of #242,000 for the previous year, and generated a profit before tax and goodwill of #50,000 (2002: loss of #757,000). The substantial increase in turnover was generated by a combination of enhanced performance by Cardpoint's existing ATM estate, the addition by way of organic growth of 257 new ATMs to the existing estate, and three significant acquisitions that are outlined below. The Directors do not propose the payment of a dividend, which is in line with the policy set out in the flotation prospectus. Acquisitions In October 2002, Cardpoint acquired the business of Green Machine from ATM Express Limited, and the 105 ATMs are now maturing in line with expectations and contributing to the Group. In June 2003, Cardpoint acquired Securicor Cash Machine Limited (renamed Cardpoint Cash Machine Limited) and its estate of 1,232 ATMs for an initial cash consideration of #5.0 million and further deferred payments of up to #4.2 million over two financial years. To fund the acquisition, the Group raised #6.0 million of new equity and increased its debt facility with Bank of Scotland to #7.0 million and as at 30 September 2003, #3.5 million of this facility had been drawn down. Not only did this acquisition remove a significant competitor from the market place, but it also provided the Group with critical mass, a route to faster growth, and greater profitability. Additionally, Cardpoint has benefited from a reduction in operating costs, through a new outsourcing agreement with Securicor Cash Services Limited, and new customer opportunities. In July 2003, PT Distribution Limited (renamed Cardpoint Merchant Services Limited) was acquired from Project Telecom plc, now part of Vodafone plc, for a cash consideration, including expenses, of #1.7 million. This business owns and operates 3,000 mobile phone top-up terminals situated in retail outlets and has advanced Cardpoint's development as a provider and facilitator of electronic payment transactions. The mobile phone top-up business operates in a comparable manner to Cardpoint's ATM business, with similar retailer and customer bases making it a strategically appropriate acquisition for the ongoing expansion of the Group. This acquisition also strengthened our field based service team, which installs signage and promotional material for the ATMs and top-up terminals. Operating review and current developments At the year end, Cardpoint had 1,875 ATMs and 3,012 top-up terminals. The Company regularly dispenses more than #50 million of cash per month through its ATMs and the mobile phone top-up business distributes a monthly airtime value of #7 million. During the year, Cardpoint migrated the processing of its transactions across the entire ATM estate to TNS, a processor previously used by Green Machine. As a result, the Group has benefited from improved transaction times and lower processing costs. Given the scaling up of the business, Cardpoint now operates an in-house ATM helpdesk to enhance the service offering to customers. Since the year end, Cardpoint Merchant Services has announced a new agreement to provide the Thresher Group with up to 1,000 top-up terminals and we expect this part of the business to develop further. Operating Board and Staff This year saw the creation of an Operating Board comprising the directors of the Group. This Operating Board has been further strengthened with the recent appointments of Andrew Martin and Roy Dodd, both of whom were previously directors of Securicor Cash Services Limited. Cardpoint has always benefited from a committed team of management and staff. This year, with three acquisitions, the introduction of a new transaction processor, and the implementation of an in-house helpdesk, the whole team pulled together and worked to ensure that our ATMs and top-up terminals were accessible to our customers. We also wish to formally welcome those new employees who we have recruited or have joined us as a result of an acquisition. The Cardpoint team is now nearly 60 people strong and the Board is confident that the appropriate depth and breadth exists to allow the Group to expand its operations. The Board sincerely thanks all of our employees for an outstanding effort during the year. Prospects Cardpoint has retained its key customers and acquired new ones both organically and via acquisitions. The outsourcing agreement with Securicor Cash Services Limited will see lower operating costs and greater availability of ATMs to customers. As a result of the funds raised during the year, the increased facility from Bank of Scotland, and the cash flow generated from operations, the Group is well funded for continued growth. Cardpoint now operates from a broad and profitable platform and will continue to grow organically and through appropriate acquisitions. We look forward to a successful year. Mark Mills Chief Executive Officer 20 November 2003 Consolidated profit and loss account for the year ended 30 September 2003 Note 2003 2002 #000 #000 Turnover Continuing operations 5,824 3,104 Acquisitions 6,342 - 12,166 3,104 Cost of sales (9,602) (2,728) Gross profit 2,564 376 Administrative expenses (3,052) (1,035) Operating (loss)/profit Continuing operations (604) (659) Acquisitions 116 - (488) (659) Net interest (120) (98) Loss on ordinary activities before taxation (608) (757) Tax on loss on ordinary activities - - Loss for the financial year 4 (608) (757) (Loss)/earnings per ordinary share Basic and fully diluted 2 (2.50)p (5.39)p Basic before goodwill charges 2 0.21p (5.39)p Diluted before goodwill charges 2 0.19p (5.39)p The group has no recognised gains or losses for the year other than those stated above and therefore no separate statement of total recognised gains and losses has been presented. Consolidated balance sheet at 30 September 2003 Note 2003 2002 #000 #000 Fixed assets Intangible assets 10,688 - Tangible assets 5,035 2,856 15,723 2,856 Current assets Stocks 885 14 Debtors 4,174 155 Cash at bank and in hand 4,055 745 9,114 914 Creditors: amounts falling due within one year (16,834) (2,054) Net current liabilities (7,720) (1,140) Total assets less current liabilities 8,003 1,716 Creditors: amounts falling due after more than one year (1,061) (216) Net assets 6,942 1,500 Capital and reserves Called up share capital 1,634 927 Share premium account 4 7,823 2,480 Merger reserve 4 354 354 Profit and loss account 4 (2,869) (2,261) Equity shareholders' funds 6,942 1,500 Consolidated cash flow statement for the year ended 30 September 2003 Note 2003 2002 #000 #000 Net cash inflow/(outflow) from operating activities 5 3,708 (66) Return on investments and servicing of finance Interest received 46 19 Finance lease interest paid (59) (117) Other interest payable (107) - Net cash outflow from returns on investments and servicing of finance (120) (98) Taxation paid (4) - Capital expenditure and financial investment Purchase of tangible fixed assets (2,103) (1,312) Proceeds from disposal of tangible fixed assets 69 2 Net cash outflow from capital expenditure and financial investment (2,034) (1,310) Acquisitions and disposals Purchase of acquired businesses 3 (8,182) - Net cash acquired with subsidiaries 3 1,097 - Net cash outflow from acquisitions and disposals (7,085) - Net cash outflow before financing (5,535) (1,474) Financing Issue of share capital (net of issue costs) 5,643 2,128 Receipts from borrowings 3,500 - Capital element of finance lease rentals (298) (265) Net cash inflow from financing 8,845 1,863 Increase in cash in the year 6 3,310 389 1. Basis of preparation and financial information The financial information in this preliminary announcement has been prepared in accordance with the accounting policies set out in the financial statements of Cardpoint plc for the year ended 30 September 2002, which have remained unchanged for the financial year ended 30 September 2003. The financial information in this document does not constitute the company's statutory accounts for the year ended 30 September 2003 or 2002, but is derived from those accounts. Statutory accounts for 2002 have been delivered to the Registrar of Companies and those for 2003 will be delivered following the company's Annual General Meeting. The auditors have reported on these accounts; their reports were unqualified and did not contain statements under sections 237(2) or (3) of the Companies Act 1985. 2 (Loss)/earnings per ordinary share Basic loss per ordinary share and adjusted earnings per ordinary share (before amortisation of goodwill) are calculated as follows: 2003 2002 Weighted Weighted average (Loss)/ average ordinary earnings ordinary Loss per (Loss) / shares in per ordinary shares in ordinary profit issue share Loss issue share #000 '000 Pence #000 '000 Pence Basic loss per share (608) 24,321 (2.50) (757) 14,047 (5.39) Amortisation of goodwill 658 - - - - - Adjusted earnings per share 50 24,321 0.21 (757) 14,047 (5.39) The share options are anti-dilutive in respect of the basic earnings per share calculation. A diluted adjusted earnings per share has been calculated for 2003 as follows: 2003 Weighted average Earnings ordinary per shares in ordinary Profit issue share #000 000 Pence Adjusted earnings per share 50 24,321 0.21 Dilutive effect of share options - 1,587 - 50 25,908 0.19 3. Acquisitions The acquisitions of the group in the year were as follows: On 2 October 2002 the group acquired the business and assets of ATM Express Limited, trading as Green Machine, for a total consideration of #1,258,000. The consideration was satisfied by the issue of 1,147,886 shares at a value of #407,000 and cash of #851,000. On 20 June 2003 the group acquired the entire issued share capital of Securicor Cash Machine Limited for an initial cash consideration of #5,000,000. Further consideration will be payable up to a maximum of #4,200,000 contingent upon the achievement of certain performance targets. The directors have provided for deferred and contingent consideration of #2,000,000 based on the performance of the business in the year ended 30 September 2003 and the budgeted performance for the year ending 30 September 2004, of which #350,000 had been paid at 30 September 2003. On 1 July 2003 the group acquired the entire issued share capital of PT Distribution Limited for a consideration of #1,546,000 satisfied in cash. All acquisitions have been accounted for using the acquisition method of accounting, and goodwill arising on consolidation has been capitalised and will be amortised over a period of 5 years. The following table sets out the book values of the identifiable assets and liabilities acquired and their fair value to the group: Securicor Cash PT Green Machine Distribution Machine Limited Limited Total #000 #000 #000 #000 Tangible fixed assets 680 1,787 251 2,718 Stocks - 1,787 4 1,791 Debtors - 662 2,229 2,891 Cash at bank and in hand - - 1,097 1,097 Creditors - (1,205) (3,781) (4,986) Net assets/(liabilities) acquired 680 3,031 (200) 3,511 Fair value adjustments - (4,618) - (4,618) Fair value to the group 680 (1,587) (200) (1,107) Purchased goodwill capitalised 690 8,787 1,869 11,346 1,370 7,200 1,669 10,239 Satisfied by: Cash 851 5,000 1,546 7,397 Issue of shares 407 - - 407 Deferred and/ contingent consideration - 2,000 - 2,000 Acquisition costs 112 200 123 435 1,370 7,200 1,669 10,239 The fair value adjustments made in respect of Securicor Cash Machine Limited are summarised as follows: #000 Write-down of tangible fixed assets to depreciated replacement cost (982) Write-down of stocks (un-installed ATM's) to replacement cost (799) Provision against onerous leasing contracts (2,732) Provision against other onerous contracts (63) Accrued pre-acquisition expenses (42) (4,618) The loss after taxation of Green Machine for the period from 1 January 2002, the beginning of the financial year to 2 October 2002, the date of acquisition, was #900,000. The loss after taxation for the 11 month period ended 31 December 2001 was #1,275,000. The profit after taxation of Securicor Cash Machine Limited for the period from 1 October 2002, the beginning of the financial year to 20 June, 2003, the date of acquisition, was #3,155,000. The loss after taxation for the year ended 30 September 2002 was #694,000. The loss after taxation of PT Distribution Limited for the period from 1 January 2003, the beginning of the financial year to 1 July 2003, the date of acquisition, was #54,000. The profit after taxation for the year ended 31 December 2002 was #1,233,000. The businesses acquired during the year made the following contributions to, and utilisations of, group cash flow. 2003 #000 Net cash inflow from operating activities 1,997 Returns on investments and servicing of finance 14 Increase in cash 2,011 Analysis of net outflow of cash in respect of the acquisitions was as follows: 2003 #000 Initial cash consideration (7,397) Contingent consideration paid (350) Acquisition costs (435) (8,182) Net cash acquired with subsidiaries 1,097 Net cash outflow from acquisitions (7,085) 4 Share premium account and reserves Group Share premium Merger Profit and account reserve loss account #000 #000 #000 At 1 October 2002 2,480 354 (2,261) Retained loss for the financial year - - (608) Issue of shares 6,208 - - Share issue expenses (865) - - At 30 September 2003 7,823 354 (2,869) 5 Reconciliation of operating loss to net cash inflow/(outflow) from operating activities 2003 2002 #000 #000 Operating loss (488) (659) Depreciation 1,126 417 Loss on disposal of fixed assets 3 - Amortisation of goodwill 658 - Decrease/(increase) in stocks 121 (9) Increase in debtors (1,124) (32) Increase in creditors 3,412 217 Net cash inflow/(outflow) from operating activities 3,708 (66) 6 Reconciliation of net cash flow to movement in net funds 2003 2002 #000 #000 Increase in cash in the year 3,310 389 Cash outflow from finance leases 298 265 Receipts from borrowings (3,500) - Change in net funds resulting from cash flows 108 654 Inception of finance leases - (136) Movement in net funds/(debt) in the year 108 518 Opening net funds/(debt) 232 (286) Closing net funds 340 232 7. Copies of the preliminary announcement are available from the company's head office at The Old Fire Station, 55 Hove Road, Lytham St. Annes, Lancashire, FY8 1XH. The Annual Report and Accounts for the year ended 30 September 2003 will be posted to shareholders on or about 30 November 2003. - Ends - This information is provided by RNS The company news service from the London Stock Exchange END FR DBBDBBDBGGXC
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