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L&G E Fund MSCI China A UCITS ETF | TG:CASH | Tradegate | Exchange Traded Fund |
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RNS Number:6575L Cardpoint PLC 29 May 2003 29 May 2003 Cardpoint plc Interim Results for the six months ended 31 March 2003 Cardpoint plc, the first UK quoted independent ATM deployer, reports its Interim Results for the six months ended 31 March 2003. Highlights - Turnover more than doubled to #2.94m (2002: #1.14m). - Reduced operating costs and trend set to continue. - Strong organic growth and robust pipeline for new installations. - Green Machine, acquired in October 2002, now fully integrated and performance of acquired estate greatly improved - Acquisition of Securicor Cash Machine Limited, wholly owned subsidiary of Securicor plc, announced today for a maximum consideration of #9.2 million. Commenting on the Interim Results, Mark Mills, Chief Executive, said: "The Company has made tremendous progress in the last six months. Green Machine, which was acquired in October, is now fully integrated and is performing ahead of expectations. The acquisition also enabled the Company to review all its supplier agreements culminating in reduced operating costs. "The acquisition of Securicor Cash Machine Limited for a maximum consideration of #9.2 million, will give Cardpoint critical mass and will substantially impact on the Company's organic growth prospects. Furthermore it will give the Company a faster route to profitability as well as making Cardpoint the third largest independent ATM deployer in the UK." For further information, please contact: Enquiries: Mark Mills, Chief Executive Officer Cardpoint plc Tel: +44 (0) 1253 785 808 mark.mills@cardpointplc.com www.cardpointplc.com Mike Brennan / Henry Turcan Evolution Beeson Gregory Limited Tel: +44 (0) 20 7488 4040 Henry.turcan@evbg.com www.evbg.com Media enquiries: Ariane Vacher / Julian Bosdet Tel: +44 (0) 20 7444 4140 Bankside Consultants Limited ariane.vacher@bankside.com www.bankside.com Chairman's Statement The six months to 31 March 2003 has seen the Company continue to grow at a rapid pace with a total of 450 installed ATMs at the period end. In addition, Cardpoint has today announced that it has conditionally agreed to acquire the entire issued share capital of Securicor Cash Machine Limited for a maximum cash consideration of #9.2 million. Turnover in the period has increased to #2.94 million, an increase of over 157 per cent. Compared with the six months ended 31 March 2002 while the pre tax loss of #438,000 (2002: #244,000) was in line with expectations. The installed base of 450 ATMs at 31 March 2003 compares to 175 at 31 March 2002 and 401 at 31 December 2002, an increase of 157 per cent. and 12 per cent respectively. A result of such rapid expansion is an increase in the number of immature ATMs. Despite the relative lack of maturity of the ATM estate the Company has been able to largely offset the expected reduction in average number of transactions per ATM, 3,531 compared with 3,829 in the previous quarter, by continually increasing the fee per cash withdrawal which averaged 158p in the quarter to 31 March 2003 compared with 143p in the corresponding period in 2002. In October 2002 the business and assets of Green Machine, comprising 85 installed ATMs and further stock of 20, was acquired for #1.29 million. As I announced in my statement at the AGM, its integration into the Group has been successfully completed and it has delivered all of the benefits identified at the time of its acquisition. The average fee per cash withdrawal has been increased from #1.33 to #1.73 whilst at the same time the number of transactions has been increased thereby significantly increasing the revenue per ATM. The proposed acquisition of Securicor Cash Machine Limited will add a further 1232 installed ATMs with additional stock of 333 ATMs. In addition the Company will, on completion of the acquisition, enter into an outsourcing arrangement with Securicor plc for it to provide much of the day to day management of the ATM estate including ATM installation, cash reconciliation, first line maintenance and hardware maintenance. The deal represents a significant step in the Group's development and one which the Directors believe, when combined with the benefits of the outsourcing arrangements, will accelerate the Company's positive cash flow generation and be significantly earnings enhancing. Full details of the proposed acquisition and its anticipated effect on the Company are set out in the explanatory circular which has been sent to shareholders today for the purpose of seeking their approval for the acquisition at the extraordinary general meeting of the Company which has been convened for 20 June 2003. The strategy remains focused on maximising the revenue per ATM across the estate. In December the Company signed agreements to provide mobile top-ups to Vodafone and mmO2 pre-pay customers via its ATMs which the Board believes could add incremental revenue in the future without cannibalising our core service of providing cash at convenient locations. Cardpoint's small team has risen to every challenge and opportunity presented by the rapid growth of the Company. The Company currently provides a transaction on average just under every five seconds and in April a record amount of over #15.5 million was dispensed by our ATMs. With the pipeline of potential new installations as robust as ever, the opportunity presented by the acquisition of Securicor Cash Machine Limited and the dedication of Cardpoint's employees, the future of the Company is extremely promising. Peter Smyth Chairman 29 May, 2003 Consolidated Profit and Loss Account For the 6 months ended 31 March 2003 Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 31 March 31 March 30 September 2003 2002 2002 Notes #'000 #'000 #'000 Turnover Continuing operations 2,309 1,140 3,104 Acquisitions 627 - - 2,936 1,140 3,104 Cost of sales (2,487) (950) (2,728) Gross profit 449 190 376 Administrative expenses Amortisation of goodwill (58) - - Other (769) (373) (1,035) Total administrative expenses (827) (373) (1,035) Operating (loss)/profit Continuing operations (436) (183) (659) Acquisitions 58 - - (378) (183) (659) Interest payable and similar charges (60) (61) (98) Loss on ordinary activities before taxation (438) (244) (757) Taxation on loss on ordinary activities 3 - - - Loss for the financial period (438) (244) (757) Loss per ordinary share Basic and diluted 4 (2.06)p (2.06)p (5.39)p Adjusted basic and diluted 4 (1.79)p (2.06)p (5.39)p There were no recognised gains and losses other than those shown in the profit and loss account. Consolidated Balance Sheet As at 31 March 2003 Unaudited Unaudited Audited As at As at As at 31 March 31 March 30 September 2003 2002 2002 Notes #'000 #'000 #'000 Fixed assets Tangible assets 3,558 1,422 2,856 Intangible assets 632 - - 4,190 1,422 2,856 Current assets Stocks 6 11 14 Debtors 346 290 155 Cash at bank and in hand 858 120 745 1,210 421 914 Creditors: amounts falling due within one year (1,897) (1,354) (2,054) Net current liabilities (687) (933) (1,140) Total assets less current liabilities 3,503 489 1,716 Creditors: amounts falling due after more than (1,609) (352) (216) one year Net assets 1,894 137 1,500 Called up share capital 6 1,063 632 927 Share premium account 6 3,176 898 2,480 Merger reserve 6 354 354 354 Profit and loss account 6 (2,699) (1,747) (2,261) Equity shareholders' funds 1,894 137 1,500 Consolidated Cash Flow Statement For the 6 months ended 31 March 2003 Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 31 March 31 March 30 September 2003 2002 2002 Notes #'000 #'000 #'000 Net cash inflow/(outflow) from operating 7 292 (21) (66) activities Returns on investments and servicing of finance Interest (paid)/ received (24) - 19 Finance lease interest paid (36) (61) (117) Cash outflow from returns on investments and (60) (61) (98) servicing of finance Capital expenditure and financial Investment Purchase of tangible fixed assets (977) (193) (1,312) Purchase of business (998) - - Proceeds from disposal of tangible fixed 53 - 2 assets Net cash outflow from capital expenditure (1,922) (193) (1,310) and financial investment Net cash outflow before financing (1,690) (275) (1,474) Financing Issue of share capital (net of issue costs) 460 167 2,128 Receipts from borrowing 8 1,500 - - Capital element of finance lease rentals 8 (157) (128) (265) Net cash inflow from financing 1,803 39 1,863 Increase /(decrease) in cash in the period 113 (236) 389 NOTES TO THE INTERIM FINANCIAL INFORMATION 1. Interim financial information The interim financial information covers the period from 1 October 2002 to 31 March 2003, is unaudited and does not constitute statutory financial statements. The figures for the year ended 30 September 2002 have been extracted from the audited financial statements of Roundhead plc. The financial statements for the year ended 30 September 2002 received an unqualified audit report and have been filed with the Registrar of Companies. 2. Principal accounting policies The interim financial information has been prepared on the same basis and using the same accounting policies as used in the full set of financial statements for the year ended 30 September 2002. 3. Taxation on loss on ordinary activities There is no corporation tax charge for the period (2002: #nil) due to the losses incurred. Trading losses of approximately #3.2 million (2002: #2.1 million) are available to carry forward and offset against future trading profits. 4. Loss per ordinary share The basic and fully diluted loss per ordinary share is calculated by dividing the loss for the period after tax of #438,000 (2002: #244,000) by the weighted average number of ordinary shares in issue during the period of 21,223,030 (2002: 11,826,690). The adjusted loss per ordinary share is calculated by reducing the loss for the period by the goodwill amortisation of #58,000 (2002: #nil). The share options in issue are anti-dilutive. 5. Acquisition On 2 October 2002 the Company acquired the business and assets of ATM Express Limited, trading as Green Machine, for a maximum potential consideration of #1,291,500. Payment for Green Machine is being made in two stages, an initial consideration of #1,191,500, of which #819,000 was paid in cash and #372,500 by the allotment of 1,049,295 Ordinary Shares, and a deferred consideration of #100,000, of which #50,000 is payable in cash and the balance by the allotment of 140,845 ordinary shares, six months after completion provided certain site installation criteria are met. Goodwill arising on the acquisition of #690,000 has been capitalised, and is being amortised over a period of 5 years. 6. Reserves Unaudited Share Unaudited Share Unaudited Merger Unaudited Profit capital #'000 Premium #'000 Reserve #'000 and loss account #'000 At 1 October 2002 927 2,480 354 (2,261) Issue of shares 136 736 - - Share issue expenses - (40) - - Loss for the financial period - - - (438) At 31 March 2003 1,063 3,176 354 (2,699) 7. Reconciliation of operating loss to net cash inflow/(outflow) from operating activities Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 31 March 31 March 30 September 2003 2002 2002 #'000 #'000 #'000 Operating loss (378) (183) (659) Depreciation and amortisation 488 172 417 Loss on disposal of fixed assets 10 - - Decrease/(increase) in stocks 8 (5) (9) Increase in debtors (191) (82) (32) Increase in creditors 355 77 217 Net cash inflow/(outflow) from operating activities 292 (21) (66) 8. Analysis of change in net funds/(debt) At At 1 October 31 March 2002 Cash flow 2003 #'000 #'000 #'000 Cash in hand and at bank 745 113 858 Obligations under finance leases (513) 157 (356) Bank loans - (1,500) (1,500) Net funds/(debt) 232 (1,230) (998) 9. Interim Report This Interim Report was approved by the Directors on 29 May 2003. A copy of the Interim Report will be available from the Company's registered office at St James's Court, Brown Street, Manchester M2 2JF. - Ends - This information is provided by RNS The company news service from the London Stock Exchange END IR PUURUAUPWGBR
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