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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| CyberArk Software Ltd | TG:CYB | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -21.80 | -6.50% | 313.50 | 311.50 | 315.40 | 338.80 | 313.40 | 334.90 | 569 | 22:50:10 |
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RNS Number:4285T
Cyberes PLC
18 December 2003
Cyberes Plc
Preliminary Results for the year ended 30th September 2003
(Unaudited)
Highlights
* Gross booked revenue up 11.5% at #20.47m (#18.35m: 2002)
* Turnover up 21% at #14.6m (#12.03m: 2002)
* Gross margin improvement to 5.67% (5.54%: 2002)
* Net loss reduced by 41% to #1.16 million (#1.96m: 2002)
* Loss for the second half of the year was down 17% against the first half
loss
* Announced today proposed acquisition of Corporate Travel Holdings Limited
* Cyberes booking system (CBS) has been completed and is being rolled out to
fulfil the Sabre contract
Ian McNeill, Chairman of Cyberes commented:
'Cyberes has made successful progress this year against a travel market backdrop
that has been very uncertain.
'While our travel services business has achieved substantial reductions in
losses, it has not seen the level of organic growth that we would need to break
through to profitability in an acceptable timeframe.
'We are therefore delighted to announce today under a separate release our
intention to acquire Corporate Travel Holdings (CTH) which will substantially
increase the size of our travel services division, providing the opportunity to
generate the levels of margin associated with scale. The Board expects that
following completion of the acquisition the Group will become cash flow positive
in the second half of the year ending 30 September 2004.
'On the technology side, the finalisation of the new version of the Cyberes
Booking System was completed on 1 November 2003 and there have been positive
early signs that the technology will be successfully rolled out to new licencees
in the next financial year. We anticipate that this division will make a
substantial contribution in licence revenues just from rolling-out the system to
350 users across the UK and Scandinavia under the Company's existing agreement
with Sabre.'
Chairman's Statement
Overview
Cyberes has achieved some significant successes this year. Turnover grew by 21%
to #14.6m and net losses were reduced by 41% to #1.16m against the 2002
performance, all against a backdrop of continuing uncertainty in the travel
sector.
In response to the great instability in the travel market as a result of the
Iraqi war, terrorist bombings in Bali, Nairobi and Saudi Arabia and the effects
of the SARS virus in Asia, management acted to cut overhead costs. These were
reduced by 26% to counteract the more irregular turnover patterns.
The development of the Cyberes Booking System, CBS, has resulted in additional
expenditure in the year which will be written down over the useful life of the
product. While we do not expect the level of cash outflows experienced in the
year under review to continue, we will continue to develop and enhance the CBS
facilities to maintain its position as a leading-edge travel services booking
engine.
Operations
Cyberes Travel Services
Travel services has continued to grow the volume of business it receives from
its customer base of Independent Travel Agents (ITAs). We have striven to
increase the average spend per customer by 20% towards our target of #10,000 per
month, by focusing on key customers by category. The introduction of our
customer-based ticketing facilities has been of significant benefit to many of
our ITA customers.
The breadth of content and product offering has continued to grow. Flight
agreements now exist with over 55 airlines and we have introduced further
enriched content through the year including ferry, and low cost hotel
reservations. While the board is pleased that ITAs continued to utilise a
broader product range through the system more frequently, it is imperative that
Cyberes continues to deliver double digit organic growth. To support this we
have significantly added to the sales operation of Cyberes Travel Services with
the recruitment of Dianne Court, from our number one competitor Gold Medal
Travel.
Our promotional activities have raised the profile of Cyberes so that the
Company is recognised as an important player in the flight consolidation market
despite not yet reaching the top ten by volume.
Cyberes Technology Services
The focus for this year has been the development of Version 6 of the Cyberes
Booking System (CBS), which was launched last month. We are now in the process
of rolling out CBS to Cyberes Travel Services customers and our confident that
it offers significant advantages over our existing products and over the
competition.
In addition, we are targeting sales of CBS under a licence agreement to a group
of 350 potential users through our marketing agreement with Sabre. Of these
potential users, 120 are in the UK with the balance in Scandinavia.
Financial Review
Financially, we continue to strengthen our systems and control on expenditure
and working capital management. In the period of review we have reduced overhead
expenditure by 26% and will continue to scrutinise all expenditure while
focusing on reducing costs associated with the current technology
infrastructure.
On working capital we have improved our cash collection cycle to 11 days and we
have used this efficiency to move to twice monthly payments to the airlines so
as to reduce our bonding costs.
We see the forthcoming integration of Corporate Travel Holdings, CTH, as a
fundamental part of our activity for the year ahead and will endeavour to
implement our controls and back office processing throughout the combined group
while always looking to reduce costs overall.
Outlook
The outlook for Cyberes is directly affected by the acquisition that we have
separately announced. With the addition of CTH, the enlarged Cyberes group will
increase its scale three times and the Directors expect that it will become cash
positive during the second half of the year ending 30 September 2004.
The Directors are confident that CTH's innovative multi-channel approach to
sales and marketing, and the back office automation and low cost travel product
distribution from Cyberes, will mean that combined resources can be concentrated
in specialist areas.
Unaudited Consolidated Profit and Loss Account
For the year ended 30 September 2003
Year ended Year ended
30 September 2003 30 September 2002
#'000 #'000
Gross booked revenue 20,468 18,351
---------- ----------
Turnover 14,602 12,028
Cost of sales (13,775) (11,362)
---------- ----------
Gross profit 827 666
Administrative expenses (2,039) (2,680)
---------- ----------
Group operating loss (1,212) (2,014)
Net interest receivable 54 53
---------- ----------
Loss on ordinary activities before taxation (1,158) (1,961)
Taxation - -
---------- ----------
Retained loss for the period transferred to reserves
(1,158) (1,961)
Basic and diluted loss per share (4.13)p (9.37)p
The directors consider that all results derive from continuing operations.
Unaudited Consolidated Balance Sheet
As at 30 September 2003
30 September 2003 30 September 2002
#'000 #'000
Fixed assets
Intangible assets 677 256
Tangible assets 97 180
Investment in Joint Ventures 20 -
---------- ----------
794 436
Current assets
Debtors 680 594
Cash at bank and in hand 1,582 3,521
---------- ----------
2,262 4,115
Creditors: amounts falling due within one year (1,755) (2,029)
---------- ----------
Net current assets 507 2,086
Total assets less current liabilities 1,301 2,522
Creditors: amounts falling due after more than (677) (740)
one year
---------- ----------
Net assets 624 1,782
Capital and reserves
Called up share capital 2,911 2,911
Share premium account 3,840 3,840
Profit and loss account (6,127) (4,969)
---------- ----------
Shareholders' funds 624 1,782
Unaudited Consolidated Cash Flow Statement
For the year ended 30 September 2003
Year ended Year ended
30 September 2003 30 September 2002
#'000 #'000
Net cash out flow from operating activities (1,448) (46)
---------- ----------
Returns on investments and servicing of finance
Interest received 74 62
Interest paid (20) (9)
---------- ----------
54 53
Capital expenditure
Purchase of intangible fixed assets (473) (109)
Purchase of tangible fixed assets (52) (55)
Investment In Joint Ventures (20)
---------- ----------
(545) (164)
Net cash outflow before financing (1,939) (157)
---------- ----------
Financing
Issue of shares (net of issue costs) - 1,278
---------- ----------
(Decrease)/Increase in cash (1,939) 1,121
This information is provided by RNS
The company news service from the London Stock Exchange
END
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