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RNS Number:6135H
Dicom Group PLC
18 February 2003
DICOM Group plc
2nd Quarter Results FY 2003 - Interim Results, Six Months to 31 December 2002
Record Turnover, PTP, EPS and Dividend
DICOM Group plc ("DICOM Group"), a global leader in the Electronic Document
Capture ("EDC") market, a fast growing segment of the Office Automation software
industry, announces record results for the six months to 31 December 2002
despite continuing adverse trading conditions in the IT sector.
Good levels of growth and increased market share have been achieved by DICOM
Group, operating as a product developer, sales and service supplier in Europe,
the United States, South East Asia and Australia.
Highlights of the Interim Results (all financials are stated in UK GAAP):
Financial
* Turnover up 6% to #80.3m (2002: #75.6m)
* Turnover growth of 10% in local currency terms in higher margin core
EDC Division contributing 71% (2002: 69%) of total revenues
* Turnover grew in local currency terms by 22% and 8% in services and
own products respectively
* Operating profits before goodwill amortisation (EBITA) up 12% to #6.1m
(2002: #5.5m), in local currency terms up 17%
* EBITA at EDC Division up 26% in local currency terms, contributing 84%
(2002: 80%) of total EBITA
* Pre-tax profits up 10% to #4.6m (2002: #4.2m)
* Earnings per share adjusted for goodwill amortisation up 17% to 20.3p
(2002: 17.4p)
* Adjusted EPS in local currency terms grew 22%
* Interim dividend up 15% to 1.61p (2002: 1.4p)
* Operating activities generated positive cash flow of #6.6m (2002:
#4.6m)
Other highlights
* Acquisition of ScanOptic GmbH, October 2002, enhances EDC exposure and
presence in Germany
* Expansion into Electronic Forms market through OEM agreement with
Cardiff Software Inc.
* First VirtualReScan(R) integration with Kodak Perfect Page scanner
* Disposal of Austrian subsidiary Elsat, which represented 28% of SGA
turnover, in October 2002
* Swiss-based SGA business achieved good results and traded in line with
expectations
* Increased market share for Ascent Capture product line; 38,000
licenses sold to date (2002: 27,000)
Commenting, Arnold von Buren, Chief Executive Officer of DICOM Group said:
"The global IT market continues to be challenging as corporate IT spending on
software and services remains under close scrutiny, particularly at a time of
growing political and economic uncertainty. Despite this difficult backdrop we
have continued to gain market share in all major product lines and territories.
We attribute this to our modular product architecture and unrivaled global
distribution channel, which both allows rapid adoption and integration of our
products and an inexpensive route to the end-user market."
Regarding prospects, Otto Schmid, Chairman of DICOM Group said:
"The Group is well positioned in its core EDC market, which continues to show
good growth prospects in contrast to the difficult general trading conditions
for the overall software and hardware market at a time of growing political and
economic uncertainty. We continue to see rising demand for our EDC products and
services on a global scale. Despite the current weakness of the US dollar, which
reduces the reported sterling value of our US operating profits, the EDC
Division's current trading performance enables the Directors to view the Group's
outlook with optimism."
About DICOM Group plc
DICOM Group plc ("DICOM Group") is the global leader in the Electronic Document
Capture ("EDC") market, a fast growing segment of the Office Automation
industry. EDC improves the performance of many business applications such as
document and content management and converts non-digital and digital documents
into structured data streams. Its implementation allows substantial increases in
office efficiency and offers high returns on investment.
DICOM Group's core competence is consulting, development and provision of EDC
products and services. More than 10,000 organisations world-wide have
implemented DICOM Group developed products, supported by 800 employees in 25
countries in Europe, the US, South East Asia and Australia.
US-based Kofax Image Products, DICOM Group's software development centre,
designs solutions to manage the capture of large volumes of data and documents
and substantially improve document capture speed. The Ascent Capture product
platform captures scanned document images, text, forms, industry-standard XML
data and Microsoft Office(R) documents. Web-based components and server products
enable organisations to capture information wherever it enters the organisation
- eliminating shipping costs and accelerating access to that information. Its
patented and industry award-winning VirtualReScan (VRS) technology improves
document image quality and the scanning process in real time.
DICOM Group's European and Asian sales and service organisation offers a broad
range of services and complementary third party EDC products. Its network of
pre-sales, after-sales and consulting organisation addresses the increasing
demand for internationally deployed EDC solutions, project management and
professional support.
The Group's Samsung General Agency (SGA) Division focuses on multimedia
visualisation products for the IT, POI and Entertainment market in Switzerland.
It operates as sole agency of Samsung's high performance flat screen display.
DICOM Group plc Binns & Co Public Relations Ltd
Christoph Loslein Executive Director Peter Binns
Dr. Bettina Moschner Investor Relations Manager Paul McManus
Tel: +44 (0) 800 6520 616 or
+49 (0) 761 45269 36
Fax: +44 (0) 1189 820 102 Tel : +44 (0) 20 7786 9600
+49 (0) 761 45269 936 Mob: +44 (0) 7980 541 893
E-mail: christoph_loeslein@dicomgroup.com paul.mcmanus@binnspr.co.uk
bettina_moschner@dicomgroup.com
Internet: http://www.dicomgroup.com http://www.binnspr.com
CHAIRMAN'S STATEMENT
RESULTS
I am very pleased to report a record set of results in contrast to the
continuing adverse trading conditions in the IT sector. Group turnover for the
six months to 31 December 2002 was up 6% to #80.3m (2002: #75.6m). Acquisitions
contributed 4% of turnover growth. Operating profit of #4.8m (2002: #4.4m)
increased by 8%. Operating profit before goodwill amortisation (EBITA) increased
by 12% to #6.1m (2002: #5.5m). Growth of EBITA in local currency terms was 17%.
Profit before tax was #4.6m (2002: #4.2m), an increase of 10% compared to the
equivalent period in the previous year. After tax and minority interests basic
earnings per share is calculated at 13.8p (2002: 12.3p), up 12%. Adjusted
earnings per share, earnings being adjusted for goodwill amortisation, rose 17%
to 20.3p (2002: 17.4p). Adjusted EPS in local currency terms was up by 22%.
The first six months proved to be successful for DICOM Group's core Electronic
Document Capture (EDC) Division as it further expanded and improved its role as
industry leader by developing and providing its own products and services.
However, the recent weakness of the US dollar has adversely affected the
reported sterling results of our US operations where over half the Group's
operating profits are generated.
The Samsung General Agency (SGA) Division, which following the disposal of its
Austrian part continues to operate in Switzerland, was able to achieve good
results both on turnover and operating profit level.
FINANCIAL POSITION
DICOM Group generated cash flow from operations of #6.6m and ended the period
with net cash of #0.7m (net cash of #3.8m at 30 June 2002).
OPERATING REVIEW
Electronic Document Capture (EDC), DICOM Group's largest division, accounted for
71% (2002: 69%) of total turnover and 84% (2002: 80%) of total operating profits
before goodwill amortisation in the first six months to 31 December 2002. It
develops software and electronic components, provides consulting and integration
services and sells key related products to over 1,000 system integrators and
software houses world-wide. The implementation of EDC technology allows document
intensive organisations to reduce business transaction costs substantially,
improve customer service and hence achieve high returns on investment. The
continuing success of the Division is due to attractive cost savings potential
related to the implementation of EDC technology and because DICOM Group's
products are in a price range unaffected by the massive cut backs in IT
spending.
EDC achieved organic sales growth in local currency terms of 4%; acquisitions
contributed an additional 6% in turnover. Ascent Capture and VRS continued to
enjoy growing demand. DICOM Group's own product sales grew by 8% in local
currency terms and now account for 33% of EDC sales. Service income was up by
22% in local currency terms, contributing 18% to EDC sales. Operating profit
before goodwill amortisation contributed by the EDC Division increased to #5.1m,
up 18% and in local currency terms 26%.
The Ascent product family continues to grow through its broad adoption by the
world's leading system integrators and software houses. Major international
enterprises now use Ascent Capture as their "Operating System of Capture". At
the beginning of the period DICOM Group was able to announce a number of new
contracts with blue chip clients, notably a contract worth US$ 700,000 from
Raymond James, the US investment bank. Other sizable contracts gained during the
period under review include European projects at Hertz UK, Halifax Bank, the
Ministry of Justice in the Netherlands and the Italian Post. As a result, the
number of Ascent Capture software licenses sold to date has increased
significantly to over 38,000
(31 December 2002: 27,000).
The launch of Ascent Ricochet on 25 June 2002 now brings the benefits of Ascent
Capture to anyone with access to a Web browser and a digital scanner or
multi-functional peripheral. Furthermore DICOM Group signed a licensing
agreement with US based Cardiff Software Inc. (in which DICOM Group has a 19%
shareholding) to integrate a version of Cardiff LiquidOfficeTM into Ascent
Capture in October 2002. The new product, LiquidOffice Data Collection Edition,
is an Electronic Forms ("eForms") application, which extends DICOM Group's
e-capture capabilities by enabling customers to capture and process information
from online forms.
Our award winning VirtualReScan (VRS) product line, which optimises both image
quality and the scan process, continues to do well. In December 2002 we
announced the integration of VRS with Kodak's recently launched i200 Series
scanners. This collaboration was driven by customer demands to bring both
products together in a single solution and is the first integration of VRS with
a Kodak Perfect Page scanner as well as being the first time that VRS products
will be sold and marketed through a joint promotion exercise with Kodak.
DICOM Group's European sales and services organisation showed growth during the
reporting period. All major DICOM Europe subsidiaries were able to report
improved market share and an increased level of recurring service business. In
order to complete our European coverage we decided to expand with an operation
into Portugal in late 2002 and to extend our existing subsidiary in Poland
through a minor bolt on acquisition.
DICOM Group continued to significantly increase its investment into development
of application software and algorithms. R&D spending amounted to #3.6m,
representing 19% of DICOM Group developed product turnover.
The Samsung General Agency (SGA) contributed 29% (2002: 31%) to DICOM Group
turnover and 16% (2002: 20%) to operating profits before goodwill amortisation.
The division continued to be a distributor of Samsung flat-panel displays. These
results include 3 months of business of Elsat, which was disposed of in October
2002. Growth in local currency terms of the Swiss SGA Division was 11%.
ACQUISITIONS AND DIVESTMENTS
On 15 October 2002 DICOM Group announced that it had sold its wholly-owned
Austrian-based SGA subsidiary, Elsat International Computervertriebsges.m.b.H.
("Elsat") to a strategic investor. The disposal, representing approximately 28%
of DICOM Group's existing SGA business, is in line with DICOM Group's strategy
to focus on its core EDC Division.
The total consideration for Elsat was Euro3.45m (#2.2m) in cash, of which Euro2.0m
(#1.3m) has been paid with the balance being due in three further instalments
before 31 December 2004. In the financial year to 30 June 2002 Elsat made sales
of Euro20.9m (#13.2m) and profit before tax of Euro383,000 (#242,000). Net assets at
the date of disposal were Euro1.3m (#0.8m) in accordance with UK GAAP. The net gain
of the disposal was recorded as a reduction in operating expenses, amounting to
#170,000. The proceeds from the disposal of Elsat will be used to develop DICOM
Group's core EDC business.
On 1 November 2002 the Group announced that it had acquired ScanOptic GmbH ("
ScanOptic"), a leading specialist provider of EDC products and services in the
German, Swiss and Benelux markets. Under the terms of the acquisition, DICOM
Group purchased 100% of the equity of ScanOptic including its majority stakes in
ScanOptic's subsidiaries in Switzerland and the Netherlands, where it now holds
100% and 51% respectively. The fixed consideration was agreed at Euro3m (#1.9m)
paid in cash. ScanOptic had sales of Euro11.2m (#7.0m) in the financial year to 31
December 2001 and profit before tax of Euro562,000 (#350,000).
The integration of ScanOptic is progressing well. After a few months this
acquisition has substantially strengthened our leading market position in the
German EDC market.
STAFF
Group staff numbers grew slightly to 806 (30 June 2002: 773), primarily as a
result of the ScanOptic acquisition. Our future prosperity is largely dependent
on the ability, energy and loyalty of our staff, whose specialist knowledge,
training and experience is key to the successful provision of the Group's
value-added services and products. Staff turnover remained at low levels and we
continue to attract high calibre people around the world.
DIVIDEND
The board declared an interim dividend of 1.61p per Ordinary Share (2002:
1.40p). This will be paid on 2 May 2003 to shareholders on the register on 4
April 2003.
PROSPECTS
The Group is well positioned in its core EDC market, which continues to show
good growth prospects in contrast to the difficult general trading conditions
for the overall software and hardware market at a time of growing political and
economic uncertainty. We continue to see rising demand for our EDC products and
services on a global scale. Despite the current weakness of the US dollar, which
reduces the reported sterling value of our US operating profits, the EDC
Division's current trading performance enables the Directors to view the Group's
outlook with optimism.
Otto Schmid
Chairman
18 February 2003
DICOM Group plc
Preliminary Announcement of Unaudited Results
Consolidated Profit and Loss Account (UK GAAP)
6 months 6 months Year
to to to
31 December 31 December 30 June
2002 2001 2002
unaudited unaudited audited
Note #'000 #'000 #'000
Turnover 80,338 75,622 149,527
Cost of sales (51,285) (48,831) (95,158)
Gross profit 29,053 26,791 54,369
Operating expenses
Goodwill amortisation (1,325) (1,031) (2,058)
Exceptional item - - (5,237)
Other (22,940) (21,313) (43,107)
Total operating expenses (24,265) (22,344) (50,402)
Operating profit before goodwill
amortisation and exceptional items 5 6,113 5,478 11,262
Goodwill amortisation (1,325) (1,031) (2,058)
Exceptional items - - (5,237)
Operating profit 4,788 4,447 3,967
Share of results of associated (95) (89) (288)
undertakings
Net interest payable and similar (65) (142) (158)
charges
Profit on ordinary activities before 4,628 4,216 3,521
taxation
Taxation (1,785) (1,574) (2,780)
Profit on ordinary activities after 2,843 2,642 741
taxation
Minority interests 33 (79) (8)
Profit attributable to ordinary 2,876 2,563 733
shareholders
Dividends - equity (332) (289) (870)
Retained profit/(loss) 2,544 2,274 (137)
Earnings per ordinary share 2
- basic 13.8p 12.3p 3.5p
- adjusted 20.3p 17.4p 36.9p
- diluted 13.7p 12.3p 3.5p
Dividend per ordinary share 1.61p 1.40p 4.2p
Statement of total recognised gains
and losses
Profit for financial year 2,876 2,563 733
(Loss)/gain on currency translation (454) 517 596
Total recognised gains and losses
relating to the year 2,422 3,080 1,329
Prior year adjustment - - 1,030
Total gains and losses recognised
since last annual report 2,422 3,080 2,359
DICOM Group plc
Preliminary Announcement of Unaudited Results
Consolidated Balance Sheet (UK GAAP)
At At At
31 December 31 December 30 June
2002 2001 2002
unaudited unaudited audited
Note #'000 #'000 #'000
Fixed assets
Intangible assets 40,435 34,703 35,186
Tangible assets 4,919 4,584 4,716
Investments 9,934 11,530 10,428
55,288 50,817 50,330
Current assets
Stocks 12,234 10,520 11,438
Debtors 38,703 40,511 33,965
Investments 84 194 254
Cash at bank and in hand 10,033 4,797 7,265
61,054 56,022 52,922
Creditors:
Amounts falling due within one year (44,361) (37,220) (34,985)
Net current assets 16,693 18,802 17,937
Total assets less current liabilities 71,981 69,619 68,267
Creditors:
Amounts falling due after more than one year (2,426) (2,099) (1,882)
Provisions for liabilities and charges (735) (496) (724)
Net assets 68,820 67,024 65,661
Capital and reserves
Called up share capital 2,085 2,082 2,083
Share premium account 51,785 51,737 51,762
Merger reserve 1,717 527 527
Profit and loss account 13,176 12,388 11,086
Shareholders' funds - Equity 3 68,763 66,734 65,458
Minority interests - Equity 57 290 203
68,820 67,024 65,661
DICOM Group plc
Preliminary Announcement of Unaudited Results
Consolidated Cash Flow Statement (UK GAAP)
6 months 6 months Year
to to to
31 December 31 December 30 June
2002 2001 2002
unaudited unaudited audited
#'000 #'000 #'000
Cash inflow from operating activities 6,568 4,551 14,022
Returns on investments and servicing of finance (139) (92) (311)
Taxation paid (2,337) (1,984) (3,770)
Capital expenditure and financial investment (1,392) (1,909) (3,080)
Acquisitions and disposals (5,117) (317) (1,284)
Equity dividends paid (577) (503) (791)
Cash (outflow)/inflow before use of liquid
resources and financing (2,994) (254) 4,786
Management of liquid resources (97) 531 564
Financing
Issue of Ordinary Shares 31 9 28
Increase/(decrease) in debt 5,539 (629) (3,395)
5,570 (620) (3,367)
Increase/(decrease) in cash in the period 2,479 (343) 1,983
Reconciliation of net cash flow to movement in
net funds
Increase/(decrease) in cash in the year 2,479 (343) 1,983
Cash (inflow)/outflow from (increase)/decrease
in debt and lease financing (5,539) 629 3,395
Cash outflow/(inflow) from increase/(decrease)
in liquid resources 97 (531) (564)
Change in net funds resulting from cash flows (2,963) (245) 4,814
Loans and finance leases acquired with
subsidiaries (54) - (8)
New finance leases (124) 60 (176)
Exchange difference 49 (67) (217)
Movements in net funds in the period (3,092) (252) 4,413
Net funds/(debt) at start of the period 3,750 (663) (663)
Net funds/(debt) at end of the period 658 (915) 3,750
DICOM Group plc
INTERIM REPORT 2002/2003
Notes (UK GAAP)
1 Basis of preparation
The interim financial statement in accordance with UK GAAP has been prepared in
accordance with the accounting policies set out in, and is consistent with, the
Group's 2002 financial statement except that the taxation charge for the period
is based on the estimated charge for the year to 30 June 2003.
The interim financial information is unaudited and does not constitute statutory
accounts as defined in Section 240 of the Companies Act 1985. The abridged
information for the year to 30 June 2002 has been extracted from the Group's
statutory accounts for that period which have been filed with the Registrar of
Companies. The auditors' report on those accounts was unqualified and did not
contain a statement under Section 237(2) or (3) of the Companies Act 1985.
2 Earnings per share
The Earnings per share calculation is based upon Financial Reporting Standard
14. Basic Earnings per share 13.8p (12.3p) for the six months to 31 December
2002 has been calculated based on the profit attributable to shareholders of
#2,876,000 (#2,563,000) using the weighted average number of Ordinary Shares in
issue 20,845,756 (20,815,183) during the period.
Adjusted Earnings per share 20.3p (17.4p) for the six months to 31 December 2002
is based on profit of #4,231,000 (#3,621,000), being adjusted by the
amortisation of goodwill in subsidiaries of #1,325,000 (#1,031,000) and
amortisation of goodwill in associates of #30,000 (#27,000) using the weighted
average number of Ordinary Shares in issue 20,845,756 (20,815,183) during the
period.
Diluted Earnings per share 13.7p (12.3p) for the six months to 31 December 2002
is based on 21,015,430 (20,918,914) Ordinary Shares, the difference to the basic
calculation representing the additional shares that would be issued on the
conversion of all the dilutive potential Ordinary Shares. There is no material
difference to earnings if all the dilutive potential Ordinary Shares were
converted.
3 Reconciliation of movements in shareholders' funds (UK GAAP)
6 months to 6 months to Year to
31 December 2002 31 December 2001 30 June 2002
#'000 #'000 #'000
Opening shareholders' funds 65,458 63,934 63,934
Prior year adjustment - - 1,030
Opening shareholders' funds as restated 65,458 63,934 64,964
Retained profit/(loss) for the period 2,544 2,274 (137)
(Loss)/profit on currency translation (454) 517 596
New share capital issued 25 9 35
Reinstitution of merger reserve 1,190 - -
Closing shareholders' funds 68,763 66,734 65,458
4 Dividends
The interim dividend of 1.61p per Ordinary Share (1.4p) is payable on 2 May 2003
to shareholders on the register at the close of business on 4 April 2003.
5 Segmental Reporting
6 months to 6 months to Year to
31 December 2002 31 December 2001 30 June 2002
#'000 #'000 #'000
Sales by divisions
EDC
Own products 18,876 19,749 39,385
Services 10,390 8,445 17,482
3rd party products 27,796 24,141 45,118
Total EDC 57,062 52,335 101,985
SGA 23,276 23,287 47,542
Group 80,338 75,622 149,527
Gross profit by divisions
EDC 25,400 23,127 46,869
SGA 3,653 3,664 7,500
Group 29,053 26,791 54,369
Operating profit before goodwill amortisation
and exceptional items by divisions
EDC 5,146 4,357 9,286
SGA 967 1,121 1,976
Group 6,113 5,478 11,262
6 Reconciliation of operating profit to operating cash flows
6 months to 6 months to Year to
31 December 2002 31 December 2001 30 June 2002
#'000 #'000 #'000
Operating profit 4,788 4,447 3,967
Depreciation and amortisation 2,460 2,052 4,636
Profit on sale of fixed asset investment (170) - (16)
Loss on sale of tangible fixed assets - - 9
Increase in stocks (1,349) (1,403) (1,562)
(Increase)/decrease in debtors (4,952) (7,614) 3,570
Increase in creditors 4,826 6,731 4,066
Foreign exchange differences 965 338 (648)
Net cash inflow from operating activities 6,568 4,551 14,022
7 Exchange rate fluctuations
DICOM Group transacts its businesses in many currencies other than sterling. On
average during the six months to December 2002 sterling was significantly
stronger against the US dollar as compared to the previous period. This
adversely affected the reported sterling results of our US operation where over
half the Group's operating profits are generated.
The table below outlines the sales and operating profit growth for the Group as
reported in sterling and sets out the growth rates in local currency terms.
Local currencies # Local currencies #
Growth and currency 6 months to 6 months to 6 months to 6 months to
contribution 31 December 2002 31 December 2002 31 December 2001 31 December 2001
Sales 6% 6% 10% 12%
Operating profit before
goodwill and exceptional
items 17% 12% 17% 19%
This information is provided by RNS
The company news service from the London Stock Exchange
END
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