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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Global Payments Inc | TG:GLO | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.26 | -0.28% | 92.54 | 91.60 | 93.44 | 93.04 | 92.00 | 93.04 | 19 | 22:50:16 |
RNS Number:5476N Glotel PLC 15 July 2003 Embargoed until 0700 15 July 2003 Glotel Plc Preliminary Results for the year ended 31 March 2003 Highlights - Overall trading conditions during the period remained stable. The first half improvement in the USA was not sustained but UK and Australia showed small improvements. - The Group maintained its infrastructure and branch network in anticipation of more favourable conditions in the future. - Turnover for the year was #76 million (2002 #98 million). Turnover for each of the last three half year periods has now remained constant at approximately #38 million. - The loss before tax and exceptional items was reduced to #1.0 million (2002: #1.5million loss). The loss before tax was #1.3m (2002: #4.4m loss). - The Group's cash position remains strong with cash balances of #8.2million (2002: #7.6 million). Les Clark, Chairman, commented: "Despite adverse conditions in the telecommunications sector and the market as a whole, our strategy is working, and we are well positioned to enjoy the benefits of any upturn. Our infrastructure is still intact and we have cash and borrowing facilities to support growth. "Furthermore, through these challenging market conditions, we have successfully managed to reduce our level of operating losses since 31 March 2003." - ends - For further information, please contact: Glotel Plc Weber Shandwick Square Mile Les Clark, Chairman Nick Oborne Andy Baker, Chief Executive Becky Haywood Alan Saffer, Group Finance Director 020 7067 0700 020 7484 3000 www.glotel.com Chairman's and Chief Executive's Statement There have been no significant changes to trading conditions from those reported at the time of the Interim Results. This has enabled us to maintain our infrastructure and branch network in anticipation of more favourable trading conditions in the future. The improvement in the USA experienced in the six months to 30th September 2002 was not sustained and sales returned to their previous levels. A gentle increase in sales in the UK and an improvement in Australia offset this decline. Financial Sales for the year were #76m (2002: #98m) with the second half of #38m being in line with the first half. The loss before tax and exceptional items for the year was #1.0m (2002: #1.5m loss), which was also distributed evenly between the two halves. Exceptional costs in respect of vacant properties and staff reductions amounted to #0.4m (2002: #2.9m). The loss before tax was #1.3m (2002: #4.4m loss) Due to our improved cash position, interest received amounted to #0.2m (2002: interest payable #0.3m) The gross profit percentage declined from 21.2% to 19.5% due to considerable competitive pressure reflecting the softness in the technology sector and our market. Our defensive strategy of accepting volume business at lower rates also contributed to this decline. The loss per share for the period is 2.3p (2002: loss 8.6p) and consequently the Board is not recommending the payment of a final dividend. The progress and grip on our cash position has continued and our net cash position at 31st March 2003 was #8.2m (2002: #7.6m). We have not experienced any significant bad debts in the period. Operational Our geographical mix of sales has moved to 54% UK (2002: 58%) and 46% overseas (2002: 42%). As a support services company we rely heavily on the capital and development expenditure of our telecommunications and other clients. Due to market factors, political instability and internal financial pressures, these companies have deferred or cancelled projects. However as a pro-active organisation we have identified where there are budgets and opportunities for Glotel and we have made good progress in those areas. Specifically, sales to some of our telecommunication clients have shown a significant increase and we have made major progress in the UK within the public sector. We have continued to review our cost base. Staff costs, our largest item of expenditure, have been further reduced. From the beginning of the financial year our total cost run rate has been reduced by #0.2m per month. We are pleased to have assigned our Wardour Street, London premises for the remainder of the lease, which removes any additional burden. UK The UK business produced an operating profit (before exceptional charges and central costs) of #0.3m (2002: #0.7m restated). The UK market remains competitive and we continue to experience pressure on margins. We have managed three consecutive halves of approximately #20m revenues, which shows stability. We have developed a considerable amount of new business, particularly within the public sector and continue to win repeat business from loyal preferred vendor customers. We are focusing on three main markets: telecommunications, professional services and the public sector and have seen an increase in market share within all three. We have managed to compensate for the pressure on margins with an increased number of consultants on assignment during the year. USA The USA performance improved with a small operating loss (before exceptional charges and central costs) of #0.2m (2002: #1.0m loss). We experienced a year of two very different halves, with significant growth in the first half followed by a drop to start-of- the-year levels in the second half. We have retained the office infrastructure, which puts us in a stronger position to win national accounts. We continue to believe that the US market gives Glotel the best opportunity to return to significant sales and margin growth. International Our International business, which comprises Europe, Australia and our global team in London, produced sales of #10.1m (2002: #13.8m) and an operating profit (before exceptional charges and central costs) of #0.1m (2002: #0.3m). While the opportunities in Europe were limited, the Australian and global markets had a good year. Nearly all our International business is in the telecommunications sector and we have had particular success with some of the global equipment providers. A number of telecom customers are receiving round the clock support due to our global coverage from our network of offices. Glotel Accounting Systems This subsidiary, based in Guildford, is focused on providing software and consultancy for Microsoft Business Solutions and had an excellent year with sales increasing 62% to #1.1m (2002: #0.7m). We have been recognised by Microsoft as one of the fastest growing partners and are currently 8th out of 100 resellers. The current year for Glotel Accounting Systems has started well. Current Trading and Outlook Despite adverse conditions in the telecommunications sector and the market as a whole, our strategy is working, and we are well positioned to enjoy the benefits of any upturn. Our infrastructure is still intact and we have cash and borrowing facilities to support growth. Furthermore, through these challenging market conditions, we have successfully managed to reduce our level of operating losses since 31 March 2003. The support of the board and staff has been crucial during this difficult period and our thanks go out to our global team. We continue to focus on our best opportunities in our core markets. - ends - For further information, please contact: Glotel Plc Weber Shandwick Square Mile Les Clark, Chairman Nick Oborne Andy Baker, Chief Executive Becky Haywood Alan Saffer, Group Finance Director 020 7067 0700 020 7484 3000 www.glotel.com GLOTEL Plc Consolidated profit and loss account (unaudited) Preliminary results for the year ended 31 March 2003 Year ended Year ended 31 March 31 March 2003 2002 #'000 #'000 _____________________________________________________________________ Turnover 75,900 98,352 Cost of Sales (61,128) (77,461) _____________________________________________________________________ Gross profit 14,772 20,891 Administrative expenses (16,292) (25,065) Operating loss before operating exceptional items (1,158) (1,230) Operating exceptional items (362) (2,944) _____________________________________________________________________ Operating loss (1,520) (4,174) Net interest receivable/(payable) and similar income/(charges) 173 (271) Loss on ordinary activities before taxation and operating exceptional items (985) (1,501) Operating exceptional items (362) (2,944) Loss on ordinary activities before taxation (1,347) (4,445) Tax on loss on ordinary activities 494 1,313 _____________________________________________________________________ (853) (3,132) Loss on ordinary activities after taxation and retained loss for the year _____________________________________________________________________ Basic loss per share (2.3p) (8.6p) _____________________________________________________________________ Diluted loss per share (2.3p) (8.6p) _____________________________________________________________________ The results for the year and the prior year derive from continuing operations. There is no difference between the loss as disclosed in the profit and loss account and that on an unmodified historical cost basis. GLOTEL Plc Consolidated statement of total recognised gains and losses (unaudited) Preliminary results for the year ended 31 March 2003 Year ended Year ended 31 March 31 March 2003 2002 #'000 #'000 ____________________________________________________________________ Loss for the financial year (853) (3,132) Currency translation difference on foreign currency investments (556) (25) ____________________________________________________________________ Total recognised gains and losses relating to the financial year (1,409) (3,157) ____________________________________________________________________ GLOTEL Plc Consolidated balance sheet (unaudited) Preliminary results for the year ended 31 March 2003 As at 31 March 2003 As at As at 31 March 31 March 2003 2002 #'000 #'000 ____________________________________________________________ Fixed assets Tangible assets 1,145 2,285 Investments 641 641 ____________________________________________________________ 1,786 2,926 Current assets Debtors 15,366 15,010 Cash at bank and in hand 8,214 7,573 ____________________________________________________________ 23,580 22,583 Creditors - amounts falling due within one year (7,794) (5,901) ____________________________________________________________ Net current assets 15,786 16,682 ____________________________________________________________ Total assets less current liabilities 17,572 19,608 Provisions for liabilities and charges (674) (1,302) ____________________________________________________________ 16,898 18,306 Net assets ____________________________________________________________ Capital and reserves Called up share capital 1,895 1,895 Share premium account 15,880 15,879 Other reserves 100 100 Profit and loss account (977) 432 ____________________________________________________________ Equity shareholders' funds 16,898 18,306 ____________________________________________________________ GLOTEL Plc Consolidated cash flow statement (unaudited) Preliminary results for the year ended 31 March 2003 Year ended Year ended 31 March 31 March 2003 2002 #'000 #'000 _______________________________________________________________________ Net cash (outflow)/inflow from operating activities (240) 14,183 Returns on investment and servicing of finance Interest received 186 88 Interest paid (13) (408) Interest element of hire purchase payments - (1) _______________________________________________________________________ Net cash inflow/(outflow) from returns on investment and servicing of finance 173 (321) Taxation Corporate taxes paid - (150) Corporate taxes refunded 900 688 _______________________________________________________________________ Net cash inflow from taxation 900 538 Capital expenditure Purchase of tangible fixed assets (157) (628) Sale of tangible fixed assets 165 582 _______________________________________________________________________ Net cash inflow/(outflow) from capital expenditure 8 (46) _______________________________________________________________________ Net cash inflow before financing 841 14,354 Financing Capital element of hire purchase payments - (28) Net repayment of invoice discounting advances - (5,360) Issue of ordinary share capital 1 - _______________________________________________________________________ Net cash inflow/(outflow) from financing 1 (5,388) _______________________________________________________________________ Increase in cash in the year 842 8,966 Translation (loss)/gain (201) 4 Net funds at 1 April 7,573 (6,785) _______________________________________________________________________ Net funds at 31 March 8,214 7,573 _______________________________________________________________________ GLOTEL Plc Reconciliation of operating loss to net cash flow from operating activities (unaudited) Preliminary results for the year ended 31 March 2003 Year ended Year ended 31 March 31 March 2003 2002 #'000 #'000 ______________________________________________________________________ Operating loss (1,520) (4,174) Depreciation charges 1,065 1,654 Profit on sale of fixed assets (5) (94) (Increase)/decrease in debtors (1,101) 26,869 Increase/(decrease) in creditors 1,904 (11,374) (Decrease)/increase in provisions for liabilities and charges (583) 1,302 ______________________________________________________________________ Net cash (outflow)/inflow from operating activities (240) 14,183 ______________________________________________________________________ GLOTEL Plc Reconciliation of net cash flow to movement in net funds (unaudited) Year ended Year ended 31 March 31 March 2003 2002 #'000 #'000 ______________________________________________________________________ Increase in cash in the year 842 8,966 Net cash outflow from decrease in debt - 5,388 ______________________________________________________________________ Change in net funds resulting from cash flows 842 14,354 Translation difference (201) 4 ______________________________________________________________________ Movement in net funds in the year 641 14,358 Net funds at 1 April 7,573 (6,785) ______________________________________________________________________ Net funds at 31 March 8,214 7,573 ______________________________________________________________________ GLOTEL Plc Preliminary results for the year ended 31 March 2003 Turnover and segmental information (unaudited) Turnover represents the invoiced amount of services provided net of value added taxation. The Group operates in one principal area of activity, that being the provision of consultants (predominantly in telecommunications and networking) on a contract basis. The geographical split of the results of the Group is as follows: Turnover Operating profit/(loss) Profit/(loss) before tax Year Year Year Year Year Year ended ended ended ended ended ended 31 March 31 March 31 March 31 March 31 March 31 March 2003 2002 2003 2002 2003 2002 Re-stated Re-stated (note 4) (note 4) #'000 #'000 #'000 #'000 #'000 #'000 _________________________________________________________________________________________ United Kingdom Glotel UK 39,982 56,126 346 (173) 353 (413) Glotel International * 4,114 4,451 366 244 366 244 Other 1,089 674 (56) (15) (56) (15) _________________________________________________________________________________________ Total United Kingdom 45,185 61,251 656 56 663 (184) Glotel North America 24,776 27,757 (537) (2,476) (936) (2,876) Glotel Continental Europe* 2,577 6,100 (244) 231 (293) 83 Glotel Australia * 3,362 3,244 (2) (84) (21) (114) _________________________________________________________________________________________ 75,900 98,352 (127) (2,273) (587) (3,091) Central Activities - - (1,393) (1,901) (760) (1,354) _________________________________________________________________________________________ Glotel Group 75,900 98,352 (1,520) (4,174) (1,347) (4,445) _________________________________________________________________________________________ * Total Glotel International 10,053 13,795 120 391 52 213 _________________________________________________________________________________________ The turnover figures above represent sales to third parties by geographical origin. GLOTEL Plc Preliminary results for the year ended 31 March 2003 Notes to the accounts (unaudited) 1. BASIS OF PREPARATION These financial statements are prepared under the historical cost convention in accordance with applicable accounting standards. The preliminary statement has been prepared on the basis of the accounting policies and presentation set out in the Group's statutory accounts for the year ended 31 March 2002, which is the most recently published set of annual financial statements, and which have been filed with the Registrar of Companies. The preliminary statement was approved by the Board on 15 July 2003 and the financial information contained in this preliminary statement does not constitute full statutory accounts as defined in Section 240 of the Companies Act 1985. The statutory accounts for the year ended 31 March 2003 have not yet been reported on by the Company's auditors and have not yet been filed with the Registrar of Companies. 2. EXCEPTIONAL ITEMS Operating exceptional items relate to the redundancy and office closure costs associated with the Group's cost reduction programme. An analysis is given below: Year ended Year ended 31 March 2003 31 March2002 #'000 #'000 Lease provisions 265 1,741 Redundancy costs and other related costs 97 1,203 ______________________ Total 362 2,944 ______________________ 3. LOSS PER SHARE The calculation of loss per Ordinary Share is based on a loss attributable to members of the holding Company of #853,000 (2002: loss #3,132,000) and on 36,558,500 Ordinary Shares (2002: 36,555,806), being the weighted average number of Ordinary Shares in issue during the year, after excluding the shares owned by the Group's Employee Share Trust. The diluted loss per Ordinary Share is based on the same loss of #853,000 (2001: loss #3,132,000) and on 36,558,500 Ordinary Shares (2002: 36,555,806). 4. SEGMENTAL INFORMATION Certain staff costs, computer depreciation, communication and property costs have been re-allocated between Glotel UK and central activities in order to more appropriately reflect the nature of the costs. The comparatives in the segmental information have been re-stated to bring them onto the same allocation basis as the current period. 5. GENERAL Copies of the 2003 Report and Accounts will be sent to shareholders in due course. Copies will be available from The Company Secretary, Glotel Plc, 7th Floor, The Communications Building, 48 Leicester Square, London, WC2H 7LT. This information is provided by RNS The company news service from the London Stock Exchange END FR SFDFALSDSEDW
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