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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:1728S Glotel PLC 18 November 2003 18 November 2003 Glotel Plc Interim Results for the six months to 30 September 2003 Highlights * Improved trading conditions and early signs of recovery in some markets * Sales of #41.8m, an increase of 10% on H1 and H2 2002/03 * Significant improvement in USA sales, up 9% on H1 2002/03 and 25% on H2 2002/03 * International sales up 42% on H1 2002/3 and 33% on H2 2002/3 * Profit before tax #0.1m (2002: loss #0.4m) * Maintained strong cash position of #7.1m (2002: #7.5m) Les Clark, Chairman, commented: "We experienced improved trading conditions in the 6 months to 30 September 2003 and there are early signs of recovery in some of our markets." "Sales and activity levels in the USA are encouraging and we anticipate an improvement in the second half. The UK and International businesses remain stable". "There is still some uncertainty that the increase in activity can be sustained. We have eliminated our losses and expect a small improvement in profits in the second half." - ends - For further information, please contact: Glotel Plc Weber Shandwick Square Mile Les Clark, Chairman Nick Oborne Andy Baker, Chief Executive Katie Hunt Alan Saffer, Group Finance Director 020 7067 0700 020 7484 3000 www.glotel.com 18 November 2003 Glotel Plc Interim Results for the six months to 30 September 2003 Chairman's Statement We experienced improved trading conditions in the 6 months to 30 September 2003 and there are early signs of recovery in some of our markets. Sales have increased by 10% on the half-year to 30 September 2002. The most significant improvements were in the USA and in our International business. As a consequence the contribution of overseas sales is now 51% (48%) and domestic sales 49% (52%). Pressure has continued on margins but with a combination of increased sales and aggressive cost controls we are pleased to report a profit before tax of #0.1m (2002: #0.4m loss) in the period. Financial Sales for the half-year were #41.8m (2002: #38.0m) a 10% increase on both the first and second half of last year. The gross margin percentage was 18.2% (2002: 20.4%) compared to 18.6% for the six months ending 31 March 2003. The change in the mix of business in favour of our higher margin overseas sales has partially offset the lower margins in the UK. We are now benefiting from the cost cutting during last year with total operating costs lower at #7.5m (2002: #8.2m). Working capital requirements have increased due to improved sales and cash balances remain strong at #7.1m (2002: #7.5m) due to strict credit management. The profit before tax was #0.1m (2002: #0.4m loss) and there were no exceptional costs in the period or the prior period. The basic earnings per share for the period was 0.1p (2002: 0.9p loss) and the Board is not recommending the payment of an interim dividend (2002: nil). Operational Economic confidence is slowly improving and some of our clients are beginning to increase their spend on technology. Specific sectors that have grown in the period are the telecommunications sector, which now represents 49% of our net fee income, and the public sector which represents 14%. The USA had a particularly strong start to the year with sales increasing by 9% on the same period last year and an impressive 25% compared to the second half. This growth has been helped by improved account planning and by targeting major clients who are beginning to release spend for capital projects. We have also made particular progress with two of the large telecommunication providers where we have significantly increased our penetration. The USA produced a small loss in the period but has now returned to monthly operating profits. We have also experienced rapid growth in our International division which encompasses mainland Europe, Australia and our global team in London. Sales in this division increased by 42% versus the half-year to 30th September 2002. In the UK, sales were up a modest 2% and we generated an operating profit of #0.3m compared to a small loss in the same period last year. We are still experiencing margin pressure but there are signs of improved activity levels. Our strategy of concentrating on fewer vertical markets is proving to be successful. Glotel Accounting Systems, where we are a Microsoft Certified Business Solutions Partner, had an excellent start to the year with sales increasing by 42% compared to the prior period. This has provided a larger installed client base from which to generate repeat revenues. Outlook Sales and activity levels in the USA are encouraging and we anticipate an improvement in the second half. The UK and International businesses remain stable. Now that trading conditions are stronger we are cautiously increasing our internal headcount to ensure that we have the capacity to deliver against greater volumes of client requirements and this will result in a slightly higher cost base. There is still some uncertainty that the increase in activity can be sustained. We have eliminated our losses and expect a small improvement in profits in the second half. As always, the support of our staff is our major strength. Having survived the downturn we are all impatient to do what we do best - to provide an unparalleled service to our clients and to return to growth. Les Clark Chairman 18th November 2003 - ends - For further information, please contact: Glotel Plc Weber Shandwick Square Mile Les Clark, Chairman Nick Oborne Andy Baker, Chief Executive Katie Hunt Alan Saffer, Group Finance Director 020 7067 0700 020 7484 3000 www.glotel.com GLOTEL PLC Consolidated Profit and Loss Account For the six months ended 30 September 2003 6 months to 6 months to 12 months to 30 September 30 September 31 March 2003 2002 2003 Unaudited Unaudited Audited #000 #000 #000 Turnover 41,796 37,991 75,900 Cost of Sales (34,193) (30,259) (61,128) -------------------------------------------------------------------------------- Gross profit 7,603 7,732 14,772 Administrative expenses (7,543) (8,241) (16,292) Operating profit/(loss) before operating exceptional items 60 (509) (1,158) Operating exceptional items (note 1) - - (362) Operating profit/(loss) 60 (509) (1,520) Net interest receivable 75 93 173 Profit/(loss) on ordinary activities before taxation and operating exceptional items 135 (416) (985) Operating exceptional items (note 1) - - (362) Profit/(loss) on ordinary activities before taxation 135 (416) (1,347) Tax on profit/(loss) on ordinary activities (81) 103 494 -------------------------------------------------------------------------------- Profit/(loss) on ordinary activities after taxation and retained profit/(loss) for the period 54 (313) (853) ================================================================================ Basic earnings/(loss) per share (note 2) 0.1p (0.9p) (2.3p) Diluted earnings/(loss) per share (note 2) 0.1p (0.9p) (2.3p) ================================================================================ GLOTEL PLC Consolidated Statement Of Total Recognised Gains And Losses For the six months ended 30 September 2003 6 months to 6 months to 12 months to 30 September 30 September 31 March 2003 2002 2003 Unaudited Unaudited Audited #000 #000 #000 Profit/(loss) for the financial period 54 (313) (853) Currency translation difference on foreign currency investments (94) (658) (556) -------------------------------------------------------------------------------- Total recognised gains and losses relating to the financial period (40) (971) (1,409) ================================================================================ GLOTEL PLC Turnover & Segmental Information For the six months ended 30 September 2003 Turnover 6 months to 6 months to 12 months to 30 September 30 September 31 March 2003 2002 2003 #000 #000 #000 United Kingdom Glotel UK 19,777 19,397 39,982 Glotel International* 3,020 2,020 4,114 Other 704 495 1,089 -------------------------------------------------------------------------------- Total United Kingdom 23,501 21,912 45,185 Glotel North America 14,411 13,222 24,776 Glotel Continental Europe* 1,314 1,290 2,577 Glotel Australia* 2,570 1,567 3,362 -------------------------------------------------------------------------------- Glotel Group 41,796 37,991 75,900 ================================================================================ *Total Glotel International 6,904 4,877 10,053 ================================================================================ Operating profit/(loss) 6 months to 6 months to 12 months to 30 September 30 September 31 March 2003 2002 2003 Re-stated (note 5) Re-stated (note 5) #000 #000 #000 United Kingdom Glotel UK 263 (64) 246 Glotel International* 194 99 166 Other 69 (57) (56) -------------------------------------------------------------------------------- Total United Kingdom 526 (22) 356 Glotel North America (72) 100 (701) Glotel Continental Europe* (70) (108) (244) Glotel Australia* 142 (93) (2) -------------------------------------------------------------------------------- 526 (123) (591) Central activities (466) (386) (929) -------------------------------------------------------------------------------- Glotel Group 60 (509) (1,520) ================================================================================ *Total Glotel International 266 (102) (80) ================================================================================ Profit/(loss) before tax 6 months to 6 months to 12 months to 30 September 30 September 31 March 2003 2002 2003 Re-stated (note 5) Re-stated (note 5) #000 #000 #000 United Kingdom Glotel UK 260 (69) 253 Glotel International* 194 99 166 Other 69 (57) (56) -------------------------------------------------------------------------------- Total United Kingdom 523 (27) 363 Glotel North America (230) (86) (1,100) Glotel Continental Europe* (100) (135) (293) Glotel Australia* 122 (104) (21) -------------------------------------------------------------------------------- 315 (352) (1,051) Central activities (180) (64) (296) -------------------------------------------------------------------------------- Glotel Group 135 (416) (1,347) ================================================================================ *Total Glotel International 216 (140) (148) ================================================================================ GLOTEL PLC Balance Sheet As at 30 September 2003 At At At 30 September 30 September 31 March 2003 2002 2003 Unaudited Unaudited Audited #000 #000 #000 Tangible fixed assets 905 1,578 1,145 Investments 641 641 641 -------------------------------------------------------------------------------- Total fixed assets 1,546 2,219 1,786 Current assets Debtors 17,255 14,223 15,366 Cash at bank and in hand 7,113 7,544 8,214 -------------------------------------------------------------------------------- 24,368 21,767 23,580 Creditors - due within 1 year (8,590) (5,948) (7,794) -------------------------------------------------------------------------------- Net current assets 15,778 15,819 15,786 -------------------------------------------------------------------------------- Total assets less current liabilities 17,324 18,038 17,572 Provisions for liabilities and charges (466) (702) (674) -------------------------------------------------------------------------------- 16,858 17,336 16,898 ================================================================================ Capital and Reserves Called up share capital 1,895 1,895 1,895 Share premium account 15,880 15,880 15,880 Other reserves 100 100 100 Profit and loss account (1,017) (539) (977) -------------------------------------------------------------------------------- Equity shareholders' funds 16,858 17,336 16,898 ================================================================================ GLOTEL PLC Cash Flow Statement For the six months ended 30 September 2003 6 months to 6 months to 12 months to 30 September 30 September 31 March 2003 2002 2003 Unaudited Unaudited Audited #000 #000 #000 Operating profit/(loss) 60 (509) (1,520) Depreciation 395 579 1,065 Profit on sale of fixed assets (59) (14) (5) (Increase)/decrease in debtors (2,239) 295 (1,101) Increase/(decrease) in creditors 567 (108) 1,904 Decrease in provisions for liabilities and charges (198) (541) (583) -------------------------------------------------------------------------------- Net cash outflow from operating activities (1,474) (298) (240) Returns on investment and servicing of finance 75 93 173 Taxation - corporate taxes refunded 428 343 900 Capital expenditure Purchase of tangible fixed assets (213) (54) (157) Sale of tangible fixed assets 112 103 165 -------------------------------------------------------------------------------- Net cash (outflow)/inflow from capital expenditure (101) 49 8 -------------------------------------------------------------------------------- Net cash (outflow)/inflow before financing (1,072) 187 841 Financing Issue of ordinary share capital - 1 1 -------------------------------------------------------------------------------- Net cash inflow from financing - 1 1 -------------------------------------------------------------------------------- (Decrease)/increase in cash in the period(1,072) 188 842 ================================================================================ GLOTEL PLC Notes 1. EXCEPTIONAL ITEMS No operating exceptional items were incurred in the 6 months to 30 September 2003 (6 months to 30 September 2002: nil). The #0.362m of operating exceptional items in the year to 31 March 2003 relate to redundancy and office closure costs associated with the Group's cost reduction programme. 2. EARNINGS/(LOSS) PER SHARE The calculations of basic and diluted earnings/loss per ordinary share are based on a profit after taxation of #54,000 (30 September 2002 - loss #313,000, and 31 March 2003 - loss of #853,000). The weighted average number of ordinary shares used in the calculations of the basic and diluted earnings/ loss per share, are as follows: 6 months to 6 months to 12 months to 30 September 30 September 31 March 2003 2002 2003 Number Number Number Weighted average number of ordinary shares 36,559,139 36,557,864 36,558,500 Diluted weighted average number of ordinary shares 37,813,530 36,557,864 36,558,500 3. BASIS OF PREPARATION The financial information in respect of the six month periods to 30 September 2003 and 30 September 2002 is unaudited. The comparative figures for the year ended 31 March 2003 do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 but are extracted from the audited statutory accounts. Full accounts for that year received an unqualified audit opinion and have been filed with the Registrar of Companies. The accounts have been prepared applying the accounting policies in the 2003 Report and Accounts and should be read in conjunction with the Report and Accounts. 4. DIVIDENDS No dividend per ordinary share is declared (30 September 2002 and 31 March 2003: nil per ordinary share). 5. SEGMENTAL INFORMATION Certain staff and other general overhead costs, which in the past have been reflected in central activities, are now reflected in the individual operating units to more appropriately reflect the costs of those units. The comparatives in the segmental information have been re-allocated to bring them onto the same allocation basis of the current year. This information is provided by RNS The company news service from the London Stock Exchange END IR BDLLFXFBLFBX
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