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Share Name | Share Symbol | Market | Type |
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IMCD NV | TG:INX | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-3.15 | -2.39% | 128.60 | 129.45 | 130.70 | 129.45 | 128.60 | 129.45 | 119 | 21:00:00 |
RNS Number:9949P Invox PLC 22 September 2003 Invox plc ("Invox" or "the Company) Preliminary Results for the year ended 30 June 2003 Highlights: 1. Major advance on previous year 2. Pre-tax profits #6.1 million before goodwill amortisation 3. Earnings per share 27.0p before goodwill amortisation 4. Strong cash generation 5. Annual dividend rises to 20p (2002: 7p) 6. Encouraging start to the current year Chairman's statement I am pleased to report that the year to 30 June 2003 was an excellent one for the Company. We are in a very good position to achieve further progress. Profits before tax and amortisation of goodwill were #6.1 million (2002: #3.4 million). After amortisation, profits before tax amounted to #5.0 million (2002: #2.6 million). The 2002 results included only 10 months for TPC Telecoms Limited, the business acquired during that year, which forms the group's main trade. Like-for-like 12-month profits before tax and goodwill amortisation were #6.1 million (2002: #4.4 million), an improvement of 39 per cent. Diluted earnings per share were 27.0p before goodwill amortisation (2002: 20.3p), and 20.3p after goodwill amortisation (2002: 13.5p). The directors are proposing a final dividend of 16p, which means that the total dividend therefore rises to 20p, compared with 7p last year. We generated more than #4.8 million cash in the course of the year, so even after the payment of the final dividend costing #2.6 million we would still have had net cash of almost #4.5 million as at the date of the year-end balance sheet: more than enough for our anticipated needs. In future years consideration will be given to buy-backs of the Company's shares as a means of returning cash to shareholders. As well as producing strong financial results, the last year has also seen significant developments in the Company's business which in the Directors' opinion make it much stronger than it was a year ago. We see ourselves increasingly as a home gaming company, and the results demonstrate the great strength of our proprietary database of customers. Some three million customers are now registered with us, giving us, we believe, the country's biggest database of known home-gamers. Most of our profit comes from existing customers, and our aim is to make it enjoyable and rewarding for them to participate in the games and come back for more. We are keen to market other home gaming products to our customers and a number of trials are either underway or about to begin. These trials are designed to assess the appetite of our customers for services such as paid-for internet games, interactive TV gaming and fixed-odds betting. Our financial risk on these trials is minimal. The bulk of our revenue comes from premium-rate telephony, but in recent months we have seen a growing number of customers choosing to respond to the competitions by SMS messaging. Not only is this more convenient for some customers, but in our opinion most of it is new, incremental business. Among our objectives for the current year is to build one of the largest opted-in SMS databases in the country, which should provide a number of new opportunities. Above all, however, we are looking forward with confidence to progress in the Company's core business. The Company's success up to now has been based on unbranded competitions. We are only just beginning to consider the possibilities for branded promotions linked to well-known consumer entertainments. Shareholders During the year we have welcomed a number of institutional investors to the register. Current trading Although our trading year starts with the quieter school holiday months, business so far has been encouraging. We are confident that the year should bring further improvement in the core business and some interesting developments outside the core. Dividends If approved by shareholders at the Annual General Meeting to be held on 07 November 2003, a final divdend of 16p per share will be paid on 28 November 2003 to shareholders who are on the register on 31 October 2003. Stephen Hargrave 22 September 2003 Chairman Group profit and loss account for the year ended 30 June 2003 Year ended 15 months to 30 June 2002 30 June 2003 Note #000 #000 Turnover 18,185 13,294 Cost of sales (11,125) (8,999) ------------ ------------ Gross profit 7,060 4,295 Administrative expenses (including goodwill amortisation of #1,079,000 (2002: (2,112) (1,783) #816,000)) ------------ ------------ Operating profit 4,948 2,512 Interest receivable and similar 241 207 income Interest payable (176) (130) ------------ ------------ Profit on ordinary activities before 5,013 2,589 taxation Tax on profit on ordinary 2 (1,758) (958) activities ------------ ------------ Profit for the financial period 3,255 1,631 Dividends 3 (3,211) (1,019) ------------ ------------ Retained profit for the period 44 612 ============ ============ Earnings per ordinary share - 4 20.3p 14.7p basic Adjusted earnings per ordinary 4 27.0p 22.1p share Fully diluted earnings per ordinary 4 20.3p 13.5p share Adjusted fully diluted earnings per 4 27.0p 20.3p ordinary share ============ ============ All results are from continuing operations. The group had no recognised gains or losses in either period other than those included in the profit and loss account. Group balance sheet at 30 June 2003 30 June 2003 30 June 2002 Note #000 #000 #000 #000 Fixed assets Intangible assets 14,312 15,391 - goodwill Tangible assets - 42 ------------ ---------- 14,312 15,433 Current assets Stock - 65 Debtors 211 630 Cash at bank 9,892 5,075 ---------- ----------- 10,103 5,770 Creditors: amounts (9,536) (6,165) falling due within one year ---------- ----------- Net current assets 567 (395) /(liabilities) ------------ ---------- Total assets less 14,879 15,038 current liabilities Creditors: amounts falling due after more than one year (204) (407) ------------ ---------- Net assets 14,675 14,631 ============ ========== Capital and reserves Called up share 8,028 7,278 capital Shares to be - 1,500 issued Share premium 1,004 1,004 account Merger reserve 5,355 4,954 Profit and loss 288 (105) account ------------ ---------- Equity shareholders' 5 14,675 14,631 funds ============ ========== Group cash flow statement for the year ended 30 June 2003 Note Year ended to 15 months 30 June 2002 30 June 2003 #000 #000 Net cash inflow from operating 6 7,635 3,520 activities Returns on investments and servicing of 65 77 finance Taxation (1,446) (1,574) Acquisitions and disposals - 1,359 Equity dividends paid (1,224) (437) ------------ ------------ Net cash inflow before management of liquid resources and financing 5,030 2,945 Management of liquid resources - (2,562) Financing (213) - ------------ ------------ Increase in cash in the period 4,817 383 ============ ============ Reconciliation of net cash flow to movement in net funds for the year ended 30 June 2003 Year ended 15 months to 30 June 2002 30 June 2003 #000 #000 Increase in cash in the period 4,817 383 Cash outflow from increase in liquid - 2,562 resources Repayment of loan notes 213 - ------------- ------------- Changes in net funds resulting from 5,030 2,945 cash flows Issue of loan notes on acquisition of - (3,110) subsidiary ------------- ------------- Movement in net funds in the period 5,030 (165) Net funds at beginning of period 1,965 2,130 ------------- ------------- Net funds at end of period 6,995 1,965 ============= ============= Notes to the preliminary results for the period ended 30 June 2002 1. Basis of preparation The financial statements have been prepared in accordance with applicable Accounting Standards and under the historical cost accounting rules. The above financial information, which has been extracted from the audited accounts of the Company, does not constitute statutory accounts within the meaning of S240 Companies Act 1985. The information relating to the period ended 30 June 2002 is extracted from the audited accounts of the Company, which have been filed at Companies House and on which the auditors have issued an unqualified opinion. 2. Tax on profit on ordinary activities Year ended 15 months to 30 June 2003 30 June 2002 #000 #000 UK corporation tax Current tax on income for the period 1,718 969 Adjustments in respect of prior periods 40 1 ------------- ------------- Total current tax 1,758 970 Deferred tax Reversal/(origination) of timing - (12) differences ------------- ------------- Tax on profit on ordinary activities 1,758 958 ============= ============= 3. Dividends Year ended 15 months to 30 June 2003 30 June 2002 #000 #000 Interim dividend of 4.0p (2002: 642 437 3.0p) per share Final dividend of 16.0p (2002: 2,569 582 4.0p) per share ---------------- ---------------- 3,211 1,019 ================ ================ 4. Earnings per ordinary share Earnings per ordinary share has been calculated by dividing the profit for the financial period of #3,255,000 (2002: #1,631,000) by the weighted average number of ordinary shares in issue during the period, including shares to be issued as deferred consideration from the date the condition for their issue was met, of 16,056,667 (2002: 11,060,000 ). The adjusted earnings per share figure excludes goodwill amortisation to provide a more accurate assessment of the earnings of the Group. Accordingly the figures have been given on the face of the profit and loss account and can be reconciled to the basic earnings per share as follows: Year ended 15 months to 30 June 2003 30 June 2002 #000 #000 Basic earnings 3,255 1,631 Goodwill amortisation 1,079 816 ---------------- ---------------- Adjusted basic earnings 4,334 2,447 ---------------- ---------------- Adjusted basic earnings per 27.0p 22.1p ordinary share ================ ================ The diluted earnings per ordinary share have been calculated by dividing the results after taxation for the period, as shown above, by the diluted weighted average number of shares in issue during the period as follows: Number Number (restated (note 22)) Weighted average number of 16,056,67 11,060,000 shares Dilutive shares to be issued as - 1,000,000 deferred consideration ---------------- ---------------- Diluted weighted average number 16,056,667 12,060,000 of shares ================ ================ 5. Reconciliation of movements in equity shareholders' funds Group Year ended 15 months to 30 June 30 June 2003 2002 #000 #000 Opening shareholders' funds 14,631 2,029 Profit for the financial period 3,255 1,631 Dividends (3,211) (1,019) Share issues (net of expenses) 1,500 10,490 Shares to be issued (1,500) 1,500 --------------- ---------------- Closing equity shareholder's 14,675 14,631 funds =============== ================ 6. Reconciliation of operating profit and net cash inflow from operating activities Year ended 15 months to 30 June 2003 30 June 2002 #000 #000 Operating profit 4,948 2,512 Depreciation charge 42 48 Goodwill amortisation 1,079 816 Decrease in stock 65 104 Decrease/(increase) in debtors 419 (307) Increase in creditors 1,082 347 ---------------- ---------------- Net cash inflow from operating 7,635 3,520 activities ================ ================ 7. Report and Accounts and Annual General Meeting The report and accounts will be sent to shareholders shortly and copies will be available for collection at or by writing to Invox Plc, Galbraith House, 141 Great Charles Street, Birmingham, B3 3LG. The Annual General Meeting of Invox Plc will be held at the offices of DLA Solicitors, Victoria Square House, Victoria Square, Birmingham B2 4DL on Friday 07 November at 10.30am. For further information: Stephen Hargrave Chairman 0207 242 0735 Jerry Reidy Finance Director 0121 214 9900 Allan Piper FirstCityFinancial 07050 203304 This information is provided by RNS The company news service from the London Stock Exchange END FR NKCKNOBKDNCD
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