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Share Name | Share Symbol | Market | Type |
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Nektar Therapeutics | TG:ITH | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.008 | -0.90% | 0.878 | 0.8765 | 0.907 | 0.9005 | 0.878 | 0.9005 | 1,310 | 11:30:00 |
RNS Number:4080L ITIS Holdings PLC 22 May 2003 22nd May 2003 ITIS Holdings plc (the "Company" or "ITIS") Final results for the year ended 31st March 2003 ITIS Holdings plc: a leading traffic information and vehicle tracking group, is pleased to announce its final results for the year ended 31st March 2003 Highlights * AA Roadwatch information services integrated as planned: five months of contract recorded in these Results; * Exclusive UK licence from Radio Authority to operate RDS-TMC nationally extended to 2012; * NavTrak now an approved option in the UK on BMW, Bentley and Land Rover and standard equipment on all Ferrari; * Calls to AA Roadwatch traffic services have grown through the period; * Turnover up 158% to #3.82m (2002: #1.48m); * Loss after taxation before exceptional costs reduced by 30% to #6.38m (2002: loss after taxation before exceptional credit #9.13m); * Loss after taxation after exceptional costs reduced by 12.5% to #7.43m (2002: loss after taxation after exceptional credit #8.49m); * At 31st March 2003, the company's cash balance remained strong at #11.2m (2002: #17.1m). With the company's current predictions of growing revenues and further cost reductions, the Directors are confident that ITIS has sufficient cash to develop the business through to profitability and positive cash flows. Stuart Marks, Chief Executive of ITIS Holdings plc commented: "This year has demonstrated that there is a fast growing market for our traffic information and vehicle security products, which is endorsed by the variety and quality of businesses and organisations with which we are now working. Crucial to our success has been the development of services based on European standards and the endorsement of technologies such as Floating Vehicle Data (FVD), RDS-TMC and NavTrak ADR by leading brands such as the AA. With our business model in place, we are focussed on continuing to offer our customers cost effective, simple integrated solutions, and we view the coming year as having resultant benefits for increased revenues to ITIS." Enquiries: Stuart Marks, Chief Executive ITIS Holdings plc Telephone: 0161 929 5788 Ginny Pulbrook, Director Citigate Dewe Rogerson Telephone: 020 7282 2940 Financial Overview For the year ended 31st March 2003 turnover increased by 158% to #3.82m (2002: #1.48m). As a result of the increase in revenues and reduction in costs, the loss after taxation before exceptional costs for the year was reduced to #6.38m (2002: loss before exceptional credit of #9.13m). The loss after taxation after exceptional costs for the year was reduced to #7.43m (2002: loss after exceptional credit of #8.49m). The exceptional costs of #1.05m related to licence costs written off and costs associated with the renegotiation of a commission agreement (2002: credit of #0.64m related to the sale of a joint venture net of the impairment of certain fixed assets). At 31st March 2003, the company's cash balance remained strong at #11.2m (2002: #17.1m). With the company's current predictions of growing revenues and further cost reductions, the Directors are confident that ITIS has sufficient cash to develop the business through to profitability and positive cash flows. Business Review The market The market continues to develop as Government, businesses and motorists all come to realise the potential of real time, accurate traffic information and vehicle security services. As the UK transport network is increasingly under the spotlight, so both road users and policy makers are demanding better information on which to base travel and investment related decisions. ITIS is at the centre of this growth market, and is recognised as a market leader in the provision of real time and predictive traffic information. ITIS now has both the raw data and technical capability to fulfil a broad range of requests, from up-to-date information to service a simple request from a motorist who needs to make a decision on which motorway to use, right up to the complex data required by a Government department to measure the effectiveness of congestion charging. The AA On the 11th October 2002 ITIS announced a new five year contract with Automobile Association Developments Limited, part of the Automobile Association Limited (AA), to exclusively operate AA Roadwatch branded telephone and telematics services, and to exploit new opportunities for selling and marketing traffic information. This contract and integration of the AA traffic information with our own sources has gone to plan. The data published by ITIS combines information gathered by the AA on all incidents across the UK with our own live traffic speed data collected from thousands of probe vehicles reporting to our Floating Vehicle Data (FVD) system. The resulting information provides the end customer with an unparalleled level of detail on all incidents affecting the road network. The IVR (Interactive Voice Response) platform that supports the traffic information service is eminently scaleable; for example during the M11 motorway closure in January, ITIS handled over 87,000 calls during a 24 hour period. ITIS's traffic information service is now available under the AA Roadwatch brand on 401100 (all mobile phone networks), 2222 (Vodafone) and 2020 (T-Mobile). Our traffic information also enhances route information given over the AA's web site. The contract with the AA provides ITIS with a secure long-term revenue stream and the results reflect a five month contribution from this contract. Floating Vehicle Data ("FVD") ITIS operates the world's largest commercial FVD system, providing full coverage of the UK's Strategic Road Network. During the last year we secured agreements with a number of fleet operators, including the AA, on a fixed annual cost basis. The result of this has been a dramatic improvement in coverage at a lower cost per mile than alternative technologies. Whilst FVD provides real-time information to support our driver information services, ITIS maintains a data warehouse of all speed and location records for analysis of historical congestion and journey times. The warehouse continues to grow by over 3 million observations a day and currently stands at over 500 million records. This information is being sold by ITIS to various Government agencies and local authorities. It is used for example, by the Scottish Executive, to provide real time routing and to evaluate expected journey times dependant upon time of day and the day of the week the customer wishes to make a specific journey. RDS-TMC RDS-TMC remains the only international standard for providing traffic data to a satellite navigation system. Virtually all screen based satellite navigation systems are TMC compliant, and vehicle manufacturers see this as a low cost entry to providing driver information services. Provision of a TMC service requires close cooperation between the information provider, the digital mapping companies, the navigation equipment suppliers and car manufacturers as well as a nationwide broadcast capability. ITIS provides the RDS-TMC service using the AS /1 licence, which enables our traffic data to be transmitted nationally using the Classic FM network. In December 2002, ITIS successfully bid for an extension to this licence from the Radio Authority and the licence is now valid until the end of 2012. In addition evaluations by several leading vehicle manufacturers are nearing completion and during the course of this year we expect to increase greatly penetration of RDS-TMC from a current base of close to 30,000 cars. NavTrak This has been an extremely successful period for our NavTrak business which has set the standard for vehicle manufacturers and insurers alike. The NavTrak system is now an approved option in the UK on BMW, Bentley and Land Rover and standard equipment on all Ferrari. NavTrak ADR detects theft with the owner's keys, delivers low current drain and uniquely offers full service coverage across Europe, including police liaison in over 20 countries, through our agreement with EUROWATCH. This has enabled us to extend a previously signed contract with a major vehicle rental company in Italy. During the year we connected 2,305 NavTrak units. This figure does not yet reflect the recent endorsements by prestige vehicle brands, which we would expect to have a material impact on connections during the current year. Current Trading and Prospects During the year the ITIS management team have delivered on the strategy set out in the Results Statement for the year ended 31st March 2002, which were to control costs, minimise cash usage and grow revenues with the automotive industry. The Group's focus on the delivery of its unique propositions, such as the provision of real time traffic flow information via FVD, and the attractive NavTrak product offerings, have resulted in a more than doubling of revenues and we expect further substantial revenue growth this year. Our cash balances remain strong and with the company's current predictions of growing revenues and further cost reductions, the Directors are confident that ITIS has sufficient cash to develop the business through to profitability and positive cash flows. 22nd May 2003 ITIS Holdings plc Preliminary results for the year ended 31 March 2003 Consolidated profit and loss account 2003 2002 # # Group turnover 3,821,977 1,480,520 Exceptional direct costs (1,050,000) - Other cost of sales (5,346,229) (3,895,119) Cost of sales (6,396,229) (3,895,119) --------------------- --------------------- Gross loss (2,574,252) (2,414,599) Distribution costs (201,573) (493,209) Impairment of fixed assets - (896,000) Other administration expenses (5,435,271) (6,659,842) Administrative expenses (5,435,271) (7,555,842) ---------------------- --------------------- Group operating loss (8,211,096) (10,463,650) Profit on sale of joint venture - 1,533,971 Share of operating losses of joint venture - (659,678) Goodwill amortisation - joint venture - (236,111) Interest receivable 544,615 1,089,214 Interest payable and similar charges (2,893) (7,121) __________ __________ Loss on ordinary activities before taxation (7,669,374) (8,743,375) Tax on loss on ordinary activities 241,431 255,843 __________ __________ Loss on ordinary activities after taxation (7,427,943) (8,487,532) __________ __________ Loss for the financial year (7,427,943) (8,487,532) --------------------- ------------------- p p Basic and diluted loss per ordinary share (7.5) (8.6) --------------------- ------------------- All activity has arisen from continuing operations. The group has no recognised gains or losses in either year other than the loss for that year. Consolidated balance sheet 2003 2002 # # Fixed assets Intangible assets 395,138 435,501 Tangible assets 814,016 474,371 __________ __________ 1,209,154 909,872 __________ __________ Current assets Stocks 768,865 109,648 Debtors - due within one year 2,741,985 2,825,139 - due after more than one year 953,438 500,000 Cash at bank and in hand 11,153,945 17,079,443 __________ __________ 15,618,233 20,514,230 Creditors: Amounts falling due within one year (3,727,608) (2,083,237) __________ __________ Net current assets 11,890,625 18,430,993 __________ __________ Total assets less current liabilities 13,099,779 19,340,865 Creditors: Amounts falling due after more than one year (1,565,662) (378,805) __________ __________ Net assets 11,534,117 18,962,060 __________ __________ Capital and reserves Called-up share capital 5,186,286 5,186,286 Share premium account 37,342,877 37,342,877 Profit and loss account (30,995,046) (23,567,103) __________ __________ Shareholders' funds 11,534,117 18,962,060 __________ __________ Shareholders' funds may be analysed as: As restated Note 1 Equity interests 8,316,249 15,744,192 Non-equity interests 3,217,868 3,217,868 __________ __________ 11,534,117 18,962,060 __________ __________ Consolidated cash flow statement Notes 2003 2002 # # Net cash outflow from operating activities 2 (6,480,904) (9,595,338) _________ __________ Returns on investments and servicing of finance Interest paid - (5,835) Interest element of finance lease rental payments (2,893) (1,286) Interest received 726,068 1,027,135 _________ __________ Net cash inflow from returns on investments and servicing of finance 723,175 1,020,014 _________ __________ Taxation Research and development taxation credit - 255,843 __________ __________ Net cash inflow from taxation - 255,843 __________ __________ Capital expenditure and financial investment Purchase of tangible fixed assets (147,535) (705,235) Sale of tangible fixed assets 19,950 6,500 _________ __________ Net cash outflow from capital expenditure (127,585) (698,735) _________ __________ Acquisitions and disposals Investment in joint venture - (490,040) Disposal of joint venture - 859,000 _________ __________ Net cash inflow from acquisitions and disposals - 368,960 _________ __________ Cash outflow before financing (5,885,314) (8,649,256) _________ __________ Financing Issue of shares to minorities - 200 Capital element of finance lease rental payments (40,184) (30,138) _________ __________ Net cash outflow from financing (40,184) (29,938) _________ __________ Decrease in cash in the year 3 (5,925,498) (8,679,194) _________ __________ Reconciliation of movements in group shareholders' funds 2003 2002 # # Loss for the financial year (7,427,943) (8,487,532) __________ __________ Net reduction in group shareholders' funds (7,427,943) (8,487,532) Opening shareholders' funds 18,962,060 27,449,592 __________ __________ Closing group shareholders' funds 11,534,117 18,962,060 ------------------- ------------------- Notes 1. Basis of Preparation The financial information set out in this preliminary announcement does not constitute the Group's statutory accounts for the years ended 31 March 2002 or 2003, but is derived from those accounts. Statutory accounts for the year ended 31 March 2002 have been delivered to the Registrar of Companies. The auditors have reported on the accounts for the years ended 31 March 2003 and 2002: their report was unqualified and did not contain a statement under section 273(2) or (3) of the Companies Act 1985. The financial information set out in this preliminary announcement has been prepared on the basis of the accounting policies as stated in the accounts for the year ended 31 March 2002. The directors, having reconsidered the terms of the company's deferred shares in the light of the requirements of FRS4, have reclassified those shares as non- equity shares. There is no impact on the profit for the year or net assets in either year. A copy of the annual report and accounts will be circulated to all shareholders of the company shortly and copies will also be available for members of the public upon application to the registered office at Fifth Floor, Station House, Stamford New Road, Altrincham, WA14 1EP and on the website www.itisholdings.com. 2. Reconciliation of operating loss to net cash outflow from operating activities 2003 2002 # # Operating loss (8,211,096) (10,463,650) Depreciation and amortisation of licenses 338,921 346,533 Impairment losses - 896,000 Increase in stocks (659,217) (15,769) Increase in debtors (310,305) (674,616) Increase in creditors 2,371,412 316,527 Profit on disposal of fixed assets (10,619) (363) __________ __________ Net cash outflow from operating activities (6,480,904) (9,595,338) __________ __________ 3. Reconciliation of net cash flow to movement in net funds 2003 2002 # # Decrease in cash in the year (5,925,498) (8,679,194) Cash inflow from decrease in lease financing 40,184 30,138 __________ __________ Change in net funds resulting from cash flows (5,885,314) (8,649,056) New finance lease (500,000) (80,368) __________ __________ Change in net funds in the year (6,385,314) (8,729,424) Net funds brought forward 17,029,213 25,758,637 __________ __________ Net funds carried forward 10,643,899 17,029,213 ----------------- ----------------- This information is provided by RNS The company news service from the London Stock Exchange END FR ABMRTMMBTBLJ
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