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|---|---|---|---|
| Intertainment AG | TG:ITN | Tradegate | Ordinary Share |
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RNS Number:2074P
ITNET PLC
01 September 2003
ITNET plc
Interim Results for the six months ended 30 June 2003
ITNET delivers another good set of results and a record forward order book
ITNET plc, one of the leading IT, consulting and business process outsourcing
companies, announces interim results for the six months ended 30 June 2003.
Half-year Financial Highlights:
* Record forward order book standing today at #384m (February 2003: #295m)
* Turnover up 6.6% to #91.2m (2002: #85.5m)
* Profit before tax increased to #8.7m (2002: #2.8m)
* Earnings per share increased to 7.57p (2002: 0.48p)
* Net cash position increased to #14.9m (2002: #10.1m)
* Dividend per share up by 10% to 1.33p (2002: 1.21p)
For operating performance comparison purposes, adjusted* turnover and adjusted*
profit before tax** increased by 4.4% to #89.3m (2002: #85.5m) and by 7.2% to
#7.6m (2002: #7.1m) respectively.
Adjusted* earnings per share** increased to 6.9p (2002: 6.8p).
* The adjustment is described in the results section on page three of this
statement, which explains the non-recurring payment received from the London
Borough of Islington
**Before amortisation and impairment of goodwill, exceptional and non-recurring
items
Business Highlights
* Signing of first major contract win in Central Government, in line with
stated strategy, the largest single contract win in the Company's history
* New contract win in transport with National Air Traffic Services plc
Commenting on the results, Bridget Blow, Chief Executive, said:
"I am delighted to report another pleasing performance and the delivery of good
results for the first half of 2003. Despite contrasting conditions in our
different markets, we have achieved further growth in profits and earnings per
share. Furthermore, our order book has increased significantly during the
period and today stands at a record level of #384m.
"2003 has been marked by two major events for the Company: firstly, the signing
of the contract with the Cabinet Office - the Company's single largest contract
win to date and, importantly, our first major win in Central Government; and
secondly, a positive outcome was reached in the negotiations with the London
Borough of Islington.
"In addition to the potential growth achievable from the Cabinet Office
contract, its high profile nature will provide us with an excellent platform to
realise further opportunities in Central Government. We are also pleased to be
announcing today a new contract in transport with National Air Traffic Services,
yet another significant win for the business."
Business Operating Highlights:-
* We have continued to build on our strong position in the Local Government
market. The continuing demand for ITNET's e-government services has
resulted in 14% adjusted revenue growth in Local Government for the first
half, well ahead of industry growth rates.
* Our first major win in Central Government, with a Data Centre Hosting
contract from the Cabinet Office. The committed value of the initial
five-year contract is #83m with options for further services and for a
further two year extension, making this the single largest contract win in
the Company's history.
* Public Sector contract wins in 2003 to date with new and existing
customers totalled #181m, covering a period of up to ten years.
* Commercial Sector contract wins in 2003 to date with new and existing
customers totalled #54m covering a period of up to five years.
* General market conditions continue to impact our Commercial business.
However, we continued to grow revenue in transport - up 4.5% on the same
period last year and 10.5% compared with H2 2002.
* Continuing strong demand for SAP services in the Public Sector resulted in
revenue growth of 177% to #6.8m.
* Another good performance from French Thornton, our consultancy business,
with revenue growth of 16.5% to #6.8m.
New contracts announced today:-
* New contract in transport with National Air Traffic Services plc
(NATS) worth #17.3m over five years, managing IT business systems to provide
improvements to NATS' infrastructure and service levels in administrative
areas.
* Extension of existing managed services contract with Hertfordshire
County Council incorporating a fully integrated HR, payroll and pensions
system. The amended contract is worth #32.4m and will continue for seven
years.
* Revision of desktop and infrastructure services contract with London
Underground Limited, increasing contracted revenue by #3.8m over two years.
* Extension of end-user computing contract with 3663 worth #3.6m over
3.5 years.
* Renewal of end-user computing contract with Alstom worth #2m over two
years.
For further information:
ITNET plc
Bridget Blow, Chief Executive Tel: 020 7367 5100 (on 1 September 2003)
Robin Taylor, Finance Director Tel: 0121 459 1155 (thereafter)
Cubitt Consulting
Fergus Wylie Tel: 020 7367 5100
Peter Ogden
INTERIM STATEMENT
Results
During the period, following positive negotiations with the London Borough of
Islington, the Group benefited from a non-recurring payment of #1.9m received in
connection with the revised contractual arrangements agreed in February this
year, which has had a favourable impact on both revenues and profits. In order
to give better comparability with prior periods' results, revenues and profits
have been adjusted in this statement to exclude this non-recurring receipt where
appropriate.
In the six months ended 30 June 2003, adjusted revenue increased by 4.4% to
#89.3m (2002: #85.5m). Our Public Sector business continued to deliver strong
growth with adjusted revenue up by 10.7% to #50.8m (2002: #45.9m) reflecting
another good performance from our Local Government business, which increased by
14.0% compared with the corresponding period last year. In the Commercial
Sector, where overall market conditions remain difficult, the Group delivered
another creditable performance with transport and utilities/services increasing
revenue by 4.5% and 37.2% respectively. Overall, Commercial Sector revenue for
the half-year, was #38.5m (2002: #39.7m), a performance which compares very
favourably with our competitors.
Revenue from infrastructure services increased by 6.2% to #52.5m during the
period (2002: #49.4m). Applications services and adjusted Business Process
Services revenue were relatively flat year on year at #19.8m and #10.2m
respectively (2002: #19.8m and #10.5m respectively). Our consultancy business,
French Thornton, continued to perform well with a 16.5% increase in revenue to
#6.8m (2002: #5.9m) reflecting the increase in public sector demand.
Operating profit increased to #8.6m (2002: #2.8m). Adjusted operating profit
(before amortisation and impairment of goodwill, exceptional items and
non-recurring items) improved by 5.6% to #7.5m (2002: #7.1m) with margins
increasing slightly to 8.4% compared with 8.3% for the corresponding period last
year which was in line with management's expectations. As previously reported,
during 2003 we are increasing our investment in sales and marketing and in the
development of new services both to consolidate our strong position in Local
Government and increase our market share in Central Government and in transport
and utilities/services. While the increase in employers' National Insurance
from April 2003 is clearly having an impact we continue to manage our cost base
actively and to maintain high levels of utilisation throughout the business.
Profit before tax increased to #8.7m (2002: #2.8m). In addition to the factors
already referred to, a goodwill write down of #4.4m taken in 2002, relating to
an acquisition made in 1999, was a major factor in this increase. Earnings per
share increased to 7.57p (2002: 0.48p). Adjusted earnings per share (before
amortisation and impairment of goodwill, exceptional items and non-recurring
items) increased to 6.9p (2002: 6.8p)
The interim dividend has been increased by 10% to 1.33p per share (2002: 1.21p)
and will be paid on 1 October 2003 to shareholders on the register at the close
of business on 12 September 2003.
Net cash inflow from operating activities was #7.5m (2002: #6.1m). The increase
in cash flows from operating profits has been mitigated by an increase in
accrued income and work in progress. The increase in accrued income primarily
relates to the consistent application of our revenue recognition policy on
contracts where the customer pays for an outsourcing service evenly over a
number of years following delivery of the business solution. Cash collection
continues to be well managed with average days sales outstanding improving to 32
(2002: 35). Free cash flow for the period was #2.4m (2002: #3.9m) reflecting
higher tax payments due to higher taxable profits and a positive benefit related
to tax losses in the corresponding period last year. Net cash as at 30 June
2003 was #14.9m compared with #14.4m as at 31 December 2002.
In July 2003, ITNET announced that it had been awarded an #83m contract with the
Cabinet Office over five years. This contract has options for further services
and a two-year extension and is the single largest contract win in the Company's
history. An initial capital and manpower investment of up to #10m will be
required by the Company, which will be booked this year in full and reduce net
cash accordingly. Income earned will start to impact revenues in 2004.
Review of Operations
Overview
Our Public Sector business performance goes from strength to strength, firmly
reinforcing our position as one of the leading players in the sector. We
achieved excellent adjusted revenue growth of 10.7% in the Public Sector in the
first half of the year, added #90m to the Public Sector order book since
February 2003 and have a significant pipeline of bid opportunities going
forward.
In the Commercial Sector where overall industry conditions remain difficult, we
are encouraged by the progress we have made in delivering our strategy. As well
as revenue growth in transport in the first half of 2003, we have maintained our
high levels of customer retention and renewals and have extended the breadth of
services provided to customers.
Public Sector
Business wins with new and existing customers have resulted in adjusted revenue
growth of 10.7% to #50.8m in the first half of 2003 (2002: #45.9m). Whilst
market analysts predict Public Sector IT services to grow at 5.5% during 2003
(Source: Ovum Holway), we have exceeded this forecast demonstrating our leading
position in this market. Contracts have been signed with new customers to date
in 2003 totalling #127m covering a period of up to 10 years across both Local
and Central Government.
To date in 2003 we have won new business worth #54m for a period of up to 10
years with existing customers which include Birmingham City Council, Braintree
District Council, Colchester Borough Council, Hertfordshire County Council, the
Inland Revenue and the London Boroughs of Enfield, Hounslow and Southwark.
Our Public Sector order book now stands at a record level. Following the recent
announcement of our largest contract win in the Company's history, the order
book stands today at #292m. The majority of our Public Sector customers have
contracted for further services with ITNET and our conversion rate remains
outstanding - we continue to win one out of every three contracts we bid for
with new customers.
We continue to believe that there will be significant growth opportunities well
beyond the Government's current 2005 deadline for its Modernising Government
initiative. Government spending is driven by best value and business change
through technology, not solely by e-government. Ovum Holway further supports
this in a recent UK Public Sector report, which states that the Local Government
online budget will not be spent in the period to 2005, nor does it expect all
local authorities to meet the 2005 deadline. Therefore, market forecasters
expect to see additional funds available through to 2006 and possibly 2007.
ITNET is firmly established as one of the leading players in Local Government,
and will be able to capitalise on growth opportunities across both Local and
Central Government.
We have maintained our leading position for SAP services in Local Government,
enjoying further success in this market with three new customers announced in
the first half - the London Borough of Richmond Upon Thames, Buckinghamshire
County Council and the City of Sunderland. Our conversion rate for SAP
contracts is excellent, winning one out of every two contracts we bid for in SAP
services.
As predicted in February, we have broken into the Central Government market with
the largest win so far in the Group's history. This initial five-year contract
with the Cabinet Office is worth #83m with options for further services and for
a further two-year extension. We believe that as online Government services
evolve across departments, usage of the service will increase beyond the minimum
contracted value. Furthermore, our track record shows that we are good at
growing business from existing customers and we believe that the Cabinet Office
will be no exception. We also anticipate that such a high profile account will
give us a good platform to realise further opportunities from Central
Government. We are currently bidding for a number of Central Government
contracts where decisions are expected to be made in the next six months, in
addition to a smaller number of large deals in the pipeline for the next 12-18
months.
At the preliminary results in February 2003, we identified the Health Service as
a Public Sector opportunity, as a result of the reported level of potential
investment in this area. We remain interested in the sector and we believe we
are well placed to explore possible opportunities as and when the direction of
the market becomes clearer.
Commercial Sector
Overall Commercial Sector revenue in the first half was #38.5m (2002: #39.7m).
Given the continuing difficult market conditions in the Commercial Sector, this
was another creditable performance which compares very favourably with our
competitors. The main driver for growth has been the need for companies to
operate more cost effectively, in order to remain competitive in their markets.
The strategy we have adopted, together with the investment we continue to make
in our target sectors, has proved successful, despite the general economic
uncertainty. We have secured new business in transport and utilities/services
with both new and existing customers. To date, in 2003 we have achieved 100%
success with Commercial customer renewals and nearly all our customers have
given us extra business.
As a result of these new wins, the Commercial Sector order book today stands at
#92m.
Our opportunities in transport are being helped by the Government's strategy for
delivering a modern, safe, reliable transport system as detailed in the 10 year
plan for transport. The plan sets out a #180bn investment programme, covering
all forms of transport and requires transportation organisations to investigate
more effective ways of operating to take advantage of this funding. In the six
months ended 30 June 2003, revenues in transport increased by 4.5% and, to date
in 2003, a number of new customers have been won including National Air Traffic
Services plc (NATS), as announced today and Go Ahead, which is taking advantage
of our applications management expertise. There has also been additional
business from our existing customer base at 3663, Alstom, BAA, London
Underground Limited, MAN B&W Diesel, Metronet Rail BCV Limited and Transport for
London.
In utilities, we have secured further work from our existing contracts with
Bristol Water and Powergen. In the membership services sector we have secured
further work with customers including Dun and Bradstreet, The Law Society, RAC
and Walsall Housing Group. This high level of activity within the customer base
has contributed to a 37.2% increase in revenues for the sector in the first
half.
High levels of customer satisfaction are reflected in the significant number of
contract renewals, extensions and further business won from existing customers
across our vertical market sectors and general Commercial sectors where we have
worked for some time. Together these are worth #36m to date covering a period
of up to five years. Those not previously mentioned include Alenia Marconi,
Argos, BAE Systems, Cadbury Schweppes, Equitas, Merck, Merloni Elettrodomestici
UK, Travel Inn and the VA Tech Group.
Consultancy
French Thornton, our change and programme management consultancy, has achieved
strong revenue growth of 16.5% in the first half of 2003, primarily as a result
of its work with Central Government clients. Further work has been undertaken
with the Inland Revenue and the Office of the e-Envoy during the half year.
A significant project for French Thornton in the first half of 2003 was with the
Royal Mail, helping with the project management of Project WAND, the world's
most technologically advanced mail sorting centre for international mail. The
aim of Royal Mail WAND is to provide both operational effectiveness and a better
service for UK and international customers.
Outlook
The Public Sector market is still very buoyant. A special report on the Public
Sector indicated recently that Public Sector organisations intend to spend more
on Information Communications Technology (ICT) in 2003/4 than in 2002, taking
aggregate spending to nearly #12.5bn (source: Kable). Our strength in IT and our
strength in Consultancy means we are well placed for contracts focusing on
transforming operations and processes, as well as technology, and
we are encouraged by the pipeline of new business opportunities available to us
in this area. Our recent win with the Cabinet Office will position us well to
take advantage of further opportunities in Central Government, particularly as
the service delivery will evolve across a number of Government departments.
In the Commercial Sector, customers continue to focus on cost reductions and
maximising their existing IT investments to ensure they remain competitive in a
challenging economic climate. We are pleased to see that we are making progress
in transport and utilities/services and taking full advantage of the
opportunities that are emerging. We expect an increase in commercial revenue in
the second half of the year.
Overall, current trading is in line with the Board's expectations. The strength
of our order book, which now includes our major contract with the Cabinet
Office, has reached a record level and underpins the sustainable nature of our
business model. This, together with a strong sales pipeline in the Public
Sector, our contract win rates and an ongoing focus on operating margins, gives
the Board confidence of significant growth in 2004 based on another good
performance in 2003.
-ends-
ITNET plc
Group profit and loss account
for the six months ended 30 June
2003
6 months to 30 Jun 2003 (unaudited)
Before Goodwill 2003
goodwill amortisation, Total
amortisation, impairment and
impairment and exceptional
exceptional items
items
Notes #'000 #'000 #'000
Turnover
91,215 - 91,215
Cost of sales
(73,432) - (73,432)
Gross profit
17,783 - 17,783
Other operating expenses before goodwill
amortisation, impairment
and exceptional items (8,367) - (8,367)
Goodwill amortisation - (787) (787)
Goodwill impairment - - -
Exceptional gain 2 - - -
Amounts written off investment in own shares 2 - - -
Total operating expenses (8,367) (787) (9,154)
Operating profit 9,416 (787) 8,629
Interest receivable 164 - 164
Interest payable (63) - (63)
Profit on ordinary activities before taxation 9,517 (787) 8,730
Tax on profit on ordinary activities (3,238) - (3,238)
Tax on exceptional gain - - -
Total taxation (3,238) - (3,238)
Profit on ordinary activities after taxation 6,279 (787) 5,492
Dividends paid and proposed (967) - (967)
Retained profit/(loss) 5,312 (787) 4,525
Earnings per share (pence) 3
- Before goodwill amortisation, impairment and
exceptional items 8.66
- Exceptional items -
- Before goodwill amortisation and impairment 8.66
- Goodwill amortisation and impairment (1.09)
- Basic 7.57
- Fully diluted 7.53
Dividend per share 1.33
ITNET plc
Group profit and loss account
for the six months ended 30 June
2002
6 months to 30 Jun 2002 (unaudited)
Before Goodwill As restated
goodwill amortisation, 2002
amortisation, impairment and
impairment and exceptional Total
exceptional items
items
Notes #'000 #'000 #'000
Turnover 85,547 - 85,547
Cost of sales (70,292) - (70,292)
Gross profit 15,255 - 15,255
Other operating expenses before goodwill
amortisation, impairment and
exceptional items (8,136) - (8,136)
Goodwill amortisation - (1,100) (1,100)
Goodwill impairment - (4,005) (4,005)
Exceptional gain 2 - 800 800
Amounts written off investment in own shares 2 - - -
Total operating expenses (8,136) (4,305) (12,441)
Operating profit 7,119 (4,305) 2,814
Interest receivable 112 - 112
Interest payable (126) - (126)
Profit on ordinary activities before taxation 7,105 (4,305) 2,800
Tax on profit on ordinary activities (2,219) - (2,219)
Tax on exceptional gain - (240) (240)
Total taxation (2,219) (240) (2,459)
Profit on ordinary activities after taxation 4,886 (4,545) 341
Dividends paid and proposed (877) - (877)
Retained profit/(loss)
4,009 (4,545) (536)
Earnings per share (pence) 3
- Before goodwill amortisation, impairment and
exceptional items 6.81
- Exceptional items 0.78
- Before goodwill amortisation and impairment 7.59
- Goodwill amortisation and
impairment (7.11)
- Basic 0.48
- Fully diluted 0.47
Dividend per share 1.21
ITNET plc
Group profit and loss account
for the year ended 31 December 2002
Year to 31 Dec 2002 (audited)
Before Goodwill 2002
goodwill amortisation,
amortisation, impairment and Total
impairment and exceptional
exceptional items
items
Notes #'000 #'000 #'000
Turnover 178,992 - 178,992
Cost of sales (146,564) - (146,564)
Gross profit 32,428 - 32,428
Other operating expenses before goodwill
amortisation, impairment and
exceptional items (16,118) - (16,118)
Goodwill amortisation - (2,834) (2,834)
Goodwill impairment - (6,276) (6,276)
Exceptional gain 2 - 800 800
Amounts written off investment in own shares 2 - (705) (705)
Total operating expenses
(16,118) (9,015) (25,133)
Operating profit 16,310 (9,015) 7,295
Interest receivable 255 - 255
Interest payable (214) - (214)
Profit on ordinary activities before taxation 16,351 (9,015) 7,336
Tax on profit on ordinary activities (4,913) - (4,913)
Tax on exceptional gain - (240) (240)
Total taxation (4,913) (240) (5,153)
Profit on ordinary activities after taxation 11,438 (9,255) 2,183
Dividends paid and proposed (2,806) - (2,806)
Retained profit/(loss)
8,632 (9,255) (623)
Earnings per share (pence) 3
- Before goodwill amortisation, impairment and
exceptional items 15.86
- Exceptional items (0.20)
- Before goodwill amortisation and impairment 15.66
- Goodwill amortisation and
impairment (12.63)
- Basic 3.03
- Fully diluted 3.01
Dividend per share 3.87
ITNET plc
Group balance sheet
as at 30 June 2003
As at As at As at
30 Jun 2003 30 Jun 2002 31 Dec 2002
(unaudited) (unaudited) (audited)
Notes #'000 #'000 #'000
Fixed assets
Intangible assets
13,218 17,160 14,105
Tangible assets
8,283 7,606 7,704
Investments
1,155 1,860 1,155
22,656 26,626 22,964
Current assets
Stocks and work in progress
2,430 2,214 1,122
Debtors
4 33,961 24,250 31,534
Cash at bank and in hand
16,168 13,711 16,715
52,559 40,175 49,371
Creditors
Amounts falling due within
one year 5 (50,121) (46,003) (51,989)
Net current assets/
(liabilities) 2,438 (5,828) (2,618)
Total assets less current
liabilities 25,094 20,798 20,346
Creditors
Amounts falling due after more than one
year 6 - (492) (122)
Provisions for liabilities
and charges (500) (500) (500)
Net assets 24,594 19,806 19,724
Capital and Reserves
Called-up share capital -
equity 7 7,329 7,309 7,309
Share premium account 8 32,305 31,975 31,980
Profit and loss account 8 (15,040) (19,478) (19,565)
Equity shareholders' funds 24,594 19,806 19,724
ITNET plc
Group cash flow statement
for the six months ended 30
June 2003
6 months to 6 months to Year to
30 Jun 2003 30 Jun 2002 31 Dec 2002
(unaudited) (unaudited) (audited)
Notes #'000 #'000 #'000
Net cash inflow from
operating activities 10(a) 7,513 6,122 16,353
Returns on investments and servicing of
finance 10(b) 42 15 84
Taxation (3,180) (763) (3,198)
Capital expenditure 10(c) (1,945) (1,450) (4,092)
2,430 3,924 9,147
Equity dividends paid
(1,941) (1,713) (2,582)
Cash flow before management of liquid resources
and financing 489 2,211 6,565
Financing 10(d) (1,036) (852) (2,202)
(Decrease)/increase in cash (547) 1,359 4,363
Reconciliation of net cash flow to movement in
net cash
(Decrease)/increase in cash
in the period (547) 1,359 4,363
Decrease in debt and lease
financing 556 852 2,108
Loan note redemptions 825 - 100
New loan notes (400) (500) (500)
Change in net cash 434 1,711 6,071
Net cash at start of period 14,442 8,371 8,371
Net cash at end of period 10(e) 14,876 10,082 14,442
ITNET plc
Notes to accounts
for the six months ended 30
June 2003
1.Basis of preparation
This interim financial information has been prepared on the basis of the
accounting policies set out in the Group's Annual Report for the year
ended 31 December 2002.
The financial information for the year ended 31 December 2002 is derived
from the statutory accounts for that year which have been delivered to
the Registrar of Companies. The auditors reported on those accounts;
their report was unqualified and did not contain a statement under
section 237(2) or (3) of the Companies Act 1985.
2.Exceptional items
The exceptional gain in 2002 arose as a result of the movement in the
ITNET share price since January 2000 and the subsequent impact upon the
French Thornton employee bonus agreement. Under the agreement employees
were entitled to a bonus payment based upon a fixed number of shares.
In 2002 the shares held in the QUEST which we previously held at cost
were written down to the year-end share price resulting in an exceptional
charge of #705,000.
3.Earnings per share
The calculation of earnings per share for the 6 months to 30 June 2003 is
based on an attributable profit of #5,492,000 (2002: #341,000) divided by
72,505,282 shares (2002: 71,732,444). Earnings per share for the year
to 31 December 2002 is based on an attributable profit of #2,183,000
divided by 72,116,270 shares. The number of shares is based on the
weighted average number of shares in issue during the year excluding
those held by employee share ownership trust which are treated as
cancelled for earnings per share calculation purposes.
The fully diluted earnings per share is based on 72,929,174 ordinary
shares (2002: 72,006,483) reflecting the full effect of outstanding
share options.
4.Debtors
As at As at As at
30 Jun 2003 30 Jun 2002 31 Dec 2002
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Trade debtors 20,668 17,326 19,407
Deferred tax 1,146 1,411 1,582
Prepayments 2,809 1,282 1,901
Accrued income 9,338 4,231 8,644
33,961 24,250 31,534
5.Creditors - Amounts falling due
within one year
As at As at As at
30 Jun 2003 30 Jun 2002 31 Dec 2002
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Loan notes - issued 800 1,325 1,225
Loan notes - to be issued - 500 500
Trade creditors 8,688 9,795 10,430
UK corporation tax 2,780 2,728 3,158
Other taxation and social
security 6,112 5,275 5,850
Amounts due under finance
leases 492 1,812 926
Accruals 14,125 11,224 13,476
Deferred income 16,129 12,435 14,455
Dividend payable 995 909 1,969
50,121 46,003 51,989
6.Creditors - Amounts falling due after more than
one year
As at As at As at
30 Jun 2003 30 Jun 2002 31 Dec 2002
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Finance leases - 492 122
Finance leases falling due:
Between one and two years - 492 122
7.Called-up share capital
As at As at As at
30 Jun 2003 30 Jun 2002 31 Dec 2002
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Equity:
Authorised - Ordinary shares
of 10p each 10,584 10,584 10,584
Allotted - Ordinary shares of
10p each 7,329 7,309 7,309
Allotment of shares
Since 1 January 2003 new ordinary shares of 10p each have been issued as follows:
Price per Valuation/
Number of share proceeds
Purpose of issue: shares # #'000
Scrip dividend 186,539 1.81 339
Sharesave
1,849 1.48 3
Sharesave
1,053 1.34 1
Sharesave
946 2.07 2
8. Reserves
Profit & loss Share
Total account premium
#'000 #'000 #'000
At 1 January 2003 12,415 (19,565) 31,980
Premium on issues of new
share capital 325 - 325
Profit for the period
4,525 4,525 -
At 30 June 2003
17,265 (15,040) 32,305
9. Reconciliation of movements in shareholders' funds for the 6 months ended 30 June 2003
#'000
Profit after tax 5,492
Dividends paid and proposed (967)
4,525
Share capital issued and
subscribed 20
Share premium account 325
Net addition to shareholders'
funds 4,870
Opening shareholders' funds 19,724
Closing shareholders' funds 24,594
10. Cash flow statement
(a) Net cash inflow from operating
activities
6 months to 6 months to Year to
30 Jun 2003 30 Jun 2002 31 Dec 2002
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Operating profit 8,629 2,814 7,295
Amounts written off investment in own
shares - - 705
Exceptional gain - (800) (800)
Depreciation of tangible
fixed assets 2,215 2,587 5,228
Amortisation and impairment
of goodwill 787 5,105 9,110
Profit on disposal of
tangible fixed assets (6) (1) (1)
Increase in debtors (2,863) (567) (7,680)
(Increase)/decrease in stocks (1,308) (895) 197
Increase/(decrease) in
creditors 59 (2,121) 2,299
7,513 6,122 16,353
(b) Returns on investments and servicing of
finance
Interest received 141 112 255
Interest paid (59) - (10)
Interest element of finance lease
rentals paid (40) (97) (161)
42 15 84
(c) Capital expenditure
Payments to acquire fixed
assets (1,952) (1,461) (4,104)
Receipts from sale of
tangible fixed assets 7 11 12
(1,945) (1,450) (4,092)
(d) Financing
Issue of Ordinary share
capital 345 - 6
Loan notes repaid (825) - (100)
Capital element of finance lease
repayments (556) (852) (2,108)
(1,036) (852) (2,202)
(e) Analysis of changes in
net cash
At New Loan At
1 Jan loan note 30 Jun
2003 Cash notes redemptions 2003
flows
#'000 #'000 #'000 #'000 #'000
Cash at bank and in hand 16,715 (547) - - 16,168
Loan notes (1,225) - (400) 825 (800)
Finance leases (1,048) 556 - - (492)
Total 14,442 9 (400) 825 14,876
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFLATDIAFIV
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