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RNS Number:1719S
iTouch PLC
18 November 2003
For release on 18 November 2003
iTouch plc
Results for the Nine Months to 30 September 2003
EBITDA positive quarter
Unaudited Unaudited
2003 2002 % Y on Y 2003 2002 % Y on Y
Q3 Q3 9m 9m
Revenue #16.3m #10.3m 57% #42.1m #23.9m 76%
EBITDA profit/(loss)* #0.8m (#1.7m) (#1.1m) (#7.3m) 85%
Operating loss* (#0.7m) (#3.6m) 81% (#4.7m) (#12.5m) 62%
Net cash #11.3m #29.4m #11.3m #29.4m
*Before exceptional items
Financial and Operating Highlights
* Q3 revenue up 12% to #16.3m from Q2 2003
* Q3 EBITDA positive #0.8m (2002: #1.7m loss)
* Adjusted EPS loss improvement of 78% to 0.5p (2002: 2.3p)
* Continued strengthening of the direct channel to market in the UK and
Spain
* Partnership with Meditel (mobile operator) to launch service in Morocco
Commenting on the results Chairman Ivan Fallon said:
"I am delighted that iTouch has made the breakthrough into EBITDA* positive
territory with an excellent third quarter result. We expect to build on this in
the fourth quarter and in 2004. The Group's acquisition of Movilisto in Spain
and the launch of the 8181 channel in the UK have confirmed our confidence that
we have a profitable business model which is well placed to take advantage of
the expected take-off in the mobile data services market."
Enquiries: Tel: 020 7613 6000
iTouch plc
Wayne Pitout, Chief Executive Officer
Michael Le Houx, Finance Director
Website: www.itouchplc.com
Hudson Sandler Tel: 020 7796 4133
Andrew Hayes/Noemie de Andia
A conference call will be held at 9am today. For dial in details please contact
Hudson Sandler.
Chief Executive Statement
iTouch, one of the leading European mobile value-added service providers,
continued to make good progress in Q3 and achieved an EBITDA positive position
for the first time. Our strategy remains to expand our presence in key European
countries, which represent a significant market opportunity, as well as new
developing markets that have recently introduced Premium SMS.
Overview
SMS continues to be a highly favoured way of communication for the 16 - 24 age
group and a key channel for the distribution of mobile services. European
mobile data revenues* are expected to grow by 24% to Euro23bn in 2004 and the
industry expects mobile data to represent 50% of industry revenue growth in the
same year. With mobile penetration in the UK of 15-18 year olds reaching 72% and
with sales of multimedia handsets expected to increase substantially over the
Christmas period, iTouch is well positioned to benefit from this growing market
which is still at a very early stage of development.
iTouch's strategy continues to focus on developing our existing 'mobile
channels' in the UK and Spain and to use our expertise to launch similar
channels in new territories. During the period, the Group strengthened its own
direct channel to market in the UK and Spain via the short-codes '8181' and '
7777' respectively and continued to seek new opportunities in European
territories. The Group also aims to roll out the direct model into countries
where iTouch has an existing presence when PSMS and short codes become available
from national operators.
In Morocco we partnered with Meditel, a company majority owned by Telefonica of
Spain and Portugal Telecom. The Group provides Premium SMS services in Morocco
which allow customers to download ringtones, logos, picture messages and images
via the short-code '888'. The services have been launched under the brand 'SOGO'
and are being delivered from iTouch's mobile entertainment platform located in
London. Results to date have exceeded management's expectations.
We continue to build and maintain partnerships with premium content providers
such as Universal Pictures and the EMI Group while securing distribution
channels that include mobile network operators, handset manufacturers, and media
partners.
Group Results
The EBITDA positive position for the quarter was driven by the performance of
Movilisto which has been consolidated for its first full quarter into the Group
results.
*source: CSFB Mobile Data report 09/03
Group revenues for the first nine months of 2003 increased by 76% to #42.1m
(2002: #23.9m). The 2003 third quarter revenues rose by 12% to #16.3m (Q2 2003:
#14.5m), with Movilisto contributing #5.7m in revenues, offset by the completion
of a high revenue and low margin voice contract in early Q3.
Group EBITDA losses were reduced by 85% to #1.1m for the first nine months of
2003. The Q3 2003 EBITDA profit is #0.8m compared to a loss of #1.7m in Q3
2002.
Data
Revenue in the Data business grew to #12.9m in the first nine months of 2003
(2002: #3.6m) with an operating profit for the period of #0.4m (2002: #2.7m
loss). Movilisto has contributed #7.1m to Data revenue and #2.8m to EBITDA
since the acquisition on 2 June 2003. The Group will continue to incur losses
in new territories during the start up phase of the roll out of the 8181 direct
channel model.
The monthly average number of consumer messages for Q3 2003 increased
significantly to 9.0m (2002: 3.5m), driven by the acquisition of Movilisto and
the launch of 8181 in the UK.
Voice
The Voice business recorded revenues of #22.9m for the first nine months of 2003
(2002: #16.6m). As reported in previous statements, iTouch has been utilising
its technology for one high revenue and low margin contract, which finished in
Q3 2003. As a result, Voice revenues fell to #6.2m in Q3 2003 from #9.0m in Q2.
Operating losses were #0.6m for the nine month reporting period (2002: #0.5m).
Other Data
The other Data business recorded revenues of #6.3m in the first nine months of
2003 (2002: #3.7m). Business Mobility (our PDA applications offering) secured
two significant UK contracts this period.
Other Profit and Loss Items
The Group gross profit was #18.0m for the first nine months of 2003 up 102% from
the equivalent period in 2002. Gross profit percentage increased to 43%
primarily as a result of the acquisition of Movilisto and the completion of the
single high revenue and low margin voice contract.
Selling expenses in the first nine months of 2003 increased by 95% to #4.6m
(2002: #2.4m) as a result of the Movilisto acquisition and the launch of 8181 in
the UK. General administration expenses, excluding Movilisto, decreased to
#4.1m in Q3 2003 from #4.9m in Q2 2002 as we continue to control costs.
On 2 July 2003, iTouch sold its 50% stake in iTouch Israel to the other joint
venture partner for a nominal sum. The disposal agreement includes a licensing
arrangement that allows iTouch Israel to retain the use of the iTouch name and
Group content in return for a revenue share. The disposal resulted in an
exceptional gain of #0.1m and iTouch's share of the joint ventures profit in
2003 was #48,000 (2002: loss of #228,000).
After net interest income of #0.4m (2002: #0.9m), share incentive scheme changes
of #nil (2002: #0.4m), depreciation of #1.5m (2002: #1.2m) a charge for goodwill
amortisation of #2.2m (2002: #3.6m), the loss on ordinary activities before tax
was #5.7m (2002 : #11.9m). Tax for the first nine months was #1.0m arising
primarily from the profits of Movilisto.
The adjusted loss per share (as calculated in Note 2) was 0.5p (2002: 2.3p).
The Group had net cash of #11.3m at the end of the period.
Total headcount at 30 September 2003 was down to 325 (including Movilisto's 41
staff) from 382 at 31 December 2002 and reflects our continuing review of the
cost base and efforts to improve operational efficiency.
Outlook
The Group has now reached a sustainable EBITDA positive position and we expect
to be close to EBITDA breakeven for the full year 2003. In light of the
increased focus of the Group on the emerging mobile data market, the Board is
undertaking a strategic review of existing operations which may lead to some
impairment of goodwill but will position the Group for strong financial
performance in 2004. The success of Movilisto in Spain and the launch of the
8181 channel in the UK give us confidence that we now have a platform and
profitable business model which we can build on and scale into new territories.
Wayne Pitout
Chief Executive Officer
18 November 2003
Group Profit and Loss Account
for the nine months ended 30 September 2003
Unaudited Unaudited Audited
1 January to 30 September 2003 1 January to Year to
30 September 31
2002 December
2002
Continuing Operations
#000 Acquisitions Total Total Total
#000 #000 #000 #000
Turnover 35,070 7,085 42,155 24,107 33,843
Less: Share of turnover of joint (103) - (103) (187) (229)
venture
Group turnover 34,967 7,085 42,052 23,920 33,614
Cost of sales (22,625) (1,420) (24,045) (15,018) (21,282)
Gross profit 12,342 5,665 18,007 8,902 12,332
Selling expenses (2,756) (1,840) (4,596) (2,360) (3,011)
Administration expenses (17,624) (1,979) (19,603) (19,316) (56,618)
Administration expenses:
General administration charges (13,504) (985) (14,489) (13,842) (18,112)
Amortisation, depreciation, share
incentive scheme charges and
exceptional items
Goodwill amortisation (1,199) (981) (2,180) (3,644) (5,017)
Depreciation (1,441) (13) (1,454) (1,192) (1,925)
Share incentive scheme charges (15) (15) (371) (516)
Exceptional items
* Impairment of - - - - (30,019)
intangible assets
* Other (1,465) - (1,465) (267) (1,029)
(4,120) (994) (5,114) (5,474) (38,506)
Loss before amortisation,
depreciation, share incentive scheme
charges and exceptional items (3,918) 2,840 (1,078) (7,300) (8,791)
Group operating (loss)/profit (8,038) 1,846 (6,192) (12,774) (47,297)
Share of operating profit/(loss) of 48 - 48 (228) (707)
joint venture
(Loss)/profit before exceptional (7,990) 1,846 (6,144) (13,002) (48,004)
charge
Gain on disposal of joint venture 103 - 103 - -
undertaking
Gain on disposal of associated - - - 182 182
undertaking
(Loss)/profit on ordinary activities
before interest and taxation (7,887) 1,846 (6,041) (12,820) (47,822)
Net interest income 365 894 1,280
(5,676) (11,926) (46,542)
Taxation charge (1,016) (37) (51)
(6,692) (11,963) (46,593)
Equity minority interests - 59 59
(6,692) (11,904) (46,534)
Dividends - - -
Loss for the period (6,692) (11,904) (46,534)
Basic and fully diluted loss per Ordinary share (2.0p) (4.2p) (16.2p)
Adjusted loss per Ordinary share (0.5p) (2.3p) (2.7p)
Unaudited Unaudited Audited
30 September 2003 30 September 2002 31 December 2002
Group Balance Sheet
As at 30 September 2003
#000 #000 #000 #000 #000 #000
Fixed assets
Intangible assets 38,576 40,750 15,422
Tangible assets 2,209 2,872 2,905
Investment in joint venture
- Share of gross assets - 539 171
- Share of gross liabilities - (1,033) (1,001)
- (494) (830)
Loans to joint venture - 938 830
- 444 -
40,785 44,066 18,327
Current assets
Stock 927 130 359
Debtors 13,825 5,947 6,165
Cash at bank and in hand 11,338 29,370 25,976
26,090 35,447 32,500
Creditors - amounts falling due within one (18,768) (12,005) (13,994)
year
Net current assets 7,322 23,442 18,506
Total assets less current liabilities 48,107 67,508 36,833
Creditors - amounts falling due after more (332) (257) (287)
than one year
Provisions for liabilities and charges (1,699) (562) (2,083)
46,076 66,689 34,463
Capital and reserves
Called up share capital
- Equity 3,705 2,930 2,952
- Non-equity 68,501 68,501 68,501
Share premium 51,206 34,556 34,868
Shares to be issued 4,282 1,267 3,011
Profit and loss account (84,313) (43,100) (77,549)
Other reserves 2,695 2,535 2,680
Total shareholders' funds 46,076 66,689 34,463
Minority interests
Equity minority interests - - -
46,076 66,689 34,463
Unaudited Unaudited Audited
Group Cashflow Statement 1 January 1 January to Year to
For the nine months ended 30 September 2003 to 30 September 31 December
30 2002 2002
September #000 #000
2003
#000
Net cash outflow from operating activities (5,331) (4,904) (8,115)
Returns on investments and servicing of finance 435 754 1,255
Taxation (1,244) - (51)
Capital expenditure and financial investment (634) (1,156) (1,982)
Acquisitions (7,650) (1,165) (1,343)
Cash outflow before management of liquid resources and (14,424) (6,471) (10,236)
financing
Management of liquid resources 10,298 9,052 14,208
Financing - (167) (153)
(Decrease)/increase in cash in the period (4,126) 2,414 3,819
Decrease in liquid resources in the period (10,298) (9,052) (14,208)
Decrease/(increase) in loan notes 1,099 - (1,186)
Decrease in cash, liquid resources and loan notes in the (13,325) (6,638) (11,575)
period
Exchange movements 80 (48) 15
(13,245) (6,686) (11,560)
Opening cash balance 24,496 36,056 36,056
Net cash balance at period end 11,251 29,370 24,496
Net cash comprises:
Cash at bank and in hand 11,338 29,370 25,976
Bank overdraft - - (294)
Loan notes (87) - (1,186)
11,251 29,370 24,496
Reconciliation of operating loss to net cash outflow from
operating activities
Operating loss (6,192) (12,774) (47,297)
Amortisation of goodwill 2,180 3,644 5,017
Depreciation 1,454 1,192 1,925
Share incentive scheme charges 15 371 516
Exceptional items - non-cash - - 30,781
Loss on disposal of fixed assets - - 142
Increase in stocks (695) (17) (131)
Decrease/(Increase) in debtors 430 (820) (855)
(Decrease)/increase in creditors and accruals (2,629) 3,317 1,497
Effects of foreign exchange rate changes 106 183 290
Net cash outflow from operating activities (5,331) (4,904) (8,115)
Segmental Report
By geographical market
Unaudited Unaudited Audited
1 January to 1 January to 1 January to
30 September 2003 30 September 2002 31 December 2002
Operating Operating Operating
Turnover profit/ Turnover profit/ Turnover profit/
#000 (loss) #000 (loss) #000 (loss)
#000 #000 #000
Europe:
- Group 32,499 (474) 17,100 (4,293) 24,385 (6,010)
- Joint Venture 103 48 187 (228) 229 (707)
Asia Pacific 7,425 (430) 5,214 (1,234) 6,999 (1,733)
Africa 2,128 97 1,606 (385) 2,230 (188)
Common costs and (3,205) (3,218) (4,330)
exceptional items
Goodwill (2,180) (3,644) (35,036)
42,155 (6,144) 24,107 (13,002) 33,843 (48,004)
By class of business
Unaudited Unaudited Audited
1 January to 1 January to 1 January to
30 September 2003 30 September 2002 31 December 2002
Operating Operating Operating
Turnover profit/ Turnover profit/ Turnover profit/
#000 (loss) #000 (loss) #000 (loss)
#000 #000 #000
Data messages 12,865 422 3,578 (2,710) 5,157 (3,541)
Voice 22,891 (575) 16,626 (542) 23,338 (1,293)
Other data 6,296 (654) 3,716 (2,660) 5,119 (3,097)
Joint Venture 103 48 187 (228) 229 (707)
Common costs and (3,205) (3,218) (4,330)
exceptional items
Goodwill (2,180) (3,644) (35,036)
42,155 (6,144) 24,107 (13,002) 33,843 (48,004)
Statement of Reserves
Share Shares to be Profit Other Total
premium issued and loss reserves
#000 #000 #000 #000 #000
At 31 December 2002 34,868 3,011 (77,549) 2,680 (36,990)
Loss for the period (6,692) (6,692)
Share premium on shares issued 16,350 16,350
Share issue expenses (12) (12)
Reduction in estimated deferred (2,329) (2,329)
consideration
Addition on acquisition 3,600 3,600
Reserve on issue of options under 15 15
share incentive scheme
Currency translation differences (72) (72)
on foreign currency net
investments
At 30 September 2003 51,206 4,282 (84,313) 2,695 (26,130)
Notes:
1.
Reconciliation of operating loss to 1 January to 30 1 January to 30
EBITDA: September 2003 September 2002
#'000 #'000
Group Operating loss (6,192) (12,774)
Add back: Exceptional items 1,465 267
Adjusted Group Operating loss (4,727) (12,507)
Add back: Goodwill amortisation 2,180 3,644
Depreciation 1,454 1,192
Share incentive scheme 15 371
charges
EBITDA (1,078) (7,300)
2. The calculation of basic loss per ordinary share has been based on the
loss for the financial period of #6.7m (2002: #11.9m) and on 328,142,959 (2002:
285,999,252) shares, being the weighted average number of ordinary shares in
issue during the period.
There are no potentially dilutive ordinary shares. Accordingly, the fully
diluted loss per share is also based on 328,142,959 (2002: 285,999,252) shares.
The group has also presented an adjusted loss per share figure to exclude the
impacts of depreciation, share incentive scheme charges, amortisation and
exceptional charges, in order to give a better indication of the underlying
performance of the group. Adjusted loss per share has been based on an adjusted
loss of #1.7m (2002: #6.6m), which excludes depreciation #1.5m (2002: #1.2m),
amortisation of goodwill #2.2m (2002: #3.6m), share incentive scheme charges
#nil (2002: #0.4m) and, net exceptional items #1.4m (2002: #0.1m) on 328,142,959
(2002: 285,999,252) shares.
3. The Group continues to diversify and grow new lines of business in its
various markets, from a common operating base. Due to the scale of current
operations, separate operating divisions do not exist for the various lines of
business, and accordingly the allocations of costs used in arriving at segmented
operating losses depends on the basis of allocation of common operating costs.
4. The financial information in this statement relating to the period ended
30 September 2003 does not constitute full statutory accounts within the meaning
of Section 240 of the Companies Act 1985. The financial statements of iTouch
plc, incorporating the financial information of iTouch plc for the year ended 31
December 2002 which have received an unqualified audit report and did not
contain any statements under Section 237 (2) or (3) of the Companies Act 1985,
which has been filed with the Registrar of Companies.
Non-Financial Operating Data - for the 9 months ended 30 September 2003
Monthly Monthly Per cent. Monthly Monthly Per cent.
average average change average average change
Jul-Sep Jul-Sep Q3 2003 / YTD YTD YTD 2003 /
2003 2002 Q3 2002 2003 2002 YTD 2002
Voice (1,2,3)
Total Minutes 6,202,879 3,153,611 97% 5,013,485 3,223,883 56%
Europe Minutes 5,808,622 2,655,905 119% 4,609,093 2,190,581 110%
Asia Pacific Minutes 31,959 58,116 (45%) 37,358 73,747 (49%)
Africa Minutes 362,298 439,590 (18%) 367,034 959,555 (62%)
Corporate data (4, 5, 6)
Total Users 537 766 (30%) 644 766 (16%)
Messages 2,664,916 5,070,132 (47%) 2,559,155 2,811,541 (9%)
Africa Users 493 564 (13%) 520 548 (5%)
Messages 2,177,901 4,329,315 (50%) 1,979,899 2,016,221 (2%)
Other Users 44 202 (78%) 124 218 (43%)
territories
Messages 487,015 740,817 (34%) 579,256 795,320 (27%)
Consumer data (7,8)
Total Messages 8,953,463 3,454,007 159% 5,381,550 2,617,313 106%
Africa Messages 2,211,051 2,488,363 (11%) 2,330,172 2,092,679 11%
Other Messages 6,742,412 965,644 598% 3,051,378 524,634 482%
Territories
Business Mobility (9,10)
Total Customers 54 48 13% 54 54 -
Africa Customers - 1 (100%) - 1 (100%)
Other Customers 54 47 15% 54 53 2%
territories
Notes to Non-Financial Operating Data (NFOD)
VOICE
(1) ''Minutes'' is the total duration of billable Voice calls in a given
month. Calls in Europe and Australasia are charged at premium rates; calls in
South Africa are charged at standard mobile rates. Calls include services in
South Africa where iTouch provides a Voice service on behalf of a third party
and services in Europe where third parties handle services on behalf of iTouch.
(2) Voice calls made in respect of Consumer Data products (e.g. Ringtones,
Picture Messages and Logos) largely to facilitate billing are recorded as
messages and revenue. The Voice system is used largely to facilitate billing
for products in Europe and in South Africa.
(3) The NFOD includes estimates for third party Voice services in Europe.
CORPORATE DATA
(4) "Corporate data users'' are defined as the total number, on the last day
of the month in question, of uniquely identifiable customers who had subscribed
to or used the service (whether on a fixed fee or per message payment basis) or
registered prepaid users with prepaid messages remaining. Prepaid users are
defined as customers who paid a charge in advance for a fixed number of
messages.
(5) ''Messages'' are defined as the total number of billable messages.
Billable messages are the total number of messages sent by corporate customers
who subscribed to or used the service (whether on a fixed fee or per message
payment basis).
(6) Corporate Data NFOD includes data on services provided to, in
conjunction with, or on behalf of, third party companies.
CONSUMER DATA
(7) ''Messages'' are defined as the total number of billable messages.
Billable messages are the total number of messages for which a charge has been
made. This category includes the total number of messages sent to consumers
registered for an Alerts service, messages sent to mobile originate customers
and messages sent to customers requesting special features for their mobile
phone (including ringtones and picture messages).
(8) Consumer Data NFOD includes data on services provided to, in conjunction
with, or on behalf of, third party companies.
BUSINESS MOBILITY
(9) A Business Mobility solution is the automation of a business process
onto a handheld mobile device which is used by an individual whilst away from
their desk or office.
(10) "Business Mobility customers" are defined as the number of unique
businesses who have implemented at least one iTouch Business Mobility solution
or received related consultancy or services, or purchased relevant hardware, and
who are billable in the month, either for an initial fee or an ongoing license
fee.
CALCULATION OF AVERAGES
(11) The ''Monthly Average'' for each quarter is calculated as the sum of the
NFOD for the three months concerned divided by three, even when a service in a
particular territory started only in the second or third month of that quarter.
This has the effect of reducing the ''monthly average'' figure for that quarter
with a consequential impact on dependent percentage calculations.
TESTING
(12) Voice and Data recorded traffic may include some minor activity generated
by testing and monitoring of services.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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