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Share Name | Share Symbol | Market | Type |
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Learning Technologies Group Plc | TG:LTG | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.995 | 0.995 | 0.995 | 0.00 | 01:00:00 |
RNS Number:3189Q LTG Technologies PLC 30 September 2003 30 September 2003 LTG Technologies PLC: Interim Results for the six months ending 30 June 2003 Highlights LTG Mailaender Division * Sales of #22.9 million (2002 first half: #15.9 million) * Break-even at operating profit level (2002 first half: loss of #1.3 million) * Order book remains strong at #26.2m (#30.6m at 28 February 2003) * Trading and operating conditions are now considered to be much more favourable than a year ago Imagelinx * Sales of #3.7 million up 2% on the same period in 2002 * Operating loss of #2.2 million before exceptionals and goodwill amortisation (2002 first half: loss of #2.7 million). * Major investments and expansion costs now incurred, headcount and overheads now being reduced * Continues to win new clients LTG Mailaender has performed well during the first half, in particular when compared with the first half of 2002. Sales were up 44%, gross margins remained satisfactory and the division broke even at the operating profit level where last year the continuing operations lost # 1.3 million. Imagelinx has again gained important new clients but sales growth has been weak with 2 per cent. This is due to existing clients having reduced the volume of business. We believe that this is a temporary effect as a result of an insecure economic climate during the first half of this year. Imagelinx has implemented major cost reductions and has almost completed the main investments programmes. As such we are expecting cost to be much more in line with sales in the foreseeable future. Group Results Highlights - # millions Unaudited 30 Unaudited 30 June 2003 June 2002 Sales 28.2 22.1 Operating loss before exceptional costs and (2.8) (5.3) goodwill write-downs Operating exceptional costs (3.3) (1.6) Goodwill amortisation and write down (0.3) (5.3) Operating loss (6.4) (12.2) Net interest (0.3) (0.4) Loss before tax (6.7) (12.6) Albert Klein, Chief Executive, said: "We believe that our future lies in the packaging graphics business despite recent sales growth not being in line with expectations and we are pleased with the development of LTG Mailaender which we had to steer through hard times during the last two years. Both our businesses offer exciting opportunities in a rapidly changing world. And our numbers are indicating the potential of LTG to move from losses to profits." Enquiries LTG Technologies PLC Albert Klein, Chief Executive Tel: +44 7801 910920 Michael Williamson, Finance Director Tel: +44 7769 703365 Seymour Pierce Limited Tel: +44 20 7107 8000 Jonathan Wright / John Depasquale Gavin Anderson & Company Tom Siveyer Tel: +44 20 7554 1400 CHAIRMAN'S AND CHIEF EXECUTIVE'S REVIEW LTG Technologies PLC has delivered improved results in the first six months of 2003 when compared to previous year's results despite two negative market developments. In the Far East, which is a key market for the sale of LTG Mailaender's new Sprint technology and other conventional metal sheet decorating equipment, the SARS crisis has severely affected the demand for our products in 2003 and only since July 2003 have we seen stability in these markets and a return to normal trading. Orders for our conventional equipment have been strong in other world markets and a major push from Asia will in our view transpire during the next few months. Our Imagelinx business, which focuses upon providing outsourced packaging graphics services to global branded consumer companies, has seen demand for its services decrease from existing clients and a slower than anticipated conversion of new clients. We believe that these developments reflect special circumstances in the still small number of Imagelinx's clients and we are encouraged to believe that our clients will increase spending with us in the near future. Despite the above we have seen an improvement in the results mainly due to cost reductions. The highlights of the interim results are as follows. * Sales of #28.2m verses #22.1m (6 months for 2002), which represents an increase of 28% mainly from LTG Mailaender. * Loss before tax of #6.7m compared to #12.6m (2002). The results reflect improvements in the operating results and the exclusion of the adverse results from Crabtree as included in the 2002 results. * Operating losses before interest, goodwill amortisation, exceptional costs and large one off items included in operating costs, are #2.8m compared to #5.3m (2002). Improved sales in the Mailaender division combined with tighter cost management in Imagelinx are reflected in the operating result improvement. * In operating costs we have provided for the write down of costs associated with the development of the I-con project, which management consider under FRS 15 are no longer justified to remain as capital expenditure. The total of these cost write downs and provisions are #3m (2002 full year #1.3m). Management will continue to review the capitalisation of directly attributable costs required to complete the I-con technology. It is the current estimate that the I-con technology will be completed in 2004, within the budgeted cost. FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003 Operating highlights (Unaudited) (Unaudited) 30 June 2003 30 June 2002 #'000 #'000 Sales - continuing 26,618 19,479 Sales - discontinued 1,592 2,595 Total Sales 28,210 22,074 Operating loss before goodwill and (2,851) (5,270) exceptionals Operating exceptional costs (3,286) (1,630) Goodwill (310) (524) Goodwill write-down - (4,774) -------- -------- Operating loss after goodwill - (6,650) (6,424) continuing Operating profit/(loss) after goodwill - 203 (5,774) discontinued Total operating loss after goodwill (6,447) (12,198) -------- -------- Net interest (277) (361) -------- -------- Loss before tax (6,724) (12,559) ======== ======== Interim Results for the six months ending 30 June 2003 The Group results for the first six months of 2003 reflect the strong performance of the LTG Mailander division and difficult trading conditions for Imagelinx. Group sales have grown by 28% to #28.2m (2002 #22.1m). Pre tax losses are #6.7m (2002 #12.6m). Losses in operations are #2.8m (2002 #5.3m) Mailaender division has delivered strong growth of 44%, with sales of #22.9m. It has achieved break even level verses a loss of #1.3m in 2002. Mailaender has performed as planned, meeting contract deliveries on Sprint, and the conventional pipeline is developing well. This division has traditionally performed better in the second half of the year than during the first half which encourages us to believe that LTG Mailaender will perform well this year. Imagelinx has not performed to plan with sales growth of 2%. This has been due to the instability in the global economy and its effect on global consumer product groups. As a result key customers have either reduced the volume of work or not changed supplier accounts to Imagelinx. In response to these developments the management has undertaken staff and cost reductions to improve operating performance. This process will continue in the second half year. A strong pipeline remains, but existing customers such as Gillette, US Can and CMB have reduced volumes of business in the first half of 2003 compared to the first half of 2002. With the recovery in economic conditions since May 2003 Imagelinx has experienced increased client interest in its services and after the announcement of these results a recovery in volumes is expected from existing clients as well as from recently acquired new clients. The movements in the balance sheet and cash flow statement reflect the utilisation of funds which has taken place this year to support the businesses. Net assets now stand at #1.1m at 30 June 2003 (#7.8m 31 December 2002). This reduction arises due to the losses incurred in the first half year, including the write-down of capitalised assets. OUTLOOK Despite the difficult conditions in the Far East the order book is relatively strong for Mailaender and we are confident we can achieve our plan for 2003. For Imagelinx it has been a difficult trading period and operational changes have resulted. The pipeline and interest from new clients remains strong. However we remain confident in the market opportunity and the technology available in Imagelinx. MANAGEMENT AND STAFF For the reasons highlighted above, recent months have not been easy ones for the group. They have required immense efforts and the committed involvement of employees across the group. On behalf of the Board of LTG Technologies PLC we would like to thank staff and management for their efforts. David Straker-Smith Albert Klein Chairman Chief Executive DIVISIONAL INCOME STATEMENTS (CONTINUING OPERATIONS) 30 June 2003 LTG Mailaender Imagelinx Group Eliminations Total Division Division #'000 #'000 #'000 #'000 #'000 Sales 22,866 3,732 635 (615) 26,618 Cost of (16,768) (2,147) - (13) (18,928) sales Gross margin 6,098 1,585 635 (628) 7,690 % 26.7% 42.5% 28.9% Other (5,945) (3,819) (1,608) 628 (10,744) operating expenses before exceptionals and goodwill Operating 153 (2,234) (973) - (3,054) profit/(loss) before exceptionals and goodwill Severance - (204) - - (204) costs Write down of - (3,023) - - (3,023) fixed assets Provision for (129) 70 - - (59) closure Operating 24 (5,391) (973) - (6,340) profit/(loss) before goodwill % 0.1% -144.5% -23.8% Goodwill - (310) - - (310) amortisation Operating 24 (5,701) (973) - (6,650) profit/(loss) % 0.1% -152.8% -25.0% 30 June 2002 LTG Mailaender Imagelinx Group Eliminations Total Division Division #'000 #'000 #'000 #'000 #'000 Sales 15,929 3,652 694 (796) 19,479 Cost of (11,671) (1,966) - 41 (13,596) sales Gross margin 4,258 1,686 694 (755) 5,883 % 26.7% 46.2% 30.2% Other (5,559) (4,395) (1,842) 755 (11,041) operating expenses before exceptionals and goodwill Operating loss (1,301) (2,709) (1,148) - (5,158) before exceptionals and goodwill % -8.2% -74.2% -26.5% Rights issue (292) - (292) costs Severance - (211) (211) costs Write-down of (291) (291) fixed assets Other 14 14 Exchange (182) - (182) difference on subsidiary loan Operating loss (1,287) (3,211) (1,622) - (6,120) before goodwill % -8.1% -87.9% -31.4% Goodwill - (304) - - (304) amortisation Operating (1,287) (3,515) (1,622) - (6,424) loss % -8.1% -96.2% -33.0% GROUP PROFIT AND LOSS ACCOUNT (Unaudited) (Unaudited) (Audited) Notes 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 TURNOVER 2 - Ongoing 26,618 19,479 48,209 - Discontinued 1,592 2,595 9,675 -------- -------- -------- GROUP TURNOVER 28,210 22,074 57,884 -------- -------- -------- Cost of sales - Ongoing (18,928) (13,596) (34,575) - Discontinued (1,167) (1,553) (7,220) -------- -------- -------- (20,095) (15,149) (41,795) -------- -------- -------- Gross profit - Ongoing 7,690 5,883 13,634 - Discontinued 425 1,042 2,455 -------- -------- -------- 8,115 6,925 16,089 Other operating (10,966) (12,195) (25,511) expenses Operating (3,286) (1,630) (2,232) exceptional items Goodwill (310) (304) (620) amortisation - continuing Goodwill - (220) (220) amortisation - discontinued Goodwill - (4,774) (4,774) impairment - discontinued -------- -------- -------- OPERATING LOSS - Ongoing (6,650) (6,424) (11,583) - Discontinued 203 (5,774) (5,685) -------- -------- -------- (6,447) (12,198) (17,268) Exceptional 3 - - (658) expenses Interest 50 45 152 receivable and similar income Amounts written of - (57) (57) investments Interest payable (327) (349) (843) and similar charges Other finance - - 40 income -------- -------- -------- Loss on ordinary (6,724) (12,559) (18,634) activities before taxation Tax on loss on 52 43 80 ordinary activities -------- -------- -------- Loss on ordinary (6,672) (12,516) (18,554) activities AFTER taxation -------- -------- -------- Retained loss for (6,672) (12,516) (18,554) the period/year -------- -------- -------- Loss per ordinary 4 (2.9p) (10.3p) (11.6p) share - basic and diluted GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (Unaudited) (Unaudited) (Audited) 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 Retained loss for the (6,672) (12,516) (18,554) period/year Exchange difference on retranslation of net assets of subsidiary (103) 52 635 undertakings Actuarial loss - - (3,046) -------- -------- -------- total recognised losses (6,775) (12,464) (20,965) relating to the period/ year -------- -------- -------- Prior year adjustment - - (2,529) -------- -------- -------- TOTAL RECOGNISED LOSSES SINCE THE LAST STATEMENT/ANNUAL (6,775) (12,464) (23,494) REPORT -------- -------- -------- RECONCILIATION OF SHAREHOLDERS' FUNDS (Unaudited) (Unaudited) (Audited) 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 Total recognised losses: (6,775) (12,464) (20,965) New shares issued - - 5,246 Premium on share issue - - 2,099 Share issue costs written - (252) (252) off against the share premium account -------- -------- -------- Total recognised losses (6,775) (12,716) (13,872) during the period/year Shareholders' funds at 7,839 24,240 21,711 start of period/year -------- -------- -------- Shareholders' funds at end 1,064 11,524 7,839 of the period/year -------- -------- -------- GROUP BALANCE SHEET (Unaudited) (Unaudited) (Audited) 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 FIXED ASSETS Intangible assets 10,284 10,903 10,507 Tangible assets 8,774 12,459 11,793 Investments 164 141 86 -------- -------- -------- 19,222 23,503 22,386 CURRENT STOCKS Stocks 9,541 16,709 11,926 Debtors 6,623 10,838 10,597 Cash at bank and in hand 1,959 685 6,170 -------- -------- -------- 18,123 28,232 28,693 CREDITORS: amounts falling (28,581) (36,792) (33,758) due within one year -------- -------- -------- NET CURRENT LIABILITIES (10,458) (8,560) (5,065) -------- -------- -------- TOTAL ASSETS LESS CURRENT 8,764 14,943 17,321 LIABILITIES CREDITORS: amounts falling (124) (523) (666) due after more than one year Provisions for liabilities (2,395) (2,896) (3,635) and charges -------- -------- -------- NET ASSETS EXCLUDING 6,245 11,524 13,020 PENSION LIABILITIES Pension liabilities (5,181) - (5,181) -------- -------- -------- 1,064 11,524 7,839 -------- -------- -------- CAPITAL AND RESERVES Called up share capital 11,542 6,296 11,542 Share premium account 37,828 35,729 37,828 Merger reserve 3,524 3,524 3,524 Other reserves (2,023) (2,503) (1,920) Profit and loss account (49,807) (31,522) (43,135) -------- -------- -------- Equity shareholders' 1,064 11,524 7,839 funds -------- -------- -------- GROUP CASH FLOW STATEMENT (Unaudited) (Unaudited) (Audited) Notes 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 cash outflow from 5 (1,894) (2,710) (1,447) operating activities -------- -------- -------- Returns on (277) (304) (651) investments and servicing of finance Taxation 52 (156) (68) Capital (1,983) (2,990) (4,595) expenditure and financial investment Acquisitions/ 1,992 - (192) Disposals -------- -------- -------- Net cash flow (2,110) (6,160) (6,953) before financing Financing (62) 2,401 7,027 -------- -------- -------- (DECREASE)/ (2,172) (3,759) 74 INCREASE in cash ----- ----- ----- RECONCILIATION OF NET CSH FLOW TOMOVEMENT IN NET DEBT (Unaudited) (Unaudited) (Audited) Notes 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 (Decrease)/ (2,172) (3,759) 74 Increase in cash in the period/year Cash inflow/ (outflow) from increase/ decrease in debt and lease 62 (2,401) 66 financing -------- -------- -------- Change in net debt (2,110) (6,160) 140 arising from cash flows Exchange 288 (125) 610 movement Loans and finance 50 - - leases disposed of with subsidiaries New finance - (510) - leases -------- -------- -------- Movement in the (1,772) (6,795) 750 period/year Net debt at (1,710) (2,460) (2,460) beginning of period/year -------- -------- -------- Net debt at end of 5 (3,482) (9,255) (1,710) period/year -------- -------- -------- 1 FINANCIAL INFORMATION The financial information set out above does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The results for the year to 31 December 2002 and the balance sheet and cash-flow statements as at that date have been extracted from the annual report of LTG Technologies PLC for that year, which has been delivered to the Registrar of Companies and which carries an audit report which is unqualified and which and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. This preliminary announcement has been prepared on the same basis as set out in the previous year's annual accounts, and was approved by the Board of Directors on 26 September 2003. 2 TURNOVER AND SEGMENTAL ANALYSIS In the opinion of the directors, the group operates in two divisions with all significant operations being based either in Europe (in the United Kingdom and Germany) or the United States. The segmental analysis of operations is as follows: Segmental analysis by (Unaudited) (Unaudited) (Audited) activity 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 Sales Imagelinx Division 3,732 3,652 7,368 LTG Mailaender Division 22,866 15,929 41,102 Group level 20 (102) (261) ------ ------ ------ Sales - ongoing 26,618 19,479 48,209 Sales - discontinued 1,592 2,595 9,675 ------ ------ ------ Total sales 28,210 22,074 57,884 ------ ------ ------ Operating profit/(loss) Imagelinx Division (5,701) (3,515) (9,002) LTG Mailaender Division 24 (1,287) 375 ------ ------ ------ (5,677) (4,802) (8,627) Net common costs (973) (1,622) (2,956) ------ ------ ------ Group operating loss - (6,650) (6,424) (11,583) ongoing Operating profit/(loss) - 203 (5,774) (5,685) discontinued ------ ------ ------ Total operating loss (6,447) (12,198) (17,268) ------ ------ ------ Segmental analysis by geographical area Sales by origin Europe 26,393 21,377 55,677 Asia 439 365 838 Americas 2,635 2,023 4,428 Rest of the world - - 69 Intersegment (1,257) (1,691) (3,128) ------ ------ ------ 28,210 22,074 57,884 ------ ------ ------ 2. TURNOVER & SEGMENTAL ANALYSIS (Continued) (Unaudited)) (Unaudited (Audited) 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 Sales by destination Europe 13,799 11,756 24,614 Asia 5,459 4,972 14,602 Americas 9,277 4,844 13,286 Rest of the world 932 2,193 8,510 Intersegment (1,257) (1,691) (3,128) ------ ------ ------ 28,210 22,074 57,884 ------ ------ ------ Operating loss Europe (5,520) (11,232) (13,696) Asia (169) (396) (1,121) Americas (758) (570) (2,187) Rest of the world - - (264) ------ ------ ------ (6,447) (12,198) (17,268) ------ ------ ------ 3. EXCEPTIONAL ITEMS (Unaudited) (Unaudited) (Audited) 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 NON-OPERATING EXCEPTIONAL ITEMS Loss on disposal of - - (658) discontinued operation -------- -------- -------- 4 LOSS PER ORDINARY SHARE The calculation of earnings per ordinary share (basic and fully diluted) is based on losses of #6,672,000 and on 226,413,633 ordinary shares, being the weighted average number of ordinary shares in issue during the period. 4,425,002 shares held by ESOTs are excluded from the total number of shares. The 30 June 2002 calculations of earnings per ordinary share (basic and fully diluted) were based on losses of #12,516,000 and on 121,486,981 ordinary shares, being the relevant weighted average numbers of ordinary shares in issue during that period. 4,425,002 shares held by ESOTs were excluded from the non-diluted total number of shares. The 31 December 2002 calculation of earnings per ordinary share (basic and fully diluted) was based on losses of #18,554,000 and on 159,998,949 ordinary shares, being the weighted average number of ordinary shares in issue during that year. 4,425,002 shares held by ESOTs were excluded from the total number of shares. 5 NOTES TO THE STATEMENT OF CASH FLOWS (a) Reconciliation of operating loss to net cash outflow from operating activities (Unaudited) (Unaudited) (Audited) 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 Operating loss (6,447) (12,198) (17,268) Depreciation and 1,415 1,974 3,986 amortisation Write-down of fixed 3,023 - - assets Write-down of goodwill - 4,774 4,774 Changes in working capital 115 2,740 7,061 and other non-cash items -------- -------- -------- Net cash outflow from (1,894) (2,710) (1,447) operating activities -------- -------- -------- (b) Analysis of net debt (Audited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) At Cash Flow Disposal of Exchange At 30 June 1 January subsidiary movement 2003 2003 #'000 #'000 #'000 #'000 #'000 Cash 6,170 (4,499) - 288 1,959 Overdraft (7,492) 2,327 - - (5,165) ------ ------ ------ ------ ------ (1,322) (2,172) - 288 (3,206) Short-term (43) 8 35 - - loans Finance lease (345) 54 15 - (276) obligations ------ ------ ------ ------ ------ Total (1,710) (2,110) 50 288 (3,482) ------ ------ ------ ------ ------ 6 CONTINGENT LIABILITIES Imagelinx Deutschland GmbH is involved in a contractual dispute with IBM Global Services ("IBM"). IBM has threatened to bring proceedings in respect of an alleged outstanding payment of Euro1,200,000 pursuant to the framework agreement with Imagelinx Deutschland GmbH. Imagelinx Deutschland GmbH has responded by threatening to bring a counterclaim for the sum of Euro3,000,000. The parties are currently in discussions in respect of their respective claims. Imagelinx UK Limited is involved in a contractual dispute with I2 Technologies Inc ("I2"). I2 has threatened to bring a claim in respect of an unpaid invoice for the approximate amount of US$ 300,000. Imagelinx UK Limited has responded by threatening to bring a counterclaim for an unspecified amount which is substantially higher than I2's claim in respect of a breach of contract by I2. The parties are currently in discussions in respect of their respective claims. This information is provided by RNS The company news service from the London Stock Exchange END IR DKLFLXKBEBBF
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