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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Viaplay Group AB | TG:NEB | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.0007 | -1.16% | 0.0594 | 0.0585 | 0.0603 | 0.00 | 22:50:14 |
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RNS Number:6875R
Net b2b2 PLC
05 November 2003
Strictly Embargoed until: 07:00 5 November 2003
NETB2B2 PLC PRELIMINARY RESULTS
FOR THE YEAR ENDED 30 JUNE 2003
Netb2b2 plc ("Netb2b2" or "the Company"), the AIM traded digital services group,
announces its preliminary results for the year ended 30 June 2003.
Highlights of ongoing group
*Turnover #5.1million (2002: #5.7 million)
*Ebitda #280,000 (2002: Loss #501,000)
*Trading profit #2,000 (2002: Loss #0.973m)
*Loss per share 0.07p (2002: Loss 0.84p)
*Increase in operating companies' client bases
*Cash generative and profitable performance for cScape
*Successful capital re-organisation
*Successful placings raising #350,000 net of expenses
Keith Young, Chairman Netb2b2 plc, commented "Over the last year we have
committed ourselves to re-structuring the business, refining all three operating
companies and rationalising the financial structure of the business, thus
enhancing our ability to attract new investors and positioning the Company for
potential acquisition opportunities."
For further information please visit www.netb2b2.com or contact:
Keith Young / Geoffrey Griggs John West / Tracy Lloyd-Watts
NetB2B2 Plc Tavistock Communications
Tel: 020 7878 1007 Tel: 020 7920 3150
CHAIRMAN'S STATEMENT
The period since my last year-end statement has been an important one for
Netb2b2. We have continued to reduce costs, re-structured the business of one of
our key operating companies and refined the board of directors ("the Board") to
better reflect the Group's size and needs. The Group has also improved its
financial position through a capital reorganisation and subsequent placings of
shares. On 1 October 2003, the Company issued 56 million ordinary shares at
0.45p per share and on 22 October 2003 it issued a further 22 million at 0.55p
per share which together have raised approximately #350,000 after expenses. A
pro forma balance sheet following these placings is set out in the notes.
In a difficult climate, our provision of high-quality services has ensured that
our operating companies have grown their client bases. A number of key contracts
have been extended and we continue to develop and exploit Group synergies.
Financial Results Summary
The Group's overall financial performance for the year is summarised below.
2003 2002
Unaudited Audited
#000 #000
Turnover for ongoing group 5,124 5,680
-------- --------
Ebitda for ongoing group 280 (501)
------ -------
Depreciation for ongoing group (278) (472)
------- -------
Trading profit /(loss) for ongoing group 2 (973)
Net interest paid (40) (62)
Discontinued activities' operating loss (605) (252)
Goodwill amortisation (157) (1,090)
------- ---------
Group loss for the year before tax (800) (2,377)
Taxation recovered 26 -
----- -------
Group loss for the year after tax (774) (2,377)
-------- ---------
During the year the loss per share on continuing activities was 0.07 pence
compared with a loss of 0.84 pence in 2002. Loss per share in total was 0.29
pence (2002 - 0.94 pence). Net assets amounted to #0.5 million, including cash
balances of #98,000, compared to #1.3 million at 30 June 2002. A pro forma
balance sheet taking account of the post year-end placings is set out below
which shows pro forma net assets of #0.9 million including cash balances of
#448,000.
The directors do not recommend the payment of a dividend for the year ended 30
June 2003.
Operational Review
cScape Strategic Internet Services ("cScape")
cScape, one of the UK's leading Microsoft partner firms and a provider of
internet consultancy services, including e-commerce and web expertise, continued
to progress well. During the year it won a number of new client projects,
particularly in the local authority and membership organisation markets and had
specific success leveraging new business from the Government's e-Government
initiative. Examples include the Chartered Institute of Librarian and
Information Professionals (CILIP) and a number of local authorities including
Monmouthshire County Council and the Corporation of London.
The company is now focusing on two key growth strategies; opportunities
resulting from substantial IT plans for the NHS and the evolution of the already
strong Microsoft relationship. In the latter case, cScape has been chosen by
Microsoft to develop a .Net Tools wizard to be launched by Microsoft worldwide
in early 2004.
Despite the investment in future growth, cScape has maintained a consistent cash
generative and profitable performance throughout the period.
ITM Graphics ("ITM")
Despite the sustained downturn in the advertising market, a key driver for this
publishing and digital communication services company, ITM has continued to
balance its costs with revenues. It is extending its internet infrastructure to
incorporate further services in its portfolio, adding internet targeted data,
printer liaison, full idea to print concept, publisher development support and
advertisement data archive services.
We consider the company well positioned to benefit from any upturn in the
advertising market and the Board is confident that it will be able to capitalise
on its now lower cost web based infrastructure. New wins have included titles
from Citroen Wolf, Jazzwise, Kumaka, Activity Publications, Waterlows, Fisita
and Boston Hannah and projects have ranged from involvement in pre-press
contracts to publisher set-up consulting.
Blue Sky
Blue Sky is an IBM business partner and offers a comprehensive range of
strategic, creative, technical and infrastructure services. Following IBM's
reduced investment in marketing in the collaborative software market, we have
changed Blue Sky's market focus towards higher margin Application Hosting and
have discontinued the previous wider consulting activity.
We believe that having minimised its cost base, Blue Sky has a strong and
profitable outlook.
Board Changes
The Company has recently announced a change in the structure of the Board of
Netb2b2. John Robins resigned as non-executive director on 30 September and
Martin Curry will be resigning as non-executive director shortly. I would like
to thank both John and Martin for their valuable input and assistance during
their time with the Board and am delighted that Martin will be continuing in his
role as company secretary. I firmly believe that the current composition of the
Board better reflects the size and needs of Netb2b2.
Current Trading and Outlook
The Group has maintained its record of improving top and bottom line performance
while continuing to build a platform for both organic and acquisitive growth in
the year ahead. Our strategy remains the extension of our strategic services
base within our chosen markets of Media and Communications with a particular
emphasis on taking advantage of Government contracts at a central and local
level.
In the coming year having refined both our Board and the focus of our operating
companies we will be turning our attention to aggregating further businesses
into the Group. Our intention is to augment and broaden our capability at both
the Group and operating level in order to drive the levels of revenue and profit
growth available in the markets we serve.
Keith Young 5 November 2003
Chairman
GROUP PROFIT & LOSS ACCOUNT
Year ended 30 June 2003
Year Year
ended ended
30 June 30 June
2003 2002
(Unaudited) (Audited)
# # #
TURNOVER
Continuing operations 5,123,546 5,087,134
Acquisitions - 592,201
--------- ---------
5,123,546 5,679,335
Discontinued activities 240,892 346,586
--------- ---------
5,364,438 6,025,921
Cost of sales (1,583,090) (2,310,195)
--------- ---------
GROSS PROFIT 3,781,348 3,715,726
--------- ---------
Administrative expenses (4,309,190) (4,891,137)
Amortisation and impairment charge
of goodwill (232,325) (1,140,112)
--------- ----------
OPERATING LOSS
Continuing operations (155,540) (1,877,878)
Acquisitions - (185,868)
------- ---------
(155,540) (2,063,746)
Discontinued activities (604,627) (251,777)
------- ---------
(760,167) (2,315,523)
------- ---------
Interest receivable and similar 1,706 2,659
income
Interest payable and similar (41,523) (64,440)
charges ------- ---------
LOSS ON ORDINARY ACTIVITIES BEFORE
TAXATION (799,984) (2,377,304)
------- ---------
Tax on loss on ordinary 26,132 -
activities ------- ---------
LOSS FOR THE FINANCIAL YEAR (773,852) (2,377,304)
======= =========
LOSS PER SHARE
Ongoing activities (0.07p) (0.84p)
Discontinued activities (0.22p) (0.10p)
Total (0.29p) (0.94p)
======= =======
Total recognised gains and losses
The Group has no recognised gains or losses other than the losses for the
current year or previous year.
GROUP BALANCE SHEET
As at 30 June 2003
30 June 2003 30 June 2002
(Unaudited) (Audited)
# # # #
FIXED ASSETS
Intangible 1,511,161 1,743,488
assets
Tangible assets 480,177 710,850
--------- ---------
1,991,338 2,454,338
CURRENT ASSETS
Stocks 84,293 103,401
Debtors 933,600 1,124,126
Cash at bank 97,651 82,886
--------- ---------
1,115,544 1,310,413
CREDITORS: amounts
falling due
within one year (2,566,333) (2,345,946)
--------- ---------
NET CURRENT (1,450,789) (1,035,533)
LIABILITIES --------- ---------
TOTAL ASSETS LESS
CURRENT
LIABILITIES 540,549 1,418,805
CREDITORS: amounts
falling due after
more than one
year (26,973) (131,377)
------- ---------
513,576 1,287,428
======= =========
CAPITAL AND
RESERVES
Called up share 2,645,807 2,645,807
capital
Share premium 9,725,152 9,725,152
Profit and loss (11,857,383) (11,083,531)
account ---------- ----------
EQUITY 513,576 1,287,428
SHAREHOLDERS' ========== ==========
FUNDS
GROUP CASH FLOW STATEMENT
Year ended 30 June 2003
Year ended Year
ended
30 June 30 June
2003 2002
(Unaudited) (Audited)
# #
Net cash inflow from operating activities 288,006 229,976
Returns on investments and servicing of (39,817) (61,781)
finance
Taxation 26,132 -
Capital expenditure (117,672) (128,802)
Acquisitions - (95,443)
------- --------
Net cash inflow/ (outflow) before financing 156,649 (56,050)
Financing (151,200) (137,961)
------- -------
Increase/(decrease) in cash in the year 5,449 (194,011)
======= ========
Reconciliation of net cash flow to movement in
net funds
Increase/(decrease) in cash in the year 5,449 (194,011)
Decrease in debt and lease financing 151,200 143,866
------- -------
Movement in net funds in the year 156,649 (50,145)
Net funds at start of year (401,722) (351,577)
------- -------
Net funds at end of year (245,073) (401,722)
======== =======
Notes:
1. FINANCIAL INFORMATION
The unaudited financial information set out above does not constitute
statutory accounts within the meaning of section 240 of the Companies Act
1985. Statutory accounts for the year ended 30 June 2003 will be finalised
based on the information in this preliminary announcement and will be
delivered to the Registrar of Companies following the Company's AGM. The
accounts for the year ended 30 June 2002, which received an unqualified
auditor's report, have been filed with the Registrar of Companies.
The 2002 figures have been restated to take account of activities
discontinued during 2003.
2. LOSS PER ORDINARY SHARE
Basic loss per share is calculated by dividing the loss attributable to
ordinary shareholders by the weighted average number of ordinary shares
during the year.
The diluted loss per share is the same as the actual loss per share.
Year ended Year ended
30 June 30 June
2003 2002
(Unaudited) (Audited)
# #
Basic earnings attributable to
ordinary shareholders:
Ongoing activities (175,820) (2,125,139)
Discontinued activities (598,032) (252,165)
--------- ----------
(773,852) (2,377,304)
========= =========
Weighted average number of ordinary 264,580,599 251,060,051
shares =========== ===========
Loss per share:
Ongoing activities (0.07p) (0.84p)
Discontinued activities (0.22p) (0.10p)
------ ------
Total (0.29p) (0.94p)
====== =====
3. TAXATION
No liability to UK corporation tax arose on ordinary activities for the year
ended 30 June 2003 nor for the period ended 30 June 2002, owing to trading
losses. An amount of #26,132 has been recovered during the year in respect
of an R&D tax credit.
4. PRO FORMA BALANCE SHEET
(Unaudited)
Placings Pro Forma
30 1 and 22
June October
2003 2003
#000 #000 #000
Ongoing activities of group
-----------------------------
Fixed assets 1,991 - 1,991
Cash 98 350 448
Other net current assets (1,202) - (1,202)
Long term liabilities (27) - (27)
------ ------- ------
Net assets of ongoing 860 350 1,210
activities
Net liabilities of discontinued (347) - (347)
activities ------ ------ ------
Shareholders funds 513 350 863
====== ====== =======
5. SEGMENTAL INFORMATION
The results of the continuing activities of the Group can be analysed as
follows.
Turnover Earnings before Profit/ (Loss)
interest, tax, before
depreciation & interest, tax
amortisation and goodwill
amortisation
2003 2002 2003 2002 2003 2002
#000 #000 #000 #000 #000 #000
Internet 2,671 2,387 542 291 461 107
Services
Publishing and
Digital
Communication
Services 2,435 3,192 173 (126) (4) (391)
Parent Company 18 101 (435) (666) (455) (689)
----- ----- ----- ----- ----- -----
Group 5,124 5,680 280 (501) 2 (973)
===== ===== ===== ===== ===== =====
6. COPIES OF PRELIMINARY STATEMENT
Copies of this announcement are available from www.netb2b2.com or the
company secretary at 20-26 Brunswick Place, London N1 6DZ. Copies of the
Annual Report and Accounts of the Company for the year ended 30 June 2003
will be sent to shareholders in due course.
5 November 2003
This information is provided by RNS
The company news service from the London Stock Exchange
END
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