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Share Name | Share Symbol | Market | Type |
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Enduro Metals Corporation | TG:SOG | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
RNS Number:2670O Statpro Group PLC 04 August 2003 Monday, 4 August 2003 STATPRO GROUP PLC ("StatPro", the "Group", or the "Company") Interim results for the six months ended 30 June 2003 StatPro Group plc, a leading AIM listed provider of performance measurement solutions for the global asset management industry, announces its results for the six months ended 30 June 2003. Highlights > Turnover up 18% to #4.06 million (2002 - #3.43 million) > Annual value of continuing recurring revenues increased to #7.55 million (2002 - #6.62 million) > Operating profit of #0.01m (2002 - loss of #1.63m), benefiting from revenue growth and last year's reorganisation > Generated an operating cash inflow of #0.83 million (2002 - outflow #0.63 million) - cash positive for last twelve months > Successful transfer of listing to AIM to allow greater flexibility Commenting on the results, Carl Bacon, Chairman of StatPro said: "Whilst we retain a cautious outlook for the second half of 2003, there are some signs of an improvement in our market as IT projects that have been delayed are being reactivated. In the meantime, our key financial objectives are to build further on the progress made in the first half, to continue to generate cash from operations and to put the Company firmly into profit for the year as a whole." - Ends - For further information, please contact: StatPro Group plc www.statpro.com Justin Wheatley, Chief Executive On 4 August: (020) 7067 0700 Andrew Fabian, Finance Director Thereafter: (020) 8410 9876 Weber Shandwick Square Mile Reg Hoare/Rachel Taylor (020) 7067 0700 A briefing for analysts will be held at 9.15 for 9.30am today at the offices of Weber Shandwick Square Mile, Fox Court, 14 Gray's Inn Road, London, WC1X 8WS. Notes to Editors: StatPro Group plc is a leading provider of performance measurement solutions for the global asset management industry, which floated on the London Stock Exchange in May 2000. StatPro has grown its annual recurring software revenue base from less than #1.0 million on flotation to #7.0 million at 30 June 2003. StatPro transferred its listing to AIM on 16 June 2003. CHIEF EXECUTIVE'S REVIEW Highlights 2003 started under difficult circumstances with a very uncertain political and economic situation globally, which has resulted in asset managers continuing to be cautious about their investments in IT projects. Although there are some limited signs that conditions may improve as markets stabilise, the outlook remains tough. Despite these troubled times, it is pleasing to report that StatPro has continued to grow with turnover for the six months to 30 June 2003 up 18% to #4.06 million (2002 - #3.43 million). We have also made an operating profit of #0.01 million, which, while modest, is a significant improvement on the #1.63 million loss for the first six months of last year. This improvement in the Company's performance is most evidenced by the fact that we have generated a positive operating cash inflow of #0.83 million compared to an operating cash outflow of #0.63 million for the same period last year. Since we generated a positive operating cash flow for the second half of last year, we have now been operationally cash flow positive for the last twelve months. We will continue to focus on cash generation for the rest of the year as our main financial objective. Regional performance and sales In the first six months of 2003 we made 19 sales of which nine were to existing clients. For the first time, we have won clients in California and we have found that activity in the US (apart from New York) is generally picking up. We have also signed new contracts in France, Italy, Norway, Singapore, South Africa and the UK. We have focused on multi-year contracts, both for new clients and converting existing clients to longer term contracts. At the start of the year, #1.1 million of our annualised software licence fee revenue was contracted for more than one year and its value had risen to nearly #2.0 million by 30 June 2003 (representing approximately 29% of our current recurring software licence revenue). We aim to continue to increase the level of multi-year contracts. Our total annualised recurring revenues now stand at #7.55 million and covers our current annual cash operating expenses. Whilst the prime objective of StatPro is to build recurring revenues from software sales, we have put considerable effort into building up our consulting sales over the last 12 months. The result is that we have increased consulting sales by 53% compared to the same period last year to #0.58 million (2002 - #0.38 million). With asset managers making cutbacks in staffing levels, we have seen a rise in demand for our expertise in performance measurement. Reviews of implementations undertaken by our consultants have also helped clients use our systems more productively. This in turn has helped us achieve sales of additional software modules to existing clients. We expect this trend to continue and are actively seeking to increase system usage with all our clients as this will lead to further and more profitable sales. Product development Our product development continues to be vital to maintaining the performance advantage and deeper analysis capabilities of our systems and to ensure that they remain core applications for our clients. In pursuit of these objectives, we will be releasing several new modules over the next few months, which we have been developing during the first half of 2003. Our main project is the integration of our Fixed Income system with our Performance and Attribution system. These will form a new "Data Hub" to which we will be able to add an increasing number of portfolio analysis products. It will still be possible, however, for clients to subscribe for each product individually and then add other modules as they require. We believe that this flexibility will allow us to target an even wider market. It will also facilitate our product alliances with other companies that supply complementary products to our target market. Many clients are thus seeking an integrated solution without necessarily acquiring all systems from one provider. Strategy StatPro's strategy has always been to expand its product range to enable cross selling of products to existing clients. We intend to continue to pursue this approach by seeking to acquire further complementary products. We believe that current market conditions are likely to yield a number of opportunities and we will continue to review these as appropriate. AIM In line with this strategy and as previously announced, on 16 June 2003 the Company's listing was transferred to the Alternative Investment Market of the London Stock Exchange ("AIM") from the Official List of the UK Listing Authority (the "Official List"). The principal reason for the transfer was that the Directors believe that this will allow the Company to take advantage of the greater degree of flexibility afforded by AIM in implementing its strategy of acquiring additional products, given the lower costs of complying with the AIM listing rules. The transfer to AIM will enable the Company to act quickly when opportunities do arise without incurring the disproportionately large expenses of being a fully listed company. In addition to lower costs, StatPro should also benefit from AIM's focus on smaller, fast growing companies. Outlook Although we remain cautious about the outlook for the second half of 2003, there are signs that our market will improve as IT projects that have been held back for several years are being reactivated. In the meantime our financial objectives are to build further on the progress made in the first half of 2003, to continue to generate cash from operations and to put the Company firmly into profit for the year as a whole. Justin Wheatley Chief Executive OPERATING AND FINANCIAL REVIEW Overview Our revenue has grown for the seventh consecutive half-year period since flotation and the business has made an operating profit of #0.01 million in the six months to the end of June 2003 compared with an operating loss of #1.63 million in the comparable period. Following the operating cash inflow achieved in the second half of 2002 of #0.15 million, the business generated an operating cash inflow of #0.83 million in the six months to the end of June 2003, resulting in a total operating cash inflow of #0.98 million over the past twelve months. Turnover Turnover increased by 18% to #4.06 million (2002 - #3.43 million). Software licence revenue grew by 25%, and consulting revenue grew by 53%. This was offset by a fall in other recurring revenues of 41% primarily due to the absence of revenue from the Swiss agency agreement, which was terminated in August 2002. The split of revenue by type was as follows: Six months to Six months to Year to 30 June 30 June 31 December 2003 2002 2002 # million # million # million Turnover Software licences 3.19 2.56 5.52 Other recurring revenue 0.29 0.49 0.75 Other revenue 0.58 0.38 0.96 ------------------------------------------------- 4.06 3.43 7.23 ------------------------------------------------- We made 19 sales in the first half of 2003 (2002 - 15), of which 9 (2002 - 5) were additional modules or users to existing contracts. The total number of contracts increased from 136 at the start of the year to 146 at the end of June 2003 (2002 - 135); taking into account three notified cancellations, of which only one is expected to affect revenue in 2003, the number of continuing contracts is 143 (2002 - 130). The proportion of recurring revenue on multi-year contracts increased from 18% at the end of December 2002 to 29% at the end of June 2003. The annual value of continuing recurring revenue, which is analysed below, increased to #7.55 million at 30 June 2003 from #6.62 million at 30 June 2002 (excluding revenue from the terminated Swiss agency agreement) and from #6.85 million at 31 December 2002. At 30 June At 30 June At 31 December 2003 2002 2002 Annualised Annualised Annualised value value value # million # million # million Recurring revenues Software licences 7.00 5.98 6.28 Other recurring revenue 0.55 0.64 0.57 ----------------------------------------------------- Continuing recurring revenue 7.55 6.62 6.85 Recurring revenue from Swiss agency * - 0.35 - ----------------------------------------------------- Total recurring revenue 7.55 6.97 6.85 ----------------------------------------------------- * Terminated on 1 August 2002 Operating expenses The restructuring implemented in July 2002 has reduced operating expenses (before goodwill amortisation) by #1.02 million (21%) to #3.90 million (2002 - #4.92 million) in the first half of 2003. The average number of employees during the first six months of 2003 was 77 (2002 - 107). The increase in turnover coupled with tight control over our cost base has enabled StatPro to achieve an operating profit in the first half of 2003, as shown in the following table: Six months to Six months to Year to 30 June 30 June 31 December 2003 2002 2002 # million # million # million Revenue 4.06 3.43 7.23 Operating expenses * (3.90) (4.92) (8.83) ----------------------------------------------------- Operating profit/(loss) * 0.16 (1.49) (1.60) Goodwill amortisation (0.15) (0.14) (0.29) ----------------------------------------------------- Operating profit/(loss) (before exceptional items) 0.01 (1.63) (1.89) Exceptional items - - (0.31) ----------------------------------------------------- Operating profit/(loss) 0.01 (1.63) (2.20) ----------------------------------------------------- * before goodwill amortisation and exceptional items Goodwill amortisation The goodwill amortised during the six months to 30 June 2003 of #0.15 million (2002 - #0.14 million), which predominantly relates to the goodwill arising on the acquisition of AMS in 2000, continues to be amortised over five years. The operating profit before goodwill amortisation amounted to #0.16 million (2002 - loss of #1.49 million). Interest Net interest expense, which results from interest accrued on bank loans, the convertible loan and finance leases, less interest earned on cash and deposits, was #0.09 million (2002 - #0.05 million). Taxation and Loss per share Loss before taxation reduced by 95% to #0.08 million (2002 - #1.68 million). A provision has been made for corporation tax for an overseas subsidiary. Earnings per share before goodwill amortisation amounted to 0.2p (2002 - loss per share of 4.8p) and loss per share after goodwill amortisation decreased to 0.3p (2002 - 5.2p). Cash flow In line with the Directors' commitment to the previously stated goals of generating cash, the business had an operating cash inflow during the first 6 months of #0.83 million (2002 - outflow of #0.63 million). The business has therefore generated a total operating cash inflow of #0.98 million over the twelve-month period to the end of June 2003. This has allowed the Group to repay #0.50 million of its bank loan facility during the first half of the year. Balance sheet The Group's net liabilities increased to #2.90 million (2002 - #2.15 million) from #2.81 million at 31 December 2002. The level of debtors, of which the major component is trade debtors, decreased to #2.73 million (2002 - #3.08 million). The short- term creditors of #6.84 million (2002 - #5.52 million) includes deferred income, a non-cash liability, of #4.34 million (2002 - #3.82 million). The Group's net debt at 30 June 2003 amounted to #0.75 million compared to #1.43 million at 31 December 2002 and #1.51 million at the end of June 2002. The unsecured convertible loan of #1.00 million nominal value issued in July 2002 is repayable on 2 January 2004 and is therefore now shown on the balance sheet as a current creditor at its carrying value of #0.99 million. The cash balance at the end of June 2003 was #1.71 million (2002 - #0.25 million). Dividends The Directors currently propose continued investment in growing the business and are therefore not proposing to recommend any dividend at present. Andrew Fabian Finance Director Consolidated Profit and Loss Account Notes Unaudited Unaudited Audited Six months to Six months to Year to 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 Turnover - continuing operations 4,065 3,432 7,229 Operating expenses before goodwill amortisation (3,900) (4,917) (8,832) Amortisation of goodwill (152) (146) (294) Exceptional items 1 - - (306) Operating expenses (4,052) (5,063) (9,432) ---------------------------------------------- Operating profit/(loss) - continuing operations 13 (1,631) (2,203) Net interest payable (91) (52) (170) ---------------------------------------------- Loss on ordinary activities before taxation (78) (1,683) (2,373) Taxation 2 (12) - - ---------------------------------------------- Loss after taxation (90) (1,683) (2,373) ============================================== Loss per share - basic 3 (0.3)p (5.2)p (7.3)p Earnings/(loss) per share - before amortisation of goodwill and exceptional items 0.2p (4.8)p (5.5)p Statement of Group Total Recognised Gains and Losses Unaudited Unaudited Audited Six months to Six months to Year to 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 Loss for the financial period (90) (1,683) (2,373) Exchange differences offset in reserves (22) (20) (19) --------------------------------------------- Total recognised gains and losses for the period (112) (1,703) (2,392) ============================================= Consolidated Balance Sheet Notes Unaudited Unaudited Audited As at As at As at 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 Fixed assets Intangible assets 564 803 716 Tangible assets 595 798 674 --------------------------------------------- 1,159 1,601 1,390 Current assets Debtors - amount falling due after one year 280 313 308 Debtors - amount falling due within one year 2,449 2,769 3,087 Cash at bank and in hand 1,709 246 1,486 --------------------------------------------- 4,438 3,328 4,881 Creditors - amounts falling due within one year Convertible loan 4 (986) - - Others (5,850) (5,517) (6,269) --------------------------------------------- 5 (6,836) (5,517) (6,269) Net current liabilities (2,398) (2,189) (1,388) Total assets less current liabilities (1,239) (588) 2 Creditors - amounts falling due after more than one year Deferred income (196) - (213) Convertible loan 4 - - (971) Bank loans (1,441) (1,562) (1,602) Finance lease obligations (28) - (26) --------------------------------------------- (1,665) (1,562) (2,812) Net liabilities (2,904) (2,150) (2,810) ============================================== Capital and reserves Called up share capital 329 325 328 Share premium account 8,558 8,515 8,541 Warrant reserve 424 424 424 Profit and loss account (12,215) (11,414) (12,103) --------------------------------------------- Equity shareholders' deficit (2,904) (2,150) (2,810) ============================================= Consolidated Cash Flow Statement Unaudited Unaudited Audited Six months to Six months to Year to 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 Net cash inflow/(outflow) from operating activities 827 (631) (476) Returns on investments and servicing of finance Interest received 22 10 22 Interest paid (82) (54) (143) Issue costs in respect of bank loan - - (27) Issue costs in respect of convertible loan - - (43) -------------------------------------------------- Net cash outflow from returns on investments and servicing of finance (60) (44) (191) Taxation Tax received - 1 - Capital expenditure and financial investment Purchase of tangible fixed assets (61) (119) (162) -------------------------------------------------- Net cash outflow for capital expenditure (61) (119) (162) Acquisitions and disposals Deferred consideration proceeds from disposal of subsidiary undertaking - - 89 Cash subscription on acquisition of subsidiary undertaking - - (53) Costs incurred on acquisition of subsidiary undertaking - - (12) Cash acquired on acquisition of subsidiary undertaking - - 55 -------------------------------------------------- Net cash inflow from acquisitions and disposals - - 79 Net cash inflow/(outflow) before management of liquid resources and financing 706 (793) (750) Management of liquid resources Movement in short-term deposits (149) 600 (151) Financing Proceeds from bank loan - - 250 Repayment of bank loan (499) - (51) Proceeds from issue of ordinary shares 18 19 48 Capital element of finance lease payments (2) (30) (61) Proceeds from issue of convertible loan - - 1,000 -------------------------------------------------- Net cash (outflow)/inflow from financing (483) (11) 1,186 -------------------------------------------------- Increase/(decrease) in cash in the period 74 (204) 285 ================================================== Reconciliation of net cash flow to movement in net debt Unaudited Unaudited Audited Six months to Six months to Year to 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 Increase/(decrease) in cash in the period 74 (204) 285 Movement in short-term deposits 149 (600) 151 Issue of convertible loan (net of issue costs) - - (957) Repayment on finance leases 2 30 61 Bank loan (net of issue costs) - - (223) Bank loan repayment 499 - 51 Other non-cash movements (47) (9) (67) -------------------------------------------------- Movement in net debt 677 (783) (699) Net debt at beginning of period (1,428) (729) (729) -------------------------------------------------- Net debt at end of period (751) (1,512) (1,428) ================================================== Reconciliation of operating profit/(loss) to net cash flow from operating activities Unaudited Unaudited Audited Six months to Six months to Year to 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 Operating profit/(loss) 13 (1,631) (2,203) Depreciation of tangible fixed assets 126 160 301 Amortisation of goodwill 152 146 294 Decrease in debtors 666 456 58 Increase/(decrease) in creditors (excluding deferred income) 162 67 (151) Movement in deferred income (288) 187 1,186 Loss on disposal of fixed assets - - 58 Exchange differences (4) (16) (19) -------------------------------------------------- Net cash inflow/(outflow) from operating activities 827 (631) (476) ================================================== Notes to the interim financial statements 1. Exceptional items. The operating exceptional item of #0.31 million included in total operating expenses relates to the expenses of the restructuring undertaken in 2002 including redundancy costs, onerous leases and asset write offs. 2. Taxation. A provision has been made for corporation tax for an overseas subsidiary. 3. Loss per share. Loss per share has been calculated based on the loss after taxation of #0.09 million (June 2002 - #1.68 million) and the weighted average number of shares of 32,869,135 (June 2002 - 32,322,284). The diluted loss per share is the same as the basic loss per share since the Group is making losses. 4. Convertible loan. The convertible loan is repayable at par on 2 January 2004 and is therefore now shown as a current liability. The loan can be converted into ordinary shares at the rate of 60p per share. 5. Creditors - amounts falling due within one year. The largest component of short-term creditors relates to deferred income, which is a non-cash liability, as shown in the following analysis: Unaudited Unaudited Audited As at As at As at 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 Bank loans and finance leases 5 196 315 Convertible loan 986 - - Trade creditors 379 588 240 Corporation tax 12 - - Other tax and social security 292 213 418 Other creditors and accruals 827 705 690 Deferred income 4,335 3,815 4,606 --------------------------------------------- 6,836 5,517 6,269 ============================================= 6. The financial information set out in this interim statement has been prepared on the basis of the accounting policies set out in the statutory accounts of StatPro Group plc for the year ended 31 December 2002. This interim statement has not been audited but has been reviewed by the Company's auditors' PricewaterhouseCoopers LLP. The financial information does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. Statutory accounts for StatPro Group plc for the year ended 31 December 2002, on which the auditors gave an unqualified opinion, have been delivered to the Registrar of Companies. 7. Copies of this statement will be posted to shareholders. Further copies are available free of charge on request from the Company Secretary at the Company's registered office, StatPro House, 81-87 Hartfield Road, London SW19 3TJ. This information is provided by RNS The company news service from the London Stock Exchange END IR NKDKDOBKDFFK
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