We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Schibsted ASA | TG:XPG | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.42 | -1.44% | 28.76 | 28.70 | 28.80 | 0.00 | 22:50:13 |
Hot Features
Premium
RNS Number:0408Q
Xpertise Group PLC
23 September 2003
FOR RELEASE 7.00AM 23 SEPTEMBER 2003
XPERTISE GROUP PLC
("the group" or "the company")
Xpertise is one of the UK's leading IT Training companies
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003
Highlights
Results
o Turnover increased to #5.5 million (2002 - #2.1 million) primarily as a
result of the acquisition of Power Education in January 2003
o Operating loss on continuing operations before exceptional items and
goodwill amortisation of #563,000 (2002 - loss of #246,000)
o Loss on ordinary activities before tax of #1,190,000
(2002 - loss of #333,000)
* Business of Power Education quickly and successfully integrated
* Cost reductions of approximately #2 million per annum achieved
* Fund-raising completed on 24 July 2003 of #1.49 million (before expenses) to
provide additional working capital and strengthen the balance sheet
* UK IT training market remains challenging
For further information:
Xpertise Group
Bob Bradley (Chief Executive) 01865 310150
Ian Johnson (Finance Director) 0113 261 5056
Beattie Financial 020 7398 3300
Brian Coleman-Smith
Amanda Sheehy
XPERTISE GROUP PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003
CHAIRMAN'S STATEMENT
SUMMARY
The group's results for the six months ended 30 June 2003 reflect the difficult
conditions for IT training in the UK and although the results were
disappointing, they were broadly in line with expectations.
I am pleased to report that in July 2003 the group was successful in raising
additional funds of #1.49 million (before expenses) to provide additional
working capital and to strengthen the balance sheet.
RESULTS
The results for the period include the impact of the acquisition of Power
Education which was acquired on 2 January 2003, the final day of the preceding
accounting period.
Turnover was #5.5 million (2002 - #2.1 million) and operating loss before
exceptional items and goodwill was #563,000 (2002 - loss of #246,000). There
were exceptional costs of #492,000 (2002 - #nil) relating to the costs of
integrating the businesses of Xpertise Training and Power Education and goodwill
amortisation amounted to #132,000 (2002 - #87,000). The group loss on ordinary
activities was #1,190,000 (2002 - loss of #333,000).
FUND-RAISING
The group successfully completed a fund-raising on 24 July 2003 by placing 172
million new ordinary shares at 0.75 pence per share and issuing #200,000
convertible unsecured loan notes, raising a total of #1.49 million before
expenses.
Additionally, and in order to support the fund-raising, a loan of #300,000
payable to Lynx plc was converted into 20 million ordinary shares.
BUSINESS REVIEW
The integration of Xpertise Training and Power Education was completed quickly
and in line with the Board's expectations. Although significant cost savings
were achieved, the UK market for IT training remained difficult in the first
half of 2003 with pressure on both turnover and gross margins. The Board
therefore acted decisively to reduce overhead costs further in the second
quarter. In total, the annualised cost base of the combined business has been
reduced by approximately #2 million. The sales, operations and finance functions
of the business have been fully integrated and customers have one point of
contact for all products and services.
The combined business now operates from training centres in the London, Thames
Valley, Midlands, North West, North and North East regions of the country with a
broad portfolio of courses available to customers. Xpertise has a leading
position in the provision of accredited technical training in the UK for
Microsoft, Oracle, IBM, Citrix, Lotus and Novell products. Progress has been
made in cross selling the combined portfolio of courses to the enlarged customer
base but the full potential benefits of the merger have yet to be realised.
During the opening half emphasis has been placed on developing business with a
target set of major accounts for whom we believe our nationwide coverage,
quality reputation, solutions approach and broad course portfolio are
attractive. We have established a sales team specifically targeted on winning
this new business and are pleased to report that the order intake run rate from
these accounts in the opening half was nearly double that achieved in 2002.
The Training Solutions business, launched in April 2002, is now firmly
established and generated a positive contribution in the opening half. This
business focuses on winning major contracts for the design, development and
delivery of client specific training programmes. The programmes are delivered
using a blend of instructor led classroom training and e-learning. In the first
half of 2003 Training Solutions delivered turnover of #440,000 compared with
#264,000 for the whole of 2002.
We continue to develop training courses to meet anticipated customer demand. New
courses introduced in 2003 include Windows 2003, .Net courses, project
management and security courses.
BOARD CHANGES AND EMPLOYEES
On 27 March 2003 Mike McGoun resigned as Deputy Chairman and non-executive
director. I would like to thank Mike for his past service to the company and its
shareholders.
I would also like to thank all our employees for their support and commitment
during a period of significant change and challenge.
OUTLOOK
The UK market for IT training remains challenging and orders taken in the first
two months of the second half of 2003 were below expectations. However, the
Board believes that it has created a business with a smaller and more
appropriate overhead cost base in line with the group's primary objective of
increasing turnover whilst at the same time constantly striving to reduce costs
and improve business efficiency.
The Board will continue to explore corporate opportunities that will provide
additional scale and cost savings thereby delivering enhanced shareholder value.
Richard Last
Chairman
23 September 2003
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months ended 30 June 2003
6 months ended 30 June 12 months ended 2 January 2003
(unaudited) (audited)
2003 2002 Continuing Acquisitions Total
#000 #000 activities #000 #000
#000
Turnover 5,535 2,120 4,281 321 4,602
Cost of sales (3,256) (916) (1,950) (215) (2,165)
-------- -------- -------- -------- --------
Gross profit 2,279 1,204 2,331 106 2,437
Administrative
expenses
(including goodwill (3,466) (1,537) (3,004) (574) (3,578)
amortisation)
-------- -------- -------- -------- --------
Operating loss before
goodwill amortisation
and exceptional items (563) (246) (499) (270) (769)
Amortisation of (132) (87) (174) (3) (177)
goodwill
Exceptional items (492) - - (195) (195)
-------- -------- -------- -------- --------
Operating loss (1,187) (333) (673) (468) (1,141)
Interest receivable 2 17 21
Interest payable (5) (17) (28)
-------- -------- --------
Loss on ordinary
activities before
taxation (1,190) (333) (1,148)
Tax on loss on - - 4
ordinary activities
-------- -------- --------
Loss for the period (1,190) (333) (1,144)
Dividends - - -
-------- -------- --------
Retained loss for the (1,190) (333) (1,144)
period
===== ===== =====
Loss per ordinary
share:
Basic and diluted (0.54p) (0.46p) (1.55p)
Excluding goodwill
amortisation and
exceptional items (0.26p) (0.34p) (1.05p)
===== ===== =====
CONSOLIDATED BALANCE SHEET
as at 30 June 2003
30 June 2003 30 June 2002 2 January 2003
Unaudited Unaudited Audited
#000 #000 #000
Fixed assets
Intangible assets 5,854 2,845 5,986
Tangible assets 600 322 716
-------- -------- --------
6,454 3,167 6,702
-------- -------- --------
Current assets
Stocks 188 83 210
Debtors 2,247 798 1,892
Cash - 838 1,305
-------- -------- --------
2,435 1,719 3,407
Creditors: amounts falling due 4,435 2,057 4,398
within one year
-------- -------- --------
Net current liabilities (2,000) (338) (991)
-------- -------- --------
Total assets less current 4,454 2,829 5,711
liabilities
Creditors: amounts falling due
after more than one year - 193 67
-------- -------- --------
Net assets 4,454 2,636 5,644
===== ===== =====
Capital and reserves
Called up share capital 3,310 3,163 3,310
Share premium account 8,008 5,553 8,008
Merger reserve 1,217 - 1,217
Profit and loss account (8,081) (6,080) (6,891)
-------- -------- --------
Shareholders' funds 4,454 2,636 5,644
===== ===== =====
All items under capital and reserves are equity.
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30 June 2003
6 months ended 30 June Year ended
2 January
2003 2002 2003
(unaudited) (unaudited) (audited)
#000 #000 #000
Net cash outflow from operating (1,212) (213) (420)
activities
---------- ---------- ----------
Returns on investments and servicing of
finance
Net interest (3) - (7)
---------- ---------- ----------
Net cash outflow from returns on
investment and servicing of
finance (3) - (7)
---------- ---------- ----------
Taxation - - 4
---------- ---------- ----------
Capital expenditure and financial
investment
Purchase of tangible fixed assets (71) (75) (177)
Sale of tangible fixed assets - 8 14
---------- ---------- ----------
Net cash outflow from capital
expenditure and financial
investment (71) (67) (163)
---------- ---------- ----------
Acqusitions and disposals
Purchase of businesses and
subsidiary undertakings - - (1,103)
Disposal of subsidiary - - -
undertakings
---------- ---------- ----------
Net cash inflow/outflow from - - (1,103)
acquisitions and disposals
---------- ---------- ----------
Financing
Issue of share capital - - 2,009
Loans repaid (126) (130) (252)
Capital element of finance lease (2) (12) (23)
payments
---------- ---------- ----------
Net cash (outflow)/inflow from (128) (142) 1,734
financing
---------- ---------- ----------
(Decrease)/increase in cash in the (1,414) (422) 45
period
====== ====== =======
Reconciliation of operating loss to net cash flow from operating
activities
Operating loss before exceptional (695) (333) (946)
items
Exceptional items (492) - (195)
---------- ---------- ----------
Operating loss (1,187) (333) (1,141)
Amortisation of goodwill 132 87 177
Depreciation 187 112 234
Decrease/(increase) in stocks 22 (9) (42)
(Increase)/decrease in debtors (355) (260) 72
(Decrease)/increase in creditors (11) 190 280
---------- ---------- ----------
(1,212) (213) (420)
====== ====== =======
NOTES
1. This interim report was approved by the board of directors on 23 September
2003. Copies of this statement are being sent to all shareholders. Copies
are also available at the registered office of the company: Pacific Road,
Atlantic Office Park, Altrincham, Cheshire, WA14 5BJ.
2. On 24 July 2003, the company completed a placing of 172 million new ordinary
shares at 0.75p per share and issued #200,000 convertible unsecured loan
notes, raising a total of #1,370,000 net of expenses. At the same time the
company converted a loan of #300,000 due to Lynx plc into new ordinary
shares at 1.5 pence per ordinary share.
3. Basic loss per share has been calculated by dividing loss after tax of
#1,190,299 (six months to 30 June 2002 - loss of #333,404) by the number of
shares in issue during the period of 218,947,240 (six months to 30 June 2002
- 72,118,668).
4. Loss per share before goodwill amortisation and exceptional items has been
calculated by dividing loss after tax before goodwill amortisation and
exceptional items of #566,267 (six months to 30 June 2002 - loss of
#246,638) by the number of shares in issue during the period of 218,947,240
(six months to 30 June 2002 - 72,118,668).
5. Analysis of changes in net debt:
At 3 January Cash flow Non-cash At 30 June 2003
2003 changes
#000 #000 #000
#000
Cash at bank and in hand 1,305 (1,414) - (109)
Finance lease obligations (2) 2 - -
Debt due within one year (552) 126 (67) (493)
Debt due after one year (67) - 67 -
-------- -------- -------- --------
Net funds / (debt) 684 (1,286) - (602)
===== ===== ===== =====
6. The financial information given does not constitute accounts within the
meaning of Section 240 (5) of the Companies Act 1985. This information has
been neither audited nor reviewed. The figures for the year ended 2 January
2003 are extracted from the Annual Report and Accounts as filed with the
Registrar of Companies. These were audited and reported on without
qualification by BDO Stoy Hayward and did not contain a statement under
Section 237 (2) or (3) of the Companies Act 1985.
7. All recognised gains and losses have been included in the profit and loss
account.
8. The Board has not declared a dividend for the period ended 30 June 2003.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SEUFWESDSEIU
1 Year Schibsted ASA Chart |
1 Month Schibsted ASA Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
