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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Access Plus | LSE:APU | London | Ordinary Share | GB0000367820 | ORD 10P |
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0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:9026H Access Plus PLC 25 February 2003 ACCESS PLUS PLC Preliminary results for the year ended 31 December 2002 25 February 2003 Access Plus, the Bristol based provider of print related marketing services, announces its preliminary results for the year ended 31 December 2002 - its seventh set of full year results since being admitted to the Alternative Investment Market, in November 1996. * TURNOVER increased by 2% * GROSS PROFIT down by (6%) * PROFIT BEFORE TAX (before bad debt)* down by (11%) * EARNINGS PER SHARE (before bad debt)* 14.60p * DIVIDENDS increased by 1.5% * CASH GENERATION ahead of 2001 *before goodwill amortisation - Commenting on 2002's trading performance, Tim Brettell, the Chairman said, "With many newly won contracts contributing only a few months in 2002, the outlook for growth this year from Print Management work is very positive." - "With the final dividend maintained at 5.80 pence, this gives a full year payment to shareholders of 8.675 pence per share - an increase of 1.5% on 2001." - "Our major three year contract win in late 2001, with a large international life and pensions group has developed significantly throughout 2002 and now stands as the Group's leading customer." - "The Group has made significant progress in broadening its service offering to its top customer base. The top ten clients accounted for 35% of gross profits in 2002, an increase of 6% over 2001, whilst diversity was maintained as no individual company represented more than 6.3%." - "Cash generation has remained very strong during the year allowing for both a net repayment of loans and a share buy-back programme. At the year-end, the Group balance sheet is strong with gearing at 9%, despite the effect of the share redemptions." - "The exceptional bad debt announced in November was lower than first estimated with a final charge of #0.491m. This resulted from a third party business relationship. The Directors can confirm that there are no other exposures of this nature amongst its top customers." For further information: Tim Brettell Barrie Newton Ken Rees Access Plus PLC Rowan Dartington Winningtons Tel: 0117 317 9477 Tel: 0117 925 3377 Tel: 0117 317 9477 (25 February 2003) Tel: 0117 933 1000 (thereafter) CHAIRMAN'S STATEMENT FINANCIAL RESULTS I am pleased to announce the results for the year to 31 December 2002. In a testing period with volatile market conditions, sales revenues have advanced by 2% to #30.453m (2001 - #29.780m). Group gross profit was down 6% at #8.585m (2001 - #9.151m), and gross margins reduced 2.5% to 28.2%. In November, the Company announced that it had suffered an exceptional bad debt. At the time, I anticipated that this would cost the Company in the region of #600,000. As a result of lower than anticipated legal costs and an allowance for the reclaim of VAT, the cost in 2002 has been reduced to #0.491m. Before accounting for the effect of this exceptional bad debt and goodwill amortisation, Group earnings before tax fell by 11% to #3.910m (2001 - #4.406m) and on the same basis earnings per share declined during 2002, to 14.60p (2001 - 16.97p). It should be noted, however, that the 2001 earnings per share figures were enhanced by an effective tax rate of 27.6%. After allowing for a full tax charge, in 2001, earnings per share fell 10.8%. After charging both the exceptional bad debt, and #0.441m of goodwill amortisation (2001 - #0.448m), Group earnings before interest and tax fell to #2.991m (2001 - #4.012m), and Group profit before tax was #2.978m, (2001 - #3.958m). Basic earnings per share were 10.41p (2001 - 14.58p). The Group's cash generation has again been very strong during the year. This has been used firstly to extinguish the remainder of the Group's bank loan, with the result that a five-year loan has been fully repaid in 2 years. Secondly, the Company has undertaken a regular share buy-back programme and has acquired 302,435 shares, for cancellation, at a cost of #0.503m. Interest paid has been reduced from #54,000 in 2001 to #13,000 in 2002. Gearing has been maintained at 9% of shareholders' funds, despite the effect of the share redemptions. The Directors recommend that the final dividend should be maintained at 5.80p and that this should be paid on 6 May 2003 to shareholders on the register on 22 April 2003. The shares will go ex-dividend on 16 April 2003. Total dividends for 2002, paid and proposed, amount to 8.675p per ordinary share (2001 - 8.55p) showing an increase of 1.5% over last year. The Group's exceptional bad debt, referred to above, resulted from a third party business relationship. The Directors can confirm that there is no other exposure of this nature amongst its top customers. MARKETS Print Management is currently the most exciting market in which your Company is operating. The year 2002 has seen a material increase in corporate activity in the print management sector with the purchase of Centurion Press Limited by Communisis plc in May, and then in June the acquisition of Alistair McIntosh by Williams Lea. This trend towards consolidation within the industry is not unexpected as there is, at present, considerable fragmentation. Increased size can be beneficial for print management companies bringing economies of scale and greater purchasing power. Print managers still only accounted for a very small part (3% - 4%) of the total UK print market, which is estimated, by some analysts, to be worth in the region of #12 billion. The overall market continues to expand and the present activity level experienced by the Group is high, with large organisations increasingly looking to reduce operating costs by utilising an outsource service for the first time. Figures obtained from the Direct Mail Information Service indicate that volumes in Direct Mail showed a modest improvement during 2002 with an advance of 5.9% over the previous period. The market was held back by a continued decline in the Media, Insurance and Retail sectors, representing 26.1% of volumes and a flat performance from the Financial sector representing 23.2%. In stark contrast to this Travel, Charity & Leisure were strongly ahead by 22% and Home Shopping was up by 15.1%. The overall view of the management is that the market is slowly beginning to improve after the sharp declines of year 2001. OVERVIEW OF SERVICES In the year ended 31 December 2002, Access Plus provided project management services in these two market areas, in the following three categories: Print Management (PM) 60% of sales (2001 - 62%) Direct Mail (DM) 20% of sales (2001 - 19%) Special & Security Services (SS) 20% of sales (2001 - 19%) Despite the turbulent market conditions, our strategy of developing and strengthening our existing customer relationships and, in particular, our top clients, has remained our principal focus. This has proved to be successful with six of our top ten customers showing strong growth. The amount of business coming from the top ten clients has risen to 35% of total gross profit (2001 - 29%). Also repeat business levels have remained high in line with last year. With many new contracts in the year, the underlying growth in PM was suppressed for three principal reasons; first one retail client reduced its spend in December, secondly the loss of the ITV Digital work, and thirdly a timing issue on a large order from a client that moved across to January 2003. It has, however, been a period of outstanding activity for new PM work with a number of good contracts only partially contributing to year 2002 results. This lays strong foundations for future years. 1. Print Management (PM) PM sales were flat at #18.148m (2001 - #18.389m), in spite of underlying growth throughout the year, and additional new contracts. This was for the reasons stated above. A resumption in strong growth, however, is anticipated this year, when a full 12 month contribution is expected from these new deals. 2. Direct Mail (DM) DM sales have risen by 9% to #6.145m (2001 - #5.613m). This increase can be largely attributed to additional DM work from two new memberships and an existing client. The overall number of DM clients has remained largely unchanged and the Company has continued with its strategy of operating in those niche areas that generate high repeat business. 3. Special & Security Services (SS) SS sales were recorded at #6.160m (2001 - #5.778m), up 7%. Although our principal sales focus is currently on PM, this SS performance was indicative of the modest improvement experienced in the marketing and DM sector. OUR OBJECTIVES FOR 2003 The management team has considered carefully its objectives for this year. It anticipates that the current economic conditions may well persist for this year and next and, therefore, objectives must be drawn up in this context. * Further development of our top clients, by selling a wider range of services and increasing revenues from last year's new contracts. * Recruitment of top class sales executives, with specialist knowledge of print management based throughout the UK. * A continued focus on winning large PM contracts. * Use of our strong cash generation for strategic acquisitions, partnerships or JVs that can be readily integrated into our existing operating structure. * The Company will continue its share buy-back policy. STAFF Your Company's number one asset is our dedicated and loyal staff. With difficult market conditions, their perseverance and determination are impressive. I would like to thank them, on behalf of the Directors and the Company's shareholders, for their energy, enthusiasm and hard work and to extend a warm welcome to those new members of staff who have joined us in this period. Access Plus will continue its successful policy of recruiting only the finest talent for sales personnel, capable of maintaining a high level of productivity whilst ensuring first class quality service to the customer. FUTURE With many newly won contracts contributing revenues for only a few months of 2002, the outlook for growth this year from PM work, in particular, is very positive. The year has started well and current sales activity is ahead of last year for the same period. This together with the slight improvements in the DM market gives your Directors greater confidence for the year ahead. Cash generation remains one of the Group's key strengths. The Company's balance sheet is robust with reduced levels of debt. The Group is, therefore, well placed to make selective acquisitions in accordance with its strategy. T G BRETTELL Chairman & Chief Executive 25 February 2003 GROUP PROFIT AND LOSS ACCOUNT for the year ended 31 December 2002 Notes 2002 2001 #000 #000 TURNOVER 2 30,453 29,780 Cost of sales 21,868 20,629 Gross profit 8,585 9,151 Administrative expenses 5,103 5,139 Bad debt 4 491 - OPERATING PROFIT 2,991 4,012 Bank interest receivable 53 168 Interest payable (66) (222) PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 2,978 3,958 Taxation on profit on ordinary activities 3 1,027 1,217 PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 1,951 2,741 Dividends 5 1,610 1,613 RETAINED PROFIT FOR THE FINANCIAL YEAR 341 1,128 Basic earnings per ordinary share 6 10.41p 14.58p Diluted earnings per ordinary share 10.35p 14.31p Restated earnings per share before allowing for the exceptional bad debt and #0.441m (2000 - #0.448m) for goodwill amortisation Earnings per ordinary share 6 14.60p 16.97p Diluted earnings per ordinary share 14.51p 16.65p Dividends per share 5 8.675p 8.55p GROUP BALANCE SHEET at 31 December 2002 Notes 2002 2001 #000 #000 FIXED ASSETS Intangible assets 8 7,920 8,512 Tangible assets 1,732 1,703 9,652 10,215 CURRENT ASSETS Stocks 1,340 1,092 Debtors 7,460 7,191 Cash 339 2,550 9,139 10,833 CREDITORS: amounts falling due within one year 9 7,643 8,103 NET CURRENT ASSETS 1,496 2,730 TOTAL ASSETS LESS CURRENT LIABILITIES 11,148 12,945 CREDITORS: amounts falling due after more than one year 25 1,680 PROVISION FOR LIABILITIES AND CHARGES Deferred taxation 57 37 NET ASSETS 11,066 11,228 CAPITAL AND RESERVES Called up share capital 1,851 1,881 Share premium account 9,705 9,705 Capital redemption reserve 1,130 1,100 Profit and loss account (1,620) (1,458) EQUITY SHAREHOLDERS' FUNDS 7 11,066 11,228 GROUP STATEMENT OF CASH FLOWS for the year ended 31 December 2002 Notes 2002 2001 #000 #000 NET CASH INFLOW FROM OPERATING ACTIVITIES 10 3,794 3,692 RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest paid (66) (222) Interest received 53 168 (13) (54) TAXATION (1,339) (1,574) CAPITAL EXPENDITURE Purchase of tangible fixed assets (362) (130) Disposal of tangible fixed assets 127 91 Deferred consideration paid - (60) (235) (99) EQUITY DIVIDENDS PAID (1,627) (1,552) FINANCING (Redemption)/issue of share capital net of costs (503) 99 Repayments of Loan Notes (1,952) (225) Repayments of medium-term loan (1,500) (1,350) (3,955) (1,476) MOVEMENT IN CASH IN THE YEAR (3,375) (1,063) Notes to the Preliminary Accounts 1. Accounting policies This statement has been prepared on the basis of the accounting policies as set out in the Group's annual report for the year ended 31 December 2001. There have been no changes to these policies during the current year. 2. Turnover Turnover represents amounts derived from the provision of goods and services during the year stated net of value added tax. The turnover and pre-tax profit is attributable to one continuing activity, the provision of print related marketing services from within the United Kingdom. All turnover is into the United Kingdom apart from less than 1% which is to the rest of Europe. 3. Taxation Taxation for year ended 31 December 2002 has been charged at an effective rate of 30.0%. 4. Exceptional item Bad debt suffered in 2002, #0.491m, with a taxation credit of #0.147m. There was no equivalent charge in 2001. 5. Dividends 2002 2001 #000 #000 Under provision in prior year - 5 Interim dividends - paid 536 517 Final dividends - proposed/paid 1,074 1,091 1,610 1,613 The Directors have proposed a final dividend of 5.80p per share (May 2002 - 5.80p per share), payable on 6 May 2003 to shareholders on the register on 18 April 2003. If approved by shareholders, the total dividend for the year ended 31 December 2002 will be 8.675p (2001 - 8.55p). 6. Earnings per ordinary share Basic earnings per ordinary share has been calculated by dividing the profit on ordinary activities after taxation for each financial year #1.951m (2001 - #2.741m) by the weighted average number of ordinary shares in issue in each year 18,732,280 (2001 - 18,790,803). At 31 December 2002, the issued share capital of the Company was 18,508,693 ordinary shares. Diluted earnings per share has been based on profit for the year of #1.951m (2001 - #2.741m). The weighted average number of dilutive shares has been calculated as follows: 2002 2001 Basic weighted average number of shares 18,732,280 18,790,803 Dilutive potential ordinary shares from share options 120,610 355,148 18,852,890 19,145,951 Profit on ordinary activities after taxation of #1.951m (2001 - #2.741m) is shown after deducting #0.491m (2001 - NIL) in respect of an exceptional bad debt, and #0.441m (2001 - #0.448m) in respect of goodwill on the acquisition Software Stationery Holdings Limited ("Software Stationery"). The restated earnings have been calculated by dividing the adjusted profit of #2.736m (after allowing for the tax credit on the bad debt - see note 4) by the same weighted average number of shares in issue at 31 December 2002. There are no changes to the basis for calculating the comparative or the diluted earnings per share. 7. Reconciliation of movements in equity shareholders' funds #000 Equity shareholders' funds at 1 January 2002 11,228 Retained profits for the year 341 Ordinary shares redeemed during the year (503) Equity shareholders' funds at 31 December 2002 11,066 8. Intangible fixed assets #000 Cost of goodwill: At 1 January 2002 9,915 Adjustment to contingent deferred consideration payable (note 9) (130) At 31 December 2002 9,785 Amortisation: At 1 January 2002 1,403 Provided in the year in relation to Software Stationery 441 Provided for the year 21 At 31 December 2002 1,865 Net book value at 1 January 2002 8,512 Net book value at 31 December 2002 7,920 On 5 July 2000, the Group acquired the entire issued share capital of Software Stationery. At 31 December 2002, the level of goodwill contingent upon future events has been revised from #0.750m to #0.620m as the result of calculating the final deferred consideration. Goodwill arising on this acquisition is being amortised evenly over its estimated economic life of 20 years. In addition, #0.250m of goodwill was acquired as part of the acquisition. Goodwill of #0.243m in Software Stationery represents the cost of the copyright in the design of business forms for specific accounting software packages, either by way of absolute assignment or a long term licence. Goodwill and intangible fixed assets are amortised on a straight line basis over the assets' estimated economic lives of between four and twenty years. Goodwill of #7,000 in Software Stationery Specialists Limited represents the cost of certain customer lists and is being amortised on a straight line basis over the asset's estimated economic life of four years. 9. Creditors Deferred consideration of #0.620m is payable, to some of the vendors of Software Stationery, on 30 April 2003. 10. Reconciliation of operating profit to net cash inflow from operating activities 2002 2001 #000 #000 Operating profit 2,991 4,012 Depreciation 208 263 (Profit)/loss on disposal of tangible fixed assets (2) 21 Amortisation of intangible fixed assets 21 20 Amortisation of goodwill 441 448 Release of government grants (5) (4) (Increase)/decrease in stocks (248) 271 (Increase)/decrease in debtors (269) 360 Increase/(decrease) in creditors 657 (1,699) Net cash inflow from operating activities 3,794 3,692 11. Reconciliation of net cash flow to movement in net debt #000 #000 Movement in cash (3,375) (1,063) Repayments of Loan Notes 1,952 225 Repayments of medium-term loans 1,500 1,350 Change in net debt resulting from cash flows 77 512 Non cash flows in net debt - (238) MOVEMENT IN NET DEBT 77 274 NET DEBT AT 1 JANUARY (1,060) (1,334) NET DEBT AT 31 DECEMBER (983) (1,060) 12. Analysis of cash, loans and other debt 31 December Cash 1 January 2002 flows 2002 #000 #000 #000 Cash at bank 339 (2,211) 2,550 Bank overdrafts (1,164) (1,164) - Bank loans - 1,500 (1,500) Guaranteed Loan Notes (158) 1,952 (2,110) (983) 77 (1,060) 13. Financial statements Following a Board Meeting held today, 25 February 2003, the Directors announce the results and dividends for the year ended 31 December 2002. These figures do not constitute full accounts within the meaning of section 240 of the Companies Act 1985. They have been extracted from the statutory accounts for the year ended 31 December 2002, on which the auditors have issued an unqualified audit report. The statutory accounts have not yet been delivered to the Registrar of Companies. This information is provided by RNS The company news service from the London Stock Exchange END FR PUUBPPUPWGMC
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