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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Advance Visual | LSE:ACV | London | Ordinary Share | GB0002565355 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.16 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3410A Advance Visual Communications PLC 13 March 2001 Advance Visual Communications plc Interim Results for the Six Months ended 31 December 2000 Highlights * Year on year turnover up 234% to #1,069,807 (1999: #320,341) * Pre-tax losses #1,174,198, reflecting increased investment (1999: loss of #539,184) * Successful move in November 2000 from Ofex to Alternative Investment Market * Company raised #5 million by way of institutional placing * Appointment of Barclay Douglas, former Director of Mercury Asset Management, as Chairman strengthening management team * Strategic review of cost structure achieves savings of #500,000 per annum * 40% of revenues generated outside of UK, less than 5% ofrevenues from dot coms * Post interim period, successful acquisition of Paris based Webmania Barclay Douglas, Chairman of Advance Visual Communications said: "In the second half of this financial year we look forward to making further acquisitions, developing our sales and marketing capabilities and achieving improved operational efficiencies as the capacity utilisation of our centralised production facility increases. Advance's 78 strong multinational team is on track in building the Company into a significant European IPS player." For further information: Advance Visual Communications 0207 830 9740 Massoud Amiri - Chief Executive 07899 756 060 Bell Pottinger Financial 0207 353 9203 David Rydell 07498 646 021 Billy Clegg 07977 578 153 Chairman's Statement Six Month Period ending 31 December 2000 The first half of this financial year has been a decisive period for your Company. In November, despite a dramatic drop in the market valuation of Internet Professional Service (IPS) companies, Advance moved from Ofex onto the AIM market raising #5 million at 10p per share as part of the flotation process. Shareholders now include several well-known investing institutions. We welcome this broadening of the shareholder base. The flotation proceeds secures the Company's financial position and will allow management to focus upon the implementation of its strategy to buy and build a pan-European business. During the flotation process, the board recognised the changing environment for technology companies and that investor's requirements were shifting more acutely to focus on a company's prospects of reaching break-even, rather than rapid expansion. Consequently, in December, your management cut 11 jobs across all departments and closed down Advance Presentation Products which was the under-performing Equipment Hire and Sales subsidiary. The cost of the redundancies was #32,000 and the savings achieved were #210,000 per annum. In January 2001, post balance sheet, Advance Software Development was shut down. The cost of redundancies was #53,000 and the additional savings were #228,000 per year. In total the staff headcount has been reduced by 19, which was at the time 21% of our work force. Considering additional cuts in other non-core expenses, such as company cars etc., management has achieved more than #500,000 of annualised cost savings, which will improve the Company's prospects for reaching profitability sooner than would otherwise have been possible. Despite the requirement for increased management time during the flotation process, the company's sales growth was not seriously affected. Sales for the six months ending December were #1,069,807, up from #320,341 in the same period last year. The growth is derived both from organic growth in the Bradford operations and as a result of the acquisition of Voxel in Switzerland and France. The Company has changed its year-end to June and this first half performance can perhaps be compared more meaningfully to sales for the preceding nine months to 30th June 2000 of #1,227,003. In terms of a run rate, this equates to a 30% increase. Of particular interest is the split in revenues. Some 51% was derived from Internet projects, 25% from Video and Events, 18% from Multi Media and the remaining 6% from Equipment Hire and Sales, which has been since discontinued. After-tax losses for the period were #1,192,109. This is partially associated with the non-core overheads prior to the cost cutting exercise and also reflects the basic cost structure necessary to facilitate a pan European acquisition strategy. With the European IPS market growth estimated to remain strong over the next three years, the shift in the sales mix is encouraging, considering that Advance had practically no Internet sales during this period last year. In addition, 40% of revenues were derived from Switzerland, significantly reducing Advance's dependency on any single country or client. We believe that both of these positive trends - the shift in revenue mix towards the internet and the territorial spread of revenues - will continue to improve throughout this financial year. Advance continues to focus on blue chip and mid size clients, assisting them to harness the Internet in order to increase margins and improve their operational efficiencies. Dot com clients constitute less than 5% of revenues. Our Central Production Facility in Sophia Antipolis in the South of France employs 29 software engineers, designers and consultants, covering the full range of necessary skills for delivering the sophisticated internet products, which our clients such as the Private Swiss Banks require. Because of this facility, we can offer a much broader product range to the clients of the Internet Agencies that we acquire. All the operational and low cost benefits associated with a Central Production Facility will become more apparent as the acquisition programme progresses and the Company achieves critical mass. In January, we announced the acquisition of WebMania in Paris in an all paper deal for #100,000 with an additional #35,000 consideration payable in shares if the company achieve sales of #600,000 during the following nine months. This acquisition provides Advance with a knowledgeable team of consultants and account managers as a foundation for growing our sales activities in France. It also brings with it a group of attractive clients. Your management is pursuing talks with a number of companies in Berlin and London as part of its ambition to grow the business through acquisition. In the areas of sales and marketing we are actively pursuing clients which we perceive to have requirements for our expertise. The new business development is supported by a full marketing effort consisting of an upgraded web site, brochures, case studies and support material. I recommend that you visit our web site (www.advancevisual.com) to see for yourself what has been achieved. The outcome of these new initiatives will begin to become apparent in the second half of this financial year. The objective is to generate a healthy flow of new clients to compliment our high level of repeat business. In the second half of this financial year we look forward to making further acquisitions, developing our sales and marketing capabilities and achieving improved operational efficiencies as the capacity utilisation of our centralised production facility increases. Advance's 78 strong multinational team is on track in building the Company into a significant European IPS player. Barclay Douglas Chairman of the Board March 2001 Advance Visual Communications PLC Consolidated Profit and Loss Account Proforma 6 months 6 months ended ended 9 months 31 December 31 December ended 2000 1999 30 June 2000 (unaudited) (unaudited) (audited) # # # Turnover Continuing operations 1,003,916 290,619 1,105,498 Discontinued operations 65,891 29,722 121,505 ------------- ------------- ------------- 1,069,807 320,341 1,227,003 ------------- ------------- ------------- Operating loss Continuing operations (1,149,303) (529,395) (871,053) Discontinued operations (30,850) 4,767 (93,453) ------------- ------------- ------------- (1,180,153) (524,628) (964,506) Net interest receivable/(payable) 5,955 (14,556) (26,221) ------------- ------------- ------------- Loss on ordinary activities before taxation (1,174,198) (539,184) (990,727) Tax on loss on ordinary activities (17,911) - (8,397) ------------- ------------- ------------- Loss on ordinary activities after taxation (1,192,109) (539,184) (999,124) ============= ============= ============= Basic loss per ordinary share (note 3) (1.1)p (1.3)p (1.6)p Diluted loss per ordinary share (note 3) (1.1)p (1.2)p (1.6)p Consolidated Balance Sheet as at 31 December 2000 Proforma As at As at 31 December 31 December As at 2000 1999 30 June 2000 (unaudited) (unaudited) (audited) # # # Fixed Assets Intangible assets 1,793,148 404,826 1,841,196 Tangible assets 513,670 442,449 482,216 Investments 25,000 - - ------------- ------------- ------------- 2,331,818 847,275 2,323,412 ------------- ------------- ------------- Current assets Stock 57,586 733 66,926 Debtors 363,090 223,677 526,375 Cash at bank 3,917,690 - - ------------- ------------- ------------- 4,338,366 224,410 593,301 Creditors: amounts falling due within one year (690,850) (602,758) (783,384) ------------- ------------- ------------- Net current assets 3,647,516 (378,348) (190,083) ------------- ------------- ------------- Total assets less current liabilities 5,979,334 468,927 2,133,329 Creditors: amounts falling due after more than one year (121,502) (244,816) (195,035) ------------- ------------- ------------- 5,857,832 224,111 1,938,294 ============= ============= ============= Capital and reserves Called up share capital 1,490,870 497,780 832,870 Share premium account 8,003,624 1,377,389 3,526,777 Other reserves 14,464 100,000 30,897 Profit and loss account (3,651,126) (1,751,058) (2,452,250) ------------- ------------- ------------- Equity shareholders funds 5,857,832 224,111 1,938,294 ============= ============= ============= Consolidated Cash Flow Statement Proforma 6 months 6 months ended ended 9 months 31 December 31 December ended 2000 1999 30 June 2000 (unaudited) (unaudited) (audited) # # # Net cash outflow from operating activities (note 4) (960,603) (525,989) (901,009) Returns on investments and servicing of finance Interest received / (paid) 14,480 (10,064) (13,615) Interest element of finance lease rentals (8,525) (4,492) (12,606) ------------ ------------ ------------ Net cash inflow/(outflow) from returns on investments and servicing of finance 5,955 (14,556) (26,221) Purchase of tangible fixed assets (119,563) (72,359) (130,181) Disposal of tangible fixed assets - - 27,066 Investment (25,000) - - ------------ ------------ ------------ Net cash outflow from capital expenditure and financial investment (144,563) (72,359) (103,115) Acquisitions and disposals Purchase of subsidiary undertaking - - (35,450) Purchase of business - - (70,000) Net cash acquired with subsidiary - - 17,485 ------------ ------------ ------------ Net cash outflow from acquisitions and disposals - - (87,965) ------------ ------------ ------------ Net cash outflow before financing (1,099,211) (612,904) (1,118,310) ------------ ------------ ------------ Financing Capital element of finance lease rentals (46,650) (21,410) (78,246) Repayment of long term loans (30,000) - (92,550) Issue of ordinary share capital 5,758,347 666,425 1,455,667 Expenses paid in connection with issue of shares (623,500) (61,908) - Warrant instrument (27,848) 100,000 31,348 ------------ ------------ ------------ Net cash inflow from financing 5,030,349 683,107 1,316,219 ------------ ------------ ------------ Increase in cash 3,931,138 70,203 197,909 ============ ============ ============ Statement of Total Recognised Gains and Losses Proforma 6 months 6 months ended ended 9 months 31 December 31 December ended 2000 1999 30 June 2000 (unaudited) (unaudited) (audited) # # # Loss for the financial period (1,192,109) (539,184) (999,124) Currency translation differences 11,415 - (451) ------------ ------------ ----------- Total recognised gains and losses relating to the period (1,180,694) (539,184) (999,575) ------------ ------------ ----------- Notes on the Interim Results 1. The results for the 6 months to 31 December, 2000, which are neither audited nor reviewed by the auditors have been prepared on the basis of the accounting policies adopted for the period ended 30 June 2000 as set out in the Company's annual report and accounts after taking into account any accounting standards issued since that date, none of which have resulted in any changes to the accounting policies of the company. 2. The results for the period ended 30 June 2000 are an abridged version of the Group's full accounts for that period, which carry unqualified auditor's reports and do not contain any statements under S237 (2) or (3) of the Companies Act 1985. The full accounts for the period ended 30 June 2000 have been filed with the Registrar of Companies. 3. The calculation of earnings per share is based on the loss attributable to shareholders and the weighted average number of ordinary shares in issue of 110,395,358 (1999: 41,942,958). The calculation of earnings per share on a diluted basis takes account of the dilutive effect of outstanding share options giving a weighted average number of ordinary shares of 111,078,338 (1999: 46,841,953) 4. Net cash outflow Proforma from operating 6 months 6 months activities ended ended 9 months 31 December 31 December ended 2000 1999 30 June 2000 (unaudited) (unaudited) (audited) # # # Operating Loss (1,180,153) (524,628) (964,506) Depreciation and amortisation 136,158 44,294 125,704 Loss/(Profit) on sale of fixed assets - (471) 16,834 Decrease/(increase) in debtors 163,285 23,341 (202,260) Decrease/(increase) in stock 9,340 10,231 (21,926) (Decrease)/increase in creditors (93,880) (78,756) 145,145 Other non cash Movements 4,647 - - ------------ ------------ ----------- Net cash outflow from operating activities (960,603) (525,989) (901,009) ------------ ------------ ----------- 5. Reconciliation of movements in Proforma Group shareholders 6 months funds ended 6 months 31 December ended 9 months 2000 31 December ended (unaudit 1999 30 June 2000 ed) (unaudited) (audited) # # # Loss for the financial period (1,192,109) (539,184) (999,124) Issue of warrants (27,848) 100,000 103,500 Issue of shares 5,758,348 754,552 2,917,491 Expenses paid in connection with issue of shares (623,500) - - Shares to be issued - (150,000) (150,000) Movement on translation reserve 4,647 - (451) ------------ ------------ ----------- Net addition to/(reduction in) shareholders funds 3,919,538 165,368 1,871,416 Opening shareholders funds 1,938,294 58,743 66,878 ------------ ------------ ----------- Closing shareholders funds 5,857,832 224,111 1,938,294 ------------ ------------ ----------- 6. As of 13th March 2001, shareholders interested in 3% or more of the issued share capital of the company are Interactive Horizons Ltd, AIM Trust, Singer and Friedlander and Michael Smith Esq. 7. The Registered Office of the Company is The Dyehouse, Dyehouse Drive, West 26, Bradford, BD19 4TY. Copies of the Annual Report and Accounts may be obtained from the Company Secretary at this address.
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