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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Amstrad | LSE:AMT | London | Ordinary Share | GB0000953850 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 149.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4030H Amstrad PLC 13 February 2003 AMSTRAD PLC INTERIM STATEMENT SIX MONTHS ENDED 31 DECEMBER 2002 Chairman's Statement Financial Results I am pleased to report on the results for the six month period ended 31 December 2002. Amstrad Business The Amstrad business made a profit before tax of #5.5m (2001: #2.5m) on sales of #19.1m (2001: #18.4m). Earnings per share from the Amstrad business were 4.7p (2001: 2.6p). Amserve Business (E-m@ilers) Amserve's loss before tax, after initial subsidies on phones as referred to later in this Statement, was #5.5m (2001: #1.6m) on sales of #4.2m (2001: #1.2m). Group The Group as a whole reported a pre tax break even result (2001: #0.9m profit) on sales of #23.3m (2001: #19.6m). The earnings per share were 0.5p (2001: 1.2p). The interim dividend is to be maintained at 0.8p (2001: 0.8p) per ordinary share to be be paid on 8 April 2003 to shareholders on the register as at 21 February 2003. The Group balance sheet remains strong with net assets of #23.4m (2001: #28.2m) of which #18.9m (2001: #28.8m) was cash. Operating Review Amstrad Business Sales of digital decoders ("set top boxes") to BSkyB were 4% higher in volume terms than the same period last year but lower in value terms reflecting the continuing price pressure on this business. Our focus remains on driving down the cost of the set top box and in September 2002 we launched a new fourth generation box. We have orders in place for the remainder of this financial year and for the next financial year. Our continued focus on quality control has enabled us to release #0.7m at the half year from provisions against potential warranty costs for past supplies of set top boxes where warranty costs incurred have been lower than anticipated. The Hong Kong business had a very successful first half with direct shipments of audio products, mainly to the US market, significantly ahead of the same period last year. Amserve Business As part of a deliberate and planned marketing exercise, the retail price of the second generation e-m@iler ("the e-m@iler plus") was halved to #49.99 by most retail outlets after Christmas in a move aimed at significantly increasing the installed base. In addition to the 125k units of the original model sold, approximately 85k units of the new model have now been bought and registered by consumers since the launch in February 2002, of which 41k units have been registered since Christmas. This makes a total installed base of 210k units. This price reduction has been partially offset by lower manufacturing costs but it has increased the initial subsidy per unit. In view of this the Board has recognised a provision of #2.2m in the value of stock, representing the shortfall against cost which will arise when the stock held at 31 December 2002 is sold. This therefore will avoid the loss that would otherwise have arisen on the sale of these units in the second half of the year. The positive side of this approach is that in future years the results of Amserve will reflect a clearer view of the ongoing revenue stream from the installed base of phones. The revenue derived from the usage of the e-m@iler continues to hold up well with the majority of the income continuing to come from e-mail usage although in the last six months other services such as the ability to download ringtones have generated a more meaningful contribution. At the time of these results the average gross revenue generated in the past 30 days from the average installed base of approximately 201k units was #13k per day (approximate annualised rate of #4.7m per annum). We expect this revenue to increase both through the growth in the installed base, allowing for any customer churn, and through the first generation model moving at the end of March 2003 to the same revenue sharing arrangements as apply to the current model. We remain fully committed to the e-m@iler business and continue to develop new software that enhances the functionality and revenue earning potential of the phone which is periodically downloaded to the existing installed base. Outlook We continue to work with BSkyB to develop opportunities in the digital satellite TV market and are pursuing promising opportunities in other geographic markets for digital set top boxes. In the Amserve business our focus remains on increasing the installed base of e-m@ilers and enhancing future profitability through maximising existing revenue sources such as e-mail and by adding new revenue sources. Sir Alan Sugar Chairman 13 February 2003 Amstrad plc (www.amstrad.com) Register No 955321 Brentwood House Press Enquiries: Brentwood Nick Hewer - 07785 318737 Essex CM14 4EF hewer@amstrad.com Amstrad plc Consolidated Profit and Loss Account Six months Six months Year ended ended ended 31 December 31 December 30 June 2002 2001 2002 (unaudited) (unaudited) (audited) Total Note before Amserve Amserve Total Group Group #'000 #'000 #'000 #'000 #'000 Turnover: Group and share of joint 19,070 4,190 23,260 19,597 40,204 venture Less: Share of joint - - - (474) (474) venture Group turnover 19,070 4,190 23,260 19,123 39,730 Cost of sales (12,192) (7,406) (19,598) (15,223) (32,528) Gross profit/(loss) 6,878 (3,216) 3,662 3,900 7,202 Net operating expenses (1,701) (2,284) (3,985) (3,062) (9,552) Group operating profit/ 5,177 (5,500) (323) 838 (2,350) (loss) Share of joint venture operating loss - - - (571) (571) Total operating profit/ 5,177 (5,500) (323) 267 (2,921) (loss) Net interest receivable/ (payable): Group 348 (22) 326 706 1,186 Share of joint venture - - - (50) (50) Profit/(Loss) on ordinary activities before taxation 5,525 (5,522) 3 923 (1,785) Tax on profit/(loss) on 2 ordinary activities - - (50) Profit/(Loss) on ordinary activities after taxation 3 923 (1,835) Minority interest 372 67 386 Profit/(Loss) attributable to shareholders 375 990 (1,449) Dividends payable (640) (640) (1,839) Retained (loss)/profit (265) 350 (3,288) Group earnings/(loss) per 3 0.5p 1.2p (1.8)p share Group diluted earnings/ 3 (loss) per share 0.5p 1.2p (1.8)p Adjusted earnings per share (excluding Amserve) 4 4.7p 2.6p 3.7 p Equity dividends per share 0.8p 0.8p 2.3 p Statement of Total Recognised Gains and Losses Profit/(Loss) for the financial period 375 990 (1,449) Exchange translation differences on foreign currency net investments (67) (32) (80) Total recognised gains/ (losses) relating to the period 308 958 (1,529) Amstrad plc Consolidated Balance Sheet As at As at As at 31 December 31 December 2001 30 June 2002 (unaudited) 2002 (unaudited) #'000 (audited) Note #'000 #'000 Fixed assets Intangible fixed assets 1,143 1,447 1,295 Tangible fixed assets 470 559 551 1,613 2,006 1,846 Current assets Stocks 4,572 2,285 4,864 Debtors 10,675 9,366 7,565 Cash at bank and in hand 18,853 28,841 22,617 34,100 40,492 35,046 Creditors: amounts falling due within one year (9,987) (9,888) (9,748) Net current assets 24,113 30,604 25,298 Total assets less current liabilities 25,726 32,610 27,144 Provisions for liabilities and charges (2,326) (4,456) (3,040) Net assets 23,400 28,154 24,104 Called up share capital 7,997 7,996 7,997 Share premium 6,084 6,082 6,084 Capital reserve 3,618 3,618 3,618 Profit and loss account 5,605 9,623 5,937 Equity shareholders' funds 5 23,304 27,319 23,636 Minority interest 96 835 468 23,400 28,154 24,104 Amstrad plc Consolidated Cash Flow Statement Six months Six months ended Year ended 31 December 2001 ended 31 December 2002 (unaudited) 30 June (unaudited) #'000 2002 #'000 (audited) #'000 Net cash (outflow)/inflow from operating activities (2,645) 2,623 (2,915) Returns on investments and servicing of finance 354 727 1,251 Taxation (110) (199) (578) Capital expenditure and financial investment (154) (27) (220) Acquisitions and disposals - 21 21 Equity dividends paid (1,200) (1,199) (1,839) Cash (outflow)/inflow before use of liquid resources and financing (3,755) 1,946 (4,280) Financing - 9 12 (Decrease)/Increase in cash (3,755) 1,955 (4,268) Reconciliation of net cash flow to movement in net cash (Decrease)/Increase in cash in the period (3,755) 1,955 (4,268) Exchange translation differences (9) (1) (2) Cash at 1 July 22,617 26,887 26,887 Cash at 31 December 18,853 28,841 22,617 Amstrad plc Notes to the Interim Financial Statements 1. Basis of preparation of the interim financial statements The consolidated profit and loss account, balance sheet and cash flow statement have been prepared on a basis consistent with the financial statements for the year ended 30 June 2002. The financial information contained in the Interim Financial Statements does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The turnover and operating profit/ (loss) all relate to continuing operations. The results for the year ended 30 June 2002 are extracts from the published financial statements. A copy of the full financial statements for that year, on which the Auditors have issued an unqualified report, has been delivered to the Registrar of Companies. 2. Taxation Taxation for the half year ended 31 December 2002 is based on the effective rate which is estimated to apply in the year ending 30 June 2003. 3. Earnings per share and diluted earnings per share Earnings per share is based upon earnings of #375,000 (2001: #990,000) and 79,969,659 (2001: 79,935,202) ordinary shares being the average number of ordinary shares in issue during the six months ended 31 December 2002. Diluted earnings per share is based upon earnings of #375,000 (2001: #990,000) and 80,048,538 (2001: 80,868,942) ordinary shares allowing for the exercise of outstanding share purchase options exercisable at a price below the average fair value during the period. 4. Adjusted earnings per share (excluding Amserve) Adjusted earnings per share excludes the losses of Amserve and is therefore based upon earnings of #3,729,000 (2001: #2,092,000) and 79,969,659 (2001: 79,935,202) ordinary shares being the average number of ordinary shares in issue during the six months ended 31 December 2002. 5. Reconciliation of movements in shareholders' funds #000 Shareholders' funds at 1 July 2002 23,636 Profit for the financial period 375 Exchange translation differences (67) Dividends (640) Shareholders' funds at 31 December 2002 23,304 Amstrad plc Independent Review Report to Amstrad plc Introduction We have been instructed by the Company to review the financial information for the six months ended 31 December 2002 which comprises the profit and loss account, the balance sheets, the cash flow statement and related notes 1 to 5. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the Company in accordance with Bulletin 1999/4 issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the Company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting polices and presentation applied to the interim figures are consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with the guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom auditing standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 31 December 2002. Deloitte & Touche Chartered Accountants and Registered Auditors London 13 February 2003 This information is provided by RNS The company news service from the London Stock Exchange END IR BXGDDCBBGGXD
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