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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Arcontech Group Plc | LSE:ARC | London | Ordinary Share | GB00BDBBJZ03 | ORD GBP0.125 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 103.50 | 102.00 | 105.00 | 103.50 | 103.50 | 103.50 | 470 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Computer Programming Service | 2.73M | 980k | 0.0733 | 14.12 | 13.84M |
TIDMARC
RNS Number : 4912I
Arcontech Group PLC
26 March 2015
ARCONTECH GROUP PLC
("Arcontech" or the "Group")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2014
Arcontech (AIM: ARC), the provider of products and services for real-time financial market data processing and trading, is pleased to report its unaudited results for the six months ended 31 December 2014.
Financial and business highlights:
-- Turnover increased by 7% to GBP1,041,599 (six months ended 31 December 2013: GBP976,578).
-- Operating profit increased to GBP115,900 (six months ended 31 December 2013: loss of GBP68,976).
-- Annual run-rate of recurring revenues at 31 December 2014 amount to GBP2.1 million (2013: GBP1.9 million) and cover 112% of the cost base.
-- Net cash of GBP1,073,948 at 31 December 2014 (31 December 2013: GBP664,098).
Richard Last, Chairman of Arcontech, said:
"The Board is pleased that the Group is making progress in delivering increasing levels of turnover and profitability in the medium to longer term. However, the level of profitability for the current year ending 30 June 2015 is uncertain, due to a significant customer requesting the termination of its contract 18 months early for reasons outside of our control. We are currently working to resolve the situation. Although we expect to achieve new sales wins before the year end, due to revenue on our contracts being taken to profit on a monthly basis, it is unlikely that we will be able to fully compensate for the loss of revenue should the contract be terminated. Nevertheless, the Board believes Arcontech will deliver a positive result for the six months ending 30 June 2015. With current net cash balances in excess of GBP1.2m and a healthy sales pipeline, we remain positive about the Group's prospects."
Enquiries:
Arcontech Group plc Richard Last, Chairman and Non-Executive Director 07713 214484 020 7256 Matthew Jeffs, Chief Executive 2300 finnCap Ltd Charlotte Stranner/ Simon 020 7220 Hicks 0500
To access more information on the Group please visit: www.arcontech.com
The interim report will only be available to view online enabling the Group to communicate with shareholders in a more environmentally friendly and cost effective manner.
Chairman's Statement
I am pleased to report that Arcontech has moved into profitability in the six months ended 31 December 2014. The operating profit for the period was GBP115,900, compared to an operating loss of GBP68,796 in the corresponding six month period ended 31 December 2013. This was achieved by an increase in turnover as well as operating efficiencies and cost reductions. Turnover for the six month period increased by 7% to GBP1,041,599 (six month period ended 31st December 2013: GBP976,578) of which GBP1,035,399 relates to recurring annual licence fees (six month period ended 31 December 2013: GBP962,378). At the same time, operating efficiencies and tight control of expenses resulted in cost reductions amounting to GBP119,855 compared to the corresponding period last year.
The sales cycle continues to take longer than we would like, however, our pipeline of qualified prospects remains encouraging. We are committed to product development focused both on enhancing our solutions for existing customers in response to their feedback, as well as developing new products. In particular, we have developed an interface to Open MAMA and Solace Systems, as well as working with FactSet Systems to enable them to receive and display real time data.
Financing
Arcontech is well financed, with net cash balances at 31 December 2014 of GBP1,073,948 (31 December 2013: GBP664,098). This represents an increase of GBP409,850 since the year end at 30 June 2014. Net cash at 19 March 2015 was GBP1,294,061. This places Arcontech in a positive position to maintain its level of product development and increase its sales capability.
Employees
I would like to thank our employees and my fellow directors for their hard work and support over the last six months. It is essential, particularly in small businesses, that everyone works together as a team and has a flexible approach. As a result this has enabled the Group to achieve profitability.
Outlook
The Board is pleased that the Group is making progress in delivering increasing levels of turnover and profitability in the medium to longer term. However, the level of profitability for the current year ending 30 June 2015 is uncertain, due to a significant customer requesting the termination of its contract 18 months early for reasons outside of our control. We are currently working to resolve the situation. Although we expect to achieve new sales wins before the year end, due to revenue on our contracts being taken to profit on a monthly basis, it is unlikely that we will be able to fully compensate for the loss of revenue should the contract be terminated. Nevertheless, the Board believes Arcontech will deliver a positive result for the six months ending 30 June 2015. With current net cash balances in excess of GBP1.2m and a healthy sales pipeline, we remain positive about the Group's prospects.
Richard Last
Chairman and Non-Executive Director
CONSOLIDATED INCOME STATEMENT
Six months Six months Year ended ended ended 30 June 31 31 December December 2014 2013 2014 (unaudited) (unaudited) (audited) GBP GBP GBP Revenue 1,041,599 976,578 1,981,375 Distribution costs - - (31,439) Administrative costs (925,699) (1,045,554) (1,989,156) Operating profit/(loss) 115,900 (68,976) (39,220) Finance income 1,032 2,241 3,655 Profit/(loss) before taxation 116,932 (66,735) (35,565) Taxation 109,378 - 100,251 Profit/(loss) for the period after tax 226,310 (66,735) 64,686 Total comprehensive income 226,310 (66,735) 64,686 Profit/(loss) per share (basic) 0.015p (0.004)p 0.004p Profit/(loss) per share (diluted) 0.014p (0.004)p 0.004p
All of the results relate to continuing operations.
CONSOLIDATED BALANCE SHEET 31 December 31 December 30 June 2014 2013 2014 (unaudited) (unaudited) (audited) GBP GBP GBP Non-current assets Goodwill 1,715,153 1,715,153 1,715,153 Property, plant and equipment 15,531 22,162 19,112 Total non-current assets 1,730,684 1,737,315 1,734,265 Current assets Trade and other receivables 757,616 254,526 361,016 Cash and cash equivalents 1,073,948 664,098 733,676 Total current assets 1,831,564 918,624 1,094,692 Current liabilities Trade and other payables (609,224) (485,184) (561,434) Deferred income (1,303,096) (892,790) (850,638) Total current liabilities (1,912,320) (1,377,974) (1,412,072) Net current liabilities (80,756) (459,350) (317,380) Net assets 1,649,928 1,277,965 1,416,885 Equity Share capital 1,536,672 1,531,315 1,536,672 Share premium account 9,430,312 9,428,169 9,430,312 Share option reserve 79,295 271,912 72,562 Retained earnings (9,396,351) (9,953,431) (9,622,661) 1,649,928 1,277,965 1,416,885
CONSOLIDATED CASH FLOW STATEMENT
Six months Six months Year ended ended ended 30 June 31 31 December December 2014 2013 2014 (unaudited) (unaudited) (audited) GBP GBP GBP Net cash generated from/(used in) operating activities 340,259 (213,830) (151,013) Investing activities Interest received 1,032 2,241 3,655 Sales of plant and equipment 166 - - Purchases of plant and equipment (1,185) (3,117) (5,270) Issue of shares - - 7,500 Net cash generated from/(used in) investing activities 13 (876) 5,885 Net increase/(decrease) in cash and cash equivalents 340,272 (214,706) (145,128) Cash and cash equivalents at beginning of period 733,676 878,804 878,804 Cash and cash equivalents at end of period 1,073,948 664,098 733,676 ============ ============ ============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Share-based Retained Total capital premium paymentsreserve earnings GBP GBP GBP GBP GBP At 1 July 2013 1,531,315 9,428,169 253,234 (9,886,696) 1,326,022 Loss and comprehensive income for the period - - - (66,735) (66,735) Share-based payments - - 18,677 - 18,677 At 31 December 2013 1,531,315 9,428,169 271,911 (9,953,431) 1,277,964 ------------------------ ------------ ------------ ----------------- -------------- ------------ Total comprehensive income for the period - - - 131,421 131,421 Issue of shares 5,357 2,143 - - 7,500 Share-based payments - - - - - Share-based payments provision released - - (199,349) 199,349 - At 30 June 2014 1,536,672 9,430,312 72,562 (9,622,661) 1,416,885 ------------------------ ------------ ------------ ----------------- -------------- ------------ Total comprehensive income for the period - - - 226,310 226,310 Share-based payments - - 6,733 - 6,733 At 31 December 2014 1,536,672 9,430,312 79,295 (9,396,351) 1,649,928 ------------------------ ------------ ------------ ----------------- -------------- ------------
NOTES TO THE FINANCIAL INFORMATION
1. The figures for the six months ended 31 December 2014 and 31 December 2013 are unaudited and do not constitute statutory accounts. The interim results have been prepared using accounting policies which are consistent with International Financial Reporting Standards as adopted by the European Union and are expected to be adopted in the next annual accounts.
The financial information for the year ended 30 June 2014 set out in this interim report does not comprise the Group's statutory accounts as defined in section 434 of the Companies Act 2006. The statutory accounts for the year ended 30 June 2014, which were prepared under International Financial Reporting Standards (IFRS) as adopted for use in the EU, applied in accordance with the provisions of the Companies Act 2006, have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement under either Section 498(2) or Section 498(3) of the Companies Act 2006 and did not include references to any matters to which the auditor drew attention by way of emphasis
2. Copies of this statement are available from the Company Secretary at the Company's registered office at 8th Floor Finsbury Tower, 103-105 Bunhill Row, London, EC1Y 8LZ or from the Company's website at www.arcontech.com.
3. Earnings per share have been calculated based on the profit after tax and the weighted average number of shares in issue during the half year ended 31 December 2014 of 1,536,672,013 (31 December 2013: 1,531,314,870; 30 June 2014: 1,536,672,013). The number of dilutive shares under option at 31 December 2014 was 56,247,024 (31 December 2013: Nil; 30 June 2014: 13,314,419).The calculation of diluted earnings per share assumes conversion of all potentially dilutive ordinary shares, all of which arise from share options. A calculation is done to determine the number of shares that could have been acquired at fair value, based upon the monetary value of the subscription rights attached to outstanding share options.
4. Taxation is based on the unaudited results and provision has been estimated at the rate applicable to the Company at the time of this statement and expected to be applied to the total annual earnings, adjusted for cash recovery of Research & Development tax credits during the period.
5. There were no dividends paid or proposed during the period (2013: Nil). 6. The Directors have elected not to apply IAS34 Interim financial reporting.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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