We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Artilium | LSE:ARTA | London | Ordinary Share | GB00B1L7NQ30 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 22.80 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMARTA
RNS Number : 2497T
Artilium PLC
29 March 2016
29 March 2016
Artilium plc
("Artilium" or the "Company")
Half yearly results for the six months ended 31 December 2015
Artilium plc (LSE/AIM: ARTA), the AIM quoted provider of innovative telecommunication software and solutions, announces its unaudited half yearly results for the six months ended 31 December 2015.
Financial Highlights
-- Revenue for the six months to 31 December 2015 was EUR 4.3 million (2014: EUR 4.1 million)
-- Adjusted EBITDA of EUR- 0.2 million (2014: EUR 0.1 million)
-- Net loss after tax of EUR 0.8 million (2014: net loss after tax of EUR 0.2 million)
Commenting on the results, Jan-Paul Menke, Non-Executive Chairman of Artilium said:
"In the first half of our fiscal year 2015 we focussed on improving our retail offering and strengthening our platform for value added cloud services. This resulted in sales growth and significant growth of the users on the Artilium platforms to approximately 1.5 million.
We acquired Talking Sense and *bliep to improve our retail offering. These acquisitions are now fully integrated and are contributing to sales growth and higher customer satisfaction.
We also acquired Comsys and Livecom which strengthened our leading position in value added cloud telecom services for our international clients. We already see international interest for these combined services on the Artilium platform.
The telecommunication world has moved more towards innovative software and we benefit from this as a leading provider of these services. We are pursuing numerous sales opportunities and are looking to convert these to our unique telecom software platform. We have made the necessary investments on the technology side and we are focussing increasingly on the commercial side.
The acquisitions and investments put us in a strong position to add value to our customers on an international scale. We expect to convert the strong order book into contracts resulting in acceleration of sales growth. I would like to thank all employees for their efforts in the last period."
For further information please contact:
Artilium PLC: +32 (0) 5023 0300 Bart Weijermars - Chief Executive Officer finnCap Ltd Jonny Franklin-Adams / Scott Mathieson (corporate finance) Joanna Scott (corporate broking) +44 20 7220 0500
Chief Executive's Statement
Introduction
While the pace of growth has been somewhat slower than expected, the Company is making steady progress and we are pleased to see that the order book is considerably stronger than this time last year. New opportunities in the machine to machine ("M2M") market are being developed from which we expect further growth going forward and we are investing in additional platform capabilities to capture this growing market. The Directors remain confident of the long term prospects of the Company. A number of high margin projects for customers of Artilium have been delayed which has impacted the Group's performance at both the revenue and EBITDA levels. These projects are still expected to complete and so their impact has been delayed rather than lost. In conjunction with this, there have been delays to the start dates of a number of United Telecom's new MVNOs. Again, these projects are contracted and expected to complete in due course. The early stages of MVNOs are lower margin than more established ones due to the cost that has to be incurred in the early stages to secure customers to the platform.
The six months to 31 December 2015 were an extremely busy period for Artilium where several acquisitions have taken place that have transformed the composition of the Group and created an international footprint. To strengthen our retail offering we acquired Talking Sense Networks (a Voice over Internet provider) as well as *bliep (a Dutch MVNO focussed on the younger generation of mobile users). Our platform and software business was strengthened with the acquisition of Comsys (value added services in voice, IVR, voicemail and call center solutions), which has given the Company an international customer base in more than 15 countries and a platform for further international growth. The Group is already benefiting from the synergies of being able to offer a more complete suite of solutions to (potential) customers. After the period end we completed the acquisition of Livecom which supplements the cloud based call center offering of Comsys.
In addition to these transactions a number of new MVNO and other business agreements were signed and are in the process of implementation. These include Taza Mobile and FMS Contact which will launch services in the next two months. Management is strongly focused on enlarging the customer base for managed services that can be delivered with the ARTA software. Our strong order book will continue to bring new business and contracts leading to further revenue growth going forward.
Financial results
Reported revenue for the six months to 31 December 2015 of EUR 4.3 million (2014: EUR 4.1 million) was generated primarily from maintenance and professional services rendered to existing customers and by United Telecom fixed calling, broadband and mobile services. The Group generated a gross profit of EUR 2.8 million or 65.3 per cent. of reported revenue (2014: EUR 3.0 million or 74.9 per cent. of reported revenue) and generated an adjusted EBITDA of EUR -0.2 million (2014: EUR 0.1 million).
The Group reported a net loss after tax of EUR 0.8 million (2014: net loss after tax of EUR 0.2 million).
Forward Looking Statements
This report contains certain "forward looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. When used in this report, the words "anticipate", "believe", "estimate", "expect", and "intend" and words or phrases of similar import, as they relate to the Company or its subsidiaries or Company management, are intended to identify forward-looking statements. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitation, competitive factors, general economic conditions, customer relations, relationships with vendors, borrowing arrangements, interest rates, foreign exchange rates, litigation, governmental regulation and supervision, seasonality, product introductions and acceptance, technological change, changes in industry practices, one-time events and other factors described herein and in other announcements made by the Company. Based upon changing conditions, should any one or more of these risks or uncertainties materialise, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. The Company does not intend to update these forward-looking statements.
* * * * *
CONDENSED CONSOLIDATED INCOME STATEMENT
6 months 6 months Year ended ended ended 31 December 31 December 30 June 2015 2014 2015 Unaudited Unaudited Audited Notes EUR'000 EUR'000 EUR'000 ---------------------------- ------ ------------ ------------ -------- Continuing Operations Revenue 4,322 4,065 7,651 Cost of sales (1,497) (1,019) (1,882) ---------------------------- ------ ------------ ------------ -------- Gross profit 2,825 3,046 5,769 Other operating income 1 76 73 ---------------------------- ------ ------------ ------------ -------- Administrative expenses before redundancy costs and compensation for loss of office (3,633) (3,311) (6,234) Restructuring costs (16) (118) (327) ---------------------------- ------ ------------ ------------ -------- Administrative expenses (3,649) (3,429) (6,561) Operating loss (823) (307) (719) Finance (costs)/income (104) 15 (49) ---------------------------- ------ ------------ ------------ -------- Loss before tax (927) (292) (768) Tax credit 122 70 152 ------ ------------ ------------ -------- Loss for the period from continuing operations attributable to owners of the Company (805) (222) (616) ---------------------------- ------ ------------ ------------ -------- Earnings per share from continuing operations (cents) 4 (0.30) (0.10) (0.27) ---------------------------- ------ ------------ ------------ --------
A key performance indicator for the Group is adjusted EBITDA. This was EUR -0.2 million for the six months to December 2015 (2014: EUR 0.1 million). The reconciliation of adjusted EBITDA to the income statement is disclosed below.
(MORE TO FOLLOW) Dow Jones Newswires
March 29, 2016 02:01 ET (06:01 GMT)
Reconciling table operating result-adjusted EBITDA
Unaudited Unaudited EUR'000 EUR'000 ---------------------------- ---------- ---------- Operating loss (823) (307) Restructuring costs 16 118 Depreciation, amortization and impairments 590 309 ---------------------------- ---------- ---------- Adjusted EBITDA (217) 120 6 months 6 months Year ended ended ended 31 December 31 December 30 June 2015 2014 2015 Unaudited Unaudited Audited EUR'000 EUR'000 EUR'000 ------------------------------------- ------------ ------------ -------- Loss for the period (805) (222) (616) Other comprehensive income: Items that may be subsequently reclassified to profit or loss Exchange differences on translation of foreign operations 26 (66) (253) Total comprehensive income for the period attributable to owners of the Company (779) (288) (869) -------------------------------------- ------------ ------------ --------
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
6 months 6 months Year ended ended ended 31 December 31 December 30 June 2015 2014 2015 Unaudited Unaudited Audited Notes EUR'000 EUR'000 EUR'000 ------------------------------- ---------- ------------ ------------ -------- Non-current assets Goodwill 2 16,754 13,726 13,726 Intangible assets 4,724 1,596 1,805 Property, plant and equipment 482 528 354 Deferred tax asset 560 270 270 22,520 16,120 16,155 ------------------------------- ---------- ------------ ------------ -------- Current assets Inventories 86 46 38 Trade and other receivables 5,749 8,246 5,263 Cash and cash equivalents 129 207 735 5,964 8,499 6,036 ------------------------------- ---------- ------------ ------------ -------- Total assets 28,484 24,619 22,191 ------------------------------- ---------- ------------ ------------ -------- Non-current liabilities Deferred tax liabilities 1,088 415 495 Other borrowings 914 - - Bank loans - - 60 2,002 415 555 ------------------------------- ---------- ------------ ------------ -------- Current liabilities Trade and other payables 6,771 9,161 6,577 Other borrowings 620 - - Bank loans 312 215 255 ------------------------------- ---------- ------------ ------------ -------- 7,703 9,376 6,832 Total liabilities 9,705 9,791 7,387 ------------------------------- ---------- ------------ ------------ --------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued)
6 months 6 months Year ended ended ended 31 December 31 December 30 June 2015 2014 2015 Unaudited Unaudited Audited Notes EUR'000 EUR'000 EUR'000 ------------------------------- ------ ------------ ------------ --------- Equity attributable to owners of the Company Share capital 5 19,549 14,924 15,415 Share premium account 47,368 46,682 46,748 Merger relief reserve 1,488 1,488 1,488 Capital redemption reserve 6,503 6,503 6,503 Share based payment reserve - 3,246 - Translation reserve (2,307) (2,146) (2,333) Own shares (2,336) (2,336) (2,336) Retained deficit (51,486) (53,533) (50,681) Total equity 18,779 14,828 14,804 ------------------------------- ------ ------------ ------------ --------- Total liabilities and equity 28,484 24,619 22,191 ------------------------------- ------ ------------ ------------ ---------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Merger Capital Share premium relief redemption Translation Retained capital account reserve reserve reserve Own shares deficit Total EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- -------------------- Balance at 1 July 2015 15,415 46,748 1,488 6,503 - (2,333) (2,336) (50,681) 14,804 --------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- -------------------- Unaudited: Nominal value of shares issued 4,134 - - - - - - 4,134 Premium arising on issue of placement shares - 620 - - - - - 620 Transaction with owners 4,134 620 - - - - - 4,754 --------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- -------------------- Loss for the period - - - - - - (805) (805) Exchange differences on translation of foreign operations - - - - 26 - - 26 Total comprehensive income for the period - - - 26 - (805) (779) --------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- -------------------- Balance at 31 December 2015 19,549 47,368 1,488 6,503 (2,307) (2,336) (51,486) 18,779
(MORE TO FOLLOW) Dow Jones Newswires
March 29, 2016 02:01 ET (06:01 GMT)
--------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- -------------------- Share Share Merger Capital based Share premium relief redemption payment Translation Retained capital account reserve reserve reserve reserve Own shares deficit Total EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- -------------------- Balance at 1 July 2014 14,181 46,586 1,488 6,503 3,246 (2,080) (2,336) (53,311) 14,277 --------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- -------------------- Unaudited: Nominal value of shares issued 743 - - - - - - - 743 Premium arising on issue of placement shares - 96 - - - - - - 96 Transaction with owners 743 96 - - - - - - 839 --------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- -------------------- Loss for the period - - - - - - - (222) (222) Exchange differences on translation of foreign operations - - - - - (66) - - (66) Total comprehensive income for the period - - - - - (66) - (222) (288) --------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- -------------------- Balance at 31 December 2014 14,924 46,682 1,488 6,503 3,246 (2,146) (2,336) (53,533) 14,828 --------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- --------------------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
6 months 6 months Year ended ended ended 31 December 31 December 30 June 2015 2014 2015 Unaudited Unaudited Audited EUR'000 EUR'000 EUR'000 ------------------------------------ ------------ ------------ -------- Net cash used in operating activities (878) (679) (623) ------------------------------------ ------------ ------------ -------- Investing activities Acquisition of subsidiaries and businesses, net of cash acquired - - (31) Purchases of intangible fixed assets (175) (34) (46) Purchases of property, plant and equipment - (329) (279) Proceeds from disposal of property, plant and equipment - - 97 Net cash used in investing activities (175) (363) (259) ------------------------------------ ------------ ------------ -------- Financing activities Proceeds on issue of shares - 641 921 Proceeds from borrowings 657 165 315 Interest paid (42) (21) (33) Repayment of borrowings (168) (100) (150) Net cash from financing activities 447 685 1,053 ------------------------------------ ------------ ------------ -------- Net (decrease)/increase in cash and cash equivalents (606) (357) 171 Cash and cash equivalents at beginning of the period 735 564 564 Cash and cash equivalents at the end of the period 129 207 735 ------------------------------------ ------------ ------------ --------
NOTES TO THE CONDENSED CONSOLIDATED HALF YEARLY FINANCIAL STATEMENTS
1. Nature of operations and general information
Artilium plc and its subsidiaries (together 'the Group') operates in the business to business communications sector delivering innovative software solutions which layer seamlessly over disparate fixed, mobile and IP networks to enable the deployment of converged services and applications. Artilium plc is incorporated and domiciled in the United Kingdom. The address of its registered office is 9-13 St. Andrew Street, London EC4A 3AF. The Group's principal place of business is Belgium and the Netherlands.
2. Basis of preparation
These unaudited condensed consolidated half yearly financial statements have been prepared under the historical cost convention and in accordance with the AIM Rules for Companies. As permitted, the Group has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The unaudited condensed consolidated half yearly financial statements should be read in conjunction with the annual financial statements for the year ended 30 June 2015, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.
The unaudited condensed consolidated half yearly financial statements do not constitute statutory financial statements within the meaning of the Companies Act 2006. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of IFRSs as adopted by the European Union. Statutory financial statements for the year ended 30 June 2015 were approved by the Board of Directors on 29 October 2015 and delivered to the Registrar of Companies. The report of the auditor on those financial statements was unqualified.
The same accounting policies, presentation and methods of computation are followed in these unaudited condensed consolidated half yearly financial statements as were applied in the preparation of the Group's annual audited financial statements for the year ended 30 June 2015.
The preparation of unaudited condensed consolidated half yearly financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in the Group's Annual Report and Financial Statements for the year ended 30 June 2015. Except as described below, the nature and amounts of such estimates have not changed significantly during the interim period.
The presentational currency of the Group is round thousand Euros.
Basis of consolidation
The unaudited condensed consolidated half yearly financial statements incorporate the financial statements of Artilium plc and the entities controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
All material intra-group transactions, balances, income and expenses are eliminated on consolidation.
Going concern
(MORE TO FOLLOW) Dow Jones Newswires
March 29, 2016 02:01 ET (06:01 GMT)
The Directors have adopted the going concern basis in preparing the condensed consolidated half yearly financial statements, having carried out a going concern review. In carrying out the review the Directors have made assumptions about the future revenue that will be generated based on its pipeline, together with the renegotiation of the repayment terms of certain borrowings. The Directors are satisfied that the going concern basis is appropriate.
Intangibles
IAS 36 requires the Directors to consider intangible assets and goodwill for impairment on an annual basis. The last review was performed at 30 June 2015 and has not been updated at the interim date.
The Group is in the process of finalising the valuation of the deferred consideration and the purchase price allocation exercise with regard to the business combinations undertaken during the period ended 31 December 2015, in order to recognise separately from goodwill the identifiable assets acquired, together with their estimated useful economic lives. The valuation if the deferred consideration and completion of the purchase price allocation exercise will be finalised in due course and included in the audited annual financial statements for the year ending 30 June 2016.
3. Earnings per share 6 months 6 months Year ended ended ended 31 December 31 December 30 June 2015 2014 2015 Unaudited Unaudited Audited EUR'000 EUR'000 EUR'000 -------------------------- ------------ ------------ ------------ Profits/(Losses) Loss from continuing operations attributable to owners of the parent (805) (222) (616) No. No. No. -------------------------- ------------ ------------ ------------ Number of shares Weighted average number of ordinary shares for the purposes of basic and diluted earnings /loss per share 267,306,414 223,638,295 228,658,004 -------------------------- ------------ ------------ ------------ Earnings/(Loss) per share (0,30) (0.10) (0.27) -------------------------- ------------ ------------ ------------ 4. Share capital 6 months 6 months Year ended ended ended 31 December 31 December 30 June 2015 2014 2015 Unaudited Unaudited Audited EUR'000 EUR'000 EUR'000 ----------------------------- ------------ ------------------- ------------------- Fully paid ordinary shares: Authorised: 300,000,002 (31 December 2014: 300,000,002) ordinary shares of 5p each 18,523 18,523 18,523 ------------------------------ ------------ ------------------- ------------------- Issued and fully paid: 296,972,644 (31 December 2014: 230,510,239) ordinary shares of 5p each 19,549 14,924 15,415 ------------------------------ ------------ ------------------- ------------------- Deferred ordinary shares: Authorised: 900,447 (31 December 2014: 900,447) deferred ordinary shares of GBP4.99 each 6,503 6,503 6,503 ------------------------------ ------------ ------------------- ------------------- 6 months 6 months Year ended ended ended 31 December 31 December 30 June 2015 2014 2015 No. '000 No. '000 No. '000 ----------------------------- ------------ ------------------- ------------------- Issued and fully paid ordinary shares: Balance at beginning of financial period 236,116 218,925 218,925 Issued during the period 60,857 11,585 17,191 Balance at end of financial period 296,973 230,510 236,116 ------------------------------ ------------ ------------------- ------------------- 5. Post Balance Sheet Events
On 10 February 2016 the Company acquired the entire issued share capital of Livecom International B.V as well as a 50 per cent. stake in the Chinese JV of Livecom. The Company paid EUR450,000 in cash; the balance was paid by the issue of 880,460 new ordinary shares at 5.38 pence per share.
6. Further Copies
Copies of the half-yearly financial report are available from the Company's registered office at 9-13 St. Andrew Street, London EC4A 3AF and on the Company's website www.artilium.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR KMGZFDDFGVZM
(END) Dow Jones Newswires
March 29, 2016 02:01 ET (06:01 GMT)
1 Year Artilium Chart |
1 Month Artilium 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