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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Belgravium Tech | LSE:BVM | London | Ordinary Share | GB0002961224 | 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% | 3.875 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jul 2019 to Jul 2024
TIDMBVM
RNS Number : 3109Z
Belgravium Technologies PLC
06 March 2013
Belgravium Technologies plc
Preliminary results for the
year ended 31 December 2012
The Board of Belgravium Technologies plc ((AIM:BVM) 'Belgravium' or 'The Group')), designers and suppliers of computing solutions and services for mobile data capture applications to a wide variety of industrial sectors, is pleased to announce its preliminary results for the year ended 31 December 2012.
Financial Highlights:
- Results in line with revised market expectations - Revenues of GBP8,669,000 (2011: GBP11,157,000) - Profit after tax of GBP336,000 (2011: GBP876,000) - Proposed maintained dividend of 0.1p (2011: 0.1p) - Strong cash flows and net cash position of GBP1,566,000 (2011; GBP1,074,000). - EPS of 0.33p (2011: 0.87p)
Commenting today, John Kembery, Executive Chairman of Belgravium, said: "After a successful 2011 which benefited from some large contracts, 2012 has proved a challenging year. Nevertheless, I am pleased to report that our results are in line with revised expectations. Our operational gearing means that we are sensitive to falls in revenue and in common with many companies, Belgravium has found it difficult to convert its sales pipeline into confirmed orders as customers continue to delay their investment decisions. We do not expect our markets to change significantly in 2013. However, the Group has a strong balance sheet and has initiatives in place which should ensure improved profitability in the current year"
More information on Belgravium Technologies plc can be seen at www.belgravium-technologies.com
Enquiries: Belgravium Technologies plc www.belgravium-technologies.com John Kembery, Executive Chairman +44 (0) 7770 731021 WH Ireland (Nominated Adviser and Broker) Mike Coe (Corporate Finance) +44 (0) 117 9453470 Jasper Berry (Institutional Sales) +44 (0) 207 2201690
CHAIRMAN'S STATEMENT 2012
After a successful 2011 which benefited from some large contracts, 2012 has proved a challenging year. Nevertheless, I am pleased to report that our results are in line with revised expectations. Our operational gearing means that we are sensitive to falls in revenue and in common with many companies, Belgravium has found it difficult to convert its sales pipeline into confirmed orders as customers continue to delay their investment decisions.
Revenues for the year were GBP8,669,000 compared to GBP11,157,000 in 2011. As a result, profit before tax was GBP282,000 compared with GBP1,024,000 in the previous year. Due to our continued investment in research and development however, no tax will be payable in the year and there is a tax credit release of GBP54,000 (2011; charge of GBP148,000). Earnings per ordinary share therefore were 0.33p per share compared to 0.87p per share in 2011.
BALANCE SHEET
The Group's balance sheet remains strong and debt free. At the year end net cash was GBP1,566,000 (2011; GBP1,074,000). Cash generation has continued strongly with a 45% increase in net cash over the 2011 year end.
DIVIDEND
Whilst the Board believes it is important to maintain cash reserves for development and investment projects, it is also committed to maintaining the payment of dividends, a policy restored in the previous year. Subject to shareholder's approval at the AGM, it is therefore the Board's intention to pay a maintained dividend of 0.10 pence per ordinary share on 18 June 2013 to shareholders on the register on 24 May 2013. The 'ex' dividend date will be 22 May 2013.
THE MARKET
Belgravium supplies and manages a wide range of mobile computing services and solutions with a focus on the logistics, transportation and mobile retailing sectors. Such projects tend to be classed as capital spend by the majority of our customers and, since 2007, have been subject to a marked reluctance by customers to commit funds, even when there are immediate operational advantages. The ongoing issue is that, however small the project, it is subject to the most frustrating re-designs, re-appraisals and delays all caused by general financial restraint. In 2011, we were successful in winning major contracts for British Airways and Hermes and this lifted revenues significantly above the norm for recent years. It was, therefore, tempting to believe that the market had changed but, as we said in last year's report, there was limited evidence that financial confidence would remain in 2012 given the general economic climate. At the time of the interim results it was clear that 2012 was going to be difficult but it was only toward the end of the final quarter that it became clear that the stronger second half of the year that we usually experience would not materialise. It was then that we started to implement initiatives aimed at reducing costs, improving profitability and restoring long term growth.
OPERATIONAL REPORT
Historically, Belgravium has been described as an electronic hardware company. In recent years we have worked hard on the strategic conversion to a system provider, in which the completeness of the solution was essential. This strategy has provided some differentiation from the price competitive nature of hardware sales and is responsible for the rise of repeat revenues and cash generation. 2012 saw further development of this strategic approach:
(1) By expanding our sales offering, we have increasingly moved into telematics and vehicle tracking using specialist partners and this gives customers better fleet control and data on the performance of employees and their vehicles. A major UK fuel retailer has recently implemented our system for the tracking of vehicles and driver behaviour data.
(2) We have taken the expertise we have gained in the specialist fuel delivery market and successfully applied them to solutions in general logistics. For example, at Hermes where 'in cab' technology is used in 300 vehicles and more recently we have supplied several transport companies with mobile devices for their HGV fleets.
(3) We have expanded our sales efforts into additional countries. In South Africa where we have recently installed an aircraft re-fuelling system at Johannesburg's OR Tambo Airport. In Japan we are working with a local and experienced distribution company, to establish a channel partnership for the future development of this region. In Austria we have established a working partnership with a Vienna based company with the objective of developing sales into Eastern Europe.
(4) We continued to invest significantly in the development of hardware and software to respond to the customers changing requirements. For example. We have introduced an upgraded 'Boston 2' and an all new truck mounted product, the 'Vienna'. Further plans include schemes to reduce the component cost of hardware which will have a positive impact on the cost of sales.
COST CONTROL
In budgeting for 2013 we have assumed that economic conditions will not improve in the short term and that profit gains in the year will have to come from new initiatives and a lower cost base. To this end we have cut out expenditure that is not deemed to be essential to recovery and made a small reduction in numbers employed, including cutting down the size and cost of the Board and overheads. We are especially grateful to Roddy McDougall in this regard for voluntarily retiring after 14 years of valuable service and to Chris Phillips for reducing his role to that of a non-executive director and Company Secretary.
ACQUISTION CRITERIA
This year's downturn in Belgravium's performance is very different from 2010 when we had a demanding bank debt. Our cash generative policies have allowed that debt to be repaid in full and left a healthy surplus for future corporate development. Whilst we aim to increase sales organically, now that we have the resources, it is right that we also seek further growth by acquisition.
We are examining two areas:
Increased territorial coverage. We have long felt that our products and services could be sold into more countries, particularly in Europe. So far, sales have been restrained by the perceived need to have local representation, installation and maintenance arrangements. Certainly where we have such facilities, as in France, good business has resulted. We are therefore pursuing the development of relationships where we can extend territorial coverage.
New market sector. Belgravium will continue to be focused on digital data capture but there are other markets to which this can apply outside of logistics and where our hardware and software expertise would provide immediate benefits. In 2013, we shall attempt to find such a company and to use some of our cash reserves to build a growth relationship.
EMPLOYEES
Belgravium has been operating in demanding market conditions for some years and it has been necessary to review staffing levels on several occasions. The result of this process is that we have a highly proficient and flexible workforce well used to responding to frequent changes of demand. In the case of Belgravium, personnel are certainly our most valuable asset and I would like to thank them for their hard work and commitment.
OUTLOOK
2012 was a challenging year and we do not expect our markets to change significantly in 2013. However, the Group has a strong balance sheet and has initiatives in place which should at least ensure improved profitability in the current year.
J P Kembery
Executive Chairman
5 March 2013
Audited consolidated income statement for the year ended 31 December 2012
Hot Features
Premium
2012 2011
GBP'000 GBP'000
Revenue 8,669 11,157
Cost of sales (4,738) (6,335)
Gross profit 3,931 4,822
Distribution costs (122) (135)
Administrative expenses (3,522) (3,641)
Operating profit 287 1,046
Finance income 1 1
Finance costs (6) (23)
Profit before income tax 282 1,024
Income tax credit / (charge) 54 (148)
Profit for the year attributable to the owners of the
parent 336 876
Earnings per ordinary share (pence) attributable to equity holders of the parent during the
year
Basic 0.33p 0.87p
Diluted 0.33p 0.87p
Audited consolidated statement of changes in equity for the year ended 31 December 2012
Capital Profit
Share premium redemption and loss
Share capital account reserve account Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- -------------- -------------- ------------ ---------- --------
Balance at 1 January
2011 5,047 2,932 2,100 (59) 10,020
Comprehensive income
Profit for the year
and total comprehensive
income - - - 876 876
Balance at 31 December
2011 5,047 2,932 2,100 817 10,896
Comprehensive income
Profit for the year
and total comprehensive
income - - - 336 336
Dividend - - - (101) (101)
Balance at 31 December
2012 5,047 2,932 2,100 1,052 11,131
-------------------------- -------------- -------------- ------------ ---------- --------
Audited consolidated balance sheet as at 31 December 2012
2012 2011
GBP'000 GBP'000
Non-current assets
Intangible assets
Goodwill 9,124 9,124
Development expenditure 281 273
------------------------------------------------------------------- --------- ----------
9,405 9,397
Property, plant and equipment 263 383
9,668 9,780
Current assets
Inventories 1,454 1,544
Trade and other receivables 2,106 3,006
Cash and cash equivalents 1,614 1,220
5,174 5,770
Total assets 14,842 15,550
Current liabilities
Trade and other payables 2,643 3,319
Current income tax liabilities - 157
Deferred income tax liabilities 28 70
Borrowings 12 98
Short term provisions 22 13
2,705 3,657
Non-current liabilities
Deferred income 970 949
Borrowings 36 48
Total liabilities 3,711 4,654
Capital and reserves attributable to owners of the parent
Share capital 5,047 5,047
Share premium account 2,932 2,932
Capital redemption reserve 2,100 2,100
Profit and loss account 1,052 817
Total equity 11,131 10,896
Total equity and liabilities 14,842 15,550
Audited consolidated cash flow statement for the year ended 31 December 2012
2012 2011
GBP'000 GBP'000
---------------------------------------------- --------- ---------
Cash flows from operating activities
Operating profit 287 1,046
Depreciation 184 144
Amortisation 139 135
Movement in:
Provisions 9 (4)
Inventories 90 (392)
Trade and other receivables 900 460
Trade and other payables (655) 341
---------------------------------------------- --------- ---------
Cash generated from operations 954 1,730
Interest received 1 1
Interest paid (6) (23)
Corporation tax received - 35
Corporation tax paid (145) (5)
Net cash generated from operating activities 804 1,738
---------------------------------------------- --------- ---------
Cash flows from investing activities
Purchase of intangible assets (147) (130)
Purchase of property, plant and equipment (64) (208)
---------------------------------------------- --------- ---------
Net cash used in investing activities (211) (338)
---------------------------------------------- --------- ---------
Cash flows from financing activities
Repayments of finance lease contracts (11) (3)
Repayment of bank borrowings (87) (523)
Equity Dividends paid to shareholders (101) -
Net cash used in financing activities (199) (526)
---------------------------------------------- --------- ---------
Net increase in cash, cash equivalents 394 874
Cash, cash equivalents at start of the year 1,220 346
---------------------------------------------- --------- ---------
Cash, cash equivalents at end of the year 1,614 1,220
---------------------------------------------- --------- ---------
1. General information
Belgravium Technologies plc is a public company limited by share capital incorporated and domiciled in the United Kingdom. The Company has its listing on the Alternative Investment Market. The address of its registered office is 1 George Square, Glasgow, G2 1AL.
2. Basis of preparation
The financial information set out in this document does not constitute the Group financial statements for the year ended 31 December 2012 or 31 December 2011. The annual report and financial statements for the year ended 31 December 2012 were approved by the Board of Directors on 5 March 2013 along with this preliminary announcement, but have not yet been delivered to the Registrar of Companies.
The auditors' report on the financial statements for the year ended 31 December 2012 was unqualified and did not contain a statement under section 498 of the Companies Act 2006.
The audited consolidated financial statements from which these results are extracted have been prepared under the historical cost convention and in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, IFRIC interpretations and those parts of the Companies Act 2006 applicable to companies reporting under IFRS.
The accounting policies set out below represent an extract of the policies set out in the consolidated financial statements. There have been no changes in accounting policies in the year.
3. Critical accounting estimates and assumptions
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
(a) Estimated impairment of goodwill
The Group tests annually whether goodwill has suffered any impairment, in accordance with the accounting policy stated above. The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. These calculations require the use of estimates, both in arriving at the expected future cash flows and the application of a suitable discount rate in order to calculate the present value of these flows.
(b) Development expenditure
The Group recognises costs incurred on development projects as an intangible asset which satisfy the requirements of IAS 38. The calculation of the costs incurred includes the percentage of time spent by certain employees on the development project. The decision whether to capitalise and how to determine the period of economic benefit of a development project requires an assessment of the commercial viability of the project and the prospect of selling the project to new or existing customers.
4. Audited reconciliation of net funds
2012 2011
GBP'000 GBP'000
--------------------------------------------- ---------- ---------
Reconciliation of net funds
Net increase in cash and cash equivalents 394 874
Net change in bank loans and finance leases 98 464
Movement in net funds 492 1,338
Net funds / (debt) at beginning of year 1,074 (264)
Net funds at end of year 1,566 1,074
--------------------------------------------- ---------- ---------
5. Earnings per share
2012 2011
------------------------------------- ------ ------
Basic earnings per ordinary share 0.33p 0.87p
Diluted earnings per ordinary share 0.33p 0.87p
------------------------------------- ------ ------
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the year.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive ordinary shares. The dilutive ordinary shares represent the share options and warrants granted to employees where the exercise price is less than the average market price of the Company's ordinary shares during the year.
Reconciliations of the earnings and weighted average number of shares used in the calculation are set out below:
2012 2011
Earnings Weighted average number of Earnings Weighted average number of
GBP'000 shares (in thousands) GBP'000 shares (in thousands)
Basic EPS
Earnings attributable to owners
of the parent 336 100,937 876 100,937
Effect of dilutive securities
Options - - - -
-------------------------------- --------- ------------------------------ --------- ------------------------------
Diluted EPS
Adjusted earnings 336 100,937 876 100,937
-------------------------------- --------- ------------------------------ --------- ------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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