We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| 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 : 1563N
Belgravium Technologies PLC
04 September 2013
4(th) September 2013
Belgravium Technologies plc
Interim Results for the six months ended 30 June 2013
The Board of Belgravium Technologies plc ((AIM:BVM) 'Belgravium' or 'the Group'), suppliers of mobile data computing solutions and managed services to a variety of industrial sectors, is pleased to announce interim results for the six months ended 30 June 2013.
Key Financials:
Hot Features
Premium
30 June 2013 30 June 2012
-- Turnover GBP4,082,000 GBP4,320,000
-- Adjusted profit before tax* GBP142,000 GBP151,000 -- Adjusted earnings per share* 0.14p 0.13p -- Cash & cash equivalents GBP239,000 GBP1,620,000
* Calculated before exceptional items
Commenting on the interim results, John Kembery, Chairman of Belgravium, said:
"Although order intake was slow at the start of the year, the second quarter picked up, enabling the Belgravium Group to finish the half year with profits in line with the equivalent period last year. We also successfully completed a promising acquisition which we expect to bring significant benefits in the years to come."
For further information please contact:
Belgravium Technologies Plc John Kembery: 07770 731021 W H Ireland - Nominated Adviser Mike Coe: 0117 945 3472 WH Ireland - Investor Relations Jessica Metcalf: 0113 394 6623
Information on Belgravium Technologies plc can be seen at: www.belgravium-technologies.com
CHAIRMAN'S INTERIM STATEMENT 2013
Although order intake was slow at the start of the year, the second quarter picked up, enabling the Belgravium Group to finish the half year with profits in line with the equivalent period last year. We also successfully completed a promising acquisition which we expect to bring significant benefits in the years to come.
Results
Group sales amounted to GBP4,082,000 compared to GBP4,320,000 in the first half of 2012. This shortfall is explained by an export sale in which the hardware was supplied directly rather than being part of the main contract. Adjusted profit, before exceptional costs, associated with some restructuring and the acquisition, was GBP142,000 compared to GBP151,000 in the prior year. There was no tax charge due to research and development tax credits which meant that earnings per ordinary share, before exceptional items, were 0.14p per share compared to 0.13p per share in 2012.
The Market
The Belgravium Group designs, installs and maintains data capture systems for a variety of industries. In recent years we have expanded our product range in order to supply complete solutions and in a time when capital restraint has prevailed this has proved beneficial to the Group. In many instances we have been able to supply additional functionality to new and existing customers' solutions. Belgravium was once a hardware supplier but that is now only part of the solution. Our scope of supply now includes elements such as; in house packaged software, annually licenced, vehicle telematics and tracking services. We also offer fully managed support services tailored to customer demands and the ability to maintain and support customers' outsourced software, where source code is under their ownership. Our position in the market of mobile retail sales into the airline arena continues to be strong and, as with the logistics market, adding functionality to the offering has proved beneficial. This year we secured an order which includes our recently developed back office logistics system interfacing between the mobile EPOS terminals on the plane and the customers ERP system, again offering a complete solution.
Adapting in this way means we need a wide range of skills and products. When we do not have our own products to satisfy the market need we have strong working relationships with those who have. The first half of 2013 has shown significant progress in this redefinition of Belgravium's role from hardware manufacturer to supply and management of integrated systems, vitally important to the long term health of the Group.
Operational Review
Entering 2013 we reduced costs to improve profitability but only where this did not impinge on the central strategy of seeking to expand sales through supplying complete solutions. This strategy also requires a different sales approach..
In a changing market we have achieved some real success. For example, in Quarter 2, 2013, we secured a contract with Peters Foods to supply their van-based retail software system across their entire fleet. This comprised in-vehicle mobile computers, as well as additional hardware and software. An agreement is also in place to provide a fully managed support service for both hardware and software.
We were also successful in regaining an old customer of ours, Jetstar which is based in Australia. Jetstar went live with our mobile retail system for all domestic and international flights during the second quarter of 2013. This included the supply of software for an operation utilising 240 chip and pin approved mobile devices. It is especially pleasing when a customer returns to our fold and is a testament to our commitment to offer a quality system with excellent support.
In addition to up-grading existing systems, the first half of 2013 has seen us secure 19 new clients. We are particularly encouraged by gains made in the Transport and Logistics market place through a new vehicle telematics and tracking product set. This initiative started in late 2012 and is producing encouraging results.
The reshaping of Belgravium into a solution provider over the last couple of years has required extra work and commitment from our highly skilled workforce. Small changes in customer needs often require as much work as the big ones and it is this willingness to go the extra mile that has built our quality reputation and will help ensure the success of our approach to the current market.
Balance Sheet
Cash and cash equivalents at the end of June 2013 stood at GBP239,000 compared to GBP1,614,000 at the end of 2012. This does not, however, mean a reversal of the previous strong cash generation. There were cash needs in 2013 which did not exist in 2012, financing an acquisition for example. The biggest change has arisen from the fact that Quarter 2 was much stronger in sales terms than Quarter 1 and therefore receivables have increased significantly. At the end of June 2012 receivables had increased by nearly GBP2,000,000 to GBP3,612,000. These debts will be collected in Quarter 3 and the Group's cash position is already strengthening.
Dividend
A dividend was paid during this period and based upon the 2012 results. The Board is committed to this policy and it is expected a year end dividend will be proposed for 2013.
Acquisition
To fully restore Belgravium's profitability to previous levels, turnover needs to grow faster than is probable by organic means alone. Following the strengthening of our cash position we have actively been seeking an acquisition that complements the existing product portfolio and allows growth in new market verticals. On 31 May 2013 we completed such an acquisition by purchasing all of the issued share capital in Feedback Data plc, (FDP) for GBP243,000, and they required a loan from Belgravium at completion to pay off inter-company loans of GBP368,000 and provide working capital. Goodwill of GBP371,000 arose on the acquisition.
With a broad range of data capture products and services FDP provides solutions to a network of long standing customers across two key areas:
Time and attendance - a range of industrial grade data capture terminals and mobile devices that gather data about the actions and movements of personnel within an operation, to enable core systems to control payroll and billing, whilst providing feedback on organisationaleffectiveness.
Access control - a range of hardware and software products that intelligently control actions of people and resources through an organisation. Machine to machine (M2M) device management - a cloud based software device that monitors, tracks and manages large fleets of remote and networked data capture devices from high grade industrial devices to standard issue smart phones which connect directly to the operation's core IT system.
There is overlap between with existing technologies between FDP and the group and we have already jointly developed an IP65 rated outdoor Time and Attendance Terminal, the TS2020R.
We are confident that FDP will make a valuable improvement in the Group turnover and following some additional costs in 2013, we expect improved profitability from 2014 onwards.
Outlook
We do not expect the financial restraint which has characterised our market for some time to change significantly, and as a result, we have reshaped the Group to provide and manage a broad range of products and services. After a slow start to 2013, we are pleased that the measures undertaken to improve profitablity have been effective and that the commercial strategies are working. We will continue to seek to grow both organically and by acquisition.
We are confident that recent progress will be maintained and expect a better performance in the the second half of the year.
.
Consolidated income statement
for the six months ended
30 June 2013
6 months to 6 months
30 June 2013 to
30 June
2012
Notes Continuing
Operations Acquisitions Total Total
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 3,920 162 4,082 4,320
------------- --------------- -------------- --------------
Operating profit before
exceptional items 121 16 137 154
Exceptional items 2 (99) - (99) -
------------- --------------- -------------- --------------
Operating profit 22 16 38 154
------------- ---------------
Finance income 7 1
Finance costs (2) (4)
-------------- --------------
Profit before income
tax 43 151
Income tax expense - (22)
-------------- --------------
Profit for the period
attributable to equity
shareholders 43 129
-------------- --------------
Basic earnings per ordinary
share (pence) 2 0.04 0.13
-------------- --------------
Adjusted earnings per
ordinary share (pence) 2 0.14 0.13
-------------- --------------
Consolidated statement of changes in equity
for the six months ended 30 June 2013
Called Share premium Capital Profit Total
up share account redemption and loss
capital (Unaudited) reserve account
GBP'000 (Unaudited) (Unaudited)
(Unaudited) GBP'000 (Unaudited) GBP'000
GBP'000 GBP'000
At 30 June 2012 5,047 2,932 2,100 845 10,924
Profit - - - 207 207
At 31 December 2012 5,047 2,932 2,100 1,052 11,131
Profit - - - 43 43
Equity dividends - - - (101) (101)
At 30 June 2013 5,047 2,932 2,100 994 11,073
------------- -------------- ------------- ------------- -------------
Consolidated balance sheet
as at 30 June 2013
As at As at As at
30 June 2013 30 June 2012 31 December
(Unaudited) (Unaudited) 2012 (Audited)
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets
Goodwill 9,495 9,124 9,124
Development Expenditure 544 266 281
Property, plant and equipment 236 333 263
10,275 9,723 9,668
-------------- -------------- ----------------
Current assets
Inventories 1,518 1,977 1,454
Trade and other receivables 3,612 1,674 2,106
Cash and cash equivalents 239 1,620 1,614
-------------- -------------- ----------------
5,369 5,271 5,174
-------------- -------------- ----------------
Total assets 15,644 14,994 14,842
-------------- -------------- ----------------
Current liabilities
Trade and other payables 3,632 2,819 2,643
Current income tax liabilities - 179 -
Deferred income tax liabilities 28 70 28
Borrowings 13 11 12
Short term provisions 22 13 22
-------------- -------------- ----------------
3,695 3,092 2,705
-------------- -------------- ----------------
Non current liabilities
Deferred income 846 935 970
Borrowings 30 43 36
-------------- -------------- ----------------
Total liabilities 4,571 4,070 3,711
-------------- -------------- ----------------
Capital and reserves attributable
to equity holders of the company
Share capital 5,047 5,047 5,047
Share premium account 2,932 2,932 2,932
Capital redemption reserve 2,100 2,100 2,100
Profit and loss account 994 845 1,052
-------------- -------------- ----------------
Total equity 11,073 10,924 11,131
-------------- -------------- ----------------
Total equity and liabilities 15,644 14,994 14,842
-------------- -------------- ----------------
Consolidated statement of cash flows
For 6 months to 30 June 2013
6 months 6 months
to to
30 June 30 June
2013 (Unaudited) 2012 (Unaudited)
GBP'000 GBP'000
Cash flows from operating activities
Operating profit 38 154
Depreciation 57 90
Amortisation 77 67
Movement in:
Inventories 59 (433)
Trade and other receivables (1,183) 1,332
Trade and other payables 371 (514)
Cash (used)/generated from operations (581) 696
Interest received 7 1
Interest paid (2) (4)
Net cash (used)/generated from operating activities (576) 693
Cash flows from investing activities
Acquisition of subsidiary undertakings (net of cash (232) -
acquired)
Amount to clear inter-company balances (368) -
Purchase of intangible fixed assets (76) (60)
Purchase of property, plant and equipment (17) (40)
------------------ ------------------
Net cash used in investing activities (693) (100)
------------------ ------------------
Cash flows from financing activities
Repayment of finance lease contracts (5) (5)
Repayment of bank borrowings - (87)
Dividends paid to company's ordinary shareholders (101) (101)
Net cash used in financing activities (106) (193)
------------------ ------------------
Net (decrease)/increase in cash and cash equivalents (1,375) 400
Cash, cash equivalents and bank overdrafts at the
beginning of the period 1,614 1,220
------------------ ------------------
Cash, cash equivalents and bank overdrafts at the
end of the period 239 1,620
------------------ ------------------
Notes to the interim report
For 6 months to 30 June 2013
1. This financial information comprises the condensed consolidated interim
balance sheet as at 30 June 2013and 30 June 2012 and related consolidated
interim statement of income and cash flows for the six months then
ended of Belgravium Technologies plc (hereinafter referred to as 'financial
information'). Belgravium Technologies plc is listed on the AIM, a
market operated by London Stock Exchange plc. This financial information
for the half year ended 30 June 2013 has neither been audited nor reviewed
and does not comprise statutory accounts within the meaning of section
434 of the Companies Act 2006. This financial information was approved
by the Board on 3 September 2013.
This financial information has been prepared in accordance with pronouncements
on interim reporting issued by the ASB, AIM Rule 18 and the accounting
policies set out in the 2012 annual report and financial statements
which are prepared in accordance with IFRS as adopted by the European
Union. The Group has chosen not to adopt IAS 34 'Interim financial
statements' in preparing this financial information. This financial
information has been prepared under the historical cost convention.
The audited accounts for the year ended 31 December 2012 upon which
the auditors issued an unqualified opinion, have been delivered to
the Registrar of Companies. The audit report on the 2012 accounts did
not contain an emphasis of matter paragraph and did not contain a statement
made under section 498 of the Companies Act 2006.
2. Earnings per ordinary share
2013 2012
(Unaudited) (Unaudited)
GBP GBP
Basic earnings per ordinary
share (pence) 0.04p 0.13p
Adjusted earnings per ordinary
share (pence) 0.14p 0.13p
-------------------- -----------------
Basic and adjusted earnings per share are calculated by dividing the
earnings attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period.
2013 2012
(Unaudited) (Unaudited)
Weighted average Weighted
Earnings number of Earnings average number
GBP'000 shares GBP'000 of shares
(in thousands) (in thousands)
Basic EPS
Earnings attributable to ordinary
shareholders 43 100,937 129 100,937
Exceptional items 99 - - -
Adjusted earnings attributable
to ordinary shareholders 142 100,937 129 100,937
------------- ----------------------- ------------- -----------------
Exceptional items comprise of
the following:-
GBP'000
Restructuring costs 44
Deal costs 55
-------------
99
-------------
3. Acquisitions
On 31 May 2013 the Company acquired the entire share capital of Feedback
Data plc for a total consideration of GBP243,000 being the fair value
of the consideration
GBP'000
The book and provisional fair value of the assets acquired
are as follows:
Intangible assets
Other 264
Fixed assets 13
Stock 123
Debtors 323
Cash 11
Creditors (862)
------------
Net liabilities acquired (128)
Goodwill 371
243
Satisfied by
------------
Cash 243
------------
4. The Company did not declare an interim dividend in the half year ended
30 June 2013.
5. Copies of this statement will be made available to the public at the
Company's office:- 2 Campus Road, Listerhills Science Park, Bradford,
West Yorkshire, BD7 1HR, or can be obtained from our website at www.belgravium-technologies.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SSLFMDFDSEFU
1 Year Belgravium Chart |
1 Month Belgravium 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
