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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 |
TIDMBVM
RNS Number : 6712Q
Belgravium Technologies PLC
03 September 2014
3rd September 2014
Belgravium Technologies plc
Interim Results for the Six Months ended 30 June 2014
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 2014.
Key Financials:
30 June 2014 30 June 2013
-- Turnover GBP4,568,000 GBP4,082,000
-- Profit before tax GBP214,000 GBP43,000
-- Earnings per share 0.22p 0.04p
-- EBITDA GBP422,000 GBP172,000
-- Cash & cash equivalents GBP1,409,000 GBP239,000
Commenting on the interim results, John Kembery, Chairman of Belgravium, said:
"The results for the first half of 2014 have shown a significant increase in sales and profits compared to the equivalent period last year. In addition the Belgravium Group is making good progress in its strategic objective to reshape the business as a complete solution provider. As in previous years, trading for the year as a whole is expected to be second half weighted. The Directors are encouraged by the level of activity and enquiries and are confident that a good proportion can be converted to sales in the second half."
For further information please contact:
Belgravium Technologies Plc John Kembery: 07770 731021 Mark Hardy: 01274 741860 W H Ireland - Nominated Adviser Mike Coe/Ed Allsopp: 0117 945 3470 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 - 2014
As in previous years, 2014 started quietly but a significant pick up in trading in the second quarter enabled the Belgravium Group to finish the half year with profits and earnings per share significantly better than the first half of 2013.
Results
Group sales increased to GBP4,568,000 compared to GBP4,082,000 in the first half of 2013. Operating profit was GBP215,000 compared to GBP38,000 in the prior year, which included GBP99,000 of exceptional costs, largely associated with the acquisition of Feedback Data which was completed on 31 May 2013.
Finance costs were GBP1,000 and, after an income tax credit of GBP9,000, the Group produced basic earnings per ordinary share of 0.22 pence per share compared to 0.04 pence in the first half of 2013.
Balance Sheet
At the end of June 2013, cash and cash equivalents were GBP239,000 and, by the end of June 2014, strong cash flow and the benefit of some advanced payments saw cash and cash equivalents at GBP1,409,000. Trade receivables fell significantly from GBP3,612,000 in 2013 to GBP2,325,000 in 2014.
Strategy
The Group designs, installs and maintains software applications and solutions for the airline, rail, retail and logistics industries. In recent years we have progressively moved the emphasis of our sales and development effort into providing complete operational solutions as it has become more challenging to persuade customers that they need specialised hardware. Our software now provides for a much wider range of functions, whilst working with hardware that may be not of our design. Over the years we have developed software that covers many of the functions needed in a modern system but it has been our practice to complement this with other companies' products where we do not have aspecialised capability as, for example, in commercial vehicle tracking and telematics. Simply stated, we must continue to seek to provide complete data capture solutions because this strategy produces long term working relationships with customers and increases repeat revenues. We shall continue to work with companies which have parts of the solution that we need and when possible we shall buy into those companies.
During the period we received an unsolicited approach from one such partner, a telematics company, Trakm8 Holdings plc, to acquire all of the issued share capital of Belgravium. Whilst there would have been some commercial benefits to a combination of the two businesses, the Board did not consider that the proposed indicative offer value adequately reflected the value of Belgravium and therefore that it would not receive the support of shareholders. Discussions were therefore terminated.
Development
The Group has continued with product evolution and development as a key part of the business strategy. The developments underway will allow all our software applications to run on multiple operating systems which now include Android and Apple iOS, where previously the only choice was Windows.
In June this year we launched our latest SkyPos application software for the mobile retail on-board sales for airlines to run on these multiple platforms and, in particular, Apple iOS, being the first of its kind in the airline industry.
In the same way that our software must run on other operating systems, this also applies to the hardware we supply. There is a market movement to support Android as well as Windows on mobile devices and our in-house development to provide this is making good progress. In addition, all Belgravium developed products have been upgraded to the latest specification processors for optimum power and to assist in reducing the overall production costs.
Operations
Good progress has been made in the mobile retail market. As well as new product developments, we have secured a number of notable contracts, in particular two for the rail industry, one with First Great Western in the UK and the other with Leo Express in the Czech Republic. Our skills and experience in on-board retail sales for airlines has allowed us to gain traction into the rail industry and is now an important area of focus for us going forward.
Following an intensive period of effort we have now signed a distributor in the Japanese marketspecialising in the supply of systems into hazardous areas for both manufacturing and logistics. Although sales to Japan have been relatively small at this stage they do represent pilots for projects that should provide a platform for an increase in overall sales into this region.
A number of pilot systems have been delivered into the transport sector and are progressing well. Two are to oil distribution customers and are for around 1,000 vehicles. More recently, we secured a pilot system for the supply of Proof of Delivery software to operate on Android based mobile phones. The pilot will run through to November and, if successful, the system will be deployed in over 2,000 vehicles.
Feedback Data, acquired in May 2013, continues to perform well, consolidating its position as a leading supplier of access control and workforce data capture solutions for customers with sophisticated needs. With Group support, Feedback Data has delivered a new range of fixed and mobile data capture devices that include a rugged waterproof attendance terminal for food production and manufacturing plants and a low cost biometric terminal for the facilities management and cleaning sectors.
In addition, Feedback has secured and renewed a number of key maintenance and service contracts in the defence, food manufacturing and retail sectors. It has continued to invest in its Fastlane cloud based device management platform and its new access control and visitor management software suites. This has resulted in the award of a number of high profile contracts including a security and access control solution for Harrods and a new HQ wide access control system for a global supplier of a variety of high technology products.
Outlook
The results for the first half of 2014 have shown a significant increase in sales and profits compared to the equivalent period last year. In addition the Belgravium Group is making good progress in its strategic objective to reshape the business as a complete solution provider. As in previous years, trading for the year as a whole is expected to be second half weighted. The Directors are encouraged by the level of activity and enquiries and are confident that a good proportion can be converted to sales in the second half.
Consolidated income statement for the six months ended 30 June 2014 6 months to 6 months to 30 June 2014 30 June 2013 Notes Total Total (Unaudited) (Unaudited) GBP'000 GBP'000 Revenue 4,568 4,082 --------------- --------------- Operating profit before exceptional items 215 137 Exceptional items 3 - (99) --------------- --------------- Operating profit 215 38 Finance income - 7 Finance expense (1) (2) --------------- --------------- Profit before income tax 214 43 Income tax credit 9 - --------------- --------------- Profit for the period attributable to equity shareholders 223 43 --------------- --------------- Basic earnings per ordinary share (pence) 2 0.22 0.04 --------------- --------------- Consolidated statement of changes in equity for the six months ended 30 June 2014 Share capital Share premium Capital Profit Total account redemption and loss (Unaudited) (Unaudited) reserve account GBP'000 GBP'000 (Unaudited) (Unaudited) GBP'000 (Unaudited) GBP'000 GBP'000 At 30 June 2013 5,047 2,932 2,100 994 11,073 Profit for the period - - - 176 176 At 31 December 2013 5,047 2,932 2,100 1,170 11,249 Profit for the period - - - 223 223 Equity dividends - - - (101) (101) At 30 June 2014 5,047 2,932 2,100 1,292 11,371 -------------- -------------- ------------- ------------- ------------- Consolidated balance sheet as at 30 June 2014 As at As at As at 30 June 2014 30 June 2013 31 December (Unaudited) (Unaudited) 2013 (Audited) GBP'000 GBP'000 GBP'000 Non-current assets Intangible assets Goodwill 9,495 9,495 9,495 Development expenditure 616 544 556 Property, plant and equipment 195 236 213 Deferred income tax assets 66 - 66 10,372 10,275 10,330 -------------- -------------- ---------------- Current assets Inventories 1,633 1,518 1,774 Trade and other receivables 2,325 3,612 2,681 Cash and cash equivalents 1,409 239 219 -------------- -------------- ---------------- 5,367 5,369 4,674 -------------- -------------- ---------------- Total assets 15,739 15,644 15,004 -------------- -------------- ---------------- Current liabilities Trade and other payables 3,629 3,632 2,962 Deferred income tax liabilities - 28 - Borrowings 14 13 13 Short term provisions 7 22 7 -------------- -------------- ---------------- 3,650 3,695 2,982 -------------- -------------- ---------------- Non current liabilities Deferred income 702 846 750 Borrowings 16 30 23 -------------- -------------- ---------------- Total liabilities 4,368 4,571 3,755 -------------- -------------- ---------------- Capital and reserves attributable to owners of the parent Share capital 5,047 5,047 5,047 Share premium reserve 2,932 2,932 2,932 Capital redemption reserve 2,100 2,100 2,100 Profit and loss account 1,292 994 1,170 -------------- -------------- ---------------- Total equity 11,371 11,073 11,249 -------------- -------------- ---------------- Total equity and liabilities 15,739 15,644 15,004 -------------- -------------- ---------------- Consolidated cash flow statement For six months to 30 June 2014 6 months 6 months to to 30 June 30 June 2014 (Unaudited) 2013 (Unaudited) GBP'000 GBP'000 Cash flows from operating activities Operating profit 215 38 Depreciation 63 57 Amortisation 144 77 Movement in: Inventories 141 59 Trade and other receivables 356 (1,183) Trade and other payables 619 371 Cash generated/(used) from operations 1,538 (581) Interest received - 7 Interest paid (1) (2) Corporation tax received 9 - Net cash generated/(used) from operating activities 1,546 (576) Cash flows from investing activities Acquisition of subsidiary undertakings (net of cash acquired) - (232) Amount paid to clear intercompany balances - (368) Purchase of intangible assets (204) (76) Purchase of property, plant and equipment (45) (17) ------------------ ------------------ Net cash used in investing activities (249) (693) ------------------ ------------------ Cash flows from financing activities Repayment of finance lease contracts (6) (5) Dividends paid to company's ordinary shareholders (101) (101) Net cash used in financing activities (107) (106) ------------------ ------------------ Net increase/(decrease) in cash and cash equivalents 1,190 (1,375) Cash, cash equivalents and bank overdrafts at the beginning of the period 219 1,614 ------------------ ------------------ Cash, cash equivalents and bank overdrafts at the end of the period 1,409 239 ------------------ ------------------ Notes to the interim report For the six months to 30 June 2014 1. This financial information comprises the condensed consolidated interim balance sheet as at 30 June 2014 and 30 June 2013 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 2014 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 2 September 2014. 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 2013 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 2013 upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. The audit report on the 2013 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 2014 2013 (Unaudited) (Unaudited) GBP GBP Basic earnings per ordinary share (pence) 0.22p 0.04p --------------- ---------------- Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. 2014 2013 (Unaudited) (Unaudited) Weighted Weighted Earnings average number Earnings average number GBP'000 of shares GBP'000 of shares (in thousands) (in thousands) Basic EPS Earnings attributable to ordinary shareholders 223 100,937 43 100,937 ------------- ------------------ --------------- ---------------- 3. Exceptional items 2013 (unaudited) GBP'000 Re-structuring costs 44 Deal costs 55 ------------- 99 ------------- There are no exceptional items in 2014 4. Acquisitions On 31 May 2013 the Company acquired the entire share capital of Feedback Data for a total consideration of GBP243,000 being the fair value of the consideration. GBP'000 The book and 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 --------- 5. The Company is not declaring an interim dividend in the half year ended 30 June 2014 (2013: Nil). The dividend paid in the period relates to the final divided for the year ended 31 December 2013. 6. 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 the Company's website at www.belgravium-technologies.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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