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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 : 5720Z
Belgravium Technologies PLC
21 September 2015
21 September 2015
Belgravium Technologies plc
Interim Results for the Six Months ended 30 June 2015
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 its interim results for the six months ended 30 June 2015.
Key Financials:
30 June 2015 30 June 2014
-- Turnover GBP4,431,000 GBP4,568,000
-- Adjusted post tax profit* GBP90,000 GBP223,000
-- Adjusted earnings per share* 0.09p 0.22p -- Adjusted EBITDA* GBP266,000 GBP422,000 -- Cash & cash equivalents GBP414,000 GBP1,409,000
* Calculated before exceptional items
Commenting on the interim results, Ian Martin, Chairman of Belgravium, said:
"This year will be a year of transformation for Belgravium. A restructuring programme is underway which will see the Group benefit next year and in subsequent years from a much lower cost base, coherent structure and new energy.
For further information please contact:
Belgravium Technologies Ian Martin: 07968 184923 Plc Mark Hardy: 01274 741860 W H Ireland - Nominated Mike Coe/Ed Allsopp: Adviser 0117 945 3470 WH Ireland - Investor Jessica Metcalf: 0113 Relations 394 6623
Information on Belgravium Technologies plc can be seen at: www.belgravium-technologies.com
CHAIRMAN'S INTERIM STATEMENT - 2015
In my first communication to you since becoming Chairman I not only want to cover the financial results for the six month period ending 30 June 2015, but to share my first impressions of the Company, the challenges ahead, articulate the real opportunity that exists and that attracted me to the business in the first place.
My initial feeling is that Belgravium's structure is overly complex and disparate and that its strategy requires greater coherence. On a more positive note I have been struck by the high quality of the Company's customer base. The people within the business I have found to be professional, diligent and committed to what we do and to ensuring that our customers receive very high service levels. At all levels employees have told me clearly that there is a real mandate for change. It is also clear the Company has a strong cash generative ability and maintains a conservative balance sheet.
These factors give a solid foundation to build from. However, Belgravium can only thrive if it is structured in the right way, its product and services are competitive, it has a sustainable cost base and, at all levels, management and staff believe we are heading in the right direction. I believe there is much that can be done in this regard which will better shape Belgravium for the future and that will create a more secure platform for profitable future growth.
The immediate areas of focus are;
-- reviewing our costs which are too high; -- improving our products and services which would benefit from further investment; and -- simplifying our organisation which is overly complex and inefficient.
I am pleased to report that significant progress is already underway.
Our plan is to reduce the cost base by approximately GBP500,000 on an annualized basis and make the business more effective. We are eliminating duplication where it exists. This means we can operate with fewer people and from a lower cost base. Controls and the flow of information are being improved and the business is being moved to a standard reporting system.
We need to improve our commercial capability and accelerate the development of a newer generation of products and services. Only then can we drive real organic revenue growth. This investment is now being made, although it will take a while for the returns to flow through into our financial results.
These are some of the first steps as we begin to rebuild the confidence of our shareholders, our customers, our partners and our employees.
Results
Revenue in the six months ended 30 June 2015 saw a decline to GBP4,431,000 (six months ended 30 June 2014: GBP4,568,000). This decline is due to a general flatness in the market and a specific internal issue caused by the distraction of integrating the recently acquired AFS business, which resulted in a loss of sales momentum at Feedback Data.
Exceptional charges relating to the Group's restructuring programme have further impacted the financial results. In the six months ended 30 June 2015 an exceptional charge of GBP95,000 was taken, the largest items of which relates to the restructuring of the board. The company is reporting a loss for the six months ended 30 June 2015 of GBP 5,000 (six months ended 30 June 2014: GBP223,000 profit).
Adjusted profits after tax (which exclude restructuring costs, compensation for loss of office, payments and other non-recurring costs) for the six months ended 30 June 2015 were GBP 90,000 (six months ended 30 June 2014: GBP223,000 profit).
The adjusted earnings per share from continuing operations decreased to 0.09p (six months ended 30 June 2014: 0.22p).
Taxation continues to be positive for the Group; the company received a tax credit of GBP45,000 for the six months ended 30 June 2015 (six months ended 30 June 2014: GBP9,000).
The cash balance declined to GBP414,000 at 30 June 2015 (30 June 2014: GBP1,409,000). The prior year cash position, as mentioned in last years' report, was flattered by a substantial pre-payment from one customer. The Company also paid GBP500,000 to acquire Access Fire and Security Limited during the period.
As the Board has previously indicated there will be no interim dividend this year (2014: nil).
Current Outlook and Trading
After a review of current trading I expect that although at a trading level the Group will be profitable for the year as a whole, this result will be below the current market expectations.
Additionally the restructuring programme, which is now underway will mean that the full year results will include substantial exceptional costs, this will result in the group making a loss overall.
This year will therefore be a year of transformation. As we move into next year we will be moving out of this current period of consolidation and restructuring. Next year and subsequent years will benefit from a much lower cost base, coherent structure and a new energy.
Acceleration of our product and service development should enable us to drive revenue growth and rebuild sales momentum during 2016.
People
Competition in our markets is an on-going factor; it is made easier due to the real commitment, quality and technical expertise of our staff giving us an advantage. They continue to deliver a high level of service to our customers. I cannot thank them enough - as I mentioned earlier it is one of the key reasons I joined the business.
Conclusion
To conclude, although financial results in the short term may be disappointing, the changes that are now being made are essential to the future prosperity of the business. In a turnaround situation it is always difficult to predict the actual point when the benefits will become visible, but change is happening. We are investing in our future and have not been afraid to sacrifice some of the present to do so.
This is the start of the journey. I look forward to helping to build a profitable and successful Belgravium, one that is capable of exploiting the opportunities as they arise.
Many thanks for your patience and support; it is greatly appreciated.
Consolidated income statement for the six months ended 30 June 2015 6 months 6 months to to 30 June 30 June 2015 2014 Notes Total Total (Unaudited) (Unaudited) GBP'000 GBP'000 Revenue 4,431 4,568 -------------- -------------- Operating profit before exceptional items 46 215 Exceptional items 2 (95) - -------------- -------------- Operating (loss)/profit (49) 215 Finance expense (1) (1) -------------- -------------- (Loss)/profit before income tax (50) 214 Income tax credit 45 9 -------------- -------------- (Loss)/profit for the period attributable to equity shareholders (5) 223 -------------- -------------- Basic (loss)/earnings per ordinary share (pence) 2 0.00 0.22 -------------- -------------- Adjusted earnings per ordinary
(MORE TO FOLLOW) Dow Jones Newswires
September 21, 2015 02:00 ET (06:00 GMT)
share (pence) 2 0.09 0.22 -------------- -------------- Consolidated statement of changes in equity for the six months ended 30 June 2015 Share Share Capital Profit Total capital premium redemption and loss account reserve account (Unaudited) (Unaudited) (Unaudited) (Unaudited) GBP'000 GBP'000 GBP'000 (Unaudited) GBP'000 GBP'000 At 30 June 2014 5,047 2,932 2,100 1,292 11,371 Profit for the period - - - 286 286 At 31 December 2014 5,047 2,932 2,100 1,578 11,657 Loss for the period - - - (5) (5) At 30 June 2015 5,047 2,932 2,100 1,573 11,652 ------------- ------------- ------------- ------------- ------------- Consolidated balance sheet as at 30 June 2015 As at As at As at 30 June 30 June 31 December 2015 2014 (Unaudited) 2014 (Audited) (Unaudited) GBP'000 GBP'000 GBP'000 Non-current assets Intangible assets Goodwill 9,824 9,495 9,824 Development expenditure 776 616 716 Property, plant and equipment 189 195 217 Deferred income tax assets 67 66 67 10,856 10,372 10,824 ------------- ------------------- ----------------- Current assets Inventories 1,500 1,633 1,435 Trade and other receivables 2,807 2,325 3,177 Current income tax recoverable 124 - 103 Cash and cash equivalents 414 1,409 731 ------------- ------------------- ----------------- 4,845 5,367 5,446 ------------- ------------------- ----------------- Total assets 15,701 15,739 16,270 ------------- ------------------- ----------------- Current liabilities Trade and other payables 3,656 3,629 4,027 Borrowings 15 14 18 Short term provisions - 7 - ------------- ------------------- ----------------- 3,671 3,650 4,045 ------------- ------------------- ----------------- Non current liabilities Deferred income tax liabilities 87 - 75 Deferred income 291 702 480 Borrowings - 16 13 ------------- ------------------- ----------------- Total liabilities 4,049 4,368 4,613 ------------- ------------------- ----------------- 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 1,573 1,292 1,578 ------------- ------------------- ----------------- Total equity 11,652 11,371 11,657 ------------- ------------------- ----------------- Total equity and liabilities 15,701 15,739 16,270 ------------- ------------------- ----------------- Consolidated cash flow statement For six months to 30 June 2015 6 months 6 months to to 30 June 30 June 2015 2014 (Unaudited) GBP'000 (Unaudited) GBP'000 Cash flows from operating activities Operating profit (49) 215 Depreciation 57 63 Amortisation 163 144 Movement in: Inventories (65) 141 Trade and other receivables 370 356 Trade and other payables (560) 619 ------------- Cash (used in)/generated from operations (84) 1,538 Interest paid (1) (1) Corporation tax received 36 9 ------------- Net cash (used in)/generated from operating activities (49) 1,546 Cash flows from investing activities Purchase of intangible assets (223) (204) Purchase of property, plant and equipment (29) (45) ------------- ------------------- Net cash used in investing activities (252) (249) ------------- ------------------- Cash flows from financing activities Repayment of finance lease contracts (16) (6) Dividends paid to company's ordinary shareholders - (101) ------------- Net cash used in financing activities (16) (107) ------------- ------------------- Net (decrease)/ increase in cash and cash equivalents (317) 1,190 Cash, cash equivalents and bank overdrafts at the beginning of the period 731 219 ------------- ------------------- Cash, cash equivalents and bank overdrafts at the end of the period 414 1,409 ------------- ------------------- Notes to the interim report For the six months to 30 June 2015 1. This financial information comprises the condensed consolidated interim balance sheet as at 30 June 2015 and 30 June 2014 and related consolidated interim statements 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 Alternative Investment Market. This financial information for the half year ended 30 June 2015 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 21 September 2015. 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 2014 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 2014 upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies.
(MORE TO FOLLOW) Dow Jones Newswires
September 21, 2015 02:00 ET (06:00 GMT)
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