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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 |
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RNS Number:1761S
Belgravium Technologies PLC
28 February 2002
The issuer advises that the following replaces the Final Results announcement
released today, at 7:00, under RNS number RNS No 1449S.
The Profit & Loss account and Group Balance Sheet had been omitted and are now
included
All other details remain unchanged. The full amended text appears below.
Issued on behalf of Belgravium Technologies Plc
FOR IMMEDIATE PRESS RELEASE 28 FEBRUARY 2002
BELGRAVIUM TECHNOLOGIES PLC
PRELIMINARY RESULTS FOR THE TWELVE MONTHS
ENDED 31 DECEMBER 2001
Belgravium Technologies plc, is pleased to announce its Preliminary Results for
the twelve months ended 31 December 2001
HIGHLIGHTS
-continuing operations-
• Turnover £4.50 Million up 26%
• Pre Tax Profits £1.34 Million up 62%
• Earnings per share 1.38p up 50%
• Restoration of dividend
• Strong balance sheet with £1.17m cash in hand as at 31 December 2001
John Kembery, Executive Chairman of Belgravium Technologies plc said today:
"2001 was a highly successful year. 2002 has started strongly with several new
contracts won and a number more in prospect. Fears of an economic downturn still
abound but, as yet, we have seen nothing to indicate any serious problems in our
sector. Belgravium is extremely well placed, both financially and technically
and, with product development about to open new growth areas, the future looks
exciting".
FULL STATEMENT ATTACHED
Enquiries:
John Kembery 07770 731021
Executive Chairman, Belgravium Technologies
Kelly-Ann French or Alex Walters 0207 430 1600
Barnes and Walters Ltd
CHAIRMAN'S STATEMENT
Introduction
2001 was a turning point for the Group and will, we believe, provide the basis
for a more attractive future. In March 2001 we completed the disposal of the
old economy engineering businesses and centred the Group on Belgravium, a small
but highly successful business based on real time electronic data capture and
specifically aimed at the growing logistics industry. The advantage of this
deal was that it disposed of underperforming companies and material potential
liabilities leaving the transformed Belgravium Technologies plc unencumbered and
with the resources to perform in a sector more closely related to consumer
expenditure. Results so far have vindicated this policy.
Due to the disposal of the engineering businesses partway through 2001, the
results are complicated by the need to show financial information on businesses
that have been sold. From the viewpoint of the health and future of the Group,
the most important figures relate to the ongoing business of Belgravium, shown
under the heading "continuing operations" in the accounts.
Continuing Operations
As a result of Belgravium's excellent quality and service, the Company has won
an increased share of the market in 2001. Orders have been gained from several
new customers as well as repeat business from our growing list of blue chip
clients. We now deal with the majority of the big names in the logistics
industry and many international brands.
Results
Turnover from continuing operations grew by 26% from £3.56 million in 2000 to
£4.50 million in 2001. Turnover from the discontinued businesses added a
further £3.30 million in the first quarter making the total Group sales £7.80
million for the year (2000: £16.27 million). Profit before tax on continuing
operations was a healthy £1.34 million, 62% up on the previous year (2000: £0.82
million). The total business showed a loss before tax of £2.24 million, (2000:
£1.79 million loss) after the loss on the disposal of the engineering businesses
of £3.33 million. The fact that the continuing business has generated a 62%
increase in profit shows that the disposal was amply justified.
Earnings per ordinary share on continuing operations were 1.38p compared to
0.92p per share in 2000, a 50% increase.
Balance Sheet
Another positive aspect of Belgravium is that it has generated cash since its
separation from the engineering businesses in March 2001 with the result that
the Group had no borrowings and had £1.17 million in the bank on 31 December
2001. The year therefore closed with a strong balance sheet and given the right
economic conditions, a sound basis for further growth.
Dividend
The Board has always thought it important to restore dividends as soon as the
health of the Group provides. Regrettably this was not possible at the interim,
so soon after the disposal. Reserves are now such that the Board is pleased to
recommend a restoration of dividends with a payment of 0.15p per share, to be
paid on 21 May 2002 subject to approval at the AGM. We look forward to
proposing both interim and final dividends in 2002.
Employees
Belgravium is more than a supplier of electronic hardware or software. The
company consistently wins contracts with major logistic Groups because it
designs, installs and maintains complete data capture systems which meet
customers' needs. This quality of service requires both good management and
competent, well-motivated staff. The hard work of this team has undoubtedly
been the foundation of success in 2001. To assist in maintaining this momentum
we have introduced a new share option scheme and are progressively extending its
participation.
Future Strategy
Until recently Belgravium has sold largely in the UK but the appointment of our
International Sales Manager has confirmed that a large export potential exists,
certainly in continental Europe. We are convinced that our future growth lies
in developing this potential, albeit with local service being provided by
European partners. Some significant contracts have already been gained but this
sector will play a much larger part in future years.
The interim statement mentioned that work was continuing on a new product. This
project has now been largely completed and the product, named Atlanta, will be
fully operational in the second quarter of 2002. It is important for two
reasons. Firstly, the specification is that required in most European
applications and Atlanta will therefore greatly assist our export development.
Secondly, the breadth and flexibility of its data capture is such that it has
potential applications outside of the logistics sector. To maintain our
reputation for excellence, this approach will be very focussed and several
sectors are being researched. In the medium term, the Atlanta will help develop
new markets as well as consolidating our strength in logistics.
Acquisitions
Since the divestment of the engineering businesses, we have made an extensive
search for acquisitions which could enlarge Belgravium and offer synergy with
its existing activities. So far this process has been disappointing and
although many prospects have been examined, none has yet provided an ideal fit.
Whilst size is still an issue, Belgravium is now in such a strong position that
it would be wrong to make an acquisition which might dilute its performance. We
shall continue to look, but unless the right company is found, our concentration
will be on organic growth in new markets and sectors as we apply increased
resources to this task.
Outlook
2001 was a highly successful year. 2002 has started strongly with several new
contracts won and a number more in prospect. Fears of an economic downturn
still abound but, as yet, we have seen nothing to indicate any serious problems
in our sector. Belgravium is extremely well placed, both financially and
technically and, with product development about to open new growth areas, the
future looks exciting.
John Kembery
Executive Chairman
Group profit and loss account for the year ended 31 December 2001
Continuing Discontinued Total Continuing Discontinued Total
Operations Operations Operations Operations
2001 2001 2001 2000 2000 2000
£'000 £'000 £'000 £'000 £'000 £'000
Turnover 4,495 3,302 7,797 3,563 12,709 16,272
Cost of sales 1,453 2,815 4,268 1,259 10,142 11,401
Gross profit 3,042 487 3,529 2,304 2,567 4,871
Distribution costs 21 115 136 29 757 786
Administrative expenses 1,695 580 2,275 1,453 2,825 4,278
1,716 695 2,411 1,482 3,582 5,064
Operating profit/(loss) 1,326 (208) 1,118 822 (1,015) (193)
Write down of goodwill on
discontinued operations - - - - (1,190) (1,190)
Loss on sale of
discontinued operations - (3,331) (3,331) - (331) (331)
Profit/(loss) on ordinary
activities before interest
and taxation 1,326 (3,539) (2,213) 822 (2,536) (1,714)
Net interest receivable/ 9 (33) (24) - (79) (79)
(payable)
Profit/(loss) on ordinary
activities before 1,335 (3,572) (2,237) 822 (2,615) (1,793)
taxation
Tax charge/(credit) on
profit/(loss) on ordinary 403 (75) 328 247 (247) -
activities
Profit/(loss) on ordinary
activities after taxation 932 (3,497) (2,565) 575 (2,368) (1,793)
Ordinary dividend (103) - (103) - - -
Preference dividends on
non-equity shares - - - - (117) (117)
Profit/(loss) retained for
the year 829 (3,497) (2,668) 575 (2,485) (1,910)
Basic and diluted (loss)
per ordinary share
(3.8p) (3.0p)
Adjusted basic earnings/
(loss) per ordinary share 1.38p (5.20p) 0.92p (3.96p)
There are no recognised gains or losses other than the loss for the year.
The group profit and loss account has been presented to show separately the
continuing results of Belgravium and the three months discontinued results of
Ewen Engineering, Black and Luff, Winerbottom Wire and Cambria which the company
sold on 30 March 2001.
Group balance sheet as at 31 December 2001
2001 2000
£'000 £'000
Fixed assets
Intangible assets - 7
Tangible assets 242 2,173
242 2,180
Current assets
Stocks 315 2,741
Debtors 974 4,238
Property held for resale 225 455
Cash at bank and in hand 1,171 2,474
2,685 9,908
Creditors: amounts falling due within one year (1,561) (6,602)
Net current assets 1,124 3,306
Total assets less current liabilities 1,366 5,486
Creditors : amounts falling due after more than one year - (1,248)
Provisions for liabilities and charges (108) (732)
Net assets 1,258 3,506
Capital and reserves
Called up share capital 3,441 3,141
Share premium account 120 -
Capital redemption reserve 2,000 2,000
Revaluation reserve 25 437
Profit and loss account (4,328) (2,072)
Total equity shareholders' funds 1,258 3,506
Group cash flow statement for the year ended 31 December 2001
2001 2000
£'000 £'000
Net cash inflow from operating activities 1,851 520
Returns on investment and servicing of finance
Interest received 20 51
Interest paid (46) (122)
Finance charges paid under finance leases and hire
purchase contracts (4) (11)
Dividends paid to preference shareholders - (117)
(30) (199)
Taxation - corporation tax repaid - 263
Capital expenditure and financial investment
Purchase of tangible fixed assets (236) (544)
Purchase of intangible fixed assets - (7)
Proceeds from property held for resale 230 2
(6) (549)
Acquisitions and disposals
Proceeds from sale of subsidiary companies 3,385 -
Disposal costs (311) -
Cash of subsidiary companies sold (2,242) -
832 -
Net cash inflow before financing 2,647 35
Financing
Proceeds from issue of ordinary shares 420 -
Redemption and buy-back of shares - (1,333)
Lease and hire purchase obligations repaid (51) (74)
Loan capital repaid (1,352) (150)
(983) (1,557)
Increase/(decrease) in cash 1,664 (1,522)
Reconciliation of net cash flow to movement in net debt
2001 2000
£'000 £'000
Increase/(decrease) in cash 1,664 (1,522)
Lease and hire purchase obligations repaid 51 74
Finance leases of subsidiaries disposed 136 -
Loan capital repaid 1,352 150
Change in net funds resulting from cash flows 3,203 (1,298)
New finance leases (60) (67)
Movement in net debt during year 3,143 (1,365)
Net debt at 1 January (1,973) (608)
Net funds/(debt) at 31 December 1,170 (1,973)
Reconciliation of operating profit/(loss) to net cash inflow from operating
activities
2001 2000
£'000 £'000
Operating profit/(loss) 1,118 (193)
Depreciation 159 578
Amortisation - 88
Gain on disposal of tangible assets - (2)
Movement in provisions (80) 344
Funds generated by operations 1,197 815
Decrease/(increase) in stocks 113 (347)
Decrease in debtors 292 1,002
Increase/(decrease) in creditors 249 (950)
Decrease/(increase) in working capital 654 (295)
Net cash inflow from operating activities 1,851 520
Analysis of net debt
Net Disposals Other
At cash flow (excluding non-cash At
1 cash and changes 31 December
January overdrafts) 2001
2001 £'000 £'000 £'000 £'000
£'000
Cash at bank and in hand 2,474 (1,303) - - 1,171
Bank overdrafts (2,967) 2,967 - - -
(493) 1,664 - - 1,171
Loans (1,352) 1,352 - - -
Finance leases (128) 51 136 (60) (1)
(1,973) 3,067 136 (60) 1,170
Reconciliation of movements in group equity shareholders' funds
2001 2000
£'000 £'000
Loss on ordinary activities after taxation (2,565) (1,793)
Dividends (103) (117)
(2,668) (1,910)
Redemption and buy-back of share capital - (1,333)
Issue of shares 420 -
Net change in equity shareholders' funds (2,248) (3,243)
Opening equity shareholders' funds 3,506 6,749
Closing equity shareholders' funds 1,258 3,506
--ENDS--
This information is provided by RNS
The company news service from the London Stock Exchange
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