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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:9683I
Belgravium Technologies PLC
24 February 2005
24 February 2005
BELGRAVIUM TECHNOLOGIES PLC
(BVM:AIM)
PRELIMINARY RESULTS FOR THE
YEAR ENDED TO DECEMBER 31 2004
The Board of Belgravium Technologies plc ("Belgravium" or "the Company"),
designers and manufacturers of real-time data capture systems, are pleased to
announce the Preliminary Results for the year ended 31 December 2004.
HIGHLIGHTS
* Turnover #3,859,000 (2003: #3,895,000)
* Cash in bank up 9% #2,219,000 (2003: #2,043,000)
* Total dividends for year increased 0.45p (2003: 0.42p)
* Pre tax profits #751,000 (2003: #795,000)
* Basic earnings per share increased 0.90p (2003: 0.85p)
Commenting today, Chief Executive John Kembery said:
"2004 was a year of solid achievement. The Company finished the year better
positioned, both technically and commercially, to take on the challenges of an
evolving market.
Belgravium's great strength is the quality of its goods and services and its
ability to respond to customers' needs. In the 2004 interim report, we noted
changes in the market place, particularly customers wanting a greater breath of
services. We see the present market as an opportunity and have further improved
our organisation to respond.
With this approach we have proved that we can rival bigger suppliers and closed
2004 with the biggest order ever secured by Belgravium; a #750,000 system to
control Grattan's Parcelnet division. We are seeking more orders of this type
and have set up our sales and technical organisation to achieve this aim.
We start 2005 with a good order book, with an encouraging range of prospects and
more ability to serve market needs than ever before. Provided the market
strength holds, it should be a better year and one in which we can build on the
foundations securely laid in previous years."
For further information please contact:
Buchanan Communications ltd
Kelly-Ann French Mob: 07958 972164
Alastair Watson 0207 466 5000
Belgravium Technologies plc
John Kembery Mob: 07770 731021
www.belgraviuminvestorrelations.com
Chairman's Statement
Introduction
Belgravium Technologies designs and manufacturers real time electronic data
capture systems, which are largely applied to the logistics and supply chain
sectors in the UK and Europe.
Results
2004 was a year of solid achievement. The company finished the year better
positioned, both technically and commercially, to take on the challenges of an
evolving market.
Turnover for the year was very similar to 2003 at #3,859,000 (2003: #3,895,000).
Profit before tax at #751,000 was in line with expectation and would have been
almost exactly the same as the previous year (2003: #795,000) had it not been
for the costs of a failed acquisition.
The tax charge for 2004 was lower than 2003, due to credits arising from
previous years. As a result, earnings were higher than the previous year at
#603,000 (2003: #577,000) and basic earnings per ordinary share went up to 0.90p
per share (2003: 0.85p).
Balance sheet
Once again the Group has continued to accumulate cash. At the end of 2004 cash
in hand totalled #2,219,000, a 9% increase on the previous year (2003:
#2,043,000). In 2003 the company sold a property generating #281,000 and without
this bonus the continued cash accumulation in 2004 is very satisfactory and
leaves the Group balance sheet in a very strong position to finance future
growth.
Dividend
Consistent with our policy of improving dividends wherever possible, the Board
is pleased to recommend a final dividend of 0.32p per ordinary share. This will
be paid on 26 May, subject to the approval at the AGM of shareholders on the
register at 29 April 2005. This will provide total dividends paid and proposed
in the year of 0.45p per ordinary share compared to 0.42p per ordinary share in
2003.
The market
In the 2004 interim report we noted changes in the market place, particularly
customers wanting a greater breadth of services. This trend has continued and
combined with the caution on IT spend which has been evident for some years, has
produced a difficult market to supply with standard products.
Belgravium's great strength is the quality of its goods and services and its
ability to respond to customers' needs. We see the present market as an
opportunity and have further improved our organisation to respond. For 2005 we
have strengthened the sales team with particular emphasis on Europe and have
increased marketing spend and technical support. With this approach we have
proved that we can rival bigger suppliers and closed 2004 with the biggest order
ever secured by Belgravium; a #750,000 system to control Grattan's Parcelnet
division's Proof of Delivery requirements. We are seeking more orders of this
type and have set up our sales and technical organisation to achieve this aim.
Operations
During 2004 the operational team was reorganised to blend technical development
with manufacturing and to increase emphasis on forward technical planning. The
market is becoming more demanding and sophisticated and we need to respond in a
cost effective manner, making sure that we have the right product at the right
time. So far this plan has worked well and is part of the reason why we feel
better equipped to meet further challenges. Also noteworthy is the way in which
costs have been controlled in 2004, again a by-product of improved planning.
Acquisitions
Belgravium has consistently tried to increase turnover by organic means and,
whilst we still expect this type of growth, a big step forward could be achieved
by an acquisition with real synergy. Since research and development costs are
comparatively high in a technical business, this would have the effect of making
more solutions economically available.
Over the past three years we have looked at a great many businesses but usually
failed to find real synergy. In 2004 we thought we have found the right deal,
only to have the vendor change his mind after we had incurred costs.
This disappointing experience has not altered our view that an acquisition would
be of benefit to the business and its shareholders and we are currently
examining some interesting prospects. We shall not however make any commitments
unless we are convinced that any given acquisition will enhance Belgravium's
earnings per share.
Product development
In 2004 Belgravium added extra skills to the technical team and continued to
spend significant amounts on increasing the range and capabilities of its
products, consistent with market needs. Future technical developments such as
Radio Frequency Identification (RFID) offer the possibility of expanding our
market and are being pursued vigorously. We have already supplied a pilot system
utilising this technology within our Atlanta hand held product. This is proving
successful and we expect to supply the complete order later in the year.
Employees
A business built on flexibility and service depends a good deal on the goodwill
and, often good humour, of its staff. This has been no different from any other
year in its demands and the whole company has responded brilliantly.
Outlook
The second half of 2004 was a little disappointing because we had factored into
our forecasts an order from Grattan which, in the event, was larger than
anticipated but mostly spread through 2005. Thus we start 2005 with a good order
book, with an encouraging range of prospects and more ability to serve market
needs than ever before. Provided the market strength holds it should be a better
year and one in which we can build on the foundations securely laid in previous
years.
J P Kembery
Executive Chairman
Audited Group profit and loss account for the year ended 31 December 2004
2004 2003
#'000 #'000
Turnover 3,859 3,895
Cost of sales 1,369 1,367
Gross profit 2,490 2,528
Distribution costs 31 34
Administrative expenses 1,800 1,812
1,831 1,846
Operating profit 659 682
Profit on sale of property held for resale - 56
Profit on ordinary activities before interest and taxation 659 738
Interest receivable 92 57
Profit on ordinary activities before taxation 751 795
Tax charge on profit on ordinary activities (148) (218)
Profit on ordinary activities after taxation 603 577
Ordinary dividend (301) (283)
Profit retained for the year 302 294
Basic earnings per ordinary share 0.90p 0.85p
Diluted earnings per ordinary share 0.89p 0.84p
All activities in the years above relate to continuing operations.
There are no recognised gains or losses other than the profit for the year and
therefore no separate statement of total recognised gains and losses has been
presented.
There is no difference between the profit on ordinary activities before taxation
and the retained profit for the year as stated above, and their historical cost
equivalents.
Audited Group balance sheet as at 31 December 2004
2004 2003
#'000 #'000
Fixed assets
Tangible assets 237 294
Current assets
Stocks 443 443
Debtors 1,458 1,232
Cash at bank and in hand 2,219 2,043
4,120 3,718
Creditors: amounts falling due within one year (1,871) (1,691)
Net current assets 2,249 2,027
Total assets less current liabilities 2,486 2,321
Provisions for liabilities and charges (54) (70)
Net assets 2,432 2,251
Capital and reserves
Called up share capital 3,341 3,391
Share premium account 120 120
Capital redemption reserve 2,100 2,050
Profit and loss account (3,129) (3,310)
Total equity shareholders' funds 2,432 2,251
Audited Group cash flow statement for the year ended 31 December 2004
2004 2003
#'000 #'000
Net cash inflow from operating activities 672 1,033
Returns on investment and servicing of finance
Interest received 92 57
92 57
Taxation
Corporation tax paid (180) (260)
Corporation tax received 55 -
(125) (260)
Capital expenditure and financial investment
Purchase of tangible fixed assets (51) (50)
Proceeds from disposal of property held for resale - 281
(51) 231
Equity dividends paid to shareholders (291) (244)
Net cash inflow before financing 297 817
Financing
Purchase of own ordinary share capital (121) (116)
(121) (116)
Increase in cash in the year 176 701
Audited reconciliation of net cash flow to movement in net funds
2004 2003
#'000 #'000
Increase in cash 176 701
Movement in net funds during year 176 701
Net funds at 1 January 2,043 1,342
Net funds at 31 December 2,219 2,043
Audited reconciliation of operating profit to net cash inflow from operating
activities:
2004 2003
#'000 #'000
Operating profit 659 682
Depreciation 108 81
Movement in provisions (16) (17)
Funds generated by operations 751 746
Decrease in stocks - 47
Increase in debtors (239) (186)
Increase in creditors 160 426
(Increase)/decrease in working capital (79) 287
Net cash inflow from operating activities 672 1,033
Audited reconciliation of movements in Group equity shareholders' funds
2004 2003
#'000 #'000
Profit on ordinary activities after taxation 603 577
Dividends (301) (283)
302 294
Purchase of own ordinary share capital (121) (116)
Net change in equity shareholders' funds 181 178
Opening equity shareholders' funds 2,251 2,073
Closing equity shareholders' funds 2,432 2,251
Basis of reporting
This preliminary announcement, which has been prepared on a basis consistent
with the previous year, does not constitute statutory accounts within the
meaning of Section 240 of the Companies Act 1985.
This preliminary announcement contains information extracted from the audited
financial statements of the group for the year ended 31 December 2004. The
statutory accounts for the year ended 31 December 2004 will be sent to the
shareholders shortly.
The information for the year ended 31 December 2003 is an extract from the
statutory accounts to that date which have been delivered to the Registrar of
Companies. These accounts included an audited report which was unqualified and
which did not contain a statement under Section 237(2) or (3) of the Companies
Act 1985.
-ENDS-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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