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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 |
RNS Number:4449S Belgravium Technologies PLC 07 March 2007 07 March 2007 Belgravium Technologies Plc (BVM:AIM) Preliminary Results for the Year Ended 31 December 2006 The Board of Belgravium Technologies plc ("Belgravium" or "the Group"), designers and manufacturers of real-time data capture systems, is pleased to announce the Preliminary Results for the year ended 31 December 2006. FINANCIAL HIGHLIGHTS * Turnover up 101% #10,922,000 (2005: #5,430,000) * Pre tax profits* up 88% #1,844,000 (2005: #982,000) * Increased final dividend 0.36p (2005: 0.32p) * Earnings per Ordinary share* up 31% 1.27p (2005: 0.97p) *(before amortisation of goodwill) OPERATIONAL HIGHLIGHTS * Appointment of Chris Phillips to the Group Board * Successful integration of acquired businesses, Touchstar Ltd and Novo IVC Ltd * Opportunities for cross-selling across the enlarged group exploited * Sharing of technical expertise and resources across divisions * Further blue-chip and international contracts Commenting today, Executive Chairman John Kembery said: "The Group completed 2006 with greatly improved results and has been strengthened in all operations. Acquisitions have widened the Group's offering and we now have the technical capability to design both hardware and software for many more uses than we had before. The Group is now better prepared for the continual task of developing and improving products for changing market needs. We are confident that the progress made in 2006 will continue into 2007 and that the Group is in a strong position to seize opportunities for further growth." For further information please contact: Buchanan Communications ltd Kelly-Ann Knight/Eric Burns 020 7466 5000 Belgravium Technologies plc John Kembery Mob: 07770 731021 www.belgraviuminvestorrelations.com CHAIRMAN'S STATEMENT 1. Introduction Belgravium Technologies plc ("the Group") acquired Touchstar Limited ("Touchstar") in October 2005 and Novo IVC Limited ("Novo IVC") in January 2006. During the year a good deal of management time was spent in assimilating these companies into the Group and gaining the optimum benefit from the acquisitions. This has been a big success and the Group completed 2006 with greatly improved results and has been strengthened in all operations. 2. Results Group sales in 2006 totalled #10,922,000, a 101% increase on the prior period (2005: #5,430,000). Profit before tax and amortisation of goodwill increased by 88% to #1,844,000 (2005: #982,000). Earnings per ordinary share, before amortisation, were up 31% at 1.27p per share compared to 0.97p per share in 2005. Much of the sales growth came from Touchstar and with the acquisition of Novo IVC contributing as expected. 3. Balance Sheet Cash at the year end was less than historic levels at #171,000 (2005: #1,799,000) due to the net payment of #1,202,000 in corporation tax and net expenditure of #1,056,000 on the acquisition of Novo IVC (including costs) during the year. Repayment of the term loan commenced in October but forward projections show that the Group has more than sufficient cash for its planned activities. 4. Dividend Following the good results and improved outlook, the Board is pleased to recommend an increased final dividend of 0.36p per ordinary share (2005: 0.32p). This will be paid on 7 June, subject to approval at the AGM, to shareholders on the register at 11 May 2007. 5. The Enlarged Group Most of what we found in Touchstar, once handover was complete, was as had been anticipated by due diligence. However, a slow period in the first quarter, at both Belgravium and Touchstar, exposed a longer term shortage of order prospects. The Group's sales force was immediately enlarged and strengthened, followed by an extensive campaign aimed at developing the sales pipeline and building upon the Touchstar brand. As expected, opportunities for cross-selling with Belgravium have arisen and been exploited. Gradually new sales opportunities have begun to emerge in both Touchstar's traditional markets and in other sectors. The close working relationship with Novo IVC has proved crucial in this process and by the year end, long term sales prospects are much improved. Sales strategy and organisation have also been changed in Belgravium Ltd. With effect from 1 January 2007 Novo IVC has become a sales division of Touchstar, using Touchstar hardware with its own specialised software. This will provide greater focus on central markets and avoid administrative duplication. During the course of the year Novo IVC accounting functions were merged with Touchstar and the two units now run smoothly as a unified operation. 6. Product Development One of the big advantages of the acquisition of Touchstar for the Group was the integration of the product development plans of Belgravium and Touchstar. This has been put in place with a sharing of technical expertise and resources against a single development plan and with clear targets. New products have been introduced to the market and bought-in goods and services reduced. The Group is now better prepared for the continual task of developing and improving products for changing market needs. Newly introduced products have been well received by customers. 7. Employees We expected to find some very capable and motivated people in both Touchstar and Novo IVC and were not disappointed. Staff in these companies have fully embraced the changes and worked well with the ever resilient Belgravium employees. We have an extremely competent team in place, in all our operations. Chris Phillips has done an excellent job in managing Touchstar through this integration process and we are delighted that he has accepted the Directors' invitation to join the Board with effect from 6 March 2007. 8. Future Strategy There is plenty of growth potential within the real time data capture markets and few companies who can match the Group's combined expertise in the instillation of fully working systems in critical applications. Acquisitions have widened the Group's offering and we now have the technical capability for the design of both hardware and software for many more uses than we had before. We shall go on seeking organic growth with wider geographic coverage and in new applications. We also continue to seek further acquisitions but have been disappointed by the quality of those companies we looked at in 2006. We will remain committed to seeking targets which demonstrate the kind of real synergy that we have found in Touchstar and Novo IVC. The Board is aware that this may take some time. 9. Outlook There was an upturn in orders in the last quarter of 2006, some of which have carried over into 2007. The first quarter is more buoyant than in previous years and, based upon our improved products and good customer service, there are encouraging contracts in the pipeline. We are confident that the progress made in 2006 will continue into 2007 and that the Group is in a strong position to seize opportunities for further growth. FULL RESULTS BELOW Audited Group profit and loss account for the year ended 31 December 2006 2006 2005 Continuing Acquisitions Total operations Total #'000 #'000 #'000 #'000 Turnover 8,328 2,594 10,922 5,430 Cost of sales 2,881 1,671 4,552 2,280 Gross profit 5,447 923 6,370 3,150 Distribution costs 112 - 112 44 Administrative expenses 3,595 670 4,265 2,200 3,707 670 4,377 2,244 Operating profit before goodwill amortisation 1,740 253 1,993 906 Goodwill amortisation (411) (53) (464) (80) Operating profit 1,329 200 1,529 826 Net interest (payable)/ receivable (149) 76 Profit on ordinary activities before taxation 1,380 902 Tax charge on profit on ordinary activities (569) (273) Profit for the financial year 811 629 Basic earnings per ordinary share 0.81p 0.86p Diluted earnings per ordinary share 0.80p 0.85p 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 2006 2006 2005 #'000 #'000 Fixed assets Intangible assets 8,861 8,232 Tangible assets 361 325 9,222 8,557 Current assets Stocks 1,157 1,103 Debtors 3,325 2,479 Cash at bank and in hand 171 1,799 4,653 5,381 Creditors: amounts falling due within one year (4,304) (6,189) Net current assets/(liabilities) 349 (808) Total assets less current liabilities 9,571 7,749 Creditors: amounts falling due after more than one year (1,755) (170) Provisions for liabilities and charges (51) (173) Net assets 7,765 7,406 Capital and reserves Called up share capital 5,021 5,021 Share premium account 2,915 2,915 Capital redemption reserve 2,100 2,100 Profit and loss account (2,271) (2,630) Total equity shareholders' funds 7,765 7,406 Audited Group cash flow statement for the year ended 31 December 2006 2006 2005 #'000 #'000 Net cash inflow from operating activities 1,759 870 Returns on investment and servicing of finance Interest received 37 96 Interest paid (183) (20) (146) 76 Taxation Corporation tax paid (1,382) (396) Corporation tax received 180 - (1,202) (396) Capital expenditure and financial investment Purchase of intangible fixed assets (108) (28) Purchase of tangible fixed assets (169) (52) (277) (80) Acquisitions Acquisition of subsidiary company (1,316) (8,170) Acquisition expenses (356) (633) Cash at bank and in hand acquired with subsidiary 616 3,362 (1,056) (5,441) Equity dividends paid to shareholders (452) (344) Net cash outflow before financing (1,374) (5,315) Financing Repayment of bank loan (250) - Repayment of hire purchase contracts (4) - Repayment of loan notes (2,580) - Issue of ordinary share capital - 4,704 Expenses of share issue - (229) New bank loans 2,580 420 (254) 4,895 Decrease in cash in the year (1,628) (420) Audited reconciliation of net cash flow to movement in net debt 2006 2005 #'000 #'000 Decrease in cash in the year (1,628) (420) Cash outflow/(inflow) from decrease/(increase) in debt and lease 254 (420) financing Non cash changes New hire purchase contracts (14) - Loan notes issued in connection with acquisition - (2,580) Movement in net debt during year (1,388) (3,420) Net (debt)/funds at 1 January (1,201) 2,219 Net (debt) at 31 December (2,589) (1,201) Audited reconciliation of operating profit to net cash inflow from operating activities 2006 2005 #'000 #'000 Operating profit 1,529 826 Depreciation 199 123 Amortisation 520 85 Movement in provisions (122) (16) Funds generated by operations 2,126 1,018 Decrease/(increase) in stocks 91 (156) Increase in debtors (576) (41) Increase in creditors 118 49 Increase in working capital (367) (148) Net cash inflow from operating activities 1,759 870 Audited reconciliation of movements in Group equity shareholders' funds 2006 2005 #'000 #'000 Profit for the year 811 629 Dividends (452) (344) 359 285 Issue of ordinary share capital - 4,704 Expenses of share issue - (229) Net change in equity shareholders' funds 359 4,760 Opening equity shareholders' funds 7,406 2,646 Closing equity shareholders' funds 7,765 7,406 Audited earnings per ordinary share 2006 2005 Basic earnings per ordinary share 0.81p 0.86p Diluted earnings per ordinary share 0.80p 0.85p Basic earnings per ordinary share before goodwill amortisation 1.27p 0.97p Diluted earnings per ordinary share before goodwill amortisation 1.26p 0.96p 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 year. For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive ordinary shares. The dilutive ordinary shares represent the share options and warrants granted to employees where the exercise price is less than the average market price of the Company's ordinary shares during the year. Basic earnings per ordinary share before goodwill amortisation and diluted earnings per ordinary share before goodwill amortisation is based on profit on ordinary activities after taxation but before goodwill amortisation of #464,000, being #1,275,000. (2005: profit on ordinary activities after taxation but before goodwill amortisation of #80,000 being #709,000). Reconciliations of the earnings and weighted average number of shares used in the calculation are set out below: 2006 2005 Earnings Weighted average Earnings Weighted average number of shares number of shares #'000 (in thousands) #'000 (in thousands) Basic EPS Earnings attributable to ordinary 811 100,426 629 73,454 shareholders Effect of dilutive securities Options - 500 - 649 Diluted EPS Adjusted earnings 811 100,926 629 74,103 Earnings per share before goodwill amortisation Basic EPS 811 100,426 629 73,454 Goodwill amortisation 464 - 80 - Basic EPS before goodwill amortisation 1,275 100,426 709 73,454 Diluted EPS 811 100,926 629 74,103 Goodwill amortisation 464 - 80 - Diluted EPS before goodwill amortisation 1,275 100,926 709 74,103 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 announcement has been agreed with the company's auditors for release. This preliminary announcement contains information extracted from the audited financial statements of the group for the year ended 31 December 2006. The statutory accounts for the year ended 31 December 2006 will be sent to the shareholders shortly. The information for the year ended 31 December 2005 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. This information is provided by RNS The company news service from the London Stock Exchange END FR UUUMWWUPMGQQ
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