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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:1449S Belgravium Technologies PLC 28 February 2002 Issued on behalf of Belgravium Technologies Plc EMBARGOED 7AM 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 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) £'000 2001 2001 £'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 --END-- This information is provided by RNS The company news service from the London Stock Exchange
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