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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:0347I Belgravium Technologies PLC 27 February 2003 FOR IMMEDIATE RELEASE 27 FEBRUARY 2003 BELGRAVIUM TECHNOLOGIES PLC (AIM) PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002 The Board of Belgravium Technologies Plc are pleased to announce the Preliminary Results for the twelve months ending 31 December 2002. HIGHLIGHTS -continuing operations- * Profits before tax rose by 5% to #1,405,000 (2001 #1,335,000) * Earnings Per Share rose by 12% to 1.54p per share (2001 1.38p) * Cash in bank increased from #1.171m in 2001 to #1.342m * Final dividend payment of 0.24p per ordinary share to be paid on 29 May 2003 (subject to approval at AGM) Commenting today, Chief Executive John Kembery said: "Belgravium continues to produce positive results within a cautious market, which is due to the quality of our products and services and the commitment of our staff. The Board is pleased that the Company is continuing to expand and develop year upon year. We shall move forward with our primary objective of building a better company and expanding our activities in new areas and markets." FULL STATEMENT ATTACHED Enquiries: John Kembery Belgravium Technologies Plc 07770 731021 Kelly-Ann French Barnes and Walters Ltd 07958 972164 020 7430 1600 For further information, please visit: www.belgraviuminvestorrelations.com CHAIRMAN'S STATEMENT Introduction 2002 was the first full year of operation as Belgravium Technologies plc with the electronic data capture business separated from the engineering companies of Eadie Holdings. However, because the separation occurred at the end of the first quarter of 2001, the accounts still need to show discontinued operations for comparative purposes. The continuing business of Belgravium Technologies has produced good results and made real progress in 2002. Results Turnover on continuing operations in the year to 31 December 2002 fell by 7% to #4,188,000 compared to #4,495,000 in 2001. Against this the business produced a profit before tax of #1,405,000 compared with #1,335,000 in the previous year, an increase of 5%. Earnings per share rose from 1.38p per share on continuing business in 2001 to 1.54p per share in 2002, an increase of 12%. Cash increased from #1,171,000 in the bank at the end of 2001 to #1,342,000 in 2002. A good result in difficult conditions. Dividend With a strong cash position the Board is now able to follow through with its commitment to maintain the dividends restored in 2001. We are pleased to recommend a final dividend of 0.24p per ordinary share to be paid on 29 May 2003, subject to approval at the AGM. This will provide total dividends paid and proposed in the year of 0.36p per ordinary share, compared to 0.15p per share in 2001. We expect to at least maintain this level of dividend in the future. The Market Belgravium designs, develops and installs real time data capture systems, aimed specifically at the logistics industry. At the beginning of 2002 this industry was buoyant and Belgravium's high quality and service enabled it to capture an increased market share. As the year progressed however, the company became aware of customers becoming more cautious in their approach to committing to contracts, as mentioned in our last statement. We do not believe this is a permanent feature and that underlying market demand is as strong as ever. Belgravium's systems provide a very rapid payback for their users through improved accuracy and efficiency in picking and despatch of goods. Our clients still agree that they need and can afford our systems. First half results were helped by significant export sales in Europe, an area we have been developing for some time. In the second half of the year, activity within Europe continued, although a similar caution was also apparent. Operations During this period, in which our turnover from continuing operations was down on the same period last year, profits on ordinary activities before tax have risen by 5%. We have not protected profits by cutting costs or avoiding expansion. Rather we have increased spending on product and market development since this is where we believe the future lies. Improvement in profitability has come from lowering head office expense and from smaller more profitable contracts. In such economic conditions, to produce an improved profit on lower turnover is a huge tribute to the resilience of the business and the quality of its staff. Balance Sheet Since its separation from Eadie, Belgravium has continued to generate cash. As at 31 December 2002 the cash balance increased by 15% on the previous year. Cash decreased against the half year position following the payment of corporation tax and an interim dividend. As the year closed negotiations were proceeding to sell property inherited from the Eadie Group and surplus to current operations. This sale has now been completed and will realise proceeds of #290,000 before costs. New Products and Markets In April 2002 we hosted a highly successful seminar in Birmingham at which our latest hardware product, the Atlanta, was launched. This product is important to the development of the business because it has a wide variety of features now thought essential in Continental Europe and becoming increasingly attractive in the UK. Further this product greatly extends the potential area of real time data capture and will, we believe, open up new market areas in the future. The beginning of 2003 has seen an increasing number of enquiries. Product development is crucial in a market where technology is rapidly increasing capability. Further, we believe that future sales growth will require European input and we will commit marketing resource to developing recognition in these countries. Employees Belgravium consistently wins contracts with major logistic groups by the quality of its products and service. In a cautious market this is increasingly important and in the past year the Company has also needed to devote time and resources to product and market development. The team responded brilliantly to these challenges and the good result for the year is substantially due to their efforts. Morale is high and our small team consistently delights in leading the way against much larger competition. Future Strategy Our principal objective remains to build a group of technology businesses capable of strong organic growth and centred around electronic data capture. Product and market development is essential to this process both geographically and in market sectors. We shall continue to devote all our energies to having the right offering to meet the increasing technological demands of our customers and to penetrate new markets. If an acquisition emerges we shall be ready but the search will not divert us from the major task of organic growth. Outlook As has already been said, 2002 was a good year. We are confident of the longer term future for Belgravium but current market caution has caused us to closely examine short and medium term prospects. Based upon this, the directors anticipate that trading for 2003 will be broadly in line with the previous year, with the possibility of improvement if confidence returns to the market early. We shall continue with our primary objective of building a better company and expanding our activities in new areas and markets. ENDS BELGRAVIUM TECHNOLOGIES PLC GROUP PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2002 Total Continuing Discontinued Total Operations Operations 2002 2001 2001 2001 #'000 #'000 #'000 #'000 Turnover 4,188 4,495 3,302 7,797 Cost of sales 1,212 1,453 2,815 4,268 Gross profit 2,976 3,042 487 3,529 Distribution costs 21 21 115 136 Administrative expenses 1,602 1,695 580 2,275 1,623 1,716 695 2,411 Operating profit/(loss) 1,353 1,326 (208) 1,118 Loss on sale of discontinued operations - - (3,331) (3,331) Profit/(loss) on ordinary activities before interest and taxation 1,353 1,326 (3,539) (2,213) Net interest receivable/ 52 9 (33) (24) (payable) Profit/(loss) on ordinary activities before taxation 1,405 1,335 (3,572) (2,237) Tax charge/(credit) on profit/ (loss) on ordinary activities 342 403 (75) 328 Profit/(loss) on ordinary activities after taxation 1,063 932 (3,497) (2,565) Ordinary dividend (248) (103) - (103) Profit/(loss) retained for the 815 829 (3,497) (2,668) year Basic earnings/ (loss) per ordinary share 1.54p (3.81p) Diluted earnings/ (loss) per 1.53p (3.80p) ordinary share Adjusted basic earnings/ (loss) per ordinary share 1.38p (5.20p) There are no recognised gains or losses other than the profit for the year. The results for 2002 are generated from continuing operations. BELGRAVIUM TECHNOLOGIES PLC GROUP BALANCE SHEET AS AT 31 DECEMBER 2002 2002 2001 #'000 #'000 Fixed assets Tangible assets 325 242 Current assets Stocks 490 315 Debtors 1,060 974 Property held for resale 225 225 Cash at bank and in hand 1,342 1,171 3,117 2,685 Creditors: amounts falling due within one year (1,282) (1,561) Net current assets 1,835 1,124 Total assets less current liabilities 2,160 1,366 Provisions for liabilities and charges (87) (108) Net assets 2,073 1,258 Capital and reserves Called up share capital 3,441 3,441 Share premium account 120 120 Capital redemption reserve 2,000 2,000 Revaluation reserve 25 25 Profit and loss account (3,513) (4,328) Total equity shareholders' funds 2,073 1,258 BELGRAVIUM TECHNOLOGIES PLC GROUP CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2002 2002 2001 #'000 #'000 Net cash inflow from operating activities 909 1,851 Returns on investment and servicing of finance Interest received 52 20 Interest paid - (46) Finance charges paid under finance leases and hire purchase contracts - (4) Dividends paid to ordinary shareholders (186) - (134) (30) Taxation - corporation tax paid (538) - Capital expenditure and financial investment Purchase of tangible fixed assets (145) (236) Proceeds from disposal of property held for resale - 230 (145) (6) Acquisitions and disposals Proceeds from sale of subsidiary companies 80 3,385 Disposal costs - (311) Cash of subsidiary companies sold - (2,242) 80 832 Net cash inflow before financing 172 2,647 Financing Proceeds from issue of ordinary shares - 420 Lease and hire purchase obligations repaid (1) (51) Loan capital repaid - (1,352) (1) (983) Increase in cash 171 1,664 Further information * Annual General Meeting ("AGM") to be held on Thursday 8 May 2003 at 10:30, at DLA, Victoria House, Victoria Square, Birmingham, B2 4DL * Dividend payment date 29 May 2003 (subject to approval at the AGM) * Ex-dividend date 23 April 2003 * Record date 25 April 2003 * Report and Accounts being posted to shareholders on March 27 2003 This information is provided by RNS The company news service from the London Stock Exchange END FR PUUCWPUPWGMQ
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