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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:8210V Belgravium Technologies PLC 26 February 2004 EMBARGOED UNTIL 26 FEBRUARY 2004 BELGRAVIUM TECHNOLOGIES PLC (AIM) PRELIMINARYRESULTS FOR THE YEAR ENDED TO DECEMBER 31 2003 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 2003. HIGHLIGHTS * Cash in bank up 52% #2,043,000 (2002: #1,342,000) * Final dividend 0.30p (2002: 0.24p) * Total dividends for year 0.42p (2002: 0.36p) * Pre tax profits #795,000 (2002: #1,405,000) * Sales of #3,895,000 (2002: #4,188,000) * Earnings per Share 0.85p (2002: 1.54p) Commenting today, Chief Executive John Kembery said: "During 2003, a restraint on capital spend, combined with a general loss of confidence in the logistics industry meant that every contract was hard won for Belgravium and its competitors. Having weathered a cautious market, the Group balance sheet shows a very strong position and the Company continues to operate profitably. We have not held back on investment and have continued to spend on product and technical development, which should leave us well placed when optimism returns. We are still committed to developing our position in Europe, where our products have won general approval. We have also continued with a full programme of technical and product development and are currently looking to expand our key personnel. As we enter 2004 there are significantly more contracts in negotiation than a year ago. There is still strong competition on price and the logistics industry is far from returning to its earlier assurance. However, there are now increasingly more new business opportunities and the Company's messages of quality and reliability do have a bearing on negotiations. We shall continue to build on the company's strengths, confident that only minor improvements in our market could have a major impact on performance." For further information please contact: Buchanan Communications Ltd Kelly-Ann French Mob: 07958 972164 Belgravium Technologies plc John Kembery Mob: 07770 731021 www.belgraviuminvestorrelations.com FULL STATEMENT ATTACHED Belgravium Technologies plc Preliminary announcement for the year ended 31 December 2003 Chairman's statement Introduction Belgravium Technologies designs and manufactures real time electronic data capture systems, which are largely applied to the logistics and the supply chain sectors in the UK and Europe. Results 2003 was a tough year for Belgravium and its competitors. In the first quarter the market was slow and although this improved as the year progressed, turnover for the year was 7.0% down on 2002 at #3,895,000 (2002: #4,188,000). On this lower turnover, profit before tax was also reduced, at #795,000 compared to #1,405,000 in 2002, a decrease of 43%. Basic earnings per share fell from 1.54p per share in 2002 to 0.85p per share in 2003. Despite the difficult market, we have not held back on investment and have continued to spend on product and technical development, which should leave us well placed when optimism returns. Balance Sheet The Group has continued to accumulate cash. At the end of 2003 cash in hand and in the Bank totalled #2,043,000, an increase of 52% on the previous year-end (2002: #1,342,000). During the year Belgravium sold a property held for resale. This disposal added #56,000 profit on disposal to the P & L account for the year and added #281,000 cash to the balance sheet. Having weathered a cautious market and a difficult year, the Group balance sheet shows a very strong position for a small company and a good basis for future growth. Dividend The Board is committed to a policy of improving dividends whenever conditions allow. Due to the strong cash position and our overall confidence in the Company, we are pleased to recommend a final dividend of 0.30p (2002: 0.24p) per ordinary share to be paid on 27 May, subject to approval at the AGM for shareholders on the register on 30 April 2004. This will provide total dividends paid and proposed in the year of 0.42p per ordinary share compared to 0.36p per share in 2002. Operations A slowdown in corporate expenditure meant that every contract was hard won and, as it is so often the case in such conditions, we saw competitors engage in price reductions. Belgravium's sales policy has always been to trade on the quality of its goods and services, believing that in a technology based business, strong margins are necessary to generate funds for technical and market development. Whilst we did not change this policy, the Company was not immune from price competition and this is reflected in the overall margins. Administrative costs were also higher since, as stated in our strategy a year ago, we increased marketing activity to establish the Company in Europe. We have also continued with a full programme of technical and product development. As we commented in the Interim Statement, it is a major company strength that it can continue to invest in this way at a time of significant restraint in IT expenditure. The Market In the second half of 2002 there developed a reluctance in our customers to commit to projects, even with proven benefits and returns. During the first quarter of 2003 this restraint on capital spend, combined with a general loss of confidence in the logistics industry, slowed the market to a standstill. There was a gradual improvement in the subsequent quarters but confidence has still not returned to investment and margins remain depressed. In order to expand sales, we have set up a network of distributors in Europe, and have found conditions similar. As we enter 2004 there are significantly more contracts in negotiation than a year ago. There is still strong competition on price and the logistics industry is far from returning to its earlier assurance. However there is now business to go for and the messages of quality and reliability do have a bearing on negotiations. We are still committed to developing our position in Europe, where our products have won general approval but our overall recognition is still too low. We shall apply marketing spend to making Belgravium a recognised European supplier. Product Development The developing needs of the market have lead us to widen and extend the functions of our hardware range. The work of developing products of increasing sophistication and capability continues and is essential for the long-term development of the company. We are currently adding to the establishment of our technical department and would expect to go on investing wisely to increase the technical capability of our products. Employees It has been a frustrating year with frequent changes of priority and, particularly in the sales and technical areas, demands which put considerable pressure on our people. As always the staff have responded to these challenges with skill and good humour. That the Company is in such a strong position financially is due, in no small part, to their hard work and in the coming year, we shall confidently expand our activities in the technical and marketing departments. Strategy Belgravium has a deserved reputation for quality and service in the supply of real time data capture systems in the logistics industry. This market is becoming both more competitive and sophisticated. We shall continue to develop and refine our products to supply these needs and be able to sell on quality. At the same time we shall increase our efforts to grow in Europe, where there is a very large potential and significant penetration by UK logistic companies. We also believe that the IT revolution will produce real time data capture opportunities in other markets, where our capabilities will be appropriate. We are still examining a variety of applications and it is in this sort of area that an acquisition might provide growth. We are determined not to do anything, which does not increase shareholder value. The search continues. Outlook 2003 was difficult but in such a thin market the Company did well to make reasonable profitsand generate cash. This is certainly a process, which can continue in 2004, and as the year begins there is more optimism based upon a stronger market than a year ago. It is too early to say whether this recovery will be sustained but we shall continue to build on the company's strengths, confident that only minor improvements in our market could have a major impact on performance. Audited group profit and loss account for the year ended 31 December 2003 2003 2002 #'000 #'000 Turnover 3,895 4,188 Cost of sales 1,367 1,212 Gross profit 2,528 2,976 Distribution costs 34 21 Administrative expenses 1,812 1,602 1,846 1,623 Operating profit 682 1,353 Profit on sale of property held for resale 56 - Profit on ordinary activities before interest and taxation 738 1,353 Interest receivable 57 52 Profit on ordinary activities before taxation 795 1,405 Tax charge on profit on ordinary activities (218) (342) Profit on ordinary activities after taxation 577 1,063 Ordinary dividend (283) (248) Profit retained for the year 294 815 Basic earnings per ordinary share 0.85p 1.54p Diluted earnings per ordinary share 0.84p 1.53p All activities in the years above relate to continuing operations. There are no recognised gains or losses other than the profit for the year. There is no difference between the profit on ordinary activitiesbefore taxation and the retained profit for the year as stated above, and their historical cost equivalents. Audited group balance sheet as at 31 December 2003 2003 2002 #'000 #'000 Fixed assets Tangible assets 294 325 Current assets Stocks 443 490 Debtors 1,232 1,060 Property held for resale - 225 Cash at bank and in hand 2,043 1,342 3,718 3,117 Creditors: amounts falling due within one year (1,691) (1,282) Net current assets 2,027 1,835 Total assets less current liabilities 2,321 2,160 Provisions for liabilities and charges (70) (87) Net assets 2,251 2,073 Capital and reserves Called up share capital 3,391 3,441 Share premium account 120 120 Capital redemption reserve 2,050 2,000 Revaluation reserve - 25 Profit and loss account (3,310) (3,513) Total equity shareholders' funds 2,251 2,073 Audited group cash flow statement for the year ended 31 December 2003 2003 2002 #'000 #'000 Net cash inflow from operating activities 1,033 909 Returns on investment and servicing of finance Interest received 57 52 57 52 Taxation - corporation tax paid (260) (538) Capital expenditure and financial investment Purchase of tangible fixed assets (50) (145) Proceeds from disposal of property held for resale 281 - 231 (145) Acquisitions and disposals Receipt of deferred consideration from sale of subsidiary - 80 companies - 80 Equity dividends paid to shareholders (244) (186) Net cash inflow before financing 817 172 Financing Purchase of own ordinary share capital (116) - Lease and hire purchase obligations repaid - (1) (116) (1) Increase in cash in the year 701 171 Audited reconciliation of net cash flow to movement in net funds 2003 2002 #'000 #'000 Increase in cash 701 171 Lease and hire purchase obligations repaid - 1 Movement in net funds during year 701 172 Net funds at 1 January 1,342 1,170 Net funds at 31 December 2,043 1,342 Audited reconciliation of operating profit to net cash inflow from operating activities 2003 2002 #'000 #'000 Operating profit 682 1,353 Depreciation 81 62 Movement in provisions (17) (21) Funds generated by operations 746 1,394 Decrease/(increase) in stocks 47 (175) Increase in debtors (186) (132) Increase/(decrease) in creditors 426 (178) Decrease/(increase) in working capital 287 (485) Net cash inflow from operating activities 1,033 909 Audited reconciliation of movements in group equity shareholders' funds 2003 2002 #'000 #'000 Profit on ordinary activities after taxation 577 1,063 Dividends (283) (248) 294 815 Purchaseof own ordinary share capital (116) - Net change in equity shareholders' funds 178 815 Opening equity shareholders' funds 2,073 1,258 Closing equity shareholders' funds 2,251 2,073 Basis of reporting This preliminary announcement, which has been prepared on a basis consistent with theprevious 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 2003. The statutory accounts for the year ended 31 December 2003 will be sent to the shareholders shortly. The information for the year ended 31 December 2002 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 PUUWCPUPCGCA
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