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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 |
TIDMBVM
RNS Number : 7119N
Belgravium Technologies PLC
07 September 2011
Belgravium Technologies plc
Interim Results for the Six Months ended 30 June 2011
The Board of Belgravium Technologies plc ('Belgravium' or 'the Group'), designers and manufacturers of real-time data capture systems, is pleased to announce Interim results for the six months ended 30 June 2011.
Key Financials:
30 June 2011 30 June 2010
-- Turnover GBP4,773,000 GBP3,657,000
-- Profit before tax GBP321,000 GBP26,000
-- Basic earnings per share 0.24p 0.03p
-- Net Cash/ (Debt) GBP638,000 (GBP711,000)
Highlights:
Commenting on the interim results, John Kembery, Chairman of Belgravium, said:
"Belgravium has delivered a first half performance in line with expectations and orders received to date mean that the Group will have a second half which is constrained only by supply chain and production capabilities. I am also pleased to report a significant strengthening of our balance sheet which shows net cash of GBP638,000 versus a net debt position of GBP711,000 twelve months ago"
For further information please contact:
Belgravium Technologies Plc John Kembery: 07770 731021 KPMG Corporate Finance - Nominated Christian Mayo: 0113 231 3000 Adviser WH Ireland - Broker Jessica Metcalf: 0113 394 6623
KPMG Corporate Finance, a division of KPMG LLP which is authorised and regulated by the Financial Services Authority for investment business activities, is acting for the Belgravium as nominated adviser in relation to the matters set out in this announcement and is not acting for any other person in relation to these matters. KPMG Corporate Finance will not be responsible to anyone other than Belgravium for providing the protections afforded to its clients or for providing advice in relation to the contents of this announcement.
CHAIRMAN'S INTERIM STATEMENT 2011
RESULTS
Belgravium entered 2011 with a stronger order book and better prospects, than for many
years. We have capitalised on these conditions to produce a good interim result with more to come in the second half.
Sales in the six months period ended 30 June 2011 totalled GBP4,773,000, a 30% improvement over the first half of 2010 (GBP3,657,000). Profit before tax increased to GBP321,000 compared to GBP26,000 in 2010. After tax, this produced earnings of GBP247,000 or basic earnings per ordinary share of 0.24p per share compared to 0.03p per ordinary share in the first half of 2010.
THE MARKET
The Group is a specialist in providing complete data capture systems for the logistics, petrochemical and mobile retailing markets. There is a large international market for these products both as new systems and as replacement for older equipment. The last three years of financial restraint has not diminished this need but meant that opportunities have been more difficult to convert into orders. Belgravium has responded with a five point strategy aimed at helping the customer to eventually make a decision in our favour. This began to pay off in 2010 with orders reaching into 2011 and it is pleasing to report that the momentum has continued. Competitors do not appear to have faired so well and this should benefit the Group in the longer term, the only uncertainty being the effect of further financial problems in the Eurozone.
OPERATIONAL REVIEW
In 2010, we negotiated a contract in France worth EUR4 million which will run until 2012. In addition, there were two mobile retailing orders early in 2011 and a variety of smaller orders which meant that the Group was significantly busier than in prior years. In the second quarter we gained a contract from Hermes (for delivery in the second half 2011) to replace an existing logistics system as well as a few smaller orders in the petrochemical market. For the second half of the year we have an order for a major airline retailing system, using our hardware and software, which is scheduled to be completed before the year end. Thus, all parts of the business are now working close to full capacity in order to meet this challenging schedule of procurement, assembly and delivery.
To ensure that we capitalise on improving trends in our markets we have recruited a limited number of technical people and will continue to do so where we find staff of the right calibre and experience.
BALANCE SHEET
Cash generation has continued strongly and cash or equivalents at the period end stood out at GBP987,000 compared to GBP161,000 at the end of June 2010. We continue to repay the term loan at a monthly rate which will make the Group free of debt by early 2012. Allowing for the working capital requirements of the large orders in the production pipeline, we will consider paying off the loan slightly ahead of plan, so that the Group ends the year ungeared.
DIVIDEND
The Board continues to place high priority on the repayment of the term loan and managing cashflow, therefore, does not think it prudent to pay an interim dividend. However, once the financial needs of the Group are clearer at the year end, we will consider reinstating a final dividend for the current year.
ACQUISITIONS
Our growth objectives always included acquisitions aimed at expanding geographic or sectoral coverage. These plans have had to be shelved whilst cash was scarce and our market capitalisation low. Now that the Group will soon be ungeared the time is right to start examining suitable acquisition prospects. We are already examining some opportunities.
OUTLOOK
Belgravium has produced results in the first half of 2011 in line with expectations and orders received to date mean that the Group will have a second half which is constrained only by supply chain and production capabilities. Whilst we are mindful of wider economic challenges, our strategic and competitive strength gives us confidence that we are well placed to continue our steady sales and profit improvement in the longer term.
Consolidated income statement for the six months ended 30 June 2011 6 months to 30 June 6 months to 2011 30 June 2010 Total Total (Unaudited) (Unaudited) Notes GBP'000 GBP'000 Revenue 4,773 3,657 ------------- -------------- Operating profit 334 56 Finance income 1 - Finance costs (14) (30) ------------- -------------- Profit before tax 321 26 Income tax expense (74) - ------------- -------------- Profit for the period attributable to equity shareholders 247 26 ------------- -------------- Basic earnings per ordinary share (pence) 2 0.24 0.03 ------------- -------------- Diluted earnings per ordinary share (pence) 2 0.24 0.03 ------------- -------------- Consolidated statement of changes in equity for the six months ended 30 June 2011 Called up Share Capital Profit and share premium redemption loss capital account reserve account Total (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 30 June 2010 5,047 2,932 2,100 (415) 9,664 Profit - - - 356 356 At 31 December 2010 5,047 2,932 2,100 (59) 10,020 Profit - - - 247 247 At 30 June 2011 5,047 2,932 2,100 188 10,267 ------------ ------------- ------------ ------------ ------------ Consolidated balance sheet at 30 June 2011 As at As at At at 30 June 2011 30 June 2010 31 December (Unaudited) (Unaudited) 2010 (Audited) GBP'000 GBP'000 GBP'000 Non-current assets Intangible Assets Goodwill 9,124 9,124 9,124 Other intangible assets 246 294 278 Property, plant and equipment 248 275 257 9,618 9,693 9,659 -------------- -------------- ---------------- Current assets Inventories 1,574 1,317 1,152 Trade and other receivables 2,627 1,581 3,466 Current tax asset - 39 12 Cash and cash equivalents 987 161 346 -------------- -------------- ---------------- 5,188 3,098 4,976 -------------- -------------- ---------------- Total assets 14,806 12,791 14,635 -------------- -------------- ---------------- Current liabilities Trade and other payables 4,015 2,199 3,927 Current corporation tax liabilities 97 - - Deferred income tax liabilities 61 39 61 Financial liabilities: Borrowings 349 523 523 Short term provisions 17 17 17 -------------- -------------- ---------------- 4,539 2,778 4,528 Non current liabilities Financial liabilities: Borrowings - 349 87 -------------- -------------- ---------------- Total liabilities 4,539 3,127 4,615 -------------- -------------- ---------------- Capital and reserves attributable to equity holders of the company Ordinary shares 5,047 5,047 5,047 Share premium reserve 2,932 2,932 2,932 Capital redemption reserve 2,100 2,100 2,100 Profit and loss account 188 (415) (59) -------------- -------------- ---------------- Total equity 10,267 9,664 10,020 -------------- -------------- ---------------- Total equity and liabilities 14,806 12,791 14,635 -------------- -------------- ---------------- Consolidated statement of cash flows For 6 months to 30 June 2011 6 months 6 months to to 30 June 2011 30 June 2010 (Unaudited) (Unaudited) GBP'000 GBP'000 Cash flows from operating activities Operating profit 334 56 Depreciation 62 74 Amortisation 66 67 Movement in: Inventories (422) (94) Trade and other receivables 839 946 Trade and other payables 88 (221) Cash generated from operations 967 828 Interest paid (14) (30) Interest received 1 - Corporation tax received 35 11 Net cash generated from operating activities 989 809 Cash flows from investing activities Expenditure on intangible fixed assets (34) (63) Purchase of property, plant and equipment (53) (33) -------------- -------------- Net cash used in investing activities (87) (96) -------------- -------------- Cash flows from financing activities Repayment of bank borrowings (261) (195) Net cash used in financing activities (261) (195) -------------- -------------- Net increase in cash and cash equivalents 641 518 Cash, cash equivalents and bank overdrafts at the beginning of the period 346 (357) -------------- -------------- Cash, cash equivalents and bank overdrafts at the end of the period 987 161 -------------- -------------- Notes to the interim report For 6 months to 30 June 2011 This financial information comprises the condensed consolidated interim balance sheet as at 30 June 2011 and 30 June 2010 and related consolidated interim statement of income and cash flows for the six months then ended of Belgravium Technologies plc (hereinafter referred to as 'financial information'). Belgravium Technologies plc is listed on the Alternative Investment Market. This financial information for the half year ended 30 June 2011 has neither been audited nor reviewed and does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. This financial information was approved by the Board on 6 September 2011. This financial information has been prepared in accordance with pronouncements on interim reporting issued by the ASB, AIM rule 18 and the accounting policies set out in the 2010 annual report and financial statements which are prepared in accordance with IFRS as adopted by the European Union. The Group has chosen not to adopt IAS 34 'Interim financial statements' in preparing this financial information. This financial information has been prepared under the historical cost convention. The audited accounts for the year ended 31 December 2010 upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. The audit report on the 2010 accounts did not contain an emphasis of matter paragraph and did not contain a statement 1. made under section 498 of the Companies Act 2006. Earnings per ordinary 2. share 2011 2010 (Unaudited) (Unaudited) GBP GBP Basic earnings per ordinary share 0.24p 0.03p Diluted earnings per ordinary share 0.24p 0.03p -------------- --------------- 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 period. 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 period. 2011 2010 (Unaudited) (Unaudited) Weighted average Weighted number of average number Earnings shares Earnings of shares (in GBP'000 (in thousands) GBP'000 thousands) Basic EPS Earnings attributable to ordinary shareholders 247 100,937 26 100,937 Effect of dilutive securities Options - - - - --------- ----------------- -------------- --------------- Diluted EPS Adjusted earnings 247 100,937 26 100,937 --------- ----------------- -------------- --------------- 3. The Company did not declare any dividends in the half year ended 30 June 2011. 4. Copies of this statement will be made available to the public at the Company's office:- 2 Campus Road, Listerhills Science Park, Bradford, West Yorkshire, BD7 1HR, or can be obtained from our website at www.belgravium-IR.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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