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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 |
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RNS Number:1692J
Belgravium Technologies PLC
30 August 2001
Belgravium Technologies PLC
30 August 2001
EMBARGOED TO 7AM Thursday 30 August 2001
BELGRAVIUM TECHNOLOGIES PLC
INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2001
Belgravium Technologies plc, the real time data capture group, is pleased to
announce its unaudited interim results for the 6 months ended 30 June 2001
HIGHLIGHTS on continuing operations
* Growth in sales of 40%
* Profits up 92% before interest and taxation
* Strong balance sheet with #330,000 cash in hand at 30 June 2001
* New product development on track
John Kembery, Executive Chairman of Belgravium Technologies plc commented
today:
"The Group has enjoyed a highly successful first half of 2001, following our
concentration on the technology business which has doubled profits. The
decision to separate Belgravium from Eadie Holdings appears to have increased
shareholder value and growth, both of which are reflected in the Interim
Results. Belgravium is gaining in its share of the warehousing and
distribution market through the provision of high quality service and has a
large number of blue chip customers throughout the UK. Our balance sheet
shows our strong cash position, which reinforces our strength in entering any
economic downturn. We look forward to launching a new product before the
year-end and believe that our market will continue to receive Belgravium with
enthusiasm."
Enquires
John Kembery, Executive Chairman, Belgravium Technologies 07770 731021
Kelly-Ann French, Walters Associates 020 7287 1264
CHAIRMAN'S STATEMENT
The Group has enjoyed a highly successful first half of 2001 following the
move onto the AIM market. The real time electronic data capture business of
Belgravium was separated from the engineering business of Eadie Holdings in
March of this year and the name of the Group changed to Belgravium
Technologies plc. Because the disposal of the engineering businesses
occurred partway through the period, the results are complicated by the need
to show financial information on businesses that have been sold.
The Group as a whole made an operating profit of #455,000 (2000: #279,000)
before a loss on the sale of the engineering businesses of #3,331,000. The
engineering businesses themselves generated increased losses in the three
months prior to disposal of #208,000 (2000: 6 months loss of #67,000)
The continuing operations of the Group produced a profit before interest and
taxation in the first half of 2001 of #633,000 (2000: #346,000) on a turnover
of #2,271,000 (2000: #1,618,000) Comparison of continuing operations with
the first half of last year therefore, shows a growth in turnover of 40% and
profits up by 92%. Thus the concentration of the Group on the technology
business has almost doubled profits.
We regard the disposal as a vital step in increasing shareholder value and the
results for the first half of 2001 fully endorse that view.
Warehousing and distribution of goods continues to be a growing market with
the success of the retail sector, which demands high quality service and
products from Belgravium. The Group has gained an increasing share of this
sector following the need to improve accuracy and real time control.
Belgravium is in a very strong position in the UK and its list of blue chip
customers shows the quality of its reputation.
I stated in the last annual report that export markets offered promise for
Belgravium. We have endorsed this strategy by the appointment of an Export
Sales Manager and are convinced that the steady stream of export contracts can
grow dramatically. In addition, new product development has been emphasised
and we expect to announce a new product before the year-end, which we believe
will be well received by the market and further increase the breadth of our
capabilities.
SHARE OPTION SCHEME
As a further aid to maintain this momentum by motivating and encouraging
employees, we have introduced an Enterprise Management Incentive Scheme which
will enable employees to purchase shares on favourable terms as the market
capitalisation increases, and will, we hope, encourage employees to become
long term shareholders.
BALANCE SHEET
A very important part of the disposal process was that it removed from the
Group a series of contingent liabilities which had resulted from acquisitions
and disposals in the past. The new Belgravium balance sheet is free from
such problems and, even after paying all the costs of the disposal, it is
ungeared and with cash in hand of #330,000 at 30 June 2001.
DIVIDEND
It is a corporate objective to restore dividends as soon as possible and we
shall certainly give full consideration to this at the year-end.
OUTLOOK
We expect the strong first half performance of Belgravium to continue for the
remainder of the year, unaffected by the weak conditions being reported by
many companies. Despite the possibility of an economic downturn, we expect
Belgravium to continue to grow, albeit not at the same rate as shown in 2001.
This growth will be based upon new products, the quality of the Group and its
strong position in a growth market sector.
Whilst the market capitalisation has increased since the disposal of the
engineering businesses, the rating has yet to reflect current performance and
prospects. We believe that a company performing this well must find a more
relevant level and we will keep up our efforts to grow the Group by a suitable
acquisition. The search continues but we will not rush into anything which
would dilute Belgravium's strong performance.
UNAUDITED PROFIT AND LOSS ACCOUNT
for 6 months to 30th June 2001
Continuing Discontinued
Operations Operations Total
6 months to 6 months to 6 months to
30/06/2001 30/06/2001 30/06/2001
(Unaudited) (Unaudited) (Unaudited)
#'000 #'000 #'000
Turnover 2,271 3,335 5,606
Operating profit/(loss) 663 (208) 455
Loss on sale of discontinued 0 (3,331) (3,331)
operations
Profit/(Loss) before interest 663 (3,539) (2,876)
and tax
Net interest payable (36)
Loss on ordinary activities (2,912)
before tax
Tax charge on ordinary activities (126)
Retained loss for period (3,038)
Loss per ordinary share (pence) (4.62)
Diluted loss per ordinary share (4.61)
(pence)
Continuing Discontinued
Operations Operations Total
6 months to 6 months to 6 months to
30/06/2000 30/06/2000 30/06/2000
(Unaudited) (Unaudited) (Unaudited)
#'000 #'000 #'000
Turnover 1,618 6,719 8,337
Operating profit/(loss) 346 (67) 279
Profit/(Loss) before interest 346 (67) 279
and tax
Net interest payable (42)
Profit on ordinary activities 237
before tax
Tax charge on ordinary activities 0
Profit attributable to members 237
of parent company
Dividends
Preference 58
Retained profit for period 179
Earnings per ordinary share 0.28
(pence)
Diluted earnings per ordinary 0.28
share (pence)
GROUP BALANCE SHEET
at 30th June 2001
As at As at As at
30 June 2001 30 June 2000 31 Dec. 2000
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Fixed assets
Intangible assets 0 1,244 7
Tangible assets 184 2,145 2,173
184 3,389 2,180
Current assets
Stocks 317 2,775 2,741
Debtors 1,327 5,235 4,238
Properties held for re-sale 225 525 455
Cash at bank and in hand 330 4,330 2,474
2,199 12,865 9,908
Creditors:
Amounts falling due within one 1,247 7,951 6,602
year
Net current assets 952 4,914 3,306
Total assets less current 1,136 8,303 5,486
liabilities
Creditors:
Amounts falling due after more 126 1,375 1,248
than one year
Provision for liabilities and
charges
Provisions 122 0 732
888 6,928 3,506
Capital and reserves
Called up share capital 3,441 4,474 3,141
Share premium 120 0 0
Capital redemption reserve 2,000 667 2,000
Revaluation reserve 25 515 437
Profit and loss account (4,698) 1,272 (2,072)
888 6,928 3,506
Shareholders' funds are
attributable to:
Equity interests 888 5,595 3,506
Non-equity interests 0 1,333 0
888 6,928 3,506
GROUP CASH FLOW STATEMENT
for 6 months to 30th June 2001
2001 2000
(Unaudited) (Unaudited)
#'000 #'000
Net cash inflow from operating activities 923 378
Returns on investments and servicing of finances
Interest received 7 20
Interest paid (45) (54)
Finance charges paid under finance leases and
hire purchase contracts (4) (9)
(42) (43)
Taxation-corporation tax received 0 87
Capital expenditure and financial investment
Purchase of tangible assets (142) (150)
Sale of tangible assets 230 2
88 (148)
Disposals
Proceeds from sale of subsidiary companies 3,385 0
Disposal costs (311) 0
Cash of businesses sold (2,242) 0
832 0
Net cash inflow before financing 1,801 274
Financing
Proceeds from issue of ordinary share capital 420 0
Lease and hire purchase obligations repaid (46) (52)
Loan capital repaid (1,352) (75)
(978) (127)
Increase in cash 823 147
Reconciliation of net cash flow to movement in net debt
2001 2000
(Unaudited) (Unaudited)
#'000 #'000
Increase in cash 823 147
Lease and hire purchase obligations repaid 46 52
New finance leases (60) (42)
Finance leases of subsidiaries disposed of 136 0
Loan capital repaid 1,352 75
Movement in net funds during year 2,297 232
Net debt at 1st January (1,973) (608)
Net funds/(debt) at 30th June 324 (376)
GROUP CASH FLOW STATEMENT
(a) Reconciliation of operating profit to net cash inflow from operating
activities
2001 2000
(Unaudited) (Unaudited)
#'000 #'000
Operating profit 455 279
Depreciation 123 215
Amortisation 0 34
Gain on disposal 0 (2)
of tangible fixed
assets
Movement in (66) 0
provisions
Funds generated by 512 526
operations
Decrease/(Increase) 111 (381)
in stocks
(Increase)/decrease (61) 181
in debtors
Increase in 361 52
creditors
Decrease/(increase) 411 (148)
in working capital
Net cash inflow 923 378
from operating
activities
(b) Analysis of net
(debt)/funds
At 1st Cash Flow Disposal At 30th
January excluding June 2001
2001 cash
(Audited) (Unaudited) (Unaudited) (Unaudited)
#'000 #'000 #'000 #'000
Cash at bank and 2,474 (2,144) 0 330
in hand
Bank overdrafts (2,967) 2,967 0 0
(493) 823 0 330
Loans (1,352) 1,352 0 0
Finance leases (128) (14) 136 (6)
(1,973) 2,161 136 324
NOTES FOR THE INTERIM REPORT
for 6 months to 30th June 2001
1. The interim report has not been audited and the information contained in
this interim statement does not constitute statutory accounts as defined in
section 240 of the Companies Act 1985. The audited accounts for the year
ended 31 December 2000, upon which the auditors issued an unqualified
opinion, have been delivered to the Registrar of Companies
2. (a) (Loss)/earnings per share has been calculated on the average number of
ordinary shares in issue of 65,776,035 (2000 interim's 62,825,759).
(b) Fully diluted (loss)/earnings per share has been calculated on the
average number of ordinary shares, assuming conversion of all dilutive
potential ordinary shares of, 65,904,460 (2000 interim's 62,825,759)
3. Disposal of Businesses
On 30th March 2001 the company disposed of Eadie Industries Limited &
Broomco (2347) Limited
#'000
Intangible assets 7
Tangible fixed assets 2,068
Stocks 2,313
Debtors 3,049
Creditors (2,514)
Provisions (544)
Cash in hand 2,242
Outstanding finance leases (136)
6,485
Loss on disposal (3,331)
Consideration and costs
Cash 3,385
Deferred consideration 80
Disposal costs (311)
3,154
4. Copies of this statement will be posted to shareholders and further
copies will be made available to the public at the company's office:
Campus Road, Listerhills Science Park, Bradford, West Yorkshire, BD7 1HR.
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