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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:5888I Belgravium Technologies PLC 07 September 2006 07 September 2006 Belgravium Technologies Plc (BVM:AIM) Interim Results for the 6 months to 30 June 2006 The Board of Belgravium Technologies plc ("Belgravium" or "the Group"), designers and manufacturers of real-time data capture systems, is pleased to announce the Interim Results for the 6 months to 30 June 2006. FINANICAL HIGHLIGHTS 6 months to 6 months 30 June 2006 30 June 2005 * Turnover UP #4,982,000 #2,359,000 * Operating Profits* UP #780,000 #430,000 * Cash in Bank #817,000 #2,484,000 * Basic EPS* 0.51p 0.51p * Dividend Maintained 0.13p 0.13p *before goodwill amortisation Commenting today, Executive Chairman John Kembery said: "After a slow first quarter and the inevitable issues of incorporating two new businesses into the Group, this is a good interim result. Much has been achieved in this period to build confidence that the Company will benefit from these acquisitions in the second half of 2006 and in future years. Following on from the acquisitions of both Touchstar and Novo IVC, the Group is well on the way towards developing a unified technical resource where sales opportunities have already benefited from this approach. Prospects for the second half are good and we are confident that the full year will show a significant advance on 2005." 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 CHAIRMAN'S STATEMENT RESULTS Total sales in the six months to the end of June 2006 were #4,982,000, more than double the #2,359,000 sold in the same period in 2005. This increase in turnover was largely as a result of the acquisition of Touchstar Limited in October 2005 and Novo IVC in January 2006. Operating profit, before amortisation of goodwill, increased by 81% from #430,000 in 2005 to #780,000 in 2006. With an anticipated tax charge of 30%, basic earnings before amortisation of goodwill on the expanded share capital of the Company were maintained at 0.51p per ordinary share. After a slow first quarter and the inevitable issues of incorporating two new businesses into the Group, this is a good interim result. Much has been achieved in this period to build confidence that the Company will benefit from these acquisitions in the second half of 2006 and in future years. Belgravium Ltd ("Belgravium") The first quarter was quiet for Belgravium, a market feature in recent years. Equally we have become used to logistics contracts becoming more transactional, with technical excellence and post sales support being less of a buying motive. To maintain our position in this market, we have adopted new sales strategies which have brought results in winning contracts; too late to improve the second quarter but an indication of a better second half to come. Equally there has been some success in our long term drive to develop new and related markets and to provide solutions to customer problems by new technical capability, some of which came from Touchstar. Overall, Belgravium has benefited from the integration process with Touchstar and looks to the future with confidence. Touchstar Ltd ("Touchstar") Touchstar manufactures and supplies data capture systems largely for the oil and petrochemical industry and, through Novo IVC, for airlines and railways. These are generally comparatively large contracts taking many months in negotiation and operational trials by customers. Touchstar has an excellent reputation in its chosen markets but, as we were aware at the time of the acquisition, its forecasts for 2006 were underwritten by no new contracts. During the last quarter of 2005 and the first half of 2006 we have built an international sales and marketing team and re-developed relationships with customers and selling partners. We have also listened carefully to operators' views of present and future technical requirements to ensure that Touchstar products continue to anticipate market needs. As a result, we enter the second half of 2006 with firm orders from new customers and a wide range of opportunities for market development and growth. Additionally, this is on a truly international basis, which offers the longer term possibility of being less vulnerable to market cycles at home. Novo IVC ("Novo") Novo IVC is a recognised leader in the supply of mobile retailing systems currently used in aeroplanes and trains and with a multitude of other possible applications. It uses Touchstar hardware but has vitally important in-house software capability and has agreement with WM Data for back office software. At the end of 2006 it is the intention to integrate Novo as a selling and operational division of Touchstar which will give the necessary sales focus to provide for broad market development. In the meantime the necessary organisational changes have been agreed and real progress has been made in ensuring that the Group has all the facilities needed to capture what could be major growth. Some very good contracts are in prospect for 2007. Technical Development One of the significant benefits offered by the acquisition of Touchstar was the sharing of technical resources. The first stage of this plan required a technical strategy identifying current and future product and system needs, establishing priorities and allocating resources. This has been completed and some early results achieved. The Group is well on the way towards developing a unified technical resource and sales opportunities have already benefited from this approach. Balance Sheet The balance sheet shows the strengthened Group position, following the acquisitions. Gearing has increased as a result of a bank term loan but the cash position remains strong. At an operational level, the Belgravium Group is cash generative. Loan repayments will commence as planned in October 2006. Dividend The Directors remain committed to a policy of paying as good a dividend as trading conditions and the cash position will allow. The second half shows promise, and with a strong cash position, we propose paying an interim dividend of 0.13p per share, a level proposed in 2004 and held in 2005, on 6 December 2006 to shareholders on the Register on 10 November 2006. Employees There were some gaps in the organisational structure of Touchstar which have now been filled but, on the whole, we have been delighted by the capabilities of employees at both Touchstar and Novo. The way in which they have co-operated with the integration plans has also been outstanding. The Group now has some very high calibre people in all departments. Outlook It is always difficult to forecast performance immediately after acquisitions. Despite a slow start to 2006, performance in the second quarter has begun to demonstrate the benefits of the work we have put into building a Group wide sales function and regenerating our sales pipeline. Prospects for the second half are good and we are confident that the full year will show a significant advance on 2005. Longer term opportunities have been greatly enhanced by the Group's expansion and the outlook is generally good for the Belgravium Group. FULL RESULTS BELOW Unaudited Profit and Loss Account for 6 months to 30 June 2006 6 months to 6 months to 30 June 2006 30 June 2005 Continuing (as restated) operations Acquisitions Total Total (Unaudited) (Unaudited) (Unaudited) (Unaudited) #'000 #'000 #'000 #'000 Turnover 3,942 1,040 4,982 2,359 Operating profit before goodwill amortisation 748 32 780 430 Goodwill amortisation (205) (27) (232) - Operating profit 543 5 548 430 Net interest payable (49) - Net interest receivable - 54 Profit on ordinary activities before taxation 499 484 Tax charge on ordinary activities (218) (145) Profit on ordinary activities after taxation 281 339 Ordinary dividend paid (321) (214) (Sustained loss)/retained profit for the period (40) 125 Basic earnings per ordinary share (pence) 0.28 0.51 Diluted earnings per ordinary share (pence) 0.28 0.50 Group Balance Sheet at 30 June 2006 As at As at As at 30 June 2006 30 June 2005 31 December 2005 (as restated) (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Fixed assets Intangible assets 9,069 - 8,232 Tangible assets 381 213 325 9,450 213 8,557 Current assets Stocks 1,225 548 1,103 Debtors 2,271 1,426 2,479 Cash at bank and in hand 817 2,484 1,799 4,313 4,458 5,381 Creditors: Amounts falling due within one year (4,064) (1,852) (6,189) Net current assets 249 2,606 (808) Total assets less current liabilities 9,699 2,819 7,749 Creditors amounts falling due after more than one year (2,250) - (170) Provision for liabilities and charges (83) (48) (173) Net assets 7,366 2,771 7,406 Capital and reserves Called up share capital 5,021 3,341 5,021 Share premium 2,915 120 2,915 Capital redemption reserve 2,100 2,100 2,100 Profit and loss account (2,670) (2,790) (2,630) Total equity shareholders' funds 7,366 2,771 7,406 Group cash flow statement for 6 months to 30 June 2006 2006 2005 (Unaudited) (Unaudited) #'000 #'000 Net cash inflow from operating activities 1,112 511 Returns on investments and servicing of finances Interest received 26 54 Interest paid (35) - (9) 54 Taxation Corporation tax paid (714) (55) Corporation tax received 150 - (564) (55) Capital expenditure and financial investment Purchase of intangible fixed assets (56) - Purchase of tangible fixed assets (87) (31) (143) (31) Acquisitions Acquisition of subsidiary company (1,316) - Acquisition expenses (357) - Cash at bank and in hand acquired with subsidiary 616 - (1,057) - Equity dividends paid to shareholders (321) (214) Net cash (outflow)/inflow before financing (982) 265 Financing New bank loan 2,580 - Payment of loan notes (2,580) - - - (Decrease)/increase in cash in the period (982) 265 Reconciliation of net cash flow to movement in net debt for 6 months to 30 June 2006 2006 2005 (Unaudited) (Unaudited) #'000 #'000 (Decrease)/increase in cash (982) 265 Movement in net funds during year (982) 265 Net (debt)/funds at 1 January (1,201) 2,219 Net (debt)/funds at 30 June (2,183) 2,484 Group cash flow statement (a) Reconciliation of operating profit to net cash inflow from operating activities 2006 2005 (Unaudited) (Unaudited) #'000 #'000 Operating profit 548 430 Depreciation 97 55 Amortisation 257 - Movement in provisions (90) (6) Funds generated by operations 812 479 Decrease/(increase) in stocks 23 (105) Decrease in debtors 457 32 (Decrease)/increase in creditors (180) 105 Decrease in working capital 300 32 Net cash inflow from operating activities 1,112 511 (b) Analysis of net funds At 1 January At 30 June 2006 Cash flow 2006 (Audited) (Unaudited) (Unaudited) #'000 #'000 #'000 Cash at bank and in hand 1,799 (982) 817 Debt due within one year (2,830) 2,080 (750) Debt due after one year (170) (2,080) (2,250) (1,201) (982) (2,183) Notes to the Interim Report For the 6 months to 30 June 2006 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 2005 upon which the auditors issued a qualified opinion, have been delivered to the Registrar of Companies. 2. During the year ended 31 December 2005 the Group adopted FRS 17 'Retirement benefits', FRS 21'Events after the balance sheet date', and FRS 28 'Corresponding amounts'. The adoption of each of these standards represents a change in accounting policy and the comparative figures have been restated accordingly, except where the exemption to restate comparatives had been taken. The prior year adjustment relates to the implementation of FRS 21. The adoption of FRS 21 has resulted in an increase in shareholders funds of #87,000 at 1 July 2005 due to the write back of the interim proposed dividend at 30 June 2005. 3. Earnings per ordinary share 2006 2005 (Unaudited) (Unaudited) #'000 #'000 Basic earnings per ordinary share 0.28p 0.51p Diluted earnings per ordinary share 0.28p 0.50p Basic earnings per ordinary share before goodwill amortisation 0.51p 0.51p Diluted earnings per ordinary share before goodwill amortisation 0.51p 0.50p 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 year. For diluted earnings per share the weighted average number of ordinary shares in the issue is adjusted to assume conversation of all diluted 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. Basic earnings per ordinary share before goodwill amortisation and diluted earnings per ordinary share before goodwill amortisation is based on profit on ordinary activities after taxation but before goodwill amortisation of #232,000, being #513,000. 2006 2005 (Unaudited) (Unaudited) Weighted Weighted average average number number Earnings of shares Earnings of shares #'000 (in #'000 (in thousands) thousands) Basic EPS Earnings attributable to ordinary shareholders 281 100,426 339 66,826 Effect of dilutive securities Options - 679 - 449 Diluted EPS Adjusted earnings 281 101,105 339 67,275 Earnings per share before goodwill amortisation Basic EPS 281 100,426 339 66,826 Goodwill amortisation 232 - - - Basic EPS before goodwill amortisation 513 100,426 339 66,826 Diluted EPS 281 101,105 339 67,275 Goodwill amortisation 232 - - - Diluted EPS before goodwill amortisation 513 101,105 339 67,275 4. Acquisitions On 13 January 2006 the Company acquired the entire share capital of Novo IVC Limited for a total consideration of #1,315,000 plus costs of #357,000 being the fair value of the consideration. The book and provisional fair value of the assets acquired are as follows:- #'000 Intangible assets Goodwill 21 Other 57 Fixed assets 66 Stock 145 Debtors 424 Cash 616 Creditors (616) Net assets acquired 713 Goodwill 960 1,673 Satisfied by Cash 1,316 Costs 357 1,673 The book value of the assets and liabilities have been taken from the accounting records of Novo IVC Limited at 13 January 2006. No fair value adjustments have been made to date. 5. The record date for the interim dividend for Belgravium Technologies plc is 10 November 2006 (Ex-Dividend date 8 November 2006) 6. 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. This information is provided by RNS The company news service from the London Stock Exchange END IR LFMATMMTMBRF
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