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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:2984D Belgravium Technologies PLC 05 September 2007 For Immediate Release 5 September 2007 Belgravium Technologies Plc (BVM:AIM) Interim Results for the six months ended 30 June 2007 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 2007. FINANCIAL HIGHLIGHTS * Turnover #5,222,000 (2006: #4,982,000) +5% * Profits before int. & tax #1,101,000 (2006: #780,000) +41% * Interim dividend 0.14p (2006: 0.13p) +8% * Earnings per Share 0.71p (2006: 0.51p) +39% OPERATIONAL HIGHLIGHTS * Results clearly demonstrate growing strength of business * Touchstar Technologies Ltd and Novo IVC show significant contributions * Opportunities for cross-selling across the enlarged group exploited * Sharing of technical expertise and resources across divisions Commenting today, Executive Chairman John Kembery said: "I am delighted to report a strong start to 2007. The acquisitions of Touchstar and Novo have been very successful in supplementing the Group's profitable growth with improved profits and earnings per share in the first half of 2007. "We have worked hard to restructure and refine Belgravium into a Group with a portfolio of first class products, an efficient operational structure and wider offering through successful integration of new businesses. Belgravium is now well positioned to take advantage of opportunities ahead in an international market." For further information please contact: Belgravium Technologies plc 07770 731021 John Kembery, Chairman Buchanan Communications 020 7466 5000 Suzanne Brocks www.belgraviuminvestorrelations.com Interim Results 2007 CHAIRMAN'S STATEMENT Results I am delighted to report a strong start to 2007, with profit before interest and taxation for the six months to 30 June 2007 having increased by 41% to #1,101,000 (2006: #780,000). This is based on sales of #5,222,000, a 5% rise from the prior year (2006: #4,982,000). These results clearly demonstrate the growing strength of the business, which now includes Touchstar Technologies Ltd ("Touchstar") and Novo IVC Ltd ("Novo"), both of whom have contributed well towards the half year numbers. Based on these figures, and an assumed tax rate of 30%, basic earnings per share for the half year to 30 June 2007 increased by 39% to 0.71p (2006: 0.51p). The Market The Group now supplies, installs and maintains data capture systems for warehousing and distribution, petrochemical delivery systems, mobile retailing and proof of delivery applications. All of these sectors provide real growth opportunities. As information technology becomes more widely understood, Belgravium is perfectly placed with its offering of high quality products, specifically designed to meet the demands of each market in which the Group operates. In order to achieve further organic growth, Belgravium has expanded its range of products and has reduced costs through improved efficiencies. Very good progress has been made in our historical logistics market. At the same time, we have integrated two acquisitions and phased out the inevitable legacies in design and services. The result is that the Group now represents a restructured, balanced business with a first class product range in a growing market place. Our sales operation has also seen significant improvements, and we are actively seeking to expand sales partnerships abroad, particularly in Europe and the USA. Operations The acquisition of Touchstar and later Novo was not only aimed at increasing the Group's turnover. It was also anticipated that a major benefit would be derived from a larger operating base plus a reduction in costs from better use of shared resources, with less outsourced components and services. A comparison of costs in the first half of 2007 with the same period in 2006 demonstrates this cost reduction very clearly, with further benefits to come. This has been particularly evident across our technical operations where considerable progress has been made through a unified development programme. The range and scope of products continues to improve with some excellent new designs in the pipeline. Any technical and operating difficulties have been systematically overcome and we believe effective management teams are now in place across all divisions. Balance Sheet Our balance sheet clearly demonstrates the benefits of the acquisitions of Touchstar and Novo for the Group. Of particular note is the cash position, which stood at #590,000 at 30 June 2007 (31 December 2006: #171,000). This achievement is even more significant given the monthly repayments of the term loan used to partly fund the purchase of Touchstar, and demonstrates that Belgravium remains highly cash generative. Employees The integration of Touchstar and Novo into the Group could not have happened without the active co-operation of employees at all levels. The new operational structure makes optimum use of individual skills as well as improving job satisfaction. Dividend The Directors remain committed to as high a level of dividend as the Group's cash generation will allow. Given the good performance in the first half of 2007, we propose paying an interim dividend of 0.14p per share on 6th December 2007 to shareholders on the Register on 9th November 2007. This represents an increase of 8% (2006: 0.13p). Acquisitions To continue the progress of the past year, Belgravium is exploring new sectors within the vast data capture markets. Our experience tells us that the most successful way of achieving this is by acquiring specialised market focused businesses that trigger each new application. This is not easy to do because such companies are not always classified in a way that makes their synergy with Belgravium obvious. But, when identified and added to a group with existing hardware, the results can be very worthwhile, as we successfully experienced with our acquisition of Novo. Our search for further suitable acquisition opportunities continues and has already resulted in close investigation of many companies. Outlook The acquisitions of Touchstar and Novo have been very successful in supplementing the Group's profitable growth with improved profits and earnings per share in the first half of 2007. Whilst we have fully met our expectations for the first half of 2007 and succeeded in building a full pipeline of sales opportunities for the second half of 2007 and beyond, recent economic uncertainty has introduced some caution into customers' buying patterns. So, while we have every reason to believe that the Group will continue to successfully convert its pipeline of sales opportunities in the second half, there remains the prospect of some small delays in the timing of certain contracts. In overall terms, however, we remain confident that the progress achieved in the first half will continue into the second and that plans already actioned will continue to bring further benefits. In summary, we have worked hard to restructure and refine Belgravium into a Group with a portfolio of first class products, an efficient operational structure and wider offering through successful integration of new businesses. Belgravium is now well positioned to take advantage of opportunities ahead in an international market. Consolidated income statement for the six months ended 30 June 2007 Notes 6 months to 6 months to 30 June 2007 30 June 2006 Total Total (Unaudited) (Unaudited) #'000 #'000 Revenue 5,222 4,982 Operating profit 1,101 780 Finance income 19 24 Finance costs (96) (73) Profit before income tax 1,024 731 Income tax expense (307) (218) Profit for the period 717 513 Basic earnings per ordinary share (pence) 2 0.71 0.51 Diluted earnings per ordinary share (pence) 2 0.71 0.51 Consolidated statement of changes in shareholders' equity for the six months ended 30 June 2007 Called up share Share premium Capital redemption Retained Total capital account reserve earnings (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) #'000 #'000 #'000 #'000 #'000 At 1 January 2006 5,021 2,915 2,100 (2,630) 7,406 Profit - - - 513 513 Equity dividends - - - (321) (321) At 30 June 2006 5,021 2,915 2,100 (2,438) 7,598 Profit - - - 762 762 Equity dividends - - - (131) (131) At 31 December 2006 5,021 2,915 2,100 (1,807) 8,229 New shares issued 16 14 - - 30 Profit - - - 717 717 Equity dividends - - - (363) (363) At 30 June 2007 5,037 2,929 2,100 (1,453) 8,613 Consolidated balance sheet at 30 June 2007 As at As at As at 30 June 2007 30 June 2006 31 December 2006 (Unaudited) (Unaudited) (Unaudited) #'000 #'000 #'000 Non-current assets Intangible assets Goodwill 9,124 9,124 9,124 Development expenditure 193 177 201 Property, plant and equipment 308 381 361 Deferred tax asset 27 7 27 9,652 9,689 9,713 Current assets Inventories 1,078 1,225 1,157 Trade and other receivables 2,585 2,264 3,298 Cash and cash equivalents 590 817 171 4,253 4,306 4,626 Current liabilities Borrowings 1,000 750 1,000 Trade and other payables 2,521 2,721 2,980 Current corporation tax liabilities 475 593 324 Provision for other liabilities and charges 46 83 51 4,042 4,147 4,355 Net current assets 9,863 9,848 9,984 Non current liabilities Borrowings 1,250 2,250 1,755 Net assets 8,613 7,598 8,229 Shareholders' equity Share capital 5,037 5,021 5,021 Share premium reserve 2,929 2,915 2,915 Capital redemption reserve 2,100 2,100 2,100 Profit and loss account (1,453) (2,438) (1,807) Total equity 8,613 7,598 8,229 Consolidated cash flow statement for 6 months to 30 June 2007 6 months to 6 months to 30 June 2007 30 June 2006 (Unaudited) (Unaudited) #'000 #'000 Cash flows from operating activities Operating profit 1,101 780 Depreciation 89 97 Amortisation 32 25 Movement in provisions (5) (90) Inventories 79 23 Trade and other receivables 715 457 Trade and other payables (452) (180) Cash generated from operations 1,559 1,112 Interest received 17 26 Interest paid (98) (35) Corporation tax paid (156) (714) Corporation tax received - 150 Net cash generated from operating activities 1,322 539 Cash flows from investing activities Acquisition of subsidiary, net of cash acquired - (700) Acquisition expenses - (357) Purchase of intangible fixed assets (24) (56) Purchase of tangible fixed assets (36) (87) Net cash used in investing activities (60) (1,200) Cash flows from financing activities Proceeds from issuance of ordinary shares 30 - Proceeds from bank borrowings - 2,580 Repayment of bank borrowings (500) - Repayment of loan notes - (2,580) Repayment of hire purchase contracts (10) - Equity dividends paid to shareholders (363) (321) Net cash used in financing activities (843) (321) Net increase/(decrease) in cash and cash equivalents 419 (982) Cash and cash equivalents at the beginning of the period 171 1,799 Cash and cash equivalents at the end of the period 590 817 Notes to the Interim report for 6 months to 30 June 2007 1. This financial information comprises the consolidated interim balance sheet as at 30 June 2007 and 30 June 2006 and related consolidated interim statements of income and cash flows for the six months then ended of Belgravium Technologies plc (hereinafter referred to as 'financial information'). The interim consolidated financial statements for the half year ended 30 June 2007 are unaudited and do not comprise statutory accounts within the meaning of section 240 of the Companies Act 1985 These interim financial statements have been prepared in accordance with International Financial Reporting Standards and IFRIC interpretations as adopted by the EU and with those parts of the Companies Act 1985 applicable to companies reporting under IFRS. The Group has chosen not to adopt IAS 34, 'Interim financial statements' in preparing its interim statements. The financial statements have been prepared under the historical cost convention. The comparative figures for the financial year ended 31 December 2006 are not the Group's statutory accounts for the financial year, but have been extracted from the statutory accounts, which were unqualified by the auditors and did not contain statements under section 237(2) or (3) of the Companies Act 1985 and have been delivered to the Registrar of Companies. 2. Earnings per ordinary share 2007 2006 (Unaudited) (Unaudited) #'000 #'000 Basic earnings per ordinary share 0.71p 0.51p Diluted earnings per ordinary share 0.71p 0.51p 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 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. 2007 2006 (Unaudited) (Unaudited) Weighted Weighted average number average number Earnings of shares Earnings of shares #'000 (in thousands) #'000 (in thousands) Basic EPS Earnings attributable to ordinary shareholders 717 100,541 513 100,426 Effect of dilutive securities Options - 461 - 679 Diluted EPS Adjusted earnings 717 101,002 513 101,105 3. The record date for the interim dividend for Belgravium Technologies plc is 9 November 2007 (Ex-Dividend date 7 November 2007) 4. Explanation of transition to IFRS The only adjustment on transition to IFRS from UK GAAP relates to the amortisation of goodwill #232,000 at 30 June 2006 and #464,000 at 31 December 2006 Reconciliation of profit for the half-year ended 30 June 2006 UK GAAP Goodwill IFRS Revenue 4,982 - 4,982 Operating profit 548 232 780 Finance income 24 - 24 Finance costs (73) - (73) Profit before income tax 499 232 731 Income tax expense (218) - (218) Profit for the year 281 232 513 Basic earnings per ordinary share (pence) 0.28 0.51 Diluted earnings per ordinary share (pence) 0.28 0.51 Reconciliation of profit for the year ended 31 December 2006 UK GAAP Goodwill IFRS Revenue 10,922 - 10,922 Operating profit 1,529 464 1,993 Finance income 32 - 32 Finance costs (181) - (181) Profit before income tax 1,380 464 1,844 Income tax expense (569) - (569) Profit for the year 811 464 1,275 Basic earnings per ordinary share (pence) 0.81 1.27 Diluted earnings per ordinary share (pence) 0.80 1.26 Reconciliation of the consolidated balance sheet as at 30 June 2006 UK GAAP Goodwill IFRS Non-current assets Intangible assets Goodwill 8,892 232 9,124 Development expenditure 177 - 177 Property, plant and equipment 381 - 381 Deferred tax asset 7 - 7 9,457 232 9,689 Current assets Inventories 1,225 - 1,225 Trade and other receivables 2,264 - 2,264 Cash and cash equivalents 817 - 817 4,306 - 4,306 Current liabilities Borrowings 750 - 750 Trade and other payables 2,721 - 2,721 Current corporation tax liabilities 593 - 593 Provision for other liabilities and charges 83 - 83 4,147 - 4,147 Net current assets 9,616 232 9,848 Non current liabilities Borrowings 2,250 - 2,250 Net assets 7,366 232 7,598 Shareholders' equity Share capital 5,021 - 5,021 Share premium reserve 2,915 - 2,915 Capital redemption reserve 2,100 - 2,100 Profit and loss account (2,670) 232 (2,438) Total equity 7,366 232 7,598 Reconciliation of the consolidated balance sheet as at 31 December 2006 UK GAAP Goodwill IFRS Non-current assets Intangible assets Goodwill 8,660 464 9,124 Development expenditure 201 - 201 Property, plant and equipment 361 - 361 Deferred tax asset 27 - 27 9,249 464 9,713 Current assets Inventories 1,157 - 1,157 Trade and other receivables 3,298 - 3,298 Cash and cash equivalents 171 - 171 4,626 - 4,626 Current liabilities Borrowings 1,000 - 1,000 Trade and other payables 2,980 - 2,980 Current corporation tax liabilities 324 - 324 Provision for other liabilities and charges 51 - 51 4,355 - 4,355 Net current assets 9,520 464 9,984 Non current liabilities Borrowings 1,755 - 1,755 Net assets 7,765 464 8,229 Shareholders' equity Share capital 5,021 - 5,021 Share premium reserve 2,915 - 2,915 Capital redemption reserve 2,100 - 2,100 Profit and loss account (2,271) 464 (1,807) Total equity 7,765 464 8,229 Consolidated cash flow statement The adoption of IFRS does not impact the amount of cash previously disclosed under UK GAAP in any of the periods of account in the interim results 5. Copies of this statement will be posted to shareholders and further copies will be made available to the public at the Company's office :- 2 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 LIMRTMMBMBTR
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