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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:7083C
Belgravium Technologies PLC
08 September 2004
FOR IMMEDIATE RELEASE 8 SEPTEMBER 2004
BELGRAVIUM TECHNOLOGIES PLC (AIM: BVM)
INTERIM RESULTS
FOR THE SIX MONTH PERIOD ENDING 30 JUNE 2004
The Board of Belgravium Technologies Plc ("Belgravium" or "the Company"),
designers and manufacturers of real-time data capture systems, are today pleased
to announce their Interim Results for the six month period ending 30 June 2004.
HIGHLIGHTS
* Operating profits UP 16% to #350,000 (#303,000 30 June 2003)
* Sales UP 10% #1,935,000 (#1,767,000 30 June 2003)
* Cash in bank UP 25% #1,987,000 (#1,592,00 30 June 2003)
* Earnings per Share 0.41p (0.42p at 30 June 2003)
* Interim Dividend INCREASED to 0.13p per share (0.12p at 30 June 2003)
Commenting today, Executive Chairman John Kembery said:
"Sales in the second quarter were better than the first and we are now beginning
to see some good prospects for the larger complete data capture systems which
had slowed during 2003.
New products are selling well and increasing sophistication throughout the
market means that we continue to invest extensively in developing and improving
our product range.
The Company has formed an association with a systems integrator which has helped
us to sell a fully integrated solution. This flexible response to more
fragmentation in the data capture market has meant that we continue to supply
high quality products and dependable service to a wide range of blue chip
customers.
We have delivered a good result in a weak market in the first half of 2004 and
we would expect this momentum to be continued in the second half and to be
trading well in line with expectation. Our search for an earnings enhancing
acquisition will continue."
For more 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 BELOW
INTERIM REPORT 2004
CHAIRMAN'S STATEMENT
Results
Sales in the six months to the end of June 2004 were #1,935,000, 10% higher than
in the same period in 2003 and operating profit increased by 16% to #350,000.
In the first half of 2003 we gained a one-off profit of #56,000 from the sale of
a property and in 2004 interest received increased to #43,000. These factors
meant that profit on ordinary activities before taxation showed a small increase
over the previous year to #393,000. Since the tax charge is expected to be 19%
up at #118,000, earnings per share were almost identical to the first half of
2003 at 0.41p.
In what is still a cautious market, this was a good result and within
expectation. We have, therefore, increased the interim dividend to 0.13p per
ordinary share from 0.12p paid last year.
Balance Sheet
The most noteworthy change in the balance sheet was the steady increase in cash.
At the end of June 2003 cash totalled #1,592,000 and by the end of June 2004
it had increased by 25% to #1,987,000. This provided a useful increase in
interest received and is a sound basis for future activities.
The Market
Two years ago, in the 2002 interim statement, we noted a slow down in the speed
with which quotations were converted into contracts and orders. Born of capital
restraints in IT spend and caution in the logistics industry, this feature has
remained. Belgravium deals in the provision of complete real-time data capture
systems. During the past twelve months we have experienced some changes in the
market place, and in particular, a growing trend of customers wanting an
increased breadth of services in our scope of supply. To adapt and embrace this
we have formed an association with a systems integrator which has helped us to
sell a fully integrated solution. This plan seems to be working well, and
Belgravium will continue to strengthen this strategy.
Sales in the second quarter were better than the first and we are now beginning
to see some good prospects for the larger complete systems which had slowed
during 2003.
New products are selling well and the increasing sophistication of data capture
systems means that we continue to invest extensively in developing and improving
our product range.
Acquisitions
Our search for an earnings enhancing acquisition, which could demonstrate a
technical and market synergy with Belgravium, has continued. The fact that we
continue to generate cash and would be able to part-fund any such acquisition
from our balance sheet is most helpful in this respect. There has been little to
report in the recent years because, although we have talked to a great many
companies, none have met our stringent criteria. We shall continue to work hard
towards finding an attractive target.
Dividend
Consistent with our dividend policy and increasing confidence in the future, the
Directors are declaring an interim dividend of 0.13p per share payable on 3rd
December 2004.
Outlook
There has undoubtedly been a change in market towards more fragmentation and
competitively priced systems. Belgravium's flexible response to this change has
meant that we continue to supply high quality products and dependable service to
a wide range of blue chip customers. We have delivered a good result in a weak
market in the first half of 2004 and we would expect this momentum to be
continued in the second half and to be trading well in line with expectation.
-ENDS-
Unaudited Profit and Loss Account
for 6 months to 30th June 2004
Total Total
6 months to 6 months to
30/06/2004 30/06/2003
(Unaudited) (Unaudited)
#'000 #'000
Turnover 1,935 1,767
Operating profit 350 303
Profit on sale of property held for resale - 56
Profit before interest and taxation 350 359
Interest receivable 43 28
Profit on ordinary activities before taxation 393 387
Tax charge on ordinary activities (118) (99)
Profit on ordinary activities after taxation 275 288
Ordinary dividend (87) (81)
Retained profit for period 188 207
Basic earnings per ordinary share (pence) 0.41 0.42
Diluted earnings per ordinary share (pence) 0.40 0.42
Group Balance Sheet
at 30th June 2004
As at As at As at
30 June 2004 30 June 2003 31 Dec. 2003
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Fixed assets
Tangible assets 250 329 294
250 329 294
Current assets
Stocks 452 467 443
Debtors 1,408 1,236 1,232
Cash at bank and in hand 1,987 1,592 2,043
3,847 3,295 3,718
Creditors:
Amounts falling due within one year (1,713) (1,381) (1,691)
Net current assets 2,134 1,914 2,027
Total assets less current liabilities 2,384 2,243 2,321
Provision for liabilities and charges (66) (79) (70)
2,318 2,164 2,251
Capital and reserves
Called up share capital 3,341 3,391 3,391
Share premium 120 120 120
Capital redemption reserve 2,100 2,050 2,050
Profit and loss account (3,243) (3,397) (3,310)
2,318 2,164 2,251
Group cash flow statement
for 6 months to 30th June 2004
2004 2003
(Unaudited) (Unaudited)
#'000 #'000
Net cash inflow from operating activities 272 392
Returns on investments and servicing of finances
Interest received 43 24
Taxation
Corporation tax paid (62) (140)
Corporation tax received 26 -
Net corporation tax paid (36) (140)
Capital expenditure and financial investment
Purchase of tangible assets (10) (29)
Proceeds from disposal of property held for resale - 281
(10) 252
Equity dividends paid to shareholders (204) (162)
Net cash inflow before financing 65 366
Financing
Purchase of own ordinary share capital (121) (116)
(121) (116)
Increase in cash (56) 250
Reconciliation of net cash flow to movement in net debt
for 6 months to 30th June 2004
2004 2003
(Unaudited) (Unaudited)
#'000 #'000
Increase in cash (56) 250
Movement in net funds during year (56) 250
Net funds at 1st January 2,043 1,342
Net funds at 30th June 1,987 1,592
Group cash flow statement
(a) Reconciliation of operating profit to net cash inflow from operating
activities
2004 2003
(Unaudited) (Unaudited)
#'000 #'000
Operating profit 350 303
Depreciation 54 25
Movement in provisions (4) (8)
Funds generated by operations 400 320
(Increase)/decrease in stocks (9) 23
Increase in debtors (176) (176)
Increase in creditors 57 225
Decrease/(increase) in working capital (128) 72
Net cash inflow from operating activities 272 392
(b) Analysis of net funds
At 1st January At 30th June
2004 Cash flow 2004
(Audited) (Unaudited) (Unaudited)
#'000 #'000 #'000
Cash at bank and in hand 2,043 (56) 1,987
2,043 (56) 1,987
Notes to the interim report for 6 months to 30th June 2004
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 2003, upon which the auditors issued an unqualified
opinion, have been delivered to the Registrar of Companies.
2. (a) Earnings per share has been calculated on the average number of ordinary
shares in issue of 67,600,484 (30 June 2003 : 68,328,521).
(b) Fully diluted earnings per share has been calculated on the average
number of ordinary shares, assuming conversion of all dilutive potential
ordinary shares of 68,015,637 (30 June 2003 : 68,662,003).
3. The record date for the proposed dividend for Belgravium Technologies plc is
5 November 2004 (Ex-Dividend Date 3 November 2004).
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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