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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:4679P Belgravium Technologies PLC 06 March 2008 For Immediate Release 6 March 2008 Belgravium Technologies Plc (BVM:AIM) Preliminary Results for the year ended 31 December 2007 The Board of Belgravium Technologies plc ("Belgravium" or "the Group"), designers and manufacturers of real time mobile computing systems, is pleased to announce Preliminary results for the year ended 31 December 2007. FINANCIAL HIGHLIGHTS * Turnover £10,637,000 (2006: £10,922,000) -2.9% * Profit before tax £2,053,000 (2006: £1,844,000) +11% * Final Dividend 0.38p (2006: 0.36p) +5.5% * Earnings per Share 1.41p (2006: 1.27p) +11% OPERATIONAL HIGHLIGHTS *Profit growth demonstrates Belgravium's world leading status in mobile computing systems for logistics and retail markets *Development of International sales pipeline *Commercial emphasis on software sales: significant sales opportunities achieved *Further synergies through rationalised operations creating margin improvement Commenting today, Executive Chairman John Kembery said: "I am pleased to report a good year in 2007. The Group has strengthened its position in specialised market sectors whilst simultaneously increasing profits. This is a great achievement against a backdrop of heightening global economic uncertainty. The businesses of Touchstar and Novo have once again made valuable contributions to the Group's improved profits and earnings per share in 2007, with year on year growth in EPS at 14%, the second consistent year of double digit growth. These results demonstrate the inherent strengths within our market leading business and we look forward to the opportunities in the year ahead." For further information please contact: Belgravium Technologies plc 07770 731021 John Kembery, Chairman Buchanan Communications 020 7466 5000 Suzanne Brocks www.belgravium-IR.com CHAIRMAN'S STATEMENT Results I am pleased to report a successful year for Belgravium in 2007. We have achieved a profit before tax of £2,053,000, an increase of 11% on the 2006 figure of £1,844,000, on turnover of £10,637,000 (2006: £10,922,000) as synergistic efficiencies from the acquisitions of Novo IVC and Touchstar were realised. Earnings per ordinary share also grew by 11% to 1.41p per share, (2006: 1.27p per share), the second consecutive year of double digit growth, following the 31% uplift reported in 2006. Operational Review 2007 was a year in which Belgravium succeeded in improving profits whilst consolidating its position as a world leader in certain specialised mobile computer markets. When Touchstar was acquired at the end of 2005, it was recognised that the Company had a unique combination of skills and products to supply the international petrochemical distribution market. Further, this market offered plenty of scope for development and growth. The petrochemical market is worldwide and customer service is vital. Accordingly, sales are best served through a combination of business partners and agents. Whilst Touchstar services smaller contracts closer to home, the larger projects have required the building of an overseas network. Development of Touchstar's international sales is a continuous process and much has been achieved in 2007 which will bring benefits in the future. The other major attraction of the Touchstar acquisition was the opportunity to rationalise technical and production operations. This brings greater efficiency and cost benefits from more co-ordinated activity and less reliance on outsourcing. This process has continued with great success during 2007. At the same time, we have focussed commercial emphasis on the sale of software and support services. The resulting costs and operating margin improvements have enabled the Group to increase profits at the same time as developing our international sales pipeline. Novo IVC, acquired in early 2006, was quickly integrated as a sales division of Touchstar. As market leader in developing software for mobile retail systems, for example, aircraft and trains, Novo already had a strong forward sales position. In 2007 we were able to build on that position, gaining some good contracts from this sector. Belgravium Limited supplies real time data capture systems to the warehousing and logistics market, largely within the British Isles. From a technical and operational viewpoint, activities have been substantially integrated with Touchstar, again with significant cost savings. Sales, in this sector tend to be more specialised, but we are pleased to report that, in 2007, we have been highly successful in gaining solid progress in this more mature market. Once again, we have concentrated on the highest quality of products and services and on providing a comprehensive and conclusive solution to customer needs. In summary, across all three divisions, 2007 has been a good year, in which Belgravium has strengthened its position in its specialised market sectors whilst materially increasing profits. Product Development We have now integrated our product development capabilities across the entire Group, focussed through two main activities: 1. Solutions to short term operational customer queries for existing hardware and software 2. Development of new products, refining both hardware and software designs to address ever-changing consumer demand. Smaller, lighter hardware and software extending the existing scope of activities is in constant demand. In 2007 we have made advances in both these areas, bringing improved products to all divisions, in addition to an entirely new design concept which will launch in 2008. We recognise the consistent level of work required to ensure our range of software is world class. It remains management's objective to produce steady growth in profits and dividends, optimising the return to shareholders. Our products must address many demands in what can be challenging industrial and retail applications, meeting stringent approvals in each of the sectors we serve. Our aim is to produce total solutions for our client base, providing not just hardware and software but also the associated maintenance and support. This provides a greater degree of recurring income and therefore visibility in our earnings stream. Balance Sheet Belgravium's balance sheet has consistently shown a steadily strengthening position. Net debt reduced from £2,589,000 in 2006 to £1,962,000 in 2007. It is usual for Belgravium's sales to be weighted towards the final quarter of the financial year although in 2007 this was particularly pronounced. As a result, trade debtors as at 31 December were higher than usual, a position that has started to reverse post year end. The Group remains cash generative despite retiring the bank loan partially used to purchase Touchstar at a rate of £1 million per year. Dividend Consistent with our policy of paying the highest dividend that the Company can afford and what we deem the most effective use of funds for Shareholders, the Board is pleased to recommend an increased final dividend of 0.38p per ordinary share (2006: 0.36p). This will be paid on 11 June 2008, subject to approval at the AGM, to shareholders on the register on 9 May 2008. Employees When the acquisitions were made we said that we were delighted both by the quality of the staff concerned but also by their willingness to co-operate in the difficult task of integrating the companies. This continues to be the case and the integration of the Group has been a tribute to co-operation by both staff and management. Outlook 2007 has been a year in which Belgravium Group has made progress both through our sales network and a widening of our technical capability. We have again delivered an improvement in profit as some of the benefits we foresaw at the time of the Novo IVC and Touchstar acquisitions have been realised. Looking ahead, there are some attractive projects in the pipeline and we look forward to delivering organic growth in 2008 and beyond. J P Kembery Executive Chairman 5 March 2008 Audited consolidated income statement Year ended 31 December 2007 2006 £'000 £'000 ------------------ ------ --------- --------- --------- --------- Revenue 10,637 10,922 Cost of sales 4,407 4,552 ------------------ ------ --------- --------- --------- --------- Gross profit 6,230 6,370 Distribution costs (98) (112) Administrative expenses (3,931) (4,265) ------------------ ------ --------- --------- --------- --------- Operating profit 2,201 1,993 Finance income 28 32 Finance expense (176) (181) ------------------ ------ --------- --------- --------- --------- Profit before tax 2,053 1,844 Taxation (634) (569) ------------------ ------ --------- --------- --------- --------- Profit for the year attributable to equity shareholders 1,419 1,275 ----------------------------- --------- --------- --------- Earnings per share for profit attributable to equity shareholders Basic 1.41p 1.27p ----------------------------- --------- --------- --------- Diluted 1.41p 1.26p ----------------------------- --------- --------- --------- Consolidated statement of changes in equity for the year ended 31 December 2007 Capital Called up Share redemption Retained share capital premium reserve earnings Total £'000 £'000 £'000 £'000 £'000 ---------------- -------- -------- -------- -------- -------- Balance at 1 January 2006 5,021 2,915 2,100 (2,630) 7,406 Profit for the year - - - 1,275 1,275 Dividends (note 13) - - - (452) (452) ---------------- -------- -------- -------- -------- -------- Balance at 31 December 2006 5,021 2,915 2,100 (1,807) 8,229 New shares issued 26 17 - - 43 Profit for the year - - - 1,419 1,419 Dividends (note 13) - - - (504) (504) ---------------- -------- -------- -------- -------- -------- Balance at 31 December 2007 5,047 2,932 2,100 (892) 9,187 ---------------- -------- -------- -------- -------- -------- Audited consolidated balance sheet as at 31 December 2007 2007 2006 £'000 £'000 -------------------------- ----------- ----------- Non-current assets Intangible assets -------------------------- ----------- ----------- Goodwill 9,124 9,124 Other intangible assets 267 201 -------------------------- ----------- ----------- Property, plant and equipment 251 361 Deferred income tax assets 7 27 -------------------------- ----------- ----------- 9,649 9,713 -------------------------- ----------- ----------- Current assets Inventories 1,262 1,157 Trade and other receivables 3,901 3,298 Cash and cash equivalents 2 171 -------------------------- ----------- ----------- 5,165 4,626 -------------------------- ----------- ----------- Current liabilities Trade and other payables 3,145 2,975 Current income tax liabilities 472 324 Financial liabilities: Borrowings 1,214 1,005 Short term provisions 46 51 -------------------------- ----------- ----------- 4,877 4,355 -------------------------- ----------- ----------- Net current assets 288 271 -------------------------- ----------- ----------- Non-current liabilities Financial liabilities: Borrowings 750 1,755 -------------------------- ----------- ----------- Net assets 9,187 8,229 -------------------------- ----------- ----------- Capital and reserves Ordinary shares 5,047 5,021 Share premium 2,932 2,915 Capital redemption reserve 2,100 2,100 Profit and loss account (892) (1,807) -------------------------- ----------- ----------- Equity shareholders' funds 9,187 8,229 -------------------------- ----------- ----------- Audited consolidated cash flow statement for the year ended 31 December 2007 2007 2006 £'000 £'000 ------------------------------- --------- --------- Cash flows from operating activities Operating profit 2,201 1,993 Depreciation 179 199 Amortisation 80 56 Loss on sale of tangible fixed assets 2 - Movement in: Provisions (5) (122) Inventories (105) 91 Trade and other receivables (603) (576) Trade and other payables 172 118 ------------------------------- --------- --------- Cash generated from operations 1,921 1,759 Interest received 28 37 Interest paid (178) (183) Corporation tax paid (466) (1,382) Corporation tax received - 180 ------------------------------- --------- --------- Net cash generated from operating activities 1,305 411 ------------------------------- --------- --------- Cash flows from investing activities Acquisition of subsidiary undertakings (net of cash acquired) - (700) Acquisition expenses - (356) Expenditure on intangible assets (146) (108) Purchase of property, plant and equipment (71) (169) ------------------------------- --------- --------- Net cash used in investing activities (217) (1,333) ------------------------------- --------- --------- Cash flows from financing activities Proceeds from issuance of ordinary shares 43 - Proceeds from bank borrowings - 2,580 Repayment of bank borrowings (1,000) (250) Repayment of loan notes - (2,580) Dividends paid to company's ordinary shareholders (504) (452) Repayment of capital on finance leases (10) (4) ------------------------------- --------- --------- Net cash used in financing activities (1,471) (706) ------------------------------- --------- --------- Net decrease in cash, cash equivalents and bank overdrafts (383) (1,628) Cash, cash equivalents and bank overdrafts at start of the year 171 1,799 ------------------------------- --------- --------- Cash, cash equivalents and bank overdrafts at end of the year (212) 171 ------------------------------- --------- --------- Audited reconciliation of net financial liabilities 2007 2006 £'000 £'000 ------------------------------- ---------- ---------- Reconciliation of net financial liabilities Net decrease in cash, cash equivalents and bank (383) (1,628) overdrafts Net change in bank loans and finance leases 1,010 254 Non-cash changes: New finance leases and hire purchase agreements - (14) ------------------------------- ---------- ---------- Movement in net financial liabilities in the year 627 (1,388) Net financial liabilities at beginning of year (2,589) (1,201) ------------------------------- ---------- ---------- Net financial liabilities at end of year (1,962) (2,589) ------------------------------- ---------- ---------- Audited earnings per ordinary share 2007 2006 ----------------------------------- ---------- ---------- Basic earnings per ordinary share 1.41p 1.27p Diluted earnings per ordinary share 1.41p 1.26p ----------------------------------- ---------- ---------- Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue 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 year. Reconciliations of the earnings and weighted average number of shares used in the calculation are set out below: 2007 2006 Weighted average Weighted number average of shares number Earnings (in Earnings of shares (in £'000 thousands) £'000 thousands) ----------------------- --------- --------- --------- --------- Basic EPS Earnings attributable to ordinary shareholders 1,419 100,665 1,275 100,426 Effect of dilutive securities Options - 166 - 500 ----------------------- --------- --------- --------- --------- Diluted EPS Adjusted earnings 1,419 100,831 1,275 100,926 ----------------------- --------- --------- --------- --------- Basis of Reporting This preliminary announcement has been prepared in accordance with International Financial Reporting Standards ("IFRS") and IFRIC interpretations as adopted by the EU and with those parts of the Companies Act 1985 applicable to companies reporting under IFRS. The preliminary announcement does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. This announcement has been agreed with the company's auditors for release. This preliminary announcement contains information extracted from the audited financial statements of the group for the year ended 31 December 2007. The statutory accounts for the year ended 31 December 2007 will be sent to the shareholders shortly. The information for the year ended 31 December 2006 has been amended for the adoption of IFRS. The statutory accounts for the year ended 31 December 2006, which have been delivered to the Registrar of Companies, included an audited report which was unqualified and which did not contain a statement under Section 237(2) or (3) of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange END FR ILFIDVDIEIIT
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