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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Business Ctl | LSE:BCT | London | Ordinary Share | GB00B07YXJ41 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMBCT RNS Number : 9781N Business Control Solutions Grp PLC 27 February 2009 Friday 27 February 2009 BUSINESS CONTROL SOLUTIONS GROUP PLC (the "Group") Results for the year ended 31 December 2008 Return to profitability in challenging market conditions Business Control Solutions Group plc ('the Group' or 'the Company') (BCT.L), the AIM listed provider of consultancy and software control solutions to the financial services sector announces its unaudited results for the year ended 31 December 2008. +----------------------+--------------+--------------+----------+ | | 2008 | 2007 | Change | | | GBP'000 | GBP'000 | | +----------------------+--------------+--------------+----------+ | Turnover | 9,031 | 9,666 | -7% | +----------------------+--------------+--------------+----------+ | Gross profit margin | 36% | 38% | -2% | +----------------------+--------------+--------------+----------+ | Profit/loss before | 36 | (399) | ++% | | tax | | | | +----------------------+--------------+--------------+----------+ | Cash flow | 16 | (906) | ++% | +----------------------+--------------+--------------+----------+ | Basic earnings and | 0.012p | -0.15p | ++% | | loss per share | | | | +----------------------+--------------+--------------+----------+ | Cash at bank | 2,782 | 2,766 | - | +----------------------+--------------+--------------+----------+ Financial Highlights: · Group turnover down 7%: o Consulting revenues up 2% despite difficult market conditions o Software revenues down 38% due to focus on three core strategic products · Recurring revenues up to 64% of Software revenue (2007: 25%) · Movement into profit · Strong cash position of GBP2.8m at year end · Cash positive for the year Operating Highlights: · Consulting division: o Continued strong demand for consultancy services o Significant new business wins o Consultancy utilisation rate consistently above 85% throughout the year o Re-defined and narrowed the division's service offer · Software division: o Significant progress made in focusing the division on its strategic products o Integrity installed and rolled out successfully at our reference site, Deutsche Bank o Sale of next version Arc secured at HSBC o Distribution agreement signed with a re-seller for OCA o Further progress in transition of the revenue model to an annuity basis Commenting on the results, Nigel Walder, CEO of Business Control Solutions Group plc said: "2008 has been a challenging year. The deepening of the financial crisis has had a significant impact on our customers. We have responded to this by continuing to redefine and narrow the focus of our service offering and have continued the process, begun in 2007, of rationalising our cost base. Despite these increased external pressures we are pleased to be able to report increased revenue for the year from our Consulting business and continued progress in growing recurring revenues in our Software business. The financial crisis has brought the need for increased operational risk management into focus. The need for effective risk management solutions underpinned by monitoring and control processes is now widely accepted in the financial services sector and we are seeing increased levels of interest in our products and services. We believe this increased interest together with our healthy cash balance and our ability to respond quickly to new sales opportunities will enable us to end the year, when market conditions will continue to be challenging, in a strong position." Ends For further information, please contact: +--------------------------------------+----------+------------------------+ | Business Control Solutions Group plc | | 0207 648 2050 | +--------------------------------------+----------+------------------------+ | Nigel Walder, CEO | | | +--------------------------------------+----------+------------------------+ | Roger Shepherd, Finance Director | | | +--------------------------------------+----------+------------------------+ | | | | +--------------------------------------+----------+------------------------+ | Financial Dynamics Limited | | 0207 831 3113 | +--------------------------------------+----------+------------------------+ | James Melville-Ross | | | +--------------------------------------+----------+------------------------+ | Haya Chelhot | | | +--------------------------------------+----------+------------------------+ | | | | +--------------------------------------+----------+------------------------+ | Arbuthnot Securities Limited | | 020 7012 2000 | +--------------------------------------+----------+------------------------+ | Tom Griffiths | | | +--------------------------------------+----------+------------------------+ Chairman's Statement We believe the business has performed creditably in what has been and remains a challenging market environment. We have continued the process, begun in 2007, of narrowing the focus of the business and have, by taking steps to slim down our cost base, moved into profit for the year. This, allied to strong working capital management, has left our cash position unchanged on 2007 and has ensured we enter 2009 with a healthy cash balance. Our Consulting business revenues held up well in a difficult market. This bears testimony to the strength of our client relationships and our clients' perception of the quality of the service we deliver. The business won several important new accounts and with increased revenue across more engagements the business starts 2009 from a position of strength. In our Software business we have continued investing in our strategic products. Our balance sheet substantiation product, Integrity, went live at Deutsche Bank, our first client, and we also saw the first sale of our new version of Arc to HSBC.We have made progress in improving the quality of our revenues and the move to an annuity based model has reduced our reliance on non-recurring revenue.2009 is set to be another important year for our Software business: with a market where the need for increased governance, risk management and control is becoming widely accepted set against a general tightening of clients' budgets. The well publicised difficulties experienced in the financial services sector and the wider economy as a whole, which are expected to continue throughout 2009, will make for another challenging year. Our cash position together with our strong management team provides me with confidence that we are well placed to meet these challenges. I'd like to finish by thanking all of our staff for their enthusiasm, commitment and hard work during 2008. Steve Russell Chairman 27th February 2009 Chief Executive's Review 2008 has been a year of continued progress in tightening the focus in both of our businesses. In the Consulting business we have sought to improve the quality of our service delivery by narrowing our service offering to areas where we believe our knowledge provides us with a genuine competitive advantage. In the Software business we have continued the process of concentrating on our strategic products. We have sought to reduce our reliance on one-off bespoke projects and have continued investing significantly in getting our strategic products ready for market. Financial Performance Revenue Group revenues for the year at GBP9.0m were down 7% on 2007. The Consulting business, in a difficult marketplace, achieved a 2% increase for the year on 2007. The Software business saw its revenues fall back by 38% on 2007 to GBP1.26 million as a result of the Group's decision not to actively pursue one-off bespoke solutions business. It is worth noting that the Software division's 2007 revenues were significantly boosted by a large one-off bespoke project. Removing the impact of this project, we are encouraged to see that the underlying software business would have grown by 19% in 2008. Contracted annuity revenues recognised during the year represented 64% of Software revenue up from 25% in 2007, an increase of GBP290,000. Deferred income as at 31 December 2008 was GBP158,000 down from GBP298,000 as at 31 December 2007. Margin Gross margin for the Group fell back 2% to 36% for the year principally due to the stronger sales performance from the traditionally lower margin Consulting division. The underlying margin in the Consulting business improved by 2 percentage points on 2007, as a result of the business focusing its service offer on higher margin engagements and high staff utilisation with rates approaching 90% for the year. The margin for the Software business reduced to 63% from 66%. Operating expenses Group operating expenses for the year, continue to be largely personnel-related, and have fallen by 20% on 2007. During the year GBP514,000 of development costs were capitalised (2007: GBP552,000). The sale and implementation of our Integrity product saw us begin amortising our investment in Integrity and saw a charge in the year of GBP147,000 (2007: GBPnil). Removing the impact of development cost capitalisation and amortisation then, operating expenses have fallen by GBP1,016,000. Reduced directors' emoluments and a lower charge for share based payments account for GBP357,000 of this fall. The remainder of the reduction stems from our strategy of concentrating the Software business on building and selling our core strategic products allowing us to cut back on our solution delivery capability with average heads employed in the Software business in 2008 falling from 35 to 26. Profit before tax As a result of these tight cost controls, the Group recorded a profit before tax for the year of GBP36,000 compared to a loss before tax of GBP399,000 for 2007. Intangible assets The Group concentrated its development efforts in the first half of the year on completing and delivering its balance sheet substantiation product Integrity. The development focus in the second half of the year was on our remaining two strategic products: Agent Reconciliation and Control (Arc); and Operational Control Architecture (OCA). At the balance sheet date the carrying value of our investment in our strategic software products stood at GBP954,000 (2007: GBP587,000). Trade debtors Trade debtor days outstanding have improved significantly falling to 38 from 61 in 2007. Cash The Group increased its cash by GBP16,000 leaving it unchanged at GBP2.8m. 2007 saw an outflow of GBP906,000. There are two principal factors behind this improvement: operating cash before movements in working capital swung from an outflow of GBP206,000 to an inflow of GBP225,000 and the improvement in debtor days produced an inflow of GBP741,000. We invested GBP514,000 (2007: GBP552,000) in building our strategic software products during the year. Dividend The Directors do not recommend the payment of a final dividend for the year ended 31 December 2008 (2007: nil). Consulting Division The division had a successful year; achieving a growth of 2% in a difficult market. The year saw us manage a significant amount of client churn as a number of longstanding engagements came to an end. As a result more than half of our revenue in 2008 came from new engagements up from 35% for 2007. We have continued to focus our offering on the financial services sector. Our aim is to become the leading specialist provider of management consultancy services to the Capital Markets, Investment Management and Asset Servicing sectors. During the year we have defined and targeted our service offerings on the areas of Operational Risk & Control; Business Transformation; Client Servicing; and Strategic Cost Management. We have invested in recruiting and developing staff to ensure we have specific industry expertise and skills to deliver a quality service to our clients. The division's business development capability was significantly enhanced during the year through investing in training existing personnel, recruiting those skills and developing our sales collateral to fit with our newly defined service offerings. Average headcount employed in the Consulting business remained unchanged on 2007 as we responded to market conditions by reining in our recruitment plans.However, the current market environment is creating churn at some of our competitors and we will continue selectively to recruit new consultants on an opportunistic basis where we feel we can add important new skills to our offering. We have worked hard at being more efficient in 2008 through defining our service offering and managing our resource pool. Utilisation rates have improved to close to 90% and the attrition rate has fallen. Both of these factors have contributed to an improvement of 2% in gross margin. Software Division We are now firmly focused on our three strategic products: 1. Integrity - provides senior management of our client organisations with transparency and enables greater control over the balance sheet substantiation process. It provides management with confidence that the assets and liabilities held on the company's balance sheet are accurately stated. 2. Operational Control Architecture (OCA) - gives senior management visibility over their business processes identifying and prioritising any risk areas. The product is currently operational in five leading banking groups. 3. Agent Reconciliation & Control (Arc) - the next generation of our existing product, (Network Management), validates agent banks' invoices against system generated expected fees and highlights any discrepancies for investigation. This increased focus has enabled us to reduce the headcount engaged in our Software business from an average of 35 to 26 and has contributed to the removal of GBP700,000 of cost from the division. Our Software revenues have fallen back as a direct consequence of our decision not to actively pursue our bespoke solutions business and were down 38% on 2007. We have however, made progress in transitioning the business into an annuity revenue model with more than half of 2009's target contracted as at 31st December 2008. Recurring revenues at 64% of Software revenue for the year, up from 25% in 2007, grew 57% on 2007. Our strategy remains to build the quality of our future revenue stream through selling our new products on an annuity basis. We have continued to invest in our strategic products with GBP514,000 of internal labour development costs being capitalised during the year. Integrity was completed and installed in the year at our reference client, Deutsche Bank, and has now been deployed globally. Our development resource is now working on our next version of Arc and on updating OCA. Our sales and marketing efforts in 2008 were hampered by the delayed launch of Integrity and the deepening financial crisis in the final quarter.However, we have significantly expanded our sales reach during the year with two distribution agreements being signed. In April we entered into a partnership agreement with US based Enterprise Solution Providers Inc (ESP) to market and sell Integrity to financial services firms in the U.S. Progress has been slow here and the turmoil in the financial markets has prevented us from making any real headway. In December we entered into a distribution agreement with Nimbus Partners Limited for OCA. Nimbus markets a complementary product which, when combined with OCA, should create a compelling proposition. Nimbus through its sales force gives us significantly more sales reach which also extends to other industry sectors. We are greatly encouraged by the progress made to date. The financial crisis has brought the need for increased operational risk management into even greater focus. The need for effective risk management solutions underpinned by monitoring and control processes is now widely accepted with operational control now no longer simply limited to ensuring banks' capital ratios are in line with Basel II. There is now recognition of the need for increased visibility and timely reporting to facilitate enhanced performance monitoring. Both OCA and Integrity address these needs and we are seeing increasing levels of interest in our products. Employees Group average headcount employed during the year fell by 12 to 98 of which 81 were permanent employees down from 93 in 2007. The decrease in headcount can be attributed to the rationalisation of the Software business and increased efficiencies within central corporate costs. Strategy Despite the current turbulence in our end markets, we remain committed to the course that we have set the business on and believe that this is the right strategy to deliver long term shareholder value.We continue to concentrate on delivering a focused, high quality proposition to our customer base and on tightly managing our cost base in order that we can present a strong and predictable business proposition to our shareholders and customers. The Consulting division is increasingly robust with revenues in 2008 now more evenly distributed across a number of engagements. The Software division's goal remains building and establishing Integrity, OCA and Arc as industry leading products. 2009 has already seen an increased level of activity on the sales and marketing front as we seek to capitalise on the renewed interest in the areas of operational risk and control. Current Trading and Outlook The performance of the Consulting division in the year to date is in line with its performance for the same period in 2008. However, due to the nature of our assignments, visibility in this division is limited and historically to no more than three months. We are therefore concentrating our efforts on building our sales pipeline in what continues to be an extremely challenging market. In the Software division we start the year with more than half of our budgeted revenue for the year already contracted. Whilst, the increased interest in the area of operational control and risk is encouraging we remain targeted on a shrinking financial services sector where many of our potential customers are operating under strict budgetary constraints. We expect market conditions to remain challenging throughout 2009. However, our healthy cash position, our agility, the strength of our client relationships and our lean cost base give us confidence that we are well positioned to emerge from 2009 in a healthy state. ND Walder Chief Executive 27th February 2009 Consolidated Income Statement (Unaudited) for the year ended 31 December 2008 +--------------------------------+--------+---------------+---------------+ | | Notes | 2008 | 2007 | +--------------------------------+--------+---------------+---------------+ | | | GBP'000 | GBP'000 | +--------------------------------+--------+---------------+---------------+ | Revenue | | 9,031 | 9,666 | +--------------------------------+--------+---------------+---------------+ | Cost of Sales | | (5,758) | (6,002) | +--------------------------------+--------+---------------+---------------+ | Gross Profit | | 3,273 | 3,664 | +--------------------------------+--------+---------------+---------------+ | Operating expenses | | (3,333) | (4,188) | +--------------------------------+--------+---------------+---------------+ | Exceptional item | | - | - | +--------------------------------+--------+---------------+---------------+ | Loss before interest and | | (60) | (524) | | taxation | | | | +--------------------------------+--------+---------------+---------------+ | Interest receivable | 4 | 99 | 127 | +--------------------------------+--------+---------------+---------------+ | Interest payable | | (3) | (2) | +--------------------------------+--------+---------------+---------------+ | Profit/loss before taxation | | 36 | (399) | +--------------------------------+--------+---------------+---------------+ | Taxation | | - | - | +--------------------------------+--------+---------------+---------------+ | Profit/loss for the period | | 36 | (399) | | attributed to equity | | | | | shareholders | | | | +--------------------------------+--------+---------------+---------------+ | | | | | +--------------------------------+--------+---------------+---------------+ | Basic and diluted profit/ loss | | 0.01p | -0.15p | | per share | 5 | | | +--------------------------------+--------+---------------+---------------+ Consolidated Balance Sheet (Unaudited) as at 31 December 2008 +--------------------------------+--------+---------------+---------------+ | | Notes | 2008 | 2007 | +--------------------------------+--------+---------------+---------------+ | | | GBP'000 | GBP'000 | +--------------------------------+--------+---------------+---------------+ | Assets | | | | +--------------------------------+--------+---------------+---------------+ | Non current assets | | | | +--------------------------------+--------+---------------+---------------+ | Intangible assets | 7 | 974 | 612 | +--------------------------------+--------+---------------+---------------+ | Property, plant and equipment | | 155 | 197 | +--------------------------------+--------+---------------+---------------+ | | | 1,129 | 809 | +--------------------------------+--------+---------------+---------------+ | Current assets | | | | +--------------------------------+--------+---------------+---------------+ | Trade and other receivables | 8 | 1,389 | 2,130 | +--------------------------------+--------+---------------+---------------+ | Cash and cash equivalents | | 2,782 | 2,766 | +--------------------------------+--------+---------------+---------------+ | | | 4,171 | 4,896 | +--------------------------------+--------+---------------+---------------+ | Total assets | | 5,300 | 5,705 | +--------------------------------+--------+---------------+---------------+ | Liabilities | | | | +--------------------------------+--------+---------------+---------------+ | Current liabilities | | | | +--------------------------------+--------+---------------+---------------+ | Trade and other payables | 9 | (1,401) | (1,855) | +--------------------------------+--------+---------------+---------------+ | Non-current liabilities | | | | +--------------------------------+--------+---------------+---------------+ | Loans and borrowings | | - | (11) | +--------------------------------+--------+---------------+---------------+ | Deferred tax | | (1) | (1) | +--------------------------------+--------+---------------+---------------+ | | | (1) | (12) | +--------------------------------+--------+---------------+---------------+ | | | | | +--------------------------------+--------+---------------+---------------+ | Net assets | | 3,898 | 3,838 | +--------------------------------+--------+---------------+---------------+ | | | | | +--------------------------------+--------+---------------+---------------+ | Equity | | | | +--------------------------------+--------+---------------+---------------+ | Issued capital | | 2,714 | 2,714 | +--------------------------------+--------+---------------+---------------+ | Share premium | | 3,303 | 3,303 | +--------------------------------+--------+---------------+---------------+ | Shares to be issued | | 552 | 529 | +--------------------------------+--------+---------------+---------------+ | Other reserves | | (308) | (308) | +--------------------------------+--------+---------------+---------------+ | Retained earnings | | (2,363) | (2,400) | +--------------------------------+--------+---------------+---------------+ | Total equity | | 3,898 | 3,838 | +--------------------------------+--------+---------------+---------------+ Statement of Changes in Equity (Unaudited) for the year ended 31 December 2008 +-------------------+---------+---------+---------+-----------+----------+---------+ | | Share | Share | Shares | Other | Retained | Total | | | capital | premium | to be | reserves* | earnings | | | | | account | issued | | | | +-------------------+---------+---------+---------+-----------+----------+---------+ | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | +-------------------+---------+---------+---------+-----------+----------+---------+ | 1st January 2007 | 2,714 | 3,303 | 367 | (297) | (2,039) | 4,048 | | -(Restated) | | | | | | | +-------------------+---------+---------+---------+-----------+----------+---------+ | Disposal of | | | | 12 | | 12 | | shares by EBT | | | | | | | +-------------------+---------+---------+---------+-----------+----------+---------+ | EBT adjustment | | | | | 38 | 38 | +-------------------+---------+---------+---------+-----------+----------+---------+ | Shares purchased | | | | (23) | | (23) | | by EBT | | | | | | | +-------------------+---------+---------+---------+-----------+----------+---------+ | Options charge | | | 162 | | | 162 | +-------------------+---------+---------+---------+-----------+----------+---------+ | Loss for the year | | | | | (399) | (399) | +-------------------+---------+---------+---------+-----------+----------+---------+ | 31st December | 2,714 | 3,303 | 529 | (308) | (2,400) | 3,838 | | 2007 | | | | | | | +-------------------+---------+---------+---------+-----------+----------+---------+ | EBT adjustment | | | | | 1 | 1 | +-------------------+---------+---------+---------+-----------+----------+---------+ | Options charge | | | 23 | | | 23 | +-------------------+---------+---------+---------+-----------+----------+---------+ | Profit for the | | | | | 36 | 36 | | year | | | | | | | +-------------------+---------+---------+---------+-----------+----------+---------+ | At 31st December | 2,714 | 3,303 | 552 | (308) | (2,363) | 3,898 | | 2008 | | | | | | | +-------------------+---------+---------+---------+-----------+----------+---------+ *Other reserves includes Warrant, Own shares, Merger and Capital reserves. Consolidated Cash Flow Statement (Unaudited) for the year ended 31 December 2008 +---------------------------------------+------------+------------+ | | 2008 | 2007 | +---------------------------------------+------------+------------+ | | GBP'000 | GBP'000 | +---------------------------------------+------------+------------+ | Cash flows from operating activities | | | +---------------------------------------+------------+------------+ | Loss before interest & taxation | (60) | (524) | +---------------------------------------+------------+------------+ | Adjustments for: | | | +---------------------------------------+------------+------------+ | Depreciation of property, plant and | 93 | 114 | | equipment | | | +---------------------------------------+------------+------------+ | Amortisation of intangible assets | 169 | 42 | +---------------------------------------+------------+------------+ | Share options expense | 23 | 162 | +---------------------------------------+------------+------------+ | Cash generated from operations before | 225 | (206) | | changes in working capital | | | +---------------------------------------+------------+------------+ | Movement in trade and other | 741 | (48) | | receivables | | | +---------------------------------------+------------+------------+ | Movement in trade and other payables | (445) | (104) | +---------------------------------------+------------+------------+ | Net cash generated from operations | 521 | (358) | +---------------------------------------+------------+------------+ | Income tax paid | | | +---------------------------------------+------------+------------+ | Interest paid | (3) | (2) | +---------------------------------------+------------+------------+ | Net cash generated from operating | 518 | (360) | | activities | | | +---------------------------------------+------------+------------+ | Cash flows from investing activities | | | +---------------------------------------+------------+------------+ | Purchase of plant and equipment | (50) | (134) | +---------------------------------------+------------+------------+ | Purchase of software | (17) | (9) | +---------------------------------------+------------+------------+ | Interest received | 99 | 130 | +---------------------------------------+------------+------------+ | Product development | (514) | (552) | +---------------------------------------+------------+------------+ | Net cash used in investing activities | (482) | (565) | +---------------------------------------+------------+------------+ | Cash flows from financing activities | | | +---------------------------------------+------------+------------+ | Net proceeds from sale of shares by | - | 25 | | EBT | | | +---------------------------------------+------------+------------+ | Repayment of loan | (20) | (6) | +---------------------------------------+------------+------------+ | Net cash generated in financing | (20) | 19 | | operations | | | +---------------------------------------+------------+------------+ | Net increase/ (decrease) in cash and | 16 | (906) | | cash equivalents | | | +---------------------------------------+------------+------------+ | Cash as at 1st January | 2,766 | 3,672 | +---------------------------------------+------------+------------+ | Cash and cash equivalents at 31st | 2,782 | 2,766 | | December | | | +---------------------------------------+------------+------------+ Notes to the consolidated financial statements 1. Basis of preparation The Group's financial statements have been prepared in accordance with IFRS and IFRICS, as adopted by the EU, and the Companies Act 1985 applicable to companies reporting under IFRS. The financial information in the announcement is unaudited and does not constitute the Company's statutory accounts for the years ended 31 December 2008 and 2007. The financial information for the year ended 31 December 2007 is derived from the statutory accounts for that year, which were prepared under IFRS, which have been delivered to the Registrar of Companies. The auditors reported on those 2007 accounts; their report was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their reports and did not contain statements under the Companies Act 1985, s 237 (2) or (3). The statutory accounts for the year ended 31 December 2008 have not yet been reported on by the auditors. They will be finalised on the basis of the financial information presented by the directors in the preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The financial information included in this announcement was approved by the board of directors on 27th February 2009. Business Control Solutions Group plc through its subsidiaries provides management consultancy services and operational control software to financial institutions. The Company's registered number is 02089155. 2. Segmental reporting The Group's operations are managed and monitored in two business segments: Consultancy Services and Software Solutions. Certain support activities are monitored centrally and have been allocated on an estimated usage basis to the business segments to produce the result below. The directors consider the Group to trade in one geographical segment, the UK. +--------------------------------+-------------+-------------+-------------+ | For the year to 31st December | Consultancy | Software | Total | | 2008 | Services | Solutions | | +--------------------------------+-------------+-------------+-------------+ | | GBP'000 | GBP'000 | GBP'000 | +--------------------------------+-------------+-------------+-------------+ | Segment revenue | 7,771 | 1,260 | 9,031 | +--------------------------------+-------------+-------------+-------------+ | Segment result | 832 | (796) | 36 | +--------------------------------+-------------+-------------+-------------+ | Segment assets | 1,174 | 1,344 | 2,518 | +--------------------------------+-------------+-------------+-------------+ | Segment liabilities | 915 | 488 | 1,403 | +--------------------------------+-------------+-------------+-------------+ During the year there was no inter-segmental revenue (2007: GBPnil). +--------------------------------+-------------+-------------+-------------+ | For the year to 31st December | Consultancy | Software | Total | | 2007 | Services | Solutions | | +--------------------------------+-------------+-------------+-------------+ | | GBP'000 | GBP'000 | GBP'000 | +--------------------------------+-------------+-------------+-------------+ | Segment revenue | 7,621 | 2,045 | 9,666 | +--------------------------------+-------------+-------------+-------------+ | Segment result | 578 | (978) | (399) | +--------------------------------+-------------+-------------+-------------+ | Segment assets | 1,902 | 1,038 | 2,940 | +--------------------------------+-------------+-------------+-------------+ | Segment liabilities | 1,149 | 718 | 1,867 | +--------------------------------+-------------+-------------+-------------+ 3. Employees and staff costs +----------------------------------------------+------------+------------+ | | 2008 | 2007 | +----------------------------------------------+------------+------------+ | | No. | No. | +----------------------------------------------+------------+------------+ | The average number of persons employed | | | | during the year was: | | | +----------------------------------------------+------------+------------+ | Non-executive directors | 3 | 4 | +----------------------------------------------+------------+------------+ | Office and management | 12 | 14 | +----------------------------------------------+------------+------------+ | Sales and marketing | 2 | 3 | +----------------------------------------------+------------+------------+ | Programming and solution delivery staff | 26 | 35 | +----------------------------------------------+------------+------------+ | Consultants | 38 | 37 | +----------------------------------------------+------------+------------+ | | 81 | 93 | +----------------------------------------------+------------+------------+ +----------------------------------------------+------------+------------+ | | 2008 | 2007 | +----------------------------------------------+------------+------------+ | | GBP'000 | GBP'000 | +----------------------------------------------+------------+------------+ | Wages and salaries | 5,319 | 6,051 | +----------------------------------------------+------------+------------+ | Social security costs | 620 | 705 | +----------------------------------------------+------------+------------+ | Pension contributions | 134 | 42 | +----------------------------------------------+------------+------------+ | | 6,073 | 6,798 | +----------------------------------------------+------------+------------+ In addition to the staff costs above, there is a share options charge amounting to GBP23,000 (2007: GBP162,000). 4. Finance income +----------------------------------------------+------------+------------+ | | 2008 | 2007 | +----------------------------------------------+------------+------------+ | | GBP'000 | GBP'000 | +----------------------------------------------+------------+------------+ | Bank interest receivable | 99 | 127 | +----------------------------------------------+------------+------------+ 5. Profit/loss per share Basic profit per share is calculated by dividing the Group's profit after taxation of GBP36,000 (2007: loss GBP399,000) by the weighted average number of shares in issue less the weighted average number of shares held by the EBT's during the year of 269,689,195 (2007: 268,328,981). 6. Dividends In the light of the retained loss for the year, the Directors do not recommend the payment of a final dividend. 7. Intangible assets Research expenditure is recognised as an expense as incurred. Costs incurred on product development relating to the design, programming and testing of new or enhanced products are capitalised as intangible assets after considering: the probability that the development will provide economic benefits; its commercial and technological feasibility; resource availability and whether costs can be measured reliably. The expenditure capitalised is the direct employment costs and is managed and controlled centrally. Other development costs are recognised as an expense as incurred. During the year GBP514,000 of development costs were capitalised (2007: GBP552,000). 8. Trade and other receivables +---------------------------------------------+------------+-------------+ | | 2008 | 2007 | +---------------------------------------------+------------+-------------+ | | GBP'000 | GBP'000 | +---------------------------------------------+------------+-------------+ | Trade receivables | 1,108 | 1,877 | +---------------------------------------------+------------+-------------+ | Prepayments & accrued income | 281 | 253 | +---------------------------------------------+------------+-------------+ | | 1,389 | 2,130 | +---------------------------------------------+------------+-------------+ 9. Trade and other payables +---------------------------------------------+------------+-------------+ | | 2008 | 2007 | +---------------------------------------------+------------+-------------+ | | GBP'000 | GBP'000 | +---------------------------------------------+------------+-------------+ | Trade payables | 176 | 244 | +---------------------------------------------+------------+-------------+ | Other payables | 323 | 357 | +---------------------------------------------+------------+-------------+ | Accruals and deferred income | 902 | 1,245 | +---------------------------------------------+------------+-------------+ | Hire purchase loan | - | 9 | +---------------------------------------------+------------+-------------+ | | 1,401 | 1,855 | +---------------------------------------------+------------+-------------+ 10. Availability of this announcement Copies of this announcement will be available from the Company's registered office: Ground Floor, Churchgate, New Road, Peterborough, PE1 1TT and on the Company's website www.bcsplc.com. This information is provided by RNS The company news service from the London Stock Exchange END FR SELFWMSUSEIE
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