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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cmo Group Plc | LSE:CMO | London | Ordinary Share | GB00BMB5Y385 | 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% | 14.50 | 14.00 | 15.00 | 14.50 | 14.50 | 14.50 | 1,428 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Catalog, Mail-order Houses | 71.5M | -1.84M | -0.0255 | -5.69 | 10.44M |
RNS No 7530m COMINO PLC 11th June 1998 COMINO PLC 1998 FINAL RESULTS #1.95m Pre-tax Profits up 37%; Dividend up 11%; Strong Order Book Comino plc, the Workflow technology and software applications group, announces its final results for the year to 31 March 1998. The results firmly demonstrate that the company has achieved its goal during its first full year on the Alternative Investment Market. Key points from the final results: * Turnover up 68% to #13.15m (1997: #7.79m) * Strong recurring support revenue from customer base * All group companies among the market leaders in their respective fields * Profit before tax up by 37% to #1.95m (1997: #1.42m) * Earnings per share up 8% to 12.33p (1997: 11.46p), enhanced by trading and acquisition activity * Net cash #4.3m (1997: #1.86m before raising additional #1.53m on AIM listing) * Final dividend up 11% to 2.50p (1997: 2.25p) * Gross margins maintained; costs controlled * Major order won in Australia * Acquisition of Excelsis last October integrated into Context; ISE incorporated as wholly-owned company; Turnover run-rate approximately #16m * Continuing expansion across the Group in Workflow and Call Centre applications Commenting on the results and future prospects Garth Selvey, Chief Executive, said: "We remain determined to build shareholder value. With Context's acquisition and overseas sales success, ISE's strong order book and Prologic's early success in writing new business, Comino is well placed for a successful future." Enquiries : Garth Selvey, Chief Executive Paul Clifford, Finance Director Comino plc Tel: 0171 786 9600 until 1.00pm, thereafter 01628 525433 Peter Binns Jane Mallinson Binns & Co Tel: 0171 786 9600 Editors' Notes: 1. Context Software, embracing Workflow and electronic document management, is used by 200 UK housing customers - associations and local authorities - of which 27 are local authorities. Context also has one housing customer in Canada and one in Australia. 2. ISE's software is used by one quarter of The Times 100 companies, in 30 pension administration departments and 22 local authority revenue departments around the UK. ISE is Comino's fastest growing company, with increasing opportunities for Workflow-based and Call Centre solutions. 3. Prologic provides complete 'business to business' supply chain solutions for the fashion and clothing industry, with 40 customers in the UK and overseas. 4. Context contributed 61% of the subsidiaries' operating profit, ISE 25% and Prologic 14%. 5. Compared to the previous 12 months, Context increased turnover by 53% (via its acquisition of Excelsis) and operating profits by 46%. Similarly, Prologic increased turnover by 28% and operating profits by 65%. 6. In the 12 months to 31 March 1998, compared to its previous 18 month accounting period, ISE increased turnover by 18% and operating profits by 27%. Chairman and Chief Executive's Statement Technology today plays a part in almost every conceivable business activity. Comino companies use information technology to deliver effective, reliable business solutions to our customers at the right price; giving them the opportunities that technology brings, but without the risks. We do this in specialist market sectors that we know well, successfully blending our business and technical expertise. It therefore comes as no surprise that Comino has enjoyed an excellent year. Turnover of #13.2m reflects an increase of 68 per cent on the previous period. With the inclusion of a full year for the Excelsis acquisition, the turnover run-rate is approximately #16m. More importantly, gross profit margins have been maintained and costs have been controlled to produce a healthy operating profit, and an overall profit before tax of #1.95m, up 37 per cent on the previous period. Net assets at the year end were #1.72m compared to #1.28m. Cash balances were #4.3m compared to #1.9m. In line with comments made in the prospectus, no interim dividend was paid during the year. The final dividend proposed by the Directors is 2.50 pence per share, increased from 2.25 pence. In future, the Company expects to pay both interim and final dividends. Fully diluted earnings per share increased from 9.95 pence to 11.46 pence, an increase of 15 per cent. Further improvement is anticipated with a full year's contribution from acquisitions. The Group has strong recurring support revenue from its customer base which last year represented 35 per cent of turnover. The gross profit from these revenues covered 51 per cent of operating subsidiary overheads. We see such revenue as the backbone of the Group. In October 1997, we acquired the business of Excelsis Limited, a housing solutions competitor of Context, which effectively doubled the size of this business in terms of turnover and customers. It has also considerably widened Context's target market. This development of the company's critical mass has contributed to a major contract with the Defence Housing Authority in Canberra, Australia for housing software and services. The importance of ISE's Workflow technology to Context's operations in the housing sector accelerated the acquisition of the final minority shareholding in ISE in November 1997. This 'business to client' technology is built around large numbers of the public requiring high service levels in response to their enquiries. ISE's products are currently used in 30 pension administration departments and 22 local authority revenue departments around the UK. ISE's order book at the year end was up 81 per cent compared with the same point in the previous year. We regard Workflow as one of Comino's principal assets, and there is considerable interest in this product across ISE's traditional business areas and in Context's housing base. We have already witnessed its first application in housing by the English Churches Housing Group - an existing Context customer which has purchased Workflow call-centre technology from ISE. There are strong synergies between ISE and Context, and we will actively continue to develop these links in the future, as we seek to bring continuous added-value services to our customers. Unlike ISE and Context, Prologic's Enterprise Resource Management is principally a 'business to business' product. Focused exclusively on the fashion and clothing industry, Prologic achieved an excellent performance, and finished the year particularly strongly. It has recently won two new major contracts, enhancing its growth prospects for the current year. Being well established in their respective markets, all three companies have hitherto required only a modest amount of advertising and public relations to sustain awareness of their activities. The Board now believes that it is time to reinforce these individual identities to unlock the latent value within the Group, and is taking steps to promote Comino's overall strengths to a wider audience. The Group is likely to develop further its focus on housing and local authorities, and promote the use of its Workflow technology by acquiring companies whose products serve large numbers of the public. The Group will also seek - initially by publication on the Internet - additional overseas customers for its products. For Workflow, the company will target distributors or value-added resellers, and in other cases they will be selected end-users of significant size. Whilst ensuring that appropriate attention has been given to product compliance, the Board has seen fit to distance itself from revenues that arise solely from the Millennium, preferring instead to take a longer term view to protect 2001 business levels. Comino's success to date has been founded on giving our customers a high quality product coupled with outstanding service and attention to detail. We have only been able to deliver this through the efforts of our professional, effective and well-motivated employees. We thank them for the contribution they have made over the year. We would also like to thank our fellow directors for their commitment and support. We remain determined to build shareholder value. With Context's acquisition and overseas sales success, ISE's strong order book and Prologic's early success in writing new business, Comino is well placed for a successful future. Mike Brooke Chairman Garth Selvey Chief Executive 10 June 1998 Consolidated Profit and Loss for the year 31 March 1998 Year ended Year ended Year ended Period ended 31 March 31 March 31 March 31 March 1998 1998 1998 1997 #'000 #'000 #'000 #'000 Continuing Activities Acquisitions Total Turnover 10,609 2,542 13,151 7,792 Cost of sales (3,486) (603) (4,089) (2,875) -------- -------- --------- -------- Gross profit 7,123 1,939 9,062 4,917 Administrative expenses (5,574) (1,711) (7,285) (3,563) -------- -------- --------- -------- Operating profit 1,549 228 1,777 1,354 ------- -------- Interest receivable 176 71 Interest payable (3) (5) --------- -------- Profit on ordinary activities before taxation 1,950 1,420 Tax on profit on ordinary activities (453) (292) --------- -------- Profit on ordinary activities after taxation 1,497 1,128 Minority interest - equity (56) (130) --------- --------- Profit for the financial year 1,441 998 Dividends (330) (201) --------- --------- Retained profit for the financial year 1,111 797 ===== ===== Earnings per share 12.33p 11.46p ===== ===== Fully diluted earnings per share 11.46p 9.95p ===== ===== The Group had no recognised gains or losses during the year ended 31 March 1998 other than those included in the results above. Consolidated Balance Sheet at 31 March 1998 1998 1997 #'000 #'000 Fixed assets Tangible assets 714 256 Current assets Stocks 291 175 Debtors 5,449 2,491 Cash at bank and in hand 4,329 1,894 --------- -------- 10,069 4,560 Creditors: amounts falling due within one year (4,245) (1,866) --------- --------- Net current assets 5,824 2,694 -------- -------- Total assets less current liabilities 6,538 2,950 Creditors: amounts falling due after more than one year (118) (4) Deferred income (4,705) (1,667) --------- --------- 1,715 1,279 ===== ==== Capital and reserves Share capital 657 479 Share premium reserve 4,324 426 Goodwill reserve (5,174) (434) Profit and loss account 1,908 797 -------- -------- Equity shareholders' funds 1,715 1,268 Minority interests - 11 -------- -------- 1,715 1,279 ===== ===== These financial statements were approved by the Board of Directors on 10 June 1998. G R Selvey P L Clifford Directors Company Balance Sheet at 31 March 1998 1998 1997 #'000 #'000 Fixed assets Tangible assets 2 - Investments 6,433 2,281 -------- -------- 6,435 2,281 -------- -------- Current assets Debtors 19 816 Cash at bank 1,436 440 -------- -------- 1,455 1,256 Creditors: amounts falling due within one year (2,024) (1,874) -------- -------- Net current liabilities (569) (618) -------- -------- Total assets less current liabilities 5,866 1,663 ===== ===== Capital and reserves Share capital 657 479 Share premium account 4,324 426 Profit and loss account 885 758 --------- -------- Shareholders' funds 5,866 1,663 ===== ===== The financial statements were approved by the Board of Directors on 10 June 1998. G R Selvey P L Clifford Directors Cash Flow Statement for the year 31 March 1998 Year ended Period ended 31 March 31 March 1998 1997 #'000 #'000 Net cash inflow from operating activities 3,344 1,006 Returns on investment and servicing of finance Interest received 176 71 Interest paid (3) (5) -------- -------- Net cash inflow from returns on investments and servicing of finance 173 66 -------- ------- Taxation (299) (289) -------- ------- Capital expenditure Purchase of tangible fixed assets (441) (110) Sale of tangible fixed assets 3 3 -------- ------- Net cash outflow from capital expenditure (438) (107) --------- ------- Acquisitions and disposals Purchase of business and subsidiary undertakings (1,688) 1,135 Disposal of subsidiary undertakings - 50 -------- ------- Net cash (outflow)/inflow from acquisitions and disposals (1,688) 1,185 -------- ------- Equity dividends paid (201) - Financing Issue of shares 1,521 - Increase/(repayment) of borrowings 62 (6) -------- ------- Net cash outflow from financing 1,583 (6) ===== ===== Management of liquid resources* Increase in short term deposits (1,200) (1,000) -------- ------- Increase in cash 1,274 855 ===== ===== * Comino plc includes as liquid resources term deposits of less than a year. Notes: 1. Earnings per ordinary share have been calculated on the profit for the financial period of #1,441,000 after taxation and minority interests and on the weighted number of ordinary shares in issue during the period on 11,683,808. 2. The financial information set out above does not constitute the statutory accounts for the period ended 31 March 1998. Statutory accounts for the period will be delivered to the Registrar of Companies following the Company's Annual General Meeting. 3. The annual report and accounts will be posted to shareholders on 17 June 1998 and will also be available on request from the Company's registered office, 2 The Courtyard, Meadowbank, Furlong Road, Bourne End, Buckinghamshire, SL8 5AJ. END FR SFDFUSUAUFEM
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