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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Cybit Hldgs | LSE:CYH | London | Ordinary Share | GB00B04QS651 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 73.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:8134N CybIT Holdings PLC 21 June 2005 CYBIT HOLDINGS PLC ("CYBIT") PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2005 HIGHLIGHTS Cybit Holdings Plc, the innovative Telematics Service Provider, today announces its preliminary results for the year ended 31 March 2005. Audited Audited year ended year ended 31 March 2005 31 March 2004 #'000 #'000 Turnover 6,727 8,098 Operating (loss)/profit (627) 1,083 Operating (loss)/profit before depreciation and goodwill amortisation (214) 1,413 (EBITDA) (Loss)/profit before taxation (1,543) 291 Cash 3,704 4,592 Key points 12% increase in turnover on a comparative basis (see below). Increased underlying profitability (see below). 50% increase in number of assets managed through Cybit's solution portfolio. Positive operating cashflow of #1.1 million in the second half before finance costs. Overall 40% increase in customer numbers. New three year strategic partnership with Norwich Union and launch of the industry's only telematics-enabled fleet insurance product. Acquisition of mapAmobile, enabling further reach into client organisations. Launch of Fleetstar-Online to the Swedish and German markets. New modular version of Fleetstar-Online, together with API capability, becoming the industry's first fully scalable telematics solution. Neil Johnson, Chairman of Cybit commented: "Our new accounting policy in respect of internal leasebook deals and a new commercial policy in respect of underlying cellular costs have, as clearly predicted, resulted in lower reported levels of both turnover and profit in the year. Statutory reported revenues are therefore #6.7 million (2004: #8.1 million), reflecting a loss of #1.5 million (2004: profit #290,564). I am pleased to be able to report however that, during the past year, the company has continued to build on the solid foundations established in earlier years. The underlying trend of performance within the business shows significant progress, and on a comparable basis, revenues exceeded #9.1 million (2004: #8.1 million) with pre-tax profitability increasing to #350,000 (2004: #290,564). 2004/2005 was a year during which the company was able to further develop its reputation for excellence in the marketplace. Robust trading during the second half of the year has continued into the current year and we have a strong order book going forward. This now stands at record levels and it appears that we can look forward to a strong first half performance in the current year. As indicated, we are also beginning to see a contribution from our international businesses which should give us confidence for the future. The telematics market is "coming of age". As this annual report goes to press, Government is initiating the debate on road usage and pricing across the UK and the role advanced telematics would play in implementing a solution within the next decade. Cybit is well positioned to exploit the opportunities presented by these developments. Our focus remains on providing outstanding customer satisfaction with our advanced products and services. Our market reputation for quality and professionalism is second to none in our sector. We are now able to look forward with ever-growing confidence". Enquiries: Company name Richard Horsman, Chief Executive, 01480 389100 Cybit Holdings Plc College Hill Stephen Davie 020 7457 2020 stephen.davie@collegehill.com CHAIRMAN'S STATEMENT Our new accounting policy in respect of internal leasebook deals and a new commercial policy in respect of underlying cellular costs have, as clearly predicted, resulted in lower reported levels of both turnover and profit in the year. Statutory reported revenues are therefore #6.7 million, reflecting a pre-tax loss of #1.5 million. I am pleased to be able to report however that, during the past year, the company has continued to build on the solid foundations established in earlier years. The underlying trend of performance within the business shows significant progress, and on a comparable basis, revenues exceeded #9.1 million (2004: #8.1 million) with pre-tax profitability increasing to #350,000 (2004: #290,564). We can now look forward to the beneficial impact of the new accounting and commercial policies to begin to unfold during the current trading year. The full beneficial effect will be felt at the end of the first three-year accounting cycle in the trading year 2006/2007. Business Review During the past 12 months Cybit has continued to establish itself as one of the leading and fastest growing Telematics Service Providers (TSP) in the United Kingdom. Our customer base continues to grow with a number of significant contracts achieved during the year. The company now has more than 700 customers (2004: 500) in the UK with a total of more than 15,000 (2004: 10,000) assets managed. Your company continues to develop and implement a broad range of products and services which both satisfy and anticipate customer demand. Fleetstar-Online continues to be recognised as one of the UK's leading internet-based fleet management tools and it is pleasing to be able to report a 74% increase in customer contracts year on year. We now have more than 10,000 vehicles utilising our Fleetstar-Online service. Internationally our businesses in Sweden, Germany and Holland have increased revenues from both new and existing customers. These are small beginnings, but your Board believes that we can look forward to greater business opportunities in the future. During the year, we acquired the mapAmobile business which has provided a relatively low cost location service for our customers. This is a most interesting development and one which provides us with great opportunity for product innovation over the coming years. Financial Matters As approved by shareholders, a 50-1 share consolidation was completed in December 2004. Cash management continues to be a high priority within the business, and I am happy to be able to report that our cash balances remain strong and have enabled us to take more profitable business onto our own book, thereby reducing external finance charges for new business. We are utilising this strength to invest in business opportunities, people and technology. Outlook 2004/2005 was a year during which the company was able to further develop its reputation for excellence in the marketplace. Robust trading during the second half of the year has continued into the current year and we have a strong order book going forward. This now stands at record levels and it appears that we can look forward to a strong first half performance in the current year. As indicated, we are also beginning to see a contribution from our international businesses which should give us confidence for the future. Cybit has continued to steadily and professionally develop its business model and it is your Board's intention to continue this process in the current year. We will also evaluate and, where appropriate, embrace opportunities for future growth by exploiting technology, satisfying our customers, and, where appropriate, assessing the potential for further acquisitions which have the potential to enhance our ongoing core business. The telematics market is "coming of age". As this annual report goes to press, Government is initiating the debate on road usage and pricing across the UK and the role advanced telematics would play in implementing a solution within the next decade. Cybit is well positioned to exploit the opportunities presented by these developments. Our focus remains on providing outstanding customer satisfaction with our advanced products and services. Our market reputation for quality and professionalism is second to none in our sector. We are now able to look forward with ever-growing confidence. I should particularly like to thank all our staff, including my Board colleagues and our CEO, Richard Horsman, for their support throughout the past year. It has been eventful, challenging, but ultimately successful. Without their contribution and energy these excellent results would not have been possible. Neil Johnson 21 June 2005 CHIEF EXECUTIVE'S REVIEW Operating Review Cybit continues to make progress across all areas of the business. The UK customer base has grown significantly with an increasing number of larger customers signing up to use Cybit's services. Our fledgling international business units are also showing encouraging signs with customer wins in both Sweden and Germany. Significant operational benefits have been achieved during the second half as a result of implementing full ISO 9001:2000 certification. Achievement of what is internationally recognised as the highest level of the ISO quality management standard significantly strengthens Cybit's end-to-end offering, and was awarded in recognition of the overall service quality that Cybit provides to its clients, including software and hardware implementation, the quality of the after sales service together with ongoing customer service maintenance. Customers Our customer base in the UK continues to grow with both blue chip and smaller customers signing up to the increasing range of products and services offered by Cybit. In total, the company now has more than 700 commercial customers representing in excess of 15,000 assets under management. Fleetstar-Online, our flagship vehicle tracking and reporting solution, has maintained its position as one of the leading internet-based fleet management applications available on the market. Customer numbers have continued to increase and, as at 31 March 2005, more than 470 companies had signed up to use the service - a 74% increase from the 270 reported at the previous period end. During the period, the number of vehicles supported by the platform went above 10,000 for the first time. Repeat business from existing customers remains strong. Customers such as Alfred McAlpine Business Services, brs Truck Rental and Tristar Cars have all increased the number of vehicles being managed using Fleetstar-Online. Consulting services remain a significant growth area with many customers both large and small investing in Best Practice, Return on Investment and other training services. During the year, Cybit won significant new customer contracts for Fleetstar-Online including a landmark deal in the home delivery sector with Sainsbury's to You: Eve Group, a division of Babcock International Plc; Mono Services and Tulloch Construction Group. Contract renewals remain strong with around 70% of customers either renewing their contracts or migrating to the Fleetstar-Online platform. However, net of customers who have lost contracts, changed business strategy around fleet ownership or gone out of business, renewal rates are running at around 90%. Cybit still has in excess of 100 users of the original Fleetstar server based application and will be implementing a migration program to encourage these users to migrate to Fleetstar-Online. As mentioned in the last Annual Report, there are increasing numbers of customer wins where Cybit is replacing competitor systems. With well publicised issues relating to a number of competitor organisations, we expect to see this trend increase in the future. Cybit has continued to work towards migration of the cybitfleet customer base to Fleetstar-Online. The initial thrust has been focused on users of General Packet Radio Service (GPRS) technology with the majority of these customers already migrating to the Fleetstar platform. The next phase will be targeting users of lone worker technology with the objective of retiring the cybitfleet platform within the next twelve to eighteen months. Take up of our broadening range of Consulting services continues to grow with the majority of our larger customers taking advantage of this offering in some form or other. The Cybit Consultancy offering now covers Return On Investment, Duty of Care - including Working Time Directive, Fleet Management best practice, strategic telematics implementation and Key Performance Indicator (KPI) analysis. Our Consulting team also provides coaching and development for internal client staff involved in the management of telematics implementation and support for integrated technology projects - for example where output from Fleetstar-Online is integrated with back office applications such as payroll. Technology Development Cybit has continued to pursue a strategy of industry leadership through innovation within the overall product portfolio. During the period, Fleetstar-Online was the subject of a significant investment program that involved both enhancement of the existing solution and development of new capabilities that deliver added-value to customers and partners alike. In the summer of 2004, Cybit announced a new Open Applications Programming Interface (API) for Fleetstar-Online which made it easier for organisations to integrate core telematics data into their existing enterprise solutions. Cybit's OpenAPI interface provides a standard way for almost any third party system to connect easily, cost-effectively and securely to Fleetstar-Online, avoiding the complex and expensive integration issues normally associated with linkage to corporate databases and enterprise environments. This development has been received positively by both our larger customers and partners such as Norwich Union who are already using the solution. In September 2004, Cybit launched a major new modular version of Fleetstar-Online that allows customers to subscribe to an appropriate service level to suit their business needs. Believed to be the industry's first fully-scalable, modular telematics solution, the platform is scalable from an entry-level 'reporting-only' solution - offered primarily through Cybit's expanding reseller channel and available from as little as #20 per vehicle per month - through to the industry's most comprehensive telematics offering. The high-end version of Fleetstar-Online also features access to the service via PDA or mobile phone, and provides cross network cell location identification for mobile phone or GSM modem tracking together with input/output monitoring coupled with real-time event and alert management. Perhaps the most significant extension in revenue terms was the development of support for the GPRS that was launched during late 2004. Cybit announced #600,000 of orders within 6 weeks of launch. This success continued and in the period from launch to 31 March 2005 the company took orders for around 1,000 GPRS units. During the period, Fleetstar-Online was upgraded to support our International operations. A fully translated German language version was launched in April 2004 and local communications infrastructure was implemented into both German and Swedish markets during Q4. This infrastructure allows vehicles to connect to the local cellular infrastructure using local SIM cards and communicating with local host servers located in each country. The benefit to both customer and Cybit is reduced communications costs over inter-country roaming between networks. It is likely that further language translations will be launched in the coming twelve months. During the coming year, Cybit will be increasing the level of investment made in its market leading product portfolio. The company has already launched two-way SMS and GPRS messaging which went live in April 2005 and intends to add significant functionality to support Duty of Care, driver identification and job management. There is also a development project to integrate the Drive-IT car pool management solution into Fleetstar-Online. Progress with Partnerships Our growing Partnerships group is starting to deliver an increasing contribution to Cybit revenues and underlines our strategy of focussing on third party channels to market as a key factor in the extended penetration of telematics within the fleet sector. In September 2004, Cybit signed a new three-year strategic partnership agreement with Norwich Union, the UK's largest fleet insurer. Under the partnership, Cybit provides Norwich Union with core telematics technology to support 'Fleet Telematics' - the industry's only telematics-enabled fleet insurance product. This product is offered to new and existing Norwich Union customers through their extensive network of intermediaries. Fleet Telematics is the industry's only telematics-enabled fleet insurance product, and offers businesses fixed price insurance cover over two or three years and a premium rebate of up to 16% per annum when key performance indicators are achieved. Cybit has a dedicated team of three sales professionals who work directly with the Norwich Union Regional Underwriting team and their broker partners. This relationship is already delivering direct revenues to the business and has given our field and national account sales teams additional "unique business value" that can be brought to bear during the sales process. Our partnership with Lex Vehicle Leasing (LVL) has entered a new phase within which Cybit and LVL have jointly recruited a sales person who is based within the LVL organisation. This has helped to increase awareness within the LVL field sales force with a resultant upturn in customer enquiries. Furthermore, LVL will soon be including a quotation for Fleetstar-Online within all new customer proposals and will offer funding solutions to include the cost of telematics in the vehicle rental. brs Truck Rental (brs) are achieving continued success in selling their Fleetstar-Online based brs vehicle tracking solution as a value added option to their rental customers. This has resulted in additional hardware orders for Cybit together with extensions to the functionality offered within the brs service. During the coming year, brs are looking to take advantage of new functionality offered by Fleetstar-Online - including real time GPRS capabilities. Cybit is currently exploring opportunities with a number of other significant organisations. If successful, the company anticipates that these partnerships will contribute towards revenue growth in future years. As previously announced, the Cybit reseller community continues to grow, with twenty-three organisations contracted at the end of March 2005. Revenues directly attributable to resellers stood at approximately #700,000 for the period with a number of significant deals originating from the reseller community. We continue to evolve our strategy in this area and will continue to recruit new partners in the coming months. During the coming year, the company will look to recruit a number of software partners who can strengthen the Cybit proposition in key verticals. Cybit is already in discussions with a number of companies who are looking to integrate real-time GPRS data into applications such as job despatch and scheduling through the Open API provided with Fleetstar-Online. International Our Swedish subsidiary, Drive-IT Systems AB continues to make progress in the market. Based in Gothenburg, Drive-IT is a leading developer of innovative telematics based vehicle utilisation applications for the growing car share and car pool management marketplace. Uptake of the Drive-IT solution in the UK has increased as our UK partner, Smartmoves, has embarked on an aggressive expansion program which saw their fleet increase from around 35 to over 100 vehicles during the period. Already the UK market leader in car sharing, Smartmoves are planning to float their business on OFEX during the summer of 2005 in order to fund the continued expansion of their UK operation. As strategic technology partner to Smartmoves, Cybit should benefit from this on-going program which will firmly position Drive-IT technology as the market leader in this area. In September 2004, Cybit launched Fleetstar-Online into the Swedish market. During the period to 31 March 2005, the company has achieved a number of early contract wins and is currently engaged in trials, which if successful, could lead to significant business wins in the coming year. In March 2005, the company also signed its first combined Fleetstar-Online and Drive-IT contract which will support a new commercial car pool with an initial 20 vehicles. This win endorses our strategy of integrating Drive-IT car sharing technology into Fleetstar-Online. During the coming year, Cybit will be changing the name of Drive-IT to Cybit AB. This is an integral part of our strategy to focus on product brand recognition in the market delivered from a single Cybit organisation. In September 2004, we established Cybit Deutschland and took on our first sales person based in Wiesbaden. During the period under review, much work has been done to establish local infrastructure and build a pipeline of business. Our first local contract was signed in March 2005 which gives us confidence that there is a demand for Fleetstar-Online in the German market. mapAmobile On 29 October 2005, Cybit completed the purchase of the innovative mapAmobile mobile location service from MI International. The purchase was funded by #75,000 in cash and the issue of 2.5 million new shares. Offering tracking of GSM mobile phones, mapAmobile location services are offered in two variants, a Corporate Edition and a Consumer solution offering discreet monitoring of children and vulnerable people. With the Corporate Edition, organisations can locate their mobile workforce, using the mobile phone network at any time and view their locations on a map. As the service requires no extra hardware other than a mobile phone, it is easy to deploy and helps organisations to manage their mobile workforce on an ad-hoc basis. This technology complements the existing Cybit product portfolio, extending the reach of the solution further into client organisations. The solution also acts as a customer acquisition tool as it allows organisations a low cost route to evaluate the benefits of fleet management before upgrading to the full GPS enabled solution. Since acquisition, Cybit has integrated the mapAmobile technology into Fleetstar-Online so that a company can track its workforce via their mobile phones in addition to tracking vehicles that are carrying the Fleetstar-Online in-vehicle-unit. The mobile phone location information can be viewed in conjunction with GPS based information and is particularly useful when using sub-contractors or third parties. mapAmobile works on O2, Vodafone, Orange and T-Mobile networks and the Corporate Edition has already been successfully deployed in some 80 UK organisations, the largest of which is currently monitoring in excess of 120 phones. The Consumer solution addresses an important concern among consumers allowing them to discreetly monitor the whereabouts of children and other vulnerable people in their care. This offering can be purchased either online, or through retailers such as The Carphone Warehouse. Financial review From a financial perspective, the year has been one of continuing progress for the group. As expected, revenues for the period were impacted by the new accounting policy for revenue recognition in respect of internal leasebook deals and a new commercial policy in respect of underlying cellular costs. Actual turnover for the year was #6.7 million resulting in a loss for the year before tax of #1.5 million, however it is encouraging to note that revenues on a comparative basis increased from #8.1 million to #9.1 million with pre-tax profitability increasing from #290,564 to #350,000 in the period. In last year's Annual Report, the Board stated that a far greater proportion of sales would be funded on our own internal lease book so as to improve long-term profitability. In order to support this strategy, the Company announced a new revenue recognition policy for internal leasebook deals whereby the income and profit on these deals is recognised over the life of the agreements. Inevitably, and as predicted, this has impacted the top line by #1.2 million when compared with the previous policy applied to comparative 36-month agreements. The impact of the adoption of this policy has been a margin reduction of #900,000 over the full year. We also reported a change in policy around underlying cellular costs whereby we decided to forego up front, one-off cash bonuses on units sold in exchange for significantly lower line rental costs for the duration of the contract. Whilst this change initially has a negative impact on profitability and cash, the overall effect over the life of the contract is to improve profitability and cash generation. In the current year, this change has resulted in a turnover reduction of #1.3 million for the year, whilst cash was impacted to the tune of #1.13 million and bottom line profitability reduced by #962,000 for the full year. The financial benefit associated with this reduced revenue will be a reduction in future operating costs in excess of #1.9 million over the next 36-months. We will continue to follow this policy in order to minimise monthly running costs and maximise profitability in the longer term. Even though we have introduced own book leasing and other monthly rental payment options to our customers during the year, the financing costs of assigning debts to finance companies has increased by 18% over the comparative period. The underlying reasons for such an increase are twofold. First, the increase in bank base rates has inevitably had a knock-on effect to the yields that we have been able to achieve from our third party finance partners resulting in an additional #160,000 of finance costs being incurred during the year. Second, a significant proportion of the business written during the year has been on 48 and 60 month terms, which inevitably attracts a higher finance cost. At the end of March, cash generated from recurring revenues, internal leasing book and services stood at #140,000 per month. This represents approximately 40% of our monthly fixed cost base before taking into account any cash collected from sales to new and existing customers. Throughout the year the Board has paid particular attention to cash and working capital management, balancing the need for cash generation through the use of third party deals to finance customer deals, and using our own internal lease-book to mitigate third party finance charges and increasing longer-term profitability. As a result, I am pleased to report that our cash balances at 31 March 2005 were #3.7 million (2004: #4.6 million), and at an operating level the group generated a positive cash flow of #1.1 million before finance and interest charges in the second half of the year (2004: outflow #0.9 million). This strong cash performance, coupled with additional unused facilities of approximately #1million, should continue to provide the group with significant flexibility in terms of the purchasing options that are offered to its customers as well as underpinning the future growth of the business. Strategy and Vision Over the past three years, Cybit has increased market share such that the company has established a leadership position in the UK market for internet-based fleet and asset tracking solutions. Consistent year on year performance has been achieved through continued innovation within the product and services portfolio underpinned by a reputation for delivering world-class customer support and a substantial, tangible return on investment. During the coming year, Cybit will continue to deliver against this strategy in both UK and European markets. Your Board will look to use the successful template for achievement established in the UK to facilitate growth in our Swedish and German business units. The future With the current Government's increased focus on road usage and road pricing in this new Parliament, market awareness of telematics is increasing. Additionally, initiatives such as Duty of Care and the Working Time Directive need technology based solutions to aid compliance. As a recognised market leader in the field of internet-enabled fleet management, your Board looks to the future with increasing confidence. As previously stated, the impact of increased awareness of both telematics and Cybit has resulted in significantly increased revenues during the second half of the year. Moreover, with order book carry forward into the current year at record levels, coupled with strong order performance during the first two months of the year, the Board is confident of a strong first half performance in FY2006. It is also encouraging to note that we are already seeing green shoots emerging from our expansion program in Europe. Once consistent performance is achieved in current markets, your Board will assess other opportunities for international expansion. Although good acquisition targets are few and far between, your Board believes that the increase in intellectual and financial resources available to the company will allow us to proactively seek appropriate opportunities for future growth in the coming year. Once again, special thanks are due to our growing team, both in the UK and overseas. Without their dedication and passion for excellence, it would not be possible for us to grow at current rates whilst still delivering industry-leading levels of service and support to our customers. Richard Horsman 21 June 2005 CONSOLIDATED PROFIT AND LOSS ACCOUNT Year ended Year ended 31 March 2005 31 March 2004 # # Turnover 6,727,392 8,097,562 Cost of sales (2,752,063) (2,968,423) Gross profit 3,975,329 5,129,139 Administrative expenses Other operating expenses (4,189,110) (3,716,083) Depreciation and goodwill amortisation (412,881) (330,189) Total administrative expenses (4,601,991) (4,046,272) Operating (loss)/profit (626,662) 1,082,867 Net interest and financing costs (916,102) (792,303) (Loss)/profit on ordinary activities before (1,542,764) 290,564 taxation Tax on (loss)/profit on ordinary activities 234,835 245,994 Retained (loss)/profit set against/transferred (1,307,929) 536,558 to reserves (Loss)/earnings per share- basic (6.60p) 3.10p Earnings per share - diluted - 3.05p Reconciliation of movements in shareholders' funds The The group group year ended 31 year ended March 2005 31 March 2004 # # (Loss)/profit for the year (1,307,929) 536,558 Issue of shares in the year 45,167 5,626,999 Other recognised gains and losses in the year (19,140) (4,215) Net (decrease)/increase in shareholders' funds (1,281,902) 6,159,342 Shareholders' funds at 1 April 2004 7,609,441 1,450,099 Shareholders' funds at 31 March 2005 6,327,539 7,609,441 Attributable to: Equity shareholders 6,327,539 7,609,441 Statement of total recognised gains and losses The The group group year ended 31 year ended March 2005 31 March 2004 # # (Loss)/profit for the year (1,307,929) 536,558 Exchange adjustments offset in reserves (19,140) (4,215) Total recognised (losses)/gains for the year (1,327,069) 532,343 CONSOLIDATED BALANCE SHEET AT 31 MARCH 2005 The The The The group group company company 2005 2004 2005 2004 # # # # Fixed assets Intangible assets 614,526 713,711 - - Tangible assets 661,063 425,440 - - Investment in subsidiaries - - 5,431,204 5,431,204 Total fixed assets 1,275,589 1,139,151 5,431,204 5,431,204 Current assets Stocks, being goods for resale 120,821 91,939 - - Debtors: amounts falling due after more 1,431,293 1,413,380 - - than one year Debtors: amounts falling due within one 2,405,906 2,310,233 - - year Called up share capital not paid 8,260 8,260 8,260 8,260 Amounts owed by group undertakings - - 8,704,877 8,659,710 Cash at bank and in hand 3,704,225 4,591,600 - - 7,670,505 8,415,412 8,713,137 8,667,970 Creditors: amounts falling due within one year (2,266,422) (1,712,288) - - - Net current assets 5,404,083 6,703,124 8,713,137 8,667,970 Total assets less current liabilities 6,679,672 7,842,275 14,144,341 14,099,174 Creditors: amounts falling due after more than one year (352,133) (232,834) - - Net assets 6,327,539 7,609,441 14,144,341 14,099,174 Capital and reserves Called up share capital 7,046,127 7,043,110 7,046,127 7,043,110 Share premium account 7,060,714 7,056,064 7,060,714 7,056,064 Merger reserve 37,500 - 37,500 - Other reserve (4,090,553) (4,090,553) - - Profit and loss account deficit (3,726,249) (2,399,180) - - Shareholders' funds 6,327,539 7,609,441 14,144,341 14,099,174 CONSOLIDATED CASH FLOW STATEMENT Year ended 31 Year ended 31 March March 2005 2004 # # Net cash inflow/(outflow) from operating activities 315,861 (243,158) Returns on investments and servicing of finance Interest received 122,562 64,537 Finance costs of assigning debts to finance companies (994,833) (842,911) Interest received on finance leases 3,535 - Finance lease interest paid (11,580) - Interest paid (26,420) (13,929) Net cash outflow from returns on investments and servicing of (906,736) (792,303) finance Taxation (11,808) - Capital expenditure Purchase of tangible fixed assets (410,687) (168,213) Purchase of intangible fixed assets (7,971) (53,115) Net cash outflow from capital expenditure (418,658) (221,328) Acquisitions Purchase of business (89,408) - Purchase of subsidiary undertaking - (9,766) Net cash outflow from acquisitions (89,408) (9,766) Financing Issue of shares 5,167 5,674,999 Expenses paid in connection with share issues - (163,000) Receipts from borrowing 92,888 24,975 Funds raised on sale and leaseback 216,078 - Repayment of funds raised on sale and leaseback of fixed assets (69,330) (100,000) Repayment of loans (23,052) (34,059) Net cash inflow from financing 221,751 5,402,915 (Decrease)/increase in cash (888,998) 4,136,360 Net cash inflow/(outflow) from operating activities Year ended 31 Year ended 31 March March 2005 2004 # # Operating (loss)/profit (626,662) 1,082,867 Depreciation and amortisation 412,881 330,189 (Increase)/decrease in stock (27,884) 2,080 Decrease/(increase) in debtors 123,875 (1,509,260) Increase in creditors 230,565 132,975 Increase/(decrease) in deferred revenue 203,086 (327,009) Decrease in provisions for liabilities and charges - (70,000) Issue of shares in lieu of bonus - 115,000 Net cash inflow/(outflow) from operating activities 315,861 (243,158) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS 2005 2004 # # (Decrease)/increase in cash in the year (888,998) 4,136,360 Exchange adjustments (428) 2,572 (Inception)/repayment of new finance leases (146,748) 100,000 Repayment of loans 23,052 34,059 Receipts from borrowing (92,888) (24,975) Movement in the year (1,106,010) 4,248,016 Net funds at 31 March 2004 4,528,748 280,732 Net funds at 31 March 2005 3,422,738 4,528,748 NOTES TO THE FINANCIAL STATEMENTS 1. The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. 2. The financial information has been extracted from the group's 2005 financial statements. Those financial statements have not yet been delivered to the Registrar. However the group's auditors have given an unqualified audit opinion on those financial statements. 3. Basis of preparation The preliminary results have been prepared under the historical cost convention and in accordance with applicable accounting standards up to and including FRS 19. The principal accounting policies of the group are set out in the group's 2004 annual report and financial statements. The policies in this preliminary announcement have remained unchanged from those 2004 financial statements, except for the addition of a policy in respect of internal leasebook deals. 4. (Loss)/earnings per share The calculation of the basic (loss)/earnings per share is based on the (losses)/ profits attributable to ordinary shareholders divided by the weighted average number of 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 potential ordinary shares. The group has two classes of dilutive potential ordinary shares: those share options granted to employees where the exercise price is less than the average market price of the company's ordinary shares during the year and the warrants issued to Trafficmaster as part of the acquisition of Fleetstar in February 2002. In accordance with FRS 14, the adjustment for diluted loss per share in the year ended 31 March 2005 is ignored as it results in a reduced loss per share. Reconciliations of the (losses)/earnings and weighted average number of shares used in the calculations are set out below. The basic and diluted earnings per share for the year ended 31 March 2004 have been restated to reflect the 50 for 1 share consolidation that took place on 20 December 2004. Year ended 31 March 2005 Year ended 31 March 2004 Loss Weighted Per-share Earnings Weighted Per-share average amount average amount number of number of (Restated) shares shares (Restated) # No. Pence # No. Pence Basic (loss)/earnings per share (Losses)/earnings attributable (1,307,929) 19,830,038 (6.60p) 536,558 17,291,087 3.10p to ordinary shareholders Effect of dilutive securities Options - - - - 298,119 - Diluted earnings per share Adjusted earnings - - - 536,558 17,589,206 3.05p 5. Copies of the company's Annual Report and Accounts will be available from the company's registered office. This information is provided by RNS The company news service from the London Stock Exchange END FR SEFESSSISESM
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