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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:3951Z CybIT Holdings PLC 02 July 2007 Cybit Holdings PLC - Preliminary Results Cybit Holdings Plc, ("Cybit") the innovative Telematics Service Provider, today announces its preliminary results for the year ended 31 March 2007. Audited Audited year ended year ended 31 March 2007 31 March 2006 #'000 #'000 Turnover 13,289 10,190 EBITDA 2,345 1,770 Operating profit 1,718 1,338 Profit before taxation 613 200 Cash 2,120 2,693 Key Achievements *Two key acquisitions in the year *30% increase in turnover *306% increase in profit before taxation *200% increase in the number of corporate customers through organic growth and acquisition activity *256% increase in monthly free cash flow *Telematics related forward revenue stream across the business now represents approximately #5 million of future profit which will be recognised over the next three to five years Neil Johnson, Non Executive Chairman commented: " We are delighted to announce an excellent set of results. Trading during the period has been strong and we have successfully integrated two important acquisitions. This has improved both the scale and international footprint of our operations. It has also strengthened our product portfolio and broadened our customer base. " The telematics market is extremely dynamic. Companies increasingly appreciate the significant cost savings and operational efficiencies that telematics based fleet management solutions can offer. In the UK, we are winning new contracts across a broad spectrum of the market from large corporate clients to small businesses. " Looking forward, the future is positive. We have established a solid platform from which we can significantly increase the scale of the business. We remain alert to acquisition opportunities and we have the resources and experience to move quickly when appropriate. " Current trading is strong and we are confident that we will continue to make good progress during the year." -ends- Date: 2 July 2007 For further information please contact: Cybit Holdings Plc cityPROFILE KBC Peel Hunt Ltd Richard Horsman, Simon Courtenay Richard Kauffer Chief Executive William Attwell 020-7418-8900 Kevin Lawrence, 020-7448-3244 Finance Director 01480 389100 CHAIRMAN'S STATEMENT Overview I am delighted to report an excellent set of results. This has been an exciting year for the group and we have continued to build a solid platform from which we intend to drive the growth of the business over the medium term. We completed two important acquisitions during the year. Both have strengthened the visibility of our future revenue streams and helped to diversify our customer base. These transactions have also enabled us to expand our overseas client base within both the corporate and government sectors. Cybit has now established itself firmly as a consolidator in the UK and European markets. There is excellent potential for further local and international growth. The acquisitions, together with the organic growth driven from within the business, have positioned Cybit firmly as the market leader in terms of Online Fleet Management solutions. The group's financial performance has improved dramatically and we are confident about the future prospects. Results Turnover for the year increased by 30% to #13.3 million and pre-tax profit increased 306% to #613,000. The cash position remained healthy with a balance of #2.1 million at 31 March 2007. Our business is typified by long-term recurring income and we are pleased that 20% of telematics business was placed on our own internal leasing book during the year. The telematics related forward revenue stream across the business now represents approximately #5 million of future profit which will be recognised over the next three to five years. Free cash flow has improved, up 256% from #200,000 to #512,000 per month after the acquisition and integration of Thales Telematics. Operations The year under review has been particularly successful. We now have more than 1,600 corporate customers, typically on long-term contracts. We have won a number of significant new contracts during the year and continue to enjoy high levels of contract renewals across the product portfolio. Repeat business from our customer base remains strong, reflecting the quality of our products and service offerings. Sainsbury's Online extended its existing contract to add more than 150 delivery vehicles, while Sunderland Housing renewed a contract for 200 vehicles in September. We have continued to extend our penetration with our larger corporate customers such as Interserve PLC, SIG PLC and Alfred McAlpine PLC who are all extending the use of our solutions within their businesses. Acquisitions We completed the acquisition of two telematics businesses during the year. BlueFinger was bought for #1.84 million in June 2006 and Thales Telematics was acquired for #1 million in February 2007. These businesses were integrated rapidly into our existing structure and have proved to be earnings enhancing since acquisition. We have been pleased with their subsequent performance and both businesses have won a considerable number of new contracts during the year, strengthening our position as the leaders in the market place. The acquisition of BlueFinger added further international vehicle telematics and maritime project delivery capabilities. We are now positioned firmly as a world leader in vessel management and fisheries protection. This is an excellent revenue stream, as it is typified by long-term contracts with government agency customers. Since the BlueFinger acquisition, we are pleased that we have won a #1 million Economic Exclusion Zone (EEZ) contract with a North African Country and a similar #0.5 million contract extension with the Ghanaian Government. This acquisition has also created scale such that we can support other overseas markets, a notable win being the implementation of the ArabTrak contract in Saudi Arabia. In addition to strengthening our core vehicle telematics capabilities, the acquisition of Thales Telematics in February strengthened our position in Private Mobile Radio (PMR) based tracking solutions for land and maritime customers. This enables customers to benefit from specialist precise positioning solutions. This has a particular strength in the Oil and Gas exploration and mining markets. Since acquisition, this business unit (subsequently renamed Cybit Positioning Solutions Limited) has extended existing contracts with Subsea7 and signed new contracts with international companies such as Sercel, Western Geco and Lafarge. Outlook The outlook remains bright. There remain interesting opportunities to build the scale of the business by further acquisitions. The telematics market remains fragmented with many small players struggling to build scale. This should present Cybit with opportunities to buy and build further scale. The group has the resources and the track record necessary to continue its acquisitive strategy and we are reviewing opportunities continually. The market for telematics is expanding and Cybit is well placed to continue improving its market share. The user base for telematics is broadening and we see significant opportunities with customers in local authorities and the utilities sector. We have plans to extend our international reach and together with our technical expertise, we are confident that the future for the Company remains very bright indeed. Neil Johnson Chairman 2nd July 2007 CHIEF EXECUTIVE'S REVIEW Operating Review Cybit has made very encouraging progress during the year. Trading has been strong and the acquisitions we have made have added significant scale to the business. This gives us a real platform for growth. The Vehicle Telematics Marketplace The market is continuing to develop at both the simple and complex levels, although it does remain highly competitive. Increasingly, customers appreciate the significant tangible and intangible benefits that can be derived from using our solutions, enabling them to cut costs and improve efficiencies. In addition, there is an increasing legislative and compliance burden that comes with the management of a remote workforce. Our telematics solutions can help customers comply with recent legislative changes including the Working Time Directive and Duty of Care legislation. Our solutions can also play a key part in the development of an overarching corporate governance strategy and an element of risk management encompassing both companies and their employees. Our vehicle telematics customer base now boasts more than 1,600 corporate clients, including Sainsbury's Online, Alfred McAlpine PLC, Coca Cola Enterprises Limited, Fowler Welch - Coolchain, River Island, Interserve PLC, SIG PLC and May Gurney PLC. We are very pleased to have grown the number of fixed and mobile assets under management within our vehicle telematics portfolio to over 35,000. We have a range of products tailored to suit different markets and we can see considerable potential for our solutions within the local authority and utilities sectors. During the year, we won a number of new contracts with the NHS and local authorities including a significant win with Aberdeen City Council worth in excess of #220,000. Customer Growth and Development Since the recent acquisitions, we have restructured the vehicle telematics sales teams across the UK so that we now have dedicated teams focused on generating new business and managing the installed base. The initial results have been very positive, as both customers and prospects have access to solutions from within the entire portfolio. We continue to benefit from a high level of customer renewal with more than 2,500 units either being renewed or migrated over the period. We expect this element of our business to increase significantly. In addition to contract renewals, many existing customers are either extending the use of the solutions further into their fleets, or purchasing additional modules and services from us. During the year we have sold a record number of extra units to a significant proportion of our existing customers. Significant expansion contracts have been signed with NCP and NCP Services, Interserve PLC, May Gurney PLC, Sainsbury's Online and SIG PLC. In addition to customers joining the business through acquisition, Cybit has also added many new customers during the year including Isis Accord (part of Accord PLC), EIC, Epsilon, AR Lunn Transport and Warehousing, Denman Group and Bullwell Trailer Solutions. The acquisition of BlueFinger increases our project capability, both in the UK and overseas, from both a delivery and functionality perspective. As a result, the Fleetstar solution has now been extended to include a client/server capability which allows for customer specific communication, functional or mapping requirements to be implemented within the customer environment without impacting the core Fleetstar-Online application. Examples of success in this area include Isis Accord where we have implemented a "Winter Maintenance" package to include gritting, white lining and gully emptying and an overseas solution in Saudi Arabia which includes local mapping and integration with local IDEN and GPRS networks. Enhanced Service Delivery During the year, we built upon our existing range of services and launched new initiatives. Our consultancy and training team managed the Structured Implementation Planning Process (SIPP) successfully in conjunction with a number of clients. The team also worked with customers defining and measuring Key Performance Indicators (KPIs) within their own businesses and helped others to measure the return on investment achieved from the implementation of our solutions. It is also encouraging to note that there is an increased level of interest and uptake of the Fleetstar-Online Duty of Care module. During the latter part of the year, we launched a premium level service programme offering enhanced response times and service levels to customers. This initiative has received a positive response. Operational Achievements The net addition of approximately 800 customers and 15,000 vehicle assets over the past 12 months has presented both challenges and opportunities to our vehicle telematics team. From an operational management perspective, all of the key customer and operational activities associated with BlueFinger, Cybit Positioning Solutions and the Cybit Limited vehicle telematics operations have been centralised within Cybit Limited. This has allowed us to streamline all aspects of the 'cradle to grave' management of the customer base with a significant reduction in overall staff costs. Time to benefit has been a key focus in these activities. Typically integration has taken place within a few weeks ensuring minimum disruption and continuity for both staff and clients. From a cost management perspective, Cybit has been able to use the increased buying power associated with scale to reduce hardware, distribution and operating costs whilst at the same time allowing us to reduce the cost of servicing the installed base through the development of our own internal engineering resource. This last initiative has also allowed us to deliver consistent quality and improved customer response at a reduced cost. Over the past few years, Cybit has achieved considerable cost savings through the implementation of ISO9001 procedures within the business. This focus on process and procedure has been further supported through the implementation of an integrated ERP system which went live at the half year. This focus will be driven through the newly acquired businesses to ensure further savings are achieved in the future. The launch of workflow management within the Fleetstar-MRM module also presented a further opportunity to improve the productivity of our field engineering team. Cybit was the first company to go live on this solution and immediately achieved productivity gains of 20%. At the end of March, Cybit implemented the first phase of a field customer service initiative. This initiative is intended to move our customer services team closer to the customer thereby improving response times and improving our knowledge and understanding of customer needs. Another key benefit of this approach will be the acceleration of the order to installation to cash cycle. Product Development During the period Cybit launched a number of enhancements to the Fleetstar application. The most significant of these was the launch of the new Mobile Resource Management module. Called Fleetstar-MRM, this module incorporates Personal Data Assistant (PDA) based workflow management combined with vehicle performance monitoring. Other core Fleetstar developments included business versus private mileage monitoring and geo-fence management. The team also delivered Fleetstar-Reporter - a low end version of the solution aimed at the reseller channel and larger scale "Duty of Care" type installations and created specialist extensions to support gritting, gulley emptying and white lining operations. Cybit now has a significant internal development capability with a wealth of experience and sector knowledge. The Company has an extensive development programme scheduled over the coming year. Key projects include scaling the current Fleetstar-Online environment to support 100,000 vehicles and above and expansion of the current mapping sets further into Europe. The team will also be extending the current Fleetstar-MRM module to incorporate local "route me" capabilities via a PDA and other significant developments to help larger corporate clients organise and manage their fleets. Indirect Channels During 2006, Cybit launched Fleetstar-AVL and Fleetstar-Reporter. These products were developed to address the emerging SME requirement for a simple, low cost vehicle tracking solution. In order to maximise margins in what is a highly price sensitive and competitive segment, it was decided that this market would primarily be addressed through a reseller channel. From what was effectively a standing start 12-months ago, our reseller team has recruited a national network of approximately 30 resellers It is pleasing to report that this channel added in the region of 100 new customers during the year. We intend to focus additional resources into this sector over the coming year. In addition to our direct reseller channel, Cybit continues to partner with leading companies involved in vertical markets such as routing and scheduling, workflow management and service management. A number of our existing customers including Sainsbury's Online, River Island and Allport Freight have integrated Fleetstar with these "back office" applications and an increasing number of prospective customers require support in this area. European Subsidiaries Our strategy to grow our presence in Europe is progressing well. Revenues from our operation in Sweden, Cybit AB, are increasing steadily such that the business is broadly cash neutral. The leading UK car share company, citycarclub, has continued to expand its fleet of vehicles with in excess of 220 units now installed. We expect further growth from the continued interest in car sharing. The Fleetstar-Online platform has seen modest growth although market activity is increasing. In addition to a direct sales presence in the market, Cybit AB is seeking additional local reseller channels. From a standing start, Cybit GmbH made reasonable progress during the period with a number of new customer contracts. Although there are significant challenges recruiting and retaining good sales staff, we have recently appointed a local technical resource to support the German customer base. With relatively low market penetration outside the HGV sector, Germany represents a significant growth opportunity for the future which we intend to pursue. Other Markets The telematics market is continuing to develop and we are experiencing a two tier market. Primarily there is a large market for simple Advanced Vehicle Location solutions and there is also a growing market for more complex integrated solution that helps customers to monitor and assess the performance of their assets. This in turn drives their programmes to improve efficiencies and ultimately cut their own costs. Cybit has retained its margins in the AVL market through an effective reseller channel, selling the Fleetstar-AVL and Fleetstar-Reporter products. This market plays heavily on Cybit as a low-risk, UK based service provider with significant critical mass. This remains a very competitive market and we have seen a number of our competitors struggle, creating more opportunities for the group. A number of smaller competitors have withered and either been acquired or withdrawn from the market. We expect this trend to continue. In the more complex market for more sophisticated systems, Cybit has increased delivery capability through the acquisition of BlueFinger and Thales Telematics and by the development of our existing internal product suite. Looking forward, our strategy will be to increase our efforts to cross-sell a fuller range of products and services solutions into the existing customer base in order to strengthen our embedded position with them. This should help to lock out our competition. We are confident that this will be achieved by the steps we have taken to strengthen our sales team and centralise our marketing effort. This team will concentrate on delivering increased penetration of products and services within the wider group's growing customer base. We believe that this will help us to increase our share of the telematics market, both in the UK and in overseas markets. Financial review This was another year of significant growth for the Company. Revenues were up 30% from #10.2 million to #13.3 million with pre-tax profits increasing 306% from #200,000 to #613,000. This has been achieved through a combination of organic and acquisitive growth. Gross margins have remained healthy at 63% (2006 - 67%) reflecting a continued focus on managing both fixed and variable costs across the business. Despite significant revenue growth and acquisition activity, administrative expenses only increased by 22%. Financing costs reduced from #1.14 million to #1.10 million and reduced as a percentage of overall turnover from 11.2% to 8.3%. As stated in last year's report, a key strategic goal is to increase the levels of predictable forward profit and cash through the use of both our internal leasing book and a monthly billing programme. Continuing that strategy, 20% of telematics revenues were placed on the internal lease book over the year. Overall the Group internal lease book has increased significantly through the acquisition of Thales and BlueFinger, both of whom operated a similar strategy. In total, the forward value of this asset has increased from #2 million in 2006 to approximately #5 million, the majority of which will be recognised over the next three years. This high quality revenue stream coupled with a forward order book worth in excess of #2 million within the BlueFinger maritime and CPS PMR businesses has helped the Company to build a strong platform for future profitable growth. Cash in the period reduced by #0.9 million as a result of the use of the internal leasing book and the acquisition activity. The business remains cash generative at the operating level with net cash inflow from operating activities increasing from #373,000 to #1.3 million in the period. During the period, the Company has also secured overdraft and loan facilities of #1.5 million to support acquisition activities. At the end of the period, none of these facilities were being utilised. Predictive cash flow has also increased significantly and is up 256% from #200,000 to #512,000 per month after the acquisition and integration of Thales Telematics. This now represents around 60% of group monthly cash requirements for the business. Outlook We have made good progress during the year under review. The future looks very encouraging. We have established an excellent platform to grow the scale of the business organically and by further acquisition. The market for telematics is growing and customers are benefiting from the ability of our products to help control their costs, increase efficiencies and ensure that they comply with important legislation that affects their businesses. The market acceptance of telematics is broadening beyond the traditional HGV and service sectors to include local authority and utilities sectors. We are expanding our operations both in the UK and overseas and we are confident that this growth will continue. We will continue to consider suitable acquisition opportunities. I would like to take the opportunity to thank all of the growing team at Cybit for their hard work and dedication during what has proved to be an exciting year for the Company. We have an excellent team which includes some of the most experienced individuals in our sector. Between us we look forward to an exciting future as the telematics market continues to develop. Richard Horsman Chief Executive 2nd July 2007 CONSOLIDATED PROFIT AND LOSS ACCOUNT Year ended 31 March 2007 Year ended Continuing Acquisitions Total 31 March operations (continuing) 2006 # # # # Turnover 10,289,385 2,999,234 13,288,619 10,190,382 Cost of sales (3,766,412) (1,089,096) (4,855,508) (3,338,521) ------------------------------------------------------------------------------------ Gross profit 6,522,973 1,910,138 8,433,111 6,851,861 Administrative expenses Other operating expenses (4,959,141) (1,129,171) (6,088,312) (5,081,553) Depreciation and goodwill (409,645) (217,471) (627,116) (431,949) amortisation Total administrative expenses (5,368,786) (1,346,642) (6,715,428) (5,513,502) ------------------------------------------------------------------------------------ Operating profit 1,154,187 563,496 1,717,683 1,338,359 Net interest and financing (1,104,619) (1,138,349) costs ------------------------------------------------------------------------------------ Profit on ordinary activities 613,064 200,010 before taxation Tax on profit on ordinary (47,166) (77,049) activities ------------------------------------------------------------------------------------ Profit transferred to reserves 565,898 122,961 ------------------------------------------------------------------------------------ Earnings per share - basic 2.63p 0.62p ------------------------------------------------------------------------------------ Earnings per share - diluted 2.60p 0.62p ------------------------------------------------------------------------------------ Reconciliation of movements in shareholders' funds The The group group year ended year ended 31 March 31 March 2007 2006 # # Profit for the year 565,898 122,961 Shares issued on the acquisition of BlueFinger Limited 1,026,600 - Reserve arising on issue of warrants on 288,172 - acquisition of BlueFinger Limited Other recognised gains and losses in the year (301) 10,912 ------------------------------------------------------------------------------ Net increase in shareholders' funds 1,880,369 133,873 Shareholders' funds at 1 April 2006 6,461,412 6,327,539 ------------------------------------------------------------------------------ Shareholders' funds at 31 March 2007 8,341,781 6,461,412 ------------------------------------------------------------------------------ Statement of total recognised gains and losses The The group group year ended year ended 31 March 31 March 2007 2006 # # Profit for the year 565,898 122,961 Exchange adjustments offset in reserves (301) 10,912 ------------------------------------------------------------------------------ Total recognised gains for the year 565,597 133,873 ------------------------------------------------------------------------------ CONSOLIDATED BALANCE SHEET AT 31 MARCH 2007 Note 2007 2006 # # Fixed assets Intangible assets 3,038,833 539,186 Tangible assets 824,533 600,527 --------------------------------------------------------------------------- Total fixed assets 3,863,366 1,139,713 Current assets Stocks 1,638,204 454,322 Debtors: amounts falling due after more than 3,844,266 1,026,476 one year Debtors: amounts falling due within one year 6,955,745 3,810,152 Cash at bank and in hand 2,119,985 2,693,308 --------------------------------------------------------------------------- 14,558,200 7,984,258 Creditors: amounts falling due within one year (6,293,806) (2,392,554) --------------------------------------------------------------------------- Net current assets 8,264,394 5,591,704 --------------------------------------------------------------------------- Total assets less current liabilities 12,127,760 6,731,417 Creditors: amounts falling due after more than one year (880,355) (270,005) Pension liability 5 (2,905,624) - --------------------------------------------------------------------------- Net assets 8,341,781 6,461,412 --------------------------------------------------------------------------- Capital and reserves Called up share capital 7,150,882 7,046,127 Share premium account 8,020,059 7,098,214 Equity reserve 288,172 - Other reserve (4,090,553) (4,090,553) Profit and loss account deficit (3,026,779) (3,592,376) --------------------------------------------------------------------------- Shareholders' funds 8,341,781 6,461,412 --------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT Year ended Year ended 31 March 31 March 2007 2006 # # Net cash inflow from operating activities 1,303,678 381,949 Returns on investments and servicing of finance Interest received 66,805 106,994 Finance costs of assigning debts to finance (1,159,452) (1,217,057) companies Interest received on finance leases 13,834 9,360 Finance lease interest paid (20,736) (21,851) Interest paid (5,070) (15,795) ------------------------------------------------------------------------------- Net cash outflow from returns on investments and (1,104,619) (1,138,349) servicing of finance ------------------------------------------------------------------------------- Taxation - (2) ------------------------------------------------------------------------------- Capital expenditure Purchase of tangible fixed assets (111,525) (138,103) Purchase of intangible fixed assets (496,537) (159,424) Disposal proceeds of tangible fixed assets 1,031 1,048 ------------------------------------------------------------------------------- Net cash outflow from capital expenditure (607,031) (296,479) ------------------------------------------------------------------------------- Acquisitions Purchase of subsidiary undertakings (308,093) - Net overdrafts acquired with subsidiary (108,759) - undertakings ------------------------------------------------------------------------------- Net cash outflow from acquisitions (416,852) - ------------------------------------------------------------------------------- Financing Receipts from borrowing 500,000 224,297 Finance lease repayments (154,254) (113,984) Repayment of loans (462,009) (67,675) ------------------------------------------------------------------------------- Net cash (outflow)/ inflow from financing (116,263) 42,638 ------------------------------------------------------------------------------- Decrease in cash (941,087) (1,010,243) ------------------------------------------------------------------------------- Net cash inflow from operating activities Year ended Year ended 31 March 31 March 2007 2006 # # Operating profit 1,717,683 1,338,359 Depreciation and amortisation 627,114 431,949 Decrease/(increase) in stock 210,254 (333,501) Increase in debtors (1,000,620) (1,057,916) (Decrease)/increase in creditors (196,397) 57,792 Decrease in deferred income (54,356) (54,734) ------------------------------------------------------------------------------- Net cash inflow from operating activities 1,303,678 381,949 ------------------------------------------------------------------------------- RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS 2007 2006 # # Decrease in cash in the year (941,087) (1,010,243) Net debt acquired with subsidiary undertakings (451,896) - Receipts from borrowings (500,000) (224,297) Finance lease repayments 154,254 113,984 Repayment of loans 456,384 67,675 ------------------------------------------------------------------------------- (1,282,345) (1,052,881) Effect of foreign exchange 60 (54) ------------------------------------------------------------------------------- Movement in the year (1,282,285) (1,052,935) Net funds at 31 March 2006 2,369,803 3,422,738 ------------------------------------------------------------------------------- Net funds at 31 March 2007 1,087,518 2,369,803 ------------------------------------------------------------------------------- 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 2007 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. The principal accounting policies of the group are set out in the group's 2006 annual report and financial statements. The policies in this preliminary announcement have remained unchanged from those 2006 financial statements with the exception of the policy relating to the treatment of share options which has been changed in accordance with the provisions of FRS 20. The implementation of this new standard has had no significant effect on the group's existing disclosures. 4. Earnings per share The calculation of the basic earnings per share is based on the 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 the previous shareholders of BlueFinger Limited as part of the consideration for the acquisition of the company in June 2006. Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below. Year ended 31 March 2007 Year ended 31 March 2006 Weighted Weighted average average number of Per-share number of Per-share Earnings shares amount Earnings shares amount # No. Pence # No. Pence Basic earnings per share Earnings attributable to ordinary shareholders 565,898 21,529,155 2.63p 122,961 19,864,554 0.62p Effect of dilutive securities Options and warrants 299,099 45,461 --------------------------------------------------------------------------------------------------------- Diluted earnings per share Adjusted earnings 565,898 21,828,254 2.60p 122,961 19,910,015 0.62p --------------------------------------------------------------------------------------------------------- 5. Pensions By virtue of the acquisition of Thales Telematics plc in February 2007, the group participates in a number of funded group defined benefit schemes. The group's share of assets and liabilities in the schemes are derived on a proportionate basis related to the cash contributions made. However, under the terms of the sale and purchase agreement for the acquisition of Thales Telematics plc, the vendor Thales UK Limited (the Thales Group), has provided a perpetual indemnity over any pension scheme deficit arising both before and after acquisition in respect of the various defined benefit schemes that were operated and participated in by the company prior to its acquisition. Consequently, although the group has a pension liability representing the shortfall between the schemes' assets and the present value of defined obligations, this is offset on a pound for pound basis by the indemnity provided by Thales UK Limited and accordingly a corresponding pension asset has been recognised in debtors falling due in more than one year. Under the terms of the agreement there will be no net profit and loss charge for the group in either the current year or future years in respect of these defined benefit schemes. 6. Dividends No dividends have been paid in respect of the year. 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 UKSBRBORNUAR
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