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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:3434M CybIT Holdings PLC 16 June 2003 CYBIT HOLDINGS PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2003 HIGHLIGHTS Cybit Holdings plc, one of the fastest growing and most innovative telematics service providers, today announces its preliminary results for the year ended 31 March 2003. Audited Audited year ended 31 March 15 months ended 31 2003 March 2002 #'000 #'000 Turnover 5,066 623 Operating profit/(loss) before depreciation and goodwill 461 (1,518) amortisation and interest and tax (EBITDA) Loss before taxation (787) (1,654) Cash 470 214 Key points * Turnover growth in excess of 800%. * Cash generative for the full year, with an operating cash inflow of #1.2 millionm. * Group delivering profits on an EBITDA basis. * Acquisition of Drive-IT fully integrated into the Cybit structure by January 2003 with operational efficiencies being achieved. * Strategic partnerships now delivering significant business opportunities. Neil Johnson, Chairman of Cybit commented: "We have made substantial progress this year and have delivered an excellent set of results. I believe that Cybit is a well-managed company with an excellent product portfolio and dedicated staff. We have established the company as a major player in the marketplace and are now positioned to capitalise on opportunities for growth." For further information please contact: Richard Horsman Chief Executive, Cybit Holdings Plc 01480 389 100 Jonathon Brill / Charlotte Bell Pottinger Financial 020 7861 3232 Kirkham CHAIRMAN'S STATEMENT Our second full year of trading has seen Cybit make substantial progress towards on-going and sustainable profitability. Turnover for the 12 month period stands at #5.07 million representing over 800% growth over the previous period. More importantly however, at the trading level, the loss on ordinary activities before taxation for the year reduced to #787,000 showing a substantial reduction over the prior period notwithstanding difficult global and national economic climates. Cybit is now therefore positioned as one of the fastest growing telematics service providers (TSPs) in the UK, and a leading provider in the telematics-enabled fleet management market place. During the year the company continued to focus on providing services to fleet operators and further expanded its sales teams focusing on business to business and partnership accounts. We ended the trading year with over 6,000 vehicles using our services (2002: 2,500). These vehicles are operated by in excess of 400 customers coming from a wide range of business sectors. In December 2002 Cybit acquired Drive-IT Systems AB, a Swedish company. This has given us our first toe-hold in the Continental European market and has extended our product offering into new and emerging sectors. Whilst we did not expect substantial revenue growth from the Drive-IT business in the short term, its additional products and services will deliver long-term strategic value to the business. Our passion for customer service, and an increasingly broadening product portfolio, together these have continued to develop high levels of repeat business from our existing customers. Our focus on helping them to develop their businesses, and delivering tangible returns on their investments, has led to the conversion of a number of customers who have transferred their allegiance to Cybit from other telematic suppliers. This is good news. We have also continued to develop a number of key strategic partnerships in the industry and this philosophy has been rewarded through success in attracting significant business opportunities through partnerships. During the past 12 months there have been a number of changes to your Board. At last year's AGM, Robin Bligh stepped down from the Board. I should like to thank Robin for his hard work during the early establishment of the company. Two executive directors were appointed to the Board during the year. Kevin Lawrence has become Finance Director, and John Wisdom has joined as Director for Sales and Marketing. I am also pleased to announce that David Robins, a senior partner at the City law firm of Berwin Leighton Paisner, has joined the Board as a non-executive Director. Much progress has been achieved over the past 12 months and I should therefore like to thank, on behalf of all shareholders in the business, our Chief Executive Richard Horsman and his dedicated team for achieving so much. In a difficult business environment the Cybit team have generated a very successful result for the company. Outlook Since the end of the last financial year the company has continued to make progress, despite continued economic difficulties in the marketplace. Trading in the first few months of the new financial year has been excellent and a number of substantial orders have been secured. The company continues to develop a strong forward order book, and first half performance appears at present to be in line with expectations. We continue to develop the existing product portfolio and will be adding new initiatives and partnerships which should enable the company to further accelerate growth with the aim of achieving trading profitability during the current financial year. I believe that Cybit is a well-managed company with an excellent product portfolio and dedicated staff. We have established the company as a major player in the marketplace and are now positioned to capitalise on opportunities for growth. Neil Johnson 16 June 2003 CHIEF EXECUTIVE OFFICER'S STATEMENT Operating Review 2002/3 was a highly successful trading year for Cybit Holdings plc during which the company achieved full year revenues of over #5 million, representing in excess of 800% growth over the prior period. Much of the growth can be attributed to the launch of new products and services that make the Cybit solutions portfolio a more compelling proposition for multi-site companies with larger fleets of vehicles which has resulted in an increase in average order size. The company added to its solutions portfolio with the acquisition of Drive-IT Systems AB in Sweden, a leading developer of solutions for the emerging car pool market. This acquisition has also provided the company with an existing customer base in Europe. Customers As at 31 March 2003, the company had approximately 400 live customers, representing more than 6,000 assets under management. Levels of repeat business from existing customers have increased during the period: a direct result of our focus on delivering world-class customer service. The company is also leveraging the Fleetstar customer base that it acquired from Trafficmaster Plc in March 2002. A number of these customers have either elected to renew their existing Fleetstar contracts for a further term or have upgraded to the internet-based Fleetstar-online product launched by the company during the year. The Board expects renewal and upgrade revenues from the existing customer base to increase over the coming year. Our focus on delivering value to both fleet operator and driver has allowed us to achieve particular success in the service sector with organisations such as Steill, a division of Alfred McAlpine, Titan Travel and John Youngs. Fleet sizes in this sector are typically larger than the traditional haulage market and this has had the effect of increasing the average installed customer fleet size using Fleetstar-online to more than 20 vehicles. The company has also achieved early success with its real-time General Packet Radio System (GPRS) based solutions in the fleet sector. The company now has a number of live customers utilising this technology and the Board expects this area of the business to experience substantial growth during the current year. In addition to an increase in recurring revenues received from cybitfleet.com and Fleetstar-Online, the company is starting to develop revenues from consulting and training. As larger customers start to appreciate the return on investment potential that can be achieved from the implementation of Cybit solutions, there is an increasing opportunity to derive revenues from a range of services that can help customers realise this potential on an on-going basis. The company will look to further develop these services during the coming year. Technology Development Cybit has continued to lead the way through innovation in both hardware and software. The company made significant new product introductions during the year and added a number of technology enhancements to the existing cybitfleet.com solution. The main achievement was the introduction of Fleetstar-Online, an internet version of the Fleetstar solution that was launched in June 2002. Take-up of this product has been exceptional and the company announced #1million in orders achieved during the first six weeks from launch. I am delighted to report that this success has continued such that the company had approximately 100 live customers representing over 2,000 vehicles at 31 March 2003. The company also ended the year with a healthy back order book and strong forward pipeline of future business for this product. Soon after its launch, Cybit added further competitive advantage to Fleetstar-Online with the integration of Smartnav off-board satellite navigation capability licensed from Trafficmaster Plc. The company is planning to launch further functional enhancements to this service in the coming year. Another milestone during the year was the introduction of GPRS support within cybitfleet. GPRS offers low cost "always on" technology that is the basis for the development of remote worker applications requiring either near real-time or real-time, cost effective transfer of volume data. The initial launch is focused on the logistics and distribution sector and the company intends to enhance this service further during the coming year. Cybit has also collaborated with existing Drive-IT customers in the on-going development of the car sharing solution and will be launching enhancements to this service during the first half of the current year. Progress with Partnerships During the year, the company announced a number of new partnerships including Lex Vehicle Leasing, one of the UK's leading car rental companies;, brs, the UK's largest commercial truck rental company and Mandata, a leading software provider to the haulage and logistics industry. All of these partnerships have delivered revenues to the company during 2002 with expected growth during 2003. The company continues to build upon its existing relationship with Norwich Union and is actively involved with a number of risk management oriented programmes within the insurance sector. Cybit believes that third party channels to market will be a key factor towards telematics solutions achieving substantial penetration within the fleet sector and therefore focuses strongly on this area of the business. The company expects to announcewill be announcing additional partnerships during 2003 and expects the percentage of revenues achieved from third party sources to increase substantially during the coming year. Acquisition of Drive-IT Systems AB On 13 December 2002, Cybit acquired 100% of the capital of Drive-IT Systems AB in Sweden. Based in Gothenburg, Drive-IT is a leading developer of innovative, telematics based applications for the growing car share and car pool management marketplace. The Drive-IT solution comprises in-vehicle hardware providing smart-card access control, mileage reporting and booking management, a GSM communications gateway and an Application Service Provider (ASP) internet booking system to support either direct end-user bookings or centralised administration function. Drive-IT has 12 customers based in Sweden, Norway and Germany. The current European customer base is mainly local authority and private car pool operations who between them have implemented the Drive-IT technology into approximately 250 vehicles with in excess of 2,000 members using the internet booking system to rent vehicles. In the UK, Drive-IT has a partnership with Smart Moves Limited who are the UK's largest service provider of city car clubs. Smart Moves are using Drive-IT technology to support a number of car clubs throughout the UK including Bristol and Edinburgh. In particular, Smart Moves has been commissioned by the London Boroughs' city car club consortium to establish car clubs in seven London boroughs - Brent, Camden, Ealing, Kensington & Chelsea, Islington, Lambeth and Merton. This is supported for the first two years by funding from Transport for London. Although currently a small market segment, Cybit expects to see growth through further initiatives of this kind developing as local authority representatives recognise the role of car clubs in tackling issues such as traffic congestion, pollution, parking and social exclusion. There is also an increasing interest in this technology from large commercial organisations as part of an overall strategy of social responsibility within their local community. Financial review The year has been one of rapid development for the group. The loss before taxation amounted to #787,000, a significant reduction on the loss recorded in the prior period of #1,654,000. Of even greater significance is that at the EBITDA level (Earnings before Interest, Tax, Depreciation and Amortisation), the group generated a profit of #461,000 compared to a loss in the prior period of #1,518,000. The most encouraging aspect of this performance was that this profitability was achieved on a monthly basis over 8 months of the year giving the Board confidence that the group is moving towards sustainable profitability. Throughout the year the Board has paid particular attention to cash and working capital management. As a result, I am pleased to report that we increased our cash position from #214,000 to #470,000 at 31 March 2003. This was achieved through a combination of strict working capital management and a focus on developing recurring revenue and cash generating opportunities. At an operating level the group generated a positive cash flow of #1.2 million before finance and interest charges. Strategy and vision Cybit's strategy of maintaining an absolute focus on telematics-based solutions that deliver tangible benefits to customers and partners backed up by world-class customer support has allowed the company to win important new customers and take market share from the competition. The Board believes that this aggressive go-to-market strategy coupled with continued innovation within its solutions portfolio will ensure a leadership position as growth within the telematics market accelerates. The company will also look to leverage its investment in Drive-IT through both existing and new partnerships. The future Cybit's focus over the next 12 months is to build upon the success experienced over the past 12 months such that the company will move into consistent monthly profitability during the current year. Furthermore, as predicted in last year's annual report, there has been substantial consolidation within the Ttelematics and internet-based content segments with more expected to follow in the coming year. Your Board will therefore continue to assess opportunities for growth through organic and acquisition activity whilst taking full consideration of market conditions and available resources. Finally, I would like to endorse the Chairman's thanks to our growing team of professionals who have been key to the success that we have achieved during our second year as an AIM listed company. Richard Horsman 16 June 2003 CONSOLIDATED PROFIT AND LOSS ACCOUNT Year ended 31 March 2003 15 months ended 31 March 2002 Continuing Acquisitions Total Total operations (continuing) # # # # Turnover 5,055,675 10,188 5,065,863 623,463 Cost of sales (1,277,931) (16,164) (1,294,095) (327,459) Gross profit/ (loss) 3,777,744 (5,976) 3,771,768 296,004 Administrative expenses Other operating expenses (3,234,306) (76,667) (3,310,973) (1,814,145) Depreciation and goodwill amortisation (372,474) (16,971) (389,445) (119,137) Total administrative expenses (3,606,780) (93,638) (3,700,418) (1,933,282) Operating profit/(loss) 170,964 (99,614) 71,350 (1,637,278) Net interest and financing costs (857,945) (16,554) Loss on ordinary activities before (786,595) (1,653,832) taxation Tax on loss on ordinary activities 125,000 - Retained loss set against reserves (661,595) (1,653,832) Loss per share - basic (0.10p) (0.27p) Reconciliation of movements in shareholders' funds The group The group 15 Year ended 31 March months ended 31 March 2003 2002 # # Loss for the financial year/period (661,595) (1,653,832) Issue of shares in the year/period - 3,072,175 Other recognised gains and losses in the year/period 3,912 - Other reserve arising on merger with subsidiary undertaking - 1,309,130 Net (decrease)/increase in shareholders' funds (657,683) 2,727,473 Shareholders' funds at 1 April 2002 2,107,782 (619,691) Shareholders' funds at 31 March 2003 1,450,099 2,107,782 Attributable to: Equity shareholders 1,450,099 2,107,782 Statement of total recognised gains and losses The group Year ended The group 15 months 31 March ended 31 March 2003 2002 # # Loss for the financial year/period (661,595) (1,653,832) Exchange adjustments offset in reserves 3,912 - Total recognised losses for the year (657,683) (1,653,832) CONSOLIDATED AND COMPANY BALANCE SHEET AT 31 MARCH 2003 The The Group Group 2003 2002 # # Fixed assets Intangible assets 839,091 858,232 Tangible assets 369,984 544,959 Investment in subsidiaries - - Total fixed assets 1,209,075 1,403,191 Current assets Stocks, being goods for resale 145,688 110,116 Debtors: amounts falling due after more than one year 865,178 282,420 Debtors: amounts falling due within one year 1,092,621 982,731 Called up share capital not paid 8,260 8,260 Amounts owed by group undertakings - - Cash at bank and in hand 470,016 214,309 2,581,763 1,597,836 Creditors: amounts falling due within one year (1,582,810) (688,703) Net current assets 998,953 909,133 Total assets less current liabilities 2,208,028 2,312,324 Creditors: amounts falling due after more than one year (687,929) (64,542) Provisions for liabilities and charges (70,000) (140,000) Net assets 1,450,099 2,107,782 Capital and reserves Called up share capital 6,725,444 6,725,444 Share premium account 1,746,731 1,746,731 Other reserve (4,090,553) (4,090,553) Profit and loss account deficit (2,931,523) (2,273,840) Shareholders' funds 1,450,099 2,107,782 CONSOLIDATED CASH FLOW STATEMENT Year ended 31 15 months ended March 31 March 2003 2002 # # Net cash inflow/(outflow) from operating activities 1,184,111 (2,450,871) Returns on investments and servicing of finance Interest received 7,085 79,808 Finance costs of assigning debts to finance companies (860,066) (95,502) Interest paid (4,964) (860) Net cash outflow from returns on investments and servicing of finance (857,945) (16,554) Taxation - (193) Capital expenditure Purchase of tangible fixed assets (35,570) (111,748) Purchase of intangible fixed assets (73,188) (130,582) Sale of tangible fixed assets 60,250 - Net cash outflow from capital expenditure (48,508) (242,330) Acquisitions Purchase of business (100,000) (704,803) Purchase of subsidiary undertaking (21,901) - Net overdrafts acquired with subsidiary undertaking (28,193) - Net cash outflow from acquisitions (150,094) (704,803) Financing Issue of shares - 2,565,303 Pre-merger issue of shares by subsidiary undertaking - 1,360,317 Expenses paid in connection with share issues - (324,315) Funds raised on sale and leaseback of fixed assets 100,000 - Net cash inflow from financing 100,000 3,601,305 Increase in cash 227,564 186,554 Net cash inflow/(outflow) from operating activities Year ended 31 15 months ended March 31 March 2003 2002 # # Operating profit/(loss) 71,350 (1,637,278) Depreciation and amortisation 389,445 119,137 Decrease/(increase) in stock 9,291 (36,894) Increase in debtors (596,835) (460,051) Increase/(decrease) in creditors 816,996 (465,785) Increase in deferred income 563,864 - Decrease in provisions for liabilities and charges (70,000) - Issue of shares in lieu of bonus - 30,000 Net cash inflow/(outflow) from operating activities 1,184,111 (2,450,871) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS 2003 2002 # # Increase in cash in the year/period 227,564 186,554 Net debt acquired with subsidiary (56,291) - Exchange adjustments (4,850) - Inception of new finance leases (100,000) - Movement in the year/period 66,423 186,554 Net funds at 31 March 2002 214,309 27,755 Net funds at 31 March 2003 280,732 214,309 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 2003 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 2002 annual report and financial statements. The policies in this preliminary announcement have remained unchanged from those 2002 financial statements. 4. Loss per share The calculation of the basic loss per share is based on the losses attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year. On 13 March 2003, the company subdivided each issued and unissued ordinary share of 1p into one ordinary share of 0.1p and one deferred share of 0.9p. All loss per share information is based on ordinary shares of 0.1p each this year, and ordinary shares of 1p each in the comparative period. In accordance with FRS 14, the adjustment for fully diluted loss per share is ignored as it results in a reduced loss per share. Loss attributable Year ended 31 15 months ended March 31 March 2003 2002 Loss (661,595) (1,653,832) Per share amount (0.10p) (0.27p) Weighted average number of shares 672,544,350 605,232,741 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 UOOBROSRNAAR
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