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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 73.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7318U CybIT Holdings PLC 28 November 2005 Cybit Holdings Plc Interim Results for the Six Months Ended 30 September 2005. Highlights Cybit Holdings Plc, one of the UK's fastest growing and most innovative telematics service providers, today announces its interim results for the six months ended 30 September 2005. Unaudited Unaudited Audited 6 months ended 30 6 months ended 30 Year ended September 2005 September 2004 31 March 2005 #'000 #'000 #'000 Turnover 4,919 2,605 6,727 Operating profit/(loss) 463 (833) (627) Operating profit/(loss) before depreciation and goodwill amortisation and interest (EBITDA) 682 (628) (214) Loss before tax (190) (1,125) (1,543) Key points * Record revenues over the period. * Return to profitability at the operating level. * Launch of new Duty of Care and Driver-ID modules with potential for future growth. Neil Johnson, Chairman of Cybit commented: "This has been another six months of further development for Cybit. The environment for Telematics Service Providers (TSPs) is becoming more positive as market awareness improves. We have also been involved in exploring the potential which recent government statements on road pricing will have, and their potentially positive impact on our business." For further information please contact: Richard Horsman Chief Executive, Cybit Holdings Plc 01480 389100 Stephen Davie College Hill 020 7457 2004 Chairman's Statement I am pleased to be able to report further progress at Cybit. There is a growing recognition that telematics-based transport management products can play a significant role in enhancing corporate efficiency as well as providing cost-effective solutions to increasing legislative demands and obligations. Financial Performance Our revenue grew by 89 per cent, to a record #4.9 million. The Company achieved EBITDA of #682,000 against a loss of #628,000 in the same period last year, enhanced by the impact of the revenue recognition policy introduced in April 2004. Cash management remains a priority with cash balances increased to #3.52 million (2004: #3.35 million). This achievement should be considered against a background of investment in both technology and headcount, which will support future growth without inflating our cost base. Operational Review United Kingdom There is a growing awareness and greater understanding of the advantages that telematics can bring to transport-based businesses. Fuel price pressures, the need for business efficiency and the need for good management continue to drive orders. Along with additional orders from existing customers including Sainsbury's to You and Alfred McAlpine Business Services, we have added in excess of 100 new customers including Interserve, Mitie Engineering and National Car Parks. The customer base for our flagship Fleetstar-Online product continues to grow with circa 13,500 vehicles managed for approximately 600 customers in the United Kingdom. It is pleasing to report that we now have our first customer with more than 1,000 units. Through this period our consulting team and service offerings were also expanded, as we were able to take advantage of greater product functionality and increased customer demand. City Car Clubs (formerly Smartmoves), our major Drive-IT customer in the UK, continues to develop its customer base with our products now installed in 150 vehicles. New software is to be launched in the second half, together with re-designed in-vehicle hardware, that will be based on existing Fleetstar hardware, offering greater interoperability and reduced supply costs. I am delighted to report that we have contracted six specialist telematics brokers who will work alongside our partner Norwich Union, at a regional level, to promote telematics enabled insurance products to their existing and new clients. Further information relating to the partnerships will be announced in due course. International In our international markets it is pleasing to be able to report improved revenue performance in Scandinavia, together with a significant order book into the second half. Our investment in Germany continues with the appointment of direct marketing staff to support sales activities. Corporate Developments During the period, our previously reported ISO implementation was expanded to include product development and IT infrastructure. ISO plays a key role in the effective management of a fast growing customer base. In the past 12 months, Cybit has achieved net savings of around #325k that can be directly attributed to embracing this demanding standard within the business. The Company continues to make significant investments in R&D across the product portfolio, delivering further hardware and software enhancements. The most important of these was a new module aimed at supporting a company's Duty of Care responsibilities to its employees. This module is relevant to businesses that operate a mobile workforce and it therefore has the potential to open new market opportunities for Cybit. In addition to the Duty of Care solution, a Driver ID module, which will give operators the ability to remotely identify who is driving a given vehicle at any time, has also been added to the platform. During the second half, the Company is planning to release further functional enhancements that should help client retention and derive further recurring revenues. This will help enhance our long-term profitability. Outlook This has been another six months of positive development for Cybit. With a number of legislative initiatives in the pipeline or under discussion, the environment for Telematics Service Providers (TSPs) is very encouraging. In particular, we are conducting a review of the potential introduction of road pricing and positive impact such a move would have on our business. The successes achieved in the first half of the year gives the Board confidence that the result for the full year will be in line with expectations. Neil Johnson 28 November 2005 CONSOLIDATED PROFIT AND LOSS ACCOUNT For the 6 months ended 30 September 2005 Unaudited Unaudited Audited 6 months ended 30 6 months ended 30 Year ended September 2005 September 2004 31 March 2005 # # # Turnover 4,918,882 2,604,928 6,727,392 Cost of sales (1,617,163) (1,190,348) (2,752,063) Gross profit 3,301,719 1,414,580 3,975,329 Administrative expenses Other operating expenses (2,619,905) (2,042,957) (4,189,110) Depreciation and goodwill amortisation (218,938) (205,026) (412,881) Total administrative expenses (2,838,843) (2,247,983) (4,601,991) Operating profit/(loss) 462,876 (833,403) (626,662) Net interest and financing costs (652,845) (291,835) (916,102) Loss on ordinary activities before taxation (189,969) (1,125,238) (1,542,764) Tax on loss on ordinary activities 36,100 - 234,835 Retained loss transferred from reserves (153,869) (1,125,238) (1,307,929) Loss per share Basic (0.77p) (6.22p) (6.60p) CONSOLIDATED BALANCE SHEET As at 30 September 2005 Unaudited Unaudited Audited 30 September 2005 30 September 2004 31 March 2005 # # # Fixed assets Intangible assets 504,681 629,087 614,526 Tangible assets 632,178 621,211 661,063 1,136,859 1,250,298 1,275,589 Current assets Stocks 246,093 118,654 120,821 Debtors: amounts falling due after more than one year 1,286,214 1,163,963 1,431,293 Debtors: amounts falling due within one year 2,709,944 2,380,999 2,405,906 Called up share capital not paid 8,260 8,260 8,260 Cash at bank and in hand 3,522,606 3,351,679 3,704,225 7,773,117 7,023,555 7,670,505 Creditors: amounts falling due within one year (2,273,471) (1,521,968) (2,266,422) Net current assets 5,499,646 5,501,587 5,404,083 Total assets less current liabilities 6,636,505 6,751,885 6,679,672 Creditors: amounts falling due after more than one year (454,722) (282,085) (352,133) 6,181,783 6,469,800 6,327,539 Capital and reserves Called up share capital 7,046,127 7,043,627 7,046,127 Share premium account 7,060,714 7,060,714 7,060,714 Merger reserve 37,500 - 37,500 Other reserve (4,090,553) (4,090,553) (4,090,553) Profit and loss account (3,872,005) (3,543,988) (3,726,249) Shareholders' funds 6,181,783 6,469,800 6,327,539 The interim financial information was approved by the Board of Directors on 28 November 2005 and was signed on its behalf by Richard Horsman Kevin Lawrence Chief Executive Finance Director CONSOLIDATED CASH FLOW STATEMENT For the 6 months ended 30 September 2005 Unaudited Unaudited Audited 6 months ended 30 6 months ended 30 Year ended September 2005 September 2004 31 March 2005 # # # Net cash inflow/(outflow) from operating activities 415,955 (804,387) 315,861 Returns on investments and servicing of finance Interest received 63,174 67,011 122,562 Finance costs of assigning debts to finance companies (686,284) (373,950) (994,833) Finance lease interest paid (11,675) (4,816) (11,580) Interest received on finance leases 3,595 1,053 3,535 Interest paid (12,289) 18,867 (26,420) Net cash outflow from returns on investments and servicing of finance (643,479) (291,835) (906,736) Taxation - - (11,808) Capital expenditure Purchase of tangible fixed assets (73,272) (276,018) (410,687) Purchase of intangible fixed assets (8,606) (34,571) (7,971) Net cash outflow from capital expenditure (81,878) (310,589) (418,658) Acquisitions Purchase of business - - (89,408) Net cash outflow from acquisitions - - (89,408) Financing Issue of shares - 5,167 5,167 Receipts from borrowing 61,750 - 92,888 Repayment of loans (38,674) (6,370) (23,052) Funds raised on sale and leaseback 162,547 216,078 216,078 Repayment of funds raised on sale and leaseback of fixed assets (56,913) (49,888) (69,330) Net cash inflow from financing 128,710 164,987 221,751 (Decrease)/increase in cash (180,692) (1,241,824) (888,998) NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT For the 6 months ended 30 September 2005 NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES Unaudited Unaudited Audited 6 months ended 30 6 months ended 30 year ended September 2005 September 2004 31 March 2005 # # # Operating profit/(loss) 462,876 (833,404) (626,662) Depreciation and amortisation 218,938 205,026 412,881 Increase in stock (125,272) (25,545) (27,884) (Increase)/decrease in debtors (113,405) 181,729 123,875 (Decrease)/increase in creditors (68,357) (462,180) 230,565 Increase in deferred income 41,175 129,987 203,086 Net cash inflow/(outflow) from operating activities 415,955 (804,387) 315,861 RECONCILIATION OF MOVEMENTS IN NET CASH 1 April 2005 Cash flow Receipts from Exchange 30 September 2005 borrowing movements # # # # # Cash in hand and at bank 3,704,225 (180,692) - (927) 3,522,606 Bank overdrafts (15,053) - - 430 (14,623) 3,689,172 (180,692) - (497) 3,507,983 Finance leases (146,748) 56,913 (162,547) - (252,382) Debt due after more than one year (81,631) 26,464 (38,274) - (93,441) Debts due within one year (38,055) 12,210 (23,476) - (49,321) 3,422,738 (85,105) (224,297) (497) 3,112,839 RECONCILIATION OF MOVEMENTS IN GROUP SHAREHOLDERS' FUNDS Unaudited Unaudited Audited 6 months ended 30 6 months ended 30 year ended September 2005 September 2004 31 March 2005 # # # Loss for the period (153,869) (1,125,238) (1,307,929) Issue of shares in the period - 5,167 45,167 Other recognised gains and losses in the period 8,113 (19,570) (19,140) Net decrease in shareholders' funds (145,756) (1,139,641) (1,281,902) Opening shareholders' funds 6,327,539 7,609,441 7,609,441 Closing shareholders' funds 6,181,783 6,469,800 6,327,539 NOTES TO THE FINANCIAL STATEMENTS 1. The interim financial information does not constitute statutory accounts for the purpose of section 240 of the Companies Act 1985. The figures for the year ended 31 March 2005 have been extracted from the Group accounts for that year. Those financial statements have been delivered to the Registrar of Companies and included an auditors' report, which was unqualified. 2. The interim financial information has been prepared using the same accounting policies and estimation techniques as set out in the Group accounts for the year ended 31 March 2005. 3. The basic loss per share has been calculated based on the loss on ordinary activities after taxation and the weighted average number of ordinary shares of 5p each in issue for the period of six months to 30 September of 19,864,554 (September 2004: 18,073,607 and March 2005: 19,830,038). In accordance with FRS 14, the adjustment for diluted loss per share is ignored as it results in an increased loss per share. The loss per share for the six months ended 30 September 2004 has been restated to reflect the 50 for 1 share consolidation that took place on 20 December 2004. 4. A copy of the Interim Statement is being sent to all shareholders and copies are available for collection from the Company's Registered Office at the address below: Cybit Holdings Plc IT House Chord Business Park London Road Godmanchester Cambridgeshire PE29 2NU www.cybit.co.uk This information is provided by RNS The company news service from the London Stock Exchange END IR FEFFAISISEFF
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