![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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:2275N CybIT Holdings PLC 05 December 2006 Cybit Holdings Plc Interim Results for the Six Months Ended 30 September 2006 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 2006. Unaudited Unaudited Audited 6 months ended 30 6 months ended 30 Year ended September 2006 September 2005 31 March 2006 #'000 #'000 #'000 Turnover 5,793 4,919 10,190 Operating profit 512 463 1,338 Operating profit before depreciation and 770 682 1,770 goodwill amortisation and interest (EBITDA) Profit/(loss) before tax 12 (190) 200 Key points * Revenues up 18%, return to first-half profitability * BlueFinger delivering good results, opening new markets * Funding costs reduced * Own-book increased to 19% on vehicle telematics * More than 1,000 clients, 25,000 assets tracked Neil Johnson, Chairman of Cybit commented: "This has been another solid performance for Cybit, which increased its revenues by 18% and returned to profitability in the first half. The integration of BlueFinger has already delivered benefits, strengthening our core vehicle telematics business and bringing high-level contacts in new markets." 5 December 2006 For further information please contact: Cybit Holdings Plc 01480 389100 Richard Horsman Chief Executive, College Hill 0207 457 2020 Carl Franklin / Mark Garraway Chairman's statement I am pleased to report another good performance for Cybit, which increased revenues by nearly 18% and returned to profitability in the first half. Funding costs are down and our cash balances remain healthy at #2m. Around 19% of vehicle telematics revenue is now on our own book as a percentage of total deals financed and this investment has increased from 14% to 19% on a like-for-like basis. The integration of BlueFinger, acquired in June for #1.6m, has strengthened our core business and taken Cybit into the expanding market of marine telematics, which brings high-value contacts and good potential to cross-sell our vehicle telematics solutions. Operational review Cybit's continuing strong growth is reflected in the fact that it now supports more than 25,000 mobile assets for around 1,000 independent customers. Major business wins included EIC, Epsilon Test Services, Denman Group and Ideal Boilers, with BlueFinger adding new clients including Sheffield Insulations Group and the Ghanaian government. Repeat business remains strong, reflecting the quality of our product and service offerings. Sainsbury's Online Grocery extended its existing contract to add more than 150 delivery vehicles, while Sunderland Housing renewed a contract for 200 vehicles in September. Our consulting and support business continues to expand, with revenues increasing 40% compared with the same period last year. In response to customer needs we have developed innovative new services, including premium round-the-clock support, and have extended our existing logistics capability into South West England and Scotland. Our indirect channels have continued to expand, with a strong performance from Fleetstar-AVL, which added 35 new customers in the first half. Sales supported by Norwich Union's fleet insurance products have increased significantly in the first half, following the appointment of a UK wide specialist insurance broker network. The #1.6 million acquisition of BlueFinger, announced on 14 June, has already had a positive impact on the Group's core vehicle telematics business, adding 3,700 vehicles and 200 customers. BlueFinger's expertise in maritime telematics is taking the Group into new and expanding markets such as vessel monitoring and fisheries protection. Shortly after the acquisition, BlueFinger announced a contract extension worth #0.5 million to equip a further 50 fishing vessels with vessel monitoring technology for the Ghanaian government. Current trading and outlook Businesses are becoming increasingly aware of the potential for telematics solutions to improve both competitive advantage and regulatory compliance. As a result, our financial performance has continued to improve and following a good start to the second half we remain confident of meeting expectations for the year. Cybit has a leadership position in an expanding but fragmented market. In August, we were the only European Telematics provider to be ranked in ABI Research's Top-10 Global Vehicle Telematics Vendors. As ever, we continue to review opportunities to increase our growth through value-enhancing acquisitions and continuing innovation. Neil Johnson 5 December 2006 CONSOLIDATED PROFIT AND LOSS ACCOUNT For the 6 months ended 30 September 2006 Unaudited Unaudited Audited 6 months ended 6 months ended 30 Year ended 30 September 2006 September 2005 31 March 2006 # # # Turnover Continuing operations 5,198,090 4,918,882 10,190,382 Acquisitions 595,270 - - 5,793,360 4,918,882 10,190,382 Cost of sales (2,256,128) (1,617,163) (3,338,521) Gross profit 3,537,232 3,301,719 6,851,861 Administrative expenses Other operating expenses (2,767,276) (2,619,905) (5,081,553) Depreciation and goodwill amortisation (257,513) (218,938) (431,949) Total administrative expenses (3,024,789) (2,838,843) (5,513,502) Continuing operations 484,751 462,876 1,338,359 Acquisitions (after #18,143 goodwill 27,692 - - amortisation) Operating profit 512,443 462,876 1,338,359 Net interest and financing costs (500,432) (652,845) (1,138,349) Profit /(loss) on ordinary activities before 12,011 (189,969) 200,010 taxation Tax on profit/(loss) on ordinary activities (2,282) 36,100 (77,049) Retained profit/(loss) transferred to/(from) 9,729 (153,869) 122,961 reserves Earnings/(loss) per share Basic 0.05p (0.77p) 0.62p Diluted 0.05p (0.77p) 0.62p CONSOLIDATED BALANCE SHEET As at 30 September 2006 Unaudited Unaudited Audited 30 September 2006 30 September 2005 31 March 2006 # # # Fixed assets Intangible assets 3,026,891 504,681 539,186 Tangible assets 616,097 632,178 600,527 3,642,988 1,136,859 1,139,713 Current assets Stocks 551,736 246,093 454,322 Debtors: amounts falling due after more than 959,826 1,286,214 1,026,476 one year Debtors: amounts falling due within one year 4,497,646 2,718,204 3,810,152 Cash at bank and in hand 2,029,868 3,522,606 2,693,308 8,039,076 7,773,117 7,984,258 Creditors: amounts falling due within one (3,187,666) (2,273,471) (2,392,554) year Net current assets 4,851,410 5,499,646 5,591,704 Total assets less current liabilities 8,494,398 6,636,505 6,731,417 Creditors: amounts falling due after more (434,164) (454,722) (270,005) than one year 8,060,234 6,181,783 6,461,412 Capital and reserves Called up share capital 7,150,882 7,046,127 7,046,127 Share premium account 8,020,059 7,098,214 7,098,214 Other reserve (4,090,553) (4,090,553) (4,090,553) Equity reserve 593,850 - - Profit and loss account (3,614,004) (3,872,005) (3,592,376) Shareholders' funds 8,060,234 6,181,783 6,461,412 The interim financial information was approved by the Board of Directors on 5 December 2006 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 2006 Unaudited Unaudited Audited 6 months ended 6 months ended Year ended 30 September 2006 30 September 2005 31 March 2006 # # # Net cash inflow from operating activities 266,080 415,955 381,949 Returns on investments and servicing of finance Interest received 56,174 63,174 106,994 Finance costs of assigning debts to finance (537,493) (686,284) (1,217,057) companies Finance lease interest paid (8,265) (11,675) (21,851) Interest received on finance leases 7,282 3,595 9,360 Interest paid (18,130) (12,289) (15,795) Net cash outflow from returns on investments (500,432) (643,479) (1,138,349) and servicing of finance Taxation - - (2) Capital expenditure Purchase of tangible fixed assets (26,398) (73,272) (138,103) Disposal proceeds of tangible fixed assets - - 1,048 Purchase of intangible fixed assets (185,869) (8,606) (159,424) Net cash outflow from capital expenditure (212,267) (81,878) (296,479) Acquisitions Purchase of subsidiary undertaking (31,093) - - Net overdrafts acquired with subsidiary (103,486) - - Net cash outflow from acquisitions (134,579) - - Financing Receipts from borrowing - 224,297 224,297 Repayment of loans (59,468) (38,674) (67,675) Repayment of borrowings (64,698) (56,913) (113,984) Net cash (outflow)/inflow from financing (124,166) 128,710 42,638 Decrease in cash (705,364) (180,692) (1,010,243) NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT For the 6 months ended 30 September 2006 NET CASH INFLOW FROM OPERATING ACTIVITIES Unaudited Unaudited Audited 6 months ended 30 6 months ended 30 year ended September 2006 September 31 March 2005 2006 # # # Operating profit 512,443 462,876 1,338,359 Depreciation and amortisation 257,513 218,938 431,949 Increase in stock (67,495) (125,272) (333,501) Increase in debtors (152,507) (113,405) (1,057,916) (Decrease)/increase in creditors (274,797) (68,357) 57,792 (Decrease)/increase in deferred income (9,077) 41,175 (54,734) Net cash inflow from operating activities 266,080 415,955 381,949 RECONCILIATION OF MOVEMENTS IN NET CASH 1 April 2006 Cash flow Acquisitions Exchange 30 September 2006 (excluding cash and movements overdrafts) # # # # # Cash in hand and at bank 2,693,308 (663,305) - (135) 2,029,868 Bank overdrafts (14,777) (42,059) - 184 (56,652) 2,678,531 (705,364) - 49 1,973,216 Finance leases (195,310) 59,468 (7,909) - (143,751) Debt due after more (61,055) 66,108 (285,977) - (280,924) than one year Debt due within one (52,363) (1,410) (118,800) - (172,573) year 2,369,803 (581,198) (412,686) 49 1,375,968 RECONCILIATION OF MOVEMENTS IN GROUP SHAREHOLDERS' FUNDS Unaudited Unaudited Audited 6 months ended 6 months ended year ended 30 September 2006 30 September 2005 31 March 2006 # # # Profit/(loss) for the period 9,729 (153,869) 122,961 Issue of shares in the period 1,026,600 - - Other recognised gains and losses in the (31,357) 8,113 10,912 period Net increase/(decrease) in shareholders' 1,004,972 (145,756) 133,873 funds Opening shareholders' funds 6,461,412 6,327,539 6,327,539 Closing shareholders' funds 7,466,384 6,181,783 6,461,412 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 2006 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 2006, with the exception that the Group has now considered and adopted the provisions of Financial Reporting Standard 20 - ' Share Based Payments'. The implementation of the new Standard has had no significant effect on the Group's existing disclosures. 3. On 14 June 2006 the company acquired the entire issued share capital of BlueFinger Limited for a total consideration of #1,620,450, comprising the issue of 2,095,102 consideration shares at 49p per share and the granting of #593,850 of consideration warrants. Costs of #31,093 were incurred in relation to the transaction. The calculation of goodwill includes fair value adjustments, some of which are provisional at this stage. 4. The basic earnings/(loss) per share has been calculated based on the profit/(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 21,101,007 (September 2005: 19,864,554 and March 2006: 19,864,554). 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 three 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, the warrants issued to Trafficmaster as part of the acquisition of Fleetstar in February 2002 and the warrants issued to the previous shareholders of BlueFinger Limited as part of the acquisition in June 2006. The diluted weighted average number of ordinary shares in issue for the six months to 30 September 2006 was 21,278,108 and at 31 March 2006 was 19,935,919. 5. 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 FSIFWLSMSEDE
1 Year Cybit Chart |
1 Month Cybit Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions