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CYH Cybit Hldgs

73.00
0.00 (0.00%)
19 Jul 2024 - Closed
Delayed by 15 minutes
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

Interim Results

02/12/2008 7:00am

UK Regulatory


    RNS Number : 3272J
  CybIT Holdings PLC
  02 December 2008
   


    Date:                   2nd December 2008
    On behalf of:        Cybit Holdings Plc ("Cybit" or "the Company" or "the Group")
    Embargoed until:   0700hrs


    Cybit Holdings Plc 
    INTERIM RESULTS
        
    Cybit Holdings Plc (AIM: CYH), the international provider of telematics based products and services for the management and control of
land and sea based assets, today announces its interim results for the six months ended 30th September 2008. 

    Financial Highlights:
    *     Revenues have increased by 37% to £12.3m (2007: £9.0m)
    *     Pre-tax profit has increased 39% to £855,000 (2007: £616,000)
    *     Funding costs static at 7% of total revenues despite interest rate increases during the period
    *     Revenue placed on the internal lease book increased to £2.3m (31% of telematics revenues)

    Operational Highlights:
    *     Major new customer wins including Greene King Brewing, Stannah Lift Services, Abel & Cole, Powys County Council and Highways
Agency 
    *     Exclusive contract with Ford Motor Company in UK to provide a fully managed aftermarket service branded 'Ford Fleet Telematics' 
    *     Cybit now supports nearly 50,000 mobile assets for approaching 2,000 customers
    *     BlueFinger awarded contract from UK DEFRA as a potential precursor to a number of similar contracts around Europe
    *     Acquisition of assets relating to OxLoc Limited in August 2008

    Commenting on the results Richard Horsman, Chief Executive of Cybit, said:

    "Even in these turbulent markets, Cybit has achieved another period of substantial organic and acquisitive growth in both revenue and
profit. We continue to deliver against our stated strategy of building a profitable, multi-faceted, international telematics business.

    "The organic growth shown by the Company during the period is a strong indication that businesses believe our fleet management solutions
can help reduce costs and increase efficiencies, making this a cost-effective investment in these tough economic conditions.

    "We remain confident in relation to future prospects and will continue to build our position within the significant market opportunity
available to us."

    For further information please contact:

 Cybit Holdings Plc              Redleaf Communications       Cenkos Securities Plc
 Richard Horsman, Chief          Emma Kane/Samantha Robbins/  Stephen Keys
 Executive
 Kevin Lawrence, Finance         Rebecca Sanders-Hewett       Elizabeth Bowman
 Director
 Tel: +44 (0)1480 455489         Tel: +44 (0)20 7566 6700     Tel: +44 (0)20 7397 1930
                                 Email: Cybit@redleafpr.com


    Notes to Editors: 

    *     Cybit operates within three core sectors:  Vehicle Telematics Solutions; Maritime Solutions; and Private Mobile Radio (PMR) based
tracking and precise positioning solutions. Its products and services enable companies to monitor and position mobile assets, manage service
level agreements, enhance employee duty of care and comply with legislation.

    *     In the Vehicle Telematics sector, Cybit is one of Europe's leading Telematics Service Providers (TSPs).  Approximately 2,000
business-to-business clients use its fleet and asset management solutions to manage in the region of 50,000 mobile assets. Solutions include
in-vehicle technologies, workflow management and internet-based monitoring and reporting software. The Company also provides consulting
services to advise on legal issues such as duty of care and working hours.

    *     Cybit's Maritime Solutions business, BlueFinger, is recognised as one of the world's leading suppliers of Fisheries Vessel
Monitoring Systems. Bluefinger provides the fisheries authority with the necessary tools for managing their licensed fishing fleets and
coordinating the activity of the fisheries patrol vessels that enforce national fisheries policy throughout the EEZ. BlueFinger's
Saffire-Online system is ideal for race organisers to track the position, direction and speed of each yacht and vessel in ocean going or
inshore races.  

    * Its PMR business, Cybit Positioning Solutions, provides asset-tracking and security solutions for both maritime and land-based
applications including exploration and mining. Its precise positioning solutions assist in the location and exploitation of oil, gas and
mineral reserves around the globe.


    CHAIRMAN'S STATEMENT 

    This has been yet another exceptional period of growth for Cybit. Despite a background of economic and financial turmoil, the Company
has generated substantial increases in both revenue and profit during the period. It is pleasing to note that 12% of period on period growth
has been achieved organically with the balance coming from acquisitions.  With the acquisition of Truck24 at the end of the last financial
year and OxLoc in the last six months, we continue to deliver against our stated strategy of building a profitable, multi-faceted,
international Telematics business.  

    Group performance has once again been very strong. We have integrated additional acquisitions, increased revenue and profit performance
whilst at the same time maintaining a healthy cash position. The Board firmly believes that Cybit is well placed to deliver continued growth
for the foreseeable future.

    Operational Review

    In the vehicle telematics sector, Cybit now supports nearly 50,000 mobile assets for approaching 2,000 customers. Major new customer
wins during the first half have included Greene King Brewing and Retailing Ltd, Stannah Lift Services, Abel & Cole, Powys County Council and
Highways Agency. Revenues from repeat business and renewals are growing with significant business being generated from existing customers
including SIG plc, May Gurney, Sainsbury's online groceries, NIE Powerteam and Interserve. 

    Vehicle telematics order intake, excluding Truck24, showed 25% growth over the first half of last year. This leads us to believe that
many companies do recognise that tough trading conditions require investment in proven solutions such as Cybit's to reduce costs and
increase efficiencies.

    Cost and cash management continue to remain an absolute priority. We have an ongoing programme of work designed to implement operational
efficiencies and process improvements within the business.

    As an example, a project is underway to consolidate all Group back office operations into our core Enterprise Resource Planning (ERP)
software backbone. There are substantial savings that can be made from the rationalisation of billing and Customer Relationship Management
(CRM) platforms across the Group. We have recently completed a similar project to standardise all of our back-office accounting applications
with cost savings already achieved during the period.

    Financial Performance

    Revenue in the first half has grown by 15% over the second half of last year. Compared to the equivalent period in 2007, revenues have
jumped by 37% from £9.0m to £12.3m. Pre-tax profit has increased significantly to £855,000 (2007: £616,000).  It is worth noting that
funding costs have remained static at 7% of total revenues despite significant increases in funding rates during the period.  

    Gross cash, excluding bank overdrafts, increased from £2.9m at 31st March to £3.0m at 30th September. Cash balances, including
overdrafts, remained virtually unchanged at £2.3m at September. Net cash, after all group bank borrowings, decreased from £1.6m to £0.6m as
a result of investment in acquisitions, own book and capital investment.

    Investment in the internal lease book increased from £1.0m in the first half of last year to £2.2m (21% to 31%) on a like for like basis
i.e. as a percentage of total vehicle telematics deals financed. This increase is in part due to mitigation of increased funding costs
coupled with more challenging lending criteria in the SME sector.  

    Operational Performance

    As we have previously reported, the provision of telematics and online services incorporates three sectors; Vehicle Telematics, Maritime
Solutions and Private Mobile Radio based tracking and precise positioning. Order intake from our precise positioning and maritime businesses
is in-line with management expectations at just over £2.1m. Cybit Positioning Solutions has again performed well with strong revenue and
order performance as many of our key customers in this sector continue to strengthen their order books. 

    Our BlueFinger Maritime business delivered a good revenue performance in the period. In the second half of the period, order performance
is expected to strengthen as a number of key contracts are due to conclude at this time.  In the first half, following on from our Volvo
Ocean Race contract, the team won the prestigious P1 Powerboat Race Management contract. 

    Perhaps more significantly, BlueFinger also won a contract from UK DEFRA to provide a catch management and reporting solution, which is
the precursor to a number of similar contracts expected to be tendered around Europe in the next few years. This puts the Company in a
strong strategic position as we will be bidding standard commercially available software. 

    Technology

    During the period, we relocated our flagship Fleetstar-Online Telematics application to an off-site hosting centre. The platform has
been scaled to support growth beyond 100,000 vehicles and currently processes around 10 million live positions on an average day. 

    We have introduced a new monthly Development Management Cycle (DMC) which allows us to combine long term strategic developments with
short cycle customer and market driven enhancements. The first of these releases was made in October with a second release in November.
Further updates are scheduled for December and the fourth quarter.  

    Over the coming months, we intend to focus on the consolidation of our current vehicle telematics platforms in order to reduce operating
costs and streamline internal support processes. We have already identified significant savings opportunities and will be assessing the
likely timescales associated with achievement of these benefits.

    During September, we launched the Truck24 solution in the UK under the Fleetstar-Logistics brand. This product has received a
significant level of interest and we have already signed the first customer contract.

    Indirect Channels

    During the period, our indirect channel partners added 73 new customers. This represents circa 10% order value growth over the same
period last year but is slightly below management expectations for this area of the business. We believe that the SME sector has been
affected by the current economic climate to some extent. However, it was encouraging to note that a significant number of our reseller
customers purchased additional units, which confirms they believe that they are receiving a return on their investment.

    We do believe that this is a temporary slowing of growth and are implementing a number of initiatives to recruit new resellers. We are
also providing additional support around helping the end customer to recognise the rapid return on investment potential that is available
from installing our technology into their fleet.
    In June, the Company announced an exclusive partnership agreement with Ford Motor Company in the UK, to provide a fully managed
aftermarket service branded 'Ford Fleet Telematics' targeted at Ford Fleet customers. This service is to be launched in December.
    Under the terms of the agreement, Cybit has exclusive telematics access to Ford's confidential CanBus coding information, which allows
details relating to vehicle usage and performance to be reported through the Cybit Fleetstar-Online application.  The partnership initially
includes access to CanBus systems on the current Ford Transit and Transit Connect models. This collaborative access to CanBus enables Ford
Fleet customers to have confidence in the accuracy of data contained within reports.
    OxLoc

    In August, for a nominal cash consideration, we acquired the trade and assets of OxLoc Limited, an Oxford based supplier of
battery-powered tracking units for HGV trailers, plant and mobile assets. 

OxLoc provided asset monitoring, tracking and alerting solutions to the sector of the mobile asset management market where there is either
non existent or limited access to a power source, through the supply of autonomous battery-powered data collection products.  The company
was originally founded by Isis Innovation Ltd, the technology transfer company of the University of Oxford. 

The purchase covered all hardware, software and intellectual property and provides Cybit with non-powered tracking devices that will become
highly integrated with Cybit's leading Fleetstar-Online telematics and fleet-tracking solution. This will include built-in RFID technology
for temperature, pallet and goods-in-transit monitoring. 
    
Cybit is looking to integrate the OxLoc products into the current product range and will continue to run and expand the service that is
already installed with customers and partners such as Fowler Welch and Balfour Beatty. This process will be relatively easy as Cybit has
already incorporated the OxLoc product into its AssetLocator platform and have a number of customers using the solution for non-powered
assets.

    International Operations

    Truck24

    The acquisition of Truck24, completed at the end of the last financial year, has given us a substantial platform from which to launch
further regional organic and acquisitive growth. We currently have more than 3,300 vehicles across 200 customers in Germany, Austria, Italy
and Switzerland with good growth prospects in all markets.

    The integration process is now complete with the creation of a pan-European support function covering both Sweden and Germany. The
logistics and configuration process has been outsourced on the same basis as the UK. The net result of these changes has been a significant
level of operational saving achieved during the second quarter. The business also benefited from Cybit Group supply contracts in a number of
areas which have reduced operating costs associated with the existing installed base. The combined effect of these savings resulted in
Truck24 being broadly break even during the first half of the year.

    As part of the restructuring process the Truck24 CEO has moved on with a highly experienced replacement Country Sales Manager joining
the business during October.

    In terms of outlook, the change in management structure has given the team renewed focus and confidence in the business. In October
alone, the business achieved record order intake in excess of EUR700k. 

    Cybit AB

    In the first six months of the year, we have seen a significant upturn in sales of Fleetstar-Online into the Swedish market. 
Significant contracts have been signed with Flygfrakt, the largest freight forwarder in Sweden, and Fujitsu. We have also renewed a number
of our early Fleetstar-Online customers.

    In the latter part of the period, we launched the Truck24 logistics and distribution solution into Sweden. A number of pilot
installations are already underway with positive initial feedback from customers using the solution.

    As a result of this increased interest in fleet and asset management solutions and a decline in our car sharing business, we have
decided to retire the Drive-IT solution by the end of the current financial year.

    During the period, we have increased our local team to eight with a view to driving additional local and regional growth.  

    Cybit Middle East

    Having a local presence in Dubai is helping us to form closer relationships with a number of our oil and gas exploration clients. This
has already led to us receiving orders for our TDMA precise positioning technology for local deployment in the field. Perhaps more
significantly, through one of our regional agents, we have won a pilot coastal security project using the same UHF and VHF TDMA technology
which could lead to a significant future deployment.

    Our Dubai based Vehicle Telematics partner has won an initial pilot project which will involve a satellite-based tracking and
communication deployment into Iran. This group has significant experience and reach into the region which we believe could lead to
significant repeat order potential for our solutions.

    Although it is still early days for us, we firmly believe that the Middle East represents a significant long term growth opportunity for
Cybit and we will continue to explore potential opportunities and partnerships in this marketplace.

    Future Prospects

    In terms of organic growth, current market conditions will undoubtedly have had an impact on our customers to varying degrees, however,
we strongly believe that any well run business will be looking for ways to both manage productivity and reduce costs in a tough market.
Further to this, we believe that customers making investment decisions will be carrying out far more due diligence on the financial strength
of any potential partner. Accordingly, as one of the recognised European leaders with a strong balance sheet and track record of delivering
tangible return on investment, Cybit is well placed to enhance our position in this challenging market.

    The Company also benefits from diversity in business and geographic spread which should allow us to demonstrate "counter cyclical"
growth in an economic downturn.

    In terms of acquisitive growth, we are seeing a number of smaller competitors suffering both from a reduction in orders and an inability
to raise funds to support business growth. If current market conditions prevail in the medium term, the Board believes that this could
present the Company with further growth opportunities. 

    In summary, business levels across the Group remain strong and the Board is looking forward to delivering continued growth in the second
half.


    Neil Johnson
    Chairman
    2nd December 2008


      
      

 Consolidated interim income statement
 For the six months ended 30
 September 2008
                                                 Six months            Six months             Year ended 
                                           30 September 2008     30 September 2007              31 March 
                                                 (unaudited)           (unaudited)                   2008
                                                                                                (audited)
                                 Notes                     £                     £                      £

 Sales revenue                     3              12,305,835             9,007,456             19,671,179
 Cost of sales                                   (5,050,944)           (3,466,899)            (7,301,291)
 Gross profit                                      7,254,891             5,540,557             12,369,888
 Administrative expenses
   Other operating expenses                      (4,966,325)           (3,831,471)            (8,125,373)
   Depreciation and                                (552,134)             (477,945)              (981,212)
 amortisation
 Total administrative expenses                   (5,518,459)           (4,309,416)            (9,106,585)
 Operating result                                  1,736,432             1,231,141              3,263,303
 Finance income                                       78,043                 8,038                 38,360
 Finance expense                                   (959,280)             (623,295)            (1,606,827)
 Result for the period before                        855,195               615,884              1,694,836
 taxation
 Tax expense, net                                  (246,781)             (184,756)              (627,561)
 Net result for the period                           608,414               431,128              1,067,275

 Attributable to shareholders                        608,414               431,128              1,067,275
 of Cybit Holdings Plc

 Earnings per share (pence)        5
 Basic                                                 2.22p                 1.94p                  4.65p
 Diluted                                               2.21p                 1.90p                  4.61p

    
    
    
    
    

 Consolidated interim balance
 sheet
 30 September 2008
                                        30 September             30 September 2007  31 March 2008 (audited)
                                    2008 (unaudited)                   (unaudited)
                                                   £                             £                        £
 ASSETS
 Non-current assets
 Goodwill                                  4,945,604                     2,873,265                5,138,890
 Other intangible assets                   4,638,770                     2,501,476                4,377,714
 Property, plant and equipment               560,730                       752,953                  473,328
 Deferred tax assets                         401,122                       528,416                  609,799
 Other non-current assets                    115,387                       466,923                  131,410
                                          10,661,613                     7,123,033               10,731,141
 Current assets
 Inventories                               1,511,343                     1,813,808                1,420,696
 Trade and other receivables               7,834,735                     7,094,709                8,004,116
 Cash and cash equivalents                 2,974,752                     3,295,512                2,853,984
 Total                                    12,320,830                    12,204,029               12,278,796

 TOTAL ASSETS                             22,982,443                    19,327,062               23,009,937

 LIABILITIES
 Current liabilities
 Trade and other payables                  4,097,208                     3,345,135                3,964,270
 Short term borrowings                     1,083,277                       653,780                  598,192
 Current tax payable                          36,069                       509,316                  527,131
 Finance leases                               28,348                        46,502                   16,374
 Other payables                              553,564                       866,486                  953,233
 Deferred consideration payable              135,000                       250,000                1,012,102
 Accruals and deferred income              1,863,524                     1,298,320                1,739,801
                                           7,796,990                     6,969,539                8,811,103

 Non- current liabilities
 Long-term borrowings                      1,326,528                       729,561                  656,914
 Finance leases                               49,085                             -                        -
 Deferred tax                                393,774                       459,146                  426,458
 Deferred income                             705,315                     1,789,958                  894,335
 Deferred consideration payable                    -                             -                  100,000

 TOTAL LIABILITIES                        10,271,692                     9,948,204               10,888,810

 NET ASSETS                               12,710,751                     9,378,858               12,121,127

 EQUITY
 Share capital                             7,425,488                     7,213,618                7,425,488
 Share premium account                     7,591,607                     7,250,224                7,591,607
 Merger reserve                          (1,141,368)                   (2,716,568)              (1,141,368)
 Equity reserve                              194,374                       238,571                  194,374
 Foreign exchange reserve                   (29,656)                      (32,732)                 (10,866)
 Retained earnings                       (1,329,694)                   (2,574,255)              (1,938,108)

 TOTAL EQUITY                             12,710,751                     9,378,858               12,121,127







 Consolidated interim statement of changes in equity
 30 September 2008

 Equity attributable to equity holders of Cybit Holdings Plc:
                                                           Share capital  Share premium account  Foreign exchange reserve  Merger reserve 
Equity reserve  Retained earnings  Total equity
                                                                       £                      £                         £               £   
           £                  £             £

 Balance at 31 March 2007                                      7,150,882              7,098,214                     (301)     (3,168,708)   
     288,172        (3,005,383)     8,362,876
 Shares issued on acquisition of Amatics Limited                  48,100                      -                         -         452,140   
           -                  -       500,240
 Shares issued on exercise of warrants                            14,636                 97,564                         -               -   
           -                  -       112,200
 Transfer between reserves on exercise of warrants                     -                 54,446                         -               -   
    (54,446)                  -             -
 Increase in equity reserve in relation to options issued              -                      -                         -               -   
       4,845                  -         4,845
 Foreign exchange adjustments                                          -                      -                  (32,431)               -   
           -                  -      (32,431)
 Profit for the six month period                                       -                      -                         -               -   
           -            431,128       431,128
 Balance at 30 September 2007                                  7,213,618              7,250,224                  (32,732)     (2,716,568)   
     238,571        (2,574,255)     9,378,858
 Shares issued on acquisition of Truck24 AG                      179,000                      -                         -       1,575,200   
           -                  -     1,754,200
 Warrants issued on acquisition of Truck24 AG                          -                      -                         -               -   
      82,923                  -        82,923
 Shares issued on exercise of warrants                            32,870                219,108                         -               -   
           -                  -       251,978
 Transfer between reserves on exercise of warrants                     -                122,275                         -               -   
   (122,275)                  -             -
 Foreign exchange adjustments                                          -                      -                    21,866               -   
           -                  -        21,866
 Increase in equity reserve in relation to options issued              -                      -                         -               -   
     (4,845)                  -       (4,845)
 Profit for the six month period                                       -                      -                         -               -   
           -            636,147       636,147
 Balance at 31 March 2008                                      7,425,488              7,591,607                  (10,866)     (1,141,368)   
     194,374        (1,938,108)    12,121,127
 Foreign exchange adjustments                                          -                      -                  (18,790)               -   
           -                  -      (18,790)
 Profit for the six month period                                       -                      -                         -               -   
           -            608,414       608,414
 Balance at 30 September 2008                                  7,425,488              7,591,607                  (29,656)     (1,141,368)   
     194,374        (1,329,694)    12,710,751

    
 





 Consolidated interim cash flow
 statement
 For the six months ended 30
 September 2008
                                                  Six months          Six months 30  Year ended 31 March
                                            30 September 2008        September 2007                 2008
                                                  (unaudited)           (unaudited)            (audited)
                                                            £                     £                    £
 Operating activities
 Results for the period after                         608,414               431,128            1,067,275
 tax
 Adjustments for:
  Depreciation and amortisation                       552,134               477,945              981,212
  Loss on sale of property,                                 -                     -                1,919
 plant and equipment
  Working capital changes                           (253,477)               529,462            (183,089)
 Finance costs                                        881,237               615,257            1,568,467
 Taxation expense recognised in                       246,781               184,756              627,561
 the income statement 
  Employee equity settled share                             -                 4,845                    -
 options
 Cash generated from operations                     2,035,089             2,243,393            4,063,345
 Corporation tax paid                               (346,638)                     -             (28,754)
 Financing costs of assigning                       (882,328)             (596,943)          (1,529,642)
 debts to finance companies
 Net cash from operating                              806,123             1,646,450            2,504,949
 activities

 Investing activities
 Purchase of subsidiary                             (999,031)           (4,017,330)          (4,783,421)
 undertakings
 Net cash acquired with                                     -             3,317,707            3,457,996
 subsidiaries
 Purchase of property, plant                        (198,283)              (79,690)            (149,457)
 and equipment
 Purchase of other intangibles                      (705,468)             (176,516)            (859,393)
 Proceeds from sale of                                      -                 3,019                1,222
 property, plant and equipment
 Interest received                                     78,043                 4,728               38,360
 Net cash used in investing                       (1,824,739)             (948,082)          (2,294,693)
 activities

 Financing activities
 Interest paid                                       (76,952)              (23,042)             (77,185)
 Proceeds from share issues                                 -               112,200              364,178
 Receipts from borrowings                           1,039,503               500,000              500,000
 Receipts from short term                                   -             3,250,000            3,250,000
 borrowings
 Repayment of short term                                    -           (3,250,000)          (3,250,000)
 borrowings
 Finance lease repayments                            (17,957)              (56,673)             (86,801)
 Repayment of loans                                  (64,061)              (79,041)            (221,875)
 Net cash generated from                              880,533               453,444              478,317
 financing activities
 Net changes in cash and cash                       (138,083)             1,151,812              688,573
 equivalents
 Exchange differences                                   (672)                     -                (388)
 Net cash and cash equivalents,                     2,425,689             1,737,504            1,737,504
 beginning of period
 Net cash and cash equivalents,                     2,286,934             2,889,316            2,425,689
 end of period
      



    Selected explanatory notes

    1. Nature of operations and general information

    Cybit Holdings plc, a public limited company, is the Group's ultimate parent company. It is registered in England & Wales. The address
of Cybit Holdings plc's registered office, which is also its principal place of business, is Cybit House, Kingfisher Way, Hinchingbrooke
Business Park, Huntingdon, Cambridgeshire PE29 6FN.

    Cybit Holdings plc's shares are listed on the London Stock Exchange's Alternative Investment Market (AIM). Cybit Holdings plc's
consolidated full year financial statements are presented in British Pounds (£), which is also the functional currency of the ultimate
parent company.

    2. Accounting policies and basis of preparation

    These consolidated interim financial statements have been prepared in accordance with the accounting policies expected to be followed
for the year ending 31 March 2009. These policies are consistent with those of the annual financial statements for the year ended 31 March
2008 which are based on the recognition and measurement principle of International Financial Reporting Standards (IFRS) as adopted by the
European Union. The financial statements have been prepared under the historical cost convention. The impact of showing items at fair value,
such as share options, is not material.

    3. Segment Analysis

    The Group has one principal activity and makes sales to a variety of global destinations. An analysis of sales revenue by geographical
market is given below: 
                        Six months 30         Six months 30   Year ended 31 March
                       September 2008        September 2007        2008 (audited)
                          (unaudited)           (unaudited)
                                    £                     £                     £

 United Kingdom             9,226,524             8,312,596            17,467,941
 Rest of Europe             2,604,540               298,880             1,475,901
 Africa                       269,570               193,470               346,259
 Middle East                  194,341                25,640               359,935
 Rest of world                 10,860               176,870                21,143
                           12,305,835             9,007,456            19,671,179


    4. Share issues

    There were no issues of shares during the period under review.


    5. Earnings Per Share 
    The calculation of the basic earnings per share is based on the profits attributable to the shareholders of the Group divided by the
weighted average number of shares in issue during the period. All earnings per share calculations relate to continuing operations of the
Group.
                                 Profits attributable      Weighted average      Basic earnings per share amount in
                                      to shareholders      number of shares                                   pence
 Six months ended 30 September                608,414            27,451,768                                   2.22p
 2008
 Six months ended 30 September                431,128            22,278,925                                   1.94p
 2007
 Year ended 31 March 2008                   1,067,275            22,943,055                                   4.65p

    The calculation of the diluted earnings per share is based on the profits attributable to the shareholders of the Company divided by the
weighted average number of shares in issue during the period, as adjusted for dilutive share options. All earnings per share calculations
relate to continuing operations of the Group.

                                   Dilutive options  Diluted earnings per share amount in pence
 Six months ended 30 September              105,385                                       2.21p
 2008                            
 Six months ended 30 September              409,597                                       1.90p
 2007                            
 Year ended 31 March 2008                   199,796                                       4.61p


    6. Financial Statements 

    The interim financial information included in this report does not constitute statutory accounts for the purposes of section 240 of the
Companies Act 1985. The full accounts for the year ended 31 March 2008 which were prepared under IFRS and which received an unqualified
report from the auditors, and did not contain a statement under s237(2) or (3) of the Companies Act 1985, have been filed with the Registrar
of Companies. Comparative figures for the period ended 30 September 2007 contained within this report were published in a press release on 3
December 2007.





This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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