![](/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:4441S CybIT Holdings PLC 25 November 2003 25th November 2003 Cybit Holdings Plc Interim Results for the Six Months Ended 30 September 2003. 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 2003. Unaudited Unaudited Audited 6 months ended 6 months ended Year ended 30 September 30 September 31 March 2003 2002 2003 #'000 #'000 #'000 Turnover 3,999 2,235 5,066 Operating profit before depreciation and goodwill amortisation and interest (EBITDA) 747 100 461 Profit/(loss) before tax 38 (473) (662) Key points *79% increase in turnover over corresponding period last year *Company generates "maiden" profit before tax of #38,000 for the period *Threefold increase in average customer fleet size now being supported by Cybit's solution portfolio *Upgrades to Fleetstar-Online portfolio with integration of SmartNav and RAC Trackstar and enhancements to cybitfleet.com platform *Significant progress made on indirect channels to market through strategic partnerships with Lex Vehicle Leasing and brs Truck Rentals *Major initiative launched to recruit telematics and fleet management solutions resellers *Institutional placing post period end raising #4.85 million net of expenses Neil Johnson, Chairman of Cybit commented: "These results mark an important landmark for Cybit as the company moves into profit for the first time. The business has continued to deliver results and has had an excellent first six months of the year across our full range of services and products. The company is now well positioned to build on this success. From our strong financial base we intend to build the business through both organic and potential acquisition led growth and look forward to the future with confidence." For further information please contact: Richard Horsman 01480 389100 Chief Executive, Cybit Holdings Plc Jonathon Brill 0207 861 3232 Bell Pottinger Financial Chairman's Statement The first six months trading has delivered substantial revenue growth and it is pleasing to be able to report a transition to profitability for Cybit Holdings Plc. The Company continues to build its position as one of the fastest growing and most innovative Telematics Service Providers, with a track record of delivering return on investment for its customers and partners. The Company has achieved profits before tax of #38,000 (2002: loss #474,000) on first half revenues of #4.0 million. This represents substantial growth over both first and second half performance in 2002 (#2.2 million and #2.8 million respectively). Business update Cybit now has around 450 customers in the United Kingdom with more than 8,000 fixed and mobile assets supported by our services. The volume of business has doubled since the same period last year. The internet-based Fleetstar-Online service continues to generate substantial revenues for the Company. The cost reductions available to our customers through this product has led to an increasing number of large fleets adopting the solution. This has resulted in the average number of vehicles implemented per customer increasing from eight in 2002 to 24 at the end of September this year. Revenue generated from non-hardware related sources has continued to increase with #188,000 generated in the first half. Cybit has also completed a number of consulting engagements and contracts with enterprises such as AWG Plc, Fountains Plc and Ryder Plc. We will look to further develop these services in the future. Technology Cybit has continued to maintain competitive advantage through the evolution of its technology platforms during the first half of 2003. Your Board believes that the Fleetstar-Online platform is now one of the most scalable solutions of its type available in the market today. In addition to fleet management integrated with SmartNav off-board satellite navigation, the Fleetstar-Online hardware platform has been further enhanced to support RAC Trackstar stolen vehicle tracking. The internet-based software application has also been subject to on-going development including a number of performance and reporting enhancements. The cybitfleet.com platform has been upgraded with a new reporting suite based on similar capabilities offered with Fleetstar-Online. Cybit has also enhanced the General Packet Radio Service (GPRS) solution within cybitfleet to include two-way messaging. Interest in the GPRS offering is increasing as it allows for the development of cost-effective, real-time tracking applications and the transmission of volume data between vehicle and base over the GSM network. Indirect channels Cybit has increased its focus on the development of channels to market that will allow the company to accelerate growth and increase market share. The existing partnerships with Lex Vehicle Leasing and Norwich Union continue to evolve and deliver revenues to the company. In particular, I am delighted to report that our initial success with Lex has resulted in a new three year agreement which includes the proposed integration of Cybit's Fleetstar-Online technology into Lex's "Interactive Fleet Manager Offering". Cybit has signed an agreement with one of its key customers - brs Truck Rental - for whom Cybit is developing a "white label" version of the Fleetstar-Online solution as an integral element of a brs branded telematics solution. This integrated solution will be offered as a premium service to both new and existing brs customers. The Company has also launched a major drive to recruit telematics and fleet management solutions resellers. Significant reseller contracts have been signed with Vanguard Plc and Signature Industries together with agreements with a number of smaller specialist companies. Cybit expects revenues from indirect sources to continue to grow during the second half. Drive-IT Systems AB Further progress has been made with the Drive-IT car sharing technology. Customer satisfaction within the existing user base has substantially increased and this has resulted in additional units being installed in a number of customer fleets. Drive-IT is now looking to expand use of the system within the commercial sector and is currently engaged in extensive trials with a number of organisations and potential customers. In the UK, Smartmoves has successfully migrated to the Drive-IT internet-based booking system and are continuing to install the technology in new vehicles as they continue to expand their management fleet. Although revenues are still modest, the outlook for the Drive-IT solution is encouraging. Group financial performance Consolidated turnover for the period was #4.0 million with a profit before tax of #38,000. Underlying performance of Cybit Limited was a net profit of #178,000 for the period. In July, #483,000 net of costs was raised by way of a small private placing. This cash was used for continued development of the current product portfolio and additional working capital necessary to support the business. The Group continued to be net cash generative during the period. Cash in hand as at 30 September 2003 had more than doubled to #944,000 compared with #470,000 at 31 March 2003. Market placing It is pleasing to note that the positive developments in the Company in the past year have been recognised not only amongst our customers but amongst the financial community. In early November the Company was therefore able to raise #5 million (#4.85 million net of expenses) in a single cash-raising placement with financial institutions and investment funds, through the Company's brokers KBC Peel Hunt. This placing was achieved at a price of 3p per share which has, of course, underlined the inherent potential value of the business. Outlook Although trading conditions within our major markets remain challenging, these results mark an important landmark for Cybit as the company moves into profit for the first time. The business has continued to deliver results and has had an excellent first six months of the year across our full range of services and products. The company is now well positioned to build on this success. From our strong financial base we intend to build the business through both organic and potential acquisition led growth and look forward to the future with confidence. Neil Johnson 25 November 2003 CONSOLIDATED PROFIT AND LOSS ACCOUNT For the 6 months ended 30 September 2003 Unaudited Unaudited Audited 6 months ended 6 months ended year ended 30 September 30 September 31 March 2003 2002 2003 # # # Turnover 3,998,602 2,235,117 5,065,863 Cost of sales (1,450,144) (613,297) (1,294,095) ---------- ----------- ----------- Gross profit 2,548,458 1,621,820 3,771,768 ---------- ----------- ----------- Administrative expenses Other operating expenses (1,801,377) (1,522,122) (3,310,973) Depreciation and goodwill amortisation (178,119) (197,713) (389,445) ---------- ----------- ----------- Total administrative expenses (1,979,496) (1,719,835) (3,700,418) ---------- ----------- ----------- Operating profit/(loss) 568,962 (98,015) 71,350 Net interest and financing costs (530,565) (375,500) (857,945) ---------- ----------- ----------- Profit/(loss) on ordinary activities before taxation 38,397 (473,515) (786,595) Tax on profit/(loss) on ordinary activities 20,000 - 125,000 ---------- ----------- ----------- Retained profit/(loss) transferred to/(from) reserves 58,397 (473,515) (661,595) ---------- ----------- ----------- ---------- ----------- ----------- Earnings/(loss) per share Basic 0.008p (0.07)p (0.10)p Diluted 0.002p - - ---------- ----------- ----------- CONSOLIDATED BALANCE SHEET As at 30 September 2003 Unaudited Unaudited Audited 6 months ended 6 months ended year ended 30 September 30 September 31 March 2003 2002 2003 # # # Fixed assets Intangible assets 728,932 932,159 839,091 Tangible assets 347,251 390,271 369,984 ---------- ----------- ----------- 1,076,183 1,322,430 1,209,075 Current assets Stocks 136,289 128,023 145,688 Debtors: amounts falling due after more than one year 914,714 635,364 865,178 Debtors: amounts falling due within one year 1,471,460 781,334 1,092,621 Called up share capital not paid 8,260 8,260 8,260 Cash at bank and in hand 944,393 310,410 470,016 ---------- ----------- ----------- 3,475,116 1,863,391 2,581,763 Creditors: amounts falling due within one year (1,646,369) (995,366) (1,582,810) ---------- ----------- ----------- Net current assets 1,828,747 868,025 998,953 ---------- ----------- ----------- Total assets less current liabilities 2,904,930 2,190,455 2,208,028 Creditors: amounts falling due after more than one year (765,674) (416,188) (687,929) Provisions for liabilities and charges (35,000) (140,000) (70,000) ---------- ----------- ----------- 2,104,256 1,634,267 1,450,099 ---------- ----------- ----------- Capital and reserves Called up share capital 6,871,444 6,725,444 6,725,444 Share premium account 2,198,231 1,746,731 1,746,731 Other reserve (4,090,553) (4,090,553) (4,090,553) Profit and loss account (2,874,866) (2,747,355) (2,931,523) ---------- ----------- ----------- Shareholders' funds 2,104,256 1,634,267 1,450,099 ---------- ----------- ----------- The interim financial information was approved by the Board of Directors on 25 November 2003 and was signed on its behalf by Richard Horsman - Chief Executive Kevin Lawrence - Finance Director CONSOLIDATED CASH FLOW STATEMENT For the 6 months ended 30 September 2003 Unaudited Unaudited Audited 6 months ended 6 months ended year ended 30 September 30 September 31 March 2003 2002 2003 # # # ---------- ----------- ----------- Net cash inflow from operating activities 679,078 515,312 1,184,111 ---------- ----------- ----------- Returns on investments and servicing of finance Interest received - 4,650 7,085 Finance costs of assigning debts to finance companies (517,322) (380,150) (860,066) Interest paid (13,243) - (4,964) ---------- ----------- ----------- Net cash outflow from returns on investments and servicing of finance (530,565) (375,500) (857,945) ---------- ----------- ----------- Capital expenditure Purchase of tangible fixed assets (29,990) (27,428) (35,570) Purchase of intangible fixed assets (6,388) (76,533) (73,188) Sale of tangible fixed assets - 60,250 60,250 ---------- ----------- ----------- Net cash outflow from capital expenditure (36,378) (43,711) (48,508) ---------- ----------- ----------- Acquisitions Purchase of business - - (100,000) Purchase of subsidiary undertaking - - (21,901) Net overdrafts acquired with subsidiary undertaking - - (28,193) ---------- ----------- ----------- Net cash outflow from acquisitions - - (150,094) ---------- ----------- ----------- Financing Issue of shares 500,000 - - Funds raised on sale and leaseback of fixed assets - - 100,000 Repayment of long term loan (15,599) - - Expenses paid in connection with share issues (17,500) - - Capital element of finance lease rental payments (100,000) - - ---------- ----------- ----------- Net cash inflow from financing 366,901 - 100,000 ---------- ----------- ----------- Increase in cash 479,036 96,101 227,564 ---------- ----------- ----------- NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT For the 6 months ended 30 September 2003 NET CASH INFLOW FROM OPERATING ACTIVITIES Unaudited Unaudited Audited 6 months ended 6 months ended year ended 30 September 30 September 31 March 2003 2002 2003 # # # ---------- ----------- ----------- Operating profit/(loss) 568,962 (98,015) 71,350 Depreciation and amortisation 178,119 197,713 389,445 Decrease/(increase) in stock 5,945 (58,899) 9,291 Increase in debtors (410,183) (207,814) (596,835) Increase in creditors 165,762 235,882 (816,996) Increase in deferred income 90,473 446,445 563,864 Decrease in provisions for liabilities and charges (35,000) - (70,000) Issue of shares in lieu of bonuses 115,000 - - ---------- ----------- ----------- Net cash inflow from operating activities 679,078 515,312 1,184,111 ---------- ----------- ----------- RECONCILIATION OF MOVEMENTS IN NET CASH 1 April 2003 Cash flow Other non-cash Exchange 30 September changes movements 2003 # # # # # -------- ------- ------- -------- --------- Cash in hand and 470,016 473,811 - 566 944,393 at bank Bank overdrafts (29,761) 5,225 - (1,435) (25,971) -------- ------- ------- -------- --------- 440,255 479,036 - (869) 918,422 Finance leases due in less than one year (100,000) - 100,000 - - Debts due after more than one year (59,523) 15,599 - (2,871) (46,795) -------- ------- ------- -------- --------- 280,732 494,635 100,000 (3,740) 871,627 -------- ------- ------- -------- --------- RECONCILIATION OF MOVEMENTS IN GROUP SHAREHOLDERS' FUNDS Unaudited Unaudited Audited 6 months ended 6 months ended year ended 30 September 30 September 31 March 2003 2002 2003 # # # ---------- ----------- ----------- Profit/(loss) for the period 38,397 (473,515) (661,595) Issue of shares in the period 615,000 - - Costs of share issues (17,500) - - Other recognised gains and losses in the period (1,740) - 3,912 ---------- ----------- ----------- Net increase/(decrease) in shareholders' funds 634,157 (473,515) (657,683) Opening shareholders' funds 1,450,099 2,107,782 2,107,782 ---------- ----------- ----------- Closing shareholders' funds 2,084,256 1,634,267 1,450,099 ---------- ----------- ----------- 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 2003 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 2003. 3. The basic earnings/(loss) per share has been calculated based on the profit on ordinary activities after taxation and the weighted average number of ordinary shares of 0.1p each in issue for the period of six months to 30 September of 774,798,284 (September 2002: 672,544,350 and March 2003: 672,544,350). 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 FEFFALSDSEIF
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