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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 |
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RNS Number:9066F
CybIT Holdings PLC
02 December 2004
Cybit Holdings Plc
Interim Results for the Six Months Ended 30 September 2004.
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 2004.
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 September 30 September 31 March
2004 2003 2004
#'000 #'000 #'000
Turnover 2,605 3,999 8,098
Operating
(loss)/profit (837) 569 1,083
Operating (loss)/profit
before depreciation
and goodwill amortisation
and interest (EBITDA) (632) 747 1,413
(Loss)/profit before tax (1,129) 38 291
Key points
* Revenue maintained on a "like for like" basis in difficult trading
conditions.
* Pre-tax loss of #1.13 million (2003: #38,000 profit) reflecting new income
recognition policy.
* Successful launch of new modular version of Fleetstar-Online with enhanced
features including real-time capability using GPRS.
* Significant interest in fleet markets generated by contract with Norwich
Union.
* Acquisition of MapAmobile business, post period end, now fully integrated
into solutions portfolio.
* Expansion into European markets continues with the launch of
Fleetstar-Online in Sweden.
* Contract with Sainsbury's to You close to completion.
* Proposed share consolidation of 1 for every 50 Ordinary shares, subject to
shareholder approval.
Neil Johnson, Chairman of Cybit commented:
"It is pleasing to be able to report that Cybit has continued to develop its
leading position in the UK telematics market during the last six months. Your
company has continued to innovate, launching a range of new products and
services which support our direct customers and business partners.
Whilst general market conditions remain challenging we anticipate that our focus
on customer service and highly innovative products will continue to be rewarded
through market growth. Our recent acquisitions have also been successfully
integrated into the business and will contribute to the company's future
prosperity. Your Board believes that we can look forward to the future with
increasing confidence."
For further information please contact:
Richard Horsman Chief Executive, Cybit Holdings Plc
01480 389100
David Rydell / Emma Charlton Bell Pottinger Corporate & Financial
0207 861 3232
Chairman's Statement
It is pleasing to be able to report that Cybit has continued to develop its
leading position in the UK telematics market during the last six months. Your
company has continued to innovate, launching a range of new products and
services which deliver incremental value to both our customers and business
partners.
The new accounting policy announced at the full year has, as predicted, led to
the company showing a trading loss of #1,129,000 on revenues of #2.6 million
(2003 #38,000 and #4 million turnover). The Board believes that this new policy
is both prudent and conservative and should ensure enhanced profits in future
years. It is also an essential plank in building a stable and robust business.
On a like-for-like basis revenues would have been marginally higher than those
achieved in the previous year. This has all been achieved against a background
of well-publicised under-performance from other operators in our sector.
Business update
Your company continues to grow, and Cybit now has around 600 customers in the UK
with a total of more than 12,000 fixed and mobile assets managed through Cybit
services. Despite a difficult first quarter in the market place it is
particularly encouraging to note that an increasing number of significant
prospects are in the pipeline. These larger contracts bring with them great
opportunity but are generally more complex and take longer to complete. We have
continued to expand installations with our major corporate customer base, and
our consulting and training services continue to expand, including "best
practice" and HR consulting. A growing number of customers are also taking
advantage of our rolling programme of return on investment consultancy. The
recently announced Sainsbury's to You contract, which is currently being
finalised, was the result of an extensive pilot process including Cybit
consultancy services. We expect revenue from consultancy services to become an
increasingly important contributor to our future growth.
Technology
Your company has continued to lead the market in technology development. A new
modular version of Fleetstar-Online was launched during the period and was very
positively received by both existing and potential customers. We have made
significant investments in expanding the Fleetstar-Online infrastructure to
improve resilience and support growth of our customer base. Further enhancements
to Fleetstar have been incorporated recently and include real time capability
using General Packet Radio Switching (GPRS). The company intends to continue
delivering high levels of functional enhancements to its products and services
in order to maintain its leadership position in the market.
Indirect channels
Major partnerships continue to evolve and in particular that with Lex Vehicle
Leasing is entering a new phase which should lead to increasing levels of future
business. Cybit's relationship with Norwich Union and its fleet telematics
insurance product has created significant interest in fleet markets. Cybit is
beginning to attract new business through this route and we anticipate increased
revenues from this source in the future. Our reseller channel is beginning to
deliver business on a regular basis and we expect our investment in this area to
deliver further returns in the second half.
International
Our businesses in Sweden and Germany are developing. Fleetstar-Online was
launched in Sweden in August and first customer contracts were signed in
September. Market potential is promising and revenues for Drive-IT are ahead of
the same period last year. We are beginning to explore the opportunity in the
German market with a dedicated sales presence and the pipeline of prospective
business is beginning to confirm the market's potential.
Group financial performance
As a result of the new revenue recognition policy, consolidated turnover for the
period was #2.6 million with a loss of #1.1 million. Although this is a drop in
headline numbers, on a like for like basis, revenues would have been slightly
ahead when compared with prior year performance.
Our new recognition policy has impacted the top line by approximately #950,000
when compared with the previous policy applied to comparative 36-month
agreements. The impact of the adoption of this policy has been a margin
reduction of #475,000 over the period.
A refocus of our policy around underlying cellular costs has reduced revenue,
margin and cash by approximately #500,000 during the period. The trade-off from
adopting this policy will be a reduction in operating costs of approximately
#600,000 over a comparative 36-month period which is consistent with our desire
to deliver a sustained increase in underlying profitability.
The net effect of these changes on a comparative basis would have been revenues
of #4 million with a small profit comparable with the same period last year.
At the end of September, cash generated from recurring revenues, internal
leasing book and services stood at #130,000 per month. This represents around
30% of monthly fixed cost base before considering cash collected from sales to
new and existing customers. This represents a three-fold increase over the
comparative prior period. This figure is expected to grow substantially during
the second half as cash from the internal leasing book and recurring revenues
increase thus further reducing Cybit's reliance on third party funding.
In order to provide more flexibility around group financial resources, bank
overdraft and block discounting facilities of #1 million have been agreed with
our funding partners. To date none of these facilities have been utilised.
Share consolidation
Historically, Cybit has been one of the most actively traded stocks on AIM.
Although this has provided liquidity for investors, it has also created
excessive share price volatility and encouraged short-term, rather than
strategic, holding of our stock. Following consultation with our advisers, the
Board is recommending a 50:1 consolidation of Cybit's shares is approved at an
Extraordinary General Meeting to be held on 20 December 2004.
It is the Board's belief that this consolidation is in the best interests of
both the company and its shareholders. The appropriate notice of EGM setting out
this resolution has been sent to all shareholders.
Outlook
Across many markets, including the telematics market in the UK, the six months
ended 30 September 2004 was characterised by difficult trading conditions. Cybit
has not been immune from these market trends in the first half but I am pleased
to be able to report that we have seen substantial improvement during the third
quarter in both corporate and general business sectors. In particular, an
increased awareness of corporate duty of care and health and safety issues are
encouraging companies to consider implementing Cybit's telematic solutions.
Our developing relationship with Norwich Union and the recently announced
contract with Sainsbury's to You have both served to underpin future
profitability and customer perception of Cybit's solutions portfolio. We
anticipate further opportunities with major contracts during the second half of
the year.
Whilst general market conditions remain challenging we anticipate that our focus
on customer service and highly innovative products will continue to be rewarded
through market growth. Our recent acquisitions have also been successfully
integrated into the business and will contribute to the company's future
prosperity. Your Board believes that we can look forward to the future with
increasing confidence.
Neil Johnson
2 December 2004
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the 6 months ended 30 September 2004
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 September 30 September 31 March
2004 2003 2004
# # #
Turnover 2,604,928 3,998,602 8,097,562
Cost of sales (1,190,348) (1,450,144) (2,968,423)
---------- ----------- -----------
Gross profit 1,414,580 2,548,458 5,129,139
---------- ----------- -----------
Administrative expenses
Other operating expenses (2,046,534) (1,801,377) (3,716,083)
Depreciation and goodwill
amortisation (205,026) (178,119) (330,189)
---------- ----------- -----------
Total administrative
expenses 2,251,560 (1,979,496) (4,046,272)
---------- ----------- -----------
Operating (loss)/profit (836,980) 568,962 1,082,867
Net interest and financing
costs (291,835) (530,565) (792,303)
---------- ----------- -----------
(Loss)/profit on ordinary
activities before taxation (1,128,815) 38,397 290,564
Tax on (loss)/profit
on ordinary activities - 20,000 245,994
---------- ----------- -----------
Retained (loss)/profit
transferred (from)/to
reserves (1,128,815) 58,397 536,558
---------- ----------- -----------
---------- ----------- -----------
(Loss)/earnings per share
Basic (0.125p) 0.008p 0.062p
Diluted - 0.002p 0.061p
---------- ----------- -----------
CONSOLIDATED BALANCE SHEET
As at 30 September 2004
Unaudited Unaudited Audited
30 September 30 September 31 March
2004 2003 2004
# # #
Fixed assets
Intangible assets 629,087 728,932 713,711
Tangible assets 621,211 347,251 425,440
---------- ----------- -----------
1,250,298 1,076,183 1,139,151
Current assets
Stocks 118,654 136,289 91,939
Debtors: amounts falling
due after more than one year 1,163,963 914,714 1,413,380
Debtors: amounts falling
due within one year 2,380,999 1,471,460 2,310,233
Called up share capital not
paid 8,260 8,260 8,260
Cash at bank and in hand 3,351,679 944,393 4,591,600
---------- ----------- -----------
7,023,555 3,475,116 8,415,412
Creditors: amounts falling
due within one year (1,521,968) (1,646,369) (1,712,288)
---------- ----------- -----------
Net current assets 5,501,587 1,828,747 6,703,124
---------- ----------- -----------
Total assets less current
liabilities 6,751,885 2,904,930 7,842,275
Creditors: amounts falling
due after more than one year (282,085) (765,674) (232,834)
Provisions for liabilities
and charges - (35,000) -
---------- ----------- -----------
6,469,800 2,104,256 7,609,441
---------- ----------- -----------
Capital and reserves
Called up share capital 7,043,627 6,871,444 7,043,110
Share premium account 7,064,291 2,198,231 7,056,064
Other reserve (4,090,553) (4,090,553) (4,090,553)
Profit and loss account (3,547,565) (2,874,866) (2,399,180)
---------- ----------- -----------
Shareholders' funds 6,469,800 2,104,256 7,609,441
---------- ----------- -----------
The interim financial information was approved by the Board of Directors on 2
December 2004 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 2004
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 September 30 September 31 March
2004 2003 2004
# # #
---------- ----------- -----------
Net cash (outflow)/inflow from
operating activities (807,963) 679,078 (243,158)
---------- ----------- -----------
Returns on investments and servicing
of finance
Interest received 67,011 - 64,537
Finance costs of assigning debts to
finance companies (373,950) (517,322) (842,911)
Interest paid 15,104 (13,243) (13,929)
---------- ----------- -----------
Net cash outflow from returns on
investments and servicing
of finance (291,835) (530,565) (792,303)
---------- ----------- -----------
Capital expenditure
Purchase of tangible fixed assets (276,018) (29,990) (168,213)
Purchase of intangible fixed assets (34,571) (6,388) (53,115)
---------- ----------- -----------
Net cash outflow from capital
expenditure (310,589) (36,378) (221,328)
---------- ----------- -----------
Acquisitions
Purchase of subsidiary undertaking - - (9,766)
---------- ----------- -----------
Net cash outflow from acquisitions - - (9,766)
---------- ----------- -----------
Financing
Issue of shares 8,784 500,000 5,674,999
Receipts from borrowing 216,078 - 24,975
Repayment of borrowings (49,888) - -
Repayment of long term loan (6,370) (15,599) (34,059)
Expenses paid in connection
with share issues (41) (17,500) (163,000)
Repayment of funds raised on sale and
leaseback of fixed assets - (100,000) (100,000)
---------- ----------- -----------
Net cash inflow from financing 168,563 366,901 5,402,915
---------- ----------- -----------
(Decrease)/increase in cash (1,241,824) 479,036 4,136,360
---------- ----------- -----------
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
For the 6 months ended 30 September 2004
NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES
Unaudited Unaudited Audited
6 months ended 6 months ended year ended
30 September 30 September 31 March
2004 2003 2004
# # #
---------- ----------- -----------
Operating (loss)/profit (836,980) 568,962 1,082,867
Depreciation and
amortisation 205,026 178,119 330,189
(Increase)/decrease in
stock (25,545) 5,945 2,080
Decrease/(increase) in
debtors 181,729 (410,183) (1,509,260)
(Decrease)/increase in
creditors (462,180) 165,762 132,975
Increase/(decrease) in
deferred income 129,987 90,473 (327,009)
Decrease in provisions
for liabilities
and charges - (35,000) (70,000)
Issue of shares in lieu
of bonuses - 115,000 115,000
---------- ----------- -----------
Net cash (outflow)/
inflow from operating
activities (807,963) 679,078 (243,158)
---------- ----------- -----------
RECONCILIATION OF MOVEMENTS IN NET CASH
Receipts Other non
1 April Cash flow from cash Exchange 30 September
2004 borrowing changes movements 2004
# # # # # #
------- -------- -------- -------- -------- ---------
Cash in hand 4,591,600 (1,241,824) - - 1,903 3,351,679
and at bank
Bank
overdrafts (14,387) - - - (781) (15,168)
------- -------- -------- -------- -------- ---------
4,577,213 (1,241,824) - - 1,122 3,336,511
Debt due
in less than (8,151) 49,888 (118,532) (4,816) - (81,611)
one year
Debts due
after more
than one (40,314) 6,370 (97,546) - (1,624) (133,114)
year ------- -------- -------- -------- -------- ---------
4,528,748 (1,185,566) (216,078) (4,816) (502) 3,121,786
------- -------- -------- -------- -------- ---------
RECONCILIATION OF MOVEMENTS IN GROUP SHAREHOLDERS' FUNDS
Unaudited Unaudited Audited
6 months ended 6 months ended year ended
30 September 30 September 31 March
2004 2003 2004
# # #
---------- ----------- -----------
(Loss)/profit
for the period (1,128,815) 58,397 536,558
Issue of shares in
the period 8,744 597,500 5,626,999
Other recognised
gains and
losses in the
period (19,570) (1,740) (4,215)
---------- ----------- -----------
Net (decrease)/
increase in
shareholders'
funds (1,139,641) 684,157 6,159,342
Opening
shareholders'
funds 7,609,441 1,450,099 1,450,099
---------- ----------- -----------
Closing
shareholders'
funds 6,469,800 2,104,256 7,609,441
---------- ----------- -----------
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 2004 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 2004.
3. The basic (loss)/earnings per share has been calculated based on the (loss)/
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 903,680,363 (September 2003: 774,798,284 and March 2004:
864,554,368). 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 two 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, and the warrants issued to Trafficmaster as part of the
acquisition of Fleetstar in February 2002. In accordance with FRS 14, the
adjustment for diluted loss per share for the six months ended 30 September
2004 has been ignored as it results in a reduced loss per share. The diluted
weighted average number of ordinary shares in issue for the six months to 30
September 2003 was 800,563,344 and at 31 March 2004 was 879,460,331.
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
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