![](/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 |
TIDMCYH RNS Number : 0576V CybIT Holdings PLC 03 July 2009 Date: 3rd July 2009 On behalf of: Cybit Holdings Plc ('Cybit' or 'the Company' or 'the Group') Embargoed until: 0700hrs Cybit Holdings Plc Preliminary 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 preliminary results for the year ended 31st March 2009. Overview: +----------------------------------------+-------------+--------------+ | | Year ended | Year ended | | | 31st March | 31st March | | | 2009 | 2008 | | | GBP'000 | GBP'000 | +----------------------------------------+-------------+--------------+ | | | | +----------------------------------------+-------------+--------------+ | Revenue | 25,481 | 19,671 | +----------------------------------------+-------------+--------------+ | EBITDA | 5,471 | 4,264 | +----------------------------------------+-------------+--------------+ | Operating profit | 3,940 | 3,263 | +----------------------------------------+-------------+--------------+ | Profit before taxation | 2,144 | 1,694 | +----------------------------------------+-------------+--------------+ | Cash (net of overdrafts) | 2,016 | 2,425 | +----------------------------------------+-------------+--------------+ | Earnings per share | 7.06p | 4.65p | +----------------------------------------+-------------+--------------+ Financial Highlights: * Revenue increased by 30% to GBP25.5m * Profit before tax increased by 27% to GBP2.1m * 14% year on year organic growth excluding Truck24 * Net Asset Value up 16% from GBP12.1m to GBP14.1m * GBP2m reduction in year on year operating costs * Operational cost cover from free cash flow increased from 71% to 82% * Earnings per share increased by 52% from 4.65p to 7.06p * Internal lease book represents GBP8.2m of future profit which will be recognised over the next three to five years * New three year GBP4m committed revolving credit facility agreed with HSBC * Application being made for cancellation of Share Premium account to facilitate future payment of dividends Operational Highlights: * Three year exclusive agreement with Ford to provide aftermarket telematics solutions in the UK * Significant telematics contracts with Homeserve Plc, Stannah Lifts Ltd, Northern Ireland Electricity and The Highways Agency Neil Johnson, Non Executive Chairman commented: "I am particularly pleased with the growth achieved in what has been a very turbulent period for many businesses. To be able to report exceptional levels of both revenue and profit growth in the current climate is testament to the strength and resilience of the business, and our strong management team. "We remain confident about the prospects for our business and the telematics market as a whole. We believe that Cybit is well placed to continue its success despite the uncertain economic outlook." -ends- For further information please contact: +---------------------------+----------------------------+------------------------+ | Cybit Holdings Plc | Redleaf Communications | Cenkos Securities Plc | +---------------------------+----------------------------+------------------------+ | Richard Horsman, Chief | Emma Kane/ Rebecca | Stephen Keys / | | Executive | Sanders-Hewett/Anna Dunkin | Elizabeth Bowman | +---------------------------+----------------------------+------------------------+ | Kevin Lawrence, Finance | | | | Director | | | +---------------------------+----------------------------+------------------------+ | Tel: +44 (0)1480 443912 | Tel: +44 (0)20 7566 6700 | Tel: +44 (0)20 7397 | | | | 8900 | +---------------------------+----------------------------+------------------------+ | | 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 compliance with relevant 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 more than 50,000 mobile assets. Solutions include in-vehicle technologies, workflow management and internet-based monitoring and reporting software. The Company also provides consultancy services providing advice 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 fisheries authorities with the necessary tools for managing their licensed fishing fleets and coordinating the activity of the fisheries patrol vessels that enforce national fisheries policies throughout the Economic Exclusion Zone (EEZ). BlueFinger's Saffire-Online system is a solution that allows race organisers to track the position, direction and speed of vessels in ocean going or inshore races. * Our PMR business, Cybit Positioning Solutions, provides asset-tracking and security solutions for both maritime and land-based applications, including exploration and mining. Our precise positioning solutions assist in the tracking of vessels and other equipment engaged in the exploitation of oil, gas and mineral reserves around the globe. CHAIRMAN'S STATEMENT Overview I am pleased to announce another period of excellent growth for Cybit, a particularly significant achievement in a year during which global economic and financial markets have gone though a period of virtual meltdown. Despite this, Cybit has delivered exceptional levels of both revenue and profit growth. Operationally, we completed the integration of Truck24, the leading German telematics service provider. This has further strengthened our coverage of the German market and expanded our coverage in Austria, Switzerland and Italy. We also acquired the assets of OxLoc, an Oxford based supplier of battery-powered tracking units for HGV trailers, plant and mobile assets. The management team has implemented a number of cost saving initiatives to ensure that Cybit is well placed to weather the current economic climate. These have reduced annualised operational costs by approximately GBP2m when compared with the cost base at 30th September 2008. These measures give the Board confidence that the business will emerge from the current downturn as an even stronger and more successful business. Results Revenue for the year grew from GBP19.7m to GBP25.5m, an increase of 30%. Pre-tax profit increased by 27% from GBP1.69m to GBP2.14m. Despite challenging conditions, it is particularly encouraging to note that the Group achieved like for like organic growth of 14%. Earnings per share has also grown by 52% from 4.65p to 7.06p per share which is attributable to the increase in pre-tax profit and also the low effective tax rate in the year as tax losses brought forward on historical acquisitions have been utilised during the period. A combination of the hardening leasing market and more stringent underwriting criteria has resulted in the level of telematics business placed on our own internal leasing book increasing from 23% to nearer 33% during the year. Although requiring a short term cash investment, this is aligned with our strategy of providing increased visibility over long term revenue and profit streams. It was pleasing to note that despite the investment in acquisitions and internal lease book, net cash reduced by only GBP0.41m to GBP2.02m at 31st March 2009. Over the year, telematics related forward revenue streams have slightly reduced to approximately GBP8.2m of future profit which will be recognised over the next three to five years. The forward order book for both our Precise Positioning and Maritime businesses remains strong. In terms of free cash flow, recent cost management activities have facilitated an increase of 4% from GBP632k to GBP660k per month. Operations This was another noteworthy year for our operations team as we completed a number of significant cost reduction projects including the relocation of Fleetstar-Online to an offsite hosting centre, consolidation of a number of internal back-office software platforms into our core Enterprise Resource Planning (ERP) application and migration and subsequent retirement of the Amatics tracking platform. By the end of March 2009, the net effect of these initiatives was a reduction of approximately GBP2m in our like for like annual running costs when compared with the cost base at 30th September 2008. During the period we also completed the move to our new Head Office facility in Huntingdon which brings all of our telematics based customer service and support functions into one location. Although the Small to Medium Enterprise (SME) sector has suffered in the current climate, our UK business has still performed well, winning new customers as well as extending and renewing contracts with existing clients. Contract renewal levels have remained strong at approximately 80% of available units which proves that our solutions are viewed as a business management and optimisation tool. Cybit AB, our vehicle telematics business in Sweden, has delivered significant growth during the year and I am delighted to report that it has delivered a maiden profit in the period. The business also returned cash to the Group during the fourth quarter. The German market remains tough due to the economic downturn although the business showed growth during the second half and was broadly break even for the year as a whole. Outside of our core vehicle telematics business, our BlueFinger maritime business has won a three year contract to provide Race Management for P1 Powerboat. Also of significance, our agent in the Middle East has won a pilot coastal security project using UHF and VHF TDMA technology which could lead to a significant future deployment in the region. Despite the downturn in the oil and gas market, Cybit Positioning Solutions has delivered significant volumes against our seven year OEM line fit contract for our precise positioning technology. Committed volumes for the current year have increased significantly and on this basis, the contract is likely to deliver significantly higher revenues over the life of the agreement than the GBP3.5m originally announced. Acquisitions In August 2008, we acquired the trade and assets of OxLoc Limited, an Oxford based supplier of battery powered tracking units for HGV trailers, plant and other mobile assets. This transaction was concluded for a nominal sum. OxLoc provided unpowered asset monitoring, tracking and alerting solutions which are being integrated into the Cybit portfolio to support customers and partners such as Fowler Welch and Balfour Beatty who are already using the solution. Dividends The Board intends to pay dividends to shareholders as soon as is practicable. However start-up and subsequent trading losses have created a deficiency in Group distributable reserves. The Group has been profitable for some time and is therefore reducing this deficiency. In order to accelerate this reduction, the Group plans to make use of well established Court procedures for remedying such deficiencies. Accordingly the Group will be instructing legal advisors to make the appropriate applications. Outlook The outlook for the Group remains positive, and although highly competitive, the market for our telematics solutions remains strong. In the commercial sector, our financial strength and successful track record is helping us to win new business and ensure a competitive edge over smaller competitors in our market. The Board continues to review opportunities for acquisitive growth on an ongoing basis and we anticipate that there will be further opportunities to accelerate growth in the future. In summary, although we continue to face uncertain economic times, the Board remains confident about the prospects for Cybit and the telematics market as a whole. The Group benefits from predictable revenue streams, a strong balance sheet and committed banking facilities. The management team continues to focus on driving organic growth whilst improving operational efficiencies, giving the Board confidence that profitability can be maintained even if the global economy does not improve over the medium term. Neil Johnson Chairman 3rd July 2009 CHIEF EXECUTIVE'S REVIEW Operating Review I am delighted with what has been yet another excellent performance from Cybit. The Group has delivered revenue growth of 30% coupled with profit growth of 27%, a significant achievement in the current global market conditions. Our objectives of achieving both organic and acquisitive growth year on year have benefitted from the current market conditions where our financial strength and critical mass are key factors both in the achievement of short term success and longer term sustainability. Vehicle Telematics There is little doubt that the current economic climate is having an impact across all our target market sectors. We stated at the interim stage that well run businesses will be looking for ways to both manage productivity and reduce costs in a tough market and this is still very much the case. Further, we believe that customers making investment decisions will be undertaking more due diligence on the financial strength and track record of their potential partners and, with this in mind, Cybit continues to be the partner of choice. Although many small to medium enterprises are currently looking inwardly to manage market challenges, many larger enterprises are looking to solutions delivered by Cybit to support operational cost controls and productivity management. Our solutions continue to evolve, enabling us to help our customers comply with the increasing legislative, taxation and compliance burden that is associated with operating a remote workforce. We have continued to enhance our applications such that they are now capable of supporting environmental initiatives including management of carbon emissions. Although increasingly competitive, the market for our solutions is continuing to grow and we have maintained our strategy of developing market specific products and services that will deliver substantial strategic and operational benefit to our customers. In particular, the acquisition of Truck24 has significantly strengthened our position in the Transport and Logistics market. This strategy has so far allowed us to achieve a market leadership position in the UK and we are continuing to build a similar position in Scandinavia and Germany as our subsidiaries in these regions gain momentum. Customer Growth and Development In the UK, our sales teams are aligned to support three key verticals: Service, Transport and Logistics, and Government and Utilities. We achieved significant new and repeat contract wins across all three. New customers signed during the year included Greene King Brewing and Retailing, Stannah Lifts Ltd, Abel & Cole, Powys County Council, Kwik Fit Mobile, Buy as You View Ltd, Symonds Hydroclean Ltd, Homeserve Plc and The Highways Agency. The levels of renewal and migration increased from 6,000 units to 7,400 units, representing a renewal rate of approximately 80% of available units. This is a strong result in the current economic climate in which many fleet operators have been reducing fleet sizes and, in some cases, their businesses have unfortunately failed. We continue to sign significant expansion and renewal contracts with many of our customers including Enterprise Plc, NCP Services, Iron Mountain (UK) Ltd, Colas, Thyssenkrupp Palmers Ltd, Aberdeenshire Council, Argyl and Bute Council, May Gurney Ltd, Interserve Plc, Sainsbury's Online, Babcock Networks, Servisair Cargo, EIC, and CLS. During the year, we launched Fleetstar-Logistics, a derivative of the Truck24 application into the UK. Early indications are positive and we expect this solution to contribute to UK revenues in the coming year. Operational Achievements The completion of our phased move to larger facilities in Huntingdon early in the year has allowed us to bring together the finance, billing, procurement and customer service of our Telematics business under one roof. By the end of the financial year, we had achieved annualised savings of around GBP2m when compared to our cost base at the start of the previous financial year. Key areas of cost saving included the surrender of the lease relating to the Godmanchester facility and taking a new lease for only half of the Wells building. We shut down a number of our legacy back office applications by replacing them with our core SAP ERP system. One of the most significant savings was achieved through the retirement of the Amatics platform and subsequent migration of the customer base to the Fleetstar-Online platform. This process was close to completion as at 31st March 2009 with final shut down completed by mid April. Closing this platform will save the Group in the region of GBP400k per annum. Indirect Channels Order intake achieved from our indirect channel partners declined 38% over the period as smaller companies were impacted by the current economic downturn. In response, we reduced our overheads in this area and we have also implemented a number of new initiatives including a more flexible pricing model which has given our resellers the ability to compete effectively in the market. We have started to see some signs of improvement in this sector as customers look to position themselves for growth as economic conditions improve. In June 2008, the Group 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 was launched last December with a number of customers already signed up to use the service. 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. Cybit AB This has been a year of noteworthy growth for our Swedish subsidiary, following what was a steady start. We have seen a significant upturn in sales of Fleetstar-Online into this market with key wins from well known multi-national brands such as Fujitsu and Gilbarco together with leading local businesses such as Flygfrakt, the largest freight forwarder in Sweden, Alpha Quality Moving, June Express and SSL.We have also started to renew some of the early customer contracts. During the period, we increased the local team to eight staff members with a view to driving additional local and regional growth. We have already signed contracts that require vehicle installations in Denmark, Finland and Norway and are actively seeking both distribution and installation partners to support further growth across the region. Revenues increased significantly by 185% to GBP0.7m with the business making both a profit and returning cash to the Group during Q4. Cybit AB is becoming recognised as a market leader in the Scandinavian region with a number of significant opportunities to drive additional growth. We launched the Truck24 logistics and distribution solution into Sweden during September 2008. In the intervening period we have implemented a number of pilot customers and expect to increase the installed base in the coming year. As a result of the increased interest in fleet and asset management solutions and a slowing in our car sharing business, we will retire the Drive-IT car share solution during the current financial year. Truck24 AG Our German subsidiary, Truck24, based near Munich, was purchased on the final day of the last financial year. Over the past 12 months, operational costs have been significantly reduced through headcount reductions and use of group purchasing power in areas such as mapping and airtime. We have also streamlined accounting and support functions and outsourced the logistics function to the same partner that we use in the UK. Similarly, the development and technical teams have been integrated into the broader group development function. We are now embarking on a strategic review in relation to onward development of the application such that we can use common components across the entire portfolio. As reported in the interim results, we have launched the Truck24 service in both the UK and Sweden where we are branding the solution Fleetstar-Logistics. Early experiences in both markets have been positive with customers now using the product. New and extension contracts were signed with the following customers; Beine Gruppe, HKS Spedition, Stegmeier and Rubetrans. Although remaining behind internal forecasts at the full year, the business signed a significant number of new business accounts during the second half and continues to enjoy strong recurring revenues. Despite the current economic downturn, we believe that Germany will offer Cybit significant future growth opportunities. Acquisition of OxLoc In August, for a nominal cash consideration, Cybit 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 integrating the OxLoc products into the current product range and will continue to run and expand the service that is already installed with customers including Fowler Welch. This process will be relatively easy as Cybit has already incorporated the OxLoc product into its AssetLocator platform and has a number of customers using the solution for non-powered assets. Technology One of the major activities during the early part of the year was the re-location of the Fleetstar-Online hardware environment away from our offices in Huntingdon to a fully redundant off-site hosting centre. This was a significant task due to the sheer volume of data and vehicles. Our development teams in the UK, Germany and India delivered significant enhancements to the Fleetstar-Online and Truck24 applications. A key development during the first half was the enhancement of Fleetstar-Online to support standard CANbus reporting capabilities for Ford Transit and Connect. This initial development was subsequently expanded to include generic CANbus capabilities for Heavy Goods and Light Commercial vehicles. The latest developments include environmental reports for CO2 reporting and a new capability for the automatic import of fuel cards to provide more accurate fuel analysis. The migration of Amatics, towards the end of the year, required significant developments to Fleetstar-Online. We needed to merge key functionality, such as winter maintenance and gulley emptying, into Fleetstar for the Government and Utility sector and these developments were implemented successfully. There are a number of significant developments scheduled for release during early 2009 including a major update to our mapping environment. This will allow for the integration of satellite maps and speed limit data for enhanced duty of care management and reporting. We believe that the continual development of our solutions is of paramount importance, and will ensure that our customers receive the best available service. Cybit Positioning Solutions This was another strong year for our VHF and UHF based PMR business in terms of both order intake and revenue. In 2007 we announced a line-fit contract with a major manufacturer of seismic vehicles. This contract has performed significantly ahead of projected volumes and despite the downturn in the oil and gas exploration sector, our client has doubled minimum committed volumes for the coming year. We have also developed a number of new variants of this solution with the client which will increase future revenue opportunities. Despite the product being in run-off mode, our offshore exploration partner placed a number of new orders, and therefore we will continue to deliver the product until at least December 2009. This business has become primarily focused on our TDMA solutions and a project has been undertaken to value engineer the hardware. This will enable us to enter new markets with a cost-effective, higher margin solution. Maritime This was the second successive year in which there were fewer fisheries Vessel Management Solution (VMS) contracts. This area of the business remains profitable but did not meet internal revenue and order intake budgets. Recent terrorist activity involving small coastal craft has raised awareness around these solutions and the role they can play as an integral part of a broader coastal security programme. This gives us confidence that future prospects for this business remain strong. During the first half, Cybit announced that its increased presence in the Middle East had resulted in our winning a pilot coastal security project involving TDMA hardware and Saffire Software. If successful, this pilot is likely to broaden out to include the implementation of a fisheries VMS solution. I am pleased to report that the project is progressing well and we anticipate further roll out during the current financial year. In terms of dedicated fisheries VMS contracts, we won a contract from UK DEFRA to provide a catch management and reporting solution which is in addition to a number of smaller extensions with customers such as Cyprus and St Helena. This is likely to be 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. Following the success last year with the Volvo Ocean Race, our Race Management System has been adopted by P1 Powerboat for both race tracking and timing. This solution combines our TDMA hardware solution and Sapphire Maritime software and is a good example of the synergies we have achieved from recent acquisitions. During the first half, the team successfully delivered the web based version of Saffire Online to Cyprus. This solution has since been purchased by DEFRA for implementation across the UK. Although business in this sector is cyclical, we have a strong maintenance base and are currently involved with a number of potentially significant projects around the globe. Financial Review This was another year of solid growth for Cybit. Revenues were up 30% from GBP19.7m to GBP25.5m with pre-tax profits increasing 27% from GBP1.7m to GBP2.1m. The business achieved underlying organic growth of 14% from continuing operations with the balance achieved from the Truck24 business. Gross margins declined from 63% to 59%. This is a direct result of the higher hardware content of Truck24 deals which generate a lower overall gross margin. Despite increased pressure, we expect to improve operating margins as the impact of cost reductions made in the current financial year flow through to the bottom line. Despite significant revenue growth and the acquisition of Truck24, administrative expenses remain tightly controlled, increasing by only 17%. Financing costs also continue to reduce as a percentage of overall revenues. The total financing cost increased slightly from GBP1.61m to GBP1.83m which represents 7.2% of overall turnover, down from 8.2% in 2008. As previously reported, we are focused on increasing the levels of predictable forward profit and cash through the development of our internal leasing book and other recurring revenues. The optimal rate for developing the lease book, whilst still delivering revenue and profit growth, has historically been around 25% of telematics revenues. In 2009, the level of telematics revenues placed on the internal lease book increased to 33% from 23% in the prior year. This increase is a direct result of the current banking climate and the reduced access that the business has to third party leasing. During the period, the value of the internal lease book across the Group has declined slightly from GBP10m in 2008 to GBP8.2m as some of the earlier CPS and Amatics customers have been migrated to the Fleetstar-Online platform. The forward order book relating to our maritime and precise positioning businesses has remained relatively constant at approximately GBP7.1m at the end of the year. The combination of this forward order book and internal lease book will not only underpin future growth but will also serve to insulate the business in the event that market conditions decline further. Cash in hand, net of overdrafts reduced from GBP2.4m to GBP2.0m as a result of the investment in own book and acquisition activity. Net cash reduced from GBP1.6m to GBP0.4m, a slight reduction on the GBP0.6m position at the half year. This is a direct result of the increased investment in the internal lease book. The business remains cash generative at the operating level with net cash inflow from operating activities of GBP3.8m (2008: GBP4.1m).At the end of the year, the level of outstanding loans increased from GBP0.8m to GBP1.6m as a result of the Truck24 acquisition. Predictive cash flow has grown from GBP632k to GBP660k per month. This increase coupled with the significant reduction in overhead has resulted in the level of operational cost cover increasing from 71% to 82%. Earnings per share has also grown by 52% from 4.65p to 7.06p per share which is attributable to the increase in pre-tax profit and also the low effective tax rate in the year as tax losses brought forward on historical acquisitions have been utilised during the period. Outlook Despite our success during the past year, the Board is very aware that Cybit is still navigating uncharted economic territory. Accordingly, the team has focused on reducing costs to ensure the business is well placed to succeed, even in these difficult economic times. Order intake in the first quarter has been solid across the business and stands at a similar level to that achieved in the same period last year. The pipeline of future business remains strong with some significant opportunities being pursued in our telematics and maritime businesses. As a result, provided trading conditions remain constant, the Board has a good degree of confidence in our ability to deliver profit growth in the current year. From a Corporate Governance perspective, the Board has undertaken a review of potential risks to the business in the current banking environment. In order to generate cash to drive future growth, Cybit uses a number of third party lease providers to fund a percentage of UK based telematics business. As a result of the current climate, the number of leasing companies prepared to fund telematics business has reduced significantly. Although the default rate of business derived from Cybit is significantly below industry averages, there is a risk that leasing providers could withdraw from telematics in the same way that they have withdrawn from the telecommunications sector. In order to mitigate this risk, I am pleased to report that Cybit has reached agreement in principle with HSBC to provide a 3 year committed revolving credit facility of GBP4m and an overdraft facility of GBP0.5m to replace our existing GBP1m overdraft. This is designated to support investment in the business and the internal lease book. Although it is highly unlikely that such an extreme move would be required, the management team has run a number of scenarios which demonstrate this revolving facility would be sufficient for the business to fund 100% of its UK telematics business on the internal lease book. Adoption of such a move would result in a short term drop in revenue and profit in the current year with a significant increase in revenue, profit and cash generation by the end of the next financial year. We believe the market for telematics will continue to grow as customers from all sectors are required to implement strategies to improve operational efficiencies and cut costs, whilst ensuring legislative compliance. It is now widely accepted that our solutions are proven to deliver a high level of return on investment and our financial strength and extensive experience in the market makes Cybit the low risk partner to deliver these returns. Our success in Sweden and Scandinavia has continued into the current year which leads us to believe that we can derive further growth from these markets. Furthermore, the acquisition of Truck24 gives us a strong presence in Germany with further customers in Austria, Switzerland and Italy. We intend to invest in more sales personnel to better exploit this opportunity following the successful integration of this acquisition. Whilst our primary focus will continue to be organic growth from our existing business, we will continue to consider suitable acquisition opportunities as resources and market conditions allow. This has been an exceptional performance under extreme circumstances for Cybit, and I would like to thank all of the team for their hard work during the past financial year. Richard Horsman Chief Executive Officer 3rd July 2009 Cybit Holdings Plc Consolidated Income Statement For the year ended 31st March 2009 +---------------------------------+----+----------+----------+--------------+-------------+ | | | 2009 | 2008 | +---------------------------------+----+------------------------------------+-------------+ | | | | | GBP | GBP | +---------------------------------+----+----------+----------+--------------+-------------+ | | | | | | | +---------------------------------+----+----------+----------+--------------+-------------+ | Revenue | | | | 25,481,505 | 19,671,179 | +---------------------------------+----+----------+----------+--------------+-------------+ | | | | | | | +---------------------------------+----+----------+----------+--------------+-------------+ | Cost of sales | | | | (10,522,898) | (7,301,291) | +---------------------------------+----+----------+----------+--------------+-------------+ | | | | | | | +---------------------------------+----+----------+----------+--------------+-------------+ | Gross profit | | | | 14,958,607 | 12,369,888 | +---------------------------------+----+----------+----------+--------------+-------------+ | | | | | | | +---------------------------------+----+----------+----------+--------------+-------------+ | Administrative expenses | | | | | | +---------------------------------+----+----------+----------+--------------+-------------+ | Other operating expenses | | | | (9,486,775) | (8,125,373) | +---------------------------------+----+----------+----------+--------------+-------------+ | Depreciation and amortisation | | | | (1,531,607) | (981,212) | +---------------------------------+----+----------+----------+--------------+-------------+ | Total administrative expenses | | | | (11,018,382) | (9,106,585) | +---------------------------------+----+----------+----------+--------------+-------------+ | | | | | | | +---------------------------------+----+----------+----------+--------------+-------------+ | Operating profit | | | | 3,940,225 | 3,263,303 | +---------------------------------+----+----------+----------+--------------+-------------+ | | | | | | | +---------------------------------+----+----------+----------+--------------+-------------+ | Finance costs | | | | (1,828,047) | (1,606,827) | +---------------------------------+----+----------+----------+--------------+-------------+ | Finance income | | | | 31,677 | 38,360 | +---------------------------------+----+----------+----------+--------------+-------------+ | | | | | | | +---------------------------------+----+----------+----------+--------------+-------------+ | Finance loss | | | | (1,796,370) | (1,568,467) | +---------------------------------+----+----------+----------+--------------+-------------+ | | | | | | | +---------------------------------+----+----------+----------+--------------+-------------+ | Pre-tax profit for the year | | | | 2,143,855 | 1,694,836 | +---------------------------------+----+----------+----------+--------------+-------------+ | | | | | | | +---------------------------------+----+----------+----------+--------------+-------------+ | Tax expense | | | | (204,503) | (627,561) | +---------------------------------+----+----------+----------+--------------+-------------+ | | | | | | | +---------------------------------+----+----------+----------+--------------+-------------+ | Net profit for the year | | | | 1,939,352 | 1,067,275 | +---------------------------------+----+----------+----------+--------------+-------------+ | | | | | | | +---------------------------------+----+----------+----------+--------------+-------------+ | | | | | | | +---------------------------------+----+----------+----------+--------------+-------------+ | Attributable to the equity holders | | | 1,939,352 | 1,067,275 | | of Cybit Holdings plc | | | | | +--------------------------------------+----------+----------+--------------+-------------+ | | | | | | | +---------------------------------+----+----------+----------+--------------+-------------+ | | | | | | | +---------------------------------+----+----------+----------+--------------+-------------+ | | | | | | | +---------------------------------+----+----------+----------+--------------+-------------+ | Earnings per share - basic | | | | 7.06p | 4.65p | +---------------------------------+----+----------+----------+--------------+-------------+ | | | | | | | +---------------------------------+----+----------+----------+--------------+-------------+ | Earnings per share - diluted | | | | 7.06p | 4.61p | +---------------------------------+----+----------+----------+--------------+-------------+ All activities relate to continuing operations. Cybit Holdings Plc Consolidated Statement of Recognised Income and Expense For the year ended 31st March 2009 +---------------------------------------------+-----------+-----------+-----------+ | | | 2009 | 2008 | +---------------------------------------------+-----------+-----------+-----------+ | | | GBP | GBP | +---------------------------------------------+-----------+-----------+-----------+ | | | | | +---------------------------------------------+-----------+-----------+-----------+ | Foreign currency translation differences | | 41,275 | (10,565) | +---------------------------------------------+-----------+-----------+-----------+ | | | | | +---------------------------------------------+-----------+-----------+-----------+ | Net income/(expense) recognised directly in | | 41,275 | (10,565) | | equity | | | | +---------------------------------------------+-----------+-----------+-----------+ | Profit for the year | | 1,939,352 | 1,067,275 | +---------------------------------------------+-----------+-----------+-----------+ | | | | | +---------------------------------------------+-----------+-----------+-----------+ | Total recognised income and expense for the | | 1,980,627 | 1,056,710 | | year | | | | +---------------------------------------------+-----------+-----------+-----------+ Cybit Holdings Plc Consolidated Balance Sheet At 31st March 2009 +------------------------------+-----+----------+----------+-------------+-------------+ | | | | | 2009 | 2008 | +------------------------------+-----+----------+----------+-------------+-------------+ | | | | | GBP | GBP | +------------------------------+-----+----------+----------+-------------+-------------+ | | | | | | | +------------------------------+-----+----------+----------+-------------+-------------+ | ASSETS | | | | | | +------------------------------+-----+----------+----------+-------------+-------------+ | Non-current assets | | | | | | +------------------------------+-----+----------+----------+-------------+-------------+ | Goodwill | | | | 5,605,403 | 5,138,890 | +------------------------------+-----+----------+----------+-------------+-------------+ | Other intangible assets | | | | 4,814,571 | 4,377,714 | +------------------------------+-----+----------+----------+-------------+-------------+ | Property, plant and | | | | 497,540 | 473,328 | | equipment | | | | | | +------------------------------+-----+----------+----------+-------------+-------------+ | Deferred tax assets | | | | 353,173 | 609,799 | +------------------------------+-----+----------+----------+-------------+-------------+ | Other non-current assets | | | | 333,131 | 131,410 | +------------------------------+-----+----------+----------+-------------+-------------+ | | | | | 11,603,818 | 10,731,141 | +------------------------------+-----+----------+----------+-------------+-------------+ | | | | | | | +------------------------------+-----+----------+----------+-------------+-------------+ | Current assets | | | | | | +------------------------------+-----+----------+----------+-------------+-------------+ | Inventories | | | | 1,620,943 | 1,420,696 | +------------------------------+-----+----------+----------+-------------+-------------+ | Trade and other receivables | | | | 8,393,418 | 8,004,116 | +------------------------------+-----+----------+----------+-------------+-------------+ | Cash and cash equivalents | | | | 2,670,931 | 2,853,984 | +------------------------------+-----+----------+----------+-------------+-------------+ | | | | | 12,685,292 | 12,278,796 | +------------------------------+-----+----------+----------+-------------+-------------+ | | | | | | | +------------------------------+-----+----------+----------+-------------+-------------+ | TOTAL ASSETS | | | | 24,289,110 | 23,009,937 | +------------------------------+-----+----------+----------+-------------+-------------+ | | | | | | | +------------------------------+-----+----------+----------+-------------+-------------+ | LIABILITIES | | | | | | +------------------------------+-----+----------+----------+-------------+-------------+ | Current liabilities | | | | | | +------------------------------+-----+----------+----------+-------------+-------------+ | Trade and other payables | | | | 6,801,560 | 7,669,406 | +------------------------------+-----+----------+----------+-------------+-------------+ | Borrowings | | | | 1,050,372 | 614,566 | +------------------------------+-----+----------+----------+-------------+-------------+ | Current tax payable | | | | 12,075 | 527,131 | +------------------------------+-----+----------+----------+-------------+-------------+ | Provisions | | | | 291,829 | - | +------------------------------+-----+----------+----------+-------------+-------------+ | | | | | 8,155,836 | 8,811,103 | +------------------------------+-----+----------+----------+-------------+-------------+ | | | | | | | +------------------------------+-----+----------+----------+-------------+-------------+ | Non-current liabilities | | | | | | +------------------------------+-----+----------+----------+-------------+-------------+ | Trade and other payables | | | | 432,606 | 994,335 | +------------------------------+-----+----------+----------+-------------+-------------+ | Borrowings | | | | 1,237,826 | 656,914 | +------------------------------+-----+----------+----------+-------------+-------------+ | Deferred tax | | | | 361,088 | 426,458 | +------------------------------+-----+----------+----------+-------------+-------------+ | TOTAL LIABILIITIES | | | | 10,187,356 | 10,888,810 | +------------------------------+-----+----------+----------+-------------+-------------+ | | | | | | | +------------------------------+-----+----------+----------+-------------+-------------+ | | | | | | | +------------------------------+-----+----------+----------+-------------+-------------+ | NET ASSETS | | | | 14,101,754 | 12,121,127 | +------------------------------+-----+----------+----------+-------------+-------------+ | | | | | | | +------------------------------+-----+----------+----------+-------------+-------------+ | | | | | | | +------------------------------+-----+----------+----------+-------------+-------------+ | EQUITY | | | | | | +------------------------------+-----+----------+----------+-------------+-------------+ | Share capital | | | | 7,425,488 | 7,425,488 | +------------------------------+-----+----------+----------+-------------+-------------+ | Share premium account | | | | 7,591,607 | 7,591,607 | +------------------------------+-----+----------+----------+-------------+-------------+ | Merger reserve | | | | (1,141,368) | (1,141,368) | +------------------------------+-----+----------+----------+-------------+-------------+ | Equity reserve | | | | 194,374 | 194,374 | +------------------------------+-----+----------+----------+-------------+-------------+ | Foreign exchange reserve | | | | 30,409 | (10,866) | +------------------------------+-----+----------+----------+-------------+-------------+ | Retained earnings | | | | 1,244 | (1,938,108) | +------------------------------+-----+----------+----------+-------------+-------------+ | | | | | | | +------------------------------+-----+----------+----------+-------------+-------------+ | | | | | 14,101,754 | 12,121,127 | +------------------------------+-----+----------+----------+-------------+-------------+ Cybit Holdings Plc Consolidated Cash Flow Statement For the year ended 31st March 2009 +--------------------------------------------------+-----+-------------+-----------------+ | | | Year ended | Year | | | | 31st March | ended | | | | 2009 | 31st March 2008 | +--------------------------------------------------+-----+-------------+-----------------+ | | | GBP | GBP | +--------------------------------------------------+-----+-------------+-----------------+ | | | | | +--------------------------------------------------+-----+-------------+-----------------+ | Operating activities | | | | +--------------------------------------------------+-----+-------------+-----------------+ | Results for the period after tax | | 1,939,352 | 1,067,275 | +--------------------------------------------------+-----+-------------+-----------------+ | Adjustments for: | | | | +--------------------------------------------------+-----+-------------+-----------------+ | Depreciation and amortisation | | 1,531,607 | 981,212 | +--------------------------------------------------+-----+-------------+-----------------+ | Loss on sale of property, plant and equipment | | - | 1,919 | +--------------------------------------------------+-----+-------------+-----------------+ | Working capital changes | | (1,628,559) | (183,089) | +--------------------------------------------------+-----+-------------+-----------------+ | Finance costs | | 1,796,370 | 1,568,467 | +--------------------------------------------------+-----+-------------+-----------------+ | Taxation expense recognised in the income | | 204,503 | 627,561 | | statement | | | | +--------------------------------------------------+-----+-------------+-----------------+ | | | | | +--------------------------------------------------+-----+-------------+-----------------+ | Cash generated from operations | | 3,843,273 | 4,063,345 | +--------------------------------------------------+-----+-------------+-----------------+ | | | | | +--------------------------------------------------+-----+-------------+-----------------+ | Corporation tax paid | | (357,926) | (28,754) | +--------------------------------------------------+-----+-------------+-----------------+ | Finance costs of assigning debts to finance | | (1,715,311) | (1,529,642) | | companies | | | | +--------------------------------------------------+-----+-------------+-----------------+ | | | | | +--------------------------------------------------+-----+-------------+-----------------+ | Net cash from operating activities | | 1,770,036 | 2,504,949 | +--------------------------------------------------+-----+-------------+-----------------+ | | | | | +--------------------------------------------------+-----+-------------+-----------------+ | | | | | +--------------------------------------------------+-----+-------------+-----------------+ | Investing activities | | | | +--------------------------------------------------+-----+-------------+-----------------+ | | | | | +--------------------------------------------------+-----+-------------+-----------------+ | Purchase of subsidiary undertakings | | (999,031) | (4,783,421) | +--------------------------------------------------+-----+-------------+-----------------+ | Net cash acquired with subsidiary undertakings | | - | 3,457,996 | +--------------------------------------------------+-----+-------------+-----------------+ | Purchase of property, plant & equipment | | (263,396) | (149,457) | +--------------------------------------------------+-----+-------------+-----------------+ | Purchase of other intangibles | | (1,650,435) | (859,393) | +--------------------------------------------------+-----+-------------+-----------------+ | Proceeds from sale of property, plant & | | - | 1,222 | | equipment | | | | +--------------------------------------------------+-----+-------------+-----------------+ | Interest received | | 31,677 | 38,360 | +--------------------------------------------------+-----+-------------+-----------------+ | | | | | +--------------------------------------------------+-----+-------------+-----------------+ | Net cash used in investing activities | | (2,881,185) | (2,294,693) | +--------------------------------------------------+-----+-------------+-----------------+ | | | | | +--------------------------------------------------+-----+-------------+-----------------+ | | | | | +--------------------------------------------------+-----+-------------+-----------------+ | Financing activities | | | | +--------------------------------------------------+-----+-------------+-----------------+ | Interest paid | | (112,736) | (77,185) | +--------------------------------------------------+-----+-------------+-----------------+ | Proceeds from share issues | | - | 364,178 | +--------------------------------------------------+-----+-------------+-----------------+ | Receipts from borrowings | | 1,039,503 | 500,000 | +--------------------------------------------------+-----+-------------+-----------------+ | Receipts from short-term borrowings | | - | 3,250,000 | +--------------------------------------------------+-----+-------------+-----------------+ | Repayments of short-term borrowings | | - | (3,250,000) | +--------------------------------------------------+-----+-------------+-----------------+ | Finance lease repayments | | (30,367) | (86,801) | +--------------------------------------------------+-----+-------------+-----------------+ | Repayment of loans | | (219,516) | (221,875) | +--------------------------------------------------+-----+-------------+-----------------+ | | | | | +--------------------------------------------------+-----+-------------+-----------------+ | Net cash generated from financing activities | | 676,884 | 478,317 | +--------------------------------------------------+-----+-------------+-----------------+ | | | | | +--------------------------------------------------+-----+-------------+-----------------+ | Net changes in cash and cash equivalents | | (434,265) | 688,573 | +--------------------------------------------------+-----+-------------+-----------------+ | Exchange differences | | 24,120 | (388) | +--------------------------------------------------+-----+-------------+-----------------+ | | | | | +--------------------------------------------------+-----+-------------+-----------------+ | Net cash and cash equivalents - beginning of | | 2,425,689 | 1,737,504 | | year | | | | +--------------------------------------------------+-----+-------------+-----------------+ | | | | | +--------------------------------------------------+-----+-------------+-----------------+ | Net cash and cash equivalents - end of year | | 2,015,544 | 2,425,689 | +--------------------------------------------------+-----+-------------+-----------------+ NOTES TO THE FINANCIAL STATEMENTS 1. The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. 2. The financial information has been extracted from the Group's 2009 financial statements. Those financial statements have not yet been delivered to the Registrar nor have the auditors reported on them. 3. Basis of preparation The preliminary results have been prepared under the historical cost convention and in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. 4. Earnings per share The calculation of the basic earnings per share is based on the profits attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year. 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 remaining unexercised warrants issued in respect of the acquisitions of BlueFinger Limited and Truck24 AG. At 31st March 2009 there were 2,660,233 (2008: 799,060) anti dilutive options and 797,032 (2008: nil) anti dilutive warrants. Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below. +----------------------+-----------+------------+-----------+-----------+------------+-----------+ | | 2009 | 2008 | +----------------------+------------------------------------+------------------------------------+ | | Earnings | Weighted | Per-share | Earnings | Weighted | Per-share | | | | average | amount | | average | amount | | | | number | | | number | | | | | of | | | of | | | | | shares | | | shares | | +----------------------+-----------+------------+-----------+-----------+------------+-----------+ | | GBP | No. | Pence | GBP | No. | Pence | +----------------------+-----------+------------+-----------+-----------+------------+-----------+ | | | | | | | | +----------------------+-----------+------------+-----------+-----------+------------+-----------+ | Basic earnings per | | | | | | | | share | | | | | | | +----------------------+-----------+------------+-----------+-----------+------------+-----------+ | | | | | | | | +----------------------+-----------+------------+-----------+-----------+------------+-----------+ | Earnings | 1,939,352 | 27,451,768 | 7.06p | 1,067,275 | 22,943,055 | 4.65p | | attributable to | | | | | | | | ordinary | | | | | | | | shareholders | | | | | | | +----------------------+-----------+------------+-----------+-----------+------------+-----------+ | | | | | | | | +----------------------+-----------+------------+-----------+-----------+------------+-----------+ | Effect of dilutive | | | | | | | | securities | | | | | | | +----------------------+-----------+------------+-----------+-----------+------------+-----------+ | Warrants | | 12,550 | | | 175,328 | | +----------------------+-----------+------------+-----------+-----------+------------+-----------+ | Options | | - | | | 24,468 | | +----------------------+-----------+------------+-----------+-----------+------------+-----------+ | | | | | | | | +----------------------+-----------+------------+-----------+-----------+------------+-----------+ | Diluted earnings per | | | | | | | | share | | | | | | | +----------------------+-----------+------------+-----------+-----------+------------+-----------+ | Adjusted earnings | 1,939,352 | 27,464,318 | 7.06p | 1,067,275 | 23,142,851 | 4.61p | +----------------------+-----------+------------+-----------+-----------+------------+-----------+ 5. Dividends No dividends have been paid in respect of the year. This information is provided by RNS The company news service from the London Stock Exchange END FR KGGGNVZRGLZM
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