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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Direct Line Insurance Group Plc | LSE:DLG | London | Ordinary Share | GB00BY9D0Y18 | ORD 10 10/11P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2.00 | -0.75% | 266.20 | 266.40 | 266.60 | 269.40 | 266.20 | 269.40 | 3,023,797 | 16:35:18 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Fire, Marine, Casualty Ins | 2.86B | 222.9M | 0.1700 | 15.68 | 3.52B |
Hot Features
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RNS No 0894m
THE DIALOG CORPORATION PLC
1st December 1997
Results of M.A.I.D plc for nine months to 30 September 1997
incorporating third quarter highlights
Third Quarter Revenues for M.A.I.D up 42%
Integration plan for The Dialog Corporation ahead of schedule
Excellent new business pipeline for 1998
Results to 30 September 1997
* Turnover for nine months of #21.4 million (1996: #14.8m);
* Profit before tax for nine months of #1.4 million (1996: loss before tax
of #5.7m).
Third Quarter Highlights
* Quarterly revenues of #7.4 million, up 42% over Q3 1996;
* Gross profit of #5.1 million, up 54% over Q3 1996;
* Pre-tax loss of #592,000, an improvement of #1.8 million over Q3 1996
(#2.4 million loss);
* Operating costs stable since Q3 1996;
* Acquisition of 70% of Muscat, a leading UK information retrieval
technology vendor;
* New end user products successfully launched.
* #261 million acquisition of Knight-Ridder Information completed since
period end;
* Formation of The Dialog Corporation creates a new leader in the provision
of online business information;
* Integration plan ahead of schedule, with majority of cost saving measures
already implemented.
Michael Mander, Chairman of The Dialog Corporation plc, said:
"The period under review has been one of momentous change, with the
acquisition by M.A.I.D of Knight-Ridder Information creating The Dialog
Corporation, a new leader in online business information.
"The integration plan for the two businesses is well under way, with a
significant proportion of the cost saving measures already effected. As a
result, we will go into 1998 with a strong and motivated team, an excellent
new business pipeline, and with a clear strategy in place to build on our
position as a new market leader. We look forward with confidence to reporting
further progress in the future."
For further information, please contact:
Dan Wagner, Chief Executive 0171 930 6900
The Dialog Corporation plc dan_wagner@dialog.com
David Mattey, Finance Director 0171 930 6900
The Dialog Corporation plc david_mattey@dialog.com
Sara Parker, Corporate Communications 0171 930 6900
The Dialog Corporation plc sara_parker@dialog.com
John Olsen 0171 357 9477
Hogarth Partnership Ltd jolsen@hogarthpartnership.co.uk
Third Quarter Revenues for M.A.I.D up 42%
Integration plan for The Dialog Corporation ahead of schedule
Excellent new business pipeline for 1998
Chairman's Statement
Creation of The Dialog Corporation plc
The period since the interim statement to shareholders has been one of
momentous change for M.A.I.D plc.
In late August, we announced that we were in negotiations to acquire Knight-
Ridder Information Inc. (KRII), one of the world's largest online business
information services. Since then, negotiations have been successfully
concluded, the necessary funds raised, and shareholder and regulatory approval
received. On 14th November, the businesses of M.A.I.D plc and KRII were
combined to create The Dialog Corporation plc, and your Company is now the
leader in the provision of online business information.
The support we have received from existing shareholders, and from new
investors, who participated in the fund raising, has been very encouraging.
Equally, the bringing to fruition of such an exciting project has taken an
enormous amount of effort, co-operation and understanding by management and
staff from both companies. On behalf of the Board of The Dialog Corporation
plc, I extend my thanks to all those who have played a part in the creation of
this new company.
During the negotiations, an enormous amount of work went into developing an
integration plan for the two businesses, the implementation of which is now
under way, with a significant proportion of the cost saving measures effected
on 21st November. Inevitably, given the overlap between the two companies in
a number of functions, this has resulted in a reduction in headcount of some
330 people. Whilst painful for those affected, this action is vital to
putting The Dialog Corporation on a sound commercial footing for the future.
The actions we have taken will result in annualised cost savings representing
approximately 70% of the $35 million cost savings identified as being
achievable as a result of the acquisition. The costs associated with this
exercise, which were in line with our projections, will be reflected in the
results for the fourth quarter of 1997.
At the time of the acquisition, we stated that we would review the strategic
rationale for certain non-core businesses of KRII. Having now done so, we are
considering the disposal of the document delivery and CARL library computer
systems businesses. These businesses have been loss-making and do not fit
with the longer term strategy of The Dialog Corporation. We believe however
that they have good prospects under alternative ownership, and have already
received encouraging interest in them from a number of third parties.
Q3 results for M.A.I.D plc & current trading
The results of M.A.I.D plc for the third quarter of 1997 showed continued
strong growth in revenues, 42% ahead of Q3 1996. In addition, operating costs
were stable for the fourth consecutive quarter.
The period also saw the strategically important acquisition of Muscat, a
leading UK information retrieval technology vendor. The opportunities for The
Dialog Corporation to leverage Muscat's expertise across the vast databases of
the new enlarged group make the potential of this acquisition even more
exciting than was first envisaged.
As stated in the Listing Particulars relating to the KRII acquisition, the
rate of growth during the quarter was slower than initially expected, due to
deferrals of new client subscriptions and take-up of new products, stemming
from uncertainty amongst potential customers prior to the completion of the
acquisition.
We consider this to be a short term issue only, and we currently enjoy an
excellent pipeline of new business opportunities. As we communicate the
product and pricing strategies of The Dialog Corporation to the marketplace, a
process that will start formally in early December at the Online Information
'97 trade show, a substantial number of new contracts are likely to be
secured.
Prospects
As a result of the rapid implementation of the integration plan, The Dialog
Corporation will go into 1998 with a strong and motivated team, an excellent
new business pipeline, and with a clear strategy in place. Our priority for
1998 will be to build on The Dialog Corporation's position as a new market
leader, leveraging the respective strengths that the combination of M.A.I.D
and KRII bring together, to the benefit of all shareholders. We look forward
with confidence to reporting further progress to shareholders in the future.
Michael Mander
Chairman
1 December 1997
THE DIALOG CORPORATION PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT (unaudited) FOR THE NINE MONTHS ENDED 30
SEPTEMBER 1997
Three Months Ended Nine Months Ended
30 September 30 September
1997 1996 1997 1996
#'000 #'000 #'000 #'000
TURNOVER 7,373 5,178 21,411 14,762
Cost of sales (2,244) (1,848) (6,792) (5,212)
------- ------- ------- -------
GROSS PROFIT 5,129 3,330 14,619 9,550
Distribution costs (2,294) (2,893) (6,903) (7,003)
Administration
expenses (2,649) (2,414) (7,874) (7,505)
Amortisation of
development costs (799) (537) (2,159) (1,452)
------- ------- ------- -------
OPERATING LOSS (613) (2,514) (2,317) (6,410)
Exceptional items - - 3,614 -
------- ------- ------- -------
(LOSS)/PROFIT ON
ORDINARY ACTIVITIES
BEFORE INTEREST AND
TAXATION (613) (2,514) 1,297 (6,410)
Interest receivable
and similar income 47 183 221 902
Interest payable and
similar charges (26) (43) (96) (151)
------- ------- ------- -------
(LOSS)/PROFIT ON
ORDINARY ACTIVITIES
BEFORE TAXATION (592) (2,374) 1,422 (5,659)
Taxation on
(loss)/profit on
ordinary activities 286 (41) (893) (140)
------- ------- ------- -------
(LOSS)/PROFIT ON
ORDINARY ACTIVITIES
AFTER TAXATION (306) (2,415) 529 (5,799)
Minority equity
interest (10) (7) (23) (14)
------- ------- ------- -------
(DEFICIT)/RETAINED
PROFIT (316) (2,422) 506 (5,813)
======= ======= ======= =======
(Loss)/earnings per
share (pence) (0.33) (2.62) 0.54 (6.30)
======= ======= ======= =======
Shares used in
computing
(loss)/earnings per
share (thousands) 94,370 92,551 93,406 92,289
======= ======= ======= =======
THE DIALOG CORPORATION PLC
CONSOLIDATED BALANCE SHEET (unaudited) AS AT 30 SEPTEMBER 1997
Unaudited Unaudited
30 30 31
September September December
1997 1996 1996
#'000 #'000 #'000
FIXED ASSETS
Intangible assets 8,728 7,791 8,311
Investments 7,099 2,135 2,135
Tangible assets 6,256 7,469 6,991
------- ------- -------
22,083 17,395 17,437
CURRENT ASSETS
Stocks 91 199 104
Debtors 11,042 6,797 8,126
Cash at bank and in
hand 3,455 10,021 8,038
------- ------- -------
14,588 17,017 16,268
CREDITORS (amounts
falling due within
one year) (8,882) (5,347) (6,687)
------- ------- -------
NET CURRENT ASSETS 5,706 11,670 9,581
------- ------- -------
TOTAL ASSETS LESS
CURRENT LIABILITIES 27,789 29,065 27,018
CREDITORS (amounts
falling due after
more than one year) (414) (1,034) (796)
Provisions for
liabilities and (110) (112) (142)
charges ------- ------- -------
27,265 27,919 26,080
======= ======= =======
CAPITAL AND RESERVES
- EQUITY
Called up share
capital 954 926 926
Share premium
account 40,604 35,630 35,672
Profit and loss
account (14,633) (8,668) (10,561)
------- ------- -------
Ordinary
shareholders' funds 26,925 27,888 26,037
Minority equity
interest 340 31 43
------- ------- -------
Total shareholders'
funds 27,265 27,919 26,080
======= ======= =======
THE DIALOG CORPORATION
CONSOLIDATED CASH FLOW STATEMENT (unaudited) FOR THE NINE MONTHS ENDED 30
SEPTEMBER 1997
1997 1996
#'000 #'000 #'000 #'000
NET CASH
INFLOW/(OUTFLOW)
FROM OPERATING
ACTIVITIES 373 (5,291)
RETURNS ON
INVESTMENTS AND
SERVICING OF FINANCE
Dividends paid to
minority
shareholders in
subsidiary
undertaking (17) -
Interest received 300 770
Interest paid on
bank loans and
overdrafts (1) -
Interest paid on
finance leases (98) (156)
------- -------
184 614
TAXATION
Taxation paid (54) (15)
CAPITAL EXPENDITURE
Payments to acquire
intangible assets (1,822) (2,317)
Payments to acquire
tangible fixed
assets (1,581) (3,114)
Receipts from sales
of tangible fixed
assets 161 15
------- -------
(3,242) (5,416)
ACQUISITIONS AND
DISPOSALS
Purchase of
subsidiary
undertakings (1,200) (50)
(1,200) (50)
MANAGEMENT OF LIQUID
RESOURCES
Net receipts from
sales of investments
with original
maturity date of
less than one year 4,500 12,646
Net receipts from
sales of investments
with original
maturity date of
greater than one
year 1,500 -
------- -------
6,000 12,646
FINANCING
Net
proceeds/(expenses)
on issue of ordinary
share capital 585 (1,110)
Repayment of capital
element of finance
leases (1,195) (934)
------- -------
(610) (2,044)
------- -------
INCREASE IN CASH 1,451 444
======= =======
THE DIALOG CORPORATION PLC
NOTES TO THE CONSOLIDATED PROFIT AND LOSS ACCOUNT
ANALYSIS OF TURNOVER
The composition of turnover is
analysed as follows:
Three Months Nine Months
Ended 30 Ended 30
September September
1997 1996 1997 1996
#'000 #'000 #'000 #'000
Usage sales 2,729 2,450 8,347 6,836
Subscriptions sales 3,391 2,669 10,298 7,568
Other sales 1,253 59 2,766 358
------ ------ ------ ------
7,373 5,178 21,411 14,762
====== ====== ====== ======
The composition of turnover by market
destination is analysed as follows:
Three Months Nine Months
Ended 30 Ended 30
September September
1997 1996 1997 1996
#'000 #'000 #'000 #'000
Europe, Middle East
and Africa 4,504 2,955 12,721 9,302
The Americas 2,397 1,865 7,226 4,479
Asia Pacific 472 358 1,464 981
------ ------ ------ ------
7,373 5,178 21,411 14,762
====== ====== ====== ======
General
These results are unaudited and do not constitute statutory accounts within
the meaning of Section 240 of the Companies Act 1985. The financial statements
for the year ended 31 December 1996 have been reported on by the Company's
auditors, Price Waterhouse, and delivered to the Registrar of Companies. The
audit report was not qualified and neither did it contain any statements under
Section 237 (2) or (3) of the Companies Act 1985. The unaudited results for
the nine months ended 30 September 1997 have been prepared in accordance with
the accounting policies stated in the 1996 Annual Report and Accounts.
Additional copies will be available from the Company's registered office: The
Dialog Corporation plc, The Communications Building, 48 Leicester Square
London WC2H 7DB or from our home page http://www.dialog.com
END
MSCDBBBBIXXCCRG
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