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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Gabelli Merger Plus+ Trust Plc | LSE:GMP | London | Ordinary Share | GB00BD8P0741 | ORD USD0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 7.50 | 0.10 | 12.00 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 4.65M | 1.99M | 0.2916 | 20.59 | 51.23M |
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Embargoed until 0700, 26th June 2003
Getmapping plc
('Getmapping', 'the Company' or 'the Group')
PRELIMINARY RESULTS
Getmapping, the UK's leading provider of map-accurate colour aerial
photography, announces preliminary results for the year ended 31
December 2002.
For further information:
Tristram Cary, Getmapping plc: 01252 845444
Christopher Joll/ Richard Sunderland: 020 7491 7776
CHAIRMAN'S STATEMENT JUNE 2003
In 2002 Getmapping extended its range of products and specialist
services and enlarged its UK customer base. The Group has made a
satisfactory start to 2003 and on 18 June 2003 the legal dispute with
Ordnance Survey ('OS') was resolved.
Financial results
_________________
The highlights of the Group's financial results for 2002 (compared with
2001) are as follows:
* Net cash balances at 31 December 2002 were £733,000, sufficient for
the Group's foreseeable operational requirements
* Sales down 17% to £3,426,000, but underlying sales were up 36%, if
the one-off 2001 Daily Mail campaign (which generated sales of £1.6m)
is excluded (2001: £4,118,000)
* Gross profits up 46% to £2,852,000 (2001: £1,960,000)
* Gross profit as a percentage of sales rose to 83% (2001: 48%)
* Loss before interest, tax, depreciation and amortisation improved
27% to £1,036,000 (2001: £1,413,000)
* Loss on ordinary activities increased 6% to £2,813,000 including a
£350,000 provision against investment in Getmapping Espana S.L.,
(2001: £2,646,000).
REVIEW OF ACTIVITIES
The Millennium Map
England and Wales are complete and 27 cities have been flown at high
(10cm) resolution. Coverage of Northern Ireland was not extended
because Ordnance Survey Northern Ireland commissioned a complete survey
of Northern Ireland from another company.
For the whole 2002 flying season, Getmapping was in negotiation with the
OS about the appropriate specification for the remaining imagery of
Scotland. These negotiations were concluded in December 2002 and
resulted in the award of a contract from OS, worth in excess of £500,000
over two years, for the near-completion of Scotland at 25cm resolution.
The contract is subject to OS being satisfied that the required quality
standards can be met with photography taken at a smaller-than-normal
scale; the necessary tests are still underway.
Sales of the Millennium Map continued to grow well in 2002. The main
drivers of this growth were:
* Internet sales: During 2002, Internet sales grew by over 70%. The
Company's website, www.getmapping.com, was extended and improved
and the range of products that can be bought directly from the site
has been enlarged. A number of important new affiliate sites, such
as MultiMap.com, were added generating traffic and sales.
* Commercial sector: Sales to the commercial sector were up by 58%
due to the increasing awareness of the practical benefits of imagery
to business efficiency. The property, insurance and engineering
sectors show particular promise.
* Public sector: Despite the hiatus in the public sector market
caused by OS's plans for its own Imagery Layer, several large public
sector orders were taken. In particular, a national agency placed an
order worth over £250,000 for the whole of England.
NEXTMap Britain
NEXTMap Britain is the radar height model of Britain being developed by
Intermap Technologies Inc of the Unites States. Getmapping is the
NEXTMap Britain master reseller in the UK and is also supporting the
processing work. NEXTMap Britain is significantly better than any other
national height data available.
NEXTMap Britain is now complete and the product will be formally
launched at the Royal Geographical Society on 9 September.
Education
Education sales grew by 79% in 2002, as more schools took advantage of
the educational benefits of images of their own schools and related
educational products. Most sales are still to Primary Schools, although
an increased effort is now being devoted to Secondary and Tertiary
education which the Company believes offers a strong opportunity for
sales growth in the future.
Retail
In November 2002 Getmapping launched a Microsoft Flight Simulator add-on
product called VFR Photographic Scenery which allows users to fly over
real Millennium Map terrain (instead of the simulated terrain which
comes with the standard product). This has been an outstanding success.
It has been selling well and is being used by pilots (both professional
and amateur) as a training aid. They can rehearse a new route and
familiarise themselves with landmarks, airport approaches etc before
flying it for real. A number of additional UK products are planned for
2003.
The Harper Collins books continue to sell well and a new contract has
been signed for an additional 12 titles. The company has also secured a
separate contract for a Photo Atlas of New York city.
Domesday
In July 2002, Getmapping secured full control of the Domesday products
after reaching agreement with Editions Alecto Ltd and in November 2002
the Digital Domesday product range was launched. This product has been
well reviewed and a cheaper county version of Digital Domesday is
currently being developed, which the Company expects to have a wider
ranging appeal.
Ordnance Survey
On 18 June, a settlement of Getmapping's legal dispute with OS, as
detailed in last year's chairman's statement, was reached. Getmapping
has withdrawn from the case and will pay £125,000 towards OS's costs
over the next year. However, the Company believes that the settlement is
in its best interests and that it can continue to operate successfully
in the market in parallel with OS's Imagery Layer.
To achieve this, Getmapping intends to become a long-term supplier to
the Imagery Layer as well as a reseller. In this way Getmapping can work
in collaboration with OS and concentrate its efforts on developing new
markets for imagery as well as specialist data of particular areas.
Overseas
Results from Getmapping Espana S.L. in 2002 were disappointing. Its
website has been launched but the Company has thus far failed to win any
major orders. Getmapping will continue to support web development and
photographic processing but has deemed it prudent to provide £350,000
against the carrying value of the Group's investment in the company.
Outlook
The market for off-the-shelf colour imagery is growing and Getmapping is
currently well placed to service the market with the only complete data
of England and Wales, a well-known brand name and a wide range of
products and services (including a rapidly-growing internet business).
Our strategy for the future is to continue to develop our own range of
products and services while collaborating with OS, so far as we can, as
a supplier to and a reseller of the Imagery Layer.
Tristram Cary
Chairman and Managing Director
26 June 2003
GETMAPPING PLC
Profit and loss account for the year ended 31 December 2002
2002 2001
£' £'
000 000
Turnover 3,426 4,118
Cost of Sales (574) (2,158)
_______ _______
Gross profit 2,852 1,960
_______ _______
Administrative normal (3,413) (3,373)
expenses exceptional
(see below) (475) -
_______ _______
Loss before interest, tax,
depreciation and amortisation (1,036) (1,413)
Depreciation and
amortisation (1,797) (1,376)
_______ _______
Operating Loss (2,833) (2,789)
Interest
receivable 32 146
Interest payable (12) (3)
_______ _______
Loss on ordinary activities before
and after taxation (2,813) (2,646)
_______ _______
Loss per share - basic and diluted (9.75)p (9.17)p
All amounts relate to continuing activities.
All recognised gains and losses are included in the profit and loss account.
The exceptional expenses include £350,000 provision against the carrying value
of the investment in Getmapping Espana S.L. and £125,000 for the cost of settling
the legal dispute with Ordnance Survey.
GETMAPPING PLC
Balance sheet as at 31 December 2002
2002 2001
£'000 £'000
Fixed assets
Intangible assets 137 212
Tangible assets 3,366 4,179
Investments 278 628
_______ _______
3,781 5,019
_______ _______
Current assets
Stocks and work in progress 136 65
Debtors 663 1,109
Cash at bank and in hand 908 2,253
_______ _______
1,707 3,427
Creditors: amounts falling due
within one year 1,033 996
_______ _______
Net current assets 674 2,431
_______ _______
Total assets less current liabilities 4,455 7,450
Creditors: amounts falling due
after more than one year - 125
Provision for liabilities and charges - 7
_______ _______
4,455 7,318
_______ _______
Capital and reserves
Called up share capital 87 87
Share premium account 12,429 12,479
Profit and loss account (8,061) (5,248)
_______ _______
Shareholders' funds - equity 4,455 7,318
_______ _______
GETMAPPING PLC
Cash flow statement for the year ended
31 December 2002
2002 2001
£'000 £'000
Net cash outflow from
operating activities (446) (1,774) 4)
Returns on investments
and servicing of finance
Interest received 32 146
Interest paid (12) -
Interest element of finance
lease repayments - (3)
Net cash inflow from returns on investments
and servicing of finance 20 143
Capital expenditure
and financial investment
Purchase of tangible fixed assets (909) (1,848)
Purchase of trade investment - (568)
Sale of tangible fixed assets - 20
Net cash outflow from capital expenditure
and financial investment (909) (2,396) 6)
Financing
Capital element of finance lease payments (10) (17)
Cash outflow from financing (10) (17)
financing
_______ _______
Decrease in cash in year (1,345) (4,044)
_______ _______
GETMAPPING PLC
Reconciliation of operating loss to operating cash flows for the
year ended 31 December 2002
2002 2001
£'000 £'000
Operating loss (2,833) (2,789)
Amortisation of goodwill 75 75
Depreciation 1,722 1,301
Profit on disposal of fixed assets - (10)
(Increase)/decrease in stock (71) 102
Decrease/(increase) in debtors 446 (375)
(Decrease)/increase in creditors (128) 17
Decrease in provision (7) (35)
Provision against trade investment 350 (60)
_______ _______
Net cash outflow from operating activities (446) (1,774) 4)
_______ _______
Financial information
The financial information set out above does not constitute the
company's statutory accounts for the year ended 31 December 2002 or the
year ended 31 December 2001. The financial information for the year
ended 31 December 2001 is derived from the statutory accounts for that
year which have been delivered to the Registrar of Companies. The
auditors report on those accounts did not contain a statement under
section 237(2) or (3) of the Companies Act 1985. The audited statutory
accounts for the year ended 31 December 2002 will be finalised on the
basis of the financial information presented by the directors in this
preliminary announcement and will be delivered to the Registrar of
Companies following the company's annual general meeting.
Annual report and accounts
Copies of the annual report and accounts will be posted to shareholders
on 28 June 2003. Further copies will be available from the Company
Secretary at the Company's registered office at Virginia Villas, Hartley
Wintney, Hampshire RG27 8NW.
Annual general meeting
The annual general meeting will be held at the Company's registered
office 11 o'clock a.m. on Tuesday 29 July 2003.
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