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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% | 9.00 | 0.10 | 12.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 5.83M | 7.32M | 1.0710 | 8.40 | 61.48M |
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Not for release before 0700, 24 September 2003
Getmapping plc
('Getmapping', 'the Company' or 'the Group')
Getmapping, the UK's leading provider of map-accurate colour aerial photography,
announces interim results for the six months ended 30th June 2003.
Key points financial:
* Sales of £1,862,000 (2002: £1,850,000)
* Gross profit £1,563,000 (2002: £1,506,000)
* Gross margin as a percentage of sales increased to 84% (2002: 81%)
* Profit before interest, tax, depreciation and amortisation of £244,000
(2002: a loss of £241,000)
* Loss before and after taxation reduced by 32% to £733,000 (2002: £1,080,000)
* Net cash balances at 30 June 2003 of £528,000 (31 December 2002: £733,000).
Key points operational
* Millennium Map sales up due to growth in Internet sales
* Contracts with Ordnance Survey ("OS") to map Scotland and resell OS's Imagery
Layer problematic
* NEXTMap Britain successfully launched
* Sales to the education sector up nearly 50%
* Retail sales up 22%
* Getmapping Espana growth very slow
Outlook
* Business focus to be altered to cut costs and focus on core activities.
* Proposed de-listing of shares from the AIM
Tristram Cary, Chief Executive of Getmapping plc, commented:
"The impact on future revenues of the OS activities is such that we feel it is now prudent
to cut costs and concentrate on our core activities. This has prompted us to consider the
costs involved in being a listed company and we believe that it is in the Company's best
interests not to maintain Getmapping's AIM listing."
For further information:
Tristram Cary, Telford Shute, Getmapping plc: 01252 845444
Richard Sunderland, mj2: 020 7491 7776
Chairman's statement
The Group's financial results for the first six months of 2003 were in line with expectations.
However, the outlook for the second half of the year has deteriorated since I last reported
to you, mainly due to problems with the Ordnance Survey ('OS') contract for Scottish data.
The longer-term future for Getmapping also now looks less secure and, as a result, the Board
is proposing making major changes to the scale and scope of the Company's operations in order to
preserve the core value of the business.
Financial results
The highlights of the Group's financial results for the six months of 2003 (when measured against
the results for the first half of 2002) are as follows:
* Sales of £1,862,000 (2002: £1,850,000), including a 20% increase in map related sales to
£1,823,000 (2002: £1,524,000) and an 88% reduction in Domesday sales to £39,000 (2002: £326,000)
* Gross profit £1,563,000 (2002: £1,506,000)
* Gross margin as a percentage of sales increased to 84% (2002: 81%)
* Profit before interest, tax, depreciation and amortisation of £244,000 (2002: a loss of £241,000)
* Loss before and after taxation reduced by 32% to £733,000 (2002: £1,080,000)
* Net cash balances at 30 June 2003 of £528,000 (31 December 2002: £733,000).
Ordnance Survey
The contract from OS for the flying and processing of Scottish data has run into difficulties.
The contract consists of two parts. The first is for us to reprocess our existing 1:10,000 photography
to OS's specifications, and the second is for us to fly new photography at a smaller (1:15,000) scale.
The OS photography specifications contain some subjective criteria such as image appearance and the
depth of shadow. After many months of effort by us to satisfy these criteria, it now appears that OS
may never accept either the existing 1:10,000 photography or the new 1:15,000 photography. This has
resulted in a substantial loss of potential revenue for 2003, both directly from OS and from royalties
for OS's Imagery Layer sales.
In July, I reported on Getmapping's strategy to collaborate with OS by reselling its Imagery Layer.
Here we have also made little progress, as OS is still trying to work out how it can appoint resellers
to sell third party data. It seems likely that this issue will remain unresolved for many months and it
may never be possible for Getmapping to act as a reseller of OS's Imagery Layer.
The Millennium Map
Sales of the Millennium Map were up on the same period in 2002 because of continued growth in sales via
the Internet and in the commercial and local government sectors; sales to central government were
slightly lower.
NEXTMap Britain
The formal launch of NEXTMap Britain (the radar height model of Britain developed by Intermap
Technologies Inc), for which Getmapping is the master reseller in the UK, took place at the Royal
Geographic Society on 9 September. The product, which has many applications, has been well received and
is expected to generate significant revenue for the Company.
Education
Sales in the first six months of 2003 were nearly 50% up on the corresponding period in 2002, accounting
for nearly 20% of total sales.
Retail
Sales to the retail sector were 22% up on the first half of 2002, with good contributions from The Microsoft
Flight Simulator VFR Photographic Scenery product and the Harper Collins books. The Company is running a
coupon promotional deal with Express Newspapers for the supply of aerial photographic prints to Daily
Express and Sunday Express readers (similar to the Daily Mail 2001 campaign).
Domesday
Sales of Domesday related products in the first half of 2003 were down 88% on the same period in 2002,
because of a move away from high-value facsimile products requiring substantial marketing support to the
more affordable Digital Domesday, which has still to come fully on stream.
Overseas
Results from Getmapping Espana SL continue to disappoint. The business is growing but orders for large data
sets remain elusive.
Outlook and Future Strategy
After taking into account the impact on our future revenues of the OS activities the Board considers that
Getmapping must now change its strategy.
The original plan to maintain the Millennium Map for the whole of the UK is no longer viable, because OS is
a direct competitor with enormous market power and the ability to offset its Imagery Layer costs against its
near-monopoly cartography budget.
Accordingly, we plan to cut costs and concentrate on our core activities.
The immediate effect of this decision will be that we will no longer maintain the Millennium Map for the
whole country; instead we will fly commissioned work and speculatively collect data at 10cm resolution
where we are confident of a good return. We will also seek to increase the range of third party data (such
as NEXTMap Britain and historical photography) that we offer over www.getmapping.com.
Cancellation of Admission of shares on the Alternative Investment Market ('AIM')
In addition to the proposed changes to the structure of the business, the Board has reviewed the Company's
status as an AIM-quoted company.
One of the benefits of an AIM quotation for shareholders is, in theory, a ready market for the Company's
shares. However, in practice, the relatively small number of shares in issue and the thinness of the
market have made it difficult for shareholders to buy or sell in significant volumes. Another advantage to
the Company of an AIM quotation should be the ability to raise equity investment quickly and cost effectively
via the market. The current share price does not make it possible for Getmapping to do this.
Consequently, the Board considers that it is no longer appropriate for Getmapping to be quoted on AIM and
recommends cancellation of admission of the Company's shares on AIM. Such a change would result in
substantial cost savings for the Company.
Following removal of the shares' quotation on AIM the share register will continue to be maintained by Capita
IRG plc and it will be possible for shares to be traded on a matched bargain basis operated by a firm of
stockbrokers.
The main objective of the Board is to create a company which is profitable and which generates cash, and it is
felt that this objective is more likely to be achieved if the Company's quotation on AIM is removed. Once the
Company is profitable and has distributable reserves, it will be the intention of the Board to pay dividends to
shareholders and perhaps to seek an exit route by selling the Company to a third party.
The Board is seeking shareholder approval for cancellation of the Company's quotation at an Extraordinary
General Meeting to be held on Tuesday 28 October. The notice of that meeting and the appropriate special
resolution is being sent to shareholders with the Interim Results. If the special resolution is passed, the
last day that the shares can be traded on AIM will be 28th October.
Finally, the Board wishes to make it clear that the proposal to remove the AIM quote is not a "public to private
transaction" and no offer is being made by management or any other party to existing shareholders to acquire
their shares.
Tristram Cary
Chairman and Managing Director
24 September 2003
GETMAPPING PLC
Consolidated profit and loss account for the six months ended 30 June 2003
Notes 6 months ended 6 months ended
30 June 2003 30 June 2002
Unaudited Unaudited
£' 000 £' 000
Turnover 1862 1850
Cost of Sales (299) (344)
____________________________________
Gross profit 1563 1506
Development, marketing and administrative expenses (1319) (1747)
____________________________________
Profit / (loss) before interest, tax, depreciation and amortisation 244 (241)
Depreciation and amortisation (983) (854)
____________________________________
Operating loss (739) (1095)
Interest receivable 6 17
Interest payable - (2)
____________________________________
Loss on ordinary activities before and after taxation (733) (1080)
____________________________________
Loss per share - basic 4 2.54p 3.74p
All amounts relate to continuing activities.
All recognised gains and losses are included in the profit and loss account.
GETMAPPING PLC
Consolidated balance sheet at 30 June 2003
Notes 30 June 30 June
2003 2002
Unaudited Unaudited
£' 000 £' 000
Fixed assets
Intangible assets 5 100 175
Tangible assets 6 2735 3779
Investments 278 628
____________________________________
3113 4582
____________________________________
Current assets
Stocks and work in progress 178 81
Debtors 750 865
Cash at bank and in hand 528 1382
____________________________________
1456 2328
Creditors: amounts falling due within one year 847 665
____________________________________
Net current asstes 609 1663
____________________________________
Total assets less current liabilities 3722 6245
Provision for liabilities and charges - 7
____________________________________
3722 6238
____________________________________
Capital and reserves
Called up share capital 87 87
Share premium account 12429 12479
Profit and loss account (8794) (6328)
____________________________________
Shareholders' funds - equity 3722 6238
GETMAPPING PLC
Consolidated cash flow statement for the six months ended 30 June 2003
Notes 6 months 6 months
ended ended
30 June 2003 30 June 2002
Unaudited Unaudited
£' 000 £' 000
Net cash inflow / (outflow) from operating activities 7 104 (461)
Returns on investments and servicing of finance
Interest received 6 17
Interest element of finance lease rental payments - (2)
Net cash inflow from returns on investments and servicing of finance 6 15
Capital expenditure and financial investment
Purchase of tangible fixed assets (315) (417)
Net cash outflow from capital expenditure and financial investment (315) (417)
Financing
Capital element of finance lease payments - (8)
Repayment of shareholder loans (175) -
Cash outflow from financing (175) (8)
____________________________________
Decrease in cash during period (380) (871)
____________________________________
GETMAPPING PLC
Notes to the financial statements for the six months ended 30 June 2003
1. Basis of Preparation
These financial statements have been prepared on a basis consistent with the statutory financial statements
for the year ended 31 December 2002
The financial information contained in these statements does not constitute statutory accounts within the
meaning of Section 240 of the Companies Act 1985. The results for the six months ended 30 June 2003 and for
the comparable period in 2002 are unaudited.
2. Tax
There is no tax payable for this period due to the losses incurred.
3. Dividends
The Directors do not propose the payment of a dividend for the period.
4. Loss per ordinary share
The loss per ordinary share has been calculated on the basis of the loss attributable to shareholders divided
by the weighted average number of shares in issue during the six months ended 30 June 2003 of 28,849,110 shares
(2002: 28,849,110). There are no other shares in issue which on conversion would increase the loss per ordinary
share.
GETMAPPING PLC
Notes to the financial statements for the six months ended 30 June 2003
5. Intangible fixed assets Goodwill on
Consolidation
£'000
Cost
At 1 January 2003 299
Additions during six months -
___________
At 30 June 2003 299
___________
Amortisation
At 1 January 2003 162
Charge for six months 37
___________
At 30 June 2003 199
___________
Net book value
At 30 June 2003 100
___________
At 31 December 2002 137
___________
6. Tangible fixed assets
Aerial Domesday Book Plant, Fixtures
photography/ development machinery and and
digital imaging website costs equipment fittings Total
£'000 £'000 £'000 £'000 £'000 £'000
Cost
At 1 January 2003 5584 556 445 482 56 7123
Additions during six months 285 7 - 20 3 315
_________________________________________________________________________
At 30 June 2003 5869 563 445 502 59 7438
_________________________________________________________________________
Depreciation
At 1 January 2003 2932 223 267 295 40 3757
Charge during six months 737 54 55 89 11 946
_________________________________________________________________________
At 30 June 2003 3669 277 322 384 51 4703
_________________________________________________________________________
Net book value
At 30 June 2003 2200 286 123 118 8 2735
_________________________________________________________________________
At 31 December 2002 2652 333 178 187 16 3366
_________________________________________________________________________
7. Reconciliation of operating loss to net cash inflow/ (outflow)
6 months 6 months
ended ended
from operating activities 30 June 2003 30 June 2002
£' 000 £' 000
Operating loss (739) (1095)
Amortisation of goodwill 37 37
Depreciation 946 817
Increase in stocks & work in progress (42) (16)
(Increase) decrease in debtors (87) 244
Decrease in creditors (11) (448)
_________ _________
Net cash inflow / (outflow) from operating activities 104 (461)
_________ _________
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