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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Horizon Tech. | LSE:HOR | London | Ordinary Share | IE0006881506 | ORD EUR0.07 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 92.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:3683D Horizon Technology Group PLC 06 September 2007 Horizon Technology Group plc Interim Results for the six months to 30 June 2007 EBIT growth of 27% Horizon Technology Group plc, a leading system integrator and distributor of information technology products in the UK and Ireland, announces its interim results for the six months to 30 June 2007. H1 2007 H1 2006 H1 2007 Financial highlights Euro'000 Euro'000 Change Revenue 146,305 131,220 11% Gross profit 27,086 18,799 44% Gross margin % 18.5% 14.3% EBIT 4,688 3,703 27% EBIT as a % of revenue 3.2% 2.8% PBT 3,913 3,127 25% PBT as a % of revenue 2.7% 2.4% Diluted adjusted EPS (Euro cent)* 5.11 cent 4.21 cent 21% *Diluted adjusted EPS represents earnings based on 79,886,000 shares and profit after tax adjusted for unwinding of discount factor, amortisation of intangibles, material items & discontinued operations. The first half of 2007 was a period of continued and significant progress, financially and strategically: Financial highlights: * Revenue increased 11%; Gross profit increased 44% * EBIT increased 27% - EBIT margin increased 40 basis points to 3.2% * Diluted EPS increased 21% * Strong cash conversion in the first half - 167% of EBITA * Compound EPS growth of 27% since 2003 Strategic highlights: * Increasing services orientation within Horizon's business: * 78% growth in application consulting and services earnings * One third of group earnings now comes from application consulting and services * Delivering earnings growth from acquisitions * Maintaining high market share with existing key vendors * Profitably building market share with new vendor partners * Investing & developing in new partnerships The results reflect continued earnings improvement, increased financial capacity and the group's ability to deliver performance and growth. Gary Coburn, Horizon's Chief Executive Officer, said: "We are encouraged by the growth in our enterprise application and services businesses in the six months, which now represent a third of the group's earnings. Our enterprise infrastructure division continues to diversify its revenue base and improve expense productivity. The successful integration of acquisitions completed in 2006 and our increased services orientation is delivering performance and growth." Cathal O'Caoimh, Horizon's Chief Financial Officer, noted: "We are pleased to report another period of progress against every financial measure. EBIT is up by 27% and operating margins up 40 bps to 3.2%. Very positive cash flow generated Euro8.8m funds from operations and eliminated net debt at the period end. Horizon is well positioned, both operationally and financially, to deliver continued earnings growth." For further information please contact: Horizon Technology Group plc Gary Coburn, Chief Executive Officer Cathal O'Caoimh, Chief Financial Officer 353 1 620 4900 K Capital Source Mark Kenny/Jonathan Neilan 353 1 631 5500 ABOUT HORIZON Horizon Technology Group plc is a leading technical integrator and distributor of information technology products in the UK and Ireland. For more information about Horizon Technology Group plc, visit www.horizon.ie. RESULTS OVERVIEW In the first six months of 2007, Horizon continued its track record of delivering strong growth in earnings and made significant progress towards its strategic objectives. The group's focus on higher margin, services rich enterprise solutions helped to increase EBIT margin from 2.8% to 3.2%, thereby delivering 27% growth in EBIT and 21% growth in diluted adjusted EPS. The enterprise applications and services (EAS) division increased earnings by 78% year-on-year and generated one third of the group's earnings. In addition, the services content within enterprise infrastructure and services (EIS) operations continued to grow profitability. The expansion of services within the group's Irish operations means that 58% of group's profits were generated in Ireland in the period. Other strategic objectives that the group has delivered on over the last six months include: * Driving earnings growth in businesses acquired in 2006 - the acquisitions, EquIP, EPC and WBT, are delivering earnings ahead of expectations. * Building market share with new vendor partners - the group's market share with IBM, EMC, Oracle and Tandberg have all grown during the period. * Maintaining high market share with existing key vendors - Horizon is the number one channel partner in the UK for each of Sun Microsystems, Nortel Networks (data products), Juniper Networks and F5 Networks. * Investment and development of new partnerships - the group's new developments with Oracle and EMC have produced consistent improvements in performance. A financial summary of the results achieved in the first half of 2007 is as follows: H1 2007 H1 2006 H1 2007 Financial highlights Euro'000 Euro'000 Change Revenue 146,305 131,220 11% Gross profit 27,086 18,799 44% Gross margin % 18.5% 14.3% EBIT 4,688 3,703 27% EBIT as a % of revenue 3.2% 2.8% PBT 3,913 3,127 25% PBT as a % of revenue 2.7% 2.4% Diluted adjusted EPS (Euro cent)* 5.11 cent 4.21 cent 21% *Diluted adjusted EPS represents earnings based on 79,886,000 shares and profit after tax adjusted for unwinding of discount factor, amortisation of intangibles, material items & discontinued operations. Revenue grew 11% year-on-year and an increasing portion of this revenue was services based. This trend led to a 44% growth in gross profit and an increase in gross margin from 14.3% to 18.5%, the highest first-half gross margin recorded by the group. The increase in gross margin is even more apparent if compared to the first half of 2006 including the volume distribution business that was sold late in 2006 - it would be up from 11.5% in the first half of 2006 to 18.5% in the first half of 2007. The group continued its focus on cost control and efficiency gains during this period, maintaining very high consultant utilisation rates. The increase in services revenue and the group's investment in new partnerships have a direct impact on headcount and cost structure. Average headcount was 331 in the six-months to June 2007, up from 243 the previous year. The growth is primarily in revenue generating technical consultants and sales personnel and includes the full impact of acquisitions completed in 2006. Horizon continues to be very active in identifying, analysing and negotiating potential acquisition opportunities in the services and software sectors in Ireland and in the enterprise infrastructure sector in the UK. While there are many excellent businesses available on the market, even a few that are strategically very interesting to Horizon, the group has declined to pay uneconomic profit multiples and will continue to seek the right acquisitions at the right price so as to protect and generate value for Horizon's shareholders. The group's cash flow and financial position was further strengthened during the first half. Net cash at 30 June 2007 was Euro1.0m, a significant improvement from net debt of Euro7.0m at 31 December 2006. Cash flow generated from operations amounted to Euro8.8m or 167% of trading profit in the period. Working capital was particularly low at 30 June 2007 - working capital velocity increased from 6.4 to 10.4 times, equivalent to a reduction in working capital days from 24 to 15. Horizon has significant financial capacity and substantial unused credit facilities available. MARKET REVIEW In the first half of 2007, the enterprise solutions markets in both the UK and Ireland showed solid revenue growth with increased outsourcing by organisations, driven by the desire to remain focused on their core business and to retain flexibility in their workforce. As a result, the Irish market for consulting services has experienced an increase in demand with market revenues increasing in double-digit percentages. The UK and Irish enterprise infrastructure markets are growing, albeit in single digit percentages. There is also continuing growth-based investment particularly for project services. The intense competition within the market continues - both between IT vendors and within the channel. STRATEGY Horizon's objective and strategy remain constant - to deliver shareholder value through the development of the business as a technical integrator and distributor of information technology products in the UK and Ireland. The group's focus is to generate long-term, consistent growth in shareholder value by investing resources judiciously to capitalise upon future growth opportunities while maintaining a strong financial position. The board periodically reviews all options available to proactively maximise shareholder value. Geographically, Horizon will continue to supply a wide range of IT services and products within the Irish market and, in the UK, focus on the provision of enterprise solutions in partnership with system integrators and leading global IT vendors. Growth in earnings will be delivered by: * An increasing services orientation within Horizon's business * Maintaining high market share with existing key vendors * Profitably building market share with new vendor partners * Select acquisition opportunities; and * Capitalising on Horizon's operational gearing The group will continue to monitor the IT markets in the UK and Ireland to identify new opportunities to deliver profitable growth through either bolt-on acquisition or organic development, while continuing to develop existing businesses to enhance profitability and cash flow. The group will continue to develop its strong market positions and deepen relationships with customers and vendors and to invest resources in the on-going development of a highly motivated team of professionals dedicated to the continued success of the business. OUTLOOK The directors anticipate that the market for IT consulting services in Ireland will continue to show revenue growth. The recent growth experienced in the enterprise infrastructure market will persist, albeit in single digit percentages and with modest pressure on margins, in line with previous expectations. The demand for growth-based investment in technology by large corporate customers will vary by industry sector and is likely to be strong in the financial services and government sectors. Horizon's organic revenue growth will be dependent on market growth rates, the pace of organic development and the extent to which major IT vendors outsource to their channel. As global IT vendors focus on their own internal core competencies and cost controls, they are increasingly outsourcing technical services, marketing and supply chain functions to channel partners. Horizon is uniquely positioned to address these market trends. Over 80% of group revenue derives from the UK and this is likely to increase in the future given the size of the potential market. The group's services rich businesses are concentrated in Ireland and therefore a high portion of profits will continue to be generated in Ireland. Through rigorous cost control, operational leverage and focus on higher margin, services rich enterprise solutions, the group is well positioned to deliver superior returns to shareholders. Samir Naji Chairman 6 September 2007 OPERATING REVIEW for the six months to 30 June 2007 DIVISIONAL ANALYSIS The group operates through two separate geographic divisions - Ireland and the UK. It supplies a wide range of IT services and products within the Irish market and, in the UK, focuses on the provision of enterprise solutions in partnership with system integrators and leading global IT vendors. IRELAND In Ireland the group operates in the enterprise solutions market and assists customers in implementing IT strategies through the provision of IT infrastructure, applications software development, implementation consulting and support services. Its customer base is predominantly comprised of blue-chip companies. The division includes the Irish enterprise application and services (EAS) business and the Irish enterprise infrastructure and services (EIS) businesses. It has a current full time equivalent staff count of 149 employees. IRELAND Six months to Six months to Six months to 30 June 2007 31 Dec 2006 30 June 2006 Euro'000 Euro'000 Euro'000 Revenue 27,870 29,372 30,602 Gross profit 12,265 11,584 8,460 Gross profit margin 44.0% 39.4% 27.6% Trading profit 3,947 3,375 2,708 Percentage margin 14.2% 11.5% 8.8% The group's Irish revenue, at Euro27.9m, is down 8.9% on the corresponding period of 2006 but a change in mix towards higher-margin services businesses has increased gross margin from 27.6% to 44.0% and gross profit has increased by 45.0% to Euro12.3m. Similarly, trading profit, at Euro3.9m, has grown 45.8% relative to the same period last year and trading profit margin is up from 8.8% to 14.2%. Horizon's Irish enterprise applications and services operation (EAS) delivered 78% growth in earnings in the first half. The consulting business has built on its market-leading position by delivering growth in each of the segments in which it operates: * Business Intelligence - Client Solutions is the leading business intelligence provider in the Irish market and continues to experience strong growth in demand. The government and finance sectors continued to be strong and wins included contracts in Ulster Bank, Bord Gais and the Department of Agriculture and Food. * Application Development - continues to meet the software development needs of some of Ireland's largest enterprises. The core services provided include turnkey solution delivery from analysis to design to post implementation support, technical consultancy services and project management consultancy services. Horizon also offers a suite of application lifecycle management tools that enable customers to meet compliance requirements and to streamline their own internal software development processes. Some successful solution deployments in the last six months include projects in Irish Life and Permanent and O2. * Enterprise Resource Planning - The combined SAP operations of Client Solutions and EPC, acquired in 2006, continues to perform ahead of expectations. It is now the only Irish indigenous mySAP-consulting partner and has won a number of new consulting contracts. Demand for SAP project services continued to experience growth, which was apparent both in existing customer upgrades and in new implementations. * Business Service Management (BSM) - continues to develop satisfactorily in partnership with BMC and its products, including Remedy. This partnership, which began in 2004, continues to drive Horizon's services footprint in the data centres of Ireland's largest companies, with a broad customer base in financial institutions and telecommunications sectors in particular, on both mainframe and UNIX platforms. This unit provides a complete range of BMC Software services including sales, consulting, implementation and support to existing and new BMC Software customers. BSM is a fast-growing segment of the IT market and continues to represent an exciting opportunity for the group. * Learning Management Solutions - Since its acquisition in August 2006, WBT has performed ahead of expectation with new contract wins in both the US and Europe. WBT Systems helps organisations implement advanced learning and performance enhancement solutions. WBT has over one million licensed users across the globe and has built a strong revenue stream of services into its enterprise customer base. In Ireland, Horizon Open Systems, the group's enterprise infrastructure and services business (EIS) is a channel partner of Sun Microsystems which specialises in the provision of infrastructure and professional services to blue-chip enterprises, government departments and global systems integrators. While overall revenue in the Irish EIS operation declined, an increased services orientation within the business delivered growth in earnings. The sectors of the market in which the group has seen growth over the last year in its Irish EIS operation include telecommunications, finance and government. A sample of the Horizon customer base, by sector includes: * Telecommunications: O2, Vodafone and Eircom Group. * Public sector: Revenue Commissioners, the Department of the Environment, Heritage and Local Government and the Department of Justice, Equality and Law Reform. * Finance sector: Irish Life and Permanent, Bank of Ireland and AIB Bank. During 2007, Horizon Enterprise Systems expanded its IBM partnership into Ireland where it specialises in the provision of IBM enterprise products and services to the Irish corporate and government markets. UNITED KINGDOM In the United Kingdom the group focuses exclusively on the provision of enterprise infrastructure and services. It assists customers, usually via a system integrator, in implementing IT strategies through the provision of IT infrastructure, development and consulting services. Its customer base is predominantly comprised of blue-chip companies and government departments. It has a current full time equivalent staff count of 200 employees. UNITED KINGDOM Six months to Six months to Six months to 30 June 2007 31 Dec 2006 30 June 2006 Euro'000 Euro'000 Euro'000 Revenue 119,175 97,535 100,860 Gross profit 14,823 12,639 10,359 Gross profit margin 12.4% 13.0% 10.3% Trading profit 2,816 2,260 2,732 Percentage margin 2.4% 2.3% 2.7% The group's UK revenue, at Euro119.2m, is up 18.2% on the corresponding period of 2006 and 22.2% on the second half of 2006. All this growth is organic and principally emanates from the group's recent developments in partnership with EMC, Oracle, IBM and Tandberg, which are described below in more detail. The group's objective of moving towards higher margin businesses has delivered an improvement in gross margin from 10.3% to 12.4% and growth in gross profit of 43.1% since the corresponding period of last year. Horizon continues to invest significant resources in the development of organic business opportunities to develop new profit streams for the future. Even with this investment, trading profit increased by 3.1% over the same period of 2006. The group's UK businesses are run from a unified entity, Horizon UK, with five operating units: * Horizon Clarity - data centre technology from Sun Microsystems. Horizon Clarity further increased its Sun Microsystems' market share by winning a number of mid-range infrastructure projects in partnership with global system integrators and managed services providers. Horizon continued as Sun Microsystems' largest partner in the UK. * Horizon EquIP - networking and security technology from Nortel Networks, Juniper Networks, F5 Networks and others. One of the primary areas of management focus in the UK during the period was to complete the integration and gain maximum advantage from the acquisition of EquIP. This integration is all but complete and the security and networking business is in line with expectations. * Horizon Enterprise Systems - IBM specific enterprise infrastructure products and services. The group's IBM operation in the UK, Horizon Enterprise Systems (HES), was established to focus on providing UK system integrators and their customers with a wide range of IBM specific enterprise infrastructure products and services. This business achieved positive revenue growth and generated its first material profit in the first six months of 2007. * Horizon Data Management - The group's investment in a new team of specialists to build a storage solutions business has progressed very satisfactorily. The team have delivered good revenue and margin broadly in line with expectation and has taken a significant share of the UK storage market with EMC and StorageTek. Like all businesses that start off with zero revenue and a fixed cost base, this development will take time to generate a positive contribution. While it had a negative impact on EBIT in the first half of 2007, it is expected to provide a first positive contribution in the second half. The unit provides data management solutions for EMC, Sun Microsystems (StorageTek) and Symantec. New partnerships with CommVault Systems and Pillar Data Systems continue to support this development. * Horizon Software - Oracle channel development partner. Late in 2006, Oracle selected Horizon UK as its channel development partner in the UK, tasking Horizon with the on-going development of the existing Oracle channel with a primary focus on partners selling to enterprise customers. The investment cost in this new organic development exceeded margin generated in the first half of 2007 but it is expected to generate a profit in the second half. Horizon UK focuses on the enterprise segment of the IT market, specialising in the provision of high-end and mid-range infrastructure and services. Horizon aims to become the leading channel partner to its key vendors and has achieved substantial revenue growth, out-performing the market by focusing on the continuing development of relationships with key system integrators. Following the extensive development over the last two years, the group's EIS operation is now one of the leading enterprise channel partners in the UK with partnerships with Sun Microsystems, IBM, Nortel Networks, EMC, Symantec, Juniper Networks and F5 Networks amongst others. Horizon is the clear leader in the UK amongst the partners of Sun Microsystems, Nortel Networks (data products), Juniper Networks and F5 Networks. PROPOSED CAPITAL REDUCTION At the company's annual general meeting on 10 May 2007, shareholders approved a resolution to reduce the holding company's share premium account by the amount necessary to eliminate historical losses and restore the profit and loss account to a nil position. This process is continuing and the board expects the High Court hearing to take place in October. CONSOLIDATED INCOME STATEMENT for the six months to 30 June 2007 Unaudited Unaudited Audited Six months to Six months to Year ended 30-Jun-07 30-Jun-06 31 Dec 2006 Note Euro'000 Euro'000 Euro'000 REVENUE 2 146,305 131,220 257,895 Cost of sales (119,219) (112,421) (214,853) GROSS PROFIT 27,086 18,799 43,042 Other income 538 652 895 Staff costs (15,468) (10,189) (23,604) Other operating charges (6,578) (4,599) (10,312) Depreciation (291) (239) (801) TRADING PROFIT 5,287 4,424 9,220 Amortisation of intangibles (599) (440) (1,099) Integration costs - (281) (410) LTIP - - (165) OPERATING PROFIT FROM CONTINUING OPERATIONS 4,688 3,703 7,546 Finance costs (775) (576) (1,497) PROFIT FROM CONTINUING OPERATIONS BEFORE TAX 3,913 3,127 6,049 Income tax expense 3 (373) (568) (500) PROFIT FROM CONTINUING OPERATIONS 3,540 2,559 5,549 DISCONTINUED OPERATIONS Loss from discontinued operations - (442) (1,493) PROFIT FOR THE PERIOD 3,540 2,117 4,056 Earnings per share for the period 4 Basic 4.47c 2.77c 5.23c Diluted 4.43c 2.71c 5.18c Diluted adjusted* 5.11c 4.21c 9.16c *Adjusted for unwinding of discount factor, amortisation of intangibles, material items & discontinued operations CONSOLIDATED BALANCE SHEET at 30 June 2007 Unaudited Unaudited Audited 30 June 2007 30 June 2006 31 Dec 2006 Euro'000 Euro'000 Euro'000 NON-CURRENT ASSETS Property, plant and equipment 2,901 1,958 2,637 Intangible assets 25,858 25,198 26,453 Deferred income tax assets 1,022 139 1,093 29,781 27,295 30,183 CURRENT ASSETS Inventories 19,144 19,260 20,516 Trade and other receivables 82,719 59,790 64,135 Cash and cash equivalents 5,341 4,771 8,435 107,204 83,821 93,086 Net assets held for resale - 5,849 - TOTAL ASSETS 136,985 116,965 123,269 CURRENT LIABILITIES Trade and other payables 84,467 55,117 62,566 Income tax liabilities 1,985 3,009 1,899 Other financial liabilities 3,240 18,257 13,999 Provisions 387 761 727 90,079 77,144 79,191 NON-CURRENT LIABILITIES Trade and other payables 388 917 1,239 Other financial liabilities 1,113 2,157 1,415 Deferred tax liabilities 2,034 - 1,692 Provisions 1,805 2,171 1,951 5,340 5,245 6,297 TOTAL LIABILITIES 95,419 82,389 85,488 NET ASSETS 41,566 34,576 37,781 CAPITAL AND RESERVES Equity share capital 5,762 5,687 5,696 Share premium account 79,648 78,985 79,021 Shares to be issued - - 670 Other reserves 77 (613) 121 Retained losses (28,644) (34,015) (32,412) Cost of shares in the company held in an ESOP (15,277) (15,468) (15,315) TOTAL EQUITY 41,566 34,576 37,781 STATEMENT OF RECOGNISED INCOME AND EXPENSE for the six months to 30 June 2007 Unaudited Unaudited Audited Six months to Six months to Year ended 30-Jun-07 30-Jun-06 31 Dec 2006 Euro'000 Euro'000 Euro'000 Profit for the period 3,540 2,117 4,056 Exchange differences on translation of foreign (44) (398) 336 operations Total recognised income and expense in the period 3,496 1,719 4,392 STATEMENT OF CHANGES IN EQUITY for the six months to 30 June 2007 Unaudited Unaudited Audited Six months to Six months to Year ended 30-Jun-07 30-Jun-06 31 Dec 2006 Euro'000 Euro'000 Euro'000 At beginning of period 37,781 24,632 24,632 Total recognised income and expense in the period 3,496 1,719 4,392 Share option expense 228 148 402 Cash settlement of share options net of tax - - (590) Shares to be issued (670) - 670 Shares issued during the period 739 8,479 8,681 Share issue costs (8) (402) (406) 41,566 34,576 37,781 CONSOLIDATED CASH FLOW STATEMENT for the six months to 30 June 2007 Unaudited Unaudited Audited Six months to Six months to Year ended 30-Jun-07 30-Jun-06 31-Dec-06 Euro'000 Euro'000 Euro'000 OPERATING ACTIVITIES Operating profit - continuing operations 4,688 3,703 7,546 Discharge of provisions for liabilities and charges (567) (497) (894) Depreciation and amortisation 890 679 1,900 Share based payment expense 228 148 567 Decrease/(increase) in working capital 4,179 (5,855) (3,921) 9,418 (1,822) 5,198 Interest paid (757) (499) (1,235) Interest element of finance lease payments (2) (4) (7) Income tax refund/(paid) 136 (33) (862) Interest received 54 15 47 NET CASH INFLOW/(OUTFLOW) FROM CONTINUING OPERATING 8,849 (2,343) 3,141 ACTIVITIES Net cash outflow from discontinued operations - (261) (3,497) NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES 8,849 (2,604) (356) INVESTING ACTIVITIES Payments to acquire tangible fixed assets - continuing (561) (179) (1,042) operations Payments to acquire tangible fixed assets - discontinued - (34) (53) operations Proceeds from disposal of tangible fixed assets - 17 60 Payments to acquire intangible fixed assets (55) (133) (96) Purchase of subsidiary undertakings net of cash acquired (2,385) (11,898) (12,537) Sale of subsidiary undertaking net of cash disposed 2,029 - 8,852 Refunds of deposits pledged as security - - 108 NET CASH OUTFLOW FROM INVESTING ACTIVITIES (972) (12,227) (4,708) FINANCING ACTIVITIES Issue of ordinary share capital and exercise of share 69 8,479 8,681 options Expenses on issue of ordinary share capital (8) (402) (406) Repurchase of share options - - (839) Capital element of finance lease rental payments (23) (60) (15) (Decrease)/increase in short term and long term borrowings (278) 2,157 1,928 NET CASH (OUTFLOW)/INFLOW FROM FINANCING ACTIVITIES (240) 10,174 9,349 NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 7,637 (4,657) 4,285 Currency translation differences relating to cash and cash 23 45 (64) equivalents CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD (5,170) (9,391) (9,391) CASH AND CASH EQUIVALENTS AT END OF PERIOD 2,490 (14,003) (5,170) NOTES TO THE INTERIM FINANCIAL STATEMENTS for the six months to 30 June 2007 1. BASIS OF PREPARATION The financial information presented in this announcement has been prepared in accordance with the International Financial Reporting Standards and Interpretations issued by the International Accounting Standards Board and in accordance with the accounting policies detailed in the December 2006 Annual Report. 2. SEGMENTAL INFORMATION GEOGRAPHICAL SEGMENTS Six months ended 30 June 2007 unaudited Continuing Operations Discontinued Total Operations Operations Ireland UK Unallocated/ Total Ireland Other Euro'000 Euro'000 Euro'000 Euro'000 Euro'000 Euro'000 Revenue Sales to external 27,692 118,613 - 146,305 - 146,305 customers Inter-segment sales 178 562 (740) - - - __________ __________ __________ __________ __________ __________ Segment revenue 27,870 119,175 (740) 146,305 - 146,305 __________ __________ __________ __________ __________ __________ Result Trading profit 3,947 2,816 (1,476) 5,287 - 5,287 Amortisation of (189) (386) (24) (599) - (599) intangibles __________ __________ __________ __________ __________ __________ Segment result 3,758 2,430 (1,500) 4,688 - 4,688 __________ __________ __________ Net finance costs (775) - (775) __________ __________ __________ Profit before tax 3,913 - 3,913 Income tax expense (373) - (373) __________ __________ __________ Profit after tax 3,540 - 3,540 __________ __________ __________ Six months ended 30 June 2006 unaudited Continuing Operations Discontinued Total Operations Operations Ireland UK Unallocated/ Total Ireland Other Euro'000 Euro'000 Euro'000 Euro'000 Euro'000 Euro'000 Revenue Sales to external 30,430 100,790 - 131,220 58,572 189,792 customers Inter-segment sales 172 70 (242) - - - __________ __________ __________ __________ __________ __________ Segment revenue 30,602 100,860 (242) 131,220 58,572 189,792 __________ __________ __________ __________ __________ __________ Result Trading profit 2,708 2,732 (1,016) 4,424 126 4,550 Amortisation of (25) (356) (59) (440) (2) (442) intangibles Material items - (281) - (281) - (281) __________ __________ __________ __________ __________ __________ Segment result 2,683 2,095 (1,075) 3,703 124 3,827 _________ __________ __________ Net finance costs (576) (270) (846) Loss recognised on the measurement of fair value - (300) (300) __________ __________ __________ Profit before tax 3,127 (446) 2,681 Income tax expense (568) 4 (564) __________ __________ __________ Profit after tax 2,559 (442) 2,117 __________ __________ __________ Year ended 31 December 2006 audited Continuing Operations Discontinued Total Operations Operations Ireland UK Unallocated/ Total Ireland Other Euro'000 Euro'000 Euro'000 Euro'000 Euro'000 Euro'000 Revenue Sales to external 59,633 198,262 - 257,895 84,748 342,643 customers Inter-segment sales 341 133 (474) - - - __________ __________ __________ __________ __________ __________ Segment revenue 59,974 198,395 (474) 257,895 84,748 342,643 __________ __________ __________ __________ __________ __________ Result Trading profit 6,083 4,992 (1,855) 9,220 416 9,636 Amortisation of (252) (743) (104) (1,099) (51) (1,150) intangibles Material items - (410) (165) (575) - (575) __________ __________ __________ __________ __________ __________ Segment result 5,831 3,839 (2,124) 7,546 365 7,911 __________ __________ __________ Net finance costs (1,497) (676) (2,173) Loss on disposal - (1,268) (1,268) __________ __________ __________ Profit before tax 6,049 (1,579) 4,470 Income tax expense (500) 86 (414) __________ __________ __________ Profit after tax 5,549 (1,493) 4,056 __________ __________ __________ BUSINESS SEGMENTS Six months ended 30 June 2007 unaudited Continuing Operations Discontinued Total Operations Operations EIS EAS Unallocated/ Total Distribution Other Euro'000 Euro'000 Euro'000 Euro'000 Euro'000 Euro'000 Revenue Sales to external 135,310 10,995 - 146,305 - 146,305 customers Inter-segment sales 577 163 (740) - - - __________ __________ __________ __________ __________ __________ Segment revenue 135,887 11,158 (740) 146,305 - 146,305 __________ __________ __________ __________ __________ __________ Six months ended 30 June 2006 unaudited Continuing Operations Discontinued Total Operations Operations EIS EAS Unallocated/ Total Distribution Other Euro'000 Euro'000 Euro'000 Euro'000 Euro'000 Euro'000 Revenue Sales to external 122,965 8,255 - 131,220 58,572 189,792 customers Inter-segment sales 103 139 (242) - - - __________ __________ __________ __________ __________ __________ Segment revenue 123,068 8,394 (242) 131,220 58,572 189,792 __________ __________ __________ __________ __________ __________ Year ended 31 December 2006 audited Continuing Operations Discontinued Total Operations Operations EIS EAS Unallocated/ Total Distribution Other Euro'000 Euro'000 Euro'000 Euro'000 Euro'000 Euro'000 Revenue Sales to external 237,309 20,586 - 257,895 84,748 342,643 customers Inter-segment sales 185 289 (474) - - - __________ __________ __________ __________ __________ __________ Segment revenue 237,494 20,875 (474) 257,895 84,748 342,643 __________ __________ __________ __________ __________ __________ 3. INCOME TAX The tax charge for the six months ended 30 June 2007 is based on the effective tax rate, which it is estimated will apply to earnings for the full year. 4. EARNINGS PER ORDINARY SHARE Six months to Six months to Year ended 30-Jun-07 30-Jun-06 31-Dec-06 Euro'000 Euro'000 Euro'000 The computation of basic and diluted earnings per share is set out below: Numerator Profit after tax and minority interests 3,540 2,117 4,056 Discontinued operations net of tax - 442 1,493 Profit from continuing operations 3,540 2,559 5,549 Material items (net of tax) - 197 431 Unwinding of discount factor 70 91 302 Amortisation of intangibles (net of tax) 472 440 884 Profit after tax adjusted* 4,082 3,287 7,166 Denominator Weighted average number of shares in issue for the period ('000) 79,216 76,405 77,591 Dilutive potential ordinary shares: Employee share options 670 1,754 667 Diluted weighted average number of ordinary shares ('000) 79,886 78,159 78,258 Earnings per share for the period Basic 4.47c 2.77c 5.23c Diluted 4.43c 2.71c 5.18c Diluted adjusted* 5.11c 4.21c 9.16c *Adjusted for unwinding of discount factor, amortisation of intangibles, material items & discontinued operations 5. PUBLICATION OF NON-STATUORY ACCOUNTS The financial information contained in this interim statement does not constitute statutory accounts as defined in section 19 of the Companies (Amendment) Act, 1986. The financial information for the full preceding accounting period is based on the statutory accounts for the year ended 31 December 2006. 6. APPROVAL OF INTERIM STATEMENT The board of directors approved the unaudited interim statement on 5 September 2007. 6 September 2007 This information is provided by RNS The company news service from the London Stock Exchange END IR SSAFMISWSEFU
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