We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| ID Data | LSE:IDD | London | Ordinary Share | GB0009778589 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
RNS Number:2718K
ID Data Group PLC
19 December 2007
19 December 2007
ID Data Group Plc
("ID Data" or "the Company" or "the Group")
Unaudited Interim Results for the six months ended 30 September 2007
ID Data Group Plc (AIM:IDD), the smart card solutions and outsourcing business,
today reports its unaudited Interim Results for the six months ended 30
September 2007.
Summary
- Turnover increased to £4.4 million (2006: £4.1 million)
- Loss reduced to £1.64 million including a new subsidiary, credEcard Group Plc,
which lost £0.55 million (2006 loss: £2.24 million). This represents a 51%
improvement on direct like for like comparison
- Purchase of credEcard pre paid business effective 1 April 2007
- Improvement in margins following cost reductions has resulted in lower break
even sales figure
- EBITDA for ID Data Group Plc and ID Data Ltd, the main card business, reduced
to £(0.32) million. (2006: £(1.12) million). This represents a 72% improvement
- Major new contract wins, including the project announced in October for £1.5
million, which are expected to deliver a strong second half with cash
generation
- The planned additional financing of the business is underway and is
expected to be completed in early 2008 raising approximately £2 million in
cash
- Significant increase in chip card sales and demand due to industry supply and
quality problems
- This year is expected to show significant and positive improvement over prior
years
Commenting on the results, Peter Cox, Chief Executive of ID Data Group Plc,
said:
"The first six months of the 2007 financial year has been an exceptionally busy
period for the Group. The acquisition of credEcard has disguised the Group's
improved half year results which are a firm indication of underlying successes
in reaching our requirement for year on year profitability.
"Our focus on controlling costs and only accepting business on appropriate
margins has led to a significantly reduced loss".
"The Group has won several prestigious contracts in the first six months of the
year, notably the MasterCard UK launch of Paypass(R) and a major loyalty
contract. ID Data has a solid order book for the second half of the year and we
are confident of gaining additional good quality business."
For further information, please contact:
ID Data Group Plc Tel: +44 (0)1730 235 700
Peter Cox, Chief Executive
peter.cox@iddata.com www.iddata.com
Smith & Williamson Corporate Finance Limited Tel: +44 (0)20 7131 4000
David Jones
david.jones@smith.williamson.co.uk www.smith.williamson.co.uk
Media enquiries:
Abchurch
Henry Harrison Topham / Chris Lane Tel. +44 (0) 207398 7700
henry.ht@abchurch-Group.com www.abchurch-Group.com
Chairman's statement
Improving sales with appropriate margins, together with constantly driving down
costs, has continued to be the focus for the Group during the period under
review. I am pleased to report that further progress has been made in both
respects resulting in significantly reduced losses at EBITDA and pre-tax levels.
This trend, which has been evident for some time now, leads me to view the
immediate future with confidence. ID Data Limited, the core business, has a good
order book with contracts generating acceptable margins and cash.
Nonetheless, in the meantime, a financing exercise is underway aiming to raise
aproximately £2 million for the Group. It is expected that this will be
concluded successfully early in 2008.
The acquisition of credEcard during the half year has opened up interesting
opportunities in the pre-paid card market. The tightening of lending criteria in
the wake of the 'credit crunch' and the influx of temporary workers and new
immigrants make this solution an attractive one for banking institutions. We
expect to see the business growing strongly.
The improvements being reported here, in what is still a very competitive
environment, reflects well on the management and staff for whose hard work I am
very grateful.
JM Blackburn
Chairman
19 December 2007
Chief Executive's Statement
The current year has shown a significant improvement in the core business
returns during a tough trading period with a 10% increase in sales and a 51%
reduction in losses for the period.
We have delivered the savings in our cost base and we are now reaping the
rewards. These cost savings and improved operational efficiencies are
demonstrated in the following tables:
Group results highlights:
£'000s Sept 2007 % change Sept 2006
Sales 4,412 +7% 4,120
EBITDA (1,066) +32% (1,566)
PBT (1,642) +28% (2,242)
To facilitate a deeper understanding of the progress that the Group has made in
what has been a very tough commercial environment, I have included below the
results for each of ID Data Group's operating subsidiaries.
ID Data Ltd
£'000s Sept 2007 % change Sept 2006
Sales 4,237 +10% 3,858
EBITDA (319) +72% (1,122)
PBT (890) +51% (1,790)
CardBASE Technologies Ltd
£'000s Sept 2007 % change Sept 2006
Sales 130 -50% 262
EBITDA (195) +56% (444)
PBT (201) +56% (452)
credEcard Group Plc
£'000s Sept 2007 % change Sept 2006
Sales 45 - -
EBITDA (552) - -
PBT (551) - -
The above results show clearly that the progress in cost control and gaining
business at the correct margins has lead to a dramatic reduction in losses and
increase in overall sales.
ID Data Ltd
ID Data Ltd is the Group's existing card services business and historically has
been loss making while needing £25 million in sales to break even.
As demonstrated by the figures, this business is near to being cash generative
on annual sales of £8.5 million and will deliver bottom line profits with an
annualised sales increase of £3 million.
I am confident that ID Data Ltd is on the verge of profitability and am
optimistic about its continuing prospects in delivering quality, leading edge
products and services to some of the world's largest companies in the retail and
banking sectors.
We are now seeing a significant increase in chip card demand and requests for
development, following our recent success with the MasterCard Paypass(R) touch
and go development.
Many banks are now focused on individual service solutions and are approaching
us to become their strategic partners due to our flexibility and "fresh
thinking".
I am convinced the long hard haul we have experienced in controlling the cost
base of the various acquired businesses that now make up ID Data Ltd will
deliver sustainable returns moving forward.
CardBASE Technologies Ltd
CardBASE Technologies Ltd, the Group's Irish multi application software
business, has reduced its costs by over 50% and, now balanced cost wise, is set
to reap the rewards of contract wins in the future. There are some interesting
overseas projects in its sales pipeline.
As explained in the 2007 annual report, CardBASE depends on licence revenues
which are in the region of £0.3 million to £0.8 million per contract and these
are mainly related to large government contracts around the world. This division
therefore has a lumpy sales profile, and accordingly any snapshot of its
performance does not reflect the true value of this leading edge technology
business.
We are seeing an increase in the number of projects that require the CardBASE
technology in the national ID and passport sector, but now also in the banking
sector where the need for multiple applications on one card is coming to the
fore.
We still believe that this business will deliver significant shareholder value
over the coming years.
credEcard Group plc
credEcard is the pre paid card technology business we acquired this year. Its
technology has proven to be excellent and its current client deliverables are
market competitive. But it is an early stage business and needs to gain traction
in its chosen markets to become profitable.
The results for this business have, as predicted, had a negative impact on our
consolidated Group results for the period, but I am confident that this
investment will deliver shareholder returns.
The losses are in line with our forecasts, but credEcard will need additional
funding to finance its growth plans.
Conclusions
Your Company is moving forward positively and it has won significant contracts
over the last six months. We are now working our assets at improved contribution
levels, where we hope to gain the margins and cash generation to take the Group
into profit.
Our need for financing has been discussed above and we do expect this to be
completed in early 2008. We are also actively maintaining our development
activities, so that we are ahead of the competition and, therefore, not reliant
upon commodity pricing.
Peter Cox
Chief Executive
19 December 2007
ID DATA GROUP PLC
UNAUDITED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2007
Six months Six months Year
to 30 Sept to 30 Sept to 31 March
2007 2006 2007
£'000 £'000 £'000
Revenue 5,084 4,721 9,353
Less: Share of joint ventures turnover (672) (601) (1,244)
---------- ---------- ----------
Group Revenue 4,412 4,120 8,109
Cost of sales (4,458) (4,599) (9,336)
---------- ---------- ----------
Gross profit (46) (479) (1,227)
Other income - - -
Distribution costs (439) (492) (819)
Administrative expenses (981) (1,243) (2,481)
Other expenses - 16 (50)
Finance costs (152) (86) (235)
Finance income 3 - -
Share of profit in joint ventures (27) 42 43
---------- ---------- ----------
Profit before tax (1,642) (2,242) (4,769)
Income tax expense - - -
---------- ---------- ----------
Profit for the period (1,642) (2,242) (4,769)
(attributable to equity holders of the ========== ========== ==========
parent)
Earnings per share (pence)
Basic and diluted earnings per share (0.1) (0.2) (0.4)
ID DATA GROUP PLC
UNAUDITED CONSOLIDATED BALANCE SHEET
30 Sept 2007 30 Sept 2006 31 March 2007
£'000 £'000 £'000
ASSETS
Non-current assets
Property, plant and equipment 1,086 1,793 1,384
Goodwill 2,928 2,920 2,727
Other intangible assets 43 105 64
Investments in associates 31 16 16
Other investments 585 593 585
Other debtors 242 109 109
Amounts due from joint ventures 370 487 370
---------- ---------- ----------
5,285 6,023 5,255
---------- ---------- ----------
Current assets
Inventories 615 582 621
Trade receivables 1,383 1,749 1,388
Amounts due from joint ventures 797 257 488
Amounts due from associates 11 11 11
Other current assets 250 142 119
Cash and cash equivalents 305 462 873
---------- ---------- ----------
3,361 3,203 3,502
---------- ---------- ----------
Total assets 8,646 9,226 8,757
---------- ---------- ----------
LIABILITIES
Non-current liabilities
Long-term borrowings 748 100 944
---------- ---------- ----------
Current liabilities
Trade and other payables 3,751 2,415 3,205
Short-term borrowings 1,470 2,288 765
Amounts due to joint ventures 849 128 592
Current portion of long-term
borrowings 445 - 471
Short-term provisions 166 418 179
Share of net liabilities of
joint ventures 78 7 51
---------- ---------- ----------
6,759 5,256 5,263
---------- ---------- ----------
Total liabilities 7,507 5,356 6,207
---------- ---------- ----------
Net assets 1,139 3,870 2,550
========== ========== ==========
SHAREHOLDERS' EQUITY
Share capital 13,239 11,914 12,989
Share premium 20,661 20,719 20,661
Other reserves 2,413 2,373 2,413
Retained earnings (35,174) (31,136) (33,513)
---------- ---------- ----------
1,139 3,870 2,550
========== ========== ==========
CHANGES IN EQUITY
Share Share Merger Reval'n Equity Retained Total
capital premium reserve reserve reserve earnings equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at
31 March 2006
brought forward 11,914 20,719 1,958 415 - (28,774) 6,232
Changes in
equity for year
to 31 March 2007
Exchange
differences on
translating
foreign
operations - - - - - (36) (36)
Loss for the
period - - - - - (4,769) (4,769)
------- ------- ------ ------ ------ ------- -------
Total recognised
income and expense
for the period - - - - - (4,805) (4,805)
------- ------- ------ ------ ------ ------- -------
Issue of share
capital 1,075 - - - - - 1,075
Share issue
costs - (59) - - - - (59)
Equity share
options issued
IFRS 2 - - - - - 66 66
Equity component
of convertible
loan stock IAS 32 - - - - 40 - 40
Balance at
31 March 2007
carried forward ------- ------- ------ ------ ------ ------- -------
12,989 20,660 1,958 415 40 (33,513) 2,549
======= ======= ====== ====== ====== ======= =======
Balance at
31 March 2007
brought forward 12,989 20,660 1,958 415 40 (33,513) 2,549
Changes in
equity for
six months to
30 September 2007
Exchange differences
on translating
foreign
operations - - - - - (1) (1)
Loss for the
period - - - - - (1,642) (1,642)
Total recognised
income and
expense for ------- ------- ------- ------- ------- ------- -------
the period - - - - - (1,643) (1,643)
------- ------- ------- ------- ------- ------- -------
Issue of share
capital 250 - - - - - 250
Fair value
adjustment IFRS 3 - - - - - (50) (50)
Equity share
options issued
IFRS 2 - - - - - 33 33
------- ------- ------- ------- ------- ------- -------
Balance at 30
September 2007 13,239 20,660 1,958 415 40 (35,173) 1,139
======= ======= ======= ======= ======= ======= =======
ID DATA GROUP PLC
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2007
Six months to Six months to Year to
30 Sept 30 Sept 31 March
2007 2006 2007
£'000 £'000 £'000
Cash inflow from operating activities
Cash generated from operations (784) (1,019) (1,427)
Finance income 3 - -
Finance expense (152) (86) (224)
Tax received/(paid) - - -
---------- ---------- ----------
Cash flows from operations (933) (1,105) (1,651)
---------- ---------- ----------
Cash flows from investing activities
Acquisition of subsidiaries (net of
cash acquired) (71) - -
Purchase of property, plant and
equipment (32) (30) (80)
Purchase of other intangible assets - (15) (20)
Investments in joint ventures - - -
Purchase of investments (15) (56) (36)
Disposal proceeds from the sale of
property - 4 29
---------- ---------- ----------
Net cash used in investing
activities (118) (97) (107)
---------- ---------- ----------
Cash flows from financing activities
Purchase of own shares - - -
Net proceeds from issue of ordinary
share capital - - 1,016
Net proceeds from issue of loan
stock - - 300
Proceeds from sale and leaseback of
assets - - 1,000
Repayment of borrowings (221) (27) (167)
Dividends paid - - -
---------- ---------- ----------
Net cash used in financing
activities (221) (27) 2,149
---------- ---------- ----------
Net (decrease)/increase in cash and
cash equivalents (1,272) (1,229) 391
Effects of exchange rate changes (1) (120) -
---------- ---------- ----------
(1,273) (1,349) 391
Cash and cash equivalents at 1 April
2007 108 (283) (283)
---------- ---------- ----------
Cash and cash equivalents at period
end (1,165) (1,632) 108
========== ========== ==========
Cash at bank 305 462 873
Confidential invoice discounting
facility (1,470) (2,094) (765)
---------- ---------- ----------
(1,165) (1,632) 108
========== ========== ==========
Notes to Interim Statement
1. Statement of Principal Accounting Policies
(a) Basis of preparation of Financial Statements
These condensed consolidated interim financial statements are for the six
months ended 30 September 2007 and are prepared under the recognition and
measurement rules of IFRS 1. They have been prepared in accordance with the
requirements of IFRS 1 "First-time Adoption of International Financial
Reporting Standards" relevant to interim reports, because they are part of
the period covered by the Group's first IFRS financial statements for the
year ended 31 March 2008. They do not include all of the information
required for full annual financial statements, and should be read in
conjunction with the consolidated financial statements of the Group for the
year ended 31 March 2007.
These condensed consolidated interim financial statements (the interim
financial statements) have been prepared in accordance with the accounting
policies set out below which are based on the recognition and measurement
principles of IFRS 1 in issue as adopted by the European Union (EU) and are
effective at 31 March 2008, our first annual reporting date at which we are
required to use IFRS accounting standard adopted by the EU.
The Group consolidated financial statements were prepared in accordance with
United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice) until 31 March 2007. The date of transition to IFRS was
1 April 2007. The comparative figures in respect of the six months ended 30
September 2006 and the year ended 31 March 2007 have been restated to
reflect changes in accounting policies as a result of adoption of IFRS. The
changes are immaterial both individually and in total.
The financial information set out in this interim report does not constitute
statutory accounts as defined in Section 240 of the Companies Act 1985 and
is unaudited. The Group's statutory financial statements for the year ended
31 March 2007, prepared under UK GAAP, have been filed with the Registrar of
Companies. The auditor's report on those financial statements was qualified
in respect of the carrying value of goodwill in CardBASE Technologies
Limited, see paragraph (e) for more detail on this matter.
(b) Going concern
During the six months the Group reduced losses to £1,642,000 including
£550,000 attributable to credEcard. However, the directors continue to take
actions to increase sales, maintain pricing, and reduce the Group's costs.
The board continues to strenuously pursue opportunities to reduce costs and
improve competitiveness.
The Group is raising finance in the order of £2 million. It is anticipated
that this will be completed in early 2008 and will allow the Group to
regularise its creditors and provide ongoing development funds. We have
support from a non-trading creditor. LTSBCF, our financiers, have provided
extra funds since June on the invoice discounting line. The directors have
considered the cash requirements of the Group on a sensitised basis and have
determined that approximately £2 million should be sufficient.
Ongoing trading is improving and CardBASE has good sales prospects. The
directors consider that a projected upturn in sales will lead to profit and
positive cash flows for the Group, although this will ultimately depend on
improved trading.
The directors believe that they have considered all relevant information and
have concluded that it is appropriate to prepare these financial statements
on the going concern basis.
(c) Basis of consolidation
The Group financial statements consolidate the financial statements of ID
Data Group Plc and its subsidiaries using the acquisition method, all of
which have been made up to 30 September 2007. The financial results of Joint
Ventures have been incorporated using the gross equity method based on
accounts to 30 September 2007.
(d) Turnover
Turnover represents the total amount receivable for goods and services
provided in the ordinary course of business in the year, excluding value
added tax. Turnover is from tangible product and equipment and software
packages (back office services) and the Group recognises the turnover as per
the contractual arrangements with the customer.
Turnover is recognised as follows:
a. Card sales on transfer of ownership to the customer or
despatch as blank cards.
b. Card personalisation, the addition to a) above of cardholder name,
number, etc. on despatch.
c. Equipment on despatch.
d. Software packages licences as per contract with customer.
e. Professional services in line with the actual stage reached in line
with the contract.
(e) Goodwill
The Group has used the exemption allowed in IFRS 1 "First-time Adoption of
International Financial Reporting Standards" from restating the value of its
goodwill. Accordingly, goodwill in these Financial Statements has been
stated at the value used in the prior year accounts to 31 March 2007 as per
UK GAAP. The directors have considered whether an impairment in the goodwill
of CardBASE Technologies Limited is appropriate and their opinion and
reasons given in the prior year accounts have not changed particularly with
reference to a similar competitor, Intercede, which has a current AIM market
capitalisation of £12.6 million.
Copies available
Copies of the interim report will be sent to all shareholders and are available
to the public, free of charge, from the Company's registered office at The New
Mint House, Bedford Road, Petersfield, Hampshire GU32 3AL.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR OKCKNDBDDOBD
1 Year Id Data Chart |
1 Month Id Data 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
