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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ims Maxims | LSE:IMX | London | Ordinary Share | GB00B3KKWM62 | 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% | 11.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
27 September 2007 IMS Maxims Plc PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2007 Chairman's Statement - Turnover up 32% - 94% growth in operating profits - Net debt reduced by £797,000 As we previously indicated, the increased level of interest in our products, services and capabilities has impacted positively upon the company's turnover in the year ended 31 March 2007. Turnover has grown by 32% to £5,033,000. Despite our decision to cautiously increase our cost base in light of the emerging opportunities this has resulted in an operating profit of £1,060,000 (up 94%). Our performance in delivering the three-year contract with British Telecommunications ("BT") worth almost £5m for supply of IMS Clinical Applications in Barking, Havering and Redbridge NHS Trust ("BHRT") has been a major part of this improvement. Despite some delays in deployment of the solution at the Trust, we believe that we have established a good working relationship with BT, and already we see some evidence that this implementation is generating interest from future prospective customers. Our greater activity has resulted in an increase in working capital requirements, but we continue to manage cash tightly, and have reduced our net debt by £797,000 in 2007. The situation in our major market of the National Health Service ("NHS") has evolved substantially in the past twelve months. While the major contracts between Connecting for Health ("CfH") and the Local Service Providers ("LSPs") remain in place, there has been significant change in the delivery plans to the individual Trusts. These changes are not only due to continuing delays from other software suppliers, but represent an acknowledgement by CfH that existing arrangements may be insufficient to meet the future requirements and changing NHS. As a result, CfH are currently planning to establish supplier framework agreements - known as the Additional Supply Capability and Capacity ("ASCC") - offering a wide range of IT goods and services, including clinical applications, at national, regional and local levels. However, the ASCC arrangements may unfold as simply a listing of suppliers, delays are likely, and it is not envisaged that central funding will be made available to support Trust purchases from ASCC listed suppliers. Despite the downturn in business over the past five years, we have continued to invest in refreshing and updating our product portfolio in the belief that the NHS market would eventually move back to the purchase of the most suitable products for the individual trusts, regardless of the LSP's original offerings. The ASCC contracts may help in this regard by allowing NHS Trusts to purchase our products more easily if we are successful in becoming an ASCC supplier. In Ireland we have successfully deployed a major upgrade to our Patient Administration System product. Despite some delays, this has been very well received. Accordingly, we are hopeful that this will create the opportunity for us to provide additional clinical products to our larger customers, either directly or via the Health Service Executive. Although these improvements in market conditions may not impact on our 2008 results, we continue to view the future with confidence. David W MacDonald Financial review Introduction Turnover for the year of £5,033,000 (2006: £3,827,000) produced an operating profit of £1,060,000 (2006: £547,000). The group profit for the year after interest and taxation was £215,000 (2006: £68,000). During the year the group adopted FRS 20 Share Based Payments, which states that the Profit & Loss Account should reflect the expense of options issued over equity shares as measured at fair value. The group has issued options to employees as part of their employment packages and has estimated the fair value of these options using the Black Scholes model. The resultant expense is charged to the profit and loss account in full as said options vest .A charge for the year of £11,000 (2006: £13,000) has been taken to the profit and loss account in respect of the estimated fair value of options issued to employees and directors and a prior year adjustment has been made in respect of said options relating to the period before 1 April 2006. There are no exceptional items in the current year (2006: gain of £409,000). Amortisation of goodwill amounted to £280,000 (2006: £279,000). There was no charge to taxation for the year and tax losses available to offset future profits are estimated at £5,800,000 (2006: £8,100,000). The basic earnings per share for the year was 0.09p (2006: 0.03p). Net liabilities of the group of £4,238,000 (2006: £5,541,000) include net current liabilities of £277,000 (2006: £2,899,000). During the year average headcount increased by 4% representing increased sales activity and a low staff turnover. The group won a significant contract to sell Rich Clinical Applications and met contractual implementation targets including successfully implementing its Spinal Injuries solution. Liquidity The statement of cash flows illustrates that there was an increase in cash for the year of £694,000 (2006: decrease of £537,000). This is stated after the inflow of cash from operating activities of £472,000 (2006: inflow of £195,000) and the outflow of cash for interest payments of £825,000 (2006: £509,000). Going concern After making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Financial instruments The group's principal financial instruments comprise long term loans, finance leases, hire purchase contracts, preference shares, short term loans and cash. The main purpose of these financial instruments is to raise finance for the group's operations. The group has various other financial instruments such as trade debtors and trade creditors that arise directly from its operations. The group does not enter into derivative transactions (for example forward currency contracts). It is, and has been throughout the year under review, the group's policy that no trading in financial instruments shall be undertaken. The main risks arising from the group's financial instruments are interest rate risk, liquidity risk and foreign currency risk. The board has policies for managing each of these risks and they are summarised below. Interest rate risk The group borrows in desired currencies at both fixed and floating rates of interest. Finance lease receivables are held at fixed interest rates. The group continues to monitor the interest profile to ensure that it is appropriate. The group also invests in cash deposits at floating rate. The group's exposure to interest fluctuations will continue to be monitored. Liquidity risk The group's objective is to maintain a balance between continuity of funding and flexibility through the use of overdrafts, finance leases, preference shares, hire purchase contracts and long term loans. Convertible loans have been utilised during the period in response to the group's management of cash flow requirements. Short-term flexibility is achieved by overdraft facilities as well as short term loans. Foreign currency risk As a result of the significant investment in operations in Ireland, the group's balance sheet can be affected by movements in the Euro/Sterling exchange rate. Where possible the group seeks to mitigate the effect of this structural currency exposure by borrowing in local currency. The group also has transactional currency exposures. Such exposures arise from sales or purchases by an operating unit in currencies other than the unit's functional currency. It is not the group's policy to make use of derivatives. On behalf of the board Stephen Casey Financial Director Group profit and loss account for the year ended 31 March 2007 Total Total Restated Notes 2007 2006 £000 £000 Group turnover 5,033 3,827 Cost of sales (120) (376) ----------- ----------- Gross profit 4,913 3,451 Selling and (678) (508) distribution costs Administrative (3,175) (2,396) expenses ----------- ----------- Total operating 1,060 547 profit Interest receivable 133 184 Interest payable and (979) (664) similar charges ----------- ----------- Profit on ordinary 214 67 activities before taxation Tax on profit on - - ordinary activities ----------- ----------- Profit on ordinary 214 67 activities after taxation Minority interests - 1 1 equity ----------- ----------- Profit for the 215 68 financial year attributable to members of the parent company --------- --------- Basic and diluted 4 0.09p 0.03p earnings per ordinary share Group Statement of Total Recognised Gains and Losses 2007 2006 Restated £000 £000 Profit for the financial year attributable to 215 68 members of parent undertaking Currency translation differences on foreign currency (91) (186) net investments ----------- ----------- Total recognised gains and losses during the year 124 (118) ------ ------ Group Balance Sheet at 31 March 2007 2007 2006 £000 £000 Fixed assets Intangible assets 2,534 2,814 Tangible assets 31 40 ----------- ----------- 2,565 2,854 ------ ------ Current assets Stocks 1,524 - Debtors: amounts falling due within one year 1,169 1,232 Debtors: amounts falling due within one year 1,778 2,298 ----------- ----------- Total debtors 2,947 3,530 Cash at bank and in hand 816 159 ------ ------ 5,287 3,689 Creditors: amounts falling due within one year (5,564) (6,588) ------ ------ Net current liabilities (277) (2,899) ------ ------ Total assets less current liabilities 2,288 (45) (6,483) (5,498) Minority interests Equity (43) (43) ------ ------ (4,238) (5,541) ----------- ----------- Capital and reserves Called-up share capital 2,535 2,341 Share premium account 7,600 6,490 Merger reserve 3,600 3,600 Equity reserve 42 167 Profit and loss account (18,015) (18,139) ------- ------- (4,238) (5,541) ----------- ----------- Group Statement of Cash Flows at 31 March 2007 2007 2006 Notes £000 £000 Net cash inflow / (outflow) from operating 3 472 195 activities ----------- ----------- Returns on investments and servicing of finance Interest paid (958) (690) Interest and similar income received 133 184 Interest element of finance lease rental - (3) payments ----------- ----------- (825) (509) ----------- ----------- Taxation - - Capital expenditure and financial investment Payments to acquire tangible fixed assets (18) (6) ----------- ----------- (18) (6) ----------- ----------- Net cash outflow before financing (371) (320) ----------- ----------- Financing Proceeds from issue of shares 34 - Repayment of capital element of finance (6) (11) lease rental payments New long term loan 2,000 1,156 Repayment of capital element of long term (733) (1,236) loan Repayment of Median loan (230) - Redemption of convertible debt - (126) ----------- ----------- Net cash inflow / (outflow) from financing 1,065 (217) ----------- ----------- Increase / (decrease) in cash 694 (537) ----------- ----------- Notes to the preliminary statement 1. The financial information in the preliminary statement of results does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985 (the "Act"). The financial information for the year ended 31 March 2007 has been extracted from the statutory accounts for the year ended 31 March 2007 upon which the auditor's opinion is unqualified. Statutory accounts for the year ended 31 March 2007 will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The policies have remained unchanged from the previous year apart from the adoption of FRS 20 Share Based Payments. This change is described in more detail below. FRS 20 Share Based Payments Under FRS20 the Group is required to recognise an expense, measured at fair value at the date of grant, in respect of their employee share options plans, share purchase plans and other share-based payments. Of these the Group operates an employee share option plan. The options granted to all employees and directors under the plan are measured at fair value at the date of grant using the Black-Scholes model. The resulting cost of the options is amortised as the options vest. A charge for the year of £11,000 (2006: £13,000) has been taken to the profit and loss account in respect of the estimated fair value of options issued to employees and directors and a prior year adjustment has been made in respect of said options relating to the period before 1 April 2006. 2. Basis of preparation and going concern The financial statements are prepared in accordance with applicable United Kingdom accounting standards and under the historical cost convention. The financial statements have been prepared on the going concern basis, which assumes that the Group will continue to be able to meet its liabilities as they fall due for the foreseeable future. In arriving at this conclusion the Board has taken into account the fact that whilst the Group has net current liabilities of £277,000 and net liabilities of £4.2m at 31 March 2007 these amounts include £1.5m of deferred income which will be released to the profit and loss account in 2007 at no cash cost to the Group. 3. Reconciliation of operating profit to net cash outflow from operating activities: 2007 2006 Restated £000 £000 Operating loprofitss 1,060 547 Depreciation 26 50 Amortisation of intangible fixed assets 280 279 Provision for share options 11 13 Exchange differences (89) (130) Exceptional gain * (416) Decrease/(increase) in operating debtors and 583 (92) prepayments (1,524) * Increase in stocks and work in progress Increase/(decrease) in operating creditors and 125 (56) accruals ----------- ----------- Net cash outflow from operating activities 472 195 ----------- ----------- 4. Earnings per share The basic profit per ordinary share is based on a profit of £215,000 (2006: £ 68,000) and on a weighted average number of shares in issue of 248,333,764 (2006: 234,063,332). The diluted profit per ordinary share is based on a profit of £215,000 (2006: £ 68,000) and on a weighted average number of shares in issue of 265,691,014 (2006: 253,480,582). 5. Reconciliation of net cash flow to movement in net debt Group 2007 2006 Restated £000 £000 Decrease in cash as per cash flow 694 (537) statement Repayment of capital element of 6 11 finance leases Repayment of Median loan 230 * New loans entered into (2,000) * Repayment of capital element of 733 * long term loan Repayment of short term loan * 80 Issue of convertible debt (secured * 74 and unsecured) ----------- ----------- Change in net debt resulting from (337) (372) cash flows Other non-cash changes 1,134 (137) ----------- ----------- Movement in net debt 797 (509) Net debt brought forward (8,673) (8,164) ----------- ----------- Net debt carried forward (7,876) (8,673) ----------- ----------- . Copies of the Annual Report and Accounts for the year ended 31 March 2007 will be posted to shareholders on 28 September 2007 and copies will also be available from the Company's registered office. Press Contact IMS MAXIMS plc IMS MAXIMS plc Sandymount Clara House Station Road Glenageary Park Woburn Sands Co. Dublin MK17 8RR Ireland Tel: 01908 588800 Tel: +353 1 284 0555 Fax: 01908 588819 Fax: +353 1 284 0829 END
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