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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 |
RNS Number : 1226K IMS Maxims PLC 15 December 2008 IMS MAXIMS plc Interim Results for the period ended 30 September 2008 Chairman's statement Review of the half year to 30 September 2008 The directors present our interim results for the period ended 30 September 2008. Turnover decreased 3% to £2.2 million reflecting the challenging nature of the UK National Health Service ("NHS") sector with gross profit down 8% as margins suffered from increasing pricing pressure. However, this was more than offset by the increase in operating margins to 25% producing an operating profit of £572,000, up 17% on the same period last year after capitalising certain software development costs. Despite the fact that IMS can now offer an immediate means of delivering the key priority applications described in the recent NHS Informatics Review as "The Clinical 5", the situation in the NHS remains unclear. The Connecting for Health ("CfH") programme appears to be once again under review, and continues to have difficulty in meeting the needs of Trusts; the South Region still remains without a Local Service Provider ("LSP"); and the supplier framework agreements - known as the Additional Supply Capability and Capacity ("ASCC") - have failed to simplify the contracting process. The complex contractual arrangements between CfH and its LSPs continue to make it extremely difficult for suppliers to make progress. We have continued to focus our efforts more towards the private healthcare provider sector in the first half of this year with some success. As a result, with private healthcare business we have been able to compensate for the ongoing difficulty in generating revenue from the NHS due to the uncertainty around the National Programme for IT and the completion of a large public sector contract. Going forward, we will continue to diversify our efforts and look at international markets for our products. Cash and equivalents at the end of the period were £255,000, down from £297,000 at the year end. In October 2008 we raised an additional £2m in debt finance that will allow us to continue to invest in the development of our product suite and provides us with cash reserves to take advantage of other investment opportunities that may arise. On 2 December 2008 we announced that we had acquired certain assets of CSW Group Limited ("CSW") for £175,000 in cash. This acquisition includes a number of contracts, including a significant contract with British Telecommunications plc ("BT"), the London Local Service Provider. We expect this to be neutral in terms of the consolidated profits for IMS in the year to 31 March 2009. We have also engaged a number of former CSW employees who are charged primarily with supporting the acquired contracts, but also bring further valuable domain knowledge to IMS. Finally, we welcome Dr Penny O'Hara to IMS Maxims in the role of Clinical Director. Penny has in depth knowledge of the global healthcare market and provides a strong customer perspective as we move forward with our MAXIMS web based applications which have been designed to enhance clinical effectiveness and improve patient care both within hospitals and the wider community D W MacDonald 15 December 2008 Unaudited Consolidated Income Statement 6 months 6 months Year ended 30 Sept 2008 30 Sept 2007 31 March 2008 Unaudited Unaudited Audited Notes £'000 £'000 £'000 Revenue Sales Revenue 2 2,282 2,349 4,734 Cost of Sales (222) (101) (700) Gross Profit 2,060 2,248 4,034 Administrative expenses (1,488) (1,761) (3,299) Operating profit 572 487 735 Finance costs (616) (539) (1,120) Finance income 65 68 130 Pre-tax result for the period 2 21 16 (255) R&D tax credit / deferred tax 3 - - 265 Net result for the period 21 16 10 Attributable to: Minority interests - equity - - - Equity holders of the group 21 16 10 Basic profit per Ordinary 4 0.01p 0.01p 0.00p Share Diluted profit per Ordinary 4 0.01p 0.01p 0.00p Share Unaudited Consolidated balance sheet as at 30 September 2008 6 months 6 months Year ended 30 Sept 2008 30 Sept 2007 31 March 2008 Unaudited Unaudited Audited ASSETS £'000 £'000 £'000 Non-current Assets Property, plant and equipment 51 45 33 Intangible assets 3,811 2,814 3,616 Trade and other receivables 942 - 1,018 Total 4,804 2,859 4,667 Current assets Debtors falling due after 1 year - 1,095 - Stocks - 524 - Trade and other receivables 2,966 863 3,738 Cash and cash equivalents 255 37 297 Total 3,221 2,519 4,035 Total Assets 8,025 5,378 8,702 EQUITY Capital and reserves attributable to the group's equity holders Share capital 2,535 2,535 2,535 Share premium account 7,600 7,600 7,600 Merger reserve 3,600 3,600 3,600 Other Reserve 18 11 18 Cumulative Translation (60) (90) (60) difference Retained earnings (17,583) (17,598) (17,604) (3,890) (3,942) (3,911) Minority interest in equity 43 43 43 Total equity (3,847) (3,899) (3,868) LIABILITES Non-current Liabilities Borrowings 5,709 5,838 6,528 Deferred tax liability 48 - 48 Current Liabilities Trade and other payables 3,306 1,168 2,789 Borrowings 2,809 2,271 3,205 Total Liabilities 11,872 9,277 12,570 Total equity and liabilities 8,025 5,378 8,702 Unaudited Consolidated cash flow statement as at 30 September 2008 6 months 6 months Year ended 30 Sept 2008 30 Sept 2007 31 March 2008 Unaudited Unaudited Audited £'000 £'000 £'000 Operating activities Result for the period before tax 21 16 (255) Depreciation 18 10 19 Amortisation of intangible fixed 140 - - assets Share based payment - - 7 Foreign exchange movements - - 65 Change in trade and other 848 989 (1,373) receivables Change in contract costs - 1,000 1,524 recoverable Change in trade and other 114 (2,336) (686) payables Interest paid 616 539 1,120 Interest received (65) (68) (130) 1,692 150 291 Investing activities Additions to property, plant and equipment (36) (24) (25) Additions to intangible fixed assets (335) - (612) Acquisition of Preview Health net of cash acquired - - 26 Interest received 65 68 130 (306) 44 (481) Financing activities Proceeds from bank loans - - 2,286 Repayment of bank loans (812) (554) (1,495) Interest paid (616) (539) (1,120) (1,428) (1,093) (329) Cash and cash equivalents at beginning of period 297 936 816 Cash and cash equivalents at end of period 255 37 297 Unaudited Statement of changes in equity for the six months ended 30 September 2008 Called up Share premium Merger Translation Other Retained Share capital Account Reserve Difference Reserve Loss £'000 £'000 £'000 £'000 £'000 £'000 At 31 March 2007 2,535 7,600 3,600 (90) 11 (17,614) Retained for six months - - - - - 16 At 30 September 2007 2,535 7,600 3,600 (90) 11 (17,598) Currency Translation - - - 30 - - Provision for share options - - - - 7 - Retained for six months - - - - - (6) At 31 March 2008 2,535 7,600 3,600 (60) 18 (17,604) Retained for six months - - - - - 21 At 30 September 2008 2,535 7,600 3,600 (60) 18 (17,583) Notes to the unaudited interim statement 1. Basis of preparation The unaudited interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs), including IAS 34 "interim financial reporting" and on the same basis and using the same accounting policies as used in the audited financial statements for the year ended 31 March 2008. The financial information set out in these interim financial statements does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The figures for the year ended 31 March 2008 have been extracted from the statutory financial statements which have been filed with the Registrar of Companies. The auditors' report on those financial statements was unmodified. The Board approved the interim report on 15 December 2008. 2. Segmental analysis Revenue is attributable to the provision of computer software products and the exploitation of royalty income. An analysis of revenue by geographical area is given below: 6 months ended 6 months ended Year ended 30 Sept 2008 30 Sept 2007 31 March 2008 £'000 £'000 £'000 Revenue United Kingdom 1,673 1,861 3,659 Europe 609 488 1,075 Group 2,282 2,349 4,734 Net result for the period United Kingdom (355) 358 (498) Europe 376 (342) 508 Group 21 16 10 3. Taxation No provision for taxation has been made due to the availability of losses. 4. Earnings per share The calculation of the basic earnings per share for the 6 months ended 30 September 2008 is based on a profit of £21,000 (30 September 2007: profit of £16,000) and a weighted average number of shares in issue during the period of 253,450,826 (30 September 2007: 253,450,826). The calculation of the diluted earnings per share for the 6 months ended 30 September 2008 is based on a profit of £21,000 (30 September 2007: profit of £16,000) and a weighted average number of shares in issue during the period of 253,450,826 (30 September 2007: 253,450,826). The calculation of the basic and diluted earnings per share for the year ended 31 March 2008 is based on a profit of £10,000; a weighted average number of shares in issue during the period of 253,450,826 and a diluted number of shares for the period of 253,450,826. Contact:- Brian Ennis Liam Murray / Antony Legge CEO Dowgate Capital Advisers Limited IMS Maxims plc 46 Worship Street Sandymount London EC2A 2EA Station Road Woburn Sands MK17 8RR Tel: 01908 588800 Tel: 020 7492 4777 Fax: 01908 588819 This information is provided by RNS The company news service from the London Stock Exchange END IR FKPKBCBDKPBD
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