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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 |
21 December 2006 IMS MAXIMS plc Interim Results for the period ended 30 September 2006 Chairman's statement Review of the half year to 30thSeptember 2006 The directors are pleased to present our interim results for the six months ended 30th September 2006. As anticipated in previous statements, the changing circumstances in the NHS market have been positive for your company. As Connecting for Health (CfH) responds to the immediate needs of Trusts we continue to see a move away from the monopolistic "one size fits all" basic product approach to solutions that are crafted differently depending on the individual circumstances. We believe that we are well placed to provide excellent product solutions in a number of these cases, particularly in the light of product delivery delays from other suppliers. However, patience is still required, and we do not anticipate announcing any further major wins this financial year. In August 2006, we announced a 3-year contract with BT (the LSP for the London area) worth almost £5m for supply of four IMS clinical applications in Barking, Havering and Redbridge NHS Trust (BHRT). Our first deliveries against this highly significant contract have proceeded as scheduled during the first half of the year, resulting in a 41% increase in turnover. This in turn has improved operating profit by more than £500,000, and has caused an overall profit for the half year. Further revenue from the BHRT contract this year is dependent on the speed of deployment of the delivered software in the Trust, and, as such, is largely outside our control. We remain confident that BHRT will become a very good reference site for future prospective customers. In view of this confidence, we have begun to cautiously build up the company's capability to respond to the market and have increased the cost base slightly. Overall, we believe that the strategy that we have adopted over the past few years is paying off, and your company is much better placed than it has been for some time. D W MacDonald 21 December 2006 Consolidated Profit and Loss Account Restated Restated 6 months 6 months Year ended 30 Sept 2006 30 Sept 2005 31 March 2006 Unaudited Unaudited Audited Notes £000's £000's £000's Turnover Group Turnover 2 2,421 1,713 3,827 Cost of Sales (237) (59) (376) Gross Profit 2,184 1,654 3,451 Selling, distribution and administration costs 3 (1,534) (1,514) (3,034) Amortisation and exceptional (138) (138) 130 items Group operating profit 512 2 547 Net interest payable (487) (408) (480) Profit / (Loss) on ordinary activities before taxation 2 25 (406) 67 Tax on profit / (loss) on 4 - - - ordinary activities Profit on ordinary activities 25 (406) 67 after taxation Minority interests - Equity - - 1 Profit / (Loss) for the financial period attributable to members of the parent company 25 (406) 68 Basic profit / (loss) per 5 0.01p (0.17p) 0.03p Ordinary Share Diluted profit / (loss) per 5 0.01p (0.17p) 0.03p Ordinary Share Group Statement of total recognised gains and losses Restated Restated 6 months 6 months Year ended 30 Sept 2006 30 Sept 2005 31 March 2006 Unaudited Unaudited Audited Notes £000's £000's £000's Profit / (Loss) for the financial period attributable to members of parent undertaking 25 (406) 68 Exchange differences on retranslation of net assets of subsidiary - - (186) 25 (406) (118) Consolidated balance sheet as at 30 September 2006 Restated Restated 30 Sept 2006 30 Sept 2005 31 March 2006 Unaudited Unaudited Audited Notes £000's £000's £000's Fixed assets Intangible assets 2,675 2,955 2,814 Tangible assets 37 57 40 Total 2,712 3,012 2,854 Current assets Debtors falling due after 1 1,147 1,325 1,232 year Debtors 2,902 1,231 2,298 Cash at bank and in hand 170 129 159 4,219 2,685 3,689 Creditors Amounts falling due within one (4,994) (5,840) (6,588) year Net current liabilities (775) (3,155) (2,899) Total assets less current 1,937 (143) (45) liabilities Creditors due after more than one year (6,251) (5,680) (5,453) (4,314) (5,823) (5,498) Minority interests Equity (43) (11) (43) (4,357) (5,834) (5,541) Capital and reserves Called up share capital 2,534 2,341 2,341 Share premium account 7,593 6,490 6,490 Merger reserve 3,600 3,600 3,600 Other Reserve 32 128 168 Profit and loss account (18,116) (18,393) (18,140) Equity shareholders funds 9 (4,357) (5,834) (5,541) Group statement of cash flows as at 30 September 2006 Restated Restated 6 months 6 months Year ended 30 Sept 2006 30 Sept 2005 31 March 2006 Unaudited Unaudited Audited Notes £000's £000's £000's Net cash (outflow)/inflow from operating activities 6 (332) 589 195 Returns on investments and servicing of finance Interest paid (487) (371) (693) Interest received - - 184 (487) (371) (509) Taxation - - - Capital expenditure and financial investment Payments to acquire tangible fixed assets - (3) (6) - (3) (6) Net cash (outflow)/inflow (819) 215 (320) before financing Financing Proceeds from issue of shares 1,296 - - Long term loan 1,000 - 1,156 Repayment of capital element of Long term loans (199) (786) (1,236) Redemption of convertible (1,261) - - shares Redemption of convertible debt (126) Repayment of capital element of finance leases (6) (10) (11) Net cash inflow/(outflow) from financing 830 (796) (217) Increase/(decrease) in cash 7 11 (581) (537) Notes to the interim statement 1. Basis of preparation The interim financial statements have been prepared in accordance with applicable United Kingdom accounting standards and under the historic cost convention. The principal accounting policies have remained unchanged from those in the group's 2006 annual report and financial statements. The report has not been audited or independently reviewed by the auditors. 2. Segmental analysis Turnover is attributable to one continuing activity, the provision of computer software products and related services. An analysis of turnover by geographical area is given below: Restated Restated 6 months ended 6 months ended Year ended 30 Sept 2006 30 Sept 2005 31 March 2006 £000's £000's £000's Turnover United Kingdom 1,920 1,091 2,865 Europe 501 622 962 Group Turnover 2,421 1,713 3,827 Profit/(loss) before taxation United Kingdom 1,108 494 1,207 Europe (458) (354) (381) 650 140 826 Common costs - goodwill (138) (138) (279) amortisation Net interest (payable)/ (487) (408) (480) Profit / (Loss) ordinary activities before taxation 25 (406) 67 3. Operating costs The comparative figures for costs are current period £1,534,000 (September 2005: £1,514,000). 4.. Taxation No provision for taxation has been made due to the availability of losses. 5. Earnings / (Loss) per share The calculation of the basic earnings per share for the 6 months ended 30 September 2006 is based on a profit of £25,000 (30 September 2005: loss of £ 406,000) and a weighted average number of shares in issue during the period of 243,267,332 (30 September 2005: 234,063,332). The calculation of the diluted earnings per share for the 6 months ended 30 September 2006 is based on a profit of £25,000 (30 September 2005: loss of £406,000) and a weighted average number of shares in issue during the period of 243,267,332 (30 September 2005: 234,063,332). The calculation of the basic and diluted earnings per share for the year ended 31 March 2006 is based on a profit of £68,000 and a weighted average number of shares in issue during the period of 234,063,332. 6. Net cash (outflow) / inflow from operating activities Restated Restated 6 months ended 6 months Year ended ended 30 Sept 2006 30 Sept 2005 31 March 2006 £000's £000's £000's Operating profit 512 2 547 Depreciation of tangible fixed 3 29 50 assets Amortisation of intangible 138 138 (137) fixed assets and Exceptional Items Exchange gain/(loss) - - (130) (Increase) / decrease in (520) 882 (92) debtors (Decrease) in creditors (465) (462) (43) Net cash (outflow)/inflow (332) 589 195 7. Reconciliation of net cash flow to movement in net funds Restated Restated 6 months ended 6 months Year ended ended 30 Sept 2006 30 Sept 2005 31 March 2006 £000's £000's £000's Increase/(decrease) in cash 11 (581) (537) Convertible Debt 1,134 - 74 Capital element of loans (801) 786 80 Repayment of capital element of finance leases 6 10 11 Change in net funds resulting from cashflows 350 215 (372) Foreign currency translation - - (137) difference Movement in net funds 350 215 (509) Net funds at 1 April (8,673) (7,167) (8,164) Net funds at 30 September/31 (8,323) (6,952) (8,673) March 8. Analysis of net funds 1 April Cashflow 30 Sept 2006 2006 Cash at bank 159 11 170 Bank overdraft (37) - (37) Cash at bank 122 11 133 Finance leases (6) 6 - Loans (8,789) 333 (8,456) Net funds (8,673) 350 (8,323) 9. Reconciliation in movement of shareholders' funds Restated Restated 6 months ended 6 months Year ended ended 30 Sept 2006 30 Sept 2005 31 March 2006 £000's £000's £000's Total recognised gains and 25 (406) (118) losses Net new shares issued 1,159 - - 1,184 (406) (118) Shareholders funds 1 April (5,541) (5,428) (5,423) Shareholders funds 30 September/31 March (4,357) (5,834) (5,541) 10. Publication of non-statutory accounts The financial information set out in this interim report does not constitute statutory accounts as defined by section 240 of the Companies Act 1985. The figures for the year ended 31 March 2006 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 unqualified and did not contain a statement under section 237 of the Companies Act 1985. The Board approved the interim report on 21 December 2006. END
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