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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
28 September 2006 IMS Maxims Plc PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2006 Chairman's Statement - Increased Turnover by 65% - Return to Profit - Positive cash flow from operating activities As we expected a year ago, 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 2006. Specifically, the 65% increase in turnover reflects a significant increase in sales orders, as well as some consultancy work for BT in the London Local Service Providers (LSPs) region and Accenture in the Eastern LSP region. Also, we have achieved an annual reduction in operating expenses of over £1million and a decrease in our interest charges. As a result, we are delighted to report a return to profit in 2006. We remain committed to our core markets of hospitals in the UK and Ireland. Within the NHS, as the delays from the LSPs in supplying acceptable solutions to acute NHS trusts under the NPfIT have become more numerous, and as the internal pressures on trusts to meet performance targets intensify, a number of trusts have decided that they cannot wait any longer for new IT solutions. These trusts have decided to meet their immediate needs by directly purchasing products from the open market, whilst stating their intention to implement any acceptable national solution in a few years time. Furthermore, it has now become widely understood that the LSP product deliveries to acute trusts will not provide the breadth of rich clinical functionality that was once expected within any reasonable timescale. Consequently, an increasing number of these acute trusts are now pursuing directly the purchase of such rich clinical applications. This situation continues to provide an opportunity for your company. Our recently announcedthree 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) is evidence of the above. This is the largest single contract in our history and is a highly significant win for us. It is also our first Connecting for Health (CfH) funded project, and is material in ameliorating our financial situation. Moreover, our deliveries against this contract are proceeding as scheduled and we can envisage a situation whereby BHRT becomes a very good reference site for future prospective customers. However, the nature of the overall NHS market is such that there is a degree of uncertainty and big changes usually do not occur rapidly. Therefore, it would be unwise for us to anticipate signing similar contracts in the next six months. In Ireland, we have completed a major upgrade to our PAS product and this is now being deployed to the first of our larger customers there. Initial reports are very favourable and we expect that other customers will upgrade to the new system in the coming months. As a result of all of the above, we look forward to some further improvement in your company's performance in the current year and we view the future with renewed confidence. D W MacDonald Chairman 28 September 2006 Financial Review Introduction Turnover for the year of £3,827,000 (2005: £2,324,000) produced an operating profit of £560,000 (2005: loss of £5,738,000). The group profit for the year after interest and taxation was £80,000 (2005: loss of £6,516,000). Exceptional items include an overall gain associated with the refinancing of the business of £409,000. Amortisation of goodwill amounted to £279,000 (2005: £279,000). There was no charge to taxation for the year and tax losses available to offset future profits are estimated at £8,100,000 (2005: £7,573,000). The basic profit per share for the year was 0.03p (2005: loss per share of 4.3p). Net liabilities of the group of £5,541,000 (2005: £5,436,000) include net current liabilities of £2,899,000 (2005: £2,288,000). Liquidity The statement of cash flows illustrates that there was a decrease in cash for the year of £537,000 (2005: increase of £620,000). This is stated after the inflow of cash from operating activities of £195,000 (2005: outflow of £ 1,470,000) and the outflow of cash for interest payments of £509,000 (2005: £ 750,000). Going concern During the period the group was able to agree new repayment schedules which combined with an operating profit, new finance received and cash generated by sales revenue allows us to continue to meet our obligations going forward. After making enquiries, the directors therefore 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 28 September 2006 Group profit and loss account for the year ended 31 March 2006 Total Total Restated Notes 2006 2005 £000 £000 Group turnover 3,827 2,324 Cost of sales (376) (243) ----------- ----------- Gross profit 3,451 2,081 Selling and distribution costs (508) (946) Administrative expenses (2,383) (6,873) ----------- ----------- Total operating profit / (loss) 560 (5,738) Interest receivable 184 159 Interest payable and similar charges (664) (937) ----------- ----------- Profit / (loss) on ordinary activities before taxation 80 (6,516) Tax on profit on ordinary activities - - ----------- ----------- Profit / (loss) on ordinary activities after taxation 80 (6,516) Minority interests - equity 1 (4) ----------- ----------- Profit / (loss) for the financial year attributable to members of the parent company 81 (6,520) --------- --------- Basic and diluted profit / (loss) per ordinary share 4 0.03p (4.3p) Group Statement of Total Recognised Gains and Losses 2006 2005 Restated £000 £000 Profit / (loss) for the financial year attributable to 81 (6,520) members of parent undertaking Exchange differences on retranslation of net assets of (186) (142) subsidiary undertaking ----------- ----------- Total recognised gains and losses during the year (105) (6,662) ------ ------ Group Balance Sheet at 31 March 2006 2006 2005 Restated Notes £000 £000 Fixed assets Intangible assets 2,814 3,093 Tangible assets 40 83 ----------- ----------- 2,854 3,176 ------ ------ Current assets Debtors: amounts falling due after more than one 1,232 1,686 year Debtors: amounts falling due within one year 2,298 1,752 ----------- ----------- Total debtors 3,530 3,438 Cash at bank and in hand 159 689 ------ ------ 3,689 4,127 Creditors: amounts falling due within one year Other creditors (6,588) (6,289) Convertible debt - (126) ------ ------ Total creditors: amounts falling due within one (6,588) (6,415) year ------ ------ Net current liabilities (2,899) (2,288) ------ ------ Total assets less current liabilities (45) 888 Creditors: amounts falling due after more than 7 (5,453) (5,365) one year Convertible debt - (948) ------ ------ (5,498) (5,425) Minority interests Equity (43) (11) ------ ------ (5,541) (5,436) ----------- ----------- Capital and reserves Called-up share capital 2,341 2,341 Share premium account 6,490 6,490 Merger reserve 3,600 3,600 Equity reserve 136 136 Profit and loss account (18,108) (18,003) ------- ------- (5,541) (5,436) ----------- ----------- Group Statement of Cash Flows at 31 March 2006 2006 2005 Restated Notes £000 £000 Net cash inflow / (outflow) from operating 3 195 (1,470) activities ----------- ----------- Returns on investments and servicing of finance Interest paid (690) (847) Interest and similar income received 184 159 Interest element of finance lease rental payments (3) (10) Convertible debt issue costs - (52) ----------- ----------- (509) (750) ----------- ----------- Taxation - - Capital expenditure and financial investment Payments to acquire tangible fixed assets (6) (9) ----------- ----------- (6) (9) ----------- ----------- Acquisitions and disposals Acquisition of minority shareholders interest - (35) ----------- ----------- Net cash outflow before financing (320) (2,264) ----------- ----------- Financing Proceeds from issue of shares - 1,813 Share issue costs - (73) Repayment of capital element of finance lease (11) (43) rental payments New long term loan 1,156 1,240 Repayment of capital element of long term loan (1,236) (1,044) New loan from directors - 160 Repayment of short term loan to directors - (230) Repayment of short term loan - (63) Issue of convertible unsecured loan stock - 2,000 Redemption of convertible unsecured loan stock - (1,000) Issue of convertible debt - 264 Redemption of convertible debt (126) (140) ----------- ----------- Net cash (outflow) / inflow from financing (217) 2,884 ----------- ----------- (Decrease) / increase in cash (537) 620 ----------- ----------- Notes to the preliminary statement 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 2006 has been extracted from the statutory accounts for the year ended 31 March 2006 upon which the auditors opinion is unqualified. Statutory accounts for the year ended 31 March 2006 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 21 Events after the Balance Sheet date, and FRS 25 Financial Instruments: disclosure and presentation. These changes are described in more detail below. FRS 21 Events after the Balance Sheet date (IAS10) The adoption of FRS 21 has resulted in a change in accounting policy in respect of proposed equity dividends. If the company declares dividends to the holders of equity instruments after the balance sheet date, the company does not recognize those dividends as a liability at the balance sheet date. The aggregate amount of equity dividend proposed before approval of the financial statements, which have not been shown as liabilities at the balance sheet date, are disclosed in the notes to the financial statements. Previously, proposed equity dividends were recorded as liabilities at the balance sheet date. There has been no impact on these financial statements. FRS 25 Financial Instruments: disclosure and presentation Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument within equity reserves. The cumulative redeemable preference shares in existence at 1 April 2005 and 31 March 2006 are compound financial instruments. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet. The implementation of this new accounting standard has required a restatement of the prior year balance sheet and profit and loss account (see note 6). 2. Basis of preparation and going concern The financial statements are prepared under the historical cost convention and in accordance with applicable accounting standards. 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 around £2.9m and net liabilities of around £5.5m at 31 March 2006 these amounts include £0.9m of deferred income which will be released to the profit and loss account in 2006/7 and £1.1m of redeemable preference shares which were converted after the balance sheet date into ordinary equity share capital at no cash cost to the Group. They have also considered the profits reported in 2005/6, the cash flows that will accrue to the group from recent contracts won whilst noting that operating expenses remain consistent with the prior year. The Board believes that this will produce a net cash position that can be comfortably accommodated within new financing facilities of up to £2m recently negotiated. 3. Reconciliation of operating loss to net cash outflow from operating activities: 2006 2005 Restated £000 £000 Operating loss 560 (5,738) Depreciation 50 59 Amortisation of intangible fixed assets 279 703 Write down of development costs - 2,705 Exchange differences (130) - Exceptional gain (416) - (Increase)/decrease in operating debtors and (92) 286 prepayments Increase/(decrease) in operating creditors and accruals (56) 515 ----------- ----------- Net cash outflow from operating activities 195 (1,470) ----------- ---------- Exceptional gain has been achieved due to the fact that during the year the payment and interest profile of the secured loans was renegotiated with the lender. This has led to benefits in respect of both the future repayment profile and past and future interest charges which has been reflected in the balance sheet classification of the debt and the current year profit and loss account. 4. Profit / (loss) per share The basic profit / (loss) per ordinary share is based on a profit of £81,000 (2005: loss £6,520,000) and on a weighted average number of shares in issue of 234,063,332 (2005: 152,637,031). The diluted profit / (loss) per ordinary share is based on a profit of £81,000 (2005: loss £6,520,000) and on a weighted average number of shares in issue of 253,480,582 (2005: 152,637,031). 5 Reconciliation of net cash flow to movement in net debt Group 2006 2005 Restated £000 £000 Decrease in cash as per cash flow statement (537) 620 Repayment of capital element of finance leases 11 43 Issue costs paid on new loans - 52 New loans entered into 80 (196) Repayment of short term loan - 63 Net directors loans - 70 Issue of convertible debt (secured and unsecured) 74 (1,124) ----------- ----------- Change in net debt resulting from cash flows (472) (472) Other non-cash changes (137) (10) ----------- ----------- Movement in net debt (509) (482) Net debt brought forward (8,164) (7,682) ----------- ----------- Net debt carried forward (8,673) (8,164) ----------- ----------- 6 Prior year adjustment All reserves, with the exception of the profit and loss account, are regarded as non-distributable. The movements in the year were as follows: Restated Share Profit Total Share premium Merger Equity and loss shareholders' Group capital account reserve reserve account funds £000 £000 £000 £000 £000 £000 At 1 April 2004 - as previously reported 2,445 5,611 3,600 - (11,341) 315 Reclassification of (993) - - 136 - (857) preference shares and associated FRS 25 impact 1,452 5,611 3,600 136 (11,341) (542) Exchange differences on - - - - (142) (142) retranslation of net assets of subsidiary undertaking Issue of ordinary shares 889 952 - - - 1,841 Share issue costs - (73) - - - (73) Loss for the year - - - - (6,520) (6,520) At 31 March 2005 2,341 6,490 3,600 136 (18,003) (5,436) Exchange differences on - - - - (186) (186) retranslation of net assets of subsidiary undertaking Profit for the year - - - - 81 81 At 31 March 2006 2,341 6,490 3,600 136 (18,108) (5,541) The 2005 loss after taxation of £6,376,000 has been restated as £6,516,000 in accordance with the rules set out in FRS 25 in respect of dividends payable on compound instruments. 7 Post Balance Sheet Events On 5 July 2006 the Company issued 17,669,494 fully paid Ordinary Shares in the Company to redeem the 993,141 Convertible Cumulative Preference Shares held. Copies of the Annual Report and Accounts for the year ended 31 March 2006 will be posted to shareholders on 28 September 2006 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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