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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Intechnology | LSE:ITO | London | Ordinary Share | GB0001388932 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 24.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:4975F InTechnology PLC 19 June 2001 'The issuer has made the following amendment to the 'Final Results' announcement released today at 07:00 under RNS Number 4633F. The first three bullet points in the Financial Highlights section have been amended to reflect a 52 week comparative. All other details remain unchanged. The full corrected version is shown below.' PRESS RELEASE PRESS RELEASE PRESS RELEASE 19 June 2001 INTECHNOLOGY PLC Maiden preliminary results for the trading period from 24 July 2000 to 31 March 2001 (35 weeks) Financial Highlights * Turnover of #122.4 million. #164.9 million proforma 52 weeks ending 31 March 2001 (2000: #101.7 million) * EBITDA #5.3 million. #6.5 million proforma 52 weeks ending 31 March 2001 (2000: #4.9 million) * EBIT pre goodwill amortisation #3.8 million. #4.5 million proforma 52 weeks ending 31 March 2001 (2000:#4.0 million) * Loss on ordinary activities before tax #1.4m (ahead of expectations) * EPS (pre goodwill amortisation) 3.15 pence Operational Highlights * Successful admission to AIM in March 2000 * Acquisition of Holf Technologies Limited (now Storage Solutions and Services division ('SSS')) and VData Limited in July 2000 * Strong organic growth by SSS * VBAK, online data backup and restore service launched in September 2000 * Strategic partnership with Compaq UK enabling them to be the exclusive UK distributor for VBAK * German subsidiary incorporated January 2001 launches VBAK this summer * Strengthening of Board through the appointment of Joe McNally, Chairman of Compaq Computer Limited and Charles Scott, Chairman of Cordiant plc and John Swingewood, former director of BSkyB Commenting on the results, Lord Parkinson, Chairman said "InTechnology has consolidated its unique position in the IT marketplace. The strong financial performance from our established business and the potential revenues from the new products and services we have introduced mean that we enter the new year confident of future growth in shareholder value." For further information contact: Peter Wilkinson, Chief Executive, InTechnology 020 7786 3400 (today only) Ann-marie Wilkinson, Beattie Financial 020 7398 3300/07730 415019 InTechnology plc Maiden preliminary results for period ended 31 March 2001 InTechnology, a leading advanced data technology company, announces its preliminary results for the trading period from 24 July 2000 to 31 March 2001, (35 weeks). Proforma 52 weeks #m #m Turnover 122.4 164.9 EBITDA 5.3 6.5 EBIT pre goodwill amortisation 3.8 4.5 Group operating loss, after goodwill (1.7) amortisation of #5.5m Loss on ordinary activities before tax (1.4) Loss per share (3.33) pence Earnings per share pre goodwill 3.15 pence amortisation Cash 26.8 Capital expenditure 3.0 Since the maiden results include only trading from 24 July 2000 following the acquisition of Holf Technologies Ltd (now Storage Solutions and Services division "SSS") and VData Ltd (now Online Data Services division "ODS") the following unaudited proforma divisional results are published showing trading for the 12 months ended 31 March. 12 months ended 31 March Turnover EBIT pre goodwill amortisation 2001 2000 +/(-) 2001 2000 +/(-) #m #m % #m #m % SSS 162.8 101.7 60 8.9 5.9 51 ODS 2.1 - n/a (4.1)L (1.9)L (116) Group 164.9 101.7 62 4.8 4.0 20 InTechnology - - non-recurring costs (0.2) n/a Associate - - (0.1) n/a Group 164.9 101.7 4.5 4.0 13 Report of the Chairman I am pleased to report that at the end of the first accounting period since the acquisition of HOLF Technologies Limited ('STORM') and VData Limited (' VData'), InTechnology plc is performing well, with EBITDA of #5.3m on turnover of #122.4m. InTechnology plc was established to identify and acquire businesses to exploit and develop the increasing opportunities within the technology sector. The Group was admitted to the Alternative Investment Market ('AIM') on 2 March 2000 and on 24 July 2000 it acquired STORM and VData, both privately owned companies which are involved in advanced computer data technology services. Since these acquisitions InTechnology plc has grown to have the second largest market capitalisation on AIM. The commercial and financial strategy of InTechnology, outlined to shareholders at the time of the STORM and VData acquisitions has developed, but remains in broad terms, the development, provision and sale of advanced data storage solutions and services. The original STORM business, now branded as Storage Solutions and Services (SSS), has grown during the last twelve months generating profits significantly ahead of forecast. This has provided InTechnology with a strong cash flow base from which to launch a new generation of products. The original VData business, now branded as Online Data Services (ODS), launched its first product, VBAK an online data backup and restore service, in September 2000. This is now an established product and has received a positive response from the marketplace. The potential commercial significance of VBAK has been underlined by our strategic partnership announced recently with Compaq Computer Limited (' Compaq'), enabling them to be the exclusive UK distributor for the VBAK service. InTechnology has well-established vendor partnerships with a number of leading computer and software manufacturers namely: Compaq, Sun, IBM, StorageTek, Tivoli, and Veritas. InTechnology also benefits from an extensive network of reseller channel partners. These sound alliances reinforce InTechnology's position as a leading provider of advanced data storage solutions and I am pleased to recognise their important contribution to our success. The last twelve months have seen not only the expansion of the established SSS business and the building of the new ODS business but also the opening up of ODS operations in Europe. Our newly formed subsidiary, InTechnology AG, has a sales office and a data centre in Munich, and has installed the technical infrastructure to commence sales of VBAK in the German marketplace. Future potential partnership arrangements in France and Italy are also being explored. InTechnology plc has an experienced and talented management team led by Peter Wilkinson, our CEO and majority shareholder. This team has worked successfully together for many years and, having been associated with them myself for the past five years, I have been pleased to see during this period continuing evidence of their energy, good judgement and determination to increase shareholder value. The Board of InTechnology plc has been further strengthened recently by the appointment of Joe McNally, Chairman of Compaq, and Charles Scott, Chairman of Cordiant plc, both as non-executive directors. I am delighted to welcome them to the team and it is a measure of the serious expectations for the company that these major industry figures have joined us. John Swingewood has joined the Board as Chief Technical Officer and I am sure his technical contribution will be important. Since the acquisition of STORM and VData, Chris Akers, Rodger Sargent, Philip Taysom and David von Simson have all left the Board and I would like to take this opportunity to thank them for their contribution. I would like to express my thanks on behalf of the Board to the staff of InTechnology plc, the majority of whom participate in the share option schemes, for their hard work and commitment during this busy but exciting period. InTechnology has consolidated its unique position in the IT marketplace. The strong financial performance from our established business and the potential revenues from the new products and services we have introduced mean that we enter the new year confident of future growth in shareholder value. The Rt. Hon. Lord Parkinson Non-executive Chairman 19 June 2001 Report of the Chief Executive Overview 2000-2001 Following incorporation, InTechnology plc has fulfilled its main aim which was to acquire companies in the technology sector which it could develop. In April 2000 I was approached by their executive team with a view to acquiring our 17 year old data storage and solutions business, HOLF Technologies Limited, and VData Limited, our Online Data Services business. VData was in the final development phase of its first online service - VBAK, a revolutionary service that allows companies to backup and restore data, efficiently and securely. As a result of these acquisitions, InTechnology, unlike many of the new technology companies, has a successful management team with a proven track record in the IT industry, which complements its established business base and enables the development of new products and services. Our strategy in combining the two businesses was to utilise the existing and proven business model; sales to corporate end users via an extensive network of well established data storage reseller channel partners, to introduce new services which could realise our objective to generate strong recurring revenue streams. The VBAK service was launched via this business model in September 2000. Additional significant impetus to sales is expected through a recently negotiated exclusive UK distribution agreement with Compaq. Storage Solutions and Services (SSS) sales have grown by over 60% during the past twelve months and this achievement is a reflection of our market position as an acknowledged leader in the supply of mid to high range data storage solutions. This UK based business, established in 1983, has grown organically and has remained focused solely on storage products and solutions. I am proud of these levels of growth and am confident that we will experience continued growth in the future. Organisations continue to use more data in their applications and require more and more advanced data storage solutions. In addition we have invested heavily over the last few years in the technical services team who can design and engineer complex advanced storage solutions in a multi-vendor environment, enabling InTechnology to meet the predicted high levels of growth in Network Attached Storage (NAS) and Storage Area Networks (SANs). We will continue to strengthen our Technical Services team to exploit this very exciting opportunity and to further strengthen our position as leaders in this field. Online Data Services (ODS) The first services to be launched by this division were VBAK and Advanced Infrastructure Provision (AIP). VBAK It is remarkable that although the IT industry has moved forward so rapidly in the last 25 years the vital function of data backup and restore has not changed. The VBAK service utilises our expertise in advanced data storage solutions, data centre management and networking, to offer an automated solution for backup and restore, storing the data securely offsite in encrypted format onto disk. It is typical of our dynamic approach and technical strengths that we have been able to design the VBAK service, prove it, beta test it and win our first customers in such a short period of time. VBAK and its partners earn recurring revenue through customers' monthly subscriptions, with contracts based around a three-year timescale. Most customers are expected to increase their data over the life of the contract thus causing revenues to increase. I believe that we have a product which has the potential to become an industry standard. I was delighted to announce the VBAK sales and marketing partnership with Compaq UK, referred to above by our Chairman, and feel confident that this powerful boost will ensure the rapid adoption of VBAK in the marketplace. Advanced Infrastructure Provision (AIP) UK businesses are increasingly looking to outsource the management of some part of their IT operations and many of InTechnology's reseller channel partners are offering hosting services to their customers. Good quality infrastructure support is required to enable them to provide the necessary resilience and security. With our data centre management and secure networking skills, InTechnology is well positioned to offer online infrastructure services to our channel partners and through them to their customers. Early sales have shown the potential for this service, which is an attractive proposition to the reseller partner as it offers recurring revenues for little or no capital outlay. I am very happy with the results that we have achieved so far. Managed Storage Utilities (MSU) With the increasing complexity of data storage management, MSU will provide a suite of services that can manage a company's data storage either on their own site via a private connection to one of InTechnology's data centres or host the data storage offsite at an InTechnology data centre. The main benefits of this service are its scalability to meet the surges in demand and growth in data, reductions in customers' operational expenses, the ability to rapidly deploy new applications and the possible elimination of some capital expenditure. The MSU suite of services is currently being phased in and is planned to be fully operational by the end of 2001. Virtual Archiving (VARC) For both legal and commercial reasons, organisations need to keep data for fixed periods of time. VARC is a complementary product to VBAK that takes snapshots of the backed up data and places it in long term archive on to tape. This is an additional service we can offer to the existing VBAK customer base, utilising the VBAK infrastructure. We plan to launch this service by March 2002. Europe InTechnology has opened its first sales office and data centre in Munich to initially offer VBAK to the German marketplace. We plan to set up business partnerships in Europe similar to the UK model and to roll out ODS across the large markets of Germany, France, the Netherlands and Italy. A skilled workforce I would like to add my thanks to those expressed above by the Chairman for the efforts of our staff. We have a stable workforce of many years standing and many talented new people have joined us during the past year, increasing our capabilities in infrastructure support, technical expertise and sales and marketing. Supplier relationships We also enjoy very close relationships with all our major suppliers and are very grateful for their support. This is particularly true now that we are developing a new suite of online products and services that utilise their technology to support our vision. Property In order to accommodate our growing activities, we have made further additions to our Harrogate campus; a lease has been signed for a new building adjacent to the head office and a new sales office is currently under construction which will be fitted out by the start of 2002. In addition we have a suite of offices at No.1 Threadneedle Street, London, in the heart of the City, the main market for IT in the UK. In both locations we have fully equipped and fully engineered Storage Area Network Solution Centres (SAN Centres), where our reseller channel partners can demonstrate and prove this new and exciting technology to their customers. Data centres In order to deliver all the planned Online Data Services we must have state of the art data centres with resilience to n+1 standards. Our existing data centres in Harrogate and London will accommodate our short term requirements but for future growth we require substantial additional capacity. We have considered the rent or buy options, but because of the existing over capacity throughout our proposed European operations, have chosen to rent. This reduces our future capital expenditure. Advisers We have appointed UBS Warburg as our Financial Adviser and Broker. West LB Panmure who successfully managed the rights issue and placing continue as Joint Broker. Future growth Advances in data storage and its management will become increasingly complex with time. The level of technical skills and high capital investment required are formidable barriers for most corporate customers. Through outsourcing, these barriers can be reduced and InTechnology is ideally placed to benefit from this increasing trend towards outsourcing. We are well positioned to see further growth in our market share for SSS over the coming years. In addition to the remote management of SANS, mentioned previously, we are developing services in shared storage management and complex data replication. We are complementing the existing ODS services with new developments such as MSU and VARC which will further assist companies in managing the ever increasing complexity of data storage technology. The existing strengths and skills of InTechnology promise a year of growth in SSS with increasing revenues from ODS. With this consolidation period behind us and our business strategy proven to be effective, we expect to increase shareholder value significantly over the coming years. Peter Wilkinson Chief Executive Officer 19 June 2001 Consolidated profit and loss account Period ended 31 March 2001 Note #'000 Turnover Acquisitions 1 122,398 Cost of sales (106,873) Gross profit 1 15,525 Administrative expenses (17,179) EBITDA 5,259 Depreciation (1,437) Amortisation of goodwill (5,476) Operating loss Continuing operations (223) Acquisitions (1,431) Group operating loss (1,654) Share of operating loss of associate (106) Total operating loss (1,760) Net interest receivable 358 Loss on ordinary activities before tax (1,402) Taxation (1,412) Loss sustained for the period (2,814) Loss per share (pence) 2 Basic (3.33) Diluted (3.04) Adjusted earnings per share (pence) 2 Basic 3.15 Diluted 2.87 EBITDA is defined as earnings before interest, taxation, depreciation and amortisation. There is no difference between the loss on ordinary activities before taxation and the loss sustained for the period ended 31 March 2001 and their historical cost equivalent. The Group has no recognised gains or losses other than those included in the results above, and therefore no separate statement of total recognised gains and losses has been presented. Consolidated balance sheet Group 2001 Note #'000 Fixed assets Intangible assets 4 154,432 Tangible assets 8,541 Investment in subsidiary undertakings - Investment in associates 353 163,326 Current assets Stock 9,213 Debtors - due after more than one year - - due within one year 38,473 38,473 Cash at bank and in hand 26,809 74,495 Creditors - amounts falling due within one year (42,628) Net current assets 31,867 Total assets less current liabilities 195,193 Creditors - amounts falling due after more than one year (7,799) 187,394 Capital and reserves Called up share capital 3 1,380 Non-equity share capital 3 480 Share premium account 3 188,348 Profit and loss account 3 (2,814) Shareholders' funds (including non-equity interests) 3 187,394 Shareholders' funds comprise: Equity interests 186,914 Non-equity interests 480 187,394 Consolidated cash flow statement 2001 Note #'000 #'000 Net cash inflow from operating activities 6 2,924 Returns on investments and servicing of finance Interest received 886 Interest paid (528) Net cash inflow from returns on investments and servicing of finance 358 Taxation (1,376) Capital expenditure and financial investment Purchase of tangible fixed assets (2,987) Sale of tangible fixed assets 15 Net cash outflow from capital expenditure and financial investment (2,972) Acquisitions Purchase of subsidiary undertakings (including costs) 4 (10,332) Net cash at bank acquired with purchase of subsidiary undertakings 4 4,473 Investment in associated undertaking (384) Net cash outflow for acquisitions (6,243) Net cash inflow before use of liquid resources and financing (7,309) Management of liquid resources Increase in short term deposits with financial 5 (15,000) institutions Financing Issue of ordinary share capital 36,470 Expenses of share issue (1,592) Repayment of secured loans (759) Net cash inflow from financing 34,119 Increase in cash in the period 7 11,810 Notes to the financial statements 1 Basis of preparation The financial information included within this preliminary announcement has been prepared for the period from incorporation of InTechnology plc on 26 January 2000 to 31 March 2001. InTechnology did not trade until its acquisition of STORM and VData on 24 July 2000 and has consolidated the results of these businesses from that date. The foregoing financial statements do not constitute statutory financial statements within the meaning of section 240 of the Companies Act 1985. The Group's statutory financial statements on which the Company's auditors, PricewaterhouseCoopers, have given an unqualified opinion in accordance with section 235 of the Companies Act 1985 are to be delivered to the Registrar of Companies. 2 (Loss)/earnings per share Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the financial period. For diluted loss per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. Reconciliations of the loss and weighted average number of shares used in the calculations are set out below: (loss)/ 2001 (loss)/ Earnings Weighted Earnings average Per share no. of shares #'000 Pence Basic loss per share Earnings attributable to ordinary (2,814) 84,459,355 (3.33) shareholders Effect of dilutive securities Options - 8,203,386 0.29 Diluted loss per share (2,814) 92,662,741 (3.04) Adjusted earnings per share has been calculated to provide a better understanding of the underlying performance of the Group, by excluding amortisation of goodwill, as follows: Basic loss per share (2,814) 84,459,355 (3.33) Amortisation of goodwill 5,476 84,459,355 6.48 Adjusted basic earnings per share 2,662 84,459,355 3.15 Diluted loss per share (2,814) 92,662,741 (3.04) Amortisation of goodwill 5,476 92,662,741 5.91 Adjusted diluted earnings per share 2,662 92,662,741 2.87 3 Shareholders' funds Profit & Total Group Share Deferred Share loss shareholders' capital shares premium account funds #'000 #'000 #'000 #'000 #'000 At 26 January 2000 Issue of shares: - on incorporation 10 40 - - 50 - placing on 2 March 2000 110 440 2,200 - 2,750 - placing on 24 July 2000 164 - 24,506 - 24,670 - rights issue on 24 July 60 - 8,940 - 9,000 2000 - consideration for 1,036 - 154,294 - 155,330 acquisitions Share issue costs - - (1,592) - (1,592) Loss for the period - - - (2,814) (2,814) At 31 March 2001 1,380 480 188,348 (2,814) 187,394 4 Acquisitions a) STORM On 24 July 2000 the group acquired 100% of the issued share capital of STORM for consideration of #39,000,000 funded by the issue of 20,102,904 1 pence ordinary shares at a market value of #1.50 each with a value of #30,154,356 and a cash consideration of #8,845,644. The following table sets out the book value of the identifiable assets and liabilities acquired and their fair value to the group: Fair value Book value Adjustment Fair value HOLF acquisition #'000 #'000 #'000 Net assets acquired Fixed assets 3,982 - 3,982 Goodwill 2,242 (2,242) - Stocks 9,033 - 9,033 Debtors 27,851 - 27,851 Cash at bank and in hand 4,424 - 4,424 Creditors due within one year (32,252) - (32,252) Creditors due after one year (7,888) - (7,888) Net assets 7,392 (2,242) 5,150 Consideration 20,102,904 ordinary shares @ #1.50 each 30,154 Cash 8,846 Cost of the acquisition 156 39,156 Goodwill 34,006 The fair value adjustment reflects the write-off of historic purchased goodwill carried in the books of STORM. The unaudited results of STORM for the period from 1 April 2000 to 24 July 2000, together with the unaudited proforma results for the year ended 31 March 2000 are shown below: #'000 #'000 Turnover 42,267 101,677 Cost of sales (38,043) (89,342) Gross profit 4,224 12,335 Administrative expenses (2,156) (6,149) EBITDA 2,068 6,186 Depreciation (217) (314) Operating profit 1,851 5,872 Net interest (167) (386) Profit before taxation 1,684 5,486 Taxation (677) (1,724) Profit after taxation 1,007 3,762 b) VData On 24 July 2000 the group acquired 100% of the issued share capital of VData for consideration of #126,000,000 funded by the issue of 83,450,000 1 pence ordinary shares at a market value of #1.50 each with a value of #125,175,000 and a cash consideration of #825,000. No fair value adjustments were required and the following table sets out the book and fair value of the identifiable assets and liabilities acquired: Book & fair value #'000 Net assets acquired Fixed assets 3,016 Investment 75 Debtors 449 Cash at bank and in hand 49 Creditors due within one year (1,204) Creditors due after one year: (1,782) Net assets 603 Consideration 83,450,000 ordinary shares @ #1.50 each 125,175 Cash 825 Costs 505 126,505 Goodwill 125,902 The unaudited results for VData for the period from 1 January 2000 to 24 July 2000 together with the audited results for the period ended 31 December 1999 are shown below: 1 January 4 January 2000 to 1999 to 24 July 2000 31 December 1999 #'000 #'000 Turnover 295 28 Cost of sales (301) (26) Gross (loss) / profit (6) 2 Administrative expenses (1,383) (1,122) EBITDA (1,389) (1,120) Depreciation (490) (389) Operating loss (1,879) (1,509) Net interest (89) (44) Loss before taxation (1,968) (1,553) Taxation - - Loss after taxation (1,968) (1,553) Goodwill as at 31 March 2001 comprises: #'000 Arising on acquisition of STORM (see(a)) 34,006 Arising on acquisition of VData (see (b)) 125,902 159,908 Amortisation (5,476) 154,432 5 Cash at bank and in hand Cash at bank and in hand includes short term deposits with financial institutions amounting to #15,000,000 which have a maturity of more than one day but less than three months. 6 Cash flow from operating activities Reconciliation of operating profit to net cash inflow from operating activities: Group Continuing operations #'000 Operating loss (1,654) Depreciation of tangible fixed assets 1,437 Goodwill amortisation 5,476 Profit on sale of tangible fixed assets (8) Increase in stocks (180) Increase in debtors (10,173) Increase in creditors 8,025 Net cash inflow from operating activities 2,923 7 Reconciliation of movement in net funds 2001 #'000 Increase in cash in the period 11,809 Increase in short term deposits 15,000 Cash outflow from repayment of debt 759 Change in net debt resulting from cash flows 27,568 Borrowings acquired on purchase of subsidiary undertakings (9,670) Movement in net funds in the period 17,898 Net funds at 26 January 2000 - Net funds at 31 March 2001 17,898 8 Analysis of net funds At 26 Cashflow Acquisitions At 31 January (excluding March 2000 Cash & 2001 Overdrafts) #'000 #'000 #'000 #'000 Cash at hand and in bank - 11,809 - 11,809 Short term deposits - 15,000 - 15,000 Debt due after more than one year - - (7,799) (7,799) Debt due within one year - 759 (1,871) (1,112) - 27,568 (9,670) 17,898
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