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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0133N InTechnology PLC 13 November 2001 13th November 2001 InTechnology plc Interim Results for the six months ending 30th September 2001 Highlights * Turnover up to #73.9m Online Data Services (ODS) * Over #15m of new online contracts secured and growing in excess of # 1m per month * New services launched * Major partnerships agreed with Compaq UK, Compaq Germany and Hewlett Packard Storage Solutions & Services (SSS) * Gross margin increased to 12.2% * Enhanced product portfolio in storage management solutions * Consolidated our position as the UK's No 1 storage solutions provider Commenting on the results, Lord Parkinson said: "Security of business data and disaster recovery have become priorities for corporations worldwide, who are realising the importance of their data and are consequently investing in secure data back-up and retrieval. We are well placed to take advantage of this growing market. We offer a revolutionary set of data back-up and security products, which automatically copy data offsite, where it is available for immediate retrieval." For further information please contact: Peter Wilkinson, Chief Executive 020 7786 3400 Ann-marie Wilkinson / Susan Frost Beattie Financial 020 7398 3300 CHAIRMANS STATEMENT I am pleased to announce the interim results of InTechnology plc. Our original business, now the Storage Solutions and Services (SSS) division, has maintained its robust performance, in spite of difficult market conditions. Our new Online Data Services (ODS) division has continued to increase its revenues and expand its range of services. Security of business data and disaster recovery have become priorities for corporations worldwide, who are realising the importance of their data and are consequently investing in secure data backup and retrieval. We are well placed to take advantage of this growing market. We offer a revolutionary set of data back-up and security products, which automatically copy data offsite, where it is available for immediate retrieval. Our ODS division also helps its customers to deal with the problem of shortage of IT skills, by enabling them to outsource their data storage management and back-up. Trading for the six months to 30th September 2001 In the six months to 30th September 2001, the SSS business has achieved revenues of #72 million, and an operating profit of #3.6 million before amortisation of goodwill. Our ODS business in the United Kingdom has achieved revenues of #1.9 million and an operating loss of #3.5 million before amortisation of goodwill. Gross margin increased to 12.2%. Encouragingly, ODS has now signed contracts worth in excess of #15 million over the contracts' duration. This figure is expected to grow significantly over the medium term and provide the company with recurring revenue streams. Our German ODS subsidiary has completed its start up phase and is now fully operational. Start up costs of #1.1 million were incurred in the period. InTechnology ended the period with cash balances of #23 million, which together with continued positive cash flows from SSS and loan facilities, will fund our planned growth for the foreseeable future. Developments in the six months to 30th September 2001 Significant new product developments have occurred in the ODS division over the past six months, and have opened up additional markets for our business. VBAK, which caters for data volumes of up to 1 terabyte (TB), is selling well and we have now contracted for over fifty systems. At the end of September we launched VBAK Plus, a new service designed for data volumes of between 1TB and 10TB. This product was developed in response to market demands identified whilst selling VBAK. This month we are launching Managed Storage Services (MSS) which is a real time data replication service that manages volumes in excess of 5TB. To ensure that the full potential of our new products is exploited, we have entered into a number of significant partnership agreements with major companies, who share our view of the prospects of these products: * Compaq UK will sell both VBAK and VBAK Plus. * Compaq Germany has signed a similar contract to Compaq UK to sell VBAK. * We have recently contracted with Hewlett Packard to partner with them exclusively to provide our MSS portfolio based on their XP storage technology. Outlook The SSS business is expected to maintain its profitability and cash generation. Data storage volumes continue to grow in the UK and drive the need to acquire cost-effective storage solutions. We remain confident of growing the ODS business in the UK and Germany because of the expanded product range and the marketing partnerships recently signed. The Compaq contracts will drive VBAK sales and secure our medium term forecasts, but commission payments in the short term will lower gross margin. The new services, VBAK Plus and MSS have significantly higher contract values, generating recurring revenues of up to ten times those of VBAK. Further European expansion is planned and the Directors are exploring ways of lowering start up costs in each country, through partnership arrangements. The Board's strategy for the future remains to build all parts of the business, but with the more established SSS division lending its strong technical and financial resources to the development of the ODS business. Recent events have underlined the importance for all businesses of data security. InTechnology, with its comprehensive range of services, is well equipped to help its customers to deal with this pressing problem. The success of this business is built upon the commitment and quality of its employees. The teamwork and dedication of the staff at InTechnology never fails to impress me, and along with the rest of the InTechnology Board, I would like to thank them all for their efforts. The Rt. Hon. Lord Parkinson Non-Executive Chairman 12 November 2001 Consolidated profit & loss account For the 6 months ended 30 September 2001 6 months Period Period ended ended ended 30 30 31 September September March 2001 2000 2001 (Unaudited) (Unaudited) (Audited) Note #'000 #'000 #'000 Turnover 1&2 73,872 29,898 122,398 Cost of sales (63,493) (25,952) (106,873) Gross profit 10,379 3,946 15,525 Administrative expenses (15,454) (4,070) (17,179) EBITDA 532 1,705 5,259 Depreciation (1,598) (335) (1,437) Amortisation of goodwill (4,009) (1,494) (5,476) Group operating loss (5,075) (124) (1,654) Share of operating loss of associate 3 (353) - (106) Total operating loss (5,428) (124) (1,760) Net interest receivable 146 128 358 (Loss)/profit on ordinary activities before taxation 2 (5,282) 4 (1,402) Tax on (loss)/profit on ordinary activities 4 97 (448) (1,412) Loss for the period 6 (5,185) (444) (2,814) Loss per share (pence) 5 Basic (3.76) (0.98) (3.33) Diluted (3.33) (0.91) (3.04) Adjusted (loss)/earnings per share 5 (pence) Basic (0.60) 2.32 3.15 Diluted (0.53) 2.14 2.87 EBITDA comprises earnings before interest, taxation, depreciation and amortisation of goodwill. All of the activities of the Group relate to continuing operations. There is no difference between the loss on ordinary activities before taxation and the loss sustained for the period ended 30 September 2001 and their historical cost equivalents. The Group has no material 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 As at 30 September 2001 30 30 31 September September March 2001 2000 2001 (Unaudited) (Unaudited) (Audited) Note #'000 #'000 #'000 Fixed assets Intangible assets 150,423 158,414 154,432 Tangible assets 8,929 7,505 8,541 Investment in associate - 350 353 159,352 166,269 163,326 Current assets Stock 10,011 10,308 9,213 Debtors 30,367 23,300 38,473 Cash at bank and in hand 22,850 31,376 26,809 63,228 64,984 74,495 Creditors - amounts falling due within one year (33,184) (33,134) (42,628) Net current assets 30,044 31,850 31,867 Total assets less current liabilities 189,396 198,119 195,193 Creditors - amounts falling due after more than one year (7,143) (8,355) (7,799) 182,253 189,764 187,394 Capital and reserves Called up share capital equity 1,381 1,380 1,380 non-equity 480 480 480 Share premium account 188,391 188,348 188,348 Profit and loss account (7,999) (444) (2,814) Shareholders' funds (including non-equity interests) 182,253 189,764 187,394 Shareholders' funds comprise: Equity interests 6 180,013 187,524 185,154 Non-equity interests 6 2,240 2,240 2,240 182,253 189,764 187,394 Consolidated cash flow statement For the 6 months ended 30 September 2001 6 months Period Period ended ended ended 30 30 31 September September March 2001 2000 2001 (Unaudited) (Unaudited) (Audited) Note #'000 #'000 #'000 Net cash (outflow)/inflow from operating activities 7 (638) 3,597 2,923 Returns on investments and servicing of finance Interest received 492 208 886 Interest paid (346) (80) (528) Net cash inflow from returns on investments and servicing of finance 146 128 358 Taxation (1,103) - (1,376) Capital expenditure and financial investment Purchase of tangible fixed assets (2,001) (841) (2,987) Sale of tangible fixed assets 11 - 15 Net cash outflow from capital expenditure and financial investment (1,990) (841) (2,972) Acquisitions Purchase of subsidiary undertakings (including costs) - (10,332) (10,332) Net cash at bank acquired with - 4,473 4,473 purchase of subsid. undertakings Investment in associated undertaking - (275) (384) Net cash outflow for acquisitions - (6,134) (6,243) Net cash outflow before financing (3,585) (3,250) (7,310) Management of liquid resources Decrease/(increase) in short term deposits with financial institutions 5,000 - (15,000) Financing Issue of ordinary share capital 44 36,470 36,470 Expenses of share issue - (1,592) (1,592) Repayment of secured loans (418) (252) (759) Net cash (outflow)/inflow from financing (374) 34,626 34,119 Increase in cash in the period 8 1,041 31,376 11,809 Notes to the interim financial information For the 6 months ended 30 September 2001 1. Basis of preparation The financial information included in this interim statement for the 6 months ended 30th September 2001 does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985 and is not audited or reviewed. The financial information has been prepared on the basis of accounting policies consistent with those set out in the statutory accounts for the period ended 31st March 2001. The financial information relating to the period ended 31st March 2001 has been extracted from the statutory accounts for that period which have been filed with the Registrar of Companies and on which the auditors gave an unqualified opinion. This interim statement will be posted on the Company's website, in addition to the paper version. The maintenance and integrity of the InTechnology website is the responsibility of the directors and work carried out by the auditors does not involve consideration of these matters. Legislation in the United Kingdom governing the preparation and dissemination of the financial information may differ from legislation in other jurisdictions. Prior year financial information was prepared for the period from incorporation of InTechnology plc on 26 January 2000 to 30 September 2000 and 31 March 2001. However, InTechnology did not trade until the acquisition of STORM and VData on 24 July 2000 and the results of these businesses were consolidated from that date. 2. Segmental information Geographical analysis - Turnover by destination 6 months ended Period ended Period ended 30 September 30 September 2000 31 March 2001 #'000 2001 #'000 #'000 United Kingdom 73,032 29,854 122,159 Continental Europe 838 36 226 North America 2 8 13 73,872 29,898 122,398 Geographical analysis - Turnover by source 6 months ended Period ended Period ended 30 September 30 September 2000 31 March 2001 #'000 2001 #'000 #'000 United Kingdom 73,872 29,898 122,398 Continental Europe - - - North America - - - 73,872 29,898 122,398 Geographical Analysis - (Loss)/profit before tax by source 6 months Period ended Period ended ended 30 September 31 March 30 September 2000 2001 2001 #'000 #'000 #'000 United Kingdom (3,995) (124) (1,416) Continental Europe (1,080) - (238) North America - - - (5,075) (124) (1,654) Share of operating loss of (353) - (106) associate Net interest receivable 146 128 358 (5,282) 4 (1,402) Business Analysis - Turnover 6 months ended Period ended Period ended 30 September 30 September 2000 31 March 2001 #'000 2001 #'000 #'000 SSS 72,001 29,321 120,348 ODS 1,871 577 2,050 73,872 29,898 122,398 Business Analysis - (Loss)/Profit before tax after goodwill amortisation 6 months Period ended Period ended ended 30 September 31 March 30 September 2000 2001 2001 #'000 #'000 #'000 SSS 2,706 1,379 5,813 ODS (7,781) (1,503) (7,467) (5,075) (124) (1,654) Share of operating loss of (353) - (106) associate Net interest receivable 146 128 358 (5,282) 4 (1,402) Business Analysis - (Loss)/profit before tax before goodwill amortisation 6 months Period ended Period ended ended 30 September 31 March 30 September 2000 2001 2001 #'000 #'000 #'000 SSS 3,559 1,696 6,978 ODS (4,625) (326) (3,156) (1,066) 1,370 3,822 Share of operating loss of (353) - (106) associate Net interest receivable 146 128 358 (1,273) 1,498 4,074 3. Share of operating loss of associate The share of the operating loss of associate represents the losses incurred and subsequent write-down in carrying value of the Group's 30.6% investment in eGreenhouse Limited. The company was placed in voluntary liquidation on 3 October 2001. 4. Tax on loss on ordinary activities No liability to corporation tax arises in the 6 months to 30 September 2001. The taxation credit has been calculated by applying the directors' best estimate of the effective tax rate for the year, which is 30%, (30 September 2000: 30%, 31 March 2001: 30%), to the profit, before goodwill amortisation, for the period. 5. (Loss)/earnings per share Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders of #5,185,000, (30 September 2000: #444,000, 31 March 2001: #2,814,000), by the weighted average number of ordinary shares in issue during the financial period of 138,077,092, (30 September 2000: 45,325,282, 31 March 2001: 84,459,355). The adjusted loss per share is based on the loss after taxation after adding back amortisation of goodwill of #4,009,000, (30 September 2000: #1,494,000, 31 March 2001: #5,476,000), and share of operating loss of the Company's associate, eGreenhouse Limited, (which ceased trading in the period), of # 353,000, (30 September 2000: #nil, 31 March 2001: #nil). 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. The weighted average number of shares in issue during the period may be reconciled to the number used in the diluted earnings per share calculation as follows: 6 months Period ended Period ended ended 30 September 30 September 2000 31 March 2001 (Unaudited) 2001 (Unaudited) (Audited) Weighted average number of shares Number Number Number In issue during the period 138,077,092 45,325,282 84,459,355 Issuable on conversion of outstanding options 17,573,586 3,726,474 8,203,386 Used in diluted earnings per share calculation 155,650,678 49,051,756 92,662,741 6. Reconciliation of movements in Group shareholders' funds 6 months Period Period ended ended ended 30 30 31 September September March 2001 2000 2001 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Loss for the period (5,185) (444) (2,814) Proceeds of ordinary share capital issued 1 1,380 1,380 Premium on ordinary share capital issued 43 188,348 188,348 Non-equity share capital issued - 480 480 Net change in shareholders' funds (5,141) 189,764 187,394 Opening shareholders' funds 187,394 - - Closing shareholders' funds 182,253 189,764 187,394 On 15 May 2001 the Company issued 101,589 ordinary shares in respect of employee share options. 7. Reconciliation of operating loss to net cash inflow from operating activities 6 months Period Period ended ended ended 30 30 31 September September March 2001 2000 2001 #'000 #'000 #'000 Operating loss (5,075) (124) (1,654) Depreciation of tangible fixed assets 1,598 335 1,437 Goodwill amortisation 4,009 1,494 5,476 Loss/(profit) on sale of tangible fixed assets 4 - (8) Increase in stocks (798) (1,275) (180) Decrease/(increase) in debtors 8,203 4,826 (10,173) (Decrease)/increase in creditors (8,579) (1,659) 8,025 Net cash (outflow)/inflow from operating activities (638) 3,597 2,923 8. Reconciliation of movement in net funds 6 months Period Period ended ended ended 30 30 31 September September March 2001 2000 2001 #'000 #'000 #'000 Increase in cash in the period 1,041 31,376 11,809 (Decrease)/increase in short term deposits (5,000) - 15,000 Cash outflow from repayment of debt 418 253 759 Change in net debt resulting from cash flows (3,541) 31,629 27,568 Borrowings acquired on purchase of subsidiary undertakings - (9,670) (9,760) Movements in net funds in the period (3,541) 21,959 17,898 Net funds at start of period 17,898 - - Net funds at end of period 14,357 21,959 17,898 9. Shareholder information The interim announcement has been posted to shareholders on 16 November 2001. Further copies are available on request from the registered office of the Company at Nidderdale House, Beckwith Knowle, Harrogate, HG3 1SA. ------------------------------------------------------------------------------
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