We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| 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 |
Hot Features
Premium
RNS Number:5752G
InTechnology PLC
30 October 2007
30 October 2007
InTechnology plc
Interim results for the six months ended 30 September 2007
InTechnology plc ("InTechnology" or "the Company"), the voice and data Managed
Services provider, announces its results for the six months ended 30 September
2007. Under these results the Company has adopted IFRS accounting:
Financial highlights:
* Turnover increased by 69% to #23.2m (2006: #13.7m excluding
discontinued operations)
* Organic growth, excluding the contribution from the Evoxus
acquisition, was 22%
* Group operating profit before property sale was #1.0m (2006: #0.8m
excluding discontinued operations) and total operating profit was #2.2m
(2006: #0.8m excluding discontinued operations)
* Net cash of #15.5m (2006: #10.1m net debt)
Operational highlights: Transformational year
* Evoxus operations successfully integrated into Managed Voice Services
* Sale of Harrogate freehold land and buildings for #4.6m in August 2007
* Further investment of #2.4m into Mobile Tornado in October 2007 taking our
holding in the company to 49.9%
* Agreement with Mobile Tornado to jointly develop a managed service around
its core technology
Proposed delisting
* Current lack of liquidity in InTechnology shares
* Highly unlikely that Company will need to issue shares to finance
acquisitions
* The Board believes that greater shareholder value can therefore be derived
by operating off market
Commenting on the results, Peter Wilkinson, Chief Executive of InTechnology plc,
stated:
"As our results demonstrate, we have made good progress in the first six months
of the year as a Managed Services specialist in data and voice. We have
successfully completed the integration of Evoxus and we believe our increased
strategic investment in Mobile Tornado will enhance our prospects in the medium
term. This gives the Board confidence that we will continue to grow a strong
profitable company.
"As outlined in my statement, the Board believes it is in the best interests of
the company and the shareholders to de-list from AIM and we will be convening an
Extraordinary General Meeting to vote on this matter in due course. The lack of
liquidity in our shares and the fact that future share issues are unlikely have
led us to conclude that greater shareholder value will be derived by operating
off market."
Enquiries:
InTechnology plc 01423 850 000
Peter Wilkinson / Andrew Kaberry
Financial Dynamics 020 7831 3113
James Melville-Ross / Hannah Sloane
Chief Executive Officer's Statement
Overview
In my annual report to you on 29 June 2007 I said that the recently enlarged
Managed Services business had commenced in line with our expectations and that
your Board remained confident of the outcome for this year. I am pleased to now
report that this confidence remains. In addition, as announced in our trading
update in August, our net cash has increased following the sale of the land and
buildings in Harrogate.
However the share price of our company, in which I have maintained a constant
majority shareholding since July 2000, has continued to underperform on the
stockmarket during 2007. Your Board has reviewed the options available to it,
and has sought professional opinion from its advisers, and has concluded that
there is no longer any advantage to the company in maintaining a listing on AIM.
Accordingly, we are proposing to convene an Extraordinary General Meeting
later this year to put to shareholders a special resolution to de-list the
company. In order that shareholders who are unable or unwilling to hold shares
in an unlisted company have the opportunity to sell their shares while the
company remains on AIM, it is proposed that, subject to obtaining the Court's
consent, the company's brokers, Panmure Gordon, will make a Tender offer to buy
shares on behalf of the company up to a maximum of #8.5 million. A circular
detailing these proposals will be mailed to shareholders in due course.
Trading and operating performance during the first half year
* Group turnover was #23.2M (2006: #13.7M excluding discontinued operations)
an increase of 69%. Turnover, excluding the contribution from EEscape
Holdings Limited (trading as "Evoxus") which was acquired in January 2007,
was #16.7M, an organic growth of 22%.
* Group operating profit before its sale of property was #1.0M (2006: #0.8M
excluding discontinued operations) an increase of 25%. Total operating
profit was #2.2M (2006: #0.8M excluding discontinued operations) which
includes the profit on sale of freehold property of #1.2M. As the Group
owns no other freehold property this is a non-recurring item.
* Net finance income was #0.3M (2006: #0.8M payable), reflecting the net cash
position following the sale of all distribution businesses.
* The Group share of post tax loss in its associate, Mobile Tornado Group plc
acquired in October 2006, was #0.9M (2006: # nil).
* Profit before tax for the period was #1.5M (2006: # nil from continuing
operations and #4.9M loss from discontinued operations).
* The Group ended the period with gross cash of #16.4M (30 September 2006:
#8.8M, 31 March 2007: #12.8M) and net funds of #15.5M (30 September 2006:
#(10.1)M net debt, 31 March 2007: #10.3M net funds).
Adoption of IFRS accounting standards
In preparing this interim statement we have adopted IFRS accounting and a
reconciliation from UK GAAP to IFRS is included on the Group's website,
www.intechnology.co.uk/investor relations.
Apart from the reporting format the main changes to this interim unaudited
statement relate to deferred taxation and the valuation of intangible assets and
goodwill (IFRS3 "Business Combinations").
Managed Data Services division ("MDS")
MDS revenues were #16.7M (2006: #13.7M), an increase of 22%. Contract churn,
being contracts not renewed at the end of term or early termination, is running
at around eight per cent which is as budgeted. Gross profit margins were 70%
(2006: 73%), the small reduction caused by the cost of migrating many customers
to a new software platform which is more efficient and robust than the one it
replaces.
New customer contracts won have been slightly ahead of our expectations, and the
upsell of new business to existing customers is well above our own expectations
whilst keeping churn down to reasonable levels. The increased customer focus
that I reported on in last year's Annual Report continues to pay excellent
dividends.
Managed Voice Services division ("MVS")
The revenues from MVS include the recent acquisition during January 2007 of
Evoxus for #3m in cash. On 1 June 2007 we integrated all assets and liabilities
of Evoxus into the MVS division of InTechnology, which has been successfully
completed.
MVS revenues were #6.5M (2006: # nil) and gross profit margins were 31%.
However contract churn has been higher than anticipated at the time of
acquisition and is presently estimated to reach 40% this financial year. On
acquisition we had estimated that certain large customer contracts would not be
renewed in 2008, but this has occurred earlier than expected. The reasons are
not caused by quality of service but major customers rationalising operations
after corporate merger and acquisition activities. I do stress that this is
churn on contracts, not customer churn. We have already secured good new
business from a number of new customers, but there will be a gap of several
months between the revenue from contracts ending and new business starting to
produce additional recognised revenue. As at 30 September 2007 the value of new
contracts won was equivalent to the losses attributable to contract churn.
Cash
Gross cash on 30 September 2007 was #16.4M following the sale of the Harrogate
freehold land and buildings tenanted by the purchaser of our former UK
Distribution business for #4.6M. We also agreed all the completion accounts
with the purchasers of the Distribution businesses and all monies owed have been
received.
When the Evoxus acquisition was completed on 1 June 2007 its bank loans of #1.2M
were repaid.
Medium term banking facilities have been agreed to finance capital expenditure,
including #4.1M for the refit and expansion of those data centres which are
nearing capacity. Work at the Harrogate data centre has just commenced and will
improve operational efficiency as well as increasing capacity.
Mobile Tornado Group plc "Mobile Tornado"
We invested #4M cash in October 2006 for a 46% holding in Mobile Tornado. I
described in my June 2007 Annual Report that your Board feels that the
intellectual property that Mobile Tornado has developed puts it in an exciting
part of the global market for mobile telephony with its Push-To-Talk ("PTT") and
Push-To-Experience applications. However Mobile Tornado still requires
additional working capital and so we are increasing our holding to 49.9%,
therefore keeping it as an associated, but not a subsidiary, company. We are
also subscribing for #1.5M non-voting, cumulative 10% redeemable convertible
preference shares. The total further investment is #2.4M and was confirmed by
Mobile Tornado at its EGM on 26 October 2007.
More importantly to shareholders of InTechnology, other than the possible
capital appreciation of our investment which now totals #6.4M, is that we have
an agreement with Mobile Tornado for your company to continue development of a
managed service around its core technology and to provide all the infrastructure
to service it across the whole of Europe. We believe this can provide our MVS
division with a large profitable recurring revenue stream over the medium term,
and that it will do the same for Mobile Tornado, thereby enhancing our
investment in them.
However this is a new service which we have recently commenced trialling in the
UK market and it is not possible at present to forecast short term revenues and
margins that investment bank analysts require. Your Board believes in the
prospects for PTT, although it is not without risk, but it is not possible to
commit to short-term forecasts for a product that is new to Europe, even though
large in North America.
Proposal to de-list from AIM
Despite strengthening the balance sheet via the disposal of the distribution
business, and the improvement in operating margins brought about by focusing
solely on being a managed data and voice services company, InTechnology's share
price has continued to fall.
Your Board has discussed this concern with its advisers, and whilst there are
several factors affecting any company's share price, a key point for
InTechnology is the lack of demand for the company's shares and, in practical
terms, a small free float, which further reduces demand. It is extremely
unlikely that the company will need to raise money through a new share issue or
to issue more shares in connection with an acquisition and, therefore, the lack
of shares in free float will continue. I am the majority shareholder and do not
wish to sell any shares at the current price to increase the free float. Your
Board believes that greater shareholder value will ultimately be derived by
operating the business off market.
Based on the above, your Board, having taken advice and carefully considered its
options, will be recommending a de-listing of InTechnology's shares in a
circular which will be sent to you shortly. In addition, the Board has decided
that the company, through its brokers, Panmure Gordon, will make a Tender Offer
to all shareholders, allowing those, subject to limits, who are unable or do not
wish to hold shares after the company has de-listed to sell their shares prior
to the company de-listing from AIM. The Company's repurchase of shares will be
subject to a maximum outlay of #8.5 million. The Company has received
irrevocable undertakings from its Directors in respect of 84,543,810 shares not
to participate in the tender offer, representing 60 per cent. of the issued
share capital. The price offered will be 35 pence being a premium of 19.7 per
cent. over the closing mid-market price of an InTechnology ordinary share on 29
October 2007, the day before this announcement. Any shares purchased in this
way will then be cancelled. The Tender Offer will require the consent of the
Court because the company will have to reduce its share premium account in order
to create sufficient distributable reserves in order to undertake the share
buy-back. The appropriate resolutions to undertake the Tender Offer will be put
to shareholders at the same time they are asked to approve the de-listing.
A circular will be mailed to all shareholders in due course together with a copy
of this unaudited interim financial information.
Outlook
Your company has in the past eighteen months transformed itself from a mix of
high volume distribution and higher margin managed services businesses to being
solely the latter. Net debt is replaced by net funds, and together with
adequate banking facilities I cannot envisage a need to raise further cash by
the issue of shares, and certainly not at the current share price.
I believe we have great prospects to grow a profitable business. Your company
continues to develop new products for both the MDS and MVS divisions and the
strategic investment in Mobile Tornado is expected to further enhance the
Group's prospects in the medium term. I have every confidence in our future
ability to earn profits and generate cash and so enhance shareholder value.
Peter Wilkinson
Chief Executive Officer
30 October 2007
Consolidated income statement
For the six months ended 30 September 2007
6 months ended 6 months ended Year ended
30 September 2007 30 September 2006 31 March 2007
(Unaudited) (Unaudited) (Unaudited)
Note #'000 #'000 #'000
Continuing operations
Revenue 23,194 13,696 32,900
Cost of sales (9,247) (3,709) (11,797)
Gross profit 13,947 9,987 21,103
Net operating expenses before depreciation
and amortisation (10,991) (7,129) (15,449)
Depreciation of tangible assets (1,892) (2,027) (4,231)
Amortisation of intangible assets (140) - (63)
Net operating expenses (13,023) (9,156) (19,743)
Other operating income 107 - 80
Group operating profit before sale of 1,031 831 1,440
property
Profit on sale of property 2 1,131 - -
Group operating profit 2,162 831 1,440
Finance costs (63) (861) (1,368)
Finance income 318 71 204
Share of post tax loss of associate (875) - (694)
Profit/(loss) on continuing operations
before taxation 1,542 41 (418)
Taxation 3 (720) - -
Profit/(loss) sustained for the period
from continuing operations 822 41 (418)
Discontinued operations
Post tax loss for the period from discontinued 4 - (4,941) (13,257)
operations
Profit/(loss) sustained for the period 822 (4,900) (13,675)
Earnings/(loss) per share (pence) - Total Group
Basic 5 0.58 (3.47) (9.63)
Diluted 5 0.57 (3.42) (9.63)
Earnings/(loss) per share (pence) - Continuing
operations
Basic 5 0.58 0.03 (0.29)
Diluted 5 0.57 0.03 (0.29)
Consolidated balance sheet
As at 30 September 2007
30 September 30 September 31 March
2007 2006 2007
(Unaudited) (Unaudited) (Unaudited)
#'000 #'000 #'000
Assets
Non-current assets
Goodwill 39,559 59,012 39,559
Intangible assets 632 - 772
Property, plant & equipment 6,169 9,887 9,611
Investment in associate 2,497 - 3,371
Deferred tax assets 2,083 2,455 2,139
50,940 71,354 55,452
Current assets
Inventories 87 7,918 92
Trade and other receivables 10,542 63,300 15,722
Cash and equivalents 16,381 8,788 12,782
27,010 80,006 28,596
Liabilities
Current liabilities
Trade and other payables (8,778) (56,776) (11,861)
Borrowings (542) (16,913) (1,872)
Current tax liabilities (501) (139) (2,766)
Net current assets 17,189 6,178 12,097
Non-current liabilities
Borrowings (323) (2,022) (594)
Net assets 67,806 75,510 66,955
Shareholders' equity
Ordinary shares 1,900 1,895 1,899
Share premium 188,844 188,671 188,843
Revaluation reserve - 1,472 1,475
Share option reserve 1,096 1,025 1,069
Retained earnings (124,034) (117,553) (126,331)
Total shareholders' equity 67,806 75,510 66,955
Consolidated statement of changes in equity
For the six months ended 30 September 2007
Share Revaluation Share option Retained Total
Share premium reserve reserve earnings
capital
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
#000's #000's #000's #000's #000's #000's
As at 1 April 2006 1,891 188,668 1,526 906 (112,707) 80,284
Employee share options:
- value of employee services - - - 161 - 161
- deferred tax charge on employee
services - - - (42) - (42)
- proceeds from shares issued 4 3 - - - 7
Depreciation transferred on revalued
assets - - (54) - 54 -
Net loss for the period - - - - (4,900) (4,900)
As at 30 September 2006 1,895 188,671 1,472 1,025 (117,553) 75,510
Employee share options:
- value of employee services - - - 87 - 87
- deferred tax charge on employee
services - - - (43) - (43)
- proceeds from shares issued 4 172 - - - 176
Depreciation transferred on revalued
assets - - 3 - (3) -
Net loss for the period - - - - (8,775) (8,775)
As at 31 March 2007 1,899 188,843 1,475 1,069 (126,331) 66,955
Employee share options:
- value of employee services - - - 100 - 100
- deferred tax charge on employee - - - (73) - (73)
services
- proceeds from shares issued 1 1 - - - 2
Sale of property - - (1,475) - 1,475 -
Net profit for the period - - - - 822 822
As at 30 September 2007 1,900 188,844 - 1,096 (124,034) 67,806
Consolidated cash flow statement
For the 6 months ended 30 September 2007
6 months ended 6 months ended Year ended
30 September 30 September 31 March
2007 2006 2007
(Unaudited) (Unaudited) (Unaudited)
Note #'000 #'000 #'000
Cash flows from operating activities
Cash generated from operations 6 4,810 12,388 12,437
Interest received 318 71 204
Interest paid (14) (753) (1,074)
Interest element of finance lease payments (49) (99) (194)
Tax paid (3,002) (400) (4,990)
Net cash from operating activities 2,063 11,207 6,383
Cash flows from
investing activities
Proceeds from sale of property, plant & equipment 5,408 44 40,070
Purchase of property, plant & equipment (2,134) (945) (3,145)
Acquisition of subsidiaries (net of cash (74) - (8,143)
acquired)
Proceeds from sale of subsidiary undertakings - - 4,630
Investment in associate (65) - (4,000)
Net cash used in investing activities 3,135 (901) 29,412
Cash flows from financing
Net proceeds from issue of ordinary share capital 2 - 183
Net decrease in borrowings (1,181) (13,525) (34,455)
Capital element of finance lease payments (420) (712) (1,457)
Net cash outflow from financing (1,599) (14,237) (35,729)
Net increase/(decrease) in cash
and equivalents in the period 7 3,599 (3,931) 66
Cash and equivalents at beginning of period 12,782 12,719 12,719
Cash and equivalents at end of period 16,381 8,788 12,785
Notes to the interim financial information
For the six months ended 30 September 2007
1. Basis of preparation
This interim financial information is the first interim financial information
following the adoption of International Financial Reporting Standards ("IFRS")
and International Financial Reporting Interpretation Committee ("IFRIC")
interpretations. As the Group has not previously published a full set of
financial statements under IFRS, the Investors Section of the corporate website
(www.intechnology.co.uk) contains reconciliations of net assets and equity from
previously reported amounts under UK Generally Accepted Accounting Principles ("
UK GAAP") for the six months ended 30 September 2006 and the year ended 31 March
2007 along with explanations of the changes and the revised accounting policies
under IFRS. These restated financial figures will be the principal comparative
figures in the 2008 financial statements and have been released to provide a
more detailed analysis of the impact of adopting IFRS on the Group.
This interim report, which comprises the consolidated interim balance sheet as
at 30 September 2007 and the related consolidated interim statements of income,
cash flows and changes in shareholders' equity for the six months then ended and
related notes, is unaudited and does not constitute statutory accounts within
the meaning of the Companies Act 1985. In addition, this financial information
does not comply with IAS 34 "Interim Financial Reporting" which is not currently
required to be applied under the AIM rules. The accounts for the year ended 31
March 2007, on which the auditors gave an unqualified audit opinion, were
prepared in accordance with UK GAAP and not in accordance with IFRS and IFRIC
interpretations.
2. Profit on sale of property
The Group's freehold land and buildings were sold on 1 August 2007 for a cash
consideration of #4,600,000, giving rise to a profit on historic cost of
#2,726,000. However there was an earlier recognised gain on revaluation of
#1,595,000 and a deferred tax liability of #120,000 so the profit on disposal
taken to the income statement this year is #1,131,000.
3. Taxation
The interim tax charge is based on an estimate of the likely effective tax rate
for the full year (excluding tax on the sale of land and buildings) expressed as
a percentage of the expected result for the year and then applied to the interim
profit before tax.
4. Discontinued operations
6 months ended 6 months ended Year ended
30 September 30 September 31 March
2007 2006 2007
(Unaudited) (Unaudited) (Unaudited)
#'000 #'000 #'000
Revenue - 94,093 153,030
Expenses - (92,247) (150,075)
Operating profit - 1,846 2,955
Impairment of goodwill - (6,091) -
Loss on sale of business assets - - (7,379)
Loss on sale of subsidiary undertakings - - (373)
Loss before tax from discontinued operations - (4,245) (4,797)
Tax on loss on ordinary activities - (696) (1,461)
Tax on sale of business assets - - (6,999)
Loss after tax on discontinued operations - (4,941) (13,257)
5. Earnings/(loss) per share
Basic earnings per share is calculated by dividing the profit/(loss)
attributable to equity holders of the company by the weighted average number of
ordinary shares in issue during the period.
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all potential dilutive ordinary
shares.
Reconciliation of the earnings and weighted average number of shares used in the
calculation are set out below:
6 months ended 6 months ended Year ended
30 September 2007 30 September 2006 31 March 2007
(Unaudited) (Unaudited) (Unaudited)
Earnings Weighted Weighted Weighted
average Per average Per average Per
number of share number of share number of share
shares amount Earnings shares amount Earnings shares amount
#'000 (thousands) (pence) #'000 (thousands) (pence) #'000 (thousands) (pence)
Basic EPS
Profit/(loss) attributable
to equity holders of the
company
- Continuing operations 822 141,996 0.58 41 141,112 0.03 (418) 141,885 (0.29)
- Discontinued operations - 141,996 - (4,941) 141,112 (3.50) (13,257) 141,885 (9.34)
822 141,996 0.58 (4,900) 141,112 (3.47) (13,675) 141,885 (9.63)
Effect of dilutive share - 1,994 - - 2,109 - - - -
options
Diluted EPS
- Continuing operations 822 143,990 0.57 41 143,221 0.03 (418) 141,885 (0.29)
- Discontinued operations - 143,990 - (4,941) 143,221 (3.45) (13,257) 141,885 (9.34)
822 143,990 0.57 (4,900) 143,221 (3.42) (13,675) 141,885 (9.63)
The adjusted earnings per share has been calculated to provide a better
understanding of the underlying performance of the Group as follows:
6 months ended 6 months ended Year ended
30 September 2007 30 September 2006 31 March 2007
(Unaudited) (Unaudited) (Unaudited)
Weighted Weighted Weighted
average Per average Per average Per
number of share number of share number of share
Earnings shares amount Earnings shares amount Earnings shares amount
#'000 (thousands) (pence) #'000 (thousands) (pence) #'000 (thousands) (pence)
Basic EPS 822 141,996 0.58 (4,900) 141,112 (3.47) (13,675) 141,885 (9.64)
Effect of discontinued
operations - - 4,941 3.50 13,257 9.34
Value of employee
services 70 0.05 78 0.06 115 0.08
Amortisation of intangible
assets 98 0.07 - - 44 0.03
Share of post tax loss of
associate 875 0.62 - - 694 0.49
Adjusted basic EPS 1,865 141,996 1.32 119 141,112 0.09 435 141,885 0.30
Diluted EPS 822 143,990 0.57 (4,900) 143,221 (3.42) (13,675) 141,885 (9.64)
Effect of discontinued
operations - - 4,941 3.45 13,257 9.34
Value of employee
services 70 0.05 78 0.05 115 0.08
Amortisation of intangible
assets 98 0.07 - - 44 0.03
Share of post tax loss of
associate 875 0.61 - - 694 0.49
Adjusted diluted EPS 1,865 143,990 1.30 119 143,221 0.08 435 141,885 0.30
6. Reconciliation of operating profit to net cash inflow from operating
activities
6 months 6 months
ended ended Year ended
30 September 30 September 31 March
2007 2006 2007
(Unaudited) (Unaudited) (Unaudited)
#'000 #'000 #'000
Continuing operations
Operating profit 2,162 831 1,440
Adjustments for:
Depreciation 1,892 2,027 4,231
Profit on sale of property, plant & equipment (1,130) (27) (35)
Amortisation of intangibles 140 - 63
Exchange movements (5) - (17)
Share option non cash charge 100 112 164
Changes in working capital
Decrease/(increase) in inventories 5 (628) 211
Decrease in trade and other receivables 3,361 1,576 4,081
Decrease in trade and other payables (3,534) (815) (4,734)
Cash generated from continuing operations 2,991 3,076 5,404
Discontinued operations
Loss before tax - (4,245) (4,797)
Adjustments for:
Depreciation - 389 574
Profit on sale of property, plant & equipment - - (1)
Impairment of goodwill - 6,091 7,752
Exchange movements - - 34
Share option non cash charge - 48 23
Changes in working capital
Decrease/(increase) in inventories - (668) 6,374
Decrease in trade and other receivables 1,819 22,058 56,172
Decrease in trade and other payables - (14,361) (59,098)
Cash generated from discontinued operations 1,819 9,312 7,033
Cash generated from operations 4,810 12,388 12,437
7. Reconciliation of movement in net debt
6 months 6 months
ended ended Year ended
30 September 30 September 31 March
2007 2006 2007
(Unaudited) (Unaudited) (Unaudited)
#'000 #'000 #'000
Increase/(decrease) in cash and cash equivalents in
the period 3,599 (3,931) 66
Net cash outflow from decrease in finance leases 420 712 1,457
Cash outflow from repayment of debt 1,181 13,525 34,455
Change in net debt resulting from cash flows 5,200 10,306 35,978
Non-cash changes:
Exchange movements - - (3)
Inception of new finance leases - (963) (964)
Debt issue costs - (38) (100)
Borrowings acquired on purchase of subsidiary - - (5,143)
Movement in net debt in the period 5,200 9,305 29,768
Net funds/(debt) at start of period 10,316 (19,452) (19,452)
Net funds/(debt) at end of period 15,516 (10,147) 10,316
8. Shareholder information
The interim announcement will be posted to shareholders on 9 November 2007.
Further copies are available on request from the registered office of the
Company at Central House, Beckwith Knowle, Harrogate, HG3 1UG.
This interim financial information will be published on the Company's website.
The maintenance and integrity of the InTechnology plc website is the
responsibility of the Directors. Legislation in the UK governing the
preparation and dissemination of financial information may differ from
legislation in other jurisdictions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UKSKRBRRRUAA
1 Year Intechnology Chart |
1 Month Intechnology Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
