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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Mediasurface | LSE:MSR | London | Ordinary Share | GB00B01XYM75 | 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% | 13.00 | 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:0954P Mediasurface PLC 08 January 2007 Mediasurface plc ('MSR') - Company Registration Number - 4016495 Results for the Year Ended 30th September 2006 Mediasurface plc, the AIM listed Content Management Software Author and Vendor announces results for the year ended 30th September 2006. Financial and Operating Highlights- * Turnover up 42% to #9.67 million (2005 :#6.80 million) * UK achieved revenue growth of 58% * USA revenues doubled * License revenue growth of 61% * Annualised recurring revenue up 28% at #2.5 million (2005 : #1.95 million) * Reported operating profit before operating exceptionals of #0.81 million (2005 : loss of #0.54 million) * Cash of #1.1 million as at 30th September 2006 (2005 : #0.3 million) * Bank facility increased to #0.5m (2005 : #0.35 million) to provide additional working capital headroom * Continued investment in software development of #1.37 million (2005 : #1.25 million) * Released a new version of Mediasurface Morello (5.4) in July 2006 * Pepperio, a new product for the SMB market place, was officially launched in May 2006 * Established a software development centre in Bangalore, India in April 2006 * Established a sales office on the West Coast of the USA * Pipeline opportunities continue to increase both in quantity and quality Chairman's Statement The Group achieved revenues of #9.7m (2005: #6.8m), up 42% compared to last year. This growth was driven by the company's flagship product Morello, license sales increased by an impressive 61% compared to last year which gained further market share in our key verticals. This success is a key driver for consulting and support revenues growth going forward. During the financial year the Group reported a profit for both the first and second halves. A profit of #0.8m (2005: Loss #0.5m excluding non-cash exceptionals) is reported for the full year. The financial year included major new business wins with the ODPM, Department for Transport, Newstar Asset Management, UCAS and a major pharmaceutical company in addition to numerous mainstream deals. The Group's cash position stood at #1.1m at year end having generated cash of #0.8m during the year. Given the company also has a #0.5m overdraft facility the financial health and working capital headroom of the Group is the best since flotation. The Group also launched its new product called Pepperio in May 2006 which is designed to bring the power of content management to the small and medium sized business sector. The product has already been adopted by a growing partner channel and has been successfully implemented by numerous new customers. The revenue stream, which is on a low cost monthly rental basis, represents a new robust revenue stream for the Group. The Group, as announced at the interims, invested heavily during the second half in Sales & Marketing infrastructure to fully exploit market opportunities for both Morello and Pepperio including expansion in the USA together with aggressive Marketing activities. In addition, the Group continued to invest in software development and established a software development centre in Bangalore, India which now gives the company a lower cost alternative to develop new product innovations. In line with stated policy, earnings for the foreseeable future will be reinvested to finance the growth of the Group and acquisition strategy. Consequently the Directors do not recommend the payment of a dividend. (2005 : #Nil) I am pleased the Group has demonstrated significant growth in the year in terms of revenue, profits and cash whilst increasing investment to grow revenues in the future. The Directors believe the current strategy will continue to drive growth in the next financial year. Michael Jackson Chairman 8th January 2007 Chief Executives Statement I am very pleased to report that the year ended 30th September 2006 represented the fourth consecutive year of growth in revenues, profits and cash since the new management team was appointed in 2002. The company remained focussed on the activities and markets it has been addressing since 2002, namely the provision of Web Content Management (WCM) software to business and the public sector. The overall WCM sector according to Oracle is worth $3.6bn worldwide and growing at 13%, however, Mediasurface is outstripping this growth by a factor of 3. The basis of the company's trading success was the competitiveness of its flagship Enterprise Web Content Management (EWCM) product - Morello. Morello licence revenues increased by 61% which we believe, makes us the fastest growing provider of EWCM software globally. The product has continued to be highly competitive enabling Mediasurface to contest and win business at some of the largest companies and organisations against much larger and more established players. In so doing the company has been able to drive a 38% increase in the average value of new business licence transactions proving the increased value of this type of technology to major companies and organisations. Simply put, the Morello product is best of breed and has given Mediasurface the competitive edge to win market share. On a geographic basis the company continued to operate in its 3 established markets of UK, Netherlands and the USA with the majority of investment for growth being in the USA which performed well achieving 99% growth for the full year. Looking forward to the FY07 year the company intends to remain focussed on this strategy together with further US based expansion and additional growth planned in the Nordic and Asia Pacific markets. The successes of the Morello product sales were additionally reflected in the other two traditional revenue streams of the company, namely professional services and the recurring annual maintenance stream. The services business grew at 40% and recorded its best ever results. The demand for Morello driven professional services was and remains high as a number of customers have enjoyed successful implementation projects and more still have successfully upgraded to the company's latest software releases. The company has both recruited additional resources to meet demand and successfully partnered with larger services organisations such as Logica CMG and Pink Roccade for specific customers and vertical markets. The company will continue the dual strategy of internal resources and partnering to best deliver the customer's requirements. Annual maintenance revenues continued to grow reaching an annual run rate of #2.5m by year end. In addition to the support of our existing customers the company's growth into the India and Australasia marketplaces offers more flexible solutions for 24x7 support in a "follow the sun" model. The year saw the launch of the company's new product set Pepperio. Having acquired the SilverBullet product via the acquisition of Class Act BV last year the company invested additional R&D in the product first before re-launching under the new name - Pepperio. This product is not marketed in the same fashion as Morello and is aimed at a different audience. The product is targeted at the Small to Medium sized Business (SMB) sector which has little or no internal IT resources available to deploy and run their websites. For these customers it removes any IT issues as the solution is provided to them as a service from Mediasurface who takes care of all the hosting and other IT matters. Additionally, the product is not sold directly by Mediasurface but by a network of value adding design agencies who can ensure that the customer has a well designed, professional and brand supporting website. Finally, the customer gets access to the Pepperio management tool through their browser and can therefore, with little or no training, maintain their own websites and keep all of their content freshly up to date. The customer therefore gets a professionally designed website delivered from a secure hosted environment with the ability to control the content themselves and all for a modest setup and design fee followed by a low monthly rental. Pepperio represents a new and annuity based revenue stream, access to a new tier of the marketplace and a highly cost effective platform for geographic expansion. Early signs of success are present with a network of agencies being successfully recruited and a number of customer sites already live. The impact on the company's revenue numbers for the year was very modest but as the channel continues to grow we can look forward to a valuable, high quality addition to the company's revenues and profits. Since R&D is essential to a growing software company Mediasurface continued its investment in product throughout the financial year bringing to the market two exciting major releases of the Morello product and two of the Pepperio product. This is a trend the company intends to continue however the opening of our Bangalore based R&D centre has given the company a much more cost effective and scalable model than typically available to a company of comparable size. FY07 will see a number of new and exciting product releases for both product lines including, in particular, the Morello product providing support of Microsoft technologies and Pepperio adding important e-commerce and analytics capabilities to its product mix. During FY07, the company will remain focussed on executing its R&D, marketing, sales growth, geographic growth and customer service goals. I remain confident that the company is well placed to deliver growth from its two well differentiated and strong product offerings. Lawrence Flynn Chief Executive Officer 8th January 2007 Consolidated Profit and Loss Account Year ended 30th September 2006 2006 2005 # # TURNOVER Existing operations 9,670,713 6,716,393 Acquisition - 80,040 -------- -------- Continuing operations 9,670,713 6,796,433 Cost of sales (355,044) (210,823) -------- -------- Gross profit 9,315,669 6,585,610 Operating expenses (8,516,644) (7,440,442) ------------------------------- -------- -------- OPERATING PROFIT/(LOSS )BEFORE EXCEPTIONAL 813,401 (543,951) OPERATING EXPENSES Exceptional Operating Expenses : - Provision for UITF17 Share Option Cost (14,376) (519,522) - Release of Sundry Creditor - 208,641 ------------------------------- -------- -------- OPERATING PROFIT/(LOSS) - Existing Operations 799,025 (847,575) - Acquisition - (7,257) -------- -------- 799,025 (854,832) Interest receivable 7,322 43,246 Interest payable and similar charges (78) (23) -------- -------- PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE 806,269 (811,609) TAXATION Tax charge on profit/(loss) on ordinary (54,314) - activities -------- -------- PROFIT/(LOSS) ON ORDINARY ACTIVITIES AFTER 751,955 (811,609) TAXATION AND FOR THE FINANCIAL YEAR ======== ======== ------------------------------- -------- -------- Profit/(Loss) per share - basic 1.0p (1.1)p Profit/(Loss) per share - diluted 0.9p (1.0)p ------------------------------- -------- -------- Consolidated Balance Sheet 30th September 2006 2006 2005 # # FIXED ASSETS Intangible Assets 161,419 285,804 Tangible assets 231,639 170,890 393,058 456,694 CURRENT ASSETS Debtors 3,499,892 2,463,304 Cash at bank and in hand 1,080,487 302,806 4,580,379 2,766,110 CREDITORS: amounts falling due (2,968,698) (1,860,401) within one year NET CURRENT ASSETS 1,611,681 905,709 TOTAL ASSETS LESS CURRENT LIABILITIES 2,004,739 1,362,403 CREDITORS: amounts falling due after more (3,994) (77,552) than one year NET ASSETS 2,000,745 1,284,851 CAPITAL AND RESERVES Called up equity share capital 772,448 772,448 Share premium account 9,638,377 9,638,377 Shares to be issued 505,326 490,950 Capital redemption reserve 13,083,244 13,083,244 Merger reserve 27,297,412 27,297,412 Profit and loss account (49,296,062) (49,997,580) EQUITY SHAREHOLDERS' FUNDS 2,000,745 1,284,851 Consolidated Cashflow Statement Year ended 30th September 2006 2006 2005 # # Net cash inflow/(outflow) from operating 945,112 (1,015,037) activities Returns on investments and servicing of finance 7,244 43,223 Taxation 49,933 - Capital expenditure (168,976) (76,543) Acquisitions - (90,780) Cash inflow/(outflow) before financing 833,313 (1,139,137) Financing (5,195) (2,280) Increase/(Decrease) in cash in the year 828,118 (1,141,417) Notes : 1. The financial information set out above does not constitute the Group's statutory accounts as defined by section 240 of the Companies Act 1985 for the years ended 30 September 2006 or 30 September 2005 but is derived from these accounts. Statutory accounts for 2005 have been delivered to the Registrar of Companies in England and Wales and those for 2006 will be delivered following the Company's Annual General Meeting. The auditors have reported on the 2005 and 2006 accounts. Their reports for both years were unqualified and did not contain statements under section 237 (2) or (3) of the Companies Act 1985. 2. The preliminary announcement of results has been prepared under the historical cost convention in accordance with the Group's accounting policies for the year ended 30th September 2006. 3. Earnings per Share The loss per ordinary share is calculated by reference to the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during each period as follows: 2006 2005 # # Profit/(Loss) for the year 751,955 (811,609) Basic - weighted average number of shares 77,244,842 76,822,353 Basic - profit/(loss) per Share 1.0p (1.1)p Fully diluted - weighted average number of 84,714,632 84,047,504 shares Fully diluted - profit/(loss) per Share 0.9p (1.0)p 4. The Annual General Meeting is scheduled to be held at 10am Thursday 22nd February 2007 at the Company's Head Office in Newbury. 5. Copies of the published accounts of the Company will be sent to all shareholders within the next 3-4 weeks. Latest News Google and Mediasurface to Bring Improved Search Capability to the Enterprise Mediasurface and Google have signed a distribution agreement in which Mediasurface will bundle the Google Search Appliance with Morello, its award winning web content management system, enabling the two organisations to provide best of breed web content management and corporate-strength search facilities in one offering. The two organisations already had a number of joint customers and this formal agreement is a natural progression of that relationship. The Google Search Appliance delivers similar results for enterprise information that Google.com achieves for information on the internet and this new relationship with Google will help Mediasurface deliver even more value to its users. Mediasurface Releases Morello 5.5 and Delivers Support of Microsoft .NET Developers Mediasurface also announces today the latest release of Morello, v5.5 which includes Microsoft ASP.NET delivery opening up the extensive Microsoft market to Mediasurface and bringing the benefits of Morello to Microsoft developers. The new release also includes support of the open source Linux operating system, again extending the market for Morello. It also includes many new features such as the innovative Document Conversion facility that allows users to drag and drop Word documents into the Morello repository then automatically convert them to web pages whilst ensuring that metadata and other attributes are seamlessly handled by Morello. For further information please contact: Lawrence Flynn Chief Executive Officer David Deacon Chief Financial Officer Telephone : 01635 262000 Fax : 01635 262001 Address : Mediasurface House Newbury Business Park London Road Newbury RG14 2QA Adam Reynolds Hansard Group Telephone : 020 7245 1100 This information is provided by RNS The company news service from the London Stock Exchange END FR EAXFSEDSXEFE
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