We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Nipson Dig. | LSE:NDP | London | Ordinary Share | GB00B01QLJ25 | 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% | 1.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 3160V Nipson Digital Printing Systems PLC 27 May 2008 For Immediate Release 27 May 2008 NIPSON DIGITAL PRINTING SYSTEMS PLC RESULTS FOR THE 3 MONTHS ENDED 31 MARCH 2008 Nipson Digital Printing Systems PLC ("Nipson" or "the Group"), the manufacturer and distributor of digital printing systems and consumables, today announces its results for the three months to 31 March 2008. 3 months to Change 3 months to Full Year to 31 March +/-% 31 March 31 December 2008 2007 2007 £'000 £'000 £'000 Revenue 7,572 +29.7% 5,837 27,335 Gross profit 1,423 +67.8% 848 3,463 Operating (loss) (682) (1,020) (4,657) (Loss) on ordinary activities (1,349) (1,287) (6,209) before tax * Recurrent revenues in the first 3 months continued to grow, increasing by 7.2% compared to the same period of 2007; * Equipment revenues in the first 3 months increased by nearly 150% compared to the same period of 2007; and * Cost reduction programmes continue to make their contribution despite the effect on gross margins of a weak US Dollar. New equipment sales for the first quarter of 2008 show that the new technology is now creating a positive impact both on sales and the Group's results. The Group will be presenting the complete range of their digital printing machines at "Drupa", the international print trade fair held at Dusseldorf every four years, from 29 May to 11 June 2008. Rimon Ben-Shaoul, Chairman, commenting on the results, said the following: "There are positive signs of recovery and this despite the current economic climate, including the continued weakness of the US Dollar." For further information, please contact: Nipson Digital Printing Systems PLC Alfons Buts, Managing Director - Tel: + 32 (0)3 740 02 05 Robert Cahill, Group Finance Director - Tel: +33 (0)384 54 52 50 Beaumont Cornish Ltd (Nomad) Roland Cornish / Rosalind Hill Abrahams - Tel: +44 (0)20 7628 3396 Keith, Bayley, Rogers & Co Ltd (Broker) Derek Crowhurst / Brinsley Holman - Tel: +44 (0)20 3100 8300 Bankside Consultants Ltd Ian Seaton - Tel: +44 (0)20 7367 8891 or Oliver Winters - Tel: +44 (0)20 7367 8874 CHAIRMAN'S STATEMENT Overview Revenue for the 3 months to 31 March 2008 was £7.6m, an increase of 29.7% over the same period last year. The increase occurred both in new equipment sales and recurring revenues. Sales increased across all markets compared to the same period last year. Equipment sales, at £2.4m for the 3 months, showed an increase of nearly 150% over the comparative period. The order book and pipeline for the second quarter of 2008 remain strong. Recurrent revenues for the 3 months to 31 March 2008 were £5.2m, an increase of 7.2% as compared to the same period last year. The Group's recurrent revenue is expected to continue to grow steadily. Gross profit for the 3 months to 31 March 2008 was £1.4m, 67.8% higher than the comparative period last year mainly due to the higher volume of equipment sales. Recurrent margins improved slightly as a result of a significant reduction in costs associated with the introduction of the new technology. Improvements continued to flow through from the cost reduction programmes. Nevertheless, overall, gross margins were below expected levels, which for a major part was due to a further weakening of the US Dollar. Operating Results The operating result for the 3 months to 31 March 2008 showed a loss of £0.7m against a loss of £1.0m for the corresponding period in 2007. The net loss was £1.3m (2007: net loss of £1.3m). Operating costs at £2.1m (2007: £1.9m) were higher due to higher amortisation on previously capitalised R&D projects. In the first quarter of 2007 the Group also received R&D tax credits, which were not received in the first quarter of 2008. The relative weakness of the GB Pound to the Euro is also a major reason for this difference. As at 31 March 2008 cash balances were £1.8m (£1.3m as at 31 December 2007). With higher equipment sales and recurrent sales, the inventory levels increased to £10.8m at the end of the period (£9.7m as at 31 December 2007). The level of trade and other receivables decreased to £9.2m (£9.5m as at 31 December 2007) despite the higher activity in equipment sales. Following the announcement on 6 February 2008 and the passing of the necessary resolutions at the General Meeting of 28 February 2008, the Company issued approximately £1.5m of 5% unsecured convertible loan notes for cash to new investors and approximately £2.1m of 5% unsecured convertible loan notes to Nipson's major shareholder, Polar Communications by way of conversion of existing debt. The remaining amount of the Polar loans and accruing interest following this issue and as of 31 March 2008 was approx £9m (31 December 2007: £10m). The costs of Research & Development in the first quarter of 2008 were £0.9m of which £0.4m were capitalised. For the first 3 months of 2008, £0.2m was capitalised net of amortisation of R&D intangible assets (2007: £1.2m). Going Forward There are positive signs of recovery and this despite the current economic climate, including the continued weakness of the US Dollar. Rimon Ben-Shaoul, Chairman, Nipson Digital Printing Systems PLC NIPSON DIGITAL PRINTING SYSTEMS PLC Unaudited results for the three months ended 31 March 2008 CONSOLIDATED INCOME STATEMENT 3 months to 3 months to Full Year to 31 March 31 March 31 December 2008 2007 2007 £'000 £'000 £'000 Continuing Operations 7,572 5,837 27,335 Revenue Cost of Sales (6,149) (4,989) (23,872) Gross Profit 1,423 848 3,463 Administrative Expenses (2,105) (1,868) (7,667) Other Operating Income - - (453) (Loss) on Continuous Operations (682) (1,020) (4,657) before interest Finance Income 141 10 191 Finance Costs (808) (277) (1,743) (Loss) from Continuing Operations (1,349) (1,287) (6,209) before taxation Taxation - - - (Loss) from Continuing Operations (1,349) (1,287) (6,209) after taxation (Loss) per Ordinary Share (2.6p) (2.5p) (11.9p) CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE 3 months to 3 months to Full Year to 31 March 31 March 31 December 2008 2007 2007 £'000 £'000 £'000 Exchange Difference on Translation of 532 56 234 Foreign Operations Net Income/(Expense) Recognised 532 56 234 Directly in Equity (Loss) for the Year (1,349) (1,287) (6,209) Total Recognised Income and Expense (817) (1,231) (5,975) for the Year NIPSON DIGITAL PRINTING SYSTEMS PLC Unaudited results for the three months ended 31 March 2008 CONSOLIDATED BALANCE SHEET 3 months to 3 months to Full Year to 31 March 31 March 31 December 2008 2007 2007 £'000 £'000 £'000 Assets 785 725 755 Non-Current Assets Goodwill Other Intangible Assets 4,162 2,621 3,636 Property, Plant & Equipment 3,887 7,160 3,645 Deferred Tax Asset 672 549 597 Other Non-Current Assets 552 854 498 10,058 11,909 9,131 Current Assets Inventories 10,760 9,548 9,679 Trade and Other Receivables 9,186 9,776 9,545 Cash and Cash Equivalents 1,805 2,690 1,348 21,751 22,014 20,572 Liabilities Current Liabilities Trade and Other Payables (7,694) (7,117) (7,696) Borrowings (15,550) (11,783) (12,870) (23,244) (18,900) (20,566) Net Current (Liabilities)/Assets (1,493) 3,114 6 Non-Current Liabilities Borrowings (3,863) (5,033) (3,776) Deferred Tax Liabilities (672) (549) (597) Retirement Benefit Liability (1,099) (949) (1,016) (5,634) (6,531) (5,389) Net Assets 2,931 8,492 3,748 Shareholder's Equity Ordinary Share Capital 523 523 523 Share Premium 13,915 13,915 13,915 Reverse Acquisition Merger Reserve 3,057 3,057 3,057 Translation Reserve 698 (12) 166 Retained Earnings (15,262) (8,991) (13,913) Total Equity Attributable to Equity 2,931 8,492 3,748 Holders Approved by the Board of Directors on Monday 25 May 2008 Alfons Buts Robert Cahill NIPSON DIGITAL PRINTING SYSTEMS PLC Unaudited results for the three months ended 31 March 2008 CONSOLIDATED CASH FLOW STATEMENT 3 months to 3 months to Full Year to 31 March 31 March 31 December 2008 2007 2007 £'000 £'000 £'000 Net Cash (Decrease) from Operating (428) (786) (1,444) Activities Cash Flows from Investing Activities Purchase of Intangible Assets (414) (792) (2,480) Purchase of Property, Plant & (15) (198) (188) Equipment Disposal of fixed assets 10 - 2,100 Interest Received - 10 75 Net Cash Used in Investing Activities (419) (980) (493) Cash Flows from Financing Activities Interest Paid (53) (248) (541) Capital Repayments on Finance Leases (73) (79) (2,388) Borrowings Raised - from Third Party 1,368 1,093 215 from Parent Undertaking 379 1,108 5,203 Borrowings Repaid (317) (10) (1,796) Net Cash Used in Financing Activities 1,304 1,864 693 Net Increase/(Decrease) in Cash & 457 98 (1,244) Cash Equivalents Cash & Cash Equivalents at 1 January 1,348 2,592 2,592 Cash & Cash Equivalents at end of 1,805 2,690 1,348 period NIPSON DIGITAL PRINTING SYSTEMS PLC Unaudited results for the three months ended 31 March 2008 CASH FLOWS FROM OPERATING ACTIVITIES Cash Generated from Operations 3 months to 3 months to Full Year to 31 March 31 March 31 December 2008 2007 2007 £'000 £'000 £'000 Continuing Operations (1,349) (1,287) (6,209) Loss before Taxation Adjustments for: Depreciation and Amortisation 705 272 1,619 Disposal of fixed assets - - 542 Finance Income (141) (10) (191) Finance Expense 808 277 1,743 Increase in Retirement Benefit 83 30 97 Obligation Share Based Payment Charge - - - Other gains and losses 244 - - Changes in Working Capital (Increase)/Decrease in Inventories (1,081) (382) (513) Decrease/(Increase) in Trade & Other 305 (11) 576 Receivables (Decrease)/Increase in Payables (2) 325 892 Cash (Used in)/Generated from (428) (786) (1,444) Continuing Operations Corporation Tax Paid - - - Net Cash (Decrease)/Increase from (428) (786) (1,444) Continuing Operations NOTES 1. Nature of Financial Information The financial information contained within this interim report is unaudited. It does not constitute statutory accounts with in the meaning of section 240 of the Companies Act 1985. The statutory accounts for the year ended 31 December 2007 have been signed and are awaiting approval by members at the AGM to be held 4 June 2008. The auditor's report on those accounts was unqualified and did not contain statements under section 237(2) or (3) of the Companies Act 1985. 2. Loss per Share The Loss per Ordinary Share is calculated on the weighted average number of ordinary shares in issue during the period of 52,303,581 (2007: 52,303,581). Due to the loss in the period the basic and diluted EPS are the same. 3. Accounting Policies The interim results have been prepared in accordance with IFRS accounting rules. The Accounting Policies used in the preparation of these results were the accounting policies used in the preparation of the results for the year of 2007 and detailed in the notes to those results (see Annual Report 2007 issued 13 May 2008). NIPSON DIGITAL PRINTING SYSTEMS PLC Unaudited results for the three months ended 31 March 2008 Note 4 : STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY Share Share Reverse Translation Retained Total Capit Premiu Acquisi Reserve Earnings al m tion Reserve £'000 £'000 £'000 £'000 £'000 £'000 At 1 January 2007 523 13,915 3,057 (68) (7,704) 9,723 Loss for the Period - - - - (1,287) (1,287) Exchange Differences on - - - 56 - 56 Translation of Foreign Operations At 31 March 2007 523 13,915 3,057 (12) (8,991) 8,492 At 1 January 2008 523 13,915 3,057 166 (13,913) 3,748 Loss for the Period - - - - (1,349) (1,349) Exchange Differences on - - - 532 - 532 Translation of Foreign Operations At 31 March 2008 523 13,915 3,057 698 (15,262) 2,931 NOTE 5 (A) : GEOGRAPHICAL ANALYSIS OF SALES Country / Region 3 months to 3 months to Full Year to 31 March 31 March 31 December 2008 2007 2007 £'000s £'000s £'000s France 1,440 998 5,331 Rest of Europe 2,419 2,299 8,786 USA and Canada 1,692 1,291 5,685 Asia 589 458 3,255 Latin America 937 467 1,828 Other 495 324 2,450 Total 7,572 5,837 27,335 NIPSON DIGITAL PRINTING SYSTEMS PLC Unaudited results for the three months ended 31 March 2008 NOTE 5 (B) : SEGMENTAL ANALYSIS France Rest of USA PLC Total Europe 3 months to31 3 months to31 Full Year to31 3 months to31 3 months to31 Full Year to31 3 months to31 3 months to31 Full Year to31 3 months to31 3 months to31 Full Year to31 3 months to31 3 months to31 Full Year to31 March2008£*000s March2008£*000s Dec2007£*000s March2008£*000s March2008£*000s Dec2007£*000s March2008£*000s March2007£*000s Dec2007£*000s March2008£*000s March2007£*000s Dec2007£*000s March2008£*000s March2007£*000s Dec2007£*000s Revenue 6,637 4,507 23,126 684 576 2,805 251 754 1,404 - - - 7,572 5,837 27,335 Assets 18,296 18,892 17,399 3,204 3,098 3,468 2,806 3,388 2,568 7,503 8,545 6,268 31,809 33,923 29,703 Capital Expenditure 424 973 2,486 1 2 9 2 6 17 2 - - 429 981 2,512 This information is provided by RNS The company news service from the London Stock Exchange END QRFILFFFESIDFIT
1 Year Nipson Digital Printing Systems Chart |
1 Month Nipson Digital Printing Systems 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