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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Satcom Grp | LSE:SGH | London | Ordinary Share | GB00B0D66620 | ORD USD0.10 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.00 | 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:4628R SatCom Group Holdings plc 20 September 2005 Press Release 20 September 2005 SatCom Group Holdings plc ("SatCom" or "the Group") Preliminary Statement of Results for the Year Ended 30 June 2005 SatCom Group Holdings plc, the reseller of mobile satellite communications, announces its maiden set of preliminary results for the year ended 30 June 2005. Financial highlights * Group turnover increased by 29.3% to US$47.9 million (2004: US$37.1 million) * Operating profit increased by 24.9% to US$2.8 million (2004: US$2.3 million) * Profit on ordinary activities before taxation increased by 16.6% to US$2.6 million (2004: US$2.2 million) * Basic earnings per share increased by 16.6% to 3.45 cents per share (2004: 2.96 cents per share) * EBITDA increased by 20.1% to US$3.0 million (2004: US$ 2.5 million) * Successful flotation on AIM on 15 July 2005 Commenting on the results, Mark White, Chief Executive, said: "I am delighted to announce this strong set of results following our flotation on AIM in July. SatCom has always been a profitable company and our heightened profile since our admission on AIM will assist future growth, in particular with further acquisitions. SatCom has long-standing relationships with customers and dealers on a worldwide basis and has a broad customer base of over 7,500 active terminals. Our diversified customer base not only gives good earnings visibility but also places SatCom in a strong position to accelerate growth in the future." For further information: SatCom Group Holdings plc Mark White, Chief Executive Officer Tel: +44 (0) 1722 439 206 mark.white@satcomgroup.com www.SatComgroup.com ---------------------- Martin Ward, Chief Financial Officer Tel: +44 (0) 1722 439 201 martin.ward@satcomgroup.com www.SatComgroup.com ---------------------- Ernst & Young LLP John Stephan, Tel: +44 (0) 207 951 2000 jstephan@uk.ey.com ---------------------- Teather & Greenwood Limited Stephen Austin, Corporate Finance Tel: +44 (0) 207 426 9000 stephen.austin@teathers.com www.teathers.com ---------------------- Media enquiries: Abchurch Heather Salmond / Dana Thomas Tel: +44 (0) 207 398 7700 heather.salmond@abchurch-group.com www.abchurch-group.com ---------------------- Chairman and Chief Executive's Statement Financial Performance This maiden set of preliminary results for SatCom Group Holdings plc ("SatCom" or the "Group") for the 12 months ended 30 June 2005 represents an excellent outcome for the year. Since SatCom's formation in 2001, the Group has increased turnover and profitability every year and we are pleased to report that this trend is continuing. The Group reports its financial statements in US dollars as the majority of its sales and cost of sales are denominated in this currency. Group turnover for the period rose by 29% to $48million, operating profit rose by 25% to $2.8million, and earnings per share rose 17% to $0.0345 per share. While a strong financial performance was anticipated in the recent AIM admission document, we are pleased to confirm the actual outcome was ahead of expectations. As outlined in the AIM admission document the Group does not propose to pay a final dividend in respect of the year to 30 June 2005. However, in the absence of unforeseen circumstances, the Group expects to implement a progressive dividend policy commencing with an interim payment in March 2006. AIM Flotation Earlier this year, the Board took the decision to obtain an AIM quotation for the Group and this was successfully achieved in July 2005. The flotation was designed to raise the Group's profile and to secure additional funding for expansion. The funds raised will enable SatCom to accelerate its development through expansion into additional geographical markets and to acquire complementary businesses. Strategy SatCom operates in the expanding Mobile Satellite Services ("MSS") market place and has announced its intention to expand its business by acquisition with a very scaleable model. The MSS market profile was increased by the recent successful IPO of Inmarsat and we expect a large amount of consolidation by acquisition to take place in the market place over the next few years. In addition to growth by acquisition, SatCom's growth will also be driven organically by new products entering the marketplace, international political developments, response to natural disasters and expansion into the maritime market. Finally, the Group is in the process of diversifying away from its US business through the expansion of its Asian operation, which is based in Hong Kong. Current Trading and Prospects The market for mobile satellite services is expanding, and according to estimates is expected to continue growing, influenced partly by the global security situation and international response to humanitarian and natural disasters. Against this background the Board believes that SatCom's established relationships with satellite operators, land earth station operators (LESO's), hardware manufacturers, dealers and customers will enable the Group to continue to increase market share. SatCom has identified several potential acquisition targets with strengths in the commercial maritime sector, which has been identified by the Board as an area of potential significant growth. In the meantime, trading in the two months since the year end has been in line with the Board's expectations and the Board remains confident of the outcome for the year. Finally, we would like to take this opportunity to thank all of SatCom's employees for their continuing hard work and dedication. David Hickey Mark White Chairman Chief Executive 19 September 2005 SATCOM GROUP HOLDINGS PLC GROUP PROFIT AND LOSS ACCOUNT YEAR ENDED 30 JUNE 2005 30 June 2005 30June 2004 Note $ 000's $ 000's $ 000's Turnover (including share of joint venture) Continuing operations 47,532 37,073 Acquisitions 473 - ---------- 48,005 37,073 Less: share of joint venture turnover (75) - Group turnover 47,930 37,073 Cost of sales (40,684) (30,807) ---------- --------- GROSS PROFIT 7,246 6,266 Net operating expenses 4,399 3,987 ---------- --------- OPERATING PROFIT Continuing operations 2,928 2,279 Acquisitions (81) - ---------- --------- GROUP OPERATING PROFIT 2,847 2,279 Share of joint venture operating loss (79) - Interest receivable 31 30 Interest payable and similar charges Group (194) (78) Share of joint venture (3) - ---------- (197) - ---------- --------- PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 2,602 2,231 Tax on profit on ordinary activities 967 798 ---------- --------- PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 1,635 1,433 Minority interests (35) - ---------- --------- PROFIT ATTRIBUTABLE TO MEMBERS OF THE PARENT COMPANY 1,670 1,433 Dividends 181 19 ---------- --------- RETAINED PROFIT FOR THE FINANCIAL PERIOD 6 1,489 1,414 ========== ========= Earnings per share Basic earnings per ordinary share 3 $0.0345 $0.0296 Diluted earnings per ordinary share 3 $0.0344 $0.0296 GROUP BALANCE SHEET 30 JUNE 2005 30 June 2005 30 June 2004 Note $ 000's $ 000's $ 000's FIXED ASSETS Intangible assets 1,172 950 Tangible assets 399 285 --------- --------- 1,571 1,235 --------- CURRENT ASSETS Stocks 1,694 918 Debtors 10,789 8,731 Cash at bank and in hand 5,161 1,661 --------- --------- 17,644 11,310 CREDITORS: Amounts falling due within one year 19,355 15,548 --------- --------- NET CURRENT LIABILITIES (1,711) (4,238) --------- --------- TOTAL ASSETS LESS CURRENT LIABILITIES (140) (3,003) CREDITORS: Amounts falling due after more than one year 1,538 66 --------- --------- (1,678) (3,069) PROVISIONS FOR LIABILITIES AND CHARGES Deferred taxation 19 16 --------- --------- (1,697) (3,085) MINORITY INTERESTS 101 - --------- --------- (1,596) (3,085) ========= ========= CAPITAL AND RESERVES Called up equity share capital 5 4,935 4,845 Merger reserve 6 (10,884) (10,884) Profit and loss account 6 4,353 2,954 --------- --------- EQUITY SHAREHOLDERS' FUNDS / (DEFICIT) (1,596) (3,085) ========= ========= GROUP CASH FLOW STATEMENT YEAR ENDED 30 JUNE 2005 30 June 200 30 June 2004 Note $ 000's $ 000's $ 000's NET CASH INFLOW FROM OPERATING ACTIVITIES 6,019 2,367 RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest received 31 30 Interest paid (186) (73) Interest element of hire purchase (8) (5) --------- --------- NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (163) (48) TAXATION (629) (967) CAPITAL EXPENDITURE Payments to acquire intangible fixed assets (18) (14) Payments to acquire tangible fixed assets (222) (74) --------- --------- NET CASH OUTFLOW FROM CAPITAL EXPENDITURE (240) (88) ACQUISITIONS AND DISPOSALS Cash paid to acquire subsidiaries (252) (1,807) Net cash acquired with subsidiary 104 - --------- --------- NET CASH OUTFLOW FROM ACQUISITIONS AND DISPOSALS (148) (1,807) EQUITY DIVIDENDS PAID (181) (40) --------- --------- CASH INFLOW/(OUTFLOW) BEFORE FINANCING 4,658 (583) FINANCING Decrease in short term borrowing (1,107) (752) Capital element of hire purchase (51) (53) --------- --------- NET CASH OUTFLOW FROM FINANCING (1,158) (805) --------- --------- INCREASE/(DECREASE) IN CASH 3,500 (1,388) ========= ========= NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2005 1. ACCOUNTING POLICIES Basis of Preparation This preliminary statement does not represent the group's statutory accounts within the meaning of section 240 of the Companies Act 1985. The accounts for the year ended 30 June 2005, being the first statutory accounts for the company since its incorporation, have not yet been delivered to the Register of Companies but have been approved by the Board, on 16 September 2005, and have been reported on by the auditors. The audit report was unqualified and did not contain statements under section 237(2) or (3) of the Companies Act 1985. Basis of accounting The financial statements have been prepared under the historical cost convention. Basis of consolidation The consolidated financial statements incorporate the financial statements of the company and all subsidiary undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over twenty years from the year of acquisition. The results of companies acquired or disposed of are included in the group profit and loss account after or up to the date that control passes respectively. Group reconstructions are accounted for under the merger method, with any merger difference arising being shown as a movement on other reserves. As a consolidated group profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 230 of the Companies Act 1985. Entities in which the group holds an interest on a long term basis and are jointly controlled by the group and one or more other venturers under a contractual agreement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the gross equity method. Turnover The turnover shown in the group profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax. Goodwill Goodwill arising on acquisitions is classified as an asset on the balance sheet and amortised on a straight line basis over its estimated useful economic life of 20 years. It is reviewed for impairment when any events or changes in circumstances indicate that the carrying value may not be recoverable. Other intangible assets Other intangible assets acquired are capitalised at cost. Other intangible assets are amortised on a straight line basis over their estimated useful lives up to a maximum of 20 years. The carrying value of intangible assets is reviewed for impairment when any events or changes in circumstances indicate the carrying value may not be recoverable. Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Goodwill: 5% per annum Other intangible assets: 5% per annum Fixed assets All fixed assets are initially recorded at cost. Depreciation Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Leasehold improvements over remaining lease term straight line Equipment 25-33% per annum straight line Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Hire purchase agreements Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of future payments is treated as a liability and the interest is charged to the group profit and loss account on a straight line basis. Operating lease agreements Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. Deferred taxation Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold; Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Foreign currencies Assets and liabilities in other currencies are translated into U.S. Dollars at the rates of exchange ruling at the balance sheet date. Transactions in other currencies are translated into U.S. Dollars at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit. 2. Share optionS On 29 April 2005, options over a total of 21,001 $1 shares in the Company were awarded to staff who were employed at that date (none of whom were directors). On 10 June 2005 the Ordinary Shares were subdivided into $0.10 shares, and accordingly the number of options increased to 210,010 and the exercise price reduced to #0.09625. As at 30 June 2005, 177,930 options were outstanding under the Enterprise Management Incentive Scheme and 32,080 options were outstanding under the Unapproved Scheme. 3. EARNINGS PER SHARE Basic earnings per share is based on the profit attributable to members of the parent company of $1,670,000 (2004: $1,433,000) and on 48,450,000 (2004: 48,450,000) being the weighted average number of shares in issue during the period. Diluted earnings per share is based on the profit attributable to members of the parent company $1,670,000 (2004: $1,433,000) and on 48,592,632 (2004: 48,450,000) being the diluted weighted average number of shares in issue during the period. 4. INVESTMENTS Details of the trading investments in which the group and the company (unless indicated) holds 20% or more of the nominal value of any class of share capital are as follows: Name of subsidiary Holding Proportion of Nature of shares held business SatCom Distribution Limited Ordinary 100% Distribution of Shares satellite communication equipment and airtime SatCom Distribution Inc+ Ordinary 100%* Distribution of shares satellite communication equipment O'Gara Satellite Systems Inc+ Ordinary 100%* Distribution of shares satellite communication airtime Northstar Communications Inc+ Ordinary 80%* Distribution of shares HF Radio equipment SatCom Distribution (Asia) Limited- Ordinary 60%* Distribution of shares satellite communication equipment + Incorporated in the United States of America - Incorporated in Hong Kong * Held by a subsidiary undertaking 5. SHARE CAPITAL Authorised share capital: 30 June 2005 30June 2004 $ 000's $ 000's 50,000,000 Ordinary shares of $1 each - 50,000 500,000,000 Ordinary shares of $0.10 each 50,000 - 50,000 Deferred shares of #1 each 90 - --------- --------- 50,090 50,000 ========== ========= Allotted and called up: 30 June 2005 30 June 2004 000's $ 000's 000's $ 000's Ordinary shares of $1 each - - 4,845 4,845 Ordinary shares of $0.10 each 48,450 4,845 - - Deferredshares of #1 each 90 90 - - -------- -------- -------- -------- 48,540 4,935 4,845 4,845 ======== ======== ======== ======== On 10 June 2005, the authorised share capital of the Company was increased to $50,000,000 and #50,000 by the creation of 50,000 deferred shares of #1 each. The 50,000 deferred shares were issued fully paid (equivalent to $90,000) on the same day by way of a bonus issue, to existing shareholders pro rata to their holdings of the ordinary shares, out of distributable reserves. Also on 10 June 2005, the existing issued and unissued 50,000,000 ordinary shares of $1 each were subdivided into 500,000,000 ordinary shares of $0.10 each. 6. RESERVES Group Merger reserve Profit and loss account $ 000's $ 000's Balance brought forward (10,884) 2,954 Retained profit for the period - 1,489 Bonus issue of shares - (90) -------- -------- Balance carried forward (10,884) 4,353 ======== ======== Company Profit and loss account $ 000's Retained profit for the period 2,816 Bonus issue of shares (90) -------- Balance carried forward 2,726 ======== As explained in note 1, the acquisition by the company of SatCom Distribution Limited and its subsidiaries in May 2004 has been accounted for as a merger. Accordingly, a debit merger reserve has been recognised in the consolidated balance sheet representing the difference between the consideration paid to acquire the group and its net assets at the date of the transaction. 7. POST BALANCE SHEET EVENTS On 15 July 2005 the company was admitted to AIM. The float process raised #3.5 million before costs and was made up as follows:- #3.0 million in 8% Convertible Loans. The loans can be converted to ordinary shares within 4 years at 39p per share. #0.5 million in 10 cents Ordinary Shares. The shares were issued at 30p per share. Immediately following the float the company had 50,116,667 shares in issue. This information is provided by RNS The company news service from the London Stock Exchange END FR UKVNRVNRKAAR
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