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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Secure Income Reit Plc | LSE:SIR | London | Ordinary Share | GB00BLMQ9L68 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 461.00 | 461.00 | 461.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:6109K
Sirius Group PLC
26 September 2001
SIRIUS GROUP PLC
INTERIM RESULTS
HIGHLIGHTS
The highlights of this interim period are as follows:
* 12.3% increase in turnover to #9.1m (H1 2000: #8.1m), and 31.7% growth
in operating profit before goodwill amortisation to #561,000 (H1 2000: #
426,000).
* Recurring revenues of #3.3m (H1 2000: #3.1m) representing 35.7% of
turnover.
* An interim dividend of 1.0p per share (2000 interim: 1.0p).
* In April the Group transferred its stock market listing to the Official
List, from AIM, and is now included in the techMark index of the London
Stock Exchange.
* The Group has been re-branded to capitalise on the successful launch and
strong market acceptance of its Sirius software.
* Sales of Sirius for Broking packages approached 100 organisations at the
half year, and the tenth sale of our higher value Sirius for Underwriting
solution has recently been secured.
* The award of Microsoft Gold Certified Partner status for e-commence -
Microsoft's highest accreditation.
* Increased market use of our MediQuote private medical insurance portal,
with 800 intermediaries now registered for the service.
CHAIRMAN'S STATEMENT
Review of Financial Performance
We entered 2001 having completed our Sirius research and development programme
which has equipped us with strong product offerings for both the insurance
intermediary and underwriter.
Despite the challenging market conditions of early 2001, and the general
slow-down in technology purchase that continues to characterise the market,
the Group has maintained an upward revenue trend.
In the first half of 2001, turnover grew to #9.1million, a 12.3% increase on
the the same period in 2000 (H1 2000: #8.1m). Half-year operating profit
before goodwill of #561,000 represents a 31.7% increase on prior year (H1
2000: #426,000).
Adjusted (EBITDA) earnings per share of 5.1p (H1 2000:4.1p) is based on
profits attributable to equity shareholders before depreciation, goodwill
amortisation, interest and taxation.
The Board will pay a maintained interim dividend of 1.0p per share on 31
October 2001 to all shareholders on the register at the close of business on 5
October 2001.
Product
Whilst the period has seen a general market-wide slow-down in technology
purchase, the Group has continued to generate strong interest in its Sirius
software and has started to demonstrate the product's capacity to generate '
run-rate' business based upon the packaging and re-use of existing software
components.
Sirius for Broking
At the half year, 96 sales of Sirius for Broking had been secured and further
order intake since 30 June has taken us to well in excess of 100 sales. These
figures support the market acceptance of Sirius for Broking, and evidence its
transition from the research and development stage of its lifecycle into a
packaged product available to our sales professionals. It is pleasing to
report that of these sales, a significant proporation have displaced
competitors' systems.
Through ongoing dialogue and focus groups held with our Sirius customers, we
are obtaining valuable feedback that will be used to enhance further the
product's market leading position.
Sirius for Underwriting
Due to the extension of customers' purchasing decisions, sales of Sirius for
Underwriting in late 2000 had been slower than hoped. However, momentum is now
building in this area and I am delighted to report that the tenth sale of
Sirius for Underwriting has recently been made. Clients span UK and
international underwriters and include Allied Underwriting Agencies, Towergate
Underwriting and several operations of Royal & Sun Alliance.
E-commerce solutions
During the period, we continued to develop and deploy systems to support the
sale and servicing of insurance products across the internet. Business has
come primarily from existing e-commerce clients such as Marsh, its4me and
Xelector. The latter having, with our assistance, extended their distribution
through further portal partnerships.
We are proud to have been named a Microsoft Gold Certified Partner for
e-commerce. This is their highest accreditation and recognises the advanced
and proven skills of our people in developing and deploying e-commerce systems
within our sector. None of our direct UK competitors has this accreditation.
Swift
Swift is our complete front-office sales and back-office administration
software for independent financial advisers (IFAs). To our IFA clients, we
have supplied a more functionally rich product in Swift 2001, and have also
completed the development of a Self-Investment Personal Pension (SIPP)
management system. To capitalise upon the recent investment in the Swift
product we have established a larger specialist team.
MediQuote
We have seen our MediQuote online comparative quotation system for private
medical insurance expand significantly. Approximately 800 registered users now
access product and premium information from 20 providers, generating 1,500
quotations a month. We are progressing a number of opportunities to supply
MediQuote as the enabling technology to a number of established brands.
Policy Master Inc.
As planned, and reported upon in our last annual report, 2001 is a period of
investment in our US operation. Whilst significant, the operating loss in the
period of #438,00 is in line with our stated plans. Technical and sales staff
headcount has increased in line with our plans, and the skills migration from
the UK has continued, including one of the Group's most experienced managers
being seconded to the role of Chief Operating Officer. Localisation of UK
product for the US market is well advanced and a number of prospects are being
actively engaged with. Marketing activities have been extensive during the
period, with participation in all the major industry exhibitions, and
relationships with industry influencers are developing. Management considers
there to be encouraging indicators for a return to profitability for PM Inc.
in the short term.
Media Maker
Media Maker's profitable growth continues with first half turnover of #1.3m
representing a 22.6% increase on prior period (H1 2000: #1.1m). This increase
has been supported by work from a major new client, and from the new
computer-based training revenue stream.
Name Change
Subsequent to the Company's name change in April 2001, an objection was
received by Companies House. The objection has been upheld and accordingly
Sirius Group PLC will change its name to Sirius Financial Solutions PLC
subject to the passing of a resolution at the forthcoming Extraordinary
General Meeting. This change will not affect the Sirius branding of our
products, and no change is required to the name of our subsidiary Sirius
Financial Systems Plc.
Board Change
Mike Anstee has today announced his retirement from the Board to devote more
time to his other business and leisure interests. I should like to take this
opportunity to thank Mike for his valuable contribution to the Group over the
last year and a half.
Prospects
Sirius Group entered 2001 with a new product range designed to take it forward
as a stronger organisation, better equipped than ever to capitalise upon the
considerable opportunities worldwide within its industry. Market reaction to
the technical innovation and functional completeness of our Sirius software
has indeed been strong in the first half of the year.
Management believes that going forward the Group is now well equipped in terms
of skilled personnel, product, partnerships and prospects to exploit
opportunities in all parts of our business. However, in common with many other
software and services companies, it acknowledges the difficult trading
environment created by the slowdown in global IT spend - a situation which
could be worsened by the recent act of terrorism in the USA.
In conclusion, the Group's prospect list, coupled with its strong recurring
revenue base, currently provides potential for further progress in the balance
of the year.
On behalf of the Board
Ian Yeoman
Chairman
26 September 2001
SUMMARISED GROUP PROFIT AND LOSS ACCOUNT
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2001 2000 2000
#'000 #'000 #'000
----------- ----------- -----------
Turnover 9,093 8,100 17,135
Cost of sales (4,860) (4,419) (9,603)
----------- ----------- -----------
Gross profit 4,233 3,681 7,532
Distribution costs (1,426) (1,099) (2,411)
Administrative expenses:
- goodwill amortisation (436) (374) (854)
- depreciation (261) (213) (438)
- other (1,985) (1,943) (3,060)
----------- ----------- -----------
- total administrative expenses (2,682) (2,530) (4,352)
----------- ----------- -----------
Operating profit before goodwill 561 426 1,623
amortisation
Goodwill amortisation (436) (374) (854)
----------- ----------- -----------
Operating profit 125 52 769
Interest receivable 62 89 175
Interest payable and similar charges (72) (112) (217)
----------- ----------- -----------
Profit on ordinary activities before 115 29 727
taxation
Tax on profit on ordinary activities (82) (15) (8)
----------- ----------- -----------
Profit on ordinary activities after 33 14 719
taxation
Equity dividends on ordinary shares (165) (157) (392)
----------- ----------- -----------
Retained (loss)/profit for the period (132) (143) 327
----------- ----------- -----------
Earnings per ordinary 1p share (note 3):
- basic 0.2p 0.1p 4.6p
- diluted 0.2p 0.1p 4.4p
- adjusted (EBITDA) 5.1p 4.1p 13.2p
Dividends per share 1.0p 1.0p 2.5p
----------- ----------- -----------
EBITDA 822 639 2,061
----------- ----------- -----------
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2001 2000 2000
#'000 #'000 #'000
----------- ----------- -----------
Profit for the financial period 33 14 719
Exchange difference on retranslation of net
assets of subsidiary undertaking (29) (12) (30)
----------- ----------- -----------
Total recognised gains and losses relating
to the period 4 2 689
----------- ----------- -----------
SUMMARISED GROUP BALANCE SHEET
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2001 2000 2000
#'000 #'000 #'000
----------- ----------- -----------
Fixed assets
Intangible assets 7,794 7,572 8,026
Tangible assets 1,694 1,504 1,785
----------- ----------- -----------
9,488 9,076 9,811
Current assets
Stocks 7 21 44
Debtors 7,508 7,076 6,445
Cash at bank and in hand 19 35 116
----------- ----------- -----------
7,534 7,132 6,605
Creditors: amounts falling due within one (3,489) (3,475) (3,042)
year
----------- ----------- -----------
Net current assets 4,045 3,657 3,563
----------- ----------- -----------
Total assets less current liabilities 13,533 12,733 13,374
Creditors: amounts falling due after more
than one year (506) (800) (625)
Provisions for liabilities and charges (3) (5) (3)
Accurals and deferred income (844) (1,202) (617)
----------- ----------- -----------
12,180 10,726 12,129
----------- ----------- -----------
Capital and reserves
Called up share capital 163 159 159
Share capital to be issued 950 950 1,900
Share premium account 4,163 4,154 4,155
Merger reserve 5,069 3,919 3,919
Profit and loss account 1,835 1,544 1,996
----------- ----------- -----------
12,180 10,726 12,129
----------- ----------- -----------
Shareholders' funds:
Equity 12,178 10,724 12,127
Non-equity 2 2 2
----------- ----------- -----------
12,180 10,726 12,129
----------- ----------- -----------
SUMMARISED GROUP STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2001 2000 2000
#'000 #'000 #'000
----------- ----------- -----------
Net cash flow from operating activities (264) 213 1,707
(note 4)
Returns on investment and servicing of (9) (49) (39)
finance
Capital expenditure and financial (169) (94) (517)
investment
Equity dividends paid (240) (157) (314)
----------- ----------- -----------
Net cash flow before financing (682) (87) 837
Financing (249) (144) (576)
----------- ----------- -----------
(Decrease)/Increase in cash (931) (231) 261
----------- ----------- -----------
GROUP RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2001 2000 2000
#'000 #'000 #'000
----------- ----------- -----------
(Decrease)/Increase in cash (931) (231) 261
Cash outflow from movement in debt and
lease financing 256 144 576
----------- ----------- -----------
Change in net debt resulting from cash (675) (87) 837
flows
Other non-cash movements (1) (1) (97)
----------- ----------- -----------
Movement in net debt (676) (88) 740
Net debt at 1 January (1,069) (1,809) (1,809)
----------- ----------- -----------
Net debt at 30 June/31 December (1,745) (1,897) (1,069)
----------- ----------- -----------
NOTES TO THE UNAUDITED INTERIM REPORT
1. BASIS OF PREPARATION OF INTERIM FINANCIAL INFORMATION
The interim financial information has been prepared on the basis of the
accounting policies set out in the Group's statutory accounts for the year
ended 31 December 2000. The taxation charge is calculated by applying the
Directors' best estimate of the annual tax rate to the profit for the
period. Other expenses are accrued in accordance with the same principles
used in the preparation of the annual accounts.
2. SEGMENTAL ANALYSIS
The Group operates in one principal area of activity, that of the
development and supply of insurance specific application software,
both as a package and a solution.
It operates within two geographical markets, the United Kingdom and the United
States.
Turnover and operating profit are analysed as follows:
Europe
and
United United Rest of
Kingdom States World Total
#'000 #'000 #'000 #'000
----------- ----------- ----------- -----------
Six months
ended 30
June 2001
Group
turnover
Turnover by
destination:
- sales to 8,017 656 420 9,093
third
parties
----------- ----------- ----------- -----------
Turnover by
origin:
- sales to 8,437 656 - 9,093
third
parties
----------- ----------- ----------- -----------
Profit
Segment
operating
profit/
(loss)
before 1,183 (438) - 745
goodwill
amortisation
----------- ----------- -----------
Central (184)
group costs
Goodwill (436)
amortisation
Net interest
payable and (10)
similar
charges
-----------
Profit on
ordinary 115
activities
before
taxation
-----------
Six months
ended 30
June 2000
Group
turnover
Turnover by
destination:
- sales to 6,764 547 789 8,100
third
parties
---------------- ---------------- ---------------- ----------------
Turnover by
origin:
- sales to 7,553 547 - 8,100
third
parties
----------- ----------- ----------- -----------
Profit
Segment
operating
profit
before
goodwill 499 30 - 529
amortisation
----------- ----------- -----------
Central (103)
group costs
Goodwill (374)
amortisation
Net interest
payable and (23)
similar
charges
-----------
Profit on
ordinary 29
activities
before
taxation
-----------
Year ended
31 December
2000
Group
turnover
Turnover by
destination:
- sales to 14,207 1,216 1,712 17,135
third
parties
----------- ----------- ----------- -----------
Turnover by
origin:
- sales to 15,919 1,216 - 17,135
third
parties
----------- ----------- ----------- -----------
Profit
Segment
operating
profit/
(loss)
before 1,913 (48) - 1,865
goodwill
amortisation
----------- ----------- -----------
Central (242)
group costs
Goodwill (854)
amortisation
Net interest
payable and (42)
similar
charges
-----------
Profit on
ordinary 727
activities
before
taxation
-----------
3 EARNINGS PER ORDINARY SHARE
The calculation of basic earnings per ordinary share is based on
profits for the half year of #33,401 (June 2000: profits of #13,851;
December 2000: profits of #719,092), and on 15,969,160 ordinary shares
(June 2000: 15,638,865; December 2000: 15,667,654), being the weighted
average number of ordinary shares in issue during the half year.
The diluted earnings per ordinary share is based on profits for the
half year of #33,401 (June 2000: profits of #13,851; December 2000:
profits of #719,092), and on 16,034,923 ordinary shares (June 2000:
15,886,160; December 2000: 16,160,234), calculated as follows:
June June December
2001 2000 2000
----------- ----------- -----------
Basic weighted average
number of shares 15,969,160 15,638,865 15,667,654
Dilutive potential ordinary shares:
- executive share options
and employee SAYE scheme 65,763 247,295 204,701
- deferred consideration - - 287,879
----------- ----------- -----------
16,034,923 15,886,160 16,160,234
----------- ----------- -----------
ADJUSTED EARNINGS PER ORDINARY SHARE
The adjusted earnings per ordinary share figure is based on the profit figure
before depreciation, goodwill amortisation, interest and tax (EBITDA) of #
822,021 (June 2000: #638,595; December 2000: #2,061,264), and on 15,969,160
ordinary shares (June 2000: 15,638,865; December 2000: 15,667,654), being the
weighted average number of ordinary shares in issue during the half year.
The Directors have chosen to present this adjusted earnings per ordinary share
as they believe that it provides a better indicator of the performance of the
Group.
4 RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW FROM
OPERATING ACTIVITIES
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2001 2000 2000
#'000 #'000 #'000
----------- ----------- -----------
Operating profit 125 52 769
Depreciation and amortisation 697 587 1,292
Changes in working-capital
and other non-cash items (1,086) (426) (354)
----------- ----------- -----------
Net cash flow from operating activities (264) 213 1,707
----------- ----------- -----------
5. PUBLICATION OF NON-STATUTORY ACCOUNTS
The financial information contained in this interim statement does not
constitute statutory accounts as defined in section 240 of the
Companies Act 1985. The financial information for the full preceding
year is based on the statutory accounts for the financial year ended
31 December 2000. Those accounts, upon which the auditors issued an
unqualified opinion, have been delivered to the Registrar of
Companies.
Copies of the Interim Financial Statement are being sent to all
shareholders. Further copies are available from the company's website
or its registered office: Sirius House, Reddicroft, Sutton Coldfield,
West Midlands, B73 6BN.
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