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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Total Systems | LSE:TTS | London | Ordinary Share | GB0008975038 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4914Z Total Systems PLC 03 July 2007 FOR RELEASE 7:00 AM 3 JULY 2007 TOTAL SYSTEMS plc Preliminary results for the year ended 31 March 2007 Loss lower than market expectation Total Systems plc ("Total" or "the Company"), suppliers of cost effective flexible software systems for the financial services industry, primarily in the insurance and warranty sectors, announces its preliminary results for the year ended 31 March 2007. Commenting on the Company's results Terence Bourne, Chairman, said: "This has been an interesting year in the development of Total Systems. I am delighted to state that we gained the rights to market the Invu document management system in the general insurance sector and also to represent PriceBuilder from Contemi in the UK. These products have fulfilled their promise in gaining attention from insurers but their effect on the year's revenue has not been significant. At the beginning of the period Shell moved their pension fund management back to Holland and Bluesure, the multi-product policy insurer, ceased operations for reasons outside of our control. These two events resulted in a material loss of revenue. Despite this our other customers have continued to develop and enhance their applications, add new services and maintain their service level agreements. Additionally we gained a commitment from Capita for Ultima in respect of their plans for a general insurance platform but this did not have a major impact on the year being reported on. This relationship should provide an excellent base to grow our revenues in the future." Financial Highlights * Revenue # 3.36m (2006: # 3.49m) * (Loss)/profit before tax # (530)k (2006: # 285k) * Basic (loss)/earnings per share (3.98)p (2006: 2.15p) * Gearing Nil (2006: Nil) * Net assets per share 35.45p (2006: 40.06p) * Cash per share 22.62p (2006: 30.66p) Product Summary Ultima, the complete insurance and warranty solution, continues to bring significant business benefits to clients including: * Low cost of ownership. * Integrated solution. * Flexible and designed for change with Business Configurator. * Easy integration with external systems. * Service Oriented Architecture. Regarding the Company's current trading and outlook, Terence Bourne added: "Current trading is difficult for a number of reasons. The level of work from Capita has not been as extensive as anticipated and our existing customers, although supportive, have not made decisions on starting significant projects. Invu and Contemi continue to generate interest with our clients and sales prospects but there have been no sizeable orders at the time of writing. The sales and marketing team are proactively seeking new opportunities in our market place. We are seeing interest in all our products but the signature on contracts is proving frustratingly elusive. Nevertheless, the Company is stable and the Board is confident that the Company's strategy will bear fruit." E-mail: ir@totalsystems.co.uk web site: www.totalsystems.co.uk Enquiries: Terence Bourne, Chairman Total Systems plc 020 7294 4888 Granville Harris, Finance Director Total Systems plc 020 7294 4888 Notes for Editors: Based in the City of London Total provides cost effective flexible software systems for the financial services industry, primarily in the insurance and warranty sectors, as well as complementary IT consultancy, development, integration and support services. The Company has a full listing on the London Stock Exchange. Significant investment has been made by the Company in developing Ultima (General insurance system for personal and commercial lines). Examples of Total's clients for Ultima include Axa Insurance Services (Denplan), Bluesure, DSG International, HSBC Insurance and Zurich Insurance Company (Navigators & General). Chairman's Statement SUMMARY This has been an interesting year in the development of Total Systems. I am delighted to state that we gained the rights to market the Invu document management system in the general insurance sector and also to represent PriceBuilder from Contemi in the UK. These products have fulfilled their promise in gaining attention from insurers but their effect on the year's revenue has not been significant. At the beginning of the period Shell moved their pension fund management back to Holland and Bluesure, the multi-product policy insurer, ceased operations for reasons outside of our control. These two events resulted in a material loss of revenue. Despite this our other customers have continued to develop and enhance their applications, add new services and maintain their service level agreements. Additionally we gained a commitment from Capita for Ultima in respect of their plans for a general insurance platform but this did not have a major impact on the year being reported on. This relationship should provide an excellent base to grow our revenues in the future. The Company also completed the internal refurbishment of our offices which has provided further capacity and all our staff now have an improved working environment. RESULTS Revenue for the financial year 2007 was down 3.7% while we made a loss for the first time since 2000. For the year under review revenue was # 3,357,988 (2006: #3,488,309) and the loss before tax was # 530,006 (2006: Profit #284,632) resulting in a loss per share of 3.98p (2006: earnings per share 2.15p). FINANCIAL Zero gearing and net assets of 35.45p per share (2006: 40.06p), of which 22.62p per share is represented by cash (2006: 30.66p), demonstrates our financial strength. Our return on capital employed is (14.21)% (2006: 6.75%). DIVIDEND No dividend is proposed or payable. STRATEGY Your Company is committed to the financial services market. Our strategy is to provide software, support and expertise to help management in financial services companies achieve their objectives. We continue to invest heavily on Research and Development spending # 794,327 (2006: #634,796) to maintain our position. The Ultima product has been enhanced over the period and the Company has plans for further development over the coming year which is supported by market intelligence. The Company is monitoring the market for complementary products to sell in order to give the sales and marketing team more touch points with potential customers. In the longer term this will enhance sales and earnings and potentially lead the Company into new areas for development. MARKET PLACE The market place for insurance systems is large but extremely competitive. There are a number of companies using outdated systems and running inefficient databases across disparate systems that would benefit from consolidation onto an integrated system. The benefits of Ultima far outweigh any advantages offered from developing alternatives overseas or moving processing offshore. The general insurance market is consolidating and that may limit the potential for independent systems sales within larger users in the long term. The Capita relationship with its integration skills and leverage gives an opportunity for a key market presence. The insurance industry is changing due to the influence of aggregators, new entrants and consolidation in the broking sector. Customer service is more important than ever as is the ability to bring new and innovative products to market quickly. Ultima can reduce IT costs and its integrated approach can enhance customer service operations. The Business Configurator tool also offers a fast route to market for new offerings. In addition the emergence of large scale affinity relationships demands a system that can be flexible while coping with enormous amounts of interdependent data. Ultima, with Business Configurator, can meet these demands. The influence of these changes will create further opportunities. Document management systems of the type offered by Invu have great potential in the insurance sector due to the amount of paperwork that is involved. However, although we have had some success with existing customers, sales are proving to have a longer lead time than originally anticipated. Given the competitive nature of insurance the potential for maximising premium income demonstrated by PriceBuilder from Contemi is compelling. There are few competitors but underwriters seem to be taking some time to embrace this technology to assist their processes. ENVIRONMENTAL AND SOCIAL The Company operates from an office in central London. Every care is taken to ensure that the Company operates in an environmentally friendly way within the limitations imposed by our location and the nature of our operations. In regard to its employees and the local community the Company allows employees time to take part in their own social responsibilities as necessary. OPERATIONS Operations have been satisfactory over the period. Our customers have continued to enhance and develop their systems during the year and your Company has provided full support to all aspects of their requirements. This focus has enabled the Company to limit the fall in revenue despite the loss of two clients during the year. Compared to the previous year the movement into loss is broadly due to increased spend in sales and marketing, research and development and investment in talented technical staff in anticipation of further orders including work from Capita. PERSONNEL I would like to express my gratitude to staff who have shown their professionalism and dedication to the Company. Our average length of service is over eight years demonstrating the effectiveness of the retention policies in place. The wealth of experience such service brings ensures we have a pool of versatile employees capable of handling a wide range of challenges within our market. CURRENT TRADING AND OUTLOOK Current trading is difficult for a number of reasons. The level of work from Capita has not been as extensive as anticipated and our existing customers, although supportive, have not made decisions on starting significant projects. Invu and Contemi continue to generate interest with our clients and sales prospects but there have been no sizeable orders at the time of writing. The sales and marketing team are proactively seeking new opportunities in our market place. We are seeing interest in all our products but the signature on contracts is proving frustratingly elusive. Nevertheless, the Company is stable and the Board is confident that the Company's strategy will bear fruit. Terence Bourne Chairman 2 July 2007 TOTAL SYSTEMS plc Consolidated Income Statement For the year ended 31 March 2007 Note 2007 2006 # # Continuing operations Revenue 2 3,357,988 3,488,309 ------------- ----------- Operating (loss)/profit (670,349) 143,558 Interest receivable and similar income 140,626 141,080 Interest payable and similar charges (283) (6) ------------ ----------- (Loss)/profit before taxation (530,006) 284,632 Tax credit/(payable) 111,133 (58,110) ------------ ----------- (Loss)/profit after taxation for the year (418,873) 226,522 ------------ ----------- Basic (loss)/earnings per ordinary share 4 (3.98)p 2.15p Diluted (loss)/earnings per ordinary share (3.98)p 2.13p There are no recognised income or expenses for the current or prior year other than as stated above. As a consequence a statement of recognised income and expenses is not presented. All the Group's operations are undertaken by the Company. Consolidated Balance Sheet At 31 March 2007 2007 2006 # # # # ASSETS Non-current assets Property, plant and equipment 1,040,102 822,074 Deferred tax assets 53,022 - ------------- ---------- Total non-current assets 1,093,124 822,074 Current assets Trade and other receivables 845,810 853,752 Cash and cash equivalents 2,380,016 3,224,945 ------------- ----------- Total current assets 3,225,826 4,078,697 ------------- ------------ TOTAL ASSETS 4,318,950 4,900,771 ------------- ----------- LIABILITIES Current liabilities Trade and other payables (590,027) (628,748) Current tax liabilities - (52,567) -------------- ----------- Total current liabilities (590,027) (681,315) ------------- ----------- Non-current liabilities Deferred tax liabilities (-) (5,544) ------------- ----------- TOTAL LIABILITIES (590,027) (686,859) ------------ ----------- NET ASSETS 3,728,923 4,213,912 ------------ ----------- Shareholders equity Issued share capital 525,978 525,978 Share premium 83,010 83,010 Retained earnings 3,077,875 3,591,424 Stock option reserve 42,060 13,500 ------------- ----------- TOTAL EQUITY 3,728,923 4,213,912 ------------- ----------- Consolidated Cash Flow Statement For the year ended 31 March 2007 Note 2007 2006 # # # # Operating activities Cash received from customers 4,101,042 3,987,797 Cash payments to suppliers (987,877) (667,571) Cash payments to employees (1,787,743) (1,671,894) Cash paid for PAYE and National Insurance (1,118,556) (916,832) Cash paid for VAT (663,419) (561,826) Other business payments (45,869) (35,694) ----------- ------------ Cash (outflow)/inflow from operating activities 7 (502,422) 133,980 Income taxes paid (52,567) (121,472) ------------ ----------- Net cash (outflow)/inflow from operating activities (554,989) 12,508 Cash flows from investing activities Interest received 140,626 141,080 Receipts on sale of assets 327 - Purchase of plant and equipment (335,934) (249,107) ------------- ---------- Net cash outflow from investing activities (194,981) (108,027) Cash flows from financing activities Share option receipts - 6 Interest paid (283) (6) Equity dividends paid (94,676) (244,580) ----------- ----------- Net cash outflow from financing activities (94,959) (244,580) ----------- ----------- Net change in cash and cash equivalents (844,929) (340,099) Opening cash and cash equivalents 3,224,945 3,565,044 ------------- ------------ Closing cash and cash equivalents 2,380,016 3,224,945 ------------- ----------- All the Group's operations are undertaken by the Company. General Notes: 1. The financial information contained in this statement does not constitute the statutory accounts for the years ended 31 March 2007 and 2006, as defined in section 240 of the Companies Act 1985, but is derived from those accounts. The statutory accounts for the year ended 31 March 2006 have been delivered to the Registrar of Companies and those for 31 March 2007 will be delivered following the Company's Annual General Meeting. The Auditors have reported on those accounts; their reports were unqualified and did not contain statements under Section 237 (2) or Section 237(3) of the Companies Act 1985. 2. The Group's revenue is derived from the writing and supply of its computer software and supply of third party software both with related support services in the United Kingdom. All activities derive from continuing operations. 3. The announcement has been prepared on the basis of the accounting policies as per the prior year and in accordance with International Financial Reporting Standards (IFRS). 4. The calculation of basic earnings per share is based on a loss after taxation of # (418,873) (2006: profit # 226,522) and a weighted average of 10,519,553 shares (2006: 10,519,553) in issue during the period. 5. It is intended to post the Annual Report to shareholders on 6 July 2007. Copies will then be available from the Registered Office of the Group at 394 City Road, London, EC1V 2QA. 6. The Annual General Meeting will be held at 394 City Road, London, EC1V 2QA on 13 August 2007 at 10 am. 7. Reconciliation of operating (loss)/profit to net cash (outflow)/inflow from operating activities: 2007 2006 # # Operating (loss)/profit (670,349) 143,558 Depreciation charges 117,906 87,873 Decrease/(increase) in receivables 60,509 (129,253) (Decrease)/increase in payables (38,721) 18,302 Profit on sale of assets (327) - Change in share based payments 28,560 13,500 --------- -------- Net cash (outflow)/inflow from operating activities (502,422) 133,980 ------------ --------- 8. Changes in Company and consolidated equity shareholders' funds Issued Share Retained Stock Total share premium earnings option equity capital reserve # # # # # As at 1 April 2005 525,978 83,004 3,609,482 - 4,218,464 Profit after tax for the year - - 226,522 - 226,522 Final dividend paid - - (189,352) - (189,352) Interim dividend paid - - (55,228) - (55,228) Funds received on grant of options - 6 - - 6 Share based payments - - - 13,500 13,500 ---------- -------- ----------- -------- ----------- As at 31 March 2006 525,978 83,010 3,591,424 13,500 4,213,912 Loss after tax for the year - - (418,873) - (418,873) Final dividend paid - - (94,676) - (94,676) Share based payments - - - 28,560 28,560 As at 31 March 2007 525,978 83,010 3,077,875 42,060 3,728,923 ---------- --------- ------------- --------- ------------- ENDS This information is provided by RNS The company news service from the London Stock Exchange END FR RTMFTMMAMBPR
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