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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Triplearc | LSE:TPA | London | Ordinary Share | GB0031067340 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 5.92 | 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:0329L
TripleArc PLC
14 April 2005
14 April 2005
TripleArc Plc
Preliminary Results for the Year Ended 31 December 2004
Preliminary results from TripleArc Plc, the UK based provider of technology led
print procurement solutions.
HIGHLIGHTS
Year ended Year ended
31 December 31 December
2004 2003 increase
Turnover #48.7m #20.9m + 134%
Gross profit #12.2m #3.4m + 256%
Earnings before interest, tax and
amortisation * #4.5m #0.9m + 391%
Profit before tax ** #3.3m #0.8m + 301%
Earnings per share ** 1.31p 0.71p +85%
Cash generation from operations #3.4m #1.6m +108%
* before exceptional costs
**before exceptional costs and amortisation
* Full year contribution from Access Plus, acquired in November 2003
* #4.5m operating profit before exceptional costs and amortisation of intangible
assets; #3.6m improvement over 2003
* #3.4m net cash inflow from operations; #1.8m improvement over 2003
* Significant strategic purchase of Stream in December 2004
Commenting on the results, Jason Cromack, Chief Executive Officer stated:
"2004 was a year of huge progress for TripleArc. We accomplished the complete
integration of Access Plus which transformed the Group and delivered a
significant improvement in our earnings stream. Looking to the future we expect
this trend to continue as we progressively move away from ad hoc print supply
orders towards longer term print management contracts. The substantial contract
wins and the expansion of the CWS network provides clear evidence of this.
"The Group remains determined to drive growth both organically and via
acquisition to provide a complete communications support services solution to
our customers. We are focusing on adding complementary service areas and
developing the potential of our technology offering. We look forward to
delivering another successful year."
For further information please contact:
TripleArc Plc 0117 933 1000
Jason Cromack, Chief Executive Officer
Weber Shandwick Square Mile 020 7067 0700
Terry Garrett/ Nick Dibden
TripleArc Plc
Preliminary Results ended 31 December 2004
The Board of TripleArc Plc ("TripleArc") is pleased to announce results for the
year ended 31 December 2004 which clearly demonstrate the successful integration
and development of Access Plus, the print management business acquired in
November 2003.
Financial Review
Revenue for the year was #48.7m (2003 - #20.9m), a 134% increase on 2003,
reflecting the first full year of sales from Access Plus.
The consolidated gross profit was #12.2m for 2004, a 256% increase on the #3.4m
generated in 2003. This significant growth was primarily achieved by the Group's
print management operations. The Group's combined gross profit was 8% higher
than the proforma annualised figure of #11.3m for 2003.
In 2004, exceptional costs of #0.3m were incurred in relation to the integration
of Access Plus and the reorganisation of the Group's print management activities
into one operating company. Amortisation of intangible assets was #2.1m during
2004 (2003 - #0.6m), reflecting a full year's charge on the acquisition of
Access Plus. The non-cash share option compensation expense was immaterial, as
this charge was extinguished during 2004 (2003 - #0.1m).
Operating profit before allowing for exceptional costs, amortisation and share
option compensation ('EBITA') was #4.5m in 2004, compared to an operating profit
of #0.9m on the same basis in 2003, and represents a 5% increase over the
proforma annualised EBITA of #4.3m in 2003. The operating profit before interest
and taxation was #2.1m (2003 - #0.1m), and the net interest payable was #1.4m
(2003 - #0.1m), after allowing for amortisation of deferred financing costs of
#0.1m (2003 - Nil). The profit before tax in 2004 was #0.8m (2003 - loss
#0.04m).
The basic earnings per ordinary share was 0.13 pence (2003 - loss per share of
0.29 pence). After allowing for exceptional costs, amortisation of intangible
assets and non-cash share option compensation expense, the Group had adjusted
earnings per share of 1.31 pence, (2003 - adjusted earnings per share 0.71
pence)
Cash generation has also been strong in 2004, with the Group producing net cash
inflow from operating activities of #3.4m (2003 - #1.6m). This has allowed the
Group to make accelerated bank debt repayments during 2004.
On 31 December 2004, the Group acquired HFS Projects Limited, now trading as
Stream, giving rise to goodwill on acquisition of #8.2m and an estimated
liability for deferred consideration of #7.0m included in long term liabilities.
Operational Review
Overview
The Group's vision is to provide a total communications support services
solution. This strategy involves the provision of complementary services to
assist companies in communicating more intelligently and effectively, through
traditional print as well as digital channels.
In December 2004, TripleArc acquired Stream, a leading direct marketing
fulfillment company, to enhance the Group's suite of services, expanding it into
data management and fulfillment services. These capabilities allow TripleArc to
add further value throughout the supply chain, ensuring that clients' objectives
are met.
The Group has an advanced technology service to manage the print buying process,
a leading print management company and a full service marketing fulfillment
company offering clients a portfolio of solutions to fulfill their communication
needs. In addition, TripleArc has developed further offerings both internally
and through partnerships to ensure that it can provide clients with leading-edge
services that improve their communications and offer them competitive
advantages. These solutions include digital asset management, document creation,
retail campaign management and digital communication management and integration.
The value of an all encompassing solution to a client's print needs is reflected
in the level of contracts we won last year including Virgin Mobile and Virgin
Retail and this ability to deliver several added value solutions in the supply
chain helps the Group cement relationships with its customers.
The strategy behind the acquisition of Access Plus in November 2003 was to
enable the Group to compete for the large scale, long term print management
outsourcing contracts put out to tender by companies wanting cost-effective
solutions to non-core activities. The year under review saw that strategy pay
off with the Group being awarded contracts with an aggregated value of
approximately #32 million. These contracts range from one year rolling contracts
to five year fixed term agreements with companies that include BAA, Virgin
Retail, Virgin Mobile, BMI Healthcare and Matalan.
The challenging business environment is continuing to drive interest in
outsourcing as companies focus on reducing costs to improve bottom line
performance. The print industry is the UK's fifth largest industry sector.
However, the supply chain is complex and fragmented. As a result, companies with
a large print spend will almost certainly benefit from an outsourced print
management solution. TripleArc has demonstrated savings of over 30% to some of
its clients. As the outsourcing market continues to grow, so the contracts being
awarded become more complex and sophisticated, and information technology has
become a major driver. The Group is well placed to capitalise on this
requirement due to its industry leading technologies designed to streamline the
supply chain and help us re-engineer our customers' business processes to
achieve greater savings. We will continue to deliver cost savings to our clients
and look forward to demonstrating these capabilities as we look at a strong new
contracts pipeline.
Print Management Division
The results include a full year's contribution from Access Plus and highlights
the Group's strong position as one of the most complete print management service
providers in the UK. The division now trades under the name of AccessPlus.
AccessPlus provides print management solutions directly to print buying
customers across a diversity of industries that includes retail, financial
services, leisure, publishing and the public sector. The Print Management
Division saves customers' time and expense by utilising its expertise in project
management, new digital and workflow technologies, purchasing print and managing
suppliers, thereby allowing customers to outsource the complex process of buying
and managing print.
The year under review has seen the integration of Access Plus with the Group's
existing print management business, gl2. The integration of Access Plus was
combined with the roll out of a Group-wide accountancy system and the Group's
proprietary technology across the divisions and its suppliers. On an operational
level the newly created division performed well and overall sales margins were
ahead of initial expectations. However, the achievement of full-scale revenue
generation on certain new contracts took longer than originally anticipated due
to contract timing delays. Whilst these timing delays impacted on the 2004
financial performance, the Board fully expects the Group to generate the
revenues anticipated from these contracts in the current financial year. It is
in the nature of these contracts that they require significant management time
to win and implement and can involve financial investment to set up. Typically
there can be up to a six-month delay before they contribute to Group
profitability. We therefore expect to see the full impact from these exciting
contract wins during 2005.
The UK business forms market continues to decline as more businesses move
towards automated solutions requiring single sheet products. This is impacting
the profitability of one of our business groups which manages a high percentage
of this type of work. However, the Group is confident that it will be able to
continue to migrate its business activity away from this sector and provide a
more comprehensive Group-wide offering to these customers. This combined with a
slow down in the retail sector has led to a slightly slower than expected start
for the Print Management Division in 2005. However, the pipeline appears healthy
and the Board is confident of improved levels of trading in the second quarter.
AccessPlus experienced a good level of success during 2004 in the public sector
which now accounts for 7% of the Group's gross profit. We aim to continue
growing this part of our business which will benefit from the public sector's
commitment to e-business and cost saving strategies.
The Print Management Division has also been successful in providing cost saving
solutions to the retail sector. This was highlighted by the winning of the
Virgin Mobile and Virgin Retail POS contracts. The sophistication of these
contracts has enabled the division to further enhance its service offering and
technology solutions. Partner technologies have been adopted and integrated into
our existing technology and fulfilment offering, which has enabled the Group to
provide a comprehensive POS solution that is now being cross-sold into other
Group customers.
The new business activity within AccessPlus remains high and the division is
currently at preferred bidder status with a large financial services business to
provide a significant print management contract. The Board expects to be able to
confirm details of the contract soon.
Technology Division
The Technology Division, TripleArc Ltd, markets and supports the Group's
proprietary solutions, namely CWS (Collaborative Workflow System), edit2print
and OSCOS (Online Stock Catalogue and Ordering System), and provides internal
support to the Print Management Division, providing a strong competitive
advantage.
Technology is recognised as playing a pivotal role in allowing organisations to
manage and reduce printing costs. TripleArc's JDF(1) compliant technology
remains at the core of our offering and the Group is benefiting from the
increasing adoption of JDF within the print industry.
(1) Job Definition Format (JDF) is a print industry xml job ticket standard.
In 2004, TripleArc announced a strategic partnership with Four51 Inc. to
distribute CWS in the US market. Four51 is seeing an increase in demand for CWS
as the US market's appetite to outsource commercial print from large enterprises
grows. The roll out of the CWS technology into the customer base of PathForward
(a business unit of Standard Register, one of the largest print groups in the
US) is progressing well and the Board expects to be able to give further updates
on its strategic partnership with Four51 and opportunities in the US later in
the year.
In order to smoothly introduce TripleArc's proprietary software and other
operating platforms across the Group last year, resources within the Technology
Division were diverted from their main focus of generating external revenue. As
a result, revenue growth from the Technology Division was held back but now the
systems implementation is substantially complete, the Board is confident that
the Group will obtain significant benefits from the common technology platforms
now in place, and these have already been a key aspect in assisting the Group
win new business.
The CWS network now has suppliers connected to it across the UK, Europe and US.
The Group is currently identifying suppliers in the Far East and Asia which will
add further competitive services to the fast growing network. The print spend
through the network is continuing to gain momentum and the Group is beginning to
see a solid recurring revenue stream being generated from CWS.
Our attendance at the industry trade show DRUPA in association with Hewlett
Packard, generated a number of leads with regard to licensing the edit2print
software. A number of these opportunities have been closed in the current
financial year.
The Group is currently seeking further opportunities to leverage revenues from
its proprietary technologies, which include licensing the CWS software and use
of the print network to large enterprises which have adopted an 'insource' print
management solution.
As the Technology Division refocuses on external technology sales, the Board is
confident that it can deliver substantial earnings growth from this division in
the future.
Data Management and Fulfilment Division
Stream, acquired in December 2004, was formed through the integration of two
established direct marketing companies, Stream Direct Communications in
Cirencester (formerly Brann Direct) and Stream GWC in Swindon (formerly GWC
Group). Both businesses have over 20 years experience in the provision of direct
marketing services. The integration of these businesses was completed in March
2005 with the Cirencester operation closed down and business transferred to
Swindon. The division, previously known as HFS Projects Limited, now trades as
Stream and employs over 200 staff. Stream specialises in the automotive, mail
order, publishing, charity, financial services and leisure sectors.
The acquisition of Stream not only increases the Group's scale in the print
management sector, but also adds a range of 'data-centric' solutions which
include: data management and data processing, response management, such as
inbound and outbound call handling and data-capture and extensive
personalisation and data fulfilment facilities. These new services will benefit
the Print Management Division's customers as well as enabling the Group to
tender for some of the larger financial services contracts available which
require particular expertise in the customer data area.
It is anticipated that Stream will quickly adopt the Group's technologies, such
as OSCOS and CWS, adding further momentum to the print spend placed via CWS.
Furthermore, the cross selling benefits between the businesses within the Group
are excellent with many AccessPlus customers requiring the services provided by
Stream and vice versa.
The Board has had a strategic goal of providing added-value services to the
Group's offering. The purchase of Stream provides the Group with more control of
our customers' sensitive data, taking us further up the supply chain of their
communication solutions and strengthening our relationships.
Business Improvement
As the Group continues to grow it is important we focus on continued improvement
within the business divisions. In February 2005, Six Sigma, a methodology for
improving the efficiency and effectiveness of business activities, was adopted
and is being rolled out across the Group.
The Group is committed to providing the best possible service to all of our
customers all of the time. This is endorsed by our implementation and support of
Six Sigma. Our commitment to quality and service extends from the Board to all
members of the workforce and will be constantly reviewed to ensure a culture of
continual improvement throughout the organisation.
Staff
TripleArc Plc now employs over 350 people and the Board would like to thank all
of them for their loyalty and level of professionalism over the past year. It
has been a time of great change and excitement and the Board is grateful for all
their hard work.
Outlook
The Group has experienced a significant improvement in the quantity and quality
of its earnings stream. We expect this trend to continue as we progressively
move away from ad hoc print supply orders towards longer term print management
contracts and the Group's technology procurement network grows. The substantial
contract wins and the expansion of the CWS network over the past year provide
clear evidence of the basis of long-term sustainable revenues. This has
established a firm foundation on which the Group will develop its strategy for
delivering a complete communications support services solution.
A Group-wide Contract Solutions team has been established to deliver on this
strategy and ensure that services are cross-sold between divisions to our
customers. The acquisition of Stream has greatly enhanced the Group's customer
base and service offering and we have already seen over #500,000 of annualised
business placed by a Stream customer with AccessPlus. Stream represents a step
towards the Group's aim to help customers to effectively manage the integration
of data with the convergence of digital and print communication channels.
In focusing on new strategic partnerships and potential acquisitions we are
enhancing the service offering to our clients, whilst delivering value for the
Group. TripleArc aims to fulfil its vision by adding further service areas to
its offering and to develop the potential of the Group's procurement technology
through the establishment of a global technology platform. The Board believes
that it will continue to deliver shareholder value over the forthcoming year and
well into the future.
Group profit and loss account
for the year ended 31 December 2004
Notes 2004 2003
#000 #000
-------- --------
Revenue 48,742 20,860
Cost of sales (36,548) (17,434)
-------- --------
Gross profit 12,194 3,426
Administration expenses (7,671) (2,504)
-------- --------
Profit before exceptional costs, amortisation of
intangible assets and share option compensation expense 4,523 922
Exceptional recruitment and integration costs (285) (184)
-------- --------
Profit before amortisation of intangible assets and
share option compensation expense 4,238 738
Amortisation of intangible assets (2,085) (563)
Non cash share option compensation expense (7) (99)
-------- --------
Profit on ordinary activities before interest and
taxation 2,146 76
Interest receivable 54 13
Interest payable (1,322) (124)
Amortisation of deferred financing costs (85) -
-------- --------
Profit/(loss) on ordinary activities before taxation 793 (35)
Tax on profit/(loss) on ordinary activities (537) (196)
-------- --------
Profit/(loss) for the financial year 256 (231)
======== ========
Basic earnings/(loss) per ordinary share
- basic and diluted (pence) 2 0.13p (0.29p)
======== ========
Adjusted earnings per share before allowing for exceptional costs and #2.170m
(2003 - #0.563m) for goodwill and deferred financing amortisation, and #0.007m
(2003 - #0.099m) for share option compensation expense
Earnings per ordinary share (pence) 2 1.31p 0.71p
Diluted earnings per ordinary share (pence) 1.29p 0.71p
======== ========
The Group had no recognised gains or losses in the financial year or preceding
financial year other than those dealt with in the profit and loss account.
Group balance sheet
at 31 December 2004
Notes 2004 2003
#000 #000
--------- --------
Fixed assets
Intangible assets 43,783 37,692
Tangible assets 2,466 1,755
--------- --------
46,249 39,447
--------- --------
Current assets
Stocks 1,226 1,223
Debtors 15,563 11,136
Cash at bank and in hand 277 2,188
--------- --------
17,066 14,547
Creditors: amounts falling due within one year (16,010) (12,921)
--------- --------
Net current assets 1,056 1,626
--------- --------
Total assets less current assets 47,305 41,073
Creditors: amounts falling due after more than one year (22,010) (16,612)
Provision for liabilities and charges:
deferred taxation - (68)
--------- --------
Net assets 25,295 24,393
========= ========
Capital and reserves
Called up share capital 10,212 10,050
Share premium account 20,010 19,533
Share option reserve 1,030 1,023
Merger reserve (621) (621)
Group interest in shares of TripleArc Plc (150) (150)
Profit and loss account (5,186) (5,442)
--------- --------
Shareholders' funds - equity 6 25,295 24,393
========= ========
Group cash flow statement
for the year ended 31 December 2004
Notes 2004 2003
#000 #000
---------- ----------
Net cash inflow from operating activities 3 3,364 1,621
Returns on investments and servicing of finance
Interest received 54 13
Interest paid (1,322) (124)
---------- ----------
Net cash (outflow)/inflow from returns on
investments and servicing of finance (1,268) (111)
Corporation tax paid (723) (43)
Capital expenditure and financial investment
Purchase of tangible fixed assets (400) (8)
Disposal of tangible fixed assets - -
---------- ----------
Net cash outflow for capital expenditure (400) (8)
Acquisitions and disposals
Acquisition of subsidiary undertaking - (27,492)
Payments in connection with acquisition (157) (1,177)
Cash acquired on acquisition 161 673
Overdraft acquired with subsidiary undertaking - (1,512)
---------- ----------
Net cash inflow/(outflow) for acquisitions and
disposals 4 (29,959)
Net cash inflow/(outflow) before use of liquid
resources and financing 977 (28,500)
Financing
Proceeds from issue of share capital - 11,200
Expenses paid in connection with share issue - (850)
New long-term bank loans 5 700 18,450
Repayment of Loan Notes (65) -
Short term loans repaid (540) -
Long term loans repaid (2,300) -
Capital element of finance lease payments - (15)
---------- ----------
Net cash inflow/(outflow) from financing (2,205) 28,785
---------- ----------
Increase/(decrease) in cash 4,5 (1,228) 285
========== ==========
Reconciliation of net cash movements to net funds
Increase/(decrease) in cash in the year (1,228) 285
Increase in debt (700) -
Decrease in short term debt 540 -
Decrease in long term debt 2,300 -
Deferred financing costs (85) -
---------- ----------
Increase in net funds resulting from cashflows 827 285
Increase in new loans arising to fund acquisition - (18,450)
---------- ----------
Movement in net debt in the year 827 (18,165)
Net (debt)/funds at 1 January (17,485) 680
---------- ----------
Net debt at 31 December (16,658) (17,485)
========== ==========
Note 1: Basis of consolidation
The consolidated financial statements include the financial statements of
TripleArc Plc and its subsidiary undertakings prepared up to 31 December 2004.
Inter-company profits, transactions and account balances have been eliminated.
The acquisition method of accounting is applied for acquisitions with fair
values being attributed to the identifiable net assets acquired. The results of
subsidiary undertakings acquired during the year are included in the
consolidated profit and loss account from the date of acquisition.
Note 2: Earnings per share
2004 2003
------------ -----------
(a) Basic earnings/(loss) per share
Profit/(loss) attributable to ordinary shareholders
(#000) 256 (231)
============ ===========
Basic weighted average number of shares 201,029,886 79,017,127
Dilutive potential ordinary shares from share options 2,537,082 142,395
------------ -----------
203,566,968 79,159,522
============ ===========
Basic earnings/(loss) per share (pence) 0.13p (0.29p)
============ ===========
Basic earnings/(loss) per share has been calculated by dividing the profit
(2003, loss) for each financial year by the weighted average number of ordinary
shares in issue in each year. There is no difference for 2004 and 2003 between
the basic earnings/(loss) per share and the diluted earnings/(loss) per share.
2004 2003
------------ -----------
(b) Adjusted earnings per share
Profit attributable to ordinary shareholders (#000) 2,636 559
============ ===========
Basic weighted average number of shares 201,029,886 79,017,127
Dilutive potential ordinary shares from share
options 2,537,082 142,395
------------ -----------
203,566,968 79,159,522
============ ===========
Adjusted earnings per share (pence) 1.31p 0.71p
============ ===========
Diluted adjusted earnings per share (pence) 1.29p 0.71p
============ ===========
Profit on ordinary activities after taxation of #0.3m (2003 - loss #0.2m) is
shown after deducting #0.3m (2003 - #0.2m) in respect of exceptional recruitment
and integration costs, #2.2m (2003 - #0.6m) in respect of goodwill and deferred
financing amortisation, and #7,000 (2003 - #0.1m) in respect of share option
compensation expense. Adjusted earnings per share has been calculated by
dividing the adjusted profit of #2.6m (after allowing for the potential tax
credit on exceptional costs), (2003 - #0.6m) by the weighted average number of
shares in issue at 31 December 2004 and 31 December 2003, respectively.
Note 3: Reconciliation of operating profit to net cash inflow from operating activities
2004 2003
#000 #000
--------- --------
Operating profit 2,146 76
Depreciation 247 108
Loss on disposal of fixed assets 2 -
Amortisation of intangible assets 2,085 563
Non cash share option compensation expense 7 99
Decrease in stocks 115 454
Increase in debtors (1,569) (2,407)
Increase in creditors 331 2,728
--------- --------
3,364 1,621
========= ========
Note 4: Analysis of changes in net funds
At 31 At 31
December Acquisition December
2003 movements Cash flow 2004
#000 #000 #000 #000
Cash at bank and on hand 2,188 161 (2,072) 277
Bank overdraft (1,223) - 1,223 -
--------------------------------------- --------
Net cash 965 161 (849) 277
Debenture loans (18,450) - 1,515 (16,935)
--------------------------------------- --------
Total (17,485) 161 666 (16,658)
======================================= ========
Note 5: Reconciliation of net cash flow to movements in net debt
2004 2003
#000 #000
--------- --------
(Decrease)/increase in cash in the year (1,228) 285
Increase in debt (700) -
Decrease in short term debt 540 -
Decrease in long term debt 2,300 -
Deferred financing costs (85) -
--------- --------
Increase in net funds resulting from cash flows 827 285
Increase in new loans to fund acquisition - (18,450)
--------- --------
Movement in net debt in the year 827 (18,165)
Net (debt)/funds at 1 January (17,485) 680
--------- --------
Net debt at 31 December (16,658) (17,485)
--------- --------
As part of the acquisition of Access Plus, the Group entered into a #20m seven
year facility with HSBC Bank plc, comprising a #16m term loan and a revolving
credit line of #4m. Amounts falling due within one year only include that
element of the loan repayable in 2005. Amounts falling due after more than one
year include the remainder of the loan and the full revolving credit facility.
Note 6: Reconciliation of movements in equity shareholders' funds
2004 2003
#000 #000
-------- --------
Opening equity shareholders' funds 24,393 3,695
Total recognised gains and losses 256 (231)
Issued share capital including premium, net of expenses 639 20,830
Increase in share option reserve 7 99
-------- --------
Closing equity shareholders' funds 25,295 24,393
-------- --------
Note 7: Publication of non-statutory accounts
The financial information set out in this preliminary results announcement does
not constitute statutory accounts as defined in Section 240 of the Companies Act
1985. The financial information for the year ended 31 December 2004 is extracted
from the statutory accounts for that year on which the auditors' report was
unqualified. The Accounts for the year ended 31 December 2004 will be delivered
to the Registrar of Companies in due course. The financial information for the
year ended 31 December 2003 is extracted from the statutory accounts of
TripleArc Plc for that year on which the auditors' report was unqualified.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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