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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 |
RNS Number:0321E TripleArc PLC 05 June 2006 5 June 2006 TripleArc Plc Preliminary Results for the Year Ended 31 December 2005 TripleArc Plc ("TripleArc", the "Company" or the "Group") provides technology enhanced print management solutions to businesses seeking to reduce costs and streamline business processes. The Group is able to differentiate its offering by providing its customers with industry leading technology solutions which streamline the supply chain and facilitate sustainable cost savings. SUMMARY #'m Year ended 31 Year ended Year ended December 2005 31 December 31 December 2005 2004 (Restated) Continuing Total Total Turnover 49.7 57.5 48.2 Gross profit 13.3 14.8 11.3 EBITA 2.1 1.8 3.5 EBITDA 2.5 2.3 3.7 Adjusted earnings per share ** 0.38p 0.14p 0.89p Basic (loss)/earnings per share (1.16p) (1.69p) (0.29p) Cash inflow from operating activities 2.7 3.4 EBITA - Earnings before exceptional costs, amortisation, interest and tax. EBITDA - Earnings before exceptional costs, amortisation, depreciation, interest and tax. ** Based on earnings before amortisation of intangible assets, deferred financing amortisation and exceptional costs *2005 Top 30 accounts grew by 24% *Contracted revenue increased by 50%, now accounting for 44% of turnover *Slowdown in retail sector and decline in business forms *Continuing investments in infrastructure, sales and account management *Positive cash flow and further debt repayments *Board restructured and review completed allowing accurate 2006 guidance to be given Jason Cromack, CEO commented; "2005 was a very difficult year for the Group and the Board is cautious in its immediate expectations. However with contracted revenue increasing by 50% from a strong blue-chip client base and new contract wins since the year end, the Board remains positive in the longer term outlook for the Group." For further information please contact: TripleArc Plc 0117 933 1006 Jason Cromack, Chief Executive Officer Richard Hodgson, Chief Financial Officer Weber Shandwick Square Mile 020 7067 0700 Terry Garrett/ Nick Dibden Chairman's review Year ended 31 December 2005 As has previously been highlighted, 2005 was an extremely challenging year for the Group. The ongoing decline in business forms, a slow down in demand from the retail sector and the necessity to restate the 2004 accounts, all had a negative impact on the Group in 2005. Despite this, the Group is reporting growth in both turnover and gross profit over the comparable period in 2004. Although operating profit for the period was impacted by substantial investments in infrastructure, the Group successfully managed its resources not only to carry these investments but also to cover the exceptional costs of a major restructuring exercise, to generate positive cash flow and to pay down debt. Having made these investments the Group now has the capability to manage the larger print management contracts which are the ongoing focus of the Board's strategy to deliver an annuity business. Encouragingly, contracted revenues during the year increased by 50% on the same period in 2004 and accounted for 44% of the Groups 2005 revenue, up from 28% in 2004. The Group has restructured its Board enabling it to steer the Company through this period of rebuilding. The announcement on 26 September 2005, regarding the restatement of the Group's accounts for the year ended 31 December 2004 and the downward revision of the Group's expectations for the full year was extremely disappointing. However, the Board is pleased that the Group has met its most recent expectations for 2005, in what continued to be a very challenging environment for the business. Since the year end the Board has announced that it has disposed of its loss making high-volume direct mail business, Stream, but had 'hived-up' the marketing solutions business into another Group company prior to disposal. The retained business provides data-centric marketing propositions consisting of highly targeted direct mail, database management, fulfilment, contact centre and response management services. Following the completion of this prolonged period of restructuring, review and the finalisation of the audits for both 2004 and 2005, the Board is only now able to give accurate guidance. Its prudent view is for only modest year on year growth and that 2006 will be a year of steadily building on the foundations that have been laid. I believe that the Group is well positioned to deliver innovative print management and business communication solutions. R Atkins Chairman 5 June 2006 Chief Executive's review Year ended 31 December 2005 Overview The Group's strategy is to provide its customers with innovative print management and business communication solutions, which remove considerable cost from within their organisations. Using the experience of our staff, service offering and technology we are able to provide our customers with tailored solutions which re-engineer and manage the way they communicate their corporate messages. A corporate message is anything from a brochure to direct mail, point of sale, emails, report and accounts, or an invoice. The print industry is the UK's fifth largest sector and the supply chain is complex and incredibly fragmented. As a result, customers with a large print spend will almost certainly be able to save money from an outsourced print management solution. AccessPlus has demonstrated savings of over 30% to a number of its customers. In the current environment, businesses are looking to reduce headcount and external spend. Customers are seeking contracted relationships with partners to whom they can outsource their print and associated spend. These contract terms range from 12 months to 10 years and will allow the Group to deliver an annuity business. The Group is already working in partnership with a number of leading businesses, across a variety of sectors including: financial services, retail, charities, telecommunications and IT. It is particularly pleasing to have increased our contracted revenue in 2005 by 50% and we will look to increase this further in the short to medium term thus giving the Group greater visibility in earnings. The twelve months to 31 December 2005 represented a period of substantial Group-wide infrastructure improvement, service integration and corporate development. Also, whilst not in the period under review it is important to highlight the disposal of the high-volume direct mail business, Stream, on 31 March 2006. The Group retained the 'added-value' marketing solutions element of the Stream business which was located at separate premises. This new business has been named AccessPlus Marketing Logistics and allows the Group to provide its customers with data solutions which will enable them to communicate with their end-customers more effectively and see better returns from their communication campaigns. The disposal of the high volume Stream business comes at a time of continued over-capacity and rapidly deflating prices in the high-volume direct mail market and substantial investment would have been required to make the business competitive and profitable. The Group is now able to focus on its core business of outsourcing print and high-volume direct-mail to its accredited supplier base. The disposal of Stream will have a positive impact on the operational gearing of the business. To enable the Board to deliver on its strategy, important investments in new staff (in the areas of contract management, procurement, managed solutions, and human resources), IT infrastructure and new property in London and Swindon were undertaken during 2005, which have provided the Group with a solid foundation for future growth and development. Outsourced Solutions The Group provides services to many major organisations, including BAA Plc, General Healthcare Group, Skandia, MacMillan Cancer Relief, Manpower, Virgin Mobile and Virgin Megastores. The Group has focussed on developing each customer by providing additional added value services to those we were first contracted to provide. This not only delivers revenue growth, but strengthens the partnership we have with our customers as we are able to provide them with further cost savings from the services the Group provides. In 2005 the Group suffered a decline in ad hoc revenue from its non-contracted customers, mainly in the area of business forms. However the major accounts performed well, with the revenue from our top 30 customers in 2005 up 24% on 2004, highlighting the impact of this strategy. The Group will continue to focus on converting its non-contracted customer base onto contracts. Whilst contracts can mean lower margins in return for a more robust revenue stream, our ability to offer additional services can lead to further revenue growth opportunities. The Group is also focused on winning new long term contracts to drive organic growth. These contracts require significant investment in terms of management time to win, to implement, and often involve financial investment to set up. Typically it can take anything from one month to a year from winning a contract to generating full revenues. In the year under review, the Group has increased its contracted revenue base by 50%. The contracts awarded to the Group in 2004 produced additional revenue in 2005 of #5m. The Board believes that these indicators validate its strategy of growing long term contracted revenue across a range of vertical markets with the obvious positive impact on stability and quality of earnings. At the time of the preliminary announcement of the Group for the year ended 31 December 2004, the Board announced that it was currently at preferred bidder status with a leading financial services organisation. This contract to provide a major print management service for its UK operation has now been signed. The contract is for an initial three year period, with the option to renew the agreement for two additional successive one year terms. Whilst we have been working with this organisation for a number of months now we are pleased to have the signed contract in place. We now look forward to continuing our close working relationship with this organisation and building on the work we have already done for them. There are further growth opportunities available to us with this contract and we will look to maximise on these opportunities in the foreseeable future. During 2005, the Group entered into discussions with Standard Register, a leading document services provider in the US, to provide its US based customers with a European solution. In March 2006 AccessPlus Marketing Services Limited, and Standard Register in the US entered into an alliance to better serve their customers in North America and Europe. The reciprocal relationship provides customers with print management services and technology integration that helps both companies' customers ensure brand consistency worldwide, whilst driving cost out of the supply chain. One of the key drivers of the relationship with Standard Register is to provide our respective global clients with more products and services at all their locations. TripleArc technology is well established in the US and is used by Standard Register providing both parties with a common platform for its print procurement. AccessPlus and Standard Register have standardised procedures and reporting strategies to facilitate a common service offering. AccessPlus is already providing print management services for two of Standard Register's customers in the UK and Europe. The Group hopes to be able to take the US proposition to a number of its customers in due course. TripleArc Technology IT is a key component in an outsourced solution for streamlining and removing cost from the supply chain. The technology expertise within the Group provides key support in selling and delivering customer solutions, and TripleArc's proprietary software gives the Group a competitive advantage in this area. Our suppliers are now connected to the Group via TripleArc's Collaborative Workflow System (CWS) and we continue to work with our supplier base to ensure best procurement practice and benefits to the Group and our customers. We are currently in development with a new solution which will enable our customers to receive instant print quotations from the Group's supplier base. The solution is currently in development testing with a number of our suppliers and the initial results are very encouraging both in terms of process improvement and customer interest from a new business perspective. Further enhancements were made to TripleArc's edit2print solution, a leading online PDF editing software. A number of the Company's customers including General Healthcare Group licensed this solution in 2005, generating revenue for the Group and removing significant cost from the customers supply-chain. These costs include reversion costs typically charged by the design or marketing agency. TripleArc's Online Stock Catalogue and Ordering System (OSCOS) is now fully deployed within many of Access Plus' customers. OSCOS provides the Group's customers with a shop window displaying the printed products they have stored within our warehousing facilities and allows them to order goods and check stock levels. OSCOS is a market-leading solution and again strengthens our partnerships with our customers. The Group's ongoing technology strategy is to partner with software companies to provide a 'best-in-class' IT offering rather than committing itself to substantial in-house R&D spend. This will allow the Group to provide flexible solutions and ensure the right process driving technology is integrated into each customer. Board Changes On 5 July 2005, Richard Hodgson joined the Board as Chief Financial Officer. Richard joined the Group from Iron Mountain Europe where he was European Finance Director. David Wong retired from the Board as a non-executive director on 25 July 2005 in order to spend more time on his other business interests. David was a founding director of TripleArc and was previously Chairman of the Group. In February 2006, the Board welcomed Richard Atkins to the role of Independent Non-Executive Chairman. Richard has spent the majority of his career within the IT and Support Services industries, most recently at IBM where he held a number of senior positions in marketing, strategy and general management. The Company also announced that Chris Pople, JT Wong and Nick Haigh had resigned from the Board. Staff The year under review was one of change and the Board would like to thank the Group's staff for the commitment, professionalism and loyalty that they have shown during this period. The Group can differentiate itself because of its staff and the skills that they can provide to its customers, and they are the resource that underpins the Group's strategy. Suppliers The Board would like to take this opportunity to thank its suppliers for embracing the Group's technology and excellent service they provide. Current Trading & Outlook As noted above, the latter half of 2005 was difficult due to the very public issues the Group faced and this has delayed the winning of new business. The over-capacity and deflationary pricing in the market for high volume direct mail required decisive action by the Board resulting in the disposal of that business. Whilst this has provided immediate positive impact on the Group's liabilities, it absorbed a significant amount of senior management time and delayed the implementation of the Group's strategy. This has also removed what was previously viewed as a profitable division. The Board is beginning to see momentum building from maintaining its strategy of pursuing contracted revenue and account development. These early positive signs, combined with a further strategic review, have convinced the Board that continued investment in sales, marketing and account management are justified as opposed to further cost reductions. The Group has been successful in early 2006 in securing new contract wins but given a better understanding of the period taken to fully realise the results of these wins, and the much greater potential benefit of taking the time to get it right, the Board is cautious in its immediate expectations for their impact. The Group is committed to delivering innovative print management and business communication solutions which will deliver future benefits for its customers, suppliers, investors and staff and the Board is determined to build a secure long term business model. J Cromack Chief Executive Officer 5 June 2006 Financial review Year ended 31 December 2005 Restatement of 2004 Accounts Following a review in the second half of 2005 it was determined that a number of financial reporting errors arose during the integration of Access Plus and the implementation of the Group-wide financial reporting system. Approximately #1.1m of costs were misallocated between the 2004 and the 2005 financial periods which resulted in a material overstatement of profitability in the Group's accounts for the year ended 31 December 2004 (the "2004 Accounts"). The Board concluded that the 2004 Accounts required restating when the statutory accounts for the year ended 31 December 2005 were filed. The restatement of the 2004 accounts is primarily due to cut-off errors resulting from the implementation of a new accounting system. The Board is confident that these previous financial control issues have been addressed. Financial Highlights In the twelve months to 31 December 2005, turnover increased by 19% to #57.5m (2004 - #48.2m) and gross profit improved by 30% to #14.8m (2004 - #11.3m). Group operating profit before exceptional items and the amortisation of intangible assets ("EBITA") decreased from #3.5m in 2004 to #1.8m in 2005. Revenue and gross profit from continuing operations increased by 3% and 17% respectively. EBITA from continuing operations was #2.1m after removing the impact of the discontinued Stream business. Adding back depreciation of #0.4m the Groups continuing operations produced EBITDA of #2.5m, sufficient to cover continuing interest and exceptionals of #2.2m combined. The impact of the decline in the business forms market and a slow down in demand from the retail sector on the Group's EBITA would have been far greater if not offset by the increase in contracted annuity revenue. However, to achieve this more secure revenue base, significant investments in infrastructure have had to be made in IT, HR, property and account management. These investments increased administrative expenditure by #1.1m in 2005. Against this increase, a full review of costs has so far generated #0.8m of annualised savings in the continuing operations. As these costs were realised towards the end of 2005 their impact is not yet fully felt. Working Capital and Debt Operating cash generation continues to be positive and overall there was a net cash inflow over the period of #2.7m (2004 - net cash inflow of #3.4m). This was primarily achieved through focused working capital management. Debtor days were reduced and creditor days were maintained. Outstanding bank loans in 2005 fell by #1.25 million. Net debt at 31 December 2005 was #16.3m, including #1.3m in respect of the invoice discounting line acquired with the Stream business versus #17.4m in 2004. Net debt within continuing operations stood at #15.7m. Net current liabilities of #1.9m included #1.9m of bank loan repayments due in the next 12 months, #1m of net liabilities that were disposed with the Stream business and #0.5m of deferred consideration. Stock, trade debtors and cash stood at #13.2m versus trade creditors of #9.9m, giving us adequate headroom in these key lines. The Group has completed a full strategic review with its senior lender, HSBC and continues to enjoy their support. R Hodgson Chief Financial Officer 5 June 2006 Consolidated Profit and Loss Account for the year ended 31 December 2005 Note 2005 2005 2004 Contin- Discon- 2005 Restated uing tinued Total (note 2) #'000 #'000 #'000 #'000 Turnover 3 49,738 7,794 57,532 48,211 Cost of sales (36,431) (6,314) (42,745) (36,870) ________ ________ ________ ________ Gross profit 13,307 1,480 14,787 11,341 Administrative expenses: Excluding exceptional items and amortisation of intangible assets (11,228) (1,789) (13,017) (7,891) Exceptional items 4 (946) (757) (1,703) (285) Amortisation of intangible assets (2,211) 41 (2,170) (2,165) ________ ________ ________ ________ (14,385) (2,505) (16,890) (10,341) Operating (loss)/ profit 3 __________________________________________________________________________________ Excluding exceptional items and amortisation of intangible assets 2,079 (309) 1,770 3,450 Exceptional items 4 (946) (757) (1,703) (285) Amortisation of intangible assets (2,211) 41 (2,170) (2,165) ________ ________ ________ ________ __________________________________________________________________________________ Operating (loss)/ profit (1,078) (1,025) (2,103) 1,000 Interest receivable ======== ======== 82 54 Interest payable and similar charges (1,553) (1,407) ________ ________ Loss for the financial year before taxation (3,574) (353) Tax on loss on ordinary activities 5 80 (236) ________ ________ Loss for the financial year (3,494) (589) ======== ======== Loss per ordinary share - basic and diluted (pence) 6 (1.69p) (0.29p) The discontinued operations in 2005 relate to the high volume direct mail business within Stream GWC Group Limited, which was sold on 31 March 2006. Stream GWC Group Limited was acquired by Triple Arc Plc on 31 December 2004 and therefore no comparative disclosures can be made in 2004. Consolidated Statement of Total Recognised Gains and Losses for the year ended 31 December 2005 2004 Restated 2005 (note 2) #'000 #'000 Loss attributed to shareholders (3,494) (589) Prior year adjustment (note 2) (845) - ________ ________ Total gains and losses recognised since last Annual Report (4,339) (589) ======== ======== Consolidated Balance Sheet at 31 December 2005 Restated (note 2) 2005 2004 #'000 #'000 Fixed assets Intangible assets 34,974 43,703 Tangible assets 2,206 2,466 ________ ________ 37,180 46,169 ________ ________ Current assets Stocks 1,281 1,140 Debtors 11,450 15,467 Cash at bank and in hand 994 277 ________ ________ 13,725 16,884 Creditors: amount falling due within one year (15,633) (16,592) ________ ________ Net current (liabilities)/assets (1,908) 292 ________ ________ Total assets less current liabilities 35,272 46,461 Creditors: amounts falling due after more than one year (14,010) (22,010) ________ ________ Net assets 21,262 24,451 ======== ======== Capital and reserves Called up share capital 10,353 10,213 Share premium account 20,175 20,010 Share option reserve 1,030 1,030 Merger reserve (621) (621) Group interest in shares of TripleArc Plc (150) (150) Profit and loss account (9,525) (6,031) ________ ________ Equity shareholders' funds 21,262 24,451 ======== ======== Consolidated Cash Flow Statement for the year ended 31 December 2005 Note Restated (Note 2) 2005 2004 #'000 #'000 Net cash inflow from operating activities 7 2,742 3,364 ________ ________ Returns on investment and servicing of finance Interest received 82 54 Interest paid (1,381) (1,322) ________ ________ Net cash outflow from returns on investments and servicing of finance (1,299) (1,268) ________ ________ Taxation UK corporation tax paid (17) (723) ________ ________ Capital expenditure and financial investment Purchase of tangible fixed assets (511) (400) Receipts from sales of tangible fixed assets 58 - ________ ________ Net cash outflow from capital expenditure (453) (400) ________ ________ Acquisitions and disposals Costs incurred in connection with acquisitions - (157) Cash acquired on acquisition - 161 ________ ________ Net cash inflow from acquisitions and disposals - 4 ________ ________ Net cash inflow before financing 973 977 ________ ________ Financing Proceeds from issue of share capital 305 - Repayment of loan notes (33) - Long term loans repaid (1,251) (2,925) New long term bank loans - 720 New finance leases 26 - ________ ________ Net cash outflow from financing (953) (2,205) ________ ________ Increase/(decrease) in cash 9 20 (1,228) ======== ======== Notes to the Financial Statements 31 December 2005 1. PRELIMINARY STATEMENT This preliminary statement, which has been agreed with the auditors, was approved by the Board on 4 June 2006. The financial information set out in this preliminary statement does not constitute the company's statutory accounts for the years ended 31 December 2005 or 31 December 2004. The financial information for the year ended 31 December 2004 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies and which received an audit report which was unqualified and did not contain statements under s237(2) or (3) of the Companies Act 1985. The statutory accounts for the year ended 31 December 2005 have not yet been approved, audited or filed and will be sent to shareholders in due course. 2. PRIOR YEAR ADJUSTMENT The 2004 comparative figures have been restated to correct a fundamental error relating to cut-off, whereby costs and revenue were incorrectly treated during the year ended 31 December 2004. In addition, the goodwill amortisation charge in 2004 was incorrect and this has also been restated. The impact of these restatements upon the 2004 consolidated profit and loss account is described below: 2004 #'000 Profit for the 2004 financial year before restatement 256 ________ Cut-off errors (1,066) Goodwill amortisation (80) Corporation tax impact 301 ________ Prior year adjustment (845) ________ Restated loss for the 2004 financial year (589) ======== The effect on the consolidated balance sheet is shown below: 2004 #'000 Net assets before restatement 25,296 Intangible assets (80) Stocks (86) Debtors (96) Creditors falling due within 1 year (583) ________ 24,451 ======== 3. SEGMENTAL ANALYSIS Operating profit/ Turnover (loss) Net Assets 2004 2004 2004 2005 Restated 2005 Restated 2005 Restated #'000 #'000 #'000 #'000 #'000 #'000 Continuing operations - Print procurement solutions 152 371 (1,269) (513) 917 625 - Print management 49,586 47,840 191 1,513 36,230 41,248 ________ ________ ________ ________ ________ ________ 49,738 48,211 (1,078) 1,000 37,147 41,873 ________ ________ ________ ________ ________ ________ Discontinued operations - Print procurement solutions - - - - - - - Print management 7,794 - (1,025) - 431 - ________ ________ ________ ________ ________ ________ 7,794 - (1,025) - 431 - ======== ======== ======== ________ ________ ________ 37,578 41,873 ======== ======== Interest bearing assets 994 277 Interest bearing liabilities (17,310) (17,699) ________ ________ Net assets 21,262 24,451 ======== ======== Predominantly all of the Group's turnover and operating (loss)/ profit originates within the UK and the vast majority of the Group's net assets are located within the UK. On 31 March 2006 the Group disposed of the high volume direct mail business within the Stream Group. The turnover and operating results of this business for the year ended 31 December 2005 have been classified as 'discontinued' in accordance with FRS3, 'Reporting Financial Performance'. The consideration received was #1, generating a profit on disposal of approximately #950,000 before associated costs. Interest bearing assets and interest bearing liabilities comprise the components of the Group's net debt. 4. EXCEPTIONAL COSTS The following costs were derived from events that fall within the ordinary activities of the group and have been classified as operating exceptional items by virtue of their size or incidence: 2005 2004 #'000 #'000 Recruitment, reorganisation and integration costs (1,703) (285) ======== ======== The costs mainly relate to the reorganisation of the Group following the acquisition of the Stream Group on 31 December 2004. 5. TAXATION Taxation (credit)/charge for the year a) The taxation (credit)/charge for the year is analysed below: Restated 2005 2004 #'000 #'000 Current taxation UK corporation tax - 274 Under provision in prior years - 30 ________ ________ - 304 Deferred tax Elimination of timing differences (80) (68) ________ ________ Taxation (credit)/charge for the year (80) 236 ======== ======== b) Factors affecting the current tax charge The effective rate of tax for the period differs from the standard rate of tax in the United Kingdom. The differences are set out in the tax reconciliation below: Restated 2005 2004 #'000 #'000 Loss on ordinary activities before taxation (3,574) (353) ======== ======== Loss on ordinary activities multiplied by the standard rate of corporation tax in the UK of 30% (2004: 30%) (1,072) (106) Effects of: Expenses not deductible for tax purposes 200 9 Goodwill amortisation 629 626 Depreciation in excess of capital allowances 68 25 Other timing differences 50 (49) Losses carried forward 125 (231) Prior year adjustment - 30 ________ ________ - 304 ======== ======== The group has not recognised any deferred tax assets in respect of losses carried forward as the ultimate utilisation of these losses is uncertain. The group has losses carried forward of approximately #3.7m. 6. EARNINGS PER SHARE Restated Dis- Total Total Continuing continued 2005 2004 operations operations a) Basic loss per share Loss attributable to ordinary shareholders (#'000) (2,399) (1,095) (3,494) (589) =========== =========== =========== =========== Basic weighted average number of shares 206,588,489 206,588,489 206,588,489 201,012,601 =========== =========== =========== =========== Basic loss per share (pence) (1.16p) (0.53p) (1.69p) (0.29p) =========== =========== =========== =========== In 2005 and 2004 the diluted EPS is considered to be the same as the basic EPS as any shares to be issued under the option arrangements will be anti dilutive due to the loss in both years. Restated Dis- Total Total Continuing continued 2005 2004 operations operations b) Adjusted earnings / (loss) per share Profit/ (loss) attributable to ordinary shareholders (#'000) 781 (497) 285 1,791 =========== =========== =========== =========== Basic weighted average number of shares 206,588,489 206,588,489 206,588,489 201,012,601 =========== =========== =========== =========== Basic earnings/ (loss) per share (pence) 0.38p (0.24p) 0.14p 0.89p =========== =========== =========== =========== Loss on ordinary activities after taxation of #3.5m (2004: loss #0.6m as restated) is shown after deducting #1.7m (2004: #0.3m) in respect of exceptional recruitment and integration costs, #2.3m (2004: #2.2m) in respect of goodwill and deferred financing amortisation, and #Nil (2004: #7,000) in respect of share option compensation expense. Adjusted earnings per share has been calculated by dividing the adjusted profit (after allowing for the potential tax credit on exceptional costs) by the weighted average number of shares in issue at 31 December 2005 and 31 December 2004 respectively. 7. RECONCILIATION OF OPERATING (LOSS)/PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES Restated 2005 2004 #'000 #'000 Operating (loss)/profit (2,103) 1,000 Depreciation 508 252 Profit on disposal of tangible fixed assets (25) (3) Amortisation of intangible assets 2,170 2,165 Non cash share option compensation expense - 7 (Increase)/decrease in stocks (141) 200 Decrease/(increase) in debtors 4,097 (1,474) (Decrease)/increase in creditors (1,764) 1,217 ________ ________ Net cash inflow from operating activities 2,742 3,364 ======== ======== The operations classified as discontinued do not have a material impact on the cash inflows and outflows from operating activities during 2005. 8. ANALYSIS OF CHANGES IN NET DEBT At 31 Inception At 31 December Non cash of finance December 2004 Cash flow items leases 2005 #'000 #'000 #'000 #'000 #'000 Cash at bank 277 717 - - 994 Bank overdrafts (730) (697) - - (1,427) _______ _______ _______ _______ _______ Cash (453) 20 - - (433) _______ _______ _______ _______ _______ Loan notes (33) 33 - - - Loans repayable in less than one year (1,899) 18 - - (1,881) Loans repayable in more than one year (15,037) 1,233 (172) - (13,976) Finance leases - - - (26) (26) _______ _______ _______ _______ _______ Borrowings (16,969) 1,284 (172) (26) (15,883) _______ _______ _______ _______ _______ Net Debt (17,422) 1,304 (172) (26) (16,316) ======= ======= ======= ======= ======= The non-cash items relate to the amortisation of FRS 4 finance costs. 9. RECONCILIATION OF NET CASH FLOW TO MOVEMENTS IN NET DEBT 2005 2004 #'000 #'000 Increase/(decrease) in cash in the year 20 (1,228) Movement in net debt 1,258 1,376 Deferred financing costs (172) (85) _______ _______ Movement in net debt in the year 1,106 63 Net debt at 1 January (17,422) (17,485) _______ _______ Net debt at 31 December (16,316) (17,422) ======= ======= 10. Copies of this statement will be available from the Company's registered office: Access House, The Promenade, Clifton Down, Bristol, Avon, BS8 3AQ. This information is provided by RNS The company news service from the London Stock Exchange END FR AKQKPOBKDPAK
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