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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:7553T
TripleArc PLC
27 March 2007
TRIPLEARC PLC
Preliminary results for the year ended 31 December 2006
TripleArc Plc ("TripleArc", the "Company" or the "Group") provides technology
enhanced print management and communication solutions to businesses seeking to
reduce costs and streamline business processes. The Group is able to
differentiate its offering by providing its customers with consultative account
management, extended owned or outsourced services and industry leading
technology solutions which streamline the supply chain and facilitate
sustainable cost savings.
SUMMARY Year ended Year ended
31 December 2006 31 December 2005
(Restated ***)
Continuing Continuing
operations Total operations Total
Turnover #43.8m #44.9m #49.7m #57.5m
Gross profit #13.8m #14.5m #13.3m #14.8m
EBITA* #2.5m #2.2m #2.1m #1.8m
Adjusted earnings/(loss) per share ** 0.66p 0.49p 0.38p 0.14p
Basic loss per share (0.58)p (1.13)p (1.23)p (1.76)p
Cash inflow from operating activities #3.1m #2.7m
* EBITA - Earnings before interest, tax, amortisation, exceptional costs,
share option expense and loss on disposal of subsidiary undertaking.
** Based on EBITA.
*** Restated for the first time adoption of FRS20
HIGHLIGHTS
* 22% increase in continuing EBITA
* Contracted revenue grown to more than 50% of turnover
* Seven new long term contracts signed in 2006 providing market endorsement
of integrated communications strategy
* Disposal of high revenue but low profit Stream business in March 2006
* 2006 revenue impacted by 2005 retail customer losses and business forms
decline
* Account development strategy yielding results with growth realised in
targeted accounts through cross selling of extended products and services
* Improvement in gross margin from concentration on a higher margin, added
value integrated service offering
* Continued progression towards full business process outsource offering
for marketing and corporate communication
* Positive operating cash flow allowing for further debt repayments during
the period with net debt reduced from #16.3m to #14.9m
* New facility terms agreed with HSBC
* Capital Reduction completed, negative balance of distributable reserves
removed
Jason Cromack, CEO commented; "Last year was another progressive year for the
Group. Importantly we are once again winning long term contracts as demonstrated
by the seven won during the course of 2006. Encouragingly, the Group has already
signed a three year contract in 2007 with The Royal Institution of Chartered
Surveyors, which sees the Group expanding on its document management outsource
offering.
"By building on our relationship with our customers and delivering new and
innovative services to them which improve the effectiveness and efficiency of
their communication supply chains, we will continue to grow our revenues with
each of our customers, whilst delivering savings to them.
"We disposed of the high volume direct mail Stream business in March 2006 which
had a negative impact upon revenue. However, the retained marketing solutions
business of Stream, renamed Access Plus Marketing Logistics, has been
successfully integrated into the Group and has exceeded the Boards expectations.
This extended service offering has been instrumental in winning a number of the
recent contracts.
"Having re-negotiated our banking facilities with HSBC the Group is positioned
to steadily build on the foundations laid in 2006."
For further information please contact:
TripleArc Plc 0844 800 0567
Jason Cromack, Chief Executive Officer
Richard Hodgson, Chief Financial Officer
Weber Shandwick Financial 020 7067 0700
Terry Garrett / Nick Dibden / James White
Chairman's review
Year ended 31 December 2006
I am delighted to be reporting my first full year results as Chairman of
TripleArc plc. Following an extremely challenging year in 2005, significant
progress has been made in positioning the Group for future growth in both
revenues and profitability.
Particularly pleasing were the improvements in the overall gross profit margin,
demonstrating the success of the Board's strategy of providing additional margin
enhancing services to the Group's customers, and the 22% growth in EBITA from
continuing operations.
Additional improvements in working capital management and improved trading
allowed a further #2m of loan repayments to be made. Net debt at 31 December
2006 was #14.9m down from #16.3m at 31 December 2005.
We experienced good growth from within existing accounts through concentrating
on broadening our service to these customers by providing a fuller business
process outsource offering of their communication supply chain. The group also
signed 7 new long term contracts all of which contributed revenue in 2006 with
the full annualised impact expected in 2007.
The business model continues to focus on sustainable revenue from which it will
look to grow. Reflecting this, the Group's contracted revenues for 2006
increased over 2005 and now accounts for more than 50% of revenue (2005: 44%;
2004: 28%). The seven new long term contracts include AOL (UK) Ltd (now CPW
Broadband Services (UK) Ltd), Betterware, Greenwich Leisure Limited, MS Society
and General Teaching Council for England, and have annualised revenues ranging
from #0.5m to #2.5m. The full impact of these contracts is likely to be felt in
future periods following full implementation.
These successes helped to mitigate the impact of the decline in demand from the
retail and business forms markets experienced in 2005, which had a knock on
effect on turnover in 2006. The Board believes that further revenue losses from
these sectors will be reduced to normal levels of customer churn in 2007.
Since the year end we have signed a further significant long term contract with
The Royal Institution of Chartered Surveyors (RICS). This is the first time
that RICS has outsourced its print services. It is particularly pleasing that
we were successful in this rigorous tender process as we were able to
demonstrate our ability to seamlessly transfer the in-house print business to an
outsourced operation and offer a single-source partner for the full range of
services RICS was looking for, from data and document management to print
production, fulfilment and campaign delivery.
The actions taken to restructure the Group during 2005 and 2006, including the
substantial investment in infrastructure made to improve the Group's ability to
manage large contracts, have improved its operational gearing and provided a
solid foundation for future growth.
The Board is pleased to announce that since the year end it has finalised
negotiations on an amended facility with HSBC, its senior lender. The facility,
which signals the Group's return to more normal banking arrangements and
covenants, provides the Group with an additional working capital capacity. As
part of the facility the Group has granted HSBC a warrant over 10,353,108
ordinary shares, equating to 5% of the existing issued share capital. HSBC may
exercise these warrants at any time over the next 5 years at a strike price of
7.5p per share. The Board believes that the warrants further align HSBC to the
future growth and success of the business.
In February 2006, we announced that Chris Pople, JT Wong and Nick Haigh had
stood down from the Board. We would like to thank them for their service over
the years. Shane Greenan has announced that he will be emigrating to Australia
and he is expected to depart from the Board and the Group in the second half of
2007. The Board would again like to thank him for all of his efforts
throughout his tenure and wishes him all the best for the future. The Board is
in the process of recruiting a replacement non executive director.
I believe that the Group is well positioned to deliver innovative business
process outsource solutions for corporate communication and that 2007 will be a
year of steadily building on the foundations that have been laid.
Richard Atkins
Chairman
27 March 2007
Chief Executive's review
Year ended 31 December 2006
Operational Overview
The Group provides technology enhanced print management and communication
solutions to businesses seeking to reduce costs and streamline business
processes. The Group is able to differentiate its offering by providing its
customers with consultative account management, extended owned or outsourced
services and industry leading technology solutions which streamline the supply
chain and facilitate sustainable cost savings.
Print is a major element of most companies operating costs and the procurement
of print is complex and fragmented. As a result, in the first instance customers
with a large print spend will almost certainly be able to save money from an
outsourced print management solution. The Group has demonstrated savings of over
30% to a number of its customers.
Businesses are looking to reduce headcount and external spend as well as
enhancing the delivery of their corporate messages. A corporate message is
anything from a brochure to direct mail, point of sale, emails, report and
accounts, to a statement. More channels are becoming readily available through
which a company can maximise the efficiency of its communication. These
additional channels provide a huge opportunity for those companies to
re-engineer their business processes to take advantage of these efficiencies and
the cost savings that they will deliver.
Companies are seeking contracted relationships with partners to which they can
outsource their corporate communication supply chain and all associated spend to
achieve ongoing sustainable cost savings. 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.
These contract terms range from 12 months to 10 years and will allow the Group
to deliver an annuity business.
Technology is a key component in an outsourced solution for streamlining and
removing cost from the supply chain, allowing for visible control of the process
and spend. 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.
As the Group takes on more areas of the business process for its customers it
will partner with software companies to continue enhancing its 'best-in-class'
IT offering for each of these elements. This will allow the Group to provide
flexible solutions and ensure the right process driving technology is integrated
into each customer. This can be seamless to the end user through the
implementation of a single user interface.
The Group focuses on providing business process outsourced solutions under 5
core banners; Print Management, Data Solutions, Document Management, Logistics
and Campaign Delivery. This makes it easier to communicate our service offering
to customers allowing us to tender for new contracts more successfully and to
cross sell more effectively leading to enhanced account development.
The redefining of the Company's services supports the Group's strategy of
winning new long term contracts to drive organic growth and to develop its
existing customer relationships by providing additional value added services to
those it was 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 other services that can deliver further cost savings.
The recent contracts that have been awarded to the Group and the account
development growth seen within existing accounts is due to its ability to offer
a full end-to-end business process and marketing support solution. The contract
wins and account development growth are a major endorsement of the Group's
strategy of being able to provide additional value-added services from its
service offering.
The Group still derives revenue from legacy contracted and non contracted
customers. We are currently working with these customers to try and move them
onto a more solution based platform from which the Group can secure and increase
existing revenue whilst providing them with ongoing cost savings.
The Group provides services to many major organisations, including CPW Broadband
Services (UK) Ltd., BAA (UK), General Healthcare Group, Skandia, MacMillan
Cancer Relief, Betterware, Virgin Mobile and Virgin Megastores.
Marketing information is available and can be downloaded from our website,
www.triplearc.com.
Staff
The Group differentiates itself through the quality of its staff and the skills
that they can provide to its customers; they are the resource that underpins the
Group's strategy. We will continue to invest in the development and training of
our staff to ensure that the solutions and customer service that they provide
are of the highest quality. The Board would like to take this opportunity to
thank them for their continued hard work and effort.
Current Trading & Outlook
The Board is pleased with the progress the Group has made in 2006 and is seeing
positive signs from its key strategies.
Whilst the market remains challenging, the Group is once again winning long term
contracts, as demonstrated by the seven major contract wins in 2006. Following
their full implementation, the Group will look to develop the service offering
it will deliver to these accounts in future periods.
Account development is proving successful in extending the range of services to
our customers as we progress with the move towards a full business process
outsource offering.
Both of these strategies will increase the contractual mix in the Group's
turnover and reduce customer churn as the Group establishes itself as the key
business communications partner for its customers.
Whilst maintaining its focus on ensuring that the cost base is right for the
business, the Board will continue to make the necessary investment in sales,
marketing and account management to support growth.
Whilst the Board remains mindful of its working capital resources it believes
that 2007 will be a year of steadily building on the foundations that have been
laid.
J Cromack
Chief Executive Officer
27 March 2007
Financial review
Year ended 31 December 2006
Financial Highlights
In the twelve months to 31 December 2006, Group gross margin and operating
profit before exceptional items, share option expense and the amortisation of
intangible assets ("EBITA") from continuing operations increased by 3.3% and 22%
respectively.
EBITA from continuing operations (excluding the impact of the Stream business
disposed of in March 2006) was #2.5m (2005: #2.1m). Adding back depreciation of
#0.4m the Group's continuing operations produced EBITDA of #2.9m, nearly double
continuing cash interest and exceptionals of #1.6m combined. This demonstrates
good underlying free cash flow generation in the period.
The full year impact of the cost savings achieved in 2005 offset investments in
sales and marketing made in 2006 allowing for significant EBITA improvement from
continuing operations.
Stream
In March 2006, the Group disposed of the entire business of Stream GWC,
including the direct mailing business. The marketing solutions business of
Stream, now named Access Plus Marketing Logistics Ltd. ("APML"), was re-acquired
for a consideration of #0.3 million and has enabled the Group to provide an
extended service offering to its customers. APML has now been successfully
integrated into the Group and is exceeding the Boards profit expectations.
The disposal resulted in a #701,000 exceptional loss for the Group, having
written off all of the consolidated goodwill of Stream, amounting to #1.5m. At
the date of disposal, the Stream business had #969,000 of net liabilities.
Whilst the disposal negatively impacted on revenues it did not significantly
impact profitability.
Working Capital and Debt
Operating cash generation continues to be positive and overall there was a net
cash inflow over the period of #3.1m (2005 - net cash inflow of #2.7m). This was
primarily achieved through focused working capital management. Debtor days were
reduced and creditor days were maintained.
During the year the Group repaid #2m of its outstanding bank loans. Net debt at
31 December 2006 was #14.9m versus #16.3m as at 31 December 2005.
Net current liabilities at the year end of #3.4m included #2.3m of bank loan
repayments due during 2007 and #0.7m of bank overdrafts. Stock, trade debtors
and cash stood at #11m versus trade creditors and other accruals of #11m, making
the current liability position excluding bank debt at the year end zero.
Since the year end, the Group has signed an amended facility with its senior
lender HSBC. The facility provides additional working capital facilities (#1m
overdraft limit) and all financial covenants have been reset. As part of the
facility the Group has granted HSBC a warrant over 10,353,108 ordinary shares,
equating to 5% of the existing issued share capital. The strike price for these
warrants is 7.5p per share. The warrant term is five years but the Company can
accelerate the term at any time within those five years. HSBC only have the
option to exercise the warrant in return for shares. The accounting treatment
for this warrant will fall under FRS 20 'Share Based Payments
IFRS
The Group will be adopting IFRS for the first time for its June 2007 interim
results. The most significant impact of this will be on the amortisation of
intangible assets. Existing goodwill will no longer be amortised through the
profit and loss statement but will rather be subject to annual impairment
testing. The 2006 amortisation charge for goodwill was #2m.
Capital Reduction
On 14th March 2007, the capital reduction proposal, approved at the
Extraordinary General Meeting on 31 January 2007, was confirmed by the courts.
The Board expect that the Capital Reduction will enable TripleArc plc to regain
a positive balance on its distributable reserves more quickly and, ultimately,
to pay a dividend to shareholders at an appropriate time in the future. In
addition, the Board feels that the restructured balance sheet more truly
reflects the underlying commercial position of the Group and believes that this
will have a positive impact on its future contract tendering activity.
R Hodgson
Chief Financial Officer
27 March 2007
Consolidated Profit and Loss Account
For the year ended 31 December 2006
2006 2005
(Restated)
Note #'000 #'000
Turnover
Continuing operations 2 43,836 49,738
Discontinued operations 2 1,115 7,794
________ ________
44,951 57,532
Cost of sales (30,453) (42,745)
________ ________
Gross profit 14,498 14,787
Administrative expenses:
Excluding exceptional costs, share option expense
and amortisation of intangible assets (12,288) (13,017)
Exceptional items 3 (467) (1,703)
Share option expense (19) (149)
Amortisation of intangible assets (2,046) (2,170)
________ ________
Total administrative expenses (14,820) (17,039)
________ ________
Operating loss:
_______________________________________________________________________________
Continuing operations excluding exceptional costs,
share option expense and amortisation of
intangible assets (EBITA) 2,537 2,079
Exceptional costs 3 (387) (946)
Share option expense (19) (149)
Amortisation of intangible assets (2,046) (2,211)
________ ________
Total operating profit/ loss) - continuing
operations 85 (1,227)
_______________________________________________________________________________
_______________________________________________________________________________
Discontinued operations excluding exceptional
costs and amortisation of intangible assets (327) (309)
Exceptional costs 3 (80) (757)
Amortisation of intangible assets - 41
________ ________
Total operating loss - discontinued operations (407) (1,025)
_______________________________________________________________________________
Operating loss 2 (322) (2,252)
Loss on disposal of subsidiary undertaking 3 (701) -
Net interest payable (1,313) (1,471)
________ ________
Loss for the financial period before taxation (2,336) (3,723)
Tax on loss on ordinary activities 4 3 80
________ ________
Loss for the financial period after taxation (2,333) (3,643)
======== ========
Loss per ordinary share - basic and diluted
(pence) (1.13p) (1.76p)
Consolidated statement of total recognised gains and losses
for the year ended 31 December 2006
2006 2005
(Restated)
#'000 #'000
Loss attributed to shareholders being total gains and
losses recognised for the year (2,333) (3,643)
Prior year adjustment for FRS20 (note 1) - -
________ ________
Total gains and losses recognised since last Annual
Report (2,333) (3,643)
======== ========
Reconciliation of movements in shareholders' funds
for the year ended 31 December 2006
2006 2005
(Restated)
#'000 #'000
Opening equity shareholders' funds 21,262 25,296
Prior year adjustment - (845)
________ ________
As restated 21,262 24,451
Issued share capital including premium, net of
expenses - 305
Total recognised loss for the financial period (2,333) (3,643)
FRS 20 share option expense 19 149
________ ________
Closing equity shareholders' funds 18,948 21,262
======== ========
The 2005 prior year adjustment of #845,000 is stated net of tax and reflects an
adjustment made within the 2005 Annual Report to restate certain 31 December
2004 balances. The adjustments mainly relates to the correction of cut off
errors and goodwill amortisation.
Consolidated Balance Sheet
at 31 December 2006
2006 2005
(Restated)
Note #'000 #'000
Fixed assets
Intangible assets 32,475 34,974
Tangible assets 1,920 2,206
________ ________
34,395 37,180
________ ________
Current assets
Stocks 922 1,281
Debtors 10,104 11,450
Cash at bank and in hand - 994
________ ________
11,026 13,725
Creditors: amount falling due within one year (14,440) (15,633)
________ ________
Net current liabilities (3,414) (1,908)
________ ________
Total assets less current liabilities 30,981 35,272
Creditors: amounts falling due after more than
one year (12,033) (14,010)
________ ________
Net assets 18,948 21,262
======== ========
Capital and reserves
Called up share capital 10,353 10,353
Share premium account 20,175 20,175
Share option reserve 868 849
Merger reserve (621) (621)
Group interest in shares of TripleArc Plc (150) (150)
Profit and loss account (11,677) (9,344)
________ ________
Equity shareholders' funds 18,948 21,262
======== ========
Consolidated Cash Flow Statement
for the year ended 31 December 2006
2006 2005
(Restated)
Note #'000 #'000
#'000
Net cash inflow from operating activities 6 3,118 2,742
________ ________
Returns on investments and servicing of finance
Net interest paid (1,194) (1,299)
________ ________
Net cash outflow from returns on investments and
servicing of finance (1,194) (1,299)
________ ________
Taxation
UK corporation tax received/(paid) 253 (17)
________ ________
Capital expenditure and financial investment
Purchase of tangible fixed assets (195) (511)
Receipts from sales of tangible fixed assets 12 58
________ ________
(183) (453)
Acquisitions and disposals
Cash paid in connection with the disposal of
subsidiary undertaking (453) -
Disposal of bank borrowings upon disposal of
subsidiary undertaking 808 -
________ ________
Net cash outflow from capital expenditure and
financial investment 355 (453)
________ ________
Net cash inflow before financing 2,000 973
________ ________
Financing
Proceeds from issue of share capital - 305
Repayment of deferred consideration (535) (33)
Long term loans repaid (2,000) (1,251)
New finance leases (46) 26
________ ________
Net cash outflow from financing (2,581) (953)
________ ________
(Decrease)/Increase in cash 7 (232) 20
======== ========
Notes to the financial statements
1. PRELIMINARY STATEMENT
This preliminary statement, which has been agreed with the auditors, was
approved by the Board on 27 March 2007.
The financial information in this preliminary statement does not constitute the
company's statutory accounts for the year ended 31 December 2006 within the
meaning of Section 240 of the Companies Act 1985.
The figures for the year to 31 December 2005 were derived from the statutory
accounts for that year. The statutory accounts for the year ended 31 December
2005 have been delivered to the Registrar of Companies and 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 2006 have not yet been
approved, audited or filed and will be sent to the shareholders in due course.
During the period, the Group has adopted FRS20 ("Share based payments"). Share
based arrangements put in place since 7 November 2002 have been valued at the
date of grant or award and charged to the operating result over the performance
or vesting of the scheme. Options have been valued using the Black Scholes
pricing model.
This first time adoption of FRS20 has resulted in a prior year adjustment to
operating profit of #149,000 for the year ended 31 December 2005. The share
option expense has been credited to the share option reserve and consequently
the adoption of FRS20 has not impacted upon net assets. Previous entries against
the share option reserve have been reversed as part of the prior year adjustment
through reserves.
2. SEGMENTAL ANALYSIS
Turnover Operating Net assets
profit/(loss)
2005
2006 2005 2006 Restated 2006 2005
#'000 #'000 #'000 #'000 #'000 #'000
Continuing operations
- Print procurement
Solutions - 152 - (1,418) - 917
- Print management 43,836 49,586 85 191 33,871 36,230
_______ _______ _______ _______ _______ _______
43,836 49,738 85 (1,227) 33,871 37,147
_______ _______ _______ _______ _______ _______
Discontinued operations
- Print management 1,115 7,794 (407) (1,025) - 431
_______ _______ _______ _______ _______ _______
1,115 7,794 (407) (1,025) - 431
======= ======= ======= ======= _______ _______
33,871 37,578
Unallocated net assets
Interest bearing assets - 994
Interest bearing
liabilities (14,923) (17,310)
_______ _______
Net assets 18,948 21,262
======= =======
The split of profit and loss headings in 2006 is as follows:
Continuing Discontinued Total
#'000 #'000 #'000
Turnover 43,836 1,115 44,951
Cost of Sales (29,925) (528) (30,453)
_______ _______ _______
Gross Profit 13,911 587 14,498
Administrative expenses (13,826) (994) (14,820)
_______ _______ _______
85 (407) (322)
======= ======= ========
The activities of the Group are considered to be the provision of technology -
enhanced print management solutions.
Predominantly all of the Group's turnover and operating (loss)/profit originates
from within the UK and the vast majority of the Group's net assets are located
within the UK.
Interest bearing assets and interest bearing liabilities comprise the components
of the Group's net debt.
3. 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:
2006 2005
#'000 #'000
Recruitment, reorganisation and integration costs
- Continuing (387) (946)
- Discontinued (80) (757)
______ ______
(467) (1,703)
====== ======
The costs relate mainly to the reorganisation of the Group following the
acquisition of the Stream Group in December 2004, its subsequent integration and
disposal.
In addition to the above, on 31 March 2006 the Group sold 100% of the issued
share capital of Stream GWC Limited for a consideration of #1. Costs associated
with the disposal were #196,000 and at the date of disposal, Stream GWC Limited
had net liabilities of #969,000. Goodwill of #1,474,000 was written off upon
disposal thereby generating a loss on disposal of #701,000. Co-terminus with
this transaction, the Group acquired certain assets and liabilities from the
disposed business for a cash consideration of #255,000.
4. TAXATION
a) The taxation credit for the year is analysed below:
2006 2005
#'000 #'000
Current taxation
UK corporation tax 117 -
Over provision in prior years (190) -
______ ______
(73) -
Deferred tax
Elimination of timing differences 70 (80)
______ ______
Taxation credit for the year (3) (80)
====== ======
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:
2006 2005
#'000 #'000
Loss on ordinary activities before taxation (2,336) (3,723)
====== ======
Loss on ordinary activities multiplied by the standard rate
of corporation tax in the UK of 30% (2005: 30%) (701) (1,117)
Effects of:
Expenses not deductible for tax purposes 315 200
Goodwill amortisation 615 629
Depreciation in excess of capital allowances 45 68
Corporation tax rate change (7) -
Other timing differences (56) 50
Losses carried forward (94) 170
Prior year adjustment (190) -
______ ______
(73) -
====== ======
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 # 2.3m (2005: #3.7m)
5. EARNINGS PER SHARE
a) Basic earnings/(loss) per share Year Year
ended ended
31 December 31 December
(Restated)
2006 2005
Loss attributable to ordinary shareholders (#'000) (2,333) (3,643)
Loss attributable to shareholders from continuing
operations (#'000) (1,202) (2,548)
Loss attributable to shareholders from discontinued
operations (#'000) (1,131) (1,095)
=========== ===========
Basic weighted average number of shares 207,062,165 206,588,489
=========== ===========
Basic loss per share (pence) (1.13)p (1.76)p
Continuing operations (0.58)p (1.23)p
Discontinued operations (0.55)p (0.53)p
=========== ===========
In 2005 and 2006 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.
b) Adjusted earnings/(loss) per share Year Year
ended ended
31 December 31 December
2006 2005
Profit attributable to ordinary shareholders (#'000) 1,022 285
Profit attributable to shareholders from continuing
operations (#'000) 1,371 781
Loss attributable to shareholders from discontinued
operations (#'000) (349) (496)
=========== ===========
Basic weighted average number of shares 207,062,165 206,588,489
=========== ===========
Basic adjusted earnings per share (pence) 0.49p 0.14p
Continuing operations 0.66p 0.38p
Discontinued operations (0.17)p (0.24)p
=========== ===========
Loss attributable to ordinary shareholders for the year to 31 December 2006 in
b) above is shown before charging against profit #0.5m (year to 31 December
2005: #1.7m) in respect of exceptional recruitment and integration costs, #2.2m
(year to 31 December 2005 #2.3m) in respect of goodwill and deferred financing
amortisation, #0.02m (year to 31 December 2005 #0.1m) in respect of share option
expense and #0.7m (year to 31 December 2005:Nil) in respect of the loss on the
disposal of a subsidiary undertaking and expenses associated with the disposal.
6. RECONCILIATION OF OPERATING LOSS TO NET CASH INFLOW FROM OPERATING
ACTIVITIES
2006 2005
#'000 (Restated)
#'000
Operating loss (322) (2,252)
Depreciation 438 508
Profit on disposal of tangible fixed assets (6) (25)
Amortisation of intangible assets 2,046 2,170
Decrease/ (increase) in stocks 262 (141)
Decrease in debtors 173 4,097
Increase/(decrease) in creditors 508 (1,764)
Share option expense 19 149
______ ______
Net cash inflow from operating activities 3,118 2,742
====== ======
7. ANALYSIS OF CHANGES IN NET DEBT
At Non Inception At
31 December Cash cash of finance 31 December
2005 flow items leases 2006
#'000 #'000 #'000 #'000 #'000
Cash at bank 994 (994) - - -
Bank overdrafts (1,427) 762 - - (665)
_______ _______ _______ _______ _______
Cash (433) (232) - - (665)
_______ _______ _______ _______ _______
Loans repayable in
less than one year (1,881) - (450) - (2,331)
Loans repayable in
more than one year (13,976) 2,000 331 - (11,645)
Finance leases (26) 46 - (303) (283)
_______ _______ _______ _______ _______
Borrowings (15,883) 2,046 (119) (303) (14,259)
_______ _______ _______ _______ _______
Net Debt (16,316) 1,814 (119) (303) (14,924)
======= ======= ======= ======= =======
The non-cash items relate to the amortisation of FRS 4 finance costs and
reallocation of loans due to maturity profile.
8. RECONCILIATION OF NET CASH FLOW TO MOVEMENTS IN NET DEBT
2006 2005
#'000 #'000
(Decrease)/increase in cash in the year (232) 20
Movement in net debt 1,743 1,258
Deferred financing costs (119) (172)
______ ______
Movement in net debt in the year 1,392 1,106
Net debt at 1 January (16,316) (17,422)
______ ______
Net debt at 31 December (14,924) (16,316)
====== ======
9. Copies of this statement will be available on line at www.triplearc.com or
from the company's registered office: Dorcan 300, Murdoch Road, Dorcan, Swindon,
Wiltshire, SN3 5HY. 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
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