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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:4662V
TripleArc PLC
3 May 2002
TripleArc plc
Preliminary Results for the Year Ended 31 December 2001
Maiden Preliminary results from TripleArc plc, the UK based provider of web
based print procurement solutions.
HIGHLIGHTS
• The Group's first online procurement solution, the TripleArc Print
Catalogue, was successfully launched in July 2001
• gl2 Limited acquired in October 2001, establishing a print management
division and providing access to a base of print buyers and suppliers
• Listed on AIM in December 2001 with a placing of £3.1m
• Launch of TripleArc Collaborative Workflow System, the only fully JDF
compliant print procurement solution, gets off to a strong start following
its release at IPEX in April 2002
• Strong position to take the Group forward in 2002
Commenting on the results, Conor O'Brien, Chief Executive Officer stated:
"Last year was a period of significant development for the Group culminating in
our launch on AIM in December when we raised £3.1m to accelerate our expansion.
"We are looking to continue our dynamic drive into the print industry based on
the strength of our technology solutions which we believe are leading the way as
the printing sector rapidly moves to adopt JDF as the industry standard.
"Opportunities to licence the technology and develop franchising agreements
overseas are already being examined and we are looking to enhance our potential
for organic growth through strategic acquisitions. We have got off to a good
start in 2002 and are confident of reporting further progress."
For further information please contact:
TripleArc plc 020 7258 6290
Conor O'Brien, Chief Executive Officer
Weber Shandwick Fleet Financial 020 7950 2800
Terry Garrett/Nick Dibden
TripleArc plc
Preliminary Results for the year ended 31 December 2001
The Board of TripleArc plc, the UK based provider of web based print procurement
solutions, is pleased to announce its maiden preliminary results for the year
ended 31 December 2001 that highlight a number of significant achievements for
the Group.
TripleArc's first procurement solution, the TripleArc Print Catalogue was
launched in July. The acquisition of gl2 Limited was completed in October
establishing the Group's print management division and acquiring a base of print
buyers and printers through which to deploy TripleArc's technology solutions.
TripleArc listed on the Alternative Investment Market in December via a placing
of £3.1m.
The Group has now created strong foundations from which it will leverage its
print technology and management solutions to build a substantial business.
Financial Review
Revenue for the year was £1.44m (2000 £nil), representing a major landmark as
the Group successfully moves from a development oriented company to building an
expanding revenue stream. Of this turnover, £1.42m resulted from the gl2
acquisition, which was consolidated with effect from 5 October 2001.
Gross profit was £0.25m (2000 £nil). The increase was mainly attributable to the
gl2 acquisition. Gross margin for the year was 17%.
Research and development costs were £0.8m in 2001 compared to £0.36m in the
prior year. The increase reflects the Group's investment in technology
development to complete the Print Catalogue and fund development of the
Collaborative Workflow system.
Administration expenses were £0.65m in the year compared to £0.24m. The
increase arose mainly from increasing the headcount within the technology
division and the consolidation of the administration costs of gl2.
Amortisation of goodwill on the gl2 acquisition was £0.07m during the year
(2000: nil). A non-cash share option compensation charge of £0.25m was incurred
in 2001 (2000: nil). This arose on share options granted prior to TripleArc's
listing on AIM where the exercise price of the option was below the prevailing
market price at the date of grant. All options granted since TripleArc's AIM
listing have been issued at market price.
The operating loss, before amortisation of goodwill and share option
compensation expense, was £1.3m (2000: £0.6m). After charging non-cash share
option compensation of £0.25m and goodwill amortisation of £0.07m, the loss
before tax was £1.6m (2000: £0.6m).
The loss per ordinary share was 3.80 pence in the year ended 31 December 2001
(2000: 2.07 pence)
TripleArc plc was incorporated on 19 September 2001. On 3 October 2001, the
Group structure was reorganised so that TripleArc plc became the new holding
company of the group formerly headed up by TripleArc Limited. The introduction
of a new holding company was effected by TripleArc plc entering into an
agreement with the shareholders of TripleArc Limited to transfer the entire
issued share capital of TripleArc Limited to TripleArc plc. This transaction
qualified as a group reconstruction under FRS 6 and has been accounted for by
applying merger accounting. Further detail on the basis of consolidation is
provided in Note 1 to this statement.
Operational Review
Market
The uptake of e-procurement solutions in the printing industry is increasing as
customers seek to streamline and enhance purchasing processes and printers look
to increase efficiency and improve their service to customers. According to a
recent DTI report on the £13 billion UK print industry, over half the printers
in the UK plan to allow customers to place an order for products online through
the internet within the next 2 years. The report further cites growing customer
demands and competitive pressures as the main motivators for the uptake of
e-commerce amongst printers.
The printing industry is also rapidly moving to adopt the Job Definition Format
("JDF") standard embraced by TripleArc's Collaborative Workflow System. The
standard has been developed by the major print equipment and software
manufacturers, who have confirmed their support for it, announcing and
showcasing JDF compliant products at IPEX 2002, Europe's largest print
exhibition.
The UK print management market has demonstrated strong growth as organisations
continue to outsource non-core functions to specialists despite the current
economic slowdown that is inevitably affecting the print industry as a whole.
This tougher environment provides opportunities for the Group to market its
print procurement and print management services to companies seeking to
streamline overheads and improve control over their print spend.
Print Procurement Solutions
TripleArc's approach to providing an end-to-end online procurement solution for
the print industry consists of two components, both of which have been
successfully delivered. The TripleArc Print Catalogue provides an online
ordering platform for frequently ordered commodity items such as marketing
brochures and business cards. The TripleArc Collaborative Workflow System
provides a procurement solution to project manage the complex print buying and
production process. The Board believes the Group's procurement solution has the
potential to become the industry's leading print procurement system.
TripleArc Print Catalogue
The Print Catalogue allows the print buyer to select, edit, proof and finally
order frequently printed items from their preferred suppliers, addressing up to
10% of a typical print buyer's spend. The system has proven its value in time
and cost savings through its adoption by customers such as One.Tel. The Print
Catalogue has also been used in an innovative way by Weetabix as a web based
ordering system linked to a Ready Brek on-pack promotion.
TripleArc Collaborative Workflow System ("CWS")
CWS allows print buyers, to project manage the complex print purchasing and
production process, addressing up to 90% of the spend of a typical print buyer.
In April 2002 TripleArc exhibited at IPEX in Birmingham, Europe's largest print
industry trade show, where it launched the CWS. The response to the Group's
products was very positive with significant sales leads generated from both
print buyers and suppliers. In the three weeks following the launch 18 printers
have agreed to use the CWS.
These products place TripleArc at the leading edge of print procurement
technology. CWS is the only fully JDF compliant print procurement solution in
an industry that is rapidly adopting the format. JDF is a data exchange
standard that acts as an electronic "job ticket", allowing the integration of
products from diverse vendors into seamless workflow solutions, enabling every
part of the process, including customers, designers as well as printers, to
communicate more effectively throughout the completion of a print job.
Print Management Services
The Group completed the acquisition of gl2 Limited in October 2001, establishing
its print management division. gl2 adds significant print industry expertise to
the Group and a client base of printers and print buyers through which it can
deploy TripleArc's print procurement solutions. The launch of CWS provides the
print management division with a leading technology solution for use with their
clients and suppliers, significantly enhancing its market proposition.
Outlook
The printing sector is rapidly adopting JDF as the industry standard. The Board
believes TripleArc's procurement solutions are now leading the way in this field
and that the Group is well positioned to capitalise on the accelerating
migration to JDF systems. The Board believes that CWS is the only fully JDF
compliant print procurement solution and, as such, was greeted with positive
responses from all parts of the printing industry at the recent IPEX exhibition,
the largest of its type in Europe.
The strength of the technology base should enable the Group to create a
substantial business and the management team is already examining opportunities
to licence the JDF-based technology to providers of other types of print
software, such as the software control systems used by manufacturers of printing
and finishing equipment. The Group is also looking to exploit the potential for
franchising the Print Catalogue and CWS products in markets outside the UK.
The Group continues to actively explore opportunities to enhance organic growth
through selected strategic acquisitions. The Board believes that it is in
strong position to pursue this strategy following the Group's listing on AIM,
which allows it to fund acquisitions through better access to the capital
markets and through the use of publicly traded shares.
A good start has been made in the current year and the Board is confident of
reporting further progress in 2002.
Consolidated profit & loss account
for the year ended 31 December 2001
2001 2000
Total Total
£ £
_______ _______
Revenue
- continuing operations 19,405 -
- acquisitions 1,423,304 -
_______ _______
1,442,709 -
Cost of sales (1,194,740) -
_______ _______
Gross profit 247,969 -
Selling and distribution costs (67,853) (595)
Research and development (807,305) (361,474)
Administration expenses (651,255) (244,939)
_______ _______
Loss before amortisation of goodwill
and share option compensation expense (1,278,444) (606,008)
Amortisation of acquired goodwill (65,762) -
Non cash share compensation expense (251,330) -
_______ _______
Operating loss:
- continuing operations (1,623,609) (606,008)
- acquisitions 28,073 -
_______ _______
Loss on ordinary activities before interest and
taxation (1,595,536) (606,008)
Interest receivable 3,881 -
Interest payable and similar charges a (3,812) (672)
_______ _______
Loss on ordinary activities before taxation (1,595,467) (606,680)
Tax on loss on ordinary activities (11,800) -
_______ _______
Loss for the financial year (1,607,267) (606,680)
Loss at beginning of year (614,950) -
Foreign currency reserve movement - (8,270)
_______ _______
Loss at the end of the year (2,222,217) (614,950)
====== ======
Loss per ordinary share 2
- basic and diluted (pence) (3.80p) (2.07p)
====== ======
Other than the profit for the year the only recognised gain or loss is the
foreign exchange reserve movement of £Nil (2000: £8,270) giving total recognised
losses of £1,607,267 (2000: £614,950).
In line with the provisions of FRS6 for merger accounting the results of
TripleArc Limited have been included in the consolidated profit and loss account
for the year to 31 December 2001 together with prior year comparatives.
Consolidated balance sheet
at 31 December 2001
2001 2000
£ £
________ ________
Fixed assets
Intangible assets 3,769,767 -
Tangible assets 104,174 22,430
________ ________
3,873,941 22,430
________ ________
Current assets
Stocks 27,680 -
Debtors 1,451,664 11,497
Cash at bank and in hand 2,901,154 98,959
________ ________
4,380,498
110,456
Creditors: amounts falling due within one year (2,273,735)
(171,260)
________ ________
Net current assets/(liabilities) 2,106,763 (60,804)
________ ________
Total assets less current liabilities 5,980,704
(38,374)
Creditors: amounts falling due after more than one year (15,312) -
________ ________
5,965,392 (38,374)
Net assets/(liabilities)
======= =======
Capital and reserves
Called up share capital 3,259,579 -
Share premium account 5,448,190 -
Share capital and share premium of previous entity - 576,576
Share option reserve 251,330 -
Merger reserve (621,490) -
Group Interest in shares of TripleArc plc (150,000) -
Profit and loss account (2,222,217) (614,950)
________ ________
Shareholders' funds/(deficit)- equity 6 5,965,392 (38,374)
======= =======
Consolidated cash flow statement
for the year ended 31 December 2001
2001 2000
£ £
________ _________
Net cash outflow from operating activities 3 (925,003) (452,328)
Returns on investments and servicing of finance
Interest received 3,881 -
Interest paid (1,712) -
________ _________
Net cash inflow from returns on investments and
servicing of finance 2,169 -
Corporation tax paid - -
Capital expenditure and financial investment
Purchase of tangible fixed assets (41,026) (25,289)
________ _________
Net cash outflow for capital expenditure (41,026) (25,289)
Acquisitions and disposals
Acquisition of business undertaking (82,426) -
Cash acquired with subsidiary undertaking 20,996 -
________ _________
Net cash outflow for acquisitions and disposals (61,430) -
Net cash outflow before use of liquid resources and
financing (1,025,290) (477,617)
Financing
Proceeds from issue of share capital 4,168,709 576,574
Expenses paid in connection with share issue (331,224) -
Debentures repaid (10,000) -
________ _________
Net cash inflow from financing 3,827,485 576,574
________ _________
Increase in cash 4,5 2,802,195 98,957
======= =======
Note 1: Basis of consolidation and group reorganisation
TripleArc plc was incorporated on 19 September 2001. On 3 October 2001,
TripleArc plc became the new holding company of the group formerly headed up by
TripleArc Limited. The introduction of a new holding company was effected by
TripleArc plc entering into an agreement with the shareholders of TripleArc
Limited to transfer the entire issued share capital of TripleArc Limited to
TripleArc plc. 40,505,500 ordinary shares were issued by TripleArc plc in
consideration for the entire share capital of TripleArc Limited.
In accounting for this transaction TripleArc plc has applied the provisions of
Financial Reporting Standard 6 Acquisitions and Mergers (FRS No. 6) with regard
to group reorganisations.
FRS No. 6 provides that in specific circumstances merger accounting should be
applied to group reorganisations. The financial statements have therefore been
prepared under merger accounting principles in relation to the transaction set
out above because the transaction involved share for share exchanges and there
was no cash consideration.
Under merger accounting, the results and cashflows of the merged entities are
combined from the beginning of the financial period in which the merger
occurred. Profit and loss account and balance sheet comparatives are restated
on the combined basis as if the merged entities had always constituted one group
and therefore the results and cashflows are combined throughout the current and
also in the comparative period.
The difference between the nominal value of the shares issued by TripleArc plc
to achieve the merger, and the nominal value of the shares in TripleArc Limited
and the amount of share premium in TripleArc Limited at the date of the merger
is shown as a merger reserve in the consolidated balance sheet.
All significant inter-company transactions have been eliminated on
consolidation.
The purchase by TripleArc plc of the outstanding ordinary shares in gl2 Limited
has been accounted for using the acquisition method of accounting with fair
values being attributed to the identifiable net assets acquired. The results gl2
Limited are included in the consolidated profit and loss account from the date
of acquisition, 5 October 2001.
Note 2: Loss per ordinary share
2001 2000
________ ________
Basic
Loss attributable to ordinary shareholders £1,607,267 £606,680
======= =======
Weighted average number of ordinary shares outstanding 42,307,700 29,296,726
======= =======
Basic loss per share (in pence) (3.80p) (2.07p)
======= =======
Basic loss per share is calculated by dividing the weighted average number of
ordinary shares in issue into the loss after taxation for the year attributable
to ordinary shareholders. There is no difference for 2000 and 2001 between the
basic net loss per share and the diluted net loss per share as all potentially
dilutive ordinary shares outstanding have been excluded from the computation as
their effects are anti-dilutive.
Note 3: Reconciliation of operating loss to net cash outflow from operating
activities
2001 2000
£ £
Operating loss (1,595,536) (606,008)
Depreciation 15,452 2,859
Amortisation of goodwill 65,762 -
Non cash share option compensation expense 251,330 -
Decrease in stocks 3,232 -
Decrease/(increase) in debtors 144,563 (11,497)
Increase in creditors 190,194 162,318
________ ________
(925,003) 452,328
======= =======
Note 4: Analysis of changes in net funds
At 31 Acquired At 31
December with December
2000 subsidiary Cashflow 2001
£ £ £ £
Cash at bank and on hand 98,959 - 2,802,195 2,901,154
Bank loans - (100,000) - (100,000)
Debenture loan - (60,000) 10,000 (50,000)
________ ________ ________ ________
Total 98,959 (160,000)) 2,812,195 2,751,154
======= ======= ======= =======
Note 5: Reconciliation of net cash movements to net funds
2001 2000
£
£
________ ________
Increase in cash in the year 2,802,195 98,957
Decrease in debt 10,000 -
________ ________
Increase in net funds resulting from cashflows 2,812,195 98,957
Increase in debt arising from acquisition of
subsidiary undertaking (160,000) -
________ ________
Movement in the net funds in the year 2,652,195 98,957
Net funds at the beginning of the year 98,959 2
________ ________
Net funds at 31 December 2001 2,751,154 98,959
======= =======
Note 6: Reconciliation of movements in equity shareholders' funds
2001 2000
£ £
________ ________
Opening equity shareholders' deficit (38,374) -
Total recognised gains and losses (1,607,267) (614,950
Issued share capital including premium, net of expenses 8,131,193 576,576
Merger reserve (621,490) -
Increase in share option reserve 251,330 -
Increase in interest in TripleArc plc (150,000) -
________ _______
Closing equity shareholders' funds/(deficit) 5,965,392 (38,374)
======= =======
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 2001 is
extracted from the statutory accounts for that year on which the auditor's
report was unqualified. The Accounts for the year ended 31 December 2001 will
be delivered to the Registrar of Companies in due course. The financial
information for the year ended 31 December 2000 is extracted from the statutory
accounts of TripleArc Limited 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
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