![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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:3450M TripleArc PLC 16 June 2003 Embargoed until 0700 16 June 2003 TripleArc plc Preliminary Results for the Year Ended 31 December 2002 Preliminary results from TripleArc plc, the UK based provider of technology led print procurement solutions. HIGHLIGHTS *Results reflect TripleArc's transition from a development orientated company to a service driven business with an expanding revenue stream *Full year contribution from gl2 *Significant strategic purchase of ControlP in September 2002 *Revenue rose to #7.0m (2001: #1.4m) *Gross profits increased to #0.91m (2001: #0.25m) *Second half operating loss before amortisation of intangible assets and share option compensation expense declined by 36% to #0.8m (Interim 2002 loss: #1.26m) *Full year loss was #2.1m before amortisation of intangible assets and share option compensation expense (2001: #1.3m) *Full year loss before taxation was #3m (2001: #1.6m) Commenting on the results, Jason Cromack, Chief Executive Officer stated: "The last year has seen substantial progress within TripleArc as the business moved out of its development phase and accelerated its sales effort. The benefits can be seen in the rapidly increasing revenue flows, sharply falling levels of R&D spending and significant reduction in operating losses during the second half compared to the first. "The upward trend has continued into the current year. gl2 is performing strongly while technology revenues are increasing and ControlP has been successfully integrated. We have taken action to reduce cost within the technology division and development expenditure will continue to fall. We have made a good start to 2003 and are expecting a significant improvement in the Group's revenue." For further information please contact: TripleArc plc 020 7258 6290 Jason Cromack, Chief Executive Officer Weber Shandwick Fleet Financial 020 7067 0700 Terry Garrett/ Nick Dibden The Board of TripleArc plc, the UK based provider of technology driven print management and procurement solutions, announces its preliminary results for the year ended 31 December 2002. Financial Review Revenue for the year was #7m (2001: #1.4m), reflecting the Group's movement from a development oriented Company to a services driven business with an expanding revenue stream. Gross profit was #0.9m (2001: #0.25m). The increase in revenue and gross profit was mainly attributable to gl2, the Group's print management division which was acquired in October 2001. Research and development costs were #0.7m in the year compared to #0.8m in the prior year. This reduction reflects the initial phase of a significant change in the Group's development programme from one of high investment, to develop and complete its initial products, to a new phase of targeted development of customer driven functionality to enhance completed products. As a result research and development spend in the first half of the year of #450,000 declined to #250,000 in the second half. This trend will continue in 2003. The outsourcing of software development to third parties enables flexibility so that the Group can manage its development costs in line with operational requirements. Administration expenses and selling and distribution costs in the year were significantly higher than the comparative period. The increase arose mainly from the following two factors. First, the comparative base in 2001 is low relative to 2002 as gl2 is included for a full twelve months in the 2002 figures and only three months in 2001. Second, development of TripleArc's infrastructure and the launch of its product line led to a substantial increase in administration and marketing spend in 2002. Amortisation of intangible assets was #0.28m during the period (2001: #0.07m), reflecting twelve months amortisation of goodwill on the acquisition of gl2 (2001: three months) and three months amortisation of intellectual property capitalised on the acquisition of the software business of ControlP (2001: nil). A non-cash share option compensation expense of #0.67m was incurred in the year (2001: #0.25m), reflecting a full twelve months charge in 2002 compared to a two-month charge made in 2001. 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. Substantially all of this expense has now been charged to the Profit and Loss account, hence this item will decline significantly in 2003. The operating loss, before amortisation of intangible assets and share option compensation expense, was #2.1m during the year (2001: #1.3m). The loss, which amounted to #1.26m during the first half of 2002, declined by 36% during the second half to #0.8m. After charging non-cash share option compensation of #0.67m and amortisation of intangible assets of #0.28m, the loss before tax was #3m (2001: #1.6m). The loss per ordinary share was 4.58p pence for the year ending 31 December 2002 (2001: 3.80 pence). Operational Review Market The commercial printing market is one of the largest custom manufacturing processes in the world and, in an increasing trend to eliminate non-core activities, businesses are looking to outsource their print buying requirements to experts in this field. The result is a significant increase in demand for print management solutions. The Group is well positioned to take advantage of this trend as it is not only able to provide the expertise required to procure print competitively but also has leading technology solutions to streamline the business process, reducing transaction costs and providing customers with sustainable lower prices. Technology solutions are recognised as playing a pivotal role in allowing organisations to manage and reduce printing costs. Job Definition Format ("JDF") technology remains at the heart of TripleArc's products and the Group is benefiting from the increasing adoption of JDF within the print industry which is continuing to gain momentum. In the run up to the DRUPA trade fair next year, the world's largest print exhibition, there is an increasing focus on JDF that reinforces the positive outlook for TripleArc's technology products. In addition the ControlP acquisition and a number of new customer implementations in the last quarter of 2002 and the first part of 2003 have established a growing technology revenue stream for the Group. The current economic climate is having a mixed effect on the business. Although customers and potential customers are very focused on reducing costs, which favours TripleArc's technology and print management solutions, the technology division continues to experience a long sales cycle prior to signing up new customers. Print Procurement Solutions In September 2002, TripleArc acquired the business of ControlP, the print e-procurement division of Documedia Solutions plc. The acquisition of ControlP strengthened TripleArc's position as a leading provider of e-commerce procurement solutions for the printing sector. TripleArc has now brought together the industry's leading e-procurement technology within one company. Following this acquisition, TripleArc has seen an increase in the level of interest for its solutions. TripleArc's approach to providing an end-to-end online procurement solution for the print industry consists of three components; the Collaborative Workflow System, edit2print and iPMS. TripleArc has made several important customer gains, including the provision of an edit2print system to one of the UK's largest print management companies, following an extensive technical due diligence process. Collaborative Workflow System ("CWS") CWS provides a procurement solution to project manage the complex print buying and production process. It allows print buyers, to project manage the complex print purchasing and production process edit2print edit2print is an advanced print ordering system allowing users to edit, proof and order marketing collateral online. The system allows users without design experience to upload files and vary graphics and text at will themselves. iPMS iPMS is a workflow management tool for ordering print that allows print buyers and print managers to increase the efficiency in their ordering process. These products place TripleArc at the leading edge of print procurement technology. CWS is one of the first fully JDF compliant print procurement solutions in an industry that is rapidly moving to adopt 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. TripleArc has been actively pursuing partnership strategies to exploit the Company's technology. TripleArc recently became a Hewlett-Packard (HP) collaborative partner. As part of this arrangement, TripleArc and HP will co-market the edit2print solution which integrates into HP's ProductionFlow system installed at digital printers using HP Indigo Presses. The intention is to promote a seamless print on-demand workflow solution for the delivery of variable printed products to large organisations. Print Management Services The Group provides print management services through gl2 directly to print buying customers that include the retail, marketing agencies and publishing sectors. gl2 saves its customers time and expense by utilising its expertise in project management, purchasing print and managing suppliers, allowing customers to outsource some or all of the complex process of buying print. 2002 provided some notable highlights for gl2. A new managing director, Neil Watson, was appointed to head gl2. gl2 implemented a CWS driven workflow to improve and streamline its business processes which has had a positive impact on performance through improved business practice and control over the whole print management process. Furthermore, the benefits of including the TripleArc procurement solutions as part of the print management offering of gl2 are bearing fruit. gl2 has gained several new high profile clients from the retail, mail order and leisure industries. Increasing volumes of business with existing clients has provided the impetus for gl2 to establish a Northern office in Manchester. As announced in the interim results in September 2002, the first half was a difficult trading period for gl2 as a result of the downturn in the marketing services sector in which many of its clients focussed. This has been followed by a much-improved performance in the second half. New account wins in the latter part of 2002 have already made a positive impact on 2003 performance with revenues significantly higher than 2002. Management changes During the year Jason Cromack, formerly Chief Operating Officer, assumed the role of Chief Executive. Conor O'Brien who was Chief Executive and one of the founders of TripleArc became the Group's Technical Director before leaving the Group in April 2003. The Board would like to thank Conor for all his hard work in helping steer the Group through its early development and onto the AIM market. During the second half of the year Neil Watson was appointed as managing director of gl2. Neil was previously the managing director of the Carlton Barclay Group and brings extensive experience in leading growing companies and winning new accounts to the gl2 management team. Outlook TripleArc Group has experienced a good start to 2003, reflecting the Group transition from a development focused business to a services orientated business enhanced by technology. The successful integration of the ControlP acquisition into the Group's Technology Division in the last quarter was followed by a management review of the merged Technology Division's costs and synergy opportunities during the first quarter of 2003. This has resulted in a number of actions to reduce costs. These combined with strong performance at gl2, increasing technology revenue streams, and the decline in research and development costs, will assist the Group in 2003. Sales are accelerating and the Board believes that the adoption of TripleArc's technology by key players in the industry, including one of the UK's top print management companies and Hewlett-Packard, will provide its solutions with the endorsement needed to accelerate the technology sales process with other potential customers. Demand for print management services among corporates is strong, providing opportunities for significant growth in this market. The Board has reviewed the Group's current financial resources and is satisfied that sufficient cash and cash facilities are available to fund the Group's current activities for the forseeable future. The Directors view the future with confidence. Good performance at gl2 and increasing revenues in the technology division have given a good start to 2003. The Group is well positioned to participate in the consolidation of the print management sector and the Board is continuing to examine the potential of strategic acquisitions which could enhance the prospects for organic growth. Consolidated profit and loss account for the year ended 31 December 2002 Notes 2002 2001 # # --------- --------- Revenue - continuing operations 7,009,905 19,405 - acquisitions - 1,423,304 --------- --------- 7,009,905 1,442,709 Cost of sales (6,097,723) (1,194,740) --------- --------- Gross profit 912,182 247,969 Selling and distribution costs (658,626) (67,853) Research and development (719,317) (807,305) Administration expenses (1,592,451) (651,255) --------- --------- Loss before amortisation of intangible assets and share option compensation expense (2,058,212) (1,278,444) Amortisation of intangible assets (280,791) (65,762) Non cash share option compensation expense (672,573) (251,330) --------- --------- Operating loss - continuing operations (3,011,576) (1,623,609) - acquisitions - 28,073 --------- --------- Loss on ordinary activities before interest and taxation (3,011,576) (1,595,536) Interest receivable 44,779 3,881 Interest payable and similar charges (12,163) (3,812) --------- --------- Loss on ordinary activities before taxation (2,978,960) (1,595,467) Tax on loss on ordinary activities (9,739) (11,800) --------- --------- Loss for the financial year (2,988,699) (1,607,267) ========== ========== Loss per ordinary share - basic and diluted (pence) 2 (4.58p) (3.80p) ========== ========== 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. Consolidated balance sheet at 31 December 2002 2002 2001 Notes # # ---------- ---------- Fixed assets Intangible assets 3,789,811 3,769,767 Tangible assets 157,113 104,174 ---------- ---------- 3,946,924 3,873,941 ---------- ---------- Current assets Stocks 44,349 27,680 Debtors 1,872,896 1,451,664 Cash at bank and in hand 740,143 2,901,154 ---------- ---------- Creditors: amounts falling due within one 2,657,388 4,380,498 year (2,798,013) (2,273,735) ---------- ---------- Net current (liabilities)/assets (140,625) 2,106,763 ---------- ---------- Total assets less current liabilities 3,806,299 5,980,704 Creditors: amounts falling due after more than one year (111,056) (15,312) Net assets 3,695,243 5,965,392 ========== ========== Capital and reserves Called up share capital 3,275,259 3,259,579 Share premium account 5,478,487 5,448,190 Share option reserve 923,903 251,330 Merger reserve (621,490) (621,490) Group interest in shares of TripleArc Plc (150,000) (150,000) Profit and loss account (5,210,916) (2,222,217) ---------- ---------- Shareholders' funds - equity 6 3,695,243 5,965,392 ========== ========== Consolidated cash flow statement for the year ended 31 December 2002 Notes 2002 2001 # # ---------- ---------- Net cash outflow from operating activities 3 (1,758,775) (925,003) Returns on investments and servicing of finance Interest received 44,779 3,881 Interest paid (12,648) (1,712) ---------- ---------- Net cash inflow from returns on investments and servicing of finance 32,131 2,169 Corporation tax paid (11,800) - Capital expenditure and financial investment Purchase of tangible fixed assets (94,744) (41,026) Disposal of tangible fixed assets 11,750 - ---------- ---------- Net cash outflow for capital expenditure (82,994) (41,026) Acquisitions and disposals Acquisition of business undertaking (137,960) (82,426) Cash acquired with subsidiary undertaking - 20,996 ---------- ---------- Net cash outflow for acquisitions and disposals (137,960) (61,430) Net cash outflow before use of liquid resources and financing (1,959,398) (1,025,290) Financing Proceeds from issue of share capital - 4,168,709 Expenses paid in connection with share issue (104,006) (331,224) Debentures repaid (50,000) (10,000) Capital element of finance lease payments (7,607) - ---------- ---------- Net cash (outflow) / inflow from financing (161,613) 3,827,485 ---------- ---------- (Decrease) / Increase in cash 4,5 (2,121,011) 2,802,195 ========== ========== 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 2002. Intercompany 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: Loss per ordinary shares 2002 2001 ---------- --------- Basic Loss attributable to ordinary shareholders 2,988,699 1,607,267 ========== ========== Weighted average number of ordinary shares outstanding 65,273,191 42,307,700 ========== ========== Basic loss per share (in pence) (4.58p) (3.80p) ========== ========== 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 2001 and 2002 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 2002 2001 # # ---------- ---------- Operating loss (3,011,576) (1,595,536) Depreciation 62,063 15,452 Loss on disposal of fixed assets 1,117 - Amortisation of intangible assets 280,791 65,762 Non cash share option compensation expense 672,573 251,330 (Increase) / Decrease in stocks (16,669) 3,232 (Increase) / decrease in debtors (421,232) 144,563 Increase in creditors 674,158 190,194 ----------- ----------- (1,758,775) (925,003) =========== =========== Note 4: Analysis of changes in net funds At 31 December At 31 December 2001 Cashflow 2002 # # # Cash at bank and on hand 2,901,154 (2,161,011) 740,143 Bank loans (100,000) 40,000 (60,000) Debenture loan (50,000) 50,000 - --------- --------- --------- Total 2,751,154 (2,071,011) 680,143 =========== =========== =========== Note 5: Reconciliation of net cash movements to net funds 2002 2001 # # ---------- ---------- (Decrease) / increase in cash in the year (2,161,011) 2,802,195 Decrease in debt 90,000 10,000 ---------- ---------- (Decrease) / increase in net funds resulting from cashflows (2,071,011) 2,812,195 ---------- ---------- Increase in debt arising from acquisition of subsidiary undertaking - (160,000) ---------- ---------- Movement in the net funds in the year (2,071,011) 2,652,195 Net funds at the beginning of the year 2,751,154 98,959 ---------- ---------- Net funds at 31 December 2002 680,143 2,751,154 =========== =========== Note 6: Reconciliation of movements in equity shareholders' funds 2002 2001 # # ---------- ---------- Opening equity shareholders' funds /(deficit) 5,965,392 (38,374) Total recognised gains and losses (2,988,699) (1,607,267) Issued share capital including premium, net of expenses 45,977 8,131,193 Merger reserve - (621,490) Increase in share option reserve 672,573 251,330 Increase in interest in TripleArc Plc - (150,000) ---------- ---------- Closing equity shareholders' funds 3,695,243 5,965,392 =========== =========== 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 2002 is extracted from the statutory accounts for that year on which the auditors' report was unqualified. The Accounts for the year ended 31 December 2002 will be delivered to the Registrar of Companies in due course. The financial information for the year ended 31 December 2001 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 FR NKNKNFBKDBAD
1 Year Triplearc Chart |
1 Month Triplearc Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions