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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:8155B TripleArc PLC 30 September 2002 Embargoed until 1005 30 September 2002 TripleArc Plc Interim Results for the 6 months ended 30 June 2002 Interim results from TripleArc Plc, the UK based provider of web based print procurement solutions. HIGHLIGHTS - Acquisition of ControlP for #250,000 - #2.6m revenue (nil) - Gross profit of #350,000 (nil) - Pre-tax loss of #1.26m (#0.56m) before goodwill and share option expenses - Sales to improve by year end and accelerate in 2003 Commenting on the results, Conor O'Brien, Chief Executive Officer stated: "Reflecting general economic conditions, the industry has faced tough times and the take up of e-procurement solutions has been slower than we expected. In this environment, opportunities to consolidate within the sector are presenting themselves and the purchase of ControlP is an excellent fit for the business. "Despite the delays during the first half in confirming contracts, we expect revenue to improve in the second half and accelerate in 2003 as the printing industry adopts the technology solutions offered by the Group." 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 6 month Results ended 30 June 2002 The Board of TripleArc Plc, the UK based provider of web based print procurement solutions, announces its interim results for the 6 month period ended 30 June 2002. Financial Review Revenue for the six months to 30 June 2002 was #2.6m (2001 #nil), representing a significant milestone as the Group moves from being a development oriented company to building an expanding revenue stream. Gross profit of #0.35m (2000 #nil) was mainly attributable to gl2, the Group's print management division. Research and development costs were #0.45m in the first half of 2002 compared to #0.38m in the prior period. The increase reflects the Group's investment in technology to develop the Collaborative Workflow System (CWS). Development spend is expected to decline in the second half of the year. The acquisition of gl2 in October 2001 and the restructuring of TripleArc from a limited company to a quoted group in December 2001 have had a significant effect on the comparison of certain elements of the profit and loss account, including the non-cash share option compensation charge, amortisation of goodwill and administrative expenses. These items are described below. Administrative expenses (2002: #0.8m, 2001: #0.2m) and selling and distribution costs (2002: #0.36m, 2001: #0.004m) in the first half of 2002 are significantly higher than the comparative base in the first half of 2001 when TripleArc was solely a technology company, almost exclusively focused on product development. Development of TripleArc's infrastructure led to the recruitment of additional staff including a sales and marketing team for the technology division. In addition, the 2002 figures include gl2, the Group's print management division. Amortisation of goodwill on the gl2 acquisition was #0.13m (2001:nil). A non-cash share option compensation expense of #0.5m was charged in the first half of 2002 (2001: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 #1.26m (2001: #0.6m). After charging non-cash share option compensation of #0.5m and goodwill amortisation of #0.13m, the loss before tax was #1.9m (2001: #0.6m). The loss per ordinary share was 2.93 pence in the six months ending 30 June 2002 (2001: 1.49 pence) The acquisition of the business of ControlP on 28 September 2002 has no effect on the results reported in this statement. Operational Review Market As expected, the printing industry has demonstrated significant interest in e-procurement solutions as a way of streamlining its activities, cutting costs and enhancing efficiency. The adoption of Internet based solutions is widely accepted as a natural progression in improving the ordering and production process between customers and printers. However, the current economic climate, has inevitably led to a slower adoption of the technology than had originally been anticipated. TripleArc has taken advantage of consolidation within the sector by acquiring the business of ControlP, a provider of print e- procurement solutions. ControlP was previously a division of Documedia Solutions Plc. The ControlP acquisition strengthens TripleArc's position as a leading provider of e-commerce procurement solutions for the printing industry. The Group has generated a substantial number of enquiries and entered into encouraging discussions with pipeline customers. However potential customers are taking longer to commit to implementation and the sales process is slower than expected, particularly with larger print buyers. Nevertheless, TripleArc technology, which is positioned as a 'solution sell' to address the numerous difficulties and inefficiencies within the print procurement process, is a leader in its field and therefore the Board expects sales to accelerate as confidence returns to the sector during the course of 2003. Print Procurement Solutions Following TripleArc's acquisition of ControlP, its approach to providing an end-to-end online procurement solution for the print industry consists of a portfolio of advanced web-based print procurement solutions. Placed at the leading edge of print procurement technology, the Board believes the Group's solutions have the potential to become the market leading systems for print procurement. TripleArc's Collaborative Workflow system (CWS) is the only fully Job Definition Format ("JDF") compliant print procurement solution 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 manufacturing products from diverse vendors into seamless workflow solutions. This enables every part of the procurement and manufacturing process, including customers, designers as well as printers, to communicate more effectively throughout the complete life cycle of a print job. Printing World commented this month that, "The success of JDF, Job Definition Format,...is assured". As TripleArc is a front runner in JDF adoption, the CWS solution has a strong competitive advantage in the market. The CWS has now been implemented into a number of major printers and print management companies. A number of trials are also in the course of negotiation with large corporate customers. Revenue generation has been minimal to date in line with the application service provider (ASP) business model adopted. Revenue generation is expected to increase in the last quarter of the year. Print Management Services The first half of the year has been a difficult period for gl2, the Group's print management business, as a result of the downturn in the marketing services sector, in which many of its clients focus. gl2's performance has improved since June and the second half of 2002 is anticipated to produce better results. gl2's increased use of the CWS is expected to have a positive impact on performance, improving its proposition to market, reducing costs and increasing capacity. The acquisition of gl2 last October has made a significant contribution to the Group. gl2's knowledge and expertise of the print industry has been reflected in the quality of the TripleArc technology solutions. The roll out of TripleArc's CWS to gl2's principal suppliers presents additional sales opportunities for TripleArc's technology division. Equally, the benefits of including TripleArc's procurement solutions as part of the print management offering of gl2 are bearing fruit. gl2 has gained new clients such as DFS, The Laurel Pub Company, and LIDA, a division of M & C Saatchi, for the production of high volume marketing materials for a major retailer. A new managing director, Neil Watson, has been appointed to head 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's solutions are well placed at the leading edge of technology for the print industry and the Directors believe that sales will accelerate over the coming twelve months as the adoption of e-commerce solutions gathers momentum within the sector. Despite the delays in confirming contracts in the first half period, sales are anticipated to improve in the closing months of the year and accelerate in 2003. The Board has reviewed the Group's current financial resources and is comfortable that sufficient cash and cash facilities are available to fund the Group's current activities into the second half of 2003. The Directors view the future with confidence. The gl2 proposition has been enhanced by the added value services offered through the use of TripleArc's products. TripleArc's acquisition of ControlP ensures the Group's position as one of the top providers of e-procurement solutions in the printing industry. Consolidated profit and loss account six months ended six months ended 30 June 30 June 2002 2001 (unaudited) (unaudited) # # Revenue 2,587,439 - Cost of sales (2,239,762) - ___________ ___________ Gross profit 347,677 - Research and development (452,812) (375,165) Selling and distribution costs (361,012) (3,778) Administrative expenses (797,372) (178,822) ___________ ___________ Loss before amortisation of goodwill and share option compensation expense (1,263,519) (557,765) Amortisation of acquired goodwill (127,860) - Non cash share option compensation expense (543,426) - ___________ ___________ Loss on ordinary activities before interest and taxation (1,934,805) (557,765) Interest receivable 32,660 - Interest payable and similar charges (6,489) (538) ___________ ___________ Loss on ordinary activities before taxation (1,908,634) (558,303) Tax on loss on ordinary activities - - ___________ ___________ Loss for the financial period (1,908,634) (558,303) =========== =========== Loss per ordinary share 1 (2.93p) (1.49p) Consolidated balance sheet six months ended six months ended year ended 30 June 30 June 31 December 2002 2001 2001 (unaudited) (unaudited) (audited) Fixed Assets Intangible Assets 3,641,906 - 3,769,767 Tangible Assets 135,799 36,288 104,174 ___________ ___________ __________ Fixed Assets 3,777,705 36,288 3,873,941 Current Assets Stocks 22,803 - 27,680 Debtors 1,414,134 25,690 1,451,664 Cash 1,410,749 67,475 2,901,154 ___________ ___________ __________ 2,847,686 93,165 4,380,498 Creditors: amounts falling due within one year (2,002,555) (643,137) (2,273,735) ___________ ___________ __________ Net Current Assets 845,131 (549,972) 2,106,763 ___________ ___________ __________ Total Assets less Current liabilities 4,622,836 (513,684) 5,980,704 Creditors: amounts falling due after more than one year (21,675) (3,309) (15,312) ___________ ___________ __________ Total net assets/(liabilities) 4,601,161 (516,993) 5,965,392 =========== =========== ========== Capital and reserves Called up share capital 3,259,580 - 3,259,579 Share Premium Account 5,449,166 - 5,448,190 Share capital and share premium of previous entity - 656,260 - Stock Option Reserve 794,756 - 251,330 Merger Reserve (621,490) - (621,490) Group interest in shares of TripleArc Plc (150,000) - (150,000) Profit and loss account (4,130,851) (1,173,253) (2,222,217) ___________ ___________ __________ Equity Shareholders Funds 4,601,161 (516,993) 5,965,392 =========== =========== ========== Consolidated cash flow statement six months ended six months ended 30 June 30 June 2002 2001 (unaudited) (unaudited) # # Net cash outflow from operating activities 2 (1,337,310) (443,198) Returns on investments and servicing of finance Interest received 32,660 - Interest paid (5,350) - Interest element of finance lease payments (1,739) (538) ___________ ___________ Net cash inflow/(outflow) from returns on investments and servicing of finance 25,571 (538) Corporation tax paid - - Capital expenditure and financial investment Purchase of tangible fixed assets (50,008) (12,452) ___________ ___________ Net cash outflow for capital expenditure (50,008) (12,452) Net cash outflow before use of liquid resources and financing (1,361,747) (456,188) Financing Proceeds from issue of share capital - 79,684 Proceeds from Issue of 10% Convertible Loan Stock - 345,583 Expenses paid in connection with share issue (104,006) - Capital element of finance lease payments (4,652) (563) Debentures repaid (20,000) - ___________ ___________ Net cash (outflow)/inflow from financing (128,658) 424,704 ___________ ___________ Decrease in cash 3,4 (1,490,405) (31,484) =========== =========== Note 1: Loss per ordinary share six months six months year ended ended ended 31 December 30 June 30 June 2002 2001 2001 Basic Loss attributable to ordinary shareholders #1,908,634 #558,303 #1,607,267 ========== ========== ========== Weighted average number of ordinary shares outstanding 65,191,572 37,376,635 42,307,700 ========== ========== ========== Basic loss per share (in pence) (2.93p) (1.49p) (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 period 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 2: Reconciliation of operating loss to net cash outflow from operating activities 2002 2001 # # Operating loss (1,934,805) (557,765) Depreciation 32,421 4,000 Amortisation of goodwill 127,860 - Amortisation of stock compensation 543,426 - Decrease in stocks 4,877 - Decrease/(increase) in debtors 37,530 (14,193) (Decrease)/increase in creditors (148,619) 124,760 ___________ ___________ (1,337,310) (443,198) =========== =========== Note 3: Analysis of changes in net funds At 31 Dec Non cash At 30 June 2001 flow cashflow 2002 # # # # Cash at bank and on hand 2,901,154 - (1,490,405) 1,410,749 Bank loans (100,000) - - (100,000) Debenture loan (50,000) - 20,000 (30,000) Finance Leases (23,101) (14,037) 4,652 (32,486) _________ _________ ___________ __________ Total 2,728,053 (14,037) (1,465,753) 1,248,263 ========= ========= =========== ========== Note 4: Reconciliation of net cash movements to net funds six months six months ended ended 30 June 30 June 2002 2001 # # Decrease in cash in the period (1,490,405) (31,484) Decrease / (Increase) in debt 20,000 (345,583) Capital payments on finance leases 4,652 563 ___________ ___________ Decrease in net funds resulting from cashflows (1,465,753) (376,504) Increase in net debt arising from additional finance leases (14,037) (5,406) ___________ ___________ Movement in the net funds in the period (1,479,790) (381,910) Net funds at the beginning of the period 2,728,053 98,959 ___________ ___________ Net funds/(debt) at end of period 1,248,263 (282,951) =========== =========== Note 5: 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. Those accounts upon which the auditor's report was unqualified have been delivered to the Registrar of Companies. This information is provided by RNS The company news service from the London Stock Exchange END IR IIFSAARIIVIF
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