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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
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0 | 0 | N/A | 0 |
RNS Number:4714O TripleArc PLC 08 August 2003 Embargoed until 0700 8 August 2003 TripleArc plc Interim Results for the six months ended 30 June 2003 Interim results from TripleArc plc, the UK based provider of technology led print procurement solutions. HIGHLIGHTS * Significant improvement in financial performance - Turnover up 176% to #7.1m - Gross Profit up 211% to #1.1m - First Operating Profit before non-cash charges (amortisation of goodwill and non-cash share option compensation expense) - Positive Operating Cashflow of #52,000 (2002: negative #1.3m) - Positive EBITDA of #60,000 (2002: negative #1.2m) - Loss after tax #254,000 * Turnover and gross profit in the first half of 2003 exceeded the full 12 months of 2002 * Following a rapid deployment of the CWS technology into gl2, gross profits of the print management division have almost trebled whilst the overhead required to manage this additional volume has only had to increase by half. * Good position to deliver strong full year figures Commenting on the results, Jason Cromack, Chief Executive Officer stated: "The first half has seen further substantial progress within TripleArc with revenue in the half year over 60% higher than the previous six months to December 2002. We have achieved our first Operating Profit before non-cash items and are generating cash. Revenue and gross profit are greater in the first six months of this year than the full twelve months of last year, and our R&D costs are down considerably. "Both divisions are performing well, reflecting the efforts and expertise of our staff. The print management market continues to provide exciting opportunities for growth. Our performance to date demonstrates that the Group's print management expertise backed up with our CWS technology solution is gaining traction and success in the market. We have made a fantastic start to the year, and look forward to continued successful growth during 2003." 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 TripleArc plc Interim Results six months ended 30 June 2003 The Board of TripleArc plc, the UK based provider of technology driven print management and procurement solutions, announces its interim results for the six months ended 30 June 2003. Financial Review Financial performance improved significantly in the first half of 2003 with substantial increases in revenue and gross profit over the prior period. Revenue for the six month period was #7.1m (2002: #2.6m) Gross profit was #1.1m (2002: #0.35m). The increase in revenue and gross profit was mainly attributable to the strong performance at gl2, the Group's print management division. A number of account wins in the second half of 2002 and increased turnover with existing customers account for the significant increase in gl2 revenues. Both the print management and technology divisions are performing well, with revenues in both divisions already exceeding the full twelve months figures in 2002. Research and development costs were #0.046m in the period compared to #0.45m in the prior period. As announced at the time of the Group's 2002 results in June, this steep downward trend in software development spend commenced in the second half of 2002. With the completion of the initial design and development phase of the Group's software, development effort is now focussed on new customer driven functionality and enhancements to completed products. Selling and distribution costs in the period of #0.18m (#0.36m) were 50% below that of the prior period. The bulk of the reduction arose from the technology division where marketing and selling costs associated with the launch of the Group's technology products in the first half of 2002 did not recur in 2003. Administration expenses of #0.83m (2002: #0.8m) were 5% higher than the prior period. Amortisation of intangible assets was #0.18m during the period (2002: #0.13m). The increase arose from the amortisation of intellectual property capitalised on the acquisition of the software business of ControlP which was acquired in September 2002. A non-cash share option compensation expense of #0.09m was incurred in the period (2002: #0.54m). This arose on share options granted prior to TripleArc's listing on AIM in December 2001 where the exercise price of the option was below the prevailing market price at the date of grant. Substantially all of this expense was charged to the Profit and Loss account during 2001 and 2002 hence this item has declined significantly in 2003. Strong performance at gl2, increasing technology revenue streams and the steep decline in development expenditure have resulted in the Group's first operating profit, before amortisation of intangible assets and share option compensation expense, of #0.02m during the first half (2002: loss #1.3m). The Group's positive net cashflow during the period of #0.02m (2002: negative #1.5m) represents a significant milestone for the group, reflecting its movement from its investment and development phase during 2001 and 2002 to the beginning of its growth phase in 2003. After charging non-cash share option compensation of #0.09m and amortisation of intangible assets of #0.18m, the loss before tax was #0.25m (2001: #1.9m). The loss per ordinary share was 0.78 pence for the period ending 30 June 2003 (2002: 2.93 pence). Operational Review Market Print management is the fastest growing sector of the print industry. 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. With the size of contracts increasing, scale is important and the Group is well positioned to take advantage of this trend. It is not only able to provide the expertise required to procure print competitively but also has leading technology solutions, which are a pre-requisite to being awarded these large contracts, as they streamline the business process, reduce transaction costs and deliver 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. 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. 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 and allowing customers to outsource some or all of the complex process of buying print. gl2 offers an effective outsourced print buying solution by taking advantage of TripleArc's proprietary Collaborative Workflow System ("CWS"). The efficiencies of using CWS have been demonstrated and the technology has helped gl2 win key new customers. Highlights for the print management division include: - The focus has been on leveraging gl2's use of the Group's industry leading technology to drive new business and growth of existing business. The excellent growth in revenue and gross profit generated in the first six months of the year demonstrates the success of this approach. Technology solutions are a pre-requisite to being awarded print management contracts and the Board believes CWS provides a major competitive advantage for gl2. - The CWS technology has allowed us to increase efficiency and control operating costs. Since deployment of the CWS into gl2, gross profit has almost trebled whilst the overhead required to manage this additional volume has only had to increase by half. - Despite the large increase in revenue, gross margins have improved to 13.6% (2002: 13%). This is the result of a number of initiatives to concentrate on margin management. CWS has empowered management and staff to drill into expected and actual margins on a job by job level. A bonus scheme introduced at the start of the year designed to incentivise the team in hitting targeted margins, has also been successful. gl2 was among the first print management companies to recognise the benefits of e-commerce. The original concept of CWS was to allow gl2 to: develop new and existing business; grow rapidly without having to significantly increase the associated overhead; and to provide it with a clear value-added offering for its customers. The Group is pleased to report that CWS is achieving all these objectives. Print Procurement Solutions The successful integration of the ControlP acquisition into the Group's technology division in the last quarter of 2002 was followed by a management review of the merged technology division's costs and synergies during the first quarter of 2003. This has resulted in a number of actions to reduce costs. These, combined with increasing technology revenue streams, and the decline in research and development costs, has had a significant impact in allowing the Group to become cashflow positive in the first half. 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. Collaborative Workflow System ("CWS") CWS provides an online procurement solution to streamline and project manage the complex print buying and production process. It allows all parties in the supply chain to collaborate on a secure network. 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. We have seen several new customer wins in the first six months of this year, including a personalised version of edit2print for one of the UK's largest print management companies, following an extensive technical due diligence process. These products place TripleArc at the leading edge of print procurement technology. Our collaborative partnership with Hewlett-Packard is aiding our marketing effort to promote the edit2print and iPMS solutions into large corporates. 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. Outlook TripleArc has experienced an excellent start to 2003 with the Group achieving its first Operating Profit before non-cash charges. This reflects the Group's successful transition from a development focused business to a services orientated business enhanced by technology. Demand for print management services among corporates is strong, providing opportunities for significant growth in this market. TripleArc's technology solutions provide a key pre-requisite to winning print management business with larger corporates as well as generating cross selling opportunities between the print management and technology divisions of the Group. These results show a strong start to the year and the Directors expect to report further progress throughout the second half of the year. Consolidated Profit & Loss Account six months ended six months ended year ended 30 June 30 June 31 December 2003 2002 2002 (unaudited) (unaudited) (audited) # # # Revenue 7,149,604 2,587,439 7,009,905 Cost of sales (6,068,572) (2,239,762) (6,097,723) ----------- ----------- ----------- Gross profit 1,081,032 347,677 912,182 Research and development (46,103) (452,812) (719,317) Selling and distribution costs (178,713) (361,012) (658,626) Administrative expenses (836,721) (797,372) (1,592,451) ----------- ----------- ----------- Profit / (Loss) before amortisation of intangible assets and share option compensation expense 19,495 (1,263,519) (2,058,212) Amortisation of intangible assets (178,002) (127,860) (280,791) Non cash share option compensation expense (92,690) (543,426) (672,573) ----------- ----------- ----------- Operating loss on ordinary activities before interest (251,197) (1,934,805) (3,011,576) Interest receivable 2,351 32,660 44,779 Interest payable and similar charges (5,050) (6,489) (12,163) ----------- ----------- ----------- Loss on ordinary activities before taxation (253,896) (1,908,634) (2,978,960) Tax on loss on ordinary activities - - (9,739) ----------- ----------- ----------- Loss for the financial year (253,896) (1,908,634) (2,988,699) =========== =========== =========== Loss per ordinary share 1 (0.78p) (2.93p) (4.58p) Consolidated Balance Sheet six months ended six months ended year ended 30 June 30 June 31 December 2003 2002 2002 (unaudited) (unaudited) (audited) # # # Fixed Assets Intangible Assets 3,611,808 3,641,906 3,789,811 Tangible Assets 116,112 135,799 157,113 ----------- ----------- ---------- 3,727,920 3,777,705 3,946,924 Current Assets Stocks 43,251 22,803 44,349 Debtors 2,176,083 1,414,134 1,872,896 Cash 704,109 1,410,749 740,143 ----------- ----------- ---------- 2,923,443 2,847,686 2,657,388 Creditors: amounts falling due within one year (3,007,326) (2,002,555) (2,798,013) ----------- ----------- ---------- Net Current Assets (83,883) 845,131 (140,625) ----------- ----------- ---------- Total Assets less Current Liabilities 3,644,037 4,622,836 3,806,299 Creditors: amounts falling due after more than one year (110,000) (21,675) (111,056) ----------- ----------- ---------- Net assets 3,534,037 4,601,161 3,695,243 =========== =========== ========== Capital and reserves Called up share capital 3,275,259 3,259,580 3,275,259 Share Premium Account 5,478,487 5,449,166 5,478,487 Stock Option Reserve 1,016,593 794,756 923,903 Merger Reserve (621,490) (621,490) (621,490) Group interest in shares of TripleArc plc (150,000) (150,000) (150,000) Profit and loss account (5,464,812) (4,130,851) (5,210,916) ----------- ----------- ---------- Shareholders' Funds - equity 3,534,037 4,601,161 3,695,243 =========== =========== ========== Consolidated cash flow statement six months ended six months ended Year ended 30 June 30 June 31 December 2003 2002 2002 (unaudited) (unaudited) (audited) # # # Net cash inflow/(outflow) from operating activities 2 52,538 (1,337,310) (1,758,775) Returns on investments and servicing of finance Interest received 2,351 32,660 44,779 Interest paid (4,375) (7,089) (12,648) ----------- ----------- ---------- Net cash outflow/(inflow) from returns on investments and servicing of finance (2,024) 25,571 32,131 Corporation tax paid (10,435) - (11,800) Capital expenditure and financial investment Purchase of tangible fixed assets (1,708) (50,008) (94,744) Disposal of tangilbe fixed assets 2,013 11,750 ----------- ----------- ---------- Net cash outflow for capital expenditure 305 (50,008) (82,994) Acquisitions and disposals Acquisition of business undertaking (6,000) - (137,960) ----------- ----------- ---------- Net cash outflow for acquisitions and disposals (6,000) - (137,960) Net cash inflow/(outflow) before use of liquid resources and financing 34,385 (1,361,747) (1,959,398) Financing Expenses paid in connection with share issue - (104,006) (104,006) Capital element of finance lease payments (10,419) (4,652) (7,607) Debentures repaid - (20,000) (50,000) ----------- ----------- ---------- Net cash outflow from financing (10,419) (128,658) (161,613) ----------- ----------- ---------- Increase / (Decrease) in cash 3,4 23,966 (1,490,405) (2,121,011) =========== =========== =========== Note 1: Loss per ordinary share six months six months ended ended year ended 30 June 30 June 31 December 2003 2002 2002 Basic Loss attributable to ordinary shareholders #253,896 #1,908,634 #2,988,699 ========= ========= ========= Weighted average number of ordinary shares outstanding 65,505,161 65,191,572 65,273,191 ========= ========= ========= Basic loss per share (in pence) (0.78p) (2.93p) (4.58p) ========= ========= ========= 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 2002 and 2003 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 six months ended six months ended year ended 30 June 30 June 31 December 2003 2002 2002 Operating loss (251,197) (1,934,805) (3,011,576) Depreciation 40,696 32,421 63,180 Amortisation of goodwill 178,002 127,860 280,791 Non-cash share option compensation expense 92,690 543,426 672,573 Decrease in stocks 1,098 4,877 (16,669) (Increase)/ Decrease in debtors (303,187) 37,530 (421,232) Increase /(decrease) in creditors 294,436 (148,619) 674,158 ----------- ---------- --------- 52,538 (1,337,310) (1,758,775) =========== ========== ========= Note 3: Analysis of changes in net funds At 31 Dec At 30 June 2002 Cashflow 2003 # # # Cash at bank and on hand 740,143 (36,034) 704,109 Bank loans (60,000) 60,000 0 Finance leases (15,494) 10,419 (5,075) -------- -------- -------- Total 664,649 34,385 699,034 ======== ======== ======== Note 4: Reconciliation of net cash movements to net funds six months six months year ended ended ended 31 December 30 June 30 June 2003 2002 2002 # # # Increase/(Decrease) in cash in the period 2 3.966 (1,490,405) (2,121,011) Decrease in debt 20,000 50,000 Capital payments on finance leases 10,419 4,652 7,607 ---------- ---------- --------- Increase/(Decrease) in net funds resulting from cashflows 34,385 (1,465,753) (2,063,404) Increase in net debt arising from additional finance leases - (14,037) - ---------- ---------- --------- Movement in the net funds in the period 34,385 (1,479,790) (2,063,404) Net funds at the beginning of the period 664,649 2,728,053 2,728,053 ---------- ---------- --------- Net funds at end of period 699,034 1,248,263 664,649 ========== ========== ========= Note 5: Reconciliation of EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation) to Loss for the financial year six months six months year ended ended ended 31 December 30 June 30 June 2003 2002 2002 # # # Loss for the financial year (253,896) (1,908,634) (2,988,699) Net Interest payable/(receivable) 2,699 (26,171) (32,616) Tax on loss on ordinary activities - - 9,739 Depreciation 40,696 32,421 63,180 Amortisation of goodwill 178,002 127,860 280,791 Non-cash share option compensation expense 92,690 543,426 672,573 ---------- ---------- --------- EBITDA 60,191 (1,231,098) (1,995,032) ========== ========== ========= Note 6: Approval of interim results statement The interim results statement for the six months ended 30 June 2003 has been prepared by the Company and was approved by the Directors on 6 August 2003. 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. 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 IFFLITDIDIIV
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