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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 | |
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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:8663C TripleArc PLC 13 September 2004 13 September 2004 TripleArc Plc Interim Results for the Six months Ended 30 June 2004 Interim results from TripleArc Plc, the UK based provider of technology led print procurement solutions. The TripleArc Group provides print procurement solutions to enterprises that are looking to reduce costs and streamline business processes. The Group is able to differentiate its offering by providing its client with industry leading technology solutions which enhance the service proposition and facilitate sustainable cost savings. HIGHLIGHTS Six months Six months ended ended 30 June 30 June 2004 2003 Turnover #24.03m #7.15m Gross profit #6.03m #1.08m Earnings before interest, tax and amortisation #2.27m #0.02m Profit before tax #0.67m loss (#0.25m) Earnings per share * 0.65p 0.03p Basic earnings per share 0.16p loss (0.39p) Cash generation #3.33m #0.05m * Before amortisation of intangible assets and share option compensation expense * Significant increase in performance following the successful integration of Access Plus, acquired November 2003 * Gross profits increase more than five fold to over #6m * Pre-tax profits of #0.67m compared to loss of #0.25m * Cash generation cuts net debt to #15.39m (December 2003 - #17.49m) and gearing to 62% (December 2003 - 72%) * Rapidly growing strength in Print Management Outsourcing ("PMO") market * Approximately #20m of PMO contracts won in last six months - full impact to come in 2005 Commenting on the results, Jason Cromack, Chief Executive Officer stated: "We are pleased with the Group's first half performance. The strategy of setting up a dedicated contracts team has already borne fruit, with several major contract wins in the first half. We expect to see the full impact of these wins in 2005. The integration of Access Plus has gone well with the half year results reflecting the performance of the enlarged group. The Group is now firmly a leading player in the print management sector. Furthermore with a healthy pipeline of potential contracts, we believe that we will deliver increased shareholder value over the coming months." For further information please contact: TripleArc Plc 020 7258 6290 Jason Cromack, Chief Executive Officer Weber Shandwick Square Mile 020 7067 0700 Terry Garrett/ Nick Dibden TripleArc Plc Interim Results ended 30 June 2003 I am pleased to announce good results for the six months ended 30 June 2004, a period that included a full six months contribution from Access Plus Plc, the print management business that was acquired by TripleArc in November 2003. The board is pleased with the successful integration of the Access Plus business within the TripleArc Group. FINANCIAL RESULTS Revenues increased by 236% to #24.03m (June 2003 - #7.15m) reflecting the Group's entry into the top tier of UK print management companies. Gross profit during the period increased more than five fold to #6.03m (June 2003 - #1.08m). The increase in turnover and gross profit were mainly attributable to the Access Plus group, which was acquired in November 2003. Group EBITA increased substantially from, in effect, a break even position in the first half of 2003 to #2.27m in the period under review. Pre-tax profits of #0.67m compare to a loss of #0.25m in the first half of 2003. Adjusted earnings per share have increased to 0.65p (June 2003 - 0.03p). Basic earnings per share were 0.16p (June 2003 - loss per share 0.39p). Cash generation continues to be one of the Group's key strengths. Net cash inflow from operating activities for the six months ended 30 June 2004 was #3.33m (2003 - #0.05m). Net debt reduced from #17.49m, at December 2003, to #15.39m at June 2004, reducing the Group's gearing from 72% to 62%, respectively. During, the half year the Group repaid #1m of acquisition finance on schedule and also took the opportunity to make accelerated payments of a further #0.60m. TRADING REVIEW Print Management Division The acquisition of Access Plus Plc has enabled the TripleArc Group to provide one of the most complete print management solutions in the UK. The Group is therefore exceptionally well positioned to capitalise on the increasing number of print management outsourcing ("PMO") contracts that are being put out to tender by companies wanting attractive, cost effective solutions to non-core activities. In the last six months, I am delighted to report that the Group has secured PMO contracts with an aggregated value of approximately #20m. These significant contracts are for companies such as BAA, Matalan and BMI Healthcare, and range from one year rolling contracts to five year fixed term agreements. It is in the nature of these contracts that they require significant management time to win and implement and can involve financial investment to set up. Typically there can be up to a six-month delay before they contribute to Group profitability. We therefore expect to see the full impact from these exciting contract wins during 2005. The levels of new business activity within the PMO sector remain high. As was recently announced, the Group has been awarded preferred bidder status for another multi-million pound PMO contract and we expect to conclude final negotiations in this regard shortly. Our breadth and quality of services coupled with the Group's proprietary technology have played a key role in enabling TripleArc to compete at the highest level and we expect to be in a position to announce further contract wins in the future, which will enhance our position as a market leader in the PMO sector. In addition to its PMO activities, Access Plus brought with it a team of highly motivated sales staff focused on delivering print buying services to their clients for specific products and solutions, such as direct mail and security products. Although these activities are less structured than PMO contracts and more susceptible to the competitive pressures that are prevalent throughout the print industry, we believe that many of these customers will be receptive to a full PMO solution once they are introduced to the diversity of our service offering and the Group's enhanced scale of operations. In the meantime, this business is performing well in very tough market conditions, albeit that there is some decline in the forms business. The first half of 2004 has seen the deployment of the Group's proprietary technology, CWS (Collaborative Workflow System) across our print management division and its suppliers, and the roll-out of a new enterprise accountancy solution. The technology will create additional capacity within our existing overhead and we expect to see the full benefits of this during the first half of 2005. Technology Division The Group's technology products, namely CWS and edit2print, place TripleArc at the leading edge of print procurement technology in the UK. Our partnership with Hewlett-Packard continues to deliver new opportunities. Following our attendance at DRUPA, the world's largest print trade fair, in May this year in conjunction with HP, we are in the final stages of discussions with a number of major print service providers to licence the edit2print software. Our agreement with Four51, Inc to distribute CWS in the US is a key part of the future growth strategy of our technology in the vast US market. It is already showing early signs of success with contracts having recently been signed with two print management companies, including PathForward, a business unit of Standard Register, one of the largest print groups in the US. In the UK and Europe, our CWS network now has over 225 suppliers connected to it, with more being connected on a continuing basis. As CWS gains further momentum we expect to deliver a recurring technology revenue stream from the system. The technology division is also exploring some exciting opportunities to expand the solution as part of an 'insource' print management offering, thereby expanding the revenue growth from this product. STAFF The Board would again like to thank all our staff, for the commitment, professionalism and loyalty that they have shown during six-months of tremendous change. OUTLOOK The Group has shown a significant improvement in the quantity and quality of its earnings stream. We expect this trend to continue as we progressively move away from ad hoc print supply towards longer term print management contracts and substantial contract wins provide the foundation of long-term sustainable revenues. The investment and roll-out of an improved infrastructure throughout the Group will provide the basis for maintaining continued growth in the future. The Board will continue to seek further consolidation opportunities in the print management sector in addition to 'bolting-on' businesses which will expand our service offering. Group Profit and Loss Account Six months Six months Year ended ended ended 30 June 30 June 31 December 2004 2003 2003 (unaudited) (unaudited) (audited) Notes #000 #000 #000 Turnover 2 24,034 7,150 20,860 Cost of sales (18,009) (6,069) (17,434) ________ _________ __________ Gross profit 6,025 1,081 3,426 Research and development (32) (46) (79) Selling and distribution costs (653) (178) (537) Administrative expenses (3,073) (837) (1,888) Exceptional costs - - (184) ________ _________ __________ Profit before amortisation of intangible assets and share option compensation expense 2,267 20 738 Amortisation of intangible assets (942) (178) (563) Non cash share option compensation expense (50) (93) (99) ________ _________ __________ Operating profit/(loss) on ordinary activities before interest 1,275 (251) 76 Bank interest receivable 34 2 13 Interest payable (635) (5) (124) ________ _________ __________ Profit/(loss) on ordinary activities before taxation 674 (254) (35) Taxation on profit/(loss) on ordinary activities 3 (350) - (196) ________ _________ __________ Retained profit/(loss) for the period 324 (254) (231) ________ _________ __________ Earnings/(loss) per share Basic and diluted (pence) 4 0.16p (0.39p) (0.29p) Adjusted earnings per share before amortisation of intangible assets and share option compensation expense Earnings and diluted earnings per share (pence) 4 0.65p 0.03p 0.71p The Group has no recognised gains or losses in any of the above financial periods other than those dealt with in the Group profit and loss account. Group Balance Sheet At 30 June At 30 June At 31 December 2004 2003 2003 (unaudited) (unaudited) (audited) Notes #000 #000 #000 Fixed assets Intangible assets and goodwill 5 36,750 3,612 37,692 Tangible assets 1,607 116 1,755 ________ _________ __________ 38,357 3,728 39,447 Current assets Stocks 1,352 43 1,223 Debtors 9,041 2,176 11,136 Cash 6 2,000 704 2,188 ________ _________ __________ 12,393 2,923 14,547 Creditors: amounts falling due within one year (10,400) (3,007) (12,921) ________ _________ __________ Net current assets/(liabilities) 1,993 (84) 1,626 ________ _________ __________ Total assets less current liabilities 40,350 3,644 41,073 Creditors: amounts falling due after more than one year (15,515) (110) (16,612) Provision for liabilities and charges Deferred taxation (68) - (68) ________ _________ __________ Net assets 24,767 3,534 24,393 ________ _________ __________ Capital and reserves Called up share capital 10,050 3,275 10,050 Share premium account 19,533 5,478 19,533 Stock option reserve 1,073 1,017 1,023 Merger reserve (621) (621) (621) Group interest in shares of TripleArc plc (150) (150) (150) Profit and loss account (5,118) (5,465) (5,442) ________ _________ __________ Equity shareholders' funds 24,767 3,534 24,393 ________ _________ __________ Group Statement of Cash Flows Six months Six months Year ended ended ended 30 June 30 June 31 December 2004 2003 2003 (unaudited) (unaudited) (audited) Notes #000 #000 #000 Net cash inflow from operating activities 7(a) 3,331 53 1,621 ________ _________ __________ Returns on investments and servicing of finance Interest paid (635) (4) (124) Interest received 34 2 13 ________ _________ __________ (601) (2) (111) Taxation (547) (11) (43) Capital expenditure and financial investment Purchase of tangible fixed assets (33) (2) (8) Disposal of tangible fixed assets 7 2 - ________ _________ __________ (26) - (8) Acquisitions and disposals Acquisition of subsidiary undertaking - (6) (27,943) Costs incurred in connection with acquisition - - (1,177) Cash acquired on acquisition - - 673 Overdraft acquired on acquisition - - (1,512) ________ _________ __________ - (6) (29,959) Net cash inflow/(outflow) before use of liquid resources and financing 2,157 34 (28,500) Financing Issue of share capital - - 11,200 Expenses paid in connection with share issue - - (850) Drawdown of bank loan 200 - 18,450 Repayments of bank loan (1,797) - - Repayments of Loan Notes (65) - - Capital element of finance lease payments - (10) (15) ________ _________ __________ (1,662) (10) 28,785 ________ _________ __________ Movement in cash in the period 495 24 285 ________ _________ __________ Reconciliation of net cash flow to movement in net funds Movement in cash 495 24 285 Drawdown of bank loan (200) - (18,450) Repayments of bank loan 1,797 - - ________ _________ __________ Movement in net funds 2,092 24 (18,165) Net cash/(debt) at 1 January (17,485) 680 680 ________ _________ __________ Net cash/(debt) at period end 7(b) (15,393) 704 (17,485) ________ _________ __________ NOTES 1. ACCOUNTING POLICIES The financial information contained in this interim report does not constitute statutory accounts. The interim results which have not been audited, have been prepared using accounting policies and practices consistent with those used in the preparation of the Annual Report and Accounts for the year ended 31 December 2003. 2. TURNOVER Turnover represents amounts derived from the provision of goods and services during the period stated net of value added tax. The turnover and pre-tax profit is attributable to one continuing activity, the provision of print related marketing services substantially within the United Kingdom. 3. TAXATION a) The tax charge is made up as follows: Six months Six months Year ended ended ended 30 June 30 June 31 December 2004 2003 2003 #000 #000 #000 Current tax UK Corporation tax 350 - 185 Deferred tax - - 11 ________ _________ _________ 350 - 196 ________ _________ _________ b) Factors affecting the current tax charge The tax assessed on the profit on ordinary activities for the six months ended June 2004 is higher than the standard rate of corporation tax in the UK of 30%. The differences are reconciled as below: Profit/(loss) on ordinary activities before taxation 674 (254) (35) ________ _________ _________ Profit/(loss) on ordinary activities at the standard UK corporation tax rate of 30% (2003 - 30%) 202 (76) (10) Goodwill amortisation 283 53 169 Expenses not deductible 15 23 23 Accelerated capital allowances - - 37 Other timing differences (150) - (34) ________ _________ _________ Total current tax 350 - 185 ________ _________ _________ 4. EARNINGS PER SHARE a) Basic earnings/(loss) per share At 30 June At 30 June At 31 December 2004 2003 2003 Profit/(loss) attributable to ordinary shareholders (#'000) 324 (254) (231) ___________ ____________ ___________ Basic weighted average number of shares 201,020,671 65,505,161 79,017,127 Dilutive potential shares from share options 2,272,911 - - ___________ ____________ ___________ 203,293,582 65,505,161 79,017,127 ___________ ____________ ___________ Basic earnings/(loss) per share (pence) 0.16p (0.39p) (0.29p) ___________ ____________ ___________ Basic earnings/(loss) per share has been calculated by dividing the profit/ (loss) for each financial period by the weighted average number of ordinary shares in issue in each year. There is no difference for 2003 between the basic net loss per share and the diluted net loss per share as the effect of all share options is anti-dilutive. There is also no difference for the six months to 30 June 2004 between the basic earnings per share and the diluted earnings per share as the effect of the dilutive share options is immaterial. (b) Adjusted earnings per share Profit attributable to ordinary shareholders (#'000) 1,316 17 559 ___________ ____________ ___________ Basic weighted average number of shares 201,020,671 65,505,161 79,017,127 Dilutive potential shares from share options 2,272,911 - 142,395 ___________ ____________ ___________ 203,293,582 65,505,161 79,159,522 ___________ ____________ ___________ Basic earnings per share (pence) 0.65p 0.03p 0.71p ___________ ____________ ___________ Profit/(loss) on ordinary activities after taxation of #0.324m (six months to June 2003 - loss #0.254m; year ended December 2003 - loss #0.231m) are shown after deducting #Nil (six months to June 2003 - #Nil; year ended December 2003 - #0.184m) in respect of exceptional recruitment and integration costs, #0.942m (six months to June 2003 - #0.178m; year ended December 2003 - #0.563m) in respect of goodwill amortisation, and #0.050m (six months to June 2003 - #0.093m; year ended December 2003 - #0.099m) in respect of share option compensation expense. Adjusted earnings per share have been calculated by dividing the adjusted profit of #1.316m (six months to June 2003 - #0.017m; year ended December 2003 - #0.559m (after allowing for the potential tax credit on exceptional costs)), by the weighted average number of shares in issue at the respective period ends. 5. INTANGIBLE ASSETS AND GOODWILL At 30 June At 30 June At 31 December 2004 2003 2003 Cost: #000 #000 #000 At 1 January 38,602 4,137 4,137 Arising on acquisition during the year - - 34,465 ___________ ____________ ___________ At period end 38,602 4,137 38,602 ___________ ____________ ___________ Amortisation: At 1 January 910 347 347 Charge for the period 942 178 563 ___________ ____________ ___________ At period end 1,852 525 910 ___________ ____________ ___________ Net book value at 1 January 37,692 3,790 3,790 ___________ ____________ ___________ Net book value at period end 36,750 3,612 37,692 ___________ ____________ ___________ The Directors consider each acquisition separately for the purpose of determining the amortisation period of any goodwill or other acquired intangible asset that arises. There has been no change to the basis of amortisation of goodwill on any previous acquisitions since 31 December 2003. 6. CASH Cash balances include #0.033m held as collateral for the guarantee of the Group's Loan Notes. 7. CASH FLOW STATEMENT a) Reconciliation of operating profit to net cash inflow from operating activities Six months Six months Year ended ended ended 30 June 30 June 31 December 2004 2003 2003 #000 #000 #000 Operating profit/(loss) 1,275 (251) 76 Depreciation 126 41 108 Profit on disposal of tangible fixed assets (1) - - Amortisation of intangible fixed assets 942 178 563 Non cash share option compensation expense 50 93 99 Decrease/(increase) in stocks (129) 1 454 Decrease/(increase) in debtors 2,095 (303) (2,407) (Decrease)/increase in creditors (1,027) 294 2,728 ___________ ____________ ___________ Net cash inflow from operating activities 3,331 53 1,621 ___________ ____________ ___________ b) Analysis of changes in net funds 30 June Cash 31 December 2004 flows 2003 #000 #000 #000 Cash at bank 2,000 (188) 2,188 Bank overdrafts - 1,223 (1,223) Bank loan (17,393) 1,057 (18,450) ___________ ____________ ___________ Total (15,393) 2,092 (17,485) ___________ ____________ ___________ 8. APPROVAL This report was approved by the Board of Directors on 13 September 2004. 9. DISTRIBUTION This statement is being sent to all shareholders. In addition, copies are available from the Company Secretary at the Registered Office. 10.PUBLICATION OF NON-STATUTORY ACCOUNTS The financial information contained in this interim statement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The financial information for the full preceding year is based on the statutory accounts for the financial year ended 31 December 2003. Those accounts, upon which the auditors issued an unqualified opinion, 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 ILFVAARIILIS
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