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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:7278R TripleArc PLC 26 September 2005 26 September 2005 TripleArc Plc ("TripleArc" or the "Group") Financial Update Following his appointment as Chief Financial Officer in July 2005, Richard Hodgson was instructed by the Board of TripleArc (the "Board") to undertake a detailed review of the Group's financial systems, procedures and budgets. In completing this review it has been determined that a number of financial reporting errors arose during the integration of Access Plus and the implementation of the Group-wide financial reporting system. Approximately #1 million of costs were misallocated between the 2004 and the 2005 financial periods which has resulted in a material overstatement of profitability in the Company's accounts for the year ended 31 December 2004 (the "2004 Accounts"). The Board has concluded that the 2004 Accounts will require restating and expects that the restated earnings before interest, taxation and goodwill amortisation ("EBITA") will be #3.5 million (EBITA reported in the 2004 Accounts: #4.5 million). The Board is confident that this issue has been fully investigated and that the Group has appropriate financial systems and controls in place. However, as a further consequence, current year budgets were inflated as they were based on inaccurate base data. In addition, summer trading in the data fulfilment division has been particularly difficult this year and, as a result, the Board has revised downwards its expectations for the current year. EBITA for the year ending 31 December 2005 is expected to be approximately 50 per cent of the restated 2004 comparable, significantly below current market expectations. The Group's results for the six months ended 30 June 2005 are being released on 30 September 2005 and will show growth in both revenue and gross profit over the comparable period in 2004. Operating profit, however, has been impacted by additional costs incurred from investment in contract management, business development and infrastructure throughout the Group. As announced in the AGM statement on 28 June 2005, the Group's overhead base has been comprehensively reviewed. Annualised cost savings of approximately #1.25 million have already been realised and further gains are anticipated prior to the year end. Underlying cash flows remain stable and adequate for the Company's needs. The Board is confident that the Group retains the support of its lenders. Chris Pople, Chairman of TripleArc, commented: "The Board is extremely disappointed at having to issue further bad news to the market at a time when it can see genuine positive momentum building as a result of the Group's strategy of focusing on the provision of contracted outsourced print management solutions. In the six months to 30 June 2005 contracted revenue increased by 65 per cent on the same period in the previous year. Over the past 12 months the Company has secured in excess of #10m of additional annual contracted revenue at encouraging margins. There is also a strong pipeline of contract sales. The Board continues to believe that the fundamental underlying strengths and future growth prospects of the Company are good." - ends - For further information please contact: TripleArc Plc 0117 933 1006 Jason Cromack / Richard Hodgson Weber Shandwick Square Mile 020 7067 0700 Terry Garrett / Nick Dibden This information is provided by RNS The company news service from the London Stock Exchange END TSTGLGDCLUDGGUL
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