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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Vision OP China | LSE:VOC | London | Ordinary Share | GG00B28DJ748 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.115 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:2316D
Vocalis Group PLC
01 November 2002
1 November 2002
VOCALIS GROUP PLC
Interim Results for the six months ended 30 September 2002
Vocalis Group plc, a leading provider of voice driven business
solutions to the call centre industry, announces interim
results for the six months ended 30 September 2002.
HIGHLIGHTS
* Solutions were successfully delivered during the period
to Powergen and Chelsea Building Society and additional orders
were generated and delivered to these and other existing
customers
* Turnover increased to #1.4 million (2001: #1.2 million).
85% of revenues were derived from UK customers (year ended
31.03.02: 20%), reflecting the Group's focus on UK markets
* The Company continues to monitor all aspects of its cost
base and monthly overheads were maintained at the level
established in November 2001
* The loss on ordinary activities was reduced to #1.5
million (2001: #2.0 million)
* Cash balances at 30 September 2002 were #2.7 million
* Independent research carried out during the summer
confirmed the growing need for business solutions providing
semi-automation within a call centre environment
* The Company experienced particularly difficult trading
conditions during the second quarter but has experienced a
strengthening of activity during the initial weeks of the
third quarter
Paul Wright, Chief Executive, commented:
"Although market conditions during the first half of the
current financial year have been difficult, Vocalis has
continued to benefit from the strategic repositioning of the
business carried out at the end of 2001 and has established
key reference sites in its chosen market sectors. The Company
maintains its unique position in the UK call centre market as
a leading provider of voice driven solutions and has made
further progress in securing its position within its chosen
target sectors.
"Recent research has confirmed the belief that there is a
strong requirement for voice driven solutions in the call
centre market and we are confident that our focus and
commercial offerings position us well to support and develop
this growing market."
- ends -
Enquiries:
Vocalis Group plc today: 020 7950 2800
Paul Wright, Chief Executive thereafter: 01223 846177
Weber Shandwick Square Mile 020 7950 2800
Nick Oborne or Stephanie Smart
1 November 2002
VOCALIS GROUP PLC
Interim Results for the six months ended 30 September 2002
CHAIRMAN'S STATEMENT
Results
The revenues resulting from the successful delivery of Vocalis
solutions to Powergen and Chelsea Building Society, together
with ongoing maintenance and additional upgrades from existing
customers, helped increase turnover for the first six months
of this year to #1.4 million compared to revenues of #1.2
million for the six months to 30th September 2001 and #0.5
million for the six months to 31st March 2002.
The focus on UK markets has resulted in a significant change
to the geographical mix of revenues. During the six months to
September, 85% of total revenues came from UK customers
compared to only 20% in the year to 31st March 2002.
Cost control continues to be a high priority. Monthly
overheads have been maintained at #400,000, the level
established in November last year, and the Company continues
to monitor all aspects of its cost base. Loss on ordinary
activities was reduced to #1.5 million (2001: #2.0 million).
Loss per share was reduced to 1.28p (2001: 4.25p).
Cash balances at 30th September were #2.7 million compared to
#4.0 million at 31st March 2002.
Vocalis experienced particularly difficult trading conditions
during the second quarter and as a result did not achieve the
anticipated level of orders. However, the Company has
experienced a strengthening of activity during the initial
weeks of the third quarter.
Operations
The Company has maintained its strategic focus on the UK call
centre market and in particular the financial services and
utilities sectors. During the period, solutions were
successfully delivered to Powergen and Chelsea Building
Society and additional orders were generated and delivered to
these and other existing customers. The modular approach
adopted under the new strategy allows similar solutions to be
replicated within the respective market sectors. Solutions
were delivered on a modular basis using Vocalis and "best of
breed" third party products in line with the strategy set out
last year. Vocalis used its unique position in the UK market
to work closely with its customers to create flexible,
tailored solutions for their call centres. These solutions
were delivered according to the agreed timetables, within
budget and in line with customer expectations.
In addition to these contracts, Vocalis secured ongoing
maintenance and support from existing customers, all of whom
renewed their agreements with Vocalis as they fell due during
the period.
Marketplace
During the summer, Vocalis commissioned independent market
research on the UK call centre markets. The resulting report
covers a range of call centre issues from cost and efficiency
to staffing and business development. Findings confirmed that
there is a growing need for business solutions to provide semi-
automation within a call centre environment thereby improving
agent performance and customer experience.
Through the use of voice driven solutions, call centres are
able to address a number of problems they face on a day to day
basis. Automated solutions can be provided to deal with
repetitive and less challenging tasks thereby freeing up call
centre agents to focus on added value transactions. They can
also reduce the instances of phone rage which is often caused
by complicated menu options and cut waiting time to provide a
more efficient service to callers.
Prospects
Although market conditions during the first half of the
current financial year have been difficult, Vocalis has
continued to benefit from the strategic repositioning of the
business carried out at the end of 2001 and has established
key reference sites in its chosen market sectors. The Company
maintains its unique position in the UK call centre market as
a leading provider of voice driven solutions and has made
further progress in securing its position within its chosen
target sectors.
The prospect and pipeline list is growing in quality and
quantity. However, it is taking longer than originally
anticipated to convert into firm orders. Potential customers
are recognising the benefits of our solutions for their
customers and their staff, aligned with the strong return on
investment proposition that our solutions deliver. Whilst we
expect a significant increase in revenue during the second
half of the year, the delays experienced in the first six
months will have a material impact on the Company's results
for the year.
Recent research has confirmed the belief that there is a
strong requirement for voice driven solutions in the call
centre market and we are confident that our focus and
commercial offerings position us well to support and develop
this growing market.
Ken Hill
Chairman
1 November 2002
- ends -
Enquiries:
Vocalis Group plc today: 020 7950 2800
Paul Wright, Chief Executive thereafter: 01223 846177
Weber Shandwick Square Mile 020 7950 2800
Nick Oborne or Stephanie Smart
Consolidated Profit and Loss Account
for the six months to 30 September 2002
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 Sept 2002 30 Sept 2001 31 March 2002
Notes #000 #000 #000
-----------------------------------------------------------------------------
Turnover 2 1,404 1,223 1,735
Cost of sales (692) (590) (754)
-----------------------------------------------------------------------------
Gross profit 712 633 981
Other operating expenses (net) (2,401) (2,486) (5,055)
-----------------------------------------------------------------------------
Operating loss (1,689) (1,853) (4,074)
Cost of closure of managed service
businesses - (163) (195)
Bank interest receivable 64 53 96
Interest payable
Finance leases - (2) (6)
Other loans (1) (3) (6)
-----------------------------------------------------------------------------
Loss on ordinary activities
before taxation (1,626) (1,968) (4,185)
-----------------------------------------------------------------------------
Taxation 3 138 388
Loss on ordinary activities
after taxation (1,488) (1,968) (3,797)
-----------------------------------------------------------------------------
Loss per share - pence 4 (1.28) (4.25) (5.41)
-----------------------------------------------------------------------------
There were no recognised gains or losses other than the loss
for the period.
The accompanying Notes form an integral part of this
Consolidated Profit and Loss Account.
Consolidated Balance Sheet
as at 30 September 2002
Unaudited Unaudited Audited
as at as at as at
30 Sept 2002 30 Sept 2001 31 March 2002
Notes #000 #000 #000
-------------------------------------------------------------------------------
Fixed assets
Intangible assets 16 14 8
Tangible assets 614 821 740
-------------------------------------------------------------------------------
630 835 748
-------------------------------------------------------------------------------
Current assets
Stock 412 677 535
Debtors - due within one year 353 1,016 471
Short term cash deposits 2,325 740 3,950
Cash at bank and in hand 385 264 62
-------------------------------------------------------------------------------
3,475 2,697 5,018
-------------------------------------------------------------------------------
Creditors: amounts
falling due within one year (797) (989) (965)
-------------------------------------------------------------------------------
Net current assets 2,678 1,708 4,053
-------------------------------------------------------------------------------
Total assets less current liabilities 3,308 2,543 4,801
-------------------------------------------------------------------------------
Creditors: amounts
falling due after more than one year (33) (40) (38)
-------------------------------------------------------------------------------
Net assets 3,275 2,503 4,763
-------------------------------------------------------------------------------
Capital and reserves
Called-up share capital 6,948 2,316 6,948
Share premium account 16,789 17,332 16,789
Other reserves 1,070 1,070 1,070
Profit and loss account (21,532) (18,215) (20,044)
-------------------------------------------------------------------------------
Shareholders'funds-equity
interests 5 3,275 2,503 4,763
-------------------------------------------------------------------------------
The accompanying Notes form an integral part of this
Consolidated Balance Sheet.
Consolidated Cash Flow Statement
for the six months to 30 September 2002
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 Sept 2002 30 Sept 2001 31 March 2002
Notes #000 #000 #000
-------------------------------------------------------------------------------
Operating loss (1,689) (1,853) (4,074)
Depreciation charges 174 191 373
Amortisation charges 7 7 13
Impairment of investment - - 200
Closure costs - - (195)
Decrease/(increase) in stock 123 28 154
Decrease/(increase) in debtors 118 (101) 628
Decrease in creditors (168) (496) (754)
Long Term Incentive Scheme credit - (207) (207)
-------------------------------------------------------------------------------
Net cash outflow from
operating activities (1,435) (2,431) (3,862)
Returns on investments and
servicing of finance
- interest received 64 59 96
- interest paid (1) (3) (6)
- interest element of finance leases - (2) (6)
Taxation 138 - 388
Capital expenditure and
financial investment
- purchase of intangible fixed assets (15) - -
- purchase of tangible fixed assets (47) (48) (95)
- sale of tangible fixed assets (1) - -
-------------------------------------------------------------------------------
Cash outflow before management of
liquid resources and financing (1,297) (2,425) (3,485)
-------------------------------------------------------------------------------
Management of liquid resources
- decrease/(increase) in short
term deposits 1,625 2,510 (700)
-------------------------------------------------------------------------------
Financing
Issue of Ordinary Shares (net of fees) - - 4,631
Costs of issue of Ordinary Shares - - (542)
Repayment of secured loan (5) (2) (3)
Capital element of finance lease
repayments - (43) (63)
-------------------------------------------------------------------------------
Net cash (outflow)/inflow
from financing (5) (45) 4,023
-------------------------------------------------------------------------------
Increase/(decrease) in cash in
the period 6 323 40 (162)
-------------------------------------------------------------------------------
The accompanying Notes form an integral part of this
Consolidated Cash Flow Statement.
Notes to the Interim Results
1 Basis of preparation
The foregoing financial information does not constitute
statutory accounts within the meaning of section 240 of the
Companies Act 1985.
The financial information for the six months ended 30 September
2002 is unaudited and has been prepared in accordance with the
accounting policies set out in the Annual Report for the year
ended 31 March 2002 except for the accounting policy on
turnover which is as follows:
Turnover comprises the value of sales (excluding VAT and trade
discounts) of goods and services in the normal course of
business. Effective from 1 April 2002, the revenue for sale of
business solutions is recognised based on a percentage
completion basis.
Maintenance income is invoiced annually and quarterly in
advance and is recognised in the period to which the
maintenance commitment relates.
Deferred income represents amounts invoiced to customers in
advance in respect of goods and services, support contracts and
other services.
Accrued income represents goods and services delivered to
customers that are uninvoiced at the date of the financial
statements.
The financial information for the six months ended 30 September
2001 is also unaudited.
The financial information for the full preceding year is based
on the statutory accounts for the financial year ended 31
March 2002. Those accounts, upon which the auditors issued an
unqualified opinion, have been delivered to the Registrar of
Companies.
These accounts were approved by the Board of Directors on 1
November 2002 and were signed on its behalf by:
K L Hill P K Wright
Chairman Director
2 Segment information
Unaudited Unaudited Audited
6 months to 6 months to year ended
30 Sept 30 Sept 31 March
2002 2001 2002
#000 #000 #000
-------------------------------------------------------------------------
Turnover by destination
United Kingdom 1,194 241 377
Rest of Europe 107 732 603
Far East - 230 26
Rest of World 103 20 729
-------------------------------------------------------------------------
1,404 1,223 1,735
-------------------------------------------------------------------------
3 Taxation
The tax credit for the periods represent research and
development tax credits received in the relevant period.
4 Loss per share
Loss per share is based on the loss for the period after tax
divided by the weighted average number of equity shares
ranking for dividend in the period. The weighted average
number of shares was 116,620,168 (March 2002: 70,175,139,
September 2001: 46,318,130).
5 Reconciliation of movements in group shareholders' funds
Unaudited Unaudited Audited
6 months to 6 months to year ended
30 Sept 30 Sept 31 March
2002 2001 2002
#000 #000 #000
-------------------------------------------------------------------------
Retained loss for the financial period (1,488) (1,968) (3,797)
Issue costs written off - - (543)
New shares issued - - 4,632
Long Term Incentive Scheme credit - (207) (207)
-------------------------------------------------------------------------
Net (decrease)/increase in shareholders'
funds (1,488) (2,175) 85
Opening shareholders' funds 4,763 4,678 4,678
-------------------------------------------------------------------------
Closing shareholders' funds 3,275 2,503 4,763
-------------------------------------------------------------------------
6 Reconciliation of cash flow to movement in net funds
Unaudited Unaudited Audited
6 months to 6 months to year ended
30 Sept 30 Sept 31 March
2002 2001 2002
#000 #000 #000
-------------------------------------------------------------------------
Increase/(decrease) in cash
in the period 323 40 (162)
Cash outflow from decrease in
debt and lease financing 5 44 66
Cash (outflow)/inflow from
(decrease)/increase in liquid resources(1,625) (2,510) 700
-------------------------------------------------------------------------
Movement in net funds in the period (1,297) (2,426) 604
-------------------------------------------------------------------------
Net funds at the beginning of the period3,974 3,370 3,370
-------------------------------------------------------------------------
Net funds at the end of the period 2,677 944 3,974
-------------------------------------------------------------------------
Report of the Independent Auditors to the Members of Vocalis plc
Introduction
We have been instructed by the company to review the financial
information for the six months ended 30 September 2002 which
comprises the Consolidated Profit and Loss Account,
Consolidated Statement of Total Recognised Gains and Losses,
Consolidated Balance Sheet, Consolidated Cash Flow Statement,
and Notes 1 to 6. We have read the other information
contained in the interim report and considered whether it
contains any apparent misstatements or material
inconsistencies with the financial information. Our
responsibilities do not extend to any other information.
Directors' responsibilities
The interim report, including the financial information
contained therein, is the responsibility of, and has been
approved, by the directors. The directors are responsible for
preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority, which require that
the accounting policies and presentation applied to the
interim figures should be consistent with those applied in
preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained
in Bulletin 1999/4: Review of Interim Financial Information
issued by the Auditing Practices Board for use in the United
Kingdom. A review consists principally of making enquiries of
management and applying analytical procedures to the financial
information and underlying financial data and, based thereon,
assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A
review excludes audit procedures such as tests of control and
verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in
accordance with United Kingdom Auditing Standards and
therefore provides a lower level of assurance than an audit.
Accordingly we do not express an audit opinion on the
financial information.
Review conclusion
On the basis of our review, we are not aware of any material
modifications that should be made to the financial information
as presented for the six months ended 30 September 2002.
Grant Thornton
Registered Auditors
Chartered Accountants
Grant Thornton House
Melton Street
Euston Square
London NW1 2EP
1 November 2002
This information is provided by RNS
The company news service from the London Stock Exchange
END
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