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RNS Number:6789P
Photo-Scan PLC
12 September 2003
New business strategy initiated at Photo-Scan
PHOTO-SCAN PLC - INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2003
* New business strategy initiated concentrating on higher value
technologies, long-term client partnerships and a broader range of security
and surveillance products and consultancy services.
* New business levels affected in the short term, as expected, with first
half turnover reduced 7% to #9.9 million (2002: #10.7 million). Profit
before tax for the period is #0.9 million (2002: #1.6 million).
* Service income from existing contracts continues to rise. Increases 15%
to #1.3 million (2002: #1.1 million).
* Balance sheet remains strong. Net cash increases to #1.4 million.
* Interim dividend declared of 1.6p per share, an increase of 2.6%.
* High level of interest generated by our new Capital Release scheme,
offering new clients the chance to sell their existing equipment to
Photo-Scan and enter into long term rental contracts.
* As expected, sales and profits for the full year will be affected while
the new strategy is implemented and the benefits are progressively achieved.
The implementation process will take longer than originally anticipated,
however.
Andrew Nash, Chairman of Photo-Scan plc said:
"As we expected, our level of new business in the short term has been affected
by the implementation of our new strategy. However, I am greatly encouraged by
what we have achieved so far and, although this transition may take a little
longer than we first anticipated, it will improve the quality of our business
and progressively build long term shareholder value."
For further information contact:
Peter Hawksworth, Chief Executive John Rudofsky
Paul Dinan, Finance Director Helsen Communications
Photo-Scan plc Tel: 020 8786 6699
Tel: 01932 898500
Photo-Scan plc - interim results for the six months to 30 June 2003
The first six months of 2003 has been a significant period for Photo-Scan. After
a detailed review of our markets and of our operations we are implementing a new
business strategy that will raise the technology and consultancy levels in our
products and services and thereby raise the margins on our new sales. In
particular we are concentrating on:
* securing long term contracts with major clients;
* key market sectors offering the best prospects of growth and success;
* offering a broader range of products and services; and
* introducing new technologies and higher value consultancy services.
One of the major financial benefits of our new strategy will be the increase in
the level of recurring revenues from lease and service contracts. Service income
has already grown 15% to #1.3 million this year (2002: #1.1 million) and our
secured rental income still stands at a very healthy #21.5 million (30 June
2002: #19.6 million).
As we indicated, the implementation of our new strategy is impacting our current
level of operations. We have had to restructure our sales team and invest more
time and personnel in securing the higher-value, long term contracts that we are
now targeting. Although this process will take longer than we originally
anticipated, it will be to the benefit of our business in the longer term. We
will progressively move our operations away from lower technology, with its
associated lower margins, to longer term, partnership style contracts with key
clients utilising our expertise in security and surveillance systems,
incorporating the latest data management and communications technologies.
In the first six months of 2003 turnover reduced to #9.9 million (2002: #10.7
million) and profit before tax was #0.9 million (2002: #1.6 million). Earnings
per share were 2.9p (2002: 4.9p). As a sign of the Board's confidence in its
long term strategy the interim dividend will be raised to 1.6p (2002: 1.56p) and
paid on 24 October 2003 to shareholders on the register on 26 September 2003.
Our cash position remains very healthy with a balance of #1.4 million at the end
of June comparing favourably with #1.2 million reported a year ago and #0.6
million at the end of December 2002. The company's core rental business is cash
generative and this puts us in a strong position to invest in the new rental
contracts that we are looking to secure.
It has also enabled us to introduce our new Capital Release scheme under which
new clients can sell their existing security and surveillance systems to
Photo-Scan and enter into long term rental contracts with the company. Capital
Release has already generated unprecedented levels of interest in the market and
we are close to finalising important contracts with a number of new blue-chip
clients.
The board is greatly encouraged by what we have achieved with our new strategy
so far, although this transition may take a little longer than we first
anticipated. In the longer term the new strategy will improve the quality of
our business and enable us progressively to build shareholder value.
Andrew Nash
Chairman
12 September 2003
Photo-Scan plc
Group Profit and Loss Account
for the half year ended 30 June 2003
6 months to 30 6 months to 30 Year to 31
June June December
2003 2002 2002
Unaudited Unaudited Audited
#000 #000 #000
Turnover 9,921 10,652 24,767
Cost of sales (7,119) (7,191) (17,118)
Gross profit 2,802 3,461 7,649
Net operating expenses (1,882) (1,870) (3,900)
Operating profit 920 1,591 3,749
Net interest receivable 10 16 20
Profit on ordinary activities before taxation 930 1,607 3,769
Tax on profit on ordinary activities (288) (495) (1,169)
Profit on ordinary activities after taxation 642 1,112 2,600
Ordinary dividends (360) (351) (1,216)
Retained profit for the financial period 282 761 1,384
Basic & diluted earnings per share 2.9p 4.9p 11.6p
Ordinary dividend per share 1.6p 1.56p 5.41p
Photo-Scan plc
Group Balance Sheet
as at 30 June 2003
30 June 31
30 June 2003 2002 December
Unaudited Unaudited 2002
#000 As stated Audited
#000 #000
Fixed assets
Tangible assets 4,656 4,943 4,848
4,656 4,943 4,848
Current assets
Stock 3,254 2,547 2,460
Debtors
Due within one year 5,607 5,107 8,051
Due after more than one year 136 12 9
5,743 5,119 8,060
Net investment in finance leases
Due within one year 854 468 836
Due after more than one year 2,766 1,253 3,139
3,620 1,721 3,975
Cash at bank and in hand 1,439 1,179 607
14,056 10,566 15,102
Creditors: amounts falling due within one year (8,297) (5,999) (9,817)
Net current assets 5,759 4,567 5,285
Total assets less current liabilities 10,415 9,510 10,133
Net assets 10,415 9,510 10,133
Capital and reserves
Called up share capital 5,620 5,620 5,620
Capital contribution reserve 50 50 50
Profit and loss account 4,745 3,840 4,463
Equity shareholders' funds 10,415 9,510 10,133
Photo-Scan plc
Reconciliation of Movements in Shareholders' Funds
for the half year ended 30 June 2003
6 months to 30 6 months to 30 Year to 31
June June December
2003 2002 2002
Unaudited Unaudited Audited
#000 #000 #000
Profit for the financial period 642 1,112 2,600
Ordinary dividends (360) (351) (1,216)
Retained profit for the financial period 282 761 1,384
Opening shareholders' funds 10,133 8,749 8,749
Closing shareholders' funds 10,415 9,510 10,133
Photo-Scan plc
Group Cash Flow Statement
for the half year ended 30 June 2003
6 months to 30 6 months to 30 Year to 31
June June December
2003 2002 2002
Unaudited Unaudited Audited
#000 #000 #000
Net cash inflow from operating activities 2,945 1,628 2,746
Returns on investments and servicing of finance 10 16 20
Taxation (714) (513) (1,212)
Capital expenditure and financial investment (543) (302) (946)
Equity dividend paid (866) (825) (1,176)
Cash inflow/(outflow) before use of liquid resources 832 4 (568)
Management of liquid resources 1,216 (269) 466
Increase/ (decrease) in cash in the period 2,048 (265) (102)
Photo-Scan plc
Reconciliation of Net Cash Flow to Movement in Net Funds
6 months to 6 months to 30 Year to 31
30 June June December
2003 2002 2002
Unaudited Unaudited Audited
#000 #000 #000
Increase/ (decrease) in cash in the period 2,048 (265) (102)
Cash (inflow)/ outflow from (decrease)/ increase in liquid (1,216) 269 (466)
resources
Movement in net funds in the period 832 4 (568)
Opening net funds 607 1,175 1,175
Closing net funds 1,439 1,179 607
Photo-Scan plc
Notes on the Interim Results
For the half year ended 30 June 2003
(1) The financial information set out above does not constitute the group's
interim report for the half year ended 30 June 2003, half year ended 30 June
2002 and statutory accounts for the year ended 31 December 2002 but is derived
from these accounts. The statutory accounts for 2002 have been delivered to the
Registrar of Companies. Copies of the 2003 interim report will be sent to
shareholders within two weeks of this announcement.
(2) The figures for the 6 months ended 30 June 2002 have been restated, for
presentational reasons only, to show the net value of finance lease receivables
as a net investment in finance leases. Previously, the gross finance lease
receivable was recognised within debtors and the unearned finance charges were
included within creditors as deferred revenue.
(3) The basic earnings per share for the half year ended 30 June 2003 has been
calculated by dividing the profit on ordinary activities after taxation of
#642,000 (30 June 2002: #1,112,000, 31 December 2002: #2,600,000) by 22,481,435
(30 June 2002: 22,481,435, 31 December 2002: 22,481,435) being the weighted
average number of ordinary shares of 25p in issue during the period. The
diluted earnings per share on exercise of share options has been calculated by
dividing the profit on ordinary activities by 22,481,435 (30 June 2002:
22,481,435, 31 December 2002: 22,481,435) being the weighted average number of
shares in issue during the year plus the calculated dilutive effect of the
exercise of share options at the balance sheet date as defined by FRS 14.
(4) The board is recommending an interim dividend of 1.6p per share (2002:
1.56p). The dividend, which amounts to approximately #360,000 (2002: #351,000)
is expected to be paid on 24 October 2003 to shareholders on the register at 26
September 2003.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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