RNS Number:4262J
CamAxys Group PLC
31 March 2003
FOR IMMEDIATE RELEASE 31 MARCH 2003
CamAxys Group PLC (the 'Company')
Interim results for the six months ended 31 December 2002
Chairman's Statement
During the interim period we completed the acquisition of CamAxys Limited which
was approved by shareholders at the EGM held on 20 November 2002. We
subsequently changed the name of the Company to CamAxys Group PLC to reflect our
strategy of taking advantage of organic and acquisitive growth opportunities
within our sector. Because of changes in the composition of the Company, the
results for the six months ended 31 December 2002 are not directly comparable
with those of previous periods.
The interim figures for the six months ended 31 December 2002 show trading for
the Starhouse tyre and wheel business up to 14 October, when the majority of the
assets of that business were sold, and the results from the period from 20
November to 31 December 2002 of the newly acquired CamAxys Limited.
In the six months ended 31 December 2002 the Company made an unaudited loss
after taxation of #406,559 on turnover of #944,461 (six months ended 31 December
2000: unaudited loss after taxation #12,334 on turnover of #1,716,876).
Approximately two-thirds of the operational loss of #109,206 was attributable to
the disposed tyre and wheel operations and all the exceptional items are
attributable to fees and expenses related to the disposal of that business and
the acquisition of CamAxys. The board does not propose the payment of an
interim dividend.
Since its acquisition CamAxys has progressed well, in line with our
expectations. We have hired new sales and technical staff to drive sales in key
business areas and to upgrade and maintain the level of quality of the existing
product suite. We continue to look at ways to expand the business further to
fulfill our strategy of becoming a leading provider of Environmental Health and
Safety ('EHS') management systems. The Company is just completing a major
project for a leading UK industrial company to install our core EHS data system
at all its worldwide locations. As a result of this project we have developed
new software tools that will enable existing and future customers to utilise
multiple language options for data input and translation. We continue to tender
for new contracts and are optimistic about the long term future of the business,
despite the current difficult market for software sales.
We are also in discussions with a number of parties with regard to both
operational joint ventures as well as some potential acquisitions in closely
related areas.
D C Bonham
31 March 2003
CAMAXYS GROUP PLC
PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2002
Six months ended Six months ended Year ended
31 December 2002 31 December 2001 30 June 2002
(Unaudited) (Unaudited) (Audited)
# # #
Sales 944,461 1,716,876 3,314,982
Cost of sales 779,486 1,435,212 2,749,077
Gross profit 164,974 281,664 565,905
Distribution costs 93,788 130,071 263,900
Administrative expenses 180,393 172,020 337,949
Operating Loss (109,206) (20,427) (35,944)
Exceptional item (303,172) 0 (179,000)
Interest receivable
and similar income 5,819 6,356 13,068
Interest payable
and similar charges 0 0 0
Loss on ordinary
activities before taxation (406,559) (14,071) (201,876)
Taxation 1,737 245
Loss on ordinary
activities after taxation (406,559) (12,334) (201,631)
Dividends 0 0 (25)
Retained loss
for the period (406,559) (12,334) (201,656)
Earnings per share (7.62)p (0.25)p (4.03)p
Number of ordinary shares 7,136,946 5,000,000 5,000,000
in issue
The profit and loss account has been prepared on the basis that there are both
continuing and discontinued operations.
There are no recognised gains and losses other than the loss for the period.
CAMAXYS GROUP PLC BALANCE SHEET
AS AT 31 DECEMBER 2002
31 December 2002 31 December 2001 30 June 2002
(Unaudited) (Unaudited) (Audited)
# # # # # #
Fixed Assets 1,383,084 540,704 436,522
Current Assets
Stock 85,512 645,477 569,492
Debtors 307,646 347,880 499,359
Cash at bank and in
hand 349,354 417,196 409,430
742,512 1,410,553 1,478,281
Creditors: amounts
falling due within
one year (549,152) (433,683) (586,552)
Net current assets 193,360 976,870 891,729
Total assets less
current liabilities 1,576,444 1,517,574 1,328,251
Creditors: amounts
falling due after more than
one year 13,668 0 0
Provision for
liabilities
and charges 0 0 0
1,562,776 1,517,574 1,328,251
Capital and reserves
Called up share capital 359,347 252,500 252,500
Capital redemption reserve 47,500 47,500 47,500
Share premium account 1,333,432 799,195 799,195
Profit and loss account (177,503) 418,379 229,056
Shareholders' funds
(including non-equity interests) 1,562,776 1,517,574 1,328,251
NOTES: The interim results to 31 December 2002, which are unaudited, have been
sent to shareholders and are prepared in accordance with the accounting policies
adopted in the accounts for the year ended 30 June 2002. Further copies of the
interim results are available from the registered office of the Company, Camaxys
Group PLC, Starhouse, Onehouse, Stowmarket, Suffolk IP14 3EL.
The information set out in the interim report does not constitute annual
accounts within the meaning of section 240 of the Companies Act 1985. The
results for the year to 30 June 2002 are extracts from the published accounts
for that period which were audited and reported on without qualification and
have been delivered to the Registrar of Companies.
Earnings per share is calculated by dividing the (loss)/profit for the period by
the weighted average of 5,338,519 5p ordinary shares in issue at the period end
(2001- 5,000,000).
This information is provided by RNS
The company news service from the London Stock Exchange
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