TIDMBVM
RNS Number : 7119N
Belgravium Technologies PLC
07 September 2011
Belgravium Technologies plc
Interim Results for the Six Months ended 30 June 2011
The Board of Belgravium Technologies plc ('Belgravium' or 'the
Group'), designers and manufacturers of real-time data capture
systems, is pleased to announce Interim results for the six months
ended 30 June 2011.
Key Financials:
30 June 2011 30 June 2010
-- Turnover GBP4,773,000 GBP3,657,000
-- Profit before tax GBP321,000 GBP26,000
-- Basic earnings per share 0.24p 0.03p
-- Net Cash/ (Debt) GBP638,000 (GBP711,000)
Highlights:
Commenting on the interim results, John Kembery, Chairman of
Belgravium, said:
"Belgravium has delivered a first half performance in line with
expectations and orders received to date mean that the Group will
have a second half which is constrained only by supply chain and
production capabilities. I am also pleased to report a significant
strengthening of our balance sheet which shows net cash of
GBP638,000 versus a net debt position of GBP711,000 twelve months
ago"
For further information please contact:
Belgravium Technologies Plc John Kembery: 07770 731021
KPMG Corporate Finance - Nominated Christian Mayo: 0113 231 3000
Adviser
WH Ireland - Broker Jessica Metcalf: 0113 394 6623
KPMG Corporate Finance, a division of KPMG LLP which is
authorised and regulated by the Financial Services Authority for
investment business activities, is acting for the Belgravium as
nominated adviser in relation to the matters set out in this
announcement and is not acting for any other person in relation to
these matters. KPMG Corporate Finance will not be responsible to
anyone other than Belgravium for providing the protections afforded
to its clients or for providing advice in relation to the contents
of this announcement.
CHAIRMAN'S INTERIM STATEMENT 2011
RESULTS
Belgravium entered 2011 with a stronger order book and better
prospects, than for many
years. We have capitalised on these conditions to produce a good
interim result with more to come in the second half.
Sales in the six months period ended 30 June 2011 totalled
GBP4,773,000, a 30% improvement over the first half of 2010
(GBP3,657,000). Profit before tax increased to GBP321,000 compared
to GBP26,000 in 2010. After tax, this produced earnings of
GBP247,000 or basic earnings per ordinary share of 0.24p per share
compared to 0.03p per ordinary share in the first half of 2010.
THE MARKET
The Group is a specialist in providing complete data capture
systems for the logistics, petrochemical and mobile retailing
markets. There is a large international market for these products
both as new systems and as replacement for older equipment. The
last three years of financial restraint has not diminished this
need but meant that opportunities have been more difficult to
convert into orders. Belgravium has responded with a five point
strategy aimed at helping the customer to eventually make a
decision in our favour. This began to pay off in 2010 with orders
reaching into 2011 and it is pleasing to report that the momentum
has continued. Competitors do not appear to have faired so well and
this should benefit the Group in the longer term, the only
uncertainty being the effect of further financial problems in the
Eurozone.
OPERATIONAL REVIEW
In 2010, we negotiated a contract in France worth EUR4 million
which will run until 2012. In addition, there were two mobile
retailing orders early in 2011 and a variety of smaller orders
which meant that the Group was significantly busier than in prior
years. In the second quarter we gained a contract from Hermes (for
delivery in the second half 2011) to replace an existing logistics
system as well as a few smaller orders in the petrochemical market.
For the second half of the year we have an order for a major
airline retailing system, using our hardware and software, which is
scheduled to be completed before the year end. Thus, all parts of
the business are now working close to full capacity in order to
meet this challenging schedule of procurement, assembly and
delivery.
To ensure that we capitalise on improving trends in our markets
we have recruited a limited number of technical people and will
continue to do so where we find staff of the right calibre and
experience.
BALANCE SHEET
Cash generation has continued strongly and cash or equivalents
at the period end stood out at GBP987,000 compared to GBP161,000 at
the end of June 2010. We continue to repay the term loan at a
monthly rate which will make the Group free of debt by early 2012.
Allowing for the working capital requirements of the large orders
in the production pipeline, we will consider paying off the loan
slightly ahead of plan, so that the Group ends the year
ungeared.
DIVIDEND
The Board continues to place high priority on the repayment of
the term loan and managing cashflow, therefore, does not think it
prudent to pay an interim dividend. However, once the financial
needs of the Group are clearer at the year end, we will consider
reinstating a final dividend for the current year.
ACQUISITIONS
Our growth objectives always included acquisitions aimed at
expanding geographic or sectoral coverage. These plans have had to
be shelved whilst cash was scarce and our market capitalisation
low. Now that the Group will soon be ungeared the time is right to
start examining suitable acquisition prospects. We are already
examining some opportunities.
OUTLOOK
Belgravium has produced results in the first half of 2011 in
line with expectations and orders received to date mean that the
Group will have a second half which is constrained only by supply
chain and production capabilities. Whilst we are mindful of wider
economic challenges, our strategic and competitive strength gives
us confidence that we are well placed to continue our steady sales
and profit improvement in the longer term.
Consolidated income statement
for the six months ended 30 June 2011
6 months
to
30 June 6 months to
2011 30 June 2010
Total Total
(Unaudited) (Unaudited)
Notes GBP'000 GBP'000
Revenue 4,773 3,657
------------- --------------
Operating profit 334 56
Finance income 1 -
Finance costs (14) (30)
------------- --------------
Profit before tax 321 26
Income tax expense (74) -
------------- --------------
Profit for the period attributable to
equity shareholders 247 26
------------- --------------
Basic earnings per ordinary share
(pence) 2 0.24 0.03
------------- --------------
Diluted earnings per ordinary share
(pence) 2 0.24 0.03
------------- --------------
Consolidated statement of changes in
equity for the six months ended 30
June 2011
Called up Share Capital Profit and
share premium redemption loss
capital account reserve account Total
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 30
June
2010 5,047 2,932 2,100 (415) 9,664
Profit - - - 356 356
At 31
December
2010 5,047 2,932 2,100 (59) 10,020
Profit - - - 247 247
At 30
June
2011 5,047 2,932 2,100 188 10,267
------------ ------------- ------------ ------------ ------------
Consolidated balance sheet
at 30 June 2011
As at As at At at
30 June 2011 30 June 2010 31 December
(Unaudited) (Unaudited) 2010 (Audited)
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible Assets
Goodwill 9,124 9,124 9,124
Other intangible assets 246 294 278
Property, plant and
equipment 248 275 257
9,618 9,693 9,659
-------------- -------------- ----------------
Current assets
Inventories 1,574 1,317 1,152
Trade and other receivables 2,627 1,581 3,466
Current tax asset - 39 12
Cash and cash equivalents 987 161 346
-------------- -------------- ----------------
5,188 3,098 4,976
-------------- -------------- ----------------
Total assets 14,806 12,791 14,635
-------------- -------------- ----------------
Current liabilities
Trade and other payables 4,015 2,199 3,927
Current corporation tax
liabilities 97 - -
Deferred income tax
liabilities 61 39 61
Financial liabilities:
Borrowings 349 523 523
Short term provisions 17 17 17
-------------- -------------- ----------------
4,539 2,778 4,528
Non current liabilities
Financial liabilities:
Borrowings - 349 87
-------------- -------------- ----------------
Total liabilities 4,539 3,127 4,615
-------------- -------------- ----------------
Capital and reserves
attributable to equity
holders of the company
Ordinary shares 5,047 5,047 5,047
Share premium reserve 2,932 2,932 2,932
Capital redemption reserve 2,100 2,100 2,100
Profit and loss account 188 (415) (59)
-------------- -------------- ----------------
Total equity 10,267 9,664 10,020
-------------- -------------- ----------------
Total equity and
liabilities 14,806 12,791 14,635
-------------- -------------- ----------------
Consolidated statement of cash flows
For 6 months to 30 June 2011
6 months 6 months
to to
30 June 2011 30 June 2010
(Unaudited) (Unaudited)
GBP'000 GBP'000
Cash flows from operating activities
Operating profit 334 56
Depreciation 62 74
Amortisation 66 67
Movement in:
Inventories (422) (94)
Trade and other receivables 839 946
Trade and other payables 88 (221)
Cash generated from operations 967 828
Interest paid (14) (30)
Interest received 1 -
Corporation tax received 35 11
Net cash generated from operating activities 989 809
Cash flows from investing activities
Expenditure on intangible fixed assets (34) (63)
Purchase of property, plant and equipment (53) (33)
-------------- --------------
Net cash used in investing activities (87) (96)
-------------- --------------
Cash flows from financing activities
Repayment of bank borrowings (261) (195)
Net cash used in financing activities (261) (195)
-------------- --------------
Net increase in cash and cash equivalents 641 518
Cash, cash equivalents and bank overdrafts at
the beginning of the period 346 (357)
-------------- --------------
Cash, cash equivalents and bank overdrafts at
the end of the period 987 161
-------------- --------------
Notes to the interim report
For 6 months to 30 June 2011
This financial information comprises the condensed consolidated interim
balance sheet as at 30 June 2011 and 30 June 2010 and related consolidated
interim statement of income and cash flows for the six months then
ended of Belgravium Technologies plc (hereinafter referred to as 'financial
information'). Belgravium Technologies plc is listed on the Alternative
Investment Market. This financial information for the half year ended
30 June 2011 has neither been audited nor reviewed and does not comprise
statutory accounts within the meaning of section 434 of the Companies
Act 2006. This financial information was approved by the Board on 6
September 2011.
This financial information has been prepared in accordance with pronouncements
on interim reporting issued by the ASB, AIM rule 18 and the accounting
policies set out in the 2010 annual report and financial statements
which are prepared in accordance with IFRS as adopted by the European
Union. The Group has chosen not to adopt IAS 34 'Interim financial
statements' in preparing this financial information. This financial
information has been prepared under the historical cost convention.
The audited accounts for the year ended 31 December 2010 upon which
the auditors issued an unqualified opinion, have been delivered to
the Registrar of Companies. The audit report on the 2010 accounts did
not contain an emphasis of matter paragraph and did not contain a statement
1. made under section 498 of the Companies Act 2006.
Earnings per ordinary
2. share
2011 2010
(Unaudited) (Unaudited)
GBP GBP
Basic earnings per
ordinary share 0.24p 0.03p
Diluted earnings per
ordinary share 0.24p 0.03p
-------------- ---------------
Basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of ordinary
shares outstanding during the period.
For diluted earnings per share the weighted average number of ordinary
shares in issue is adjusted to assume conversion of all dilutive ordinary
shares. The dilutive ordinary shares represent the share options and
warrants granted to employees where the exercise price is less than
the average market price of the Company's ordinary shares during the
period.
2011 2010
(Unaudited) (Unaudited)
Weighted average Weighted
number of average number
Earnings shares Earnings of shares (in
GBP'000 (in thousands) GBP'000 thousands)
Basic EPS
Earnings attributable to ordinary
shareholders 247 100,937 26 100,937
Effect of dilutive securities
Options - - - -
--------- ----------------- -------------- ---------------
Diluted EPS
Adjusted earnings 247 100,937 26 100,937
--------- ----------------- -------------- ---------------
3. The Company did not declare any dividends in the half year ended 30
June 2011.
4. Copies of this statement will be made available to the public at the Company's office:- 2 Campus
Road, Listerhills Science Park, Bradford, West Yorkshire, BD7 1HR, or can be obtained from our
website at www.belgravium-IR.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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