TIDMBVM
RNS Number : 5811L
Belgravium Technologies PLC
06 September 2012
For Immediate Release 6 September 2012
Belgravium Technologies plc
Interim Results for the Six Months ended 30 June 2012
The Board of Belgravium Technologies plc ((AIM:BVM) 'Belgravium'
or 'the Group'), suppliers of mobile data computing solutions and
managed services to a variety of industrial sectors, is pleased to
announce Interim results for the six months ended 30 June 2012.
Key Financials:
30 June 2012 30 June 2011
-- Turnover GBP4,320,000 GBP4,773,000
-- Profit before tax GBP151,000 GBP321,000
-- Basic earnings per share 0.13p 0.24p
-- Net cash GBP1,566,000 GBP638,000
Commenting on the interim results, John Kembery, Chairman of
Belgravium, said:
"This year is following a similar pattern to last year with a
relatively weak first half to be followed by a significantly
stronger second half. None of the contracts which had been expected
in the first half have been lost and it is anticipated that they
will be delivered later in the year. In addition, we have a good
level of enquiries with potential of delivery in the second half.
However, at present we are uncertain as to whether the second half
of the year will be as strong as last year.
What is clear to the Board is that Belgravium is in a very
strong competitive position and it remains confident that
Belgravium can continue to secure new business opportunities as
they arise."
For further information please contact:
Belgravium Technologies John Kembery: 07770 731021
Plc
W H Ireland - Nominated Mike Coe: 0117 945 3472
Adviser
WH Ireland Broker Jessica Metcalf: 0113
394 6623
Cadogan PR Alex Walters: 07771 713
608
Information on Belgravium Technologies plc can be seen at:
www.belgravium-technologies.com
CHAIRMAN'S INTERIM STATEMENT 2012
The continuing financial turmoil has affected the Belgravium
Group's trading during the first half of 2012 and in the six months
ended 30(th) June 2012 with the results being below the level we
had hoped for. However similar to last year we expect a
significantly stronger second half as we have secured a number of
contracts for delivery in the second half and enquiry levels are
encouraging.
RESULTS
Group sales totalled GBP4,320,000 compared to GBP4,773,000 in
the first half of 2011. As a result, profit before tax for the
first half of 2012 was GBP151,000 compared to GBP321,000 in the
first half of 2011. Earnings per ordinary share were 0.13p in the
first half of 2012 compared to 0.24p in 2011.
Notwithstanding this, the Group continued to generate cash with
net cash standing at GBP1,566,000 at the period end. The Group is
therefore in a strong cash position and well placed to continue
investing for the future as and when required.
THE MARKET
Sales in the second half of 2011 showed some buoyancy which we
had expected would continue into 2012. However, as conditions
worsened in international financial markets during the first half,
hesitancy to place orders returned, with customers once again
becoming reluctant to commit funds to new or upgraded projects. In
general, contracts are not being lost but are being delayed. This
is even happening with replacement of old systems which cannot be
supported or maintained due to the non-availability of
components.
Despite this, we continue to see no shortage of opportunities
and our staff have been very busy, designing and developing systems
which can deliver to the client immediate benefits in cost saving
and improved functionality.
OPERATIONAL REVIEW
In the first half of 2012 our sales and technical teams were
very busy, not only pursuing new opportunities but also continuing
to provide a comprehensive support package to our clients, which is
crucial to future sales.
On the sales front during the period we announced that we had
completed installation of our on-board retail software system, for
British Airways. This project, on which we worked with Tourvest, a
leading in-flight duty free operator, is proving a strong reference
point for us in pursuing other opportunities in the airline
sector.
In addition in the year to date, we have secured a number of
notable contract wins such as with Air Berlin, Musgrave Wholesale
and Express Gifts. We also announced the first orders for a new
product, the TouchPC Hawk a rugged touch tablet computer.
The Company has continued to take steps to ensure it can
maximise the opportunities when they arise. We continue to invest
in people. Ours is a very specialised business and when staff with
the right skills become available, we will hire them.
In addition, in-house product development continues with an
added momentum aimed at both improving existing products and having
new ones available for future market requirements.
Where we do not have the expertise in a particular sector we
seek to improve the completeness of our solution by working with
partners. For example, we are in the process of defining a
marketing arrangement with Isotrak who are market leaders in
innovative solutions for vehicle telematics. This is an area of
great potential interest to our logistic market.
Such arrangements have already worked well for example, enabling
us to gain contracts for 'chip and pin' solutions through our
relationship with Ingenico. We announced in June that Thomas Cook
had become the first UK airline to be granted accreditation from
banks for the processing of chip and pin card sales using
Belgravium's system.
The most essential feature of our present and future strategy is
to provide and manage a complete mobile computing solution for our
clients. This has become particularly important as integrated
systems become more essential to the health and profitability of
any business and clients seek complete solutions. This is the area
in which we believe many of our competitors struggle and it is
therefore essential in both widening our sales opportunity and,
most importantly, generating more repeat revenue.
BALANCE SHEET
Cash and cash equivalents at the end of June 2011 totalled
GBP987,000 and by the end of June 2012 this had increased to
GBP1,620,000. This cash generation was despite paying off the term
loan which was GBP349,000 at the end of June 2011 and paying a
dividend of GBP101,000. Overall, the balance sheet is now in great
shape and the policy to avoid debt in an uncertain environment has
worked well.
DIVIDEND
The Board is committed to a progressive dividend policy and was
pleased to be able to re-instate a final dividend paid on the
results of 2011. It is expected that this policy will be maintained
against the full year results for 2012.
OUTLOOK
This year is following a similar pattern to last year with a
relatively weak first half to be followed by a significantly
stronger second half. None of the contracts which had been expected
in the first half have been lost and it is anticipated that they
will be delivered later in the year. In addition we have a good
level of enquiries with potential of delivery in the second half.
However, at present we are uncertain as to whether the second half
of the year will be as strong as last year.
What is clear to the Board is that Belgravium is in a very
strong competitive position and it remains confident that
Belgravium can continue to secure new business opportunities as
they arise.
Consolidated income statement
for the six months ended 30 June
2012
Notes 6 months 6 months to
to 30 June 2011
30 June Total
2012 (Unaudited)
Total GBP'000
(Unaudited)
GBP'000
Revenue 4,320 4,773
------------- --------------
Operating profit 154 334
Finance income 1 1
Finance costs (4) (14)
------------- --------------
Profit before tax 151 321
Income tax expense (22) (74)
------------- --------------
Profit for the period attributable
to equity shareholders 129 247
------------- --------------
Basic earnings per ordinary share
(pence) 2 0.13 0.24
------------- --------------
Consolidated statement of changes
in equity
for the six months ended 30 June
2012
Called Share Capital Profit Total
up share premium redemption and loss
capital account reserve account
(Unaudited) (Unaudited) (Unaudited)
(Unaudited) GBP'000 GBP'000 (Unaudited) GBP'000
GBP'000 GBP'000
At 30 June 2011 5,047 2,932 2,100 188 10,267
Profit - - - 629 629
At 31 December 2011 5,047 2,932 2,100 817 10,896
Profit - - - 129 129
Equity dividends - - - (101) (101)
At 30 June 2012 5,047 2,932 2,100 845 10,924
------------- ------------- ------------- ------------- -------------
Consolidated balance sheet
as at 30 June 2012
As at As at As at
30 June 30 June 31 December
2012 (Unaudited) 2011 (Unaudited) 2011 (Audited)
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets
Goodwill 9,124 9,124 9,124
Other intangible assets 266 246 273
Property, plant and equipment 333 248 383
9,723 9,618 9,780
------------------ ------------------ ----------------
Current assets
Inventories 1,977 1,574 1,544
Trade and other receivables 1,674 2,627 3,006
Cash and cash equivalents 1,620 987 1,220
------------------ ------------------ ----------------
5,271 5,188 5,770
------------------ ------------------ ----------------
Total assets 14,994 14,806 15,550
------------------ ------------------ ----------------
Current liabilities
Trade and other payables 2,819 4,015 3,319
Current corporation tax
liabilities 179 97 157
Deferred income tax liabilities 70 61 70
Financial liabilities: Borrowings
and finance lease liabilities 11 349 98
Short term provisions 13 17 13
------------------ ------------------ ----------------
3,092 4,539 3,657
------------------ ------------------ ----------------
Non current liabilities
Deferred income 935 - 949
Financial liabilities: Borrowings
and finance lease liabilities 43 - 48
------------------ ------------------ ----------------
Total liabilities 4,070 4,539 4,654
------------------ ------------------ ----------------
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 845 188 817
------------------ ------------------ ----------------
Total equity 10,924 10,267 10,896
------------------ ------------------ ----------------
Total equity and liabilities 14,994 14,806 15,550
------------------ ------------------ ----------------
Consolidated statement of cash flows
For 6 months to 30 June 2012
6 months 6 months
to to
30 June 30 June
2012 (Unaudited) 2011 (Unaudited)
GBP'000 GBP'000
Cash flows from operating activities
Operating profit 154 334
Depreciation 90 62
Amortisation 67 66
Movement in:
Inventories (433) (422)
Trade and other receivables 1,332 839
Trade and other payables (514) 88
Cash generated from operations 696 967
Interest received 1 1
Interest paid (4) (14)
Corporation tax received - 35
Net cash generated from operating activities 693 989
Cash flows from investing activities
Expenditure on intangible fixed assets (60) (34)
Purchase of property, plant and equipment (40) (53)
------------------ ------------------
Net cash used in investing activities (100) (87)
------------------ ------------------
Cash flows from financing activities
Repayment of finance lease contracts (5) -
Repayment of bank borrowings (87) (261)
Dividends paid to company's ordinary
shareholders (101) -
Net cash used in financing activities (193) (261)
------------------ ------------------
Net increase in cash and cash equivalents 400 641
Cash, cash equivalents and bank overdrafts
at the beginning of the period 1,220 346
------------------ ------------------
Cash, cash equivalents and bank overdrafts
at the end of the period 1,620 987
------------------ ------------------
Notes to the interim
report
For 6 months to 30 June
2012
1. This financial information comprises the condensed
consolidated interim balance sheet as at 30 June 2012
and 30 June 2011 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 AIM, a market operated
by London Stock Exchange plc. This financial information
for the half year ended 30 June 2012 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 5 September 2012.
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 2011 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
2011 upon which the auditors issued an unqualified
opinion, have been delivered to the Registrar of Companies.
The audit report on the 2011 accounts did not contain
an emphasis of matter paragraph and did not contain
a statement made under section 498 of the Companies
Act 2006.
2. Earnings per ordinary
share
2012 2011
(Unaudited) (Unaudited)
GBP GBP
Basic earnings per
ordinary share 0.13p 0.24p
------------- -------------------------
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.
There were no dilutive ordinary shares.
2012 2011
(Unaudited) (Unaudited)
Weighted Weighted
Earnings average Earnings average
GBP'000 number GBP'000 number
of shares of shares
(in thousands) (in thousands)
Basic EPS
Earnings attributable
to ordinary shareholders 129 100,937 247 100,937
------------- ----------------- ------------- -------------------------
3. The Company did not declare an interim dividend in
the half year ended 30 June 2012.
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-technologies.com
This information is provided by RNS
The company news service from the London Stock Exchange
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