Comino Plc - Interim Results
November 26 1998 - 2:30AM
UK Regulatory
RNS No 1590c
COMINO PLC
26th November 1998
COMINO PLC
1998 INTERIM RESULTS
PBT up 52%; EPS up 37%; Maiden Interim Dividend; Strong Order Book
Comino plc ("Comino"), the supplier of software based business solutions for
the social housing, local authority, pensions and clothing sectors, announces
its Interim Results for the half year to 30 September 1998. The Interim
Results are the second set of half year figures made by Comino since it went
public in 1997. The profit for the six months represents 65% of the figure
achieved for the whole of last year.
Key Points from the Interim Results
1998 1997
* Turnover #8.72m #5.08m
* Profit before tax #1.27m #830,000 up 52%
* Earnings per share 7.24p 5.30p up 37%
* Maiden interim dividend 1.25p nil
* Results reflect improved performance from all operating
companies and benefits from last year's acquisitions
* New products and contract gains in all businesses
Regarding Prospects, Garth Selvey, Chief Executive said:
"Comino's financial and trading position at the half year is firmly on track.
Cash balances amounting to #5.86 million represent 43p per share and a strong
order book combined with solid recurring revenues gives high visibility for
the future.
Organic growth and acquisition both remain important elements of Comino's
strategy. Growth is not significantly dependent on any aspect of millennium
business and investment in product development will be maintained to ensure
that we continue to have effective solutions for the new century."
Enquiries :
Garth Selvey, Chief Executive
Paul Clifford, Finance Director
Comino plc
Tel: 0171 786 9600 until 11:30am; thereafter 01628 525433
Peter Binns
Jane Mallinson
Binns & Co
Tel: 0171 786 9600
Editor's note:
Comino has three operating companies: Context Computers based in
Buckinghamshire, Prologic based in Hertfordshire, and ISE based in Leeds.
Chief Executive's Statement
Effective business solutions derive from the skilled application of sector
knowledge and proven technology. Comino's results reflect the continuing
demand for such solutions and the Group's ability to provide them.
Comino is pleased to report results for the half year to 30 September 1998
which show a substantial increase in profit before tax and earnings per share
compared with the same period last year. The Board wishes to thank the
professional and hard working staff who have achieved performance improvements
in all of the operating companies.
Profit before tax for the period was #1.27 million, a 52% increase over the
same period last year and earnings per share were up by 37% at 7.24p. The
profit for the six months represents 65% of the figure achieved for the whole
of last year. In addition to solid organic growth the results reflect
acquisitions made during the course of last year.
Excelsis has been successfully integrated into Context's housing operation and
its new Aurora product is now widely installed. Prologic's breadth and
quality of product has won seven new contracts since the year end compared
with a total of five in the previous year.
The purchase last year of the minority interest in ISE has resulted in a
wholly owned high growth company whose application of workflow technology to
business solutions is foremost in the industry. Since the year end ISE has
won orders from nine Local Authorities including some of the country's largest
revenue and benefit operations.
A maiden interim dividend of 1.25p per share will be paid. The Company
expects to pursue a progressive dividend policy which will ordinarily be paid
in a one third to two thirds interim to final ratio.
Comino's financial and trading position at the half year is firmly on track.
Cash balances amounting to #5.86 million represent 43p per share and a strong
order book combined with solid recurring revenues gives high visibility for
the future.
Organic growth and acquisition both remain important elements of Comino's
strategy. Growth is not significantly dependent on any aspect of millennium
business and investment in product development will be maintained to ensure
that we continue to have effective solutions for the new century.
Garth Selvey
Chief Executive
Comino plc - Group Profit and Loss Account
6 months to 6 months to Year to
30 September 30 September 31 March
1998 1997 1998
#'000 #'000 #'000
Turnover 8,721 5,087 13,151
Cost of sales (2,620) (1,839) (4,089)
---------- ---------- ----------
Gross profit 6,101 3,248 9,062
Administrative expenses (4,981) (2,510) (7,285)
---------- ---------- ----------
Operating profit 1,120 738 1,777
Net interest receivable 146 92 173
--------- --------- ---------
Profit on ordinary activities
before taxation 1,266 830 1,950
Tax on profit on ordinary
activities (303) (201) (453)
--------- --------- ---------
Profit on ordinary activities
after taxation 963 629 1,497
Minority interest - equity 0 (54) (56)
-------- --------- ---------
Profit for the financial period 963 575 1,441
Dividend proposed (175) 0 (330)
--------- -------- ---------
Retained profit for the period 788 575 1,111
-------- -------- --------
Earnings per share 7.24p 5.30p 12.33p
--------- --------- ---------
Fully diluted earnings per share 6.94p 4.89p 11.46p
--------- --------- ---------
Dividend per share 1.25p 0 2.50p
======= ======= =======
The dividend of 1.25p per share will be paid on 28 January 1999. The dividend
record date is 11 December 1998.
Comino plc - Consolidated Balance Sheet
30 September 30 September 31 March
1998 1997 1998
#'000 #'000 #'000
Tangible fixed assets 692 254 714
Current assets
Stocks 376 226 291
Debtors 4,108 3,105 5,449
Cash at bank and in hand 5,859 4,005 4,329
--------- --------- ---------
10,343 7,336 10,069
Creditors falling due
within one year (3,877) (1,964) (4,245)
---------- ---------- ----------
Net current assets 6,466 5,372 5,824
--------- --------- ---------
Total assets less current
liabilities 7,158 5,626 6,538
Creditors falling due after more
than one year (381) (201) (118)
Deferred income (4,243) (2,003) (4,705)
---------- --------- ---------
2,534 3,422 1,715
======== ======= =======
Capital and reserves
Share capital 678 552 657
Share premium account 4,334 1,867 4,324
Goodwill reserve (5,174) (434) (5,174)
Profit and loss account 2,696 1,372 1,908
--------- -------- --------
Shareholders' funds 2,534 3,357 1,715
Minority interests 0 65 0
--------- -------- --------
2,534 3,422 1,715
======= ======= =======
Comino plc - Group Cash Flow Statement
6 months to 6 months to Year to
30 September 30 September 31 March
1998 1997 1998
#'000 #'000 #'000
Net cash inflow from
operating activities 1,918 589 3,344
Net returns on investments
and servicing of finance
Interest received 146 92 173
--------- --------- ----------
146 92 173
--------- --------- ----------
Tax paid 0 0 (299)
Capital expenditure
Purchase of tangible fixed assets (188) (81) (441)
Sale of tangible fixed assets 21 2 3
--------- -------- ---------
Net cash outflow from
capital expenditure (167) (79) (438)
---------- --------- ----------
Acquisitions and disposals
Acquisition of subsidiary
undertakings 0 0 (1,688)
--------- -------- ----------
Net cash inflow from
acquisitions 0 0 (1,688)
--------- -------- ----------
Equity dividends paid (334) 0 (201)
Financing
Issue of shares (net of costs) 31 1,514 1,521
Repayment of borrowings (64) (5) 62
---------- --------- ---------
Net cash inflow/(outflow)
from financing (33) 1,509 1,583
---------- -------- ---------
Management of liquid resources
Increase in short term deposits (1,800) (2,150) (1,200)
---------- --------- ----------
Increase/(decrease) in cash (270) (39) 1,274
======== ======== ========
Increase/(decrease) in cash
and liquid resources 1,530 2,111 2,474
Notes to the Interim Accounts
1. The charge for taxation is based on the estimated effective rate for the
financial year allowing for tax losses brought forward from prior
periods.
2. The calculation of earnings per share for the six months ended 30
September 1998 is based on the profit for the financial period of
#963,000 (1997 - #575,000) and on 13,291,187 (1997 - 10,860,917)
ordinary shares being the average number of shares in issue during the
period.
3. The interim statement, which has been prepared on the same accounting
basis as those set out in the financial statements for the year ended 31
March 1998, was approved by the Board on 25 November 1998. The
foregoing financial information does not represent accounts within S240
of the Companies Act 1985 and has not been reported on by the auditors
or delivered to the Registrar of Companies.
4. The above results for the year ended 31 March 1998 have been abridged
from the full Group accounts for that year, which received an
unqualified auditors' report and which have been delivered to the
Registrar of Companies.
Review Report by the Auditors to Comino plc
We have reviewed the interim financial information for the six months ended 30
September 1998 which is the responsibility of, and has been approved by, the
Directors. Our responsibility is to report on the results of our review.
Our review was carried out having regard to the Bulletin 'Review of Interim
Financial Information' issued by the Auditing Practices Board. This review
consisted principally of applying analytical procedures to the underlying
financial data, assessing whether accounting policies have been consistently
applied, and making enquiries of management responsible for financial
accounting matters. The review excluded audit procedures such as tests of
control and verification of assets and liabilities, and was therefore
substantially less in scope than an audit performed in accordance with
Auditing Standards. Accordingly, we do not express an opinion on the interim
financial information.
On the basis of our review:
i in our opinion the interim financial information has been prepared using
accounting policies consistent with those adopted by Comino plc in its
financial statements for the year ended 31 March 1998; and
ii we are not aware of any material modifications that should be made to the
interim financial information as presented.
Grant Thornton
Registered Auditors
Chartered Accountants
London
25 November 1998
END
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