TIDMKBC
RNS Number : 6059O
KBC Advanced Technologies plc
23 September 2013
Embargoed until 0700 hrs 23 September 2013
KBC Advanced Technologies plc
("KBC" or "the Group")
Half year results for the six months ended 30 June 2013
KBC Advanced Technologies plc, a leading supplier of consulting
and software solutions to the hydrocarbon processing industry,
today announces its half year results for the six months ended 30
June 2013.
HIGHLIGHTS
- Good operational and financial performance
- Revenues up 15% to GBP31.7m
- Technology revenues up 77% to GBP9.6m
- Strong first half profit before tax of GBP2.9m (H1 2012: GBP0.7m)
- Earnings per share 4.9p (H1 2012: 1.6p loss)
- GBP32.4m contract awards in first half (H1 2012: GBP17.8m)
- Record pipeline of contracted work at GBP84.7m
Ian Godden, Chairman of KBC, commented:
"The restructuring of the business continues and, whilst there
is still much work to do before we achieve our target step-change
in profitability, we are pleased with the progress made over the
past year. Investments are being made in the Middle East, Former
Soviet Union ("FSU"), Latin America and Asia to secure KBC's growth
into the medium term. Our strong profit in the first half is a
testament to the hard work and dedication of our partners and staff
and bodes well for the future. In view of our strong pipeline of
contracted work, and good start to the second half of the year, we
expect full year results to be slightly ahead of market
expectations."
- Ends -
For further information, please contact:
KBC Advanced Technologies plc
Ian Godden, Chairman +44 (0)1932 236335
Caroline Brown, Chief Financial Officer +44 (0)1932 236335
Cenkos Securities plc
Bobbie Hilliam/Max Hartley/Callum Davidson +44 (0)20 7397 8900
Weber Shandwick Financial
Nick Oborne/Stephanie Badjonat +44 (0)20 7067 0700
Notes to Editors
KBC is a leading consultancy and software provider to the
hydrocarbon processing industry. With over 30 years of experience,
operating out of 14 global locations, KBC combines industry-leading
technology with experienced engineers and operations personnel
using robust methodologies to create personalized, sustainable
solutions for its clients. For more information, visit
www.kbcat.com.
KBC Advanced Technologies plc
("KBC" or "the Group")
Half year results for the six months ended 30 June 2013
Chairman's Statement
The Group has made significant progress over the past six months
in terms of winning and executing business, restructuring its
operations and delivering strong first half profits after tax
ofGBP2.9m.
Contract awards in the first half were GBP32.4m, significantly
ahead of the GBP17.8m achieved in the same period in 2012.
Multi-year consulting and software contracts, managed services
contracts and high renewal rates from existing customers are
providing the Group with improving visibility of future revenues.
The pipeline of future contracted work at the half year was
GBP84.7m (December 2012: GBP82.9m).
The top ten customers accounted for just under half of the
Group's revenue in the first half. Our Technology business has
continued to grow strongly, through new customer wins, renewals
from existing customers and sales of newly acquired upstream
software products. Technology revenues accounted for 30% of the
Group total in the first half, up from 20% in the prior year
period.
Restructuring initiatives have progressed well and will continue
as we optimise the locations of our assets and resources globally
and increase the efficiency and effectiveness of the Group's
operations. Existing offices are being right-sized, systems
upgraded and process re-engineering is ongoing. New entities have
been established and investment in the Group's intellectual
property is being increased. Our businesses in some growing markets
are not well positioned to take advantage of opportunities and this
is being addressed through investments in new sales channels and
additional professional resources.
CONSULTING
Consulting revenue in the period was GBP22.2m (H1 2012:
GBP22.1m). During the first half the Group successfully delivered
the first consulting milestones associated with our new multi-year
best practices project in Latin America. Other significant projects
in the period were a large organisational development project in
Canada, a profit improvement programme and an energy project in
India, a best practice technology project in China, technical and
energy consulting projects in the FSU, an organisational
development project in SE Asia and profit improvement programmes in
Latin America.
Balancing the needs for scarce resources globally continues to
be a challenge for the Group. A number of new initiatives have been
launched to increase the efficiency of project resourcing, business
development and utilisation. A partnership structure has been
implemented throughout the Consulting business, based on a
seller-doer model, together with a new performance management and
incentive system. The benefits from these initiatives have started
to be realised but full implementation is likely to extend beyond
the current financial period.
TECHNOLOGY
Technology revenue in the period was up 77% at GBP9.6m (H1 2012:
GBP5.4m) and approximately GBP4.1m (H1 2012: GBP3.6m) was from
royalty, maintenance, support and upgrade ("MSU") revenues. Sales
of Multiflash to upstream customers have contributed to increasing
the proportion of software in the Group's revenue mix.
Several multi-year Petro-SIM(TM) licenses have been concluded
during the first half, including a GBP1.7m five year license with a
Japanese refiner and a GBP1.8m five year software license and
maintenance, service and upgrade contract with a US refiner. We
also successfully concluded a GBP10m managed services contract for
Multiflash with a large oil and gas services company. The Group
intends to continue to increase the proportion of recurring
revenue, including managed services revenue, within its technology
product portfolio.
In the first half KBC invested in developing unique
functionality for its Petro-SIM process simulation platform,
particularly in the areas of workflow customisation, time scenario
management plus fluid characterisation and analysis. Petro-SIM 5.0
is expected to be launched in the fourth quarter of 2013 as a
landmark in KBC's software history to better differentiate KBC's
offerings and enable our products to address a larger user market
throughout the upstream and downstream hydrocarbon industries.
RESULTS
Group revenue increased by 15% in the first half to GBP31.7m (H1
2012: GBP27.5m). Technology revenues, from software royalties,
licenses, MSU and related services,increased by 77% to GBP9.6m (H1
2012: GBP5.4m) and accounted for 30% of the Group total. Revenues
from Consulting were flat at GBP22.2m (H1 2012: GBP22.1m).
Direct costs increased by 7% to GBP4.2m(H1 2012: GBP3.9m) and
staff and associate costs increased by 6% to GBP16.9m (H1 2012:
GBP15.9m). Depreciation and amortisation charges were significantly
higher at GBP2.3m (H1 2012: GBP0.7m), reflecting increased
amortisation due to the Infochem acquisition in mid 2012. Other
operating charges declined by 18%to GBP5.2m (H1 2012: GBP6.3m)
largely due to currency gains and other savings.
Operating profit in the first half was GBP3.2m (10% operating
margin) compared with GBP0.7m (3% operating margin) in the prior
year period. Profit before tax was significantly higher than in the
prior year period at GBP2.9m (H1 2012: GBP0.7m). Profit before tax,
adjusted for acquisitions, capitalisation of R&D, amortisation,
exceptionals and other items which do not reflect underlying
operations, was GBP4.1m (13%adjusted profit before tax margin) in
the current period (H1 2012: GBP0.1m loss).
The tax expense in the first half was GBP0.1m. In the prior year
period the reported tax expense of GBP1.6m included a one-off tax
charge of GBP1.4m in respect of deferred tax on the UK trading
losses. The estimated effective tax rate for the full year is 50%
before adjustments, reflecting the Group's mix of business.
Profit after tax in the first half was GBP2.9m (H1 2012: GBP0.9m
loss). Basic earnings per share in the period were 4.9p, up from
basic loss per share of 1.6p in the first half of 2012and on the
adjusted basis 4.2p (H1 2012: 0.1p loss per share).
During the period the Group incurred research and development
costs of GBP1.3m (H1 2012: GBP1.4m). Of this amount GBP0.5m (H1
2012: GBP1.6m) related to development expenditure and has been
carried forward as an intangible asset. Amortisation of development
costs carried forward in the period was GBP0.6m (H1 2012:
GBP0.4m).
Net cash at 30 June 2013 was GBP5.1m. At 31 December 2012 net
cash was GBP13.3m. This reduction was largely caused by a movement
in advance contract payments of GBP10.8m from one of the Groups'
Latin American customers. Net cash flow from operations, after this
adjustment, was GBP7.4m in the first half (H1 2012: GBP4.1m).
DIVIDEND
No dividend is payable with respect to the first half of 2013
and the Board continues to review the position with the intention
of returning to a progressive dividend policy in respect of the
current financial year.
BOARD
The Board has asked me as Chairman, supported by the CFO and
other senior management, to continue to lead the company to provide
stability, deliver the restructuring of the Consulting business and
allow for a planned CEO succession. The appointment of Paul Taylor
as an independent Non-Executive Director during the first half, and
the on-going search for another independent Non-Executive Director,
will further strengthen the Board.
OUTLOOK
The second half of the year has started well and since the start
of July the Group has been awarded consulting and software
contracts valued at over GBP8m. These include a six year software
maintenance renewal from a European refiner, an Australian upstream
organisational consulting contract, a process consulting assignment
in SE Asia, an integrated modelling assignment for a European oil
company, a reliability, availability and maintenance contract in
Canada and technical process consulting contracts in the Middle
East.
The restructuring of the business, which commenced towards the
end of 2012, is still ongoing and much work remains to be done to
achieve our aims. However, we are pleased with the progress so far
and with our performance in the first half. As a result, we expect
full year results to be slightly ahead of market expectations.
Ian A Godden
Chairman
23 September 2013
Group income statement
for the six months ended 30 June 2013
(Unaudited) (Unaudited) (Audited)
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2013 2012 2012
Note GBP000 GBP000 GBP000
--------------------------------------- ---- ----------- ----------- ------------
Revenue 31,728 27,504 63,140
Direct costs (4,205) (3,914) (8,741)
Staff and associate costs (16,905) (15,897) (34,266)
Depreciation and amortisation (2,281) (699) (2,686)
Other operating charges (5,153) (6,269) (13,587)
--------------------------------------- ---- ----------- ----------- ------------
Operating profit 3,184 725 3,860
Finance revenue 58 7 1
Finance cost (293) (46) (198)
--------------------------------------- ---- ----------- ----------- ------------
Profit before tax 2,949 686 3,663
Tax expense 4 (66) (1,588) (5,309)
--------------------------------------- ---- ----------- ----------- ------------
Profit/(loss) for the period 2,883 (902) (1,646)
--------------------------------------- ---- ----------- ----------- ------------
Earnings/(loss) per share attributable
to the ordinary equity shareholders
of the parent company 6
Basic 4.9p (1.6)p (2.9)p
Diluted 4.9p (1.6)p (2.9)p
--------------------------------------- ---- ----------- ----------- ------------
Group statement of comprehensive income
for the six months ended 30 June 2013
(Unaudited) (Unaudited) (Audited)
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2013 2012 2012
GBP000 GBP000 GBP000
---------------------------------------- ----------- ----------- ------------
Profit/(loss) for the period 2,883 (902) (1,646)
Other comprehensive income/(loss):
- exchange differences on retranslating
foreign operations recognised directly
in equity 1,011 (116) (247)
---------------------------------------- ----------- ----------- ------------
Total comprehensive income/(loss)
recognised in the period 3,894 (1,018) (1,893)
---------------------------------------- ----------- ----------- ------------
Group statement of changes in equity
for the six months ended 30 June 2013
Issued Share Capital Merger Own Share- Foreign Retained Total
capital premium redemption reserve shares based exchange earnings GBP000
GBP000 GBP000 reserve GBP000 GBP000 payments reserve GBP000
GBP000 GBP000 GBP000
------------------------ -------- -------- ----------- -------- ------- --------- --------- --------- -------
At 1 January 2012 1,400 8,081 113 929 (175) 1,880 2,452 17,817 32,497
Total comprehensive
loss - - - - - - (116) (902) (1,018)
Share-based payments - - - - - 150 - - 150
Exchange translation
adjustment - - - - - - - - -
Shares issued 2 5 - - - - - - 7
Dividends - - - - - - - (857) (857)
------------------------ -------- -------- ----------- -------- ------- --------- --------- --------- -------
At 30 June 2012 1,402 8,086 113 929 (175) 2,030 2,336 16,058 30,779
------------------------ -------- -------- ----------- -------- ------- --------- --------- --------- -------
At 1 January 2013 1,470 9,370 113 929 (172) 2,180 2,166 15,311 31,367
Total comprehensive
income - - - - - - 1,011 2,883 3,894
Share-based payments - - - - - 150 - - 150
Exchange translation
adjustment - - - - - - 34 - 34
Shares issued 7 67 - - - - - - 74
Purchase of
non-controlling
interest - - - - - - - (137) (137)
------------------------ -------- -------- ----------- -------- ------- --------- --------- --------- -------
At 30 June 2013 1,477 9,437 113 929 (172) 2,330 3,211 18,057 35,382
------------------------ -------- -------- ----------- -------- ------- --------- --------- --------- -------
Group balance sheet
as at 30 June 2013
(Unaudited) (Unaudited) (Audited)
30 June 30 June 31 December
2013 2012 2012
GBP000 GBP000 GBP000
--------------------------------- --- ------------ ----------- ------------
Non-current assets
Property, plant and equipment 983 1,361 1,200
Goodwill 10,506 10,386 10,263
Other intangible assets 13,433 11,182 14,588
Deferred tax assets 1,813 1,335 1,813
-------------------------------------- ------------ ----------- ------------
26,735 24,264 27,864
------------------------------------- ------------ ----------- ------------
Current assets
Trade and other receivables 23,048 20,989 18,893
Current tax receivable 484 1,181 110
Cash and cash equivalents 12,151 4,614 21,116
Other financial assets - 46 -
-------------------------------------- ------------ ----------- ------------
35,683 26,830 40,119
------------------------------------- ------------ ----------- ------------
Total assets 62,418 51,094 67,983
-------------------------------------- ------------ ----------- ------------
Non-current liabilities
Long-term borrowings (1,800) (4,200) (3,000)
Deferred tax liabilities (3,041) (3,269) (3,320)
Provisions (78) - (57)
-------------------------------------- ------------ ----------- ------------
(4,919) (7,469) (6,377)
Current liabilities
Trade and other payables (15,317) (10,327) (22,058)
Short-term borrowings (5,203) (1,800) (4,845)
Current tax payable (1,266) (719) (3,063)
Provisions (331) - (273)
-------------------------------------- ------------ ----------- ------------
(22,117) (12,846) (30,239)
------------------------------------- ------------ ----------- ------------
Total liabilities (27,036) (20,315) (36,616)
-------------------------------------- ------------ ----------- ------------
Net assets 35,382 30,779 31,367
-------------------------------------- ------------ ----------- ------------
Equity attributable to ordinary equity shareholders of parent company
Issued capital 1,477 1,402 1,470
Share premium 9,437 8,086 9,370
Other reserves 1,042 1,042 1,042
Own shares (172) (175) (172)
Retained earnings 23,598 20,424 19,657
-------------------------------------- ------------ ----------- ------------
Total equity 35,382 30,779 31,367
-------------------------------------- ------------ ----------- ------------
Total equity and liabilities 62,418 51,094 67,983
-------------------------------------- ------------ ----------- ------------
Group cash flow statement
for the six months ended 30 June 2013
Note (Unaudited) (Unaudited) (Audited)
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2013 2012 2012
GBP000 GBP000 GBP000
----------------------------------------- ---- ----------- ----------- ------------
Net cash inflow from operating
activities
Profit before tax 2,949 686 3,663
Adjustments for:
Depreciation and amortisation 2,281 699 2,686
Foreign exchange gains (10) (16) (1,105)
Finance revenue (58) (7) (1)
Finance cost 293 46 198
Share-based payment expense 150 150 300
----------------------------------------- ---- ----------- ----------- ------------
5,605 1,558 5,741
(Increase)/decrease in trade and
other receivables (4,155) 2,917 3,994
(Decrease)/increase in trade and
other payables (4,762) (317) 14,516
Decrease in financial assets and
liabilities - 8 54
----------------------------------------- ---- ----------- ----------- ------------
Cash (used in)/generated from operations (3,312) 4,166 24,305
Income taxes paid (2,516) (706) (1,434)
----------------------------------------- ---- ----------- ----------- ------------
Net cash flows (used in)/generated
from operating activities (5,828) 3,460 22,871
----------------------------------------- ---- ----------- ----------- ------------
Cash flows from investing activities
Acquisition of subsidiary, net
of cash acquired (137) (7,771) (7,771)
Payment of deferred consideration (1,900) - -
Purchases of tangible non-current
assets (45) (375) (514)
Purchases of intangible non-current
assets (544) (1,563) (6,669)
Decrease/(Increase) in advance
contract payments 10,750 - (12,287)
Finance revenue received 58 7 1
----------------------------------------- ---- ----------- ----------- ------------
Net cash generated from/(used in)
investing activities 8,182 (9,702) (27,240)
----------------------------------------- ---- ----------- ----------- ------------
Cash flows from financing activities
Issue of ordinary shares 74 7 1,359
Advances from bank borrowings 117 6,000 6,000
Repayment of bank borrowings (1,200) - (600)
Finance costs paid (193) (46) (198)
Dividends paid to equity holders
of parent company - (857) (857)
----------------------------------------- ---- ----------- ----------- ------------
Net cash (used in)/generated from
financing activities (1,202) 5,104 5,704
----------------------------------------- ---- ----------- ----------- ------------
Net increase/(decrease) in cash
and cash equivalents 1,152 (1,138) 1,335
Cash and cash equivalents at beginning
of period 6,384 5,815 5,815
Exchange adjustments 506 (63) (766)
----------------------------------------- ---- ----------- ----------- ------------
Cash and cash equivalents at period
end 8 8,042 4,614 6,384
----------------------------------------- ---- ----------- ----------- ------------
Notes to the half year financial statements
1. General information
KBC Advanced Technologies plc (the "Company") is a company
domiciled in England. The Group financial statements of the Company
for the six months ended 30 June 2013 comprise the Company and its
subsidiaries (together referred to as the "Group").
2. Accounting policies
Basis of preparation
The Group prepares its Group financial statements in accordance
with IFRS as adopted by the European Union, and the statements have
been prepared using the accounting policies set out in the Group's
2012 financial statements except as described below.
For the purposes of this document the term IFRS includes
International Accounting Standards and International Financial
Reporting Interpretations ("IFRIC").
This Half Year Report will be sent to shareholders and published
on the Investor Relations section of the corporate website at
www.kbcat.com. Further copies of this Half Year Report may be
obtained from the Company Secretary, KBC Advanced Technologies plc,
KBC House, 42-50 Hersham Road, Walton on Thames, Surrey KT12
1RZ.
The financial information contained in this document does not
constitute financial statements as defined in Section 435 of the
Companies Act 2006.
The comparatives for the full year ended 31 December 2012 are
not the Group's full financial statements for that year. A copy of
the financial statements for that year has been delivered to the
Registrar of Companies. The Auditors' report on those financial
statements was unqualified, did not include references to any
matters to which the auditors drew attention by way of emphasis
without qualifying their report and did not contain a statement
under Sections 498(2)-(3) of the Companies Act 2006.
In addition, the IASB has issued a number of IFRS and IFRIC
amendments or interpretations since the last Annual Report was
published. It is not expected that any of these will have a
material impact on the Group.
3. Segment information
Under IFRS 8 Operating Segments the Group uses a "management
approach", under which information is presented on the same basis
as that used for internal reporting purposes. Following a
restructuring of the business, the Group revised their internal
reporting structure from a regional management structure to a
product based structure as presented below.
With regard to the balance sheet, those elements of the balance
sheet where regional reporting is prepared have been disclosed.
Those elements are trade receivables and provisions, amounts
recoverable on contracts and deferred revenue.
At the balance sheet date 16% (December 2012: 7%) of total trade
receivables were concentrated with two (December 2012: one) of the
Group's customers. The balance was spread over 146 (December 2012:
162) customers, none of whom comprised more than 6% (December 2012:
5%) of the total.
Six months ended 30 June Consulting Technology Unallocated Total
2013 GBP000 GBP000 GBP000 GBP000
------------------------- ---------- ---------- ----------- -------
Revenue from external
customers 22,159 9,569 - 31,728
------------------------- ---------- ---------- ----------- -------
Operating (loss)/profit (11) 3,195 - 3,184
Finance revenue - - 58 58
Finance cost - - (293) (293)
------------------------- ---------- ---------- ----------- -------
(Loss)/profit before
tax (11) 3,195 (235) 2,949
Tax expense - - (66) (66)
------------------------- ---------- ---------- ----------- -------
(Loss)/profit for the
period (11) 3,195 (301) 2,883
------------------------- ---------- ---------- ----------- -------
Consulting Technology Unallocated Total
As at 30 June 2013 GBP000 GBP000 GBP000 GBP000
----------------------- ---------- ---------- ----------- -------
Trade receivables 5,500 5,071 125 10,696
Provisions (1,238) (822) - (2,060)
----------------------- ---------- ---------- ----------- -------
Net carrying amount 4,262 4,249 125 8,636
Amounts recoverable on
contracts 5,665 7,391 - 13,056
----------------------- ---------- ---------- ----------- -------
Deferred revenue 2,935 5,321 - 8,256
----------------------- ---------- ---------- ----------- -------
Six months ended 30 June Consulting Technology Unallocated Total
2012 GBP000 GBP000 GBP000 GBP000
------------------------- ---------- ---------- ----------- -------
Revenue from external
customers 22,109 5,395 - 27,504
------------------------- ---------- ---------- ----------- -------
Operating (loss)/profit (1,653) 2,378 - 725
Finance revenue - - 7 7
Finance cost - - (46) (46)
------------------------- ---------- ---------- ----------- -------
(Loss)/profit before
tax (1,653) 2,378 (39) 686
Tax expense - - (1,588) (1,588)
------------------------- ---------- ---------- ----------- -------
(Loss)/profit for the
period (1,653) 2,378 (1,627) (902)
------------------------- ---------- ---------- ----------- -------
Consulting Technology Unallocated Total
As at 30 June 2012 GBP000 GBP000 GBP000 GBP000
------------------------- ---------- ---------- ----------- -------
Trade receivables 7,333 3,300 33 10,666
Provisions (1,089) (677) - (1,766)
------------------------- ---------- ---------- ----------- -------
Net carrying amount 6,244 2,623 33 8,900
Amounts recoverable on
contracts 5,954 4,764 - 10,718
------------------------- ---------- ---------- ----------- -------
Deferred revenue 898 3,650 - 4,548
------------------------- ---------- ---------- ----------- -------
4. Tax
Tax is charged at 50% for the six months ended 30 June 2013 (30
June 2012: 49% and 31 December 2012: 107%) representing the best
estimate of the average annual effective tax rate expected to apply
for the full year, applied to the pre-tax income of the six month
period.
There is a one-off tax credit/(charge) of GBP1.4m (December
2012: GBP(1.4mm)) in respect of adjustment for over provision in
prior periods.
5. Dividends
6 months 6 months Year ended
ended ended 31 December
30 June 2013 30 June 2012 2012
GBP000 GBP000 GBP000
------------------------------------- ------------- ------------- ------------
Final dividend of nil p (2012:
1.55p) per ordinary share proposed
and paid during the period relating
to the previous period's results - 857 857
Interim dividend of nil p (2012: - - -
nil p) per ordinary share paid
during the period
------------------------------------- ------------- ------------- ------------
- 857 857
------------------------------------- ------------- ------------- ------------
6. Earnings/(loss) per share
6 months 6 months Year ended
ended ended 31 December
30 June 2013 30 June 2012 2012
GBP000 GBP000 GBP000
--------------------------------------- ------------- ------------- ------------
Numerator - earnings
Earnings/(loss) for the purpose
of basic EPS 2,883 (902) (1,646)
Effect of dilutive potential ordinary - - -
shares
--------------------------------------- ------------- ------------- ------------
Earnings/(loss) for the purpose
of diluted EPS 2,883 (902) (1,646)
--------------------------------------- ------------- ------------- ------------
Denominator - number of shares
Weighted average number of ordinary
shares used in basic EPS 58,382 55,280 56,380
Effect of dilutive potential ordinary
shares 310 558 197
--------------------------------------- ------------- ------------- ------------
Weighted average number of ordinary
shares for the purposes of diluted
EPS 58,692 55,838 56,577
--------------------------------------- ------------- ------------- ------------
Basic earnings/(loss) per share 4.9p (1.6)p (2.9)p
--------------------------------------- ------------- ------------- ------------
Diluted earnings/(loss) per share([1]) 4.9p (1.6)p (2.9)p
--------------------------------------- ------------- ------------- ------------
(1) The effect of the dilutive share options is to
increase/(decrease) the earnings/(loss) per share and therefore the
share options are anti-dilutive and are not included in the diluted
earnings per share calculation.
7. Adjusted profit before tax
6 months 6 months Year ended
ended ended 31 December
30 June 2013 30 June 2012 2012
GBP000 GBP000 GBP000
---------------------------------------- ------------- ------------- ------------
Operating profit 3,184 725 3,860
Amortisation of acquisition intangibles 843 29 897
Development costs carried forward (544) (1,563) (2,055)
Amortisation of development costs
carried forward 593 372 788
Exceptional amounts recoverable
on contracts provision 136 - -
Arbitration costs 46 127 150
Acquisition costs - 252 316
Redundancy and reorganisation
costs 97 - 1,730
---------------------------------------- ------------- ------------- ------------
Adjusted operating profit/(loss) 4,355 (58) 5,686
Finance revenue 58 7 1
Finance cost (293) (46) (198)
---------------------------------------- ------------- ------------- ------------
Adjusted profit/(loss) before
tax 4,120 (97) 5,489
Tax expense (1,639) 47 (6,656)
---------------------------------------- ------------- ------------- ------------
Adjusted profit/(loss) after tax 2,482 (50) (1,167)
---------------------------------------- ------------- ------------- ------------
8. Cash and cash equivalents
6 months
ended 6 months Year ended
30 June ended 31 December
2013 30 June 2012 2012
GBP000 GBP000 GBP000
Cash and cash equivalents per
the balance sheet 12,151 4,614 21,116
Overdrafts (572) - (445)
Revolving credit facility (2,000) - (2,000)
Advance contract payments (1,537) - (12,287)
------------------------------- --------- -------------- -------------
Cash and cash equivalents per
the cash flow statement 8,042 4,614 6,384
------------------------------- --------- -------------- -------------
Of the GBP12,151,000 held as cash and cash equivalents in the
balance sheet GBP1,537,000 (December 2012: GBP12,287,000) comprises
advance contract payments within restricted accounts that the Group
does not have full access to. The Director's consider that the
advance contract payments meet the definition of cash and cash
equivalents for balance sheet purposes. However, they do not regard
the cash amounts as being readily available for short term cash
management purposes and have therefore excluded the balance from
cash and cash equivalents within the cash flow statement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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