Total Systems PLC - Interim Results
December 09 1998 - 2:33AM
UK Regulatory
RNS No 7890a
TOTAL SYSTEMS PLC
9th December 1998
Total Systems plc
Chairman's Statement
Profit before tax up 4 per cent at #495,484
Cash per share 24.13 p
Release of Product Developer Plus and Rebal
Nil gearing with cash up 64 per cent #2,512,378
Net assets per share 29.3 p
Dividend increase 23 per cent
Despite a fall in turnover, profit before tax has increased by 4 per
cent to #495,484. Included within this profit is the recovery of a
debt previously written off which provided a net benefit of #183,064.
Our strengthened balance sheet is demonstrated by cash of 24.13 p per
share and net assets of 29.3 p per share. With our continued
improvement in profitability an interim dividend of 0.8 p is proposed.
This represents an increase of 23 per cent.
While order intake started the year strongly, there was a tail off in
demand towards the end of the first half of the year that resulted in
an almost static order intake compared to the previous year. This
trend has continued into the third quarter, however a number of new
opportunities are currently being negotiated which should have a
favourable impact on our fourth quarter performance.
The first half of the year has seen considerable investment in the
development of existing and new products and in the training of our
technical personnel. Together these absorbed a high proportion of
technical hours. While this has had a short term effect on turnover
it will increase our earning potential for the future.
The scope of our insurance sector product, Ultima, has now been
widened. It has been proven at client sites that a capability unique
to Ultima, Product Developer Plus, a new "business needs" driven tool,
provides the ability to bring new products to the market in days or
weeks rather than the months or years taken by those insurers using
proprietary technology. This gives Ultima users a significant
marketing advantage and underlines our commitment to the continuous
development of this product to ensure that it remains at the forefront
of open cost effective systems for the insurance industry. Ultima
incorporates an all embracing functionality, which includes full cycle
EDI, and can provide enablers for Internet trading, e-commerce and
connectivity with other information feeds.
Optima 2000+, our comprehensive and sophisticated investment
management and accounting product, is showing signs of gaining wider
market acceptance. It incorporates front office deal entry,
investment index tracking, security transactions, corporate actions,
income processing, multi currency accounting, compliance, cash
management, fund and trustee reporting and performance analysis. To
date it has been marketed to the pension fund industry but its
functionality is equally appropriate to all organisations undertaking
investments on behalf of other parties. The Index Tracking Suite,
Rebal, has recently been launched as a product in its own right and
should be of interest to all Investment Managers running index
tracking products.
In addition to our main products, we continue to undertake a number of
projects such as a sales and marketing Expert Information System, a
Workflow Tracking System, as well as Internet/Intranet development and
Web Site Services.
Timing of orders will be important to fourth quarter performance and
the results for the year. However, unlike last year when profits in
the second half exceeded those of the first half, this year the
reverse is likely due to the timing of order intake.
On behalf of our shareholders, I would like to thank all our staff for
their commitment and dedication.
9 December 1998
Terry Bourne
Chairman
e-mail:info@totalsystems.co.uk
web site: http://www.totalsystems.co.uk
Contact: Terry Bourne
Tel: 0171 294 4888
Total Systems plc
Statement of Unaudited Results
Consolidated Profit and Loss Account -
Six months ended 30 September 1998
6 months 6 months
ended 30 ended 30
September September
1998 1997
# #
TURNOVER 1,780,866 2,017,128
OPERATING PROFIT 376,273 429,468
Interest receivable 119,211 46,738
PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION 495,484 476,206
TAXATION (149,905) (149,957)
PROFIT ON ORDINARY ACTIVITIES
AFTER TAXATION ATTRIBUTABLE TO 345,579 326,249
SHAREHOLDERS
INTERIM ORDINARY DIVIDEND (83,283) (67,194)
RETAINED PROFIT FOR THE PERIOD 262,296 259,055
Earnings per share 3.320 p 3.193p
Dividend per share 0.80p 0.65p
Notes:
1. The Group's turnover is derived from the writing and supply of
computer software and supply of third party software with related
hardware in the United Kingdom. All activities derive from
continuing operations.
2. The financial information contained in this interim statement does
not constitute statutory accounts as defined in Section 240 of the
Companies Act 1985.
3. It is intended to send this Statement and Report to shareholders
on 16 December 1998. Copies are otherwise available from the
Registered Office of the Group at 394 City Road, London, EC1V 2QA.
4. The dividend will be paid to shareholders on 26 February 1999 who
are on the Register on 29 December 1998 (the record date).
5. The calculation of earnings per share is based on profit after
taxation of #345,579 (1997: #326,249) and a weighted average of
10,410,324 shares (1997: 10,218,810) in issue during the period.
6. Cash balances at 30 September 1998 #2,512,378 (1997: #1,534,907).
7. Net Current Assets at 30 September 1998 is #2,234,601 (1997
#1,627,201).
END
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