RNS Number:2564J
Screen PLC
18 April 2000
Screen PLC - Preliminary Results for the year ending 31
December 1999.
Chairman's Report
I am pleased to present our results for the financial
year ended 31st December 1999. Screen Plc enjoyed a
positive year, one in which we completed the transition
from a systems development company into a group capable
of providing mobile business to business solutions over
the wireless web. The Directors consider the company's
progress to be very encouraging indeed.
Revenues from our continuing businesses were #3,304,928
(1998: #1,776,513) , an increase over the previous year
of almost 90% yielding an operating profit of #257,609
(1998: #447,614 loss).
There were two non recurring items. A loss of #13,728,
attributable to the run-off of businesses discontinued in
1997/8 impacted the results adversely. In addition an
exceptional loss of #75,832 associated with the disposal
of Karline Security Systems plc was incurred.
Consequently, pre-tax profit for the Group for the year
was #111,109 (1998: #1,003,474 loss).
Over recent years we have invested considerable time,
funds and effort to attain an optimum position in one of
industry's most dynamic e-business marketplaces with
exciting potential for growth.
The Group is now totally focussed on communication and
control based products through the businesses of Petards
International Limited and Petards Datax Limited. During
the year under review both companies made significant
investments in product development with the benefits of
these investments beginning to show through in our
financial performance.
We are currently witnessing what some people call a
paradigm shift, where traditional methods of conducting
business are being fundamentally changed by the
availability of new technology. For us the convergence of
technologies for image, voice and data transfer over new
communications media, including the Internet, is creating
completely new business opportunities for which we are
very well prepared.
In addition to our involvement with conventional
communication networks including Private Mobile Radio
(PMR) systems, packet switched networks and GSM/GPRS
systems, we are also engaged in providing product
solutions for the new TETRA service and have recently
signed an agreement with Dolphin.
With our experience of mobile systems, as well as
advanced video handling techniques, we are exceptionally
well placed to channel the benefits of such networks via
relevant and innovative products to our customers. An
example of this is our WAP (Wireless Application
Protocol) hand set product announced earlier this year
which has been very well received.
Current trading and prospects
Our challenge this year is to exploit the market
leadership of our products and to extend the take up by
industry of the advantages of an informed mobile
workforce. Having proved our products in the demanding
emergency services market we are now expanding sales into
the commercial sector.
Unprecedented interest is being shown by potential
customers in the UK and from abroad. We have started the
year with substantial order books, which we expect to
grow as our sales channels develop further. As well as
this organic growth we plan to expand further through a
careful acquisition strategy.
Following the end of the accounting period we issued
further new equity to improve both the liquidity of our
shares and to provide some #4 million to implement our
acquisition plans.
Outlook
The Board recognises that with the potential growth
facing the Group, it is important to have available to it
a source of knowledge and experience to help plot the way
forward. In this context we were delighted to be able to
announce that Mr Ian Taylor, MBE, MP, had agreed to join
the Board in January of this year.
Mr Taylor was Minister for Science and Technology at the
department of Trade and Industry from 1994 to 1997, where
he was responsible for such areas as Telecommunications,
Innovation and Technology Transfer and Digital
Broadcasting. He is a member of the Science and
Technology Select Committee.
At our core we are now a technology company supplying
Business to Business solutions as well as systems to the
emergency services. We not only develop the technology
but also help our customers to achieve optimum benefits
from its use.
For that reason we will add to our range of software
offerings products other applications such as CRM
(customer relationship management) which will augment the
functionality of our mobile data systems and increase the
appeal of our systems even further.
Summary
The Group is well positioned in a number of areas of
major growth with excellent products and with the
resources and the commercial will to be successful.
Current markets are valuing trajectory - a term in use to
express potential for growth - more than past
performance. This suits us well as we expect to grow at
an even faster rate than the rapidly growing mobile data
market of which we are now part.
We are as usual indebted to the hard work and dedication
of a talented management team and their staff for
creating for us the exciting opportunities from which we
expect to benefit so substantially.
SCREEN PLC
Consolidated Profit and Loss Account
For the Year ended 31 December 1999
Year Ended Year Ended
31 December 31 December
1999 1998
Note
# #
Turnover
Continuing operations 3,304,928 1,776,513
Discontinued operations - 2,356,152
--------- ---------
3,304,928 4,132,665
Cost of sales (1,767,017) (2,811,337)
--------- ---------
Gross profit 1,537,911 1,321,328
Administrative expenses (1,294,030) (2,499,948)
Continuing operations 257,609 (447,614)
Discontinued operations 5 (13,728) (731,006)
-------- ---------
Operating profit/(loss) 243,881 (1,178,620)
Exceptional (loss)/profit 2 (75,832) 230,472
on disposal of operation ------- ---------
168,049 (948,148)
Net interest payable (56,940) (55,326)
------- ---------
Profit/(loss) on ordinary activities 111,109 (1,003,474)
before taxation
Taxation 158 -
------- ---------
Profit/(loss) on ordinary activities 111,267 (1,003,474)
after taxation
Minority interest - equity (21,802) 16,314
------ ---------
Profit/(loss) for the 89,465 (987,160)
financial year ======= =========
Basic earnings/(loss) per 4 0.03p (0.4)p
share
Diluted earnings/(loss per 4 0.03p (0.4)p
share)
SCREEN PLC
Consolidated Balance Sheet
At 31 December 1999
31 31 December
December 1999 1998
# #
Fixed assets
Intangible assets 733,746 374,315
Tangible assets 337,207 442,822
--------- --------
1,070,953 817,137
Current assets
Stocks 513,572 279,682
Debtors 1,508,188 1,126,678
Cash at bank and in 503,100 51,484
hand
--------- ---------
2,524,860 1,457,844
Creditors: amounts (2,075,434) (2,079,931)
falling due within one
year
--------- ----------
Net current 449,426 (622,087)
assets/(liabilities)
Total assets less 1,520,379 195,050
current liabilities
Creditors: amounts (55,306) (11,220)
falling due after more
than one year
---------- ----------
Net assets 1,465,073 183,830
========== =========
Capital and reserves
Called up share 308,687 262,720
capital
Share premium account 3,896,254 2,795,859
Profit and loss (2,745,761) (2,858,840)
account deficit
--------- ---------
Equity shareholders' 1,459,180 199,739
funds
Minority interest - 5,893 (15,909)
equity
--------- ---------
1,465,073 183,830
========= =========
Screen Plc
Notes to the Preliminary Announcement
Year Ended 31 December 1999
1. Basis of Preparation
These statements do not constitute financial statements
within the meaning of Section 240 of the Companies Act
1985.
The financial information for the year ended 31 December
1998 is extracted from the statutory financial statements
for the year which have been delivered to the Registrar
of Companies. The auditors reported on those financial
statements and their report was unqualified and did not
contain a statement under Section 237(2) or (3) of the
Companies Act 1985.
The statutory accounts for the year ended 31 December
1999 have not been audited. They will be finalised on
the basis of the financial information presented by the
directors in this preliminary announcement and will be
delivered to the Registrar of Companies following the
company's annual general meeting.
2 Exceptional Item
This represents the losses attributable to the group as a
result of the trading operations of Karline Security
Systems Plc in 1999, a wholly owned subsidiary of Screen
Plc, which was placed in voluntary liquidation on March
11 1999. The 1998 comparative figure represents the net
profit attributable to the group on the sales of the
assets and business of Executive Security (Wentworth)
Services Ltd and Executive Security (Yorkshire) Services
Ltd.
3 Dividend
The Board of Directors does not recommend the declaration
of a dividend for the year ended 31 December 1999.
4 Earnings per Share
The basic earnings per share for the year ended 31
December 1999 is based on the profit for the year on
ordinary activities after taxation and minority interest
of #89,465 (1998 - loss #987,160) and on the weighted
average number of 0.1p ordinary shares of 273,929,709
(1998 - 242,580,945).
The diluted earnings per share for the year ended
December 31 1999 is based on the profit for the year on
ordinary activities after taxation and minority interest
of #89,465 (1998 - loss #987,160) and on the weighted
average number of 0.1p ordinary shares of 276,583,118
(1998 - 238,238,002). The difference between this
weighted average number of shares and the weighted
average number of shares used for the basic earnings per
share relates to the share options and warrants in issue.
5. Discontinued Operations
These include a small number of transactions associated
with wholly owned subsidiaries, which ceased trading in
1998. These are: Securscan Ltd, Executive Security
(Wentworth) Services Ltd, Executive Security (Yorkshire)
Services Ltd and Petards Omniwatch Ltd. Additionally the
1998 comparative figures include the trading activities
of Karline Security Systems Plc in 1998.
6. Report and Accounts
Copies of the 1999 report and accounts will be sent to
shareholders in due course.
7. Announcement
Copies of this announcement will be available from the
Nominated Adviser: Smith & Williamson, No 1 Riding House
Street, London W1A 3AS for 14 days from the date of this
announcement.
18 April 2000
END
FR SFFSAASSSEDL
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