Interim Results
September 05 2005 - 2:02AM
UK Regulatory
RNS Number:7991Q
Belgravium Technologies PLC
05 September 2005
Immediate Release 05 September 2005
BELGRAVIUM TECHNOLOGIES PLC
(BVM:AIM)
INTERIM RESULTS FOR THE
6 MONTH PERIOD ENDED 30 JUNE 2005
The Board of Belgravium Technologies plc ("Belgravium" or "the Company"),
designers and manufacturers of real-time data capture systems, are pleased to a
nnounce the Interim Results for the six month period ended 30 June 2005.
HIGHLIGHTS
Profit on ordinary activity
before tax UP 23% #484,000 (#393,000 30 June 2004)
Sales UP 22% #2,359,000 (#1,935,000 30 June 2004)
Cash in bank UP 25% #2,484,000 (#1,987,000 30 June 2004)
Earnings per Share UP 24% 0.51p (0.41p 30 June 2004)
Interim Dividend Maintained 0.13p (0.13p 30 June 2004)
Commenting today, Chief Executive John Kembery said:
"The first half of 2005 has been very positive. Belgravium started the year
having received the largest order in its history, a #750,000 contract to supply
a proof of delivery 'POD' system for Grattan. We are now beginning to see many
more POD systems being specified and this is an area for which the Belgravium
Atlanta product was specifically developed.
Prospects, both at home and abroad, look very encouraging and in the longer term
there is a great deal of interest in Radio Frequency Identification 'RFID',
which offers a large potential market.
We still believe that an acquisition demonstrating real synergy with Belgravium
would be highly desirable. The search continues and we are confident that we
will succeed.
As we start the second half there is greater visibility of forward orders than
in previous years and greater confidence that our products are right for market
developments."
For further information please contact:
Buchanan Communications ltd
Kelly-Ann French Mob: 07958 972164
Alastair Watson Tel: 0207 466 5000
Belgravium Technologies plc
John Kembery Mob: 07770 731021
www.belgraviuminvestorrelations.com
Chairman's Statement
Sales in the six months to the end of June 2005 were #2,359,000, 22% higher than
in the same period in 2004. Profit on ordinary activities before tax also
increased to #484,000, 23% up on the first half of 2004. It is expected that the
tax charge will be maintained at 30%, so that undiluted earnings per share show
a healthy increase to 0.51p per share, 24% higher than earnings per share in the
first half of 2004 (0.41p per share).
In what is still a competitive market this was a positive result and in line
with market expectations. We have maintained an interim dividend at 0.13p per
ordinary share, the level to which it was increased last year.
Balance Sheet
As with the first half of 2004, the most noteworthy element in the balance sheet
was a steady increase in cash. At the end of June 2005, Belgravium had cash
totalling #2,484,000, compared to #1,987,000 at the end of June 2004. Whilst
this provided a useful interest payment (#54,000), its real benefit is as a
reserve for future activities.
The Market
Belgravium started 2005 having received the largest order in its history, a
#750,000 contract to supply a proof of delivery 'POD' system for Grattan. As in
previous years and in line with the seasonal trend, the first quarter was light
on sales. However, the second quarter was much better and whilst we are aware of
few prospective orders of the Grattan size, we are now beginning to see many
more POD systems being specified. This is an area for which the Belgravium
Atlanta product was specifically developed. Prospects, both at home and abroad,
look very encouraging and in the longer term there is a great deal of interest
in Radio Frequency Identification 'RFID', currently only applied in Belgravium's
test projects but which offers a large potential market.
As we reported a year ago, the market continues to seek more refined systems and
we are continually upgrading and improving the functions of Belgravium's product
suite. We have continued to invest in our technical and sales teams and whilst
this has added somewhat to costs, we believe the investment to be justified for
future growth.
Acquisitions
We still believe that an acquisition demonstrating real synergy with Belgravium
would be highly desirable. It is, of course, vital that we find the right
opportunity at the right price. The search continues and we are confident that
we will succeed.
Employees
The first half of 2005 has provided the usual challenges associated with
seasonal trends. Belgravium's reputation for quality and service can only grow
when it matches these variations with good service. That this has happened is a
real tribute to the commitment of its staff who have, as always, responded
brilliantly.
Dividend
Last year we increased the interim dividend and, whilst there is sufficient cash
to do so again, the Directors feel that maintaining the dividend at 0.13p per
share will conserve cash for future activities. The record date is 4 November
2005 and the interim dividend will be payable on 3 December 2005.
Outlook
The first half of 2005 has been very positive. As we start the second half there
is greater visibility of forward orders than in previous years and greater
confidence that our products are right for market developments. We would
therefore expect the second half of 2005 to be equally as strong as the first.
FULL RESULTS BELOW
Unaudited Profit and Loss Account
for 6 months to 30 June 2005
Total Total
6 months to 6 months to
30 June 2005 30 June 2004
(Unaudited) (Unaudited)
#'000 #'000
Turnover 2,359 1,935
Operating profit 430 350
---------- ------------
Profit before interest and taxation 430 350
---------- ------------
Interest receivable 54 43
---------- ------------
Profit on ordinary activities before taxation 484 393
Tax charge on ordinary activities (145) (118)
---------- ------------
Profit on ordinary activities after taxation 339 275
Ordinary dividend (87) (87)
---------- ------------
Retained profit for period 252 188
---------- ------------
Basic earnings per ordinary share (pence) 0.51 0.41
---------- ------------
Diluted earnings per ordinary share (pence) 0.50 0.40
---------- ------------
Group Balance Sheet
at 30 June 2005
As at As at As at
30 June 2005 30 June 2004 31 December 2004
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Fixed assets
Tangible assets 213 250 237
---------- ---------- ------------
213 250 237
---------- ---------- ------------
Current assets
Stocks 548 452 443
Debtors 1,426 1,408 1,458
Cash at bank and in hand 2,484 1,987 2,219
---------- ---------- ------------
4,458 3,847 4,120
---------- ---------- ------------
Creditors:
Amounts falling due within
one year (1,939) (1,713) (1,871)
---------- ---------- ------------
Net current assets 2,519 2,134 2,249
---------- ---------- ------------
Total assets less current
liabilities 2,732 2,384 2,486
Provision for liabilities and
charges (48) (66) (54)
---------- ---------- ------------
2,684 2,318 2,432
---------- ---------- ------------
Capital and reserves
Called up share capital 3,341 3,341 3,341
Share premium 120 120 120
Capital redemption reserve 2,100 2,100 2,100
Profit and loss account (2,877) (3,243) (3,129)
---------- ---------- ------------
2,684 2,318 2,432
---------- ---------- ------------
Group cash flow statement
for 6 months to 30 June 2005
2005 2004
(Unaudited) (Unaudited)
#'000 #'000
Net cash inflow from operating activities 511 272
---------- ------------
Returns on investments and servicing of finances
Interest received 54 43
---------- ------------
Taxation
Corporation tax paid (55) (62)
Corporation tax received - 26
---------- ------------
Net corporation tax paid (55) (36)
---------- ------------
Capital expenditure and financial investment
Purchase of tangible assets (31) (10)
---------- ------------
(31) (10)
---------- ------------
Equity dividends paid to shareholders (214) (204)
---------- ------------
Net cash inflow before financing 265 65
---------- ------------
Financing
Purchase of own ordinary share capital - (121)
---------- ------------
- (121)
---------- ------------
Increase/(decrease) in cash 265 (56)
---------- ------------
Reconciliation of net cash flow to movement in net debt
for 6 months to 30 June 2005
2005 2004
(Unaudited) (Unaudited)
#'000 #'000
Increase/(decrease) in cash 265 (56)
---------- ------------
Movement in net funds during year 265 (56)
Net funds at 1 January 2,219 2,043
---------- ------------
Net funds at 30 June 2,484 1,987
---------- ------------
Group cash flow statement
(a) Reconciliation of operating profit to net cash inflow from operating
activities
2005 2004
(Unaudited) (Unaudited)
#'000 #'000
Operating profit 430 350
Depreciation 55 54
Movement in provisions (6) (4)
---------- ------------
Funds generated by operations 479 400
---------- ------------
Increase in stocks (105) (9)
Decrease/(increase) in debtors 32 (176)
Increase in creditors 105 57
---------- ------------
(Increase)/decrease in working capital 32 (128)
---------- ------------
Net cash inflow from operating activities 511 272
---------- ------------
(b) Analysis of net funds
At 1 January At 30 June
2005 Cash flow 2005
(Audited) (Unaudited) (Unaudited)
#'000 #'000 #'000
Cash at bank and in hand 2,219 265 2,484
---------- ---------- ------------
2,219 265 2,484
---------- ---------- ------------
Notes to the Interim report
for 6 months to 30 June 2005
The interim report has not been audited and the information contained in this
interim statement does not constitute statutory accounts as defined in section
240 of the Companies Act 1985. The audited accounts for the year ended 31
December 2004, upon which the auditors issued an unqualified opinion, have been
delivered to the Registrar of Companies.
(a) Earnings per share has been calculated on the average number of ordinary
shares in issue of 66,825,759 (30 June 2004 : 67,600,484).
(b) Fully diluted earnings per share has been calculated on the average number
of ordinary shares, assuming conversion of all dilutive potential ordinary
shares of 67,274,654 (30 June 2004 : 68,015,637).
(c) The record date for the proposed dividend for Belgravium Technologies plc
is 4 November 2005 (Ex-Dividend Date 2 November 2005).
(d) Copies of this statement will be posted to shareholders and further copies
will be made available to the public at the company's office: Campus Road,
Listerhills Science Park, Bradford, West Yorkshire, BD7 1HR.
-ENDS-
This information is provided by RNS
The company news service from the London Stock Exchange
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