RNS Number:5106T
IMS Maxims PLC
19 December 2003
19 December 2003
IMS MAXIMS plc
Interim Results for the period ended 30 September 2003
Chairman's statement
We are pleased to present the interim report for the six months ended 30
September 2003.
As described in the our last Annual Report, trading generally during the first
half of this year was slow, albeit better than the previous year. This pattern
continues to reflect the "planning blight", which is expected to end with the
appointment of Local Service Providers (LSPs) under the National Programme for
IT (NPfIT) for the UK NHS.
Turnover for the period was #1,903,000 (up 11% from the same period last year)
with a loss of #1,252,000 (2002 loss: #965,000). The increased losses are wholly
attributable to an acceleration in the rate at which we amortise our intangible
assets. This reflects our aggressive depreciation policy in the face of the
planning blight, and masks a reduction in the financial commitments of the group
for operating expenses and investments to #2.6 million, down from #3.1 million
in the same period last year.
Since the end of September 2003, we have raised further debt finance.
Furthermore, I am pleased to report that our EGM held on 5 December 2003
approved the introduction of a new class of equity. This will enable us to
convert long-term debt into equity, thus strengthening our balance sheet.
Our major target market remains the UK NHS, and we continue to believe that this
focus will produce real long-term benefits in the future. Whereas the NPfIT has
created delays in the past, we now see an end in sight. We are pleased to note
the appointment of 2 LSPs, covering 2 of the 5 planned regions in England, and
we expect that the final 3 will be announced in due course.
Your Board believes that IMS MAXIMS is well positioned to provide products as a
tier 2 supplier to these LSPs. While this will not result in any immediate
uplift in our trading levels, we look forward to 2004 with confidence.
David MacDonald
19 December 2003
IMS Maxims Plc
Consolidated Profit and Loss Account
Notes 6 months ended 30 September Year ended
2003 2002 31 March 2003
Unaudited Unaudited Audited
#000 #000 #000
Turnover 2 1,903 1,720 3,356
Cost of Sales (262) (236) (543)
Gross Profit 1,641 1,484 2,813
Selling, Distribution and administration costs 3 (2,516) (2,138) (5,247)
Exceptionals - - (1,343)
Amoritisation of Goodwill (140) (138) (276)
Group Operating Loss (1,015) (792) (4,053)
Share of operating loss in Joint Ventures - - -
Total operating loss (1,015) (792) (4,053)
Profit on disposal - - 115
Investments written off - - (198)
Net interest payable (248) (155) (250)
Loss on ordinary activities before taxation 2 (1,263) (947) (4,386)
Tax on loss of ordinary activities 4 - - -
Loss on ordinary activites after taxation (1,263) (947) (4,386)
Minority interests - Equity 11 (18) 86
Minority interests - Non Equity - - -
Loss for the financial period attributable to (1,252) (965) (4,300)
members of the company
Diluted loss per share 5 (0.863p) (0.731p) (3.200p)
Group Statement of Total Gains and Losses
6 months ended 30 September Year ended
2003 2002 31 March 2003
Unaudited Unaudited Audited
#000 #000 #000
Loss for period (1,252) (965) (4,300)
Share of Joint Venture loss for period - - -
Loss for the financial period attributable (1,252) (965) (4,300)
to members of the parent undertaking
Exchange differences 84 14 (273)
(1,168) (951) (4,573)
IMS Maxims Plc
Consolidated Group Balance Sheet
Notes 6 months unaudited Year end audited
Sep-03 Sep-02 Mar-03
#000 #000 #000
Fixed Assets
Intangible 7,717 9,405 7,868
Tangible 132 147 150
Net investments in Joint Ventures - 6 -
Investment - 199 -
7,849 9,757 8,018
Current Assets
Debtors: falling due after one year 1,828 1,496 1,657
Debtors: 1,231 2,222 1,790
Cash 127 1,576 899
3,186 5,294 4,346
Creditors: amounts falling due within one (4,094) (6,295) (6,137)
year
Net current liabilites (908) (1,001) (1,791)
Total assets less current liabilities 6,941 8,756 6,227
Creditors due after more than one year (4,569) (2,234) (2,664)
Minority interests
Equity 157 20 134
Total Assets 2,529 6,542 3,697
Capital and reserves
Share Capital 1,452 1,320 1,452
Shares premium 5,611 4,966 5,611
Merger reserve 3,600 3,600 3,600
Profit and Loss account (8,134) (3,344) (6,966)
Equity Shareholder Funds 9 2,529 6,542 3,697
IMS Maxims Plc
Group Statement of cash flows
Notes 6 months unaudited Year end
audited
Sep-03 Sep-02 Mar-03
#000 #000 #000
Net cash outflow from operating activities 6 (257) (59) (1,235)
Returns on investments and servicing of finance
Interest Paid (252) (155) (321)
Interest Earned 12 - 71
(240) (155) (250)
- - 30
Taxation Received
Capital Expenditure and financial investments
Payments to acquire tangible fixed assets (20) (28) (44)
Payments to acquire intangible fixed assets (1,148) (1,295) (1,800)
(1,168) (1,323) (1,844)
Acquisitions and disposals
Sale of business - - 258
Net cash outflow before financing (1,665) (1,537) (3,041)
Financing
Proceeds from issue of shares - - 792
Share issue costs - - (15)
Long term Loans 2,234 807 1,650
Repayment of capital element of long term loans (409) - (16)
Repayment of capital element of lease (20) (20) (42)
Consideration (173) - (186)
1,632 787 2,183
Total (decrease) on cash funds 7 (33) (750) (858)
Notes to the interim statement
1. Basis of preparation
The interim financial statements have been prepared in accordance with
applicable United Kingdom accounting standards and under the historic cost
convention. The principal accounting policies have remained unchanged from those
in the group's 2003 annual report and financial statements. The report has not
been audited or independently reviewed by the auditors.
2. Segmental analysis
Turnover is attributable to one continuing activity, the provision of computer
software products and related services.
An analysis of turnover by geographical area is given below:
6 months ended 6 months ended Year ended
30 Sept 2003 30 Sept 2002 31 March 2003
#000's #000's #000's
Turnover
United Kingdom 1,412 1,048 2,025
Europe 491 577 1,117
Rest of world - 95 214
Group Turnover 1,903 1,720 3,356
(Loss)/profit before taxation
United Kingdom (252) (582) (1,071)
Europe (623) (72) (2,789)
Rest of world - - -
(875) (654) (3,860)
Common costs - goodwill amortisation (140) (138) (276)
Net interest (payable)/receivable (248) (155) (250)
(Loss)/profit on ordinary activities before (1,263) (947) (4,386)
taxation
3. Operating costs
Excluding the capitalisation of development costs the comparative figures for
costs are current period #2,588,281 (September 2002: #3,102,654).
4. Taxation
No provision for taxation has been made due to the availability of losses.
5. Earnings per share
The calculation of the basic loss per share for the 6 months ended 30 September
2003 is based on a loss of #1,252,000 (30 September 2002: loss of #965,000) and
a weighted average number of shares in issue during the period of 145,163,332
(30 September 2002: 131,966,666). The calculation of the diluted loss per share
for the 6 months ended 30 September 2003 is based on a loss of #1,252,000 (30
September 2002: loss of #965,000) and a weighted average number of shares in
issue during the period of 145,163,332 (30 September 2002: 131,966,666).
The calculation of the basic and diluted loss per share for the year ended 31
March 2003 is based on a loss of #4,300,000 and a weighted average number of
shares in issue during the period of 135,265,833.
6. Net cash inflow from operating activities
6 months ended 6 months ended Year ended
30 Sept 2003 30 Sept 2002 31 March 2003
#000's #000's #000's
Operating (loss)/profit (1,015) (792) (4,251)
Depreciation of tangible fixed assets 40 46 91
Amortisation of intangible fixed assets 1,216 971 3,075
Exchange gain/(loss) (6) 58 (320)
Decrease/(increase) in debtors 388 (108) 450
(Decrease)/increase in creditors (880) (234) (280)
Net cash inflow (257) (59) (1,235)
7. Reconciliation of net cashflow to movement in net funds
6 months ended 6 months ended Year ended
30 Sept 2003 30 Sept 2002 31 March 2003
#000's #000's #000's
(Decrease)/Increase in cash (33) (750) (858)
New Loans (2,234) (807) (1,650)
Repayment of capital element of loans 409 - 16
Deferred Consideration 173 - 186
Repayment of capital element of finance leases 20 20 42
Change in net funds resulting from cashflows (1,665) (1,537) (2,264)
Foreign currency translation difference (8) (8) (103)
Interest accrued on IBE scheme (9) (8) (22)
(1,682) (1,553) (2,389)
New Finance leases entered into - - (44)
Movement in net funds (1,682) (1,553) (2,433)
Net funds at 1 April (4,387) (1,954) (1,954)
Net funds at 30 September/31 March (6,069) (3,507) (4,387)
8. Analysis of net funds
1 April 2003 Other non-cash Cashflow 30 Sept 2003
changes
Cash at bank 899 - (772) 127
Bank overdraft (795) - 739 (56)
Cash at bank 104 - (33) 71
Finance leases (73) (1) 22 (52)
Deferred Consideration (299) (3) 173 (129)
BES Obligations (957) (14) - (971)
Loans (3,162) - (1,826) (4,988)
Net funds (4,387) (18) (1,664) (6,069)
9. Reconciliation in movement of shareholders' funds
6 months ended 6 months ended Year ended
30 Sept 2003 30 Sept 2002 31 March 2003
#000's #000's #000's
Total recognised gains and losses (1,168) (951) (4,573)
New shares issued - - 777
(1,168) (951) (3,796)
Shareholders funds 1 April 3,697 7,493 7,493
Shareholders funds
30 September/31 March 2,529 6,542 3,697
10. Publication of non-statutory accounts
The financial information set out in this interim report does not constitute
statutory accounts as defined by section 240 of the Companies Act 1985. The
figures for the year ended 31 March 2003 have been extracted from the statutory
financial statements which have been filed with the Registrar of Companies. The
auditors' report on those financial statements was unqualified and did not
contain a statement under section 237 of the Companies Act 1985.
The interim statement will be posted to shareholders shortly and copies are
available from the Company's offices Sandymount, Station Road, Woburn Sands,
Bucks, MK17 8RR and Clara House, Glenagraery Park, Co. Dublin, Ireland and on
the Company's web site www.imsmaxims.com.
-ends-
This press announcement has been issued by Insinger de Beaufort on behalf of IMS
Maxims plc
Insinger de Beaufort is a subsidiary of Bank Insinger de Beaufort. Authorised
and regulated by the Financial Services Authority
Registered in England and Wales No. 2582230
This information is provided by RNS
The company news service from the London Stock Exchange
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IR EASANFLSDFFE
