RNS Number:4840N
Vantis PLC
14 July 2003
14 July 2003
VANTIS PLC
("Vantis" , the "Company" or the "Group")
Preliminary Results for the Year Ended 30 April 2003
Vantis, the AIM listed accountancy and professional services Group, announces
maiden preliminary results for the year ended 30 April 2003.
Key points
* Turnover #18.6 million.
* Profit before tax is #4.1 million*.
* Operating profit margin before goodwill amortisation but after
exceptional items improved from 17.7% in the first half to 19.1% for the
full year as a result of revenue seasonality, improving operational
efficiencies and growing exposure to higher margin specialist services.
* The adjusted basic earnings per share excluding exceptional items and
goodwill amortisation is 9.24 pence. The equivalent basic earnings per
share is 6.88 pence.
* Final dividend proposed of 2.065 pence per share, making a total for
the year of 3.0 pence per share.
* Group strengthened by mix of acquisitions and the recruitment of key
individuals and teams.
* Integration of businesses and teams facilitated by effective management
structure, IT platforms and best practice 'client service' model.
* Strong pipeline of acquisitions and recruitment opportunities in place.
* before interest, tax, exceptional costs and goodwill amortisation
On the future, Chairman, Paul Gourmand said:
"We have continued to make substantial progress with the integration of our
accountancy and specialist services businesses during the second half of the
year. We have created a strong platform for growth and have built a strong
pipeline of acquisition and recruitment prospects.
Whilst continuing to selectively recruit new individuals, businesses and teams,
we will pursue our integration strategy to further enhance efficiency, deliver
service excellence to all our customers and enhance shareholder value."
For further information:
Paul Jackson, Chief Executive
Paul Ashton, M&A Director
Vantis plc 020 7417 0417
Richard Darby
Buchanan Communications 020 7466 5000
CHAIRMAN'S STATEMENT
I am delighted to report on the first year's trading since listing on the
Alternative Investment Market of the London Stock Exchange in May 2002. The
Group has achieved results that are in line with market expectations, despite
the sluggish UK economy, reflecting the quality and strength of our management
team and staff.
Results
In the year ended 30 April 2003, the Group generated turnover of #18.6 million
and achieved profit before interest, tax, exceptional items and goodwill
amortisation of #4.1 million. Exceptional costs of #0.55 million relate to the
initial integration of the founding firms and the creation of the Vantis brand.
Also, a charge of #0.15 million has been made against profit before interest
for discounted share options awarded to certain team members at the time of the
flotation.
The operating profit margin before goodwill amortisation but after exceptional
items showed an improvement from the 17.7% reported at the half year to 19.1%
for the full year, driven by a combination of seasonality, improving operational
efficiencies and a growing exposure to higher margin specialist services.
The adjusted basic earnings per share excluding exceptional items and goodwill
amortisation is 9.24 pence. The equivalent basic earnings per share is 6.88
pence.
The Directors are pleased to recommend payment of a final dividend of 2.065
pence per share, payable on 1 September 2003 to shareholders on the register on
8 August 2003, making a total dividend of 3.00 pence per share for the year.
Since the formation of Vantis in May 2002, we have enjoyed steady growth,
supplemented by additional acquisitions and specialist recruitment,
complementary to our service offering.
Integration
Integration of businesses and teams together with the expansion of a common
culture and infrastructure across the Group will continue to be central to our
strategy going forward.
We have recruited additional senior management, put in place appropriate
management structures and adopted our best practice "client service group" model
across the business, improving operational effectiveness and customer service.
We have also introduced, as planned, a Groupwide IT platform, enhancing
operational efficiency, control and customer management, and have made
significant progress rationalising and eliminating duplication across Group
functions such as IT, human resources, financial administration, training and
marketing.
Whilst further improvements in efficiency are expected in the future, we have
made an excellent start in our first year as a quoted Company.
Business Development
The Group has been strengthened during the year with a mix of acquisitions and
the recruitment of key individuals and teams. These are:
* The acquisition and integration of the non-audit business of three
accountancy practices, Gregory Mitford & Snowball, Crompton & Sherling and
Beavis Walker;
* The expansion of Vantis Corporate Finance through the selective recruitment
of key personnel;
* The acquisition of a specialist duty recovery business, The Custom House;
* The recruitment of specialists to form the sports consultancy, Vantis
Sports Solutions.
There have been many acquisition opportunities during the year and those that we
have made have been complementary to our business and clients, are value
enhancing and continue to build our capabilities in higher margin specialist
services. As well as this, we have developed the Group with the recruitment of
key individuals that bring new specialist skills, extend our network of contacts
and strengthen our core general practice business.
Business development has been complemented by direct marketing campaigns,
improved sales processes and better sales skills through investment in training
programmes. Our profile within our target SME market has been raised through our
listing and through successful initiatives such as the sponsorship, in
association with Real Business Magazine of the HOT 100, a survey of the UK's
fastest growing private companies.
Recognising that existing clients are our lifeblood, we have focussed on service
levels and have enhanced our customer management practices across the Group.
Client retention, as a result, remains high.
The Future
We have continued to make substantial progress with the integration of our
accountancy and specialist services businesses throughout the year. We have
created a strong platform for growth and we have much to thank our staff for,
who have worked enthusiastically and tirelessly in our first year as a public
Company. We very much appreciate their loyalty and dedication.
Our profile is building; we are attracting much interest in our sector and have
built a strong pipeline of acquisition and recruitment prospects. We will
continue to acquire businesses that enhance value, bring complementary services
to our portfolio and provide access to strategically important geographic areas
and business sectors. We will look for specialists with skills in premium
services that will benefit our existing client base and seek key individuals to
strengthen our core general practice operation.
Whilst continuing to selectively recruit new individuals, businesses and teams,
we will pursue our integration strategy to further enhance efficiency, deliver
service excellence to all our customers and enhance shareholder value.
Paul Gourmand
Chairman
OPERATIONAL OVERVIEW
When we listed on the Alternative Investment Market, our objective was to
achieve sustainable, profitable, growth. The key drivers in achieving this
objective have been and remain:
* Acquisitions & Recruitment
To selectively acquire accountancy and specialist service businesses,
specialist teams and individuals, with the aim of adding complementary
skills, entering new sectors or geographic areas, and creating value whilst
achieving sustainable growth;
* Integration
To focus on achieving a common culture, benefiting from economies of scale
and maximising cross-business referrals within the Group;
* Value Added Services
To develop higher margin services by breaking into new sectors and
acquiring specialist skills of relevance to our predominantly SME customer
base;
* Organic growth
To achieve underlying growth by raising our profile, enhancing our sales
capability, improving our networking and contacts and widening the range of
services available to our customers.
I am delighted that, during our first year, we have made excellent progress on
all of these fronts, enabling us to achieve progressive growth in a difficult
market and achieve good and sustainable levels of profitability. We have
achieved what we set out to achieve and have created a solid base and a
carefully selected pipeline of acquisitions and recruits from which we can
continue to develop the business.
Acquisitions & Recruitment
During the year, the Group acquired the non-audit business of three general
accountancy practices; Gregory, Mitford & Snowball (three partner practice,
Darlington), Crompton & Sherling (two partner practice, City of London) and
Beavis Walker (seven partner practice, City of London).
All are complementary to our core business and customers, yet modest in terms of
scale, enabling rapid integration to realise the benefits of new systems and
processes. Crompton & Sherling has been moved into existing space in London and
Beavis Walker is in the process of being integrated, generating immediate cost
savings.
Beavis Walker brings additional strengths to Vantis in corporate finance work,
together with expertise in forensic accounting (particularly expert witness and
litigation) and additional expertise in accountancy outsourcing for subsidiaries
of overseas firms. As the founder member of Inpact International, the
international network of independent accountancy firms, Beavis Walker has
enhanced Vantis' reach into international markets. Inpact International has 154
member firms operating in 64 countries throughout Europe, Asia/Pacific and the
Americas.
In August 2002, we acquired the specialist duty recovery and advisory business,
The Custom House (Duty Recovery and Advisory Services) Limited. This has been an
exciting acquisition for us. It occupies a profitable niche in the market and
has strong management and technical skills. The business specialises in reducing
the burden of duty classification and creating duty savings for multi-nationals
and large importers of goods - particularly in the IT, networking, mobile phone
and test measurement sectors. There is much scope for further penetration of the
technology sector and also opportunities for expansion into new markets and more
widely into mainland Europe. Our membership of Inpact International has already
started to benefit us in this respect.
During the year we have steadily strengthened the Vantis Corporate Finance team
through the recruitment of two lead advisory teams and a number of key
individuals. The corporate finance business now has a much greater geographical
reach, with hubs in the City of London, Tonbridge, Manchester and Hartlepool,
and has an enhanced technical capability. Despite difficult market conditions,
the business has performed well and we are starting to attract larger, more
complex transactions. Whilst we have been careful not to grow our resources
ahead of demand, we have created a strong team which will be ready to capitalise
on a recovery in the corporate finance market. There are encouraging signs that
this may be happening already.
In April 2003 we expanded our activities into the sports sector, bringing in a
number of key experts to form Vantis Sports Solutions Limited. The team provides
expert fundraising and recovery advice for UK Premiership, Football League,
Scottish Premier League and European football clubs. They also provide
representation for clubs, management and players in transfer negotiations as
well as operating in other sporting activities. We look forward to developing
our reach into this specialist market.
We continue to attract much interest from both businesses and individuals
wanting to be part of Vantis. We are also pro-actively targeting potential
acquisitions and key individuals. We have a strong pipeline of opportunities to
consider in the coming year and we will continue to be highly selective in
deciding their suitability.
Integration
During the year we have controlled the pace of acquisitions and the recruitment
of teams with the requirement for careful integration. We have taken a number of
important steps in creating a common culture and common practices across the
Group. In particular:
* We have strengthened the senior management team through selective
recruitment and have put in place management structures to enhance decision
making and operational performance;
* We have developed our induction processes by which new acquisitions and
teams can be quickly settled in, ensuring that benefits are realised
quickly;
* We have introduced, as planned, a Groupwide IT network and client
administration system. All offices are now operating from the "Practice
Engine" IT platform, simplifying and enhancing client management, work in
progress control, debtor management and management information. The system
has also given us the benefit of a group-wide customer database which
supports more effective client communication and enables targeted cross
selling campaigns;
* We have adopted a common 'client service group' operational structure
across the business. This has started to deliver greater management
control, improved operational performance and more consistent service
delivery across the Group;
* We have made significant progress in adopting common processes and
eliminating duplication across key group functions including, human
resources management, financial administration, training, information
technology and marketing.
Whilst we have made an excellent start in our first year, further improvements
in efficiency are planned. Priorities for the forthcoming year include a
Groupwide review of overheads, further development of the IT infrastructure to
improve efficiency and customer communication together with further emphasis on
developing internal communication both to continue the development of our
culture across the Group and further promote the cross referral of services.
Value Added Services
Through our acquisitions and recruitment we have both broadened and enhanced our
skills base. We have strengthened our corporate finance teams and are now able
to support a wider range of larger, more complex transactions. Vantis Custom
House and Vantis Sports Solutions have given us access to other higher margin
opportunities and sectors, and we will continue to actively progress these
fledgling businesses. In the future, we will continue to invest in value added
service lines, and are planning, in the short term on increasing our range of
tax products and business advisory services.
The effect of our strategy this year has been to shift our revenue mix towards
higher margin services such as corporate finance and consultancy. The change in
revenue mix is illustrated below:
Service Line Revenue At Listing* At 30 April 2003*
Accountancy 37% 30%
Taxation 18% 16%
Consultancy 13% 19%
Corporate Finance 9% 13%
Financial Services 9% 7%
Outsourcing 7% 7%
Business Recovery 5% 6%
Other 2% 2%
*Source: Company management information
Organic growth
Recognising that our clients are our lifeblood and that significant changes have
taken place over the last year in the development of the Group, we have focussed
on all our existing client relationships to minimise the risk of client losses.
Client Partners and their teams have worked hard in keeping clients informed,
maintaining close contact and proactively seeking feedback. Forums to monitor
client satisfaction have been held at regular intervals to identify issues for
resolution. As a result, client retention levels have remained high.
To further improve our client relationships, we have introduced key account
management across the Group. This has already been effective in identifying new
opportunities for client development, service improvement and cross selling. The
account management process has been supported by an investment in soft skills
training programmes across the business. This training has improved our client
relationship skills as well as promoted staff relations and encouraged
networking and cross referrals. Importantly, our new business capability has
also been improved.
As a new brand, raising the Vantis profile amongst our target SME customers has
been an important activity this year. We have achieved significant progress
through successful initiatives such as the sponsorship, in association with Real
Business Magazine, of the HOT 100, a survey of the UK's fastest growing private
companies. We will continue to build our profile through carefully targeted
communication and public relations programmes.
We have also introduced targeted direct marketing campaigns to support new
business activity, working alongside our networking and new business referral
initiatives. A key benefit of new recruits joining Vantis over the past year has
been the accompanying increase in our network of contacts, which has proved to
be an extremely effective source of new leads.
The Future
In the year since flotation, we have made significant progress and have achieved
what we set out to achieve. The management team and staff have shown
considerable commitment to developing the business and servicing our clients in
a period of great change. I thank them for their energy, passion and enthusiasm.
Whilst the general economic outlook is somewhat uncertain at present, the
prospects for our business are very encouraging. In our pursuit of sustainable,
profitable, growth we will continue to diligently adopt our strategy of
acquisition, recruitment and careful integration, whilst expanding the Group's
value added services. We have a strong pipeline of acquisition and recruitment
opportunities which we will selectively pursue in the coming year, focusing on
those that will deliver profit enhancement.
Underpinning all of our development activity, in the short and medium to long
term, will be a continued focus on the support and development of our people
and the delivery of excellent service to all our clients.
Paul Jackson
Chief Executive Officer
FINANCIAL OVERVIEW
I am pleased to report a successful first year for Vantis. We have achieved a
good balance of growth and profitability in a challenging market.
Implementing a Group-wide IT and communications network and rolling out "
Practice Engine", our core administration system, in the second half of the
year, are significant achievements . Operational efficiencies have been further
improved and greater consistency achieved across the Group.
There has been a significant amount of change this year, with management and
staff time absorbed in the initial integration of the founding firms and
establishment of the operational infrastructure. Looking forward, we will be
able to provide more focus on driving out further efficiencies through
systemisation, fine tuning existing processes and through further overhead
reviews, whilst retaining our commitment to delivering a first class service to
our clients.
Revenue & Operating Profit
The Group achieved a total operating profit before interest, tax, exceptional
items and goodwill amortisation of #4.1 million on a turnover of #18.6 million
for the year.
58% of revenue was generated in the second half year, reflecting both the
natural underlying seasonality and the impact of acquisitions and new team
recruitment.
The increased revenue in the second half year, together with improvements in
operational efficiency and a growing exposure to higher margin services has
contributed to an increase in operating profit margin before goodwill
amortisation but after exceptional items from the 17.7% reported at the interim
stage to 19.1% for the full year.
Exceptional Costs
Exceptional costs of #0.55 million have been incurred, relating to the costs of
the initial integration of the founding firms and the creation of the Vantis
brand.
Funds Raised
At the time of the Company's flotation 3,547,045 shares were placed at a price
of 90p per share, which raised approximately #3.2 million. The cash costs of the
share issue were approximately #0.7 million. The net proceeds of the placing
were used to fund part of the consideration for the acquisition of the four
founding firms and to provide working capital and funds for the development of
the business.
In September 2002, the new #7 million bank facility was formalised, increasing
total facilities to #10 million, to provide funds for the acquisition of
individual firms, teams of people and blocks of fees. At the balance sheet date
the total drawn under this loan facility was #3.3 million.
Gearing at the year end was 68%, excluding the #1.4 million of five year loan
notes issued to Beavis Walker at the end of April 2003. In June 2003, after the
balance sheet date, a further placing of 825,500 shares, at the prevailing offer
price of 85p per share, raised approximately #0.7 million, reducing the gearing
by over 7%.
Share Option Discount
As reported in our half year statement, at the time of our flotation, certain
team members were rewarded with special once-only share options, granted at a
discount to the Company's flotation share price. A compulsory accounting
treatment, UITF17, requires that discount to be expensed to the profit and loss
account as a payroll cost. The discount to the option holder is not determinable
unless and until the share options are exercised and the shares are issued.
These share options are, in any event, only exercisable in certain circumstances
and then only after the third anniversary of issue. The maximum potential
discount under these share options is approximately #456,000, which will be
accounted for over the minimum qualifying period of three years service. For
the year ended 30 April 2003, the provision within our payroll costs amounts to
#152,000. There are no plans to issue further share options of this type.
Earnings per share and dividends
The adjusted basic earnings per share for the year under review, excluding
exceptional items and goodwill amortisation is 9.24 pence. The equivalent basic
earnings per share is 6.88 pence.
An interim dividend of 0.935 pence per share was paid in February 2003 and the
directors recommend a final dividend of 2.065 pence per share payable on 1
September 2003 for shares held on 8 August 2003, making the total for the year
3.00 pence per share. The total dividend is covered 2.2 times by profit after
tax.
Net Assets
At the year end, net assets were #9.5 million. Intangible assets of #12.1
million represent the goodwill on acquisitions, a proportion of which will be
tax deductible over time. The related deferred consideration is #3.8 million.
#1.8 million is shown as part of creditors within one year and #2.0 million as
part of creditors due after one year.
Shareholder's funds
At the year end, shareholders funds stood at #9.5 million, of which #1.1 million
was retained profit.
Capital expenditure
Capital expenditure amounted to #525,000, of which #40,000 was funded by finance
leases.
The majority of the expenditure (#330,000) was incurred through the creation of
the nationwide IT and communications network and the roll out of Practice
Engine.
Cash flow
The operating profit was #3.2 million. Investment in working capital and non
cash items was #5.8 million, resulting in a net outflow from operating
activities of #2.6 million. This arose largely from the build up in debtors and
work in progress in our first year of trading. Debtors are traditionally higher
at the year end due to the impact of underlying seasonality and have been
further exaggerated this year by the timing of acquisitions and new team
recruitment.
Significant inflows of funds include the initial share issue of #3.2 million and
the drawdown of loans for investment of #3.3 million.
Significant outflows include the investments made of #4.7 million, and the
expenses of the flotation.
Trevor Applin
Chief Financial Officer
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30TH APRIL 2003
Unaudited year to 30th April 2003
Before
exceptional Audited
items and period to
goodwill Exceptional Goodwill 30th April
amortisation items amortisation Total 2002
Notes #'000 #'000 #'000 #'000 #'000
Turnover 18,646 - - 18,646 -
Movement in work in 1,022 - - 1,022 -
progress
Other operating income 39 - - 39 -
External charges: direct (1,663) - - (1,663) -
expenses
Staff costs and similar (10,402) (430) - (10,832) -
charges
Depreciation (277) - - (277) -
Amortisation - - (342) (342) -
Depreciation and (277) - (342) (619) -
amortisation
Other operating charges (3,258) (120) - (3,378) -
Operating profit 1 4,107 (550) (342) 3,215 -
Interest receivable and 17 - 17 -
similar income -
Interest payable and (162) - - (162) -
similar charges
Profit on ordinary 3,962 (550) (342) 3,070 -
activities before
taxation
Taxation on profit on 2 (1,205) 165 22 (1,018) -
ordinary activities
Profit for the year 2,757 (385) (320) 2,052 -
Dividends 3 (930) - - (930) -
Retained profit for the 1,827 (385) (320) 1,122 -
year
Earnings per share 4
Basic 6.88p n/a
Diluted 6.75p n/a
Adjusted basic before 9.24p n/a
exceptional items and
goodwill amortisation
Adjusted diluted before 9.07p n/a
exceptional items and
goodwill amortisation
All amounts relate to continuing activities acquired during the year.
CONSOLIDATED BALANCE SHEET
AS AT 30TH APRIL 2003
Unaudited Audited
30th April 2003 30th April 2002
#'000 #'000
Fixed assets
Intangible assets 12,123 -
Tangible assets 1,175 -
Investments 5 -
13,303 -
Current assets
Work in progress 3,116 -
Debtors 8,872 -
Cash at bank and in hand 25 13
12,013 13
Creditors: amounts falling due within one year (10,394) -
Net current assets 1,619 13
Total assets less current liabilities 14,922 13
Creditors: amounts falling due after more than one year (5,398) -
Net assets 9,524 13
Capital and reserves
Called up share capital 3,240 13
Share premium account 4,267 -
Merger reserve 732 -
Shares to be issued 11 -
Other reserves 152 -
Profit and loss account 1,122 -
Equity shareholders' funds 9,524 13
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH APRIL 2003
Notes Unaudited year Audited period
to 30th April to 30th April
2003 2002
#'000 #'000
Cash flow from operating activities 5 (2,561) -
Returns on investments and servicing of finance
Interest received 17 -
Interest paid (127) -
Interest paid on finance leases (35) -
Net cash outflow from returns on investments and servicing of (145) -
finance
Taxation (77) -
Capital expenditure and financial investment
Purchase of tangible fixed assets (485) -
Sale of tangible fixed assets 11 -
Net cash outflow from capital expenditure and financial (474) -
investments
Acquisitions
Purchase of subsidiary undertakings (4,692) -
Net cash acquired with subsidiary undertakings 77 -
Net cash outflow from acquisitions (4,615) -
Equity dividends paid (271) -
Cash outflow before management of liquid resources and (8,143) -
financing
Financing
Issue of ordinary shares for cash 3,229 13
Expenses of share issues (701) -
Repayment of loans (38) -
New loans 3,267 -
Capital element of finance lease repayments (166) -
Net cash inflow from financing 5,591 13
(Decrease)/increase in cash in the period 6 (2,552) 13
NOTES TO THE PRELIMINARY RESULTS
FOR THE YEAR ENDED 30TH APRIL 2003
1. Operating profit
Operating profit includes exceptional costs for branding and integration of
#550,000 and the discount on share options of #152,000 which is included
within staff costs but not as an exceptional item.
2. Taxation on profit on ordinary activities
Provision for taxation is based upon taxable profits for the period at the
rate of 29.8%.
3. Dividends
Unaudited year Audited period
to 30th April to 30th April
2003 2002
#'000 #'000
Interim paid at 0.935p per ordinary share 271 -
Final proposed at 2.065p per ordinary share 659 -
930 -
It is proposed that the final dividend will be paid on 1st September 2003 for
shares held on 8th August 2003
4. Earnings per share
Unaudited year
to 30th April
2003
#'000
Earnings before goodwill amortisation and exceptional items 2,757
Exceptional items (385)
Goodwill amortisation (320)
Earnings after exceptional items and goodwill amortisation 2,052
'000
Weighted average number of shares in issue 29,833
Dilution effect of share options 168
Dilution effect of convertible loan stock 362
Dilution effect of contingent consideration 38
Diluted weighted average number of shares 30,401
Pence
Basic earnings per share 6.88
Diluted earnings per share 6.75
Adjusted basic earnings per share before exceptional items and 9.24
goodwill amortisation
Adjusted diluted earnings per share before exceptional items 9.07
and goodwill amortisation
The weighted average number of shares used for the basic earnings per share
calculation excludes shares held by the Vantis Employee Benefit Trust which have
not unconditionally vested in identified beneficiaries. Basic and diluted
earnings per share in the prior period were nil.
NOTES TO THE PRELIMINARY RESULTS
FOR THE YEAR ENDED 30TH APRIL 2003
5. Net cash outflow from operating activities
Unaudited year Audited period
to 30th April to 30th April
2003 2002
#'000 #'000
Operating profit 3,215 -
Amortisation of goodwill 342 -
Depreciation of tangible fixed assets 277 -
Share based employee remuneration 152 -
Increase in work in progress (1,423) -
Increase in debtors (7,494) -
Increase in creditors 2,370 -
Net cash outflow from operating activities (2,561) -
6. Analysis and reconciliation of movement in net debt
Unaudited
acquisitions
Audited Unaudited excluding cash Unaudited Unaudited 30th
1st May 2002 cash flow & overdrafts non-cash items April 2003
#'000 #'000 #'000 #'000 #'000
Cash balances
Cash at bank and in 13 12 - - 25
hand
Less:
Bank overdrafts - (2,564) - - (2,564)
Net cash balances 13 (2,552) - - (2,539)
Debt
Loan stock due within - - (89) - (89)
one year
Loan stock due after - - (1,722) - (1,722)
one year
Bank loans due within - 8 (32) - (24)
one year
Bank and other loans - (3,237) (42) - (3,279)
due after one year
Finance leases due - 58 (179) (12) (133)
within one year
Finance leases due - 108 (195) (28) (115)
after one year
- (3,063) (2,259) (40) (5,362)
Net Debt 13 (5,615) (2,259) (40) (7,901)
NOTES TO THE PRELIMINARY RESULTS
FOR THE YEAR ENDED 30TH APRIL 2003
7. General
The financial information set out in this preliminary announcement does not
constitute the Company's statutory accounts for the years ended 30th April
2003 or 2002 within the meaning of section 240 of the Companies Act 1985.
The statutory accounts for the year ended 30th April 2002 have been
delivered to the Registrar of Companies. The statutory accounts for the
year ended 30th April 2003 will be delivered to the Registrar of Companies
following the Company's forthcoming annual general meeting.
The audit report on the year ended 30th April 2002 was unqualified and did
not contain statements under the Companies Act 1985, section 237 (2) or
(3).
The accounting policies and presentation of figures in this preliminary
announcement have been prepared on the same basis as set out in the interim
results for the six months to 31st October 2002.
Copies of this announcement will be available at the Company's registered
office:
Vantis plc
82 St John Street
London EC1M 4JN
Copies of the announcement are also available on the Company's website;
www.vantisplc.com .
The annual report will be posted to shareholders in due course.
This preliminary announcement was approved by the directors on 14th July 2003.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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