RNS Number:8134N
CybIT Holdings PLC
21 June 2005
CYBIT HOLDINGS PLC ("CYBIT")
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2005
HIGHLIGHTS
Cybit Holdings Plc, the innovative Telematics Service Provider, today announces
its preliminary results for the year ended 31 March 2005.
Audited Audited
year ended year ended
31 March 2005 31 March 2004
#'000 #'000
Turnover 6,727 8,098
Operating (loss)/profit (627) 1,083
Operating (loss)/profit before depreciation and goodwill amortisation (214) 1,413
(EBITDA)
(Loss)/profit before taxation (1,543) 291
Cash 3,704 4,592
Key points
12% increase in turnover on a comparative basis (see below).
Increased underlying profitability (see below).
50% increase in number of assets managed through Cybit's solution
portfolio.
Positive operating cashflow of #1.1 million in the second half
before finance costs.
Overall 40% increase in customer numbers.
New three year strategic partnership with Norwich Union and launch
of the industry's only telematics-enabled fleet insurance product.
Acquisition of mapAmobile, enabling further reach into client
organisations.
Launch of Fleetstar-Online to the Swedish and German markets.
New modular version of Fleetstar-Online, together with API
capability, becoming the industry's first fully scalable telematics
solution.
Neil Johnson, Chairman of Cybit commented:
"Our new accounting policy in respect of internal leasebook deals and a new
commercial policy in respect of underlying cellular costs have, as clearly
predicted, resulted in lower reported levels of both turnover and profit in the
year. Statutory reported revenues are therefore #6.7 million (2004: #8.1
million), reflecting a loss of #1.5 million (2004: profit #290,564). I am
pleased to be able to report however that, during the past year, the company has
continued to build on the solid foundations established in earlier years. The
underlying trend of performance within the business shows significant progress,
and on a comparable basis, revenues exceeded #9.1 million (2004: #8.1 million)
with pre-tax profitability increasing to #350,000 (2004: #290,564).
2004/2005 was a year during which the company was able to further develop its
reputation for excellence in the marketplace. Robust trading during the second
half of the year has continued into the current year and we have a strong order
book going forward. This now stands at record levels and it appears that we can
look forward to a strong first half performance in the current year. As
indicated, we are also beginning to see a contribution from our international
businesses which should give us confidence for the future.
The telematics market is "coming of age". As this annual report goes to press,
Government is initiating the debate on road usage and pricing across the UK and
the role advanced telematics would play in implementing a solution within the
next decade. Cybit is well positioned to exploit the opportunities presented by
these developments. Our focus remains on providing outstanding customer
satisfaction with our advanced products and services. Our market reputation for
quality and professionalism is second to none in our sector. We are now able to
look forward with ever-growing confidence".
Enquiries:
Company name
Richard Horsman, Chief Executive, 01480 389100
Cybit Holdings Plc
College Hill
Stephen Davie 020 7457 2020 stephen.davie@collegehill.com
CHAIRMAN'S STATEMENT
Our new accounting policy in respect of internal leasebook deals and a new
commercial policy in respect of underlying cellular costs have, as clearly
predicted, resulted in lower reported levels of both turnover and profit in the
year. Statutory reported revenues are therefore #6.7 million, reflecting a
pre-tax loss of #1.5 million. I am pleased to be able to report however that,
during the past year, the company has continued to build on the solid
foundations established in earlier years. The underlying trend of performance
within the business shows significant progress, and on a comparable basis,
revenues exceeded #9.1 million (2004: #8.1 million) with pre-tax profitability
increasing to #350,000 (2004: #290,564).
We can now look forward to the beneficial impact of the new accounting and
commercial policies to begin to unfold during the current trading year. The
full beneficial effect will be felt at the end of the first three-year
accounting cycle in the trading year 2006/2007.
Business Review
During the past 12 months Cybit has continued to establish itself as one of the
leading and fastest growing Telematics Service Providers (TSP) in the United
Kingdom. Our customer base continues to grow with a number of significant
contracts achieved during the year. The company now has more than 700 customers
(2004: 500) in the UK with a total of more than 15,000 (2004: 10,000) assets
managed.
Your company continues to develop and implement a broad range of products and
services which both satisfy and anticipate customer demand. Fleetstar-Online
continues to be recognised as one of the UK's leading internet-based fleet
management tools and it is pleasing to be able to report a 74% increase in
customer contracts year on year. We now have more than 10,000 vehicles
utilising our Fleetstar-Online service.
Internationally our businesses in Sweden, Germany and Holland have increased
revenues from both new and existing customers. These are small beginnings, but
your Board believes that we can look forward to greater business opportunities
in the future.
During the year, we acquired the mapAmobile business which has provided a
relatively low cost location service for our customers. This is a most
interesting development and one which provides us with great opportunity for
product innovation over the coming years.
Financial Matters
As approved by shareholders, a 50-1 share consolidation was completed in
December 2004.
Cash management continues to be a high priority within the business, and I am
happy to be able to report that our cash balances remain strong and have enabled
us to take more profitable business onto our own book, thereby reducing external
finance charges for new business. We are utilising this strength to invest in
business opportunities, people and technology.
Outlook
2004/2005 was a year during which the company was able to further develop its
reputation for excellence in the marketplace. Robust trading during the second
half of the year has continued into the current year and we have a strong order
book going forward. This now stands at record levels and it appears that we can
look forward to a strong first half performance in the current year. As
indicated, we are also beginning to see a contribution from our international
businesses which should give us confidence for the future.
Cybit has continued to steadily and professionally develop its business model
and it is your Board's intention to continue this process in the current year.
We will also evaluate and, where appropriate, embrace opportunities for future
growth by exploiting technology, satisfying our customers, and, where
appropriate, assessing the potential for further acquisitions which have the
potential to enhance our ongoing core business.
The telematics market is "coming of age". As this annual report goes to press,
Government is initiating the debate on road usage and pricing across the UK and
the role advanced telematics would play in implementing a solution within the
next decade. Cybit is well positioned to exploit the opportunities presented by
these developments. Our focus remains on providing outstanding customer
satisfaction with our advanced products and services. Our market reputation for
quality and professionalism is second to none in our sector. We are now able to
look forward with ever-growing confidence.
I should particularly like to thank all our staff, including my Board colleagues
and our CEO, Richard Horsman, for their support throughout the past year. It
has been eventful, challenging, but ultimately successful. Without their
contribution and energy these excellent results would not have been possible.
Neil Johnson
21 June 2005
CHIEF EXECUTIVE'S REVIEW
Operating Review
Cybit continues to make progress across all areas of the business. The UK
customer base has grown significantly with an increasing number of larger
customers signing up to use Cybit's services. Our fledgling international
business units are also showing encouraging signs with customer wins in both
Sweden and Germany.
Significant operational benefits have been achieved during the second half as a
result of implementing full ISO 9001:2000 certification. Achievement of what is
internationally recognised as the highest level of the ISO quality management
standard significantly strengthens Cybit's end-to-end offering, and was awarded
in recognition of the overall service quality that Cybit provides to its
clients, including software and hardware implementation, the quality of the
after sales service together with ongoing customer service maintenance.
Customers
Our customer base in the UK continues to grow with both blue chip and smaller
customers signing up to the increasing range of products and services offered by
Cybit. In total, the company now has more than 700 commercial customers
representing in excess of 15,000 assets under management.
Fleetstar-Online, our flagship vehicle tracking and reporting solution, has
maintained its position as one of the leading internet-based fleet management
applications available on the market. Customer numbers have continued to
increase and, as at 31 March 2005, more than 470 companies had signed up to use
the service - a 74% increase from the 270 reported at the previous period end.
During the period, the number of vehicles supported by the platform went above
10,000 for the first time.
Repeat business from existing customers remains strong. Customers such as
Alfred McAlpine Business Services, brs Truck Rental and Tristar Cars have all
increased the number of vehicles being managed using Fleetstar-Online.
Consulting services remain a significant growth area with many customers both
large and small investing in Best Practice, Return on Investment and other
training services.
During the year, Cybit won significant new customer contracts for
Fleetstar-Online including a landmark deal in the home delivery sector with
Sainsbury's to You: Eve Group, a division of Babcock International Plc; Mono
Services and Tulloch Construction Group.
Contract renewals remain strong with around 70% of customers either renewing
their contracts or migrating to the Fleetstar-Online platform. However, net of
customers who have lost contracts, changed business strategy around fleet
ownership or gone out of business, renewal rates are running at around 90%.
Cybit still has in excess of 100 users of the original Fleetstar server based
application and will be implementing a migration program to encourage these
users to migrate to Fleetstar-Online.
As mentioned in the last Annual Report, there are increasing numbers of customer
wins where Cybit is replacing competitor systems. With well publicised issues
relating to a number of competitor organisations, we expect to see this trend
increase in the future.
Cybit has continued to work towards migration of the cybitfleet customer base to
Fleetstar-Online. The initial thrust has been focused on users of General Packet
Radio Service (GPRS) technology with the majority of these customers already
migrating to the Fleetstar platform. The next phase will be targeting users of
lone worker technology with the objective of retiring the cybitfleet platform
within the next twelve to eighteen months.
Take up of our broadening range of Consulting services continues to grow with
the majority of our larger customers taking advantage of this offering in some
form or other. The Cybit Consultancy offering now covers Return On Investment,
Duty of Care - including Working Time Directive, Fleet Management best practice,
strategic telematics implementation and Key Performance Indicator (KPI)
analysis. Our Consulting team also provides coaching and development for
internal client staff involved in the management of telematics implementation
and support for integrated technology projects - for example where output from
Fleetstar-Online is integrated with back office applications such as payroll.
Technology Development
Cybit has continued to pursue a strategy of industry leadership through
innovation within the overall product portfolio.
During the period, Fleetstar-Online was the subject of a significant investment
program that involved both enhancement of the existing solution and development
of new capabilities that deliver added-value to customers and partners alike.
In the summer of 2004, Cybit announced a new Open Applications Programming
Interface (API) for Fleetstar-Online which made it easier for organisations to
integrate core telematics data into their existing enterprise solutions. Cybit's
OpenAPI interface provides a standard way for almost any third party system to
connect easily, cost-effectively and securely to Fleetstar-Online, avoiding the
complex and expensive integration issues normally associated with linkage to
corporate databases and enterprise environments. This development has been
received positively by both our larger customers and partners such as Norwich
Union who are already using the solution.
In September 2004, Cybit launched a major new modular version of
Fleetstar-Online that allows customers to subscribe to an appropriate service
level to suit their business needs. Believed to be the industry's first
fully-scalable, modular telematics solution, the platform is scalable from an
entry-level 'reporting-only' solution - offered primarily through Cybit's
expanding reseller channel and available from as little as #20 per vehicle per
month - through to the industry's most comprehensive telematics offering.
The high-end version of Fleetstar-Online also features access to the service via
PDA or mobile phone, and provides cross network cell location identification for
mobile phone or GSM modem tracking together with input/output monitoring coupled
with real-time event and alert management.
Perhaps the most significant extension in revenue terms was the development of
support for the GPRS that was launched during late 2004. Cybit announced
#600,000 of orders within 6 weeks of launch. This success continued and in the
period from launch to 31 March 2005 the company took orders for around 1,000
GPRS units.
During the period, Fleetstar-Online was upgraded to support our International
operations. A fully translated German language version was launched in April
2004 and local communications infrastructure was implemented into both German
and Swedish markets during Q4. This infrastructure allows vehicles to connect to
the local cellular infrastructure using local SIM cards and communicating with
local host servers located in each country. The benefit to both customer and
Cybit is reduced communications costs over inter-country roaming between
networks. It is likely that further language translations will be launched in
the coming twelve months.
During the coming year, Cybit will be increasing the level of investment made in
its market leading product portfolio. The company has already launched two-way
SMS and GPRS messaging which went live in April 2005 and intends to add
significant functionality to support Duty of Care, driver identification and job
management. There is also a development project to integrate the Drive-IT car
pool management solution into Fleetstar-Online.
Progress with Partnerships
Our growing Partnerships group is starting to deliver an increasing contribution
to Cybit revenues and underlines our strategy of focussing on third party
channels to market as a key factor in the extended penetration of telematics
within the fleet sector.
In September 2004, Cybit signed a new three-year strategic partnership agreement
with Norwich Union, the UK's largest fleet insurer. Under the partnership, Cybit
provides Norwich Union with core telematics technology to support 'Fleet
Telematics' - the industry's only telematics-enabled fleet insurance product.
This product is offered to new and existing Norwich Union customers through
their extensive network of intermediaries.
Fleet Telematics is the industry's only telematics-enabled fleet insurance
product, and offers businesses fixed price insurance cover over two or three
years and a premium rebate of up to 16% per annum when key performance
indicators are achieved.
Cybit has a dedicated team of three sales professionals who work directly with
the Norwich Union Regional Underwriting team and their broker partners. This
relationship is already delivering direct revenues to the business and has given
our field and national account sales teams additional "unique business value"
that can be brought to bear during the sales process.
Our partnership with Lex Vehicle Leasing (LVL) has entered a new phase within
which Cybit and LVL have jointly recruited a sales person who is based within
the LVL organisation. This has helped to increase awareness within the LVL field
sales force with a resultant upturn in customer enquiries. Furthermore, LVL will
soon be including a quotation for Fleetstar-Online within all new customer
proposals and will offer funding solutions to include the cost of telematics in
the vehicle rental.
brs Truck Rental (brs) are achieving continued success in selling their
Fleetstar-Online based brs vehicle tracking solution as a value added option to
their rental customers. This has resulted in additional hardware orders for
Cybit together with extensions to the functionality offered within the brs
service. During the coming year, brs are looking to take advantage of new
functionality offered by Fleetstar-Online - including real time GPRS
capabilities.
Cybit is currently exploring opportunities with a number of other significant
organisations. If successful, the company anticipates that these partnerships
will contribute towards revenue growth in future years.
As previously announced, the Cybit reseller community continues to grow, with
twenty-three organisations contracted at the end of March 2005. Revenues
directly attributable to resellers stood at approximately #700,000 for the
period with a number of significant deals originating from the reseller
community. We continue to evolve our strategy in this area and will continue to
recruit new partners in the coming months.
During the coming year, the company will look to recruit a number of software
partners who can strengthen the Cybit proposition in key verticals. Cybit is
already in discussions with a number of companies who are looking to integrate
real-time GPRS data into applications such as job despatch and scheduling
through the Open API provided with Fleetstar-Online.
International
Our Swedish subsidiary, Drive-IT Systems AB continues to make progress in the
market. Based in Gothenburg, Drive-IT is a leading developer of innovative
telematics based vehicle utilisation applications for the growing car share and
car pool management marketplace.
Uptake of the Drive-IT solution in the UK has increased as our UK partner,
Smartmoves, has embarked on an aggressive expansion program which saw their
fleet increase from around 35 to over 100 vehicles during the period. Already
the UK market leader in car sharing, Smartmoves are planning to float their
business on OFEX during the summer of 2005 in order to fund the continued
expansion of their UK operation. As strategic technology partner to Smartmoves,
Cybit should benefit from this on-going program which will firmly position
Drive-IT technology as the market leader in this area.
In September 2004, Cybit launched Fleetstar-Online into the Swedish market.
During the period to 31 March 2005, the company has achieved a number of early
contract wins and is currently engaged in trials, which if successful, could
lead to significant business wins in the coming year.
In March 2005, the company also signed its first combined Fleetstar-Online and
Drive-IT contract which will support a new commercial car pool with an initial
20 vehicles. This win endorses our strategy of integrating Drive-IT car sharing
technology into Fleetstar-Online.
During the coming year, Cybit will be changing the name of Drive-IT to Cybit AB.
This is an integral part of our strategy to focus on product brand recognition
in the market delivered from a single Cybit organisation.
In September 2004, we established Cybit Deutschland and took on our first sales
person based in Wiesbaden. During the period under review, much work has been
done to establish local infrastructure and build a pipeline of business. Our
first local contract was signed in March 2005 which gives us confidence that
there is a demand for Fleetstar-Online in the German market.
mapAmobile
On 29 October 2005, Cybit completed the purchase of the innovative mapAmobile
mobile location service from MI International. The purchase was funded by
#75,000 in cash and the issue of 2.5 million new shares. Offering tracking of
GSM mobile phones, mapAmobile location services are offered in two variants, a
Corporate Edition and a Consumer solution offering discreet monitoring of
children and vulnerable people.
With the Corporate Edition, organisations can locate their mobile workforce,
using the mobile phone network at any time and view their locations on a map. As
the service requires no extra hardware other than a mobile phone, it is easy to
deploy and helps organisations to manage their mobile workforce on an ad-hoc
basis.
This technology complements the existing Cybit product portfolio, extending the
reach of the solution further into client organisations. The solution also acts
as a customer acquisition tool as it allows organisations a low cost route to
evaluate the benefits of fleet management before upgrading to the full GPS
enabled solution.
Since acquisition, Cybit has integrated the mapAmobile technology into
Fleetstar-Online so that a company can track its workforce via their mobile
phones in addition to tracking vehicles that are carrying the Fleetstar-Online
in-vehicle-unit. The mobile phone location information can be viewed in
conjunction with GPS based information and is particularly useful when using
sub-contractors or third parties.
mapAmobile works on O2, Vodafone, Orange and T-Mobile networks and the Corporate
Edition has already been successfully deployed in some 80 UK organisations, the
largest of which is currently monitoring in excess of 120 phones.
The Consumer solution addresses an important concern among consumers allowing
them to discreetly monitor the whereabouts of children and other vulnerable
people in their care. This offering can be purchased either online, or through
retailers such as The Carphone Warehouse.
Financial review
From a financial perspective, the year has been one of continuing progress for
the group. As expected, revenues for the period were impacted by the new
accounting policy for revenue recognition in respect of internal leasebook deals
and a new commercial policy in respect of underlying cellular costs. Actual
turnover for the year was #6.7 million resulting in a loss for the year before
tax of #1.5 million, however it is encouraging to note that revenues on a
comparative basis increased from #8.1 million to #9.1 million with pre-tax
profitability increasing from #290,564 to #350,000 in the period.
In last year's Annual Report, the Board stated that a far greater proportion of
sales would be funded on our own internal lease book so as to improve long-term
profitability. In order to support this strategy, the Company announced a new
revenue recognition policy for internal leasebook deals whereby the income and
profit on these deals is recognised over the life of the agreements. Inevitably,
and as predicted, this has impacted the top line by #1.2 million when compared
with the previous policy applied to comparative 36-month agreements. The impact
of the adoption of this policy has been a margin reduction of #900,000 over the
full year.
We also reported a change in policy around underlying cellular costs whereby we
decided to forego up front, one-off cash bonuses on units sold in exchange for
significantly lower line rental costs for the duration of the contract. Whilst
this change initially has a negative impact on profitability and cash, the
overall effect over the life of the contract is to improve profitability and
cash generation. In the current year, this change has resulted in a turnover
reduction of #1.3 million for the year, whilst cash was impacted to the tune of
#1.13 million and bottom line profitability reduced by #962,000 for the full
year. The financial benefit associated with this reduced revenue will be a
reduction in future operating costs in excess of #1.9 million over the next
36-months. We will continue to follow this policy in order to minimise monthly
running costs and maximise profitability in the longer term.
Even though we have introduced own book leasing and other monthly rental payment
options to our customers during the year, the financing costs of assigning debts
to finance companies has increased by 18% over the comparative period. The
underlying reasons for such an increase are twofold. First, the increase in bank
base rates has inevitably had a knock-on effect to the yields that we have been
able to achieve from our third party finance partners resulting in an additional
#160,000 of finance costs being incurred during the year. Second, a significant
proportion of the business written during the year has been on 48 and 60 month
terms, which inevitably attracts a higher finance cost.
At the end of March, cash generated from recurring revenues, internal leasing
book and services stood at #140,000 per month. This represents approximately 40%
of our monthly fixed cost base before taking into account any cash collected
from sales to new and existing customers.
Throughout the year the Board has paid particular attention to cash and working
capital management, balancing the need for cash generation through the use of
third party deals to finance customer deals, and using our own internal
lease-book to mitigate third party finance charges and increasing longer-term
profitability. As a result, I am pleased to report that our cash balances at 31
March 2005 were #3.7 million (2004: #4.6 million), and at an operating level the
group generated a positive cash flow of #1.1 million before finance and interest
charges in the second half of the year (2004: outflow #0.9 million). This
strong cash performance, coupled with additional unused facilities of
approximately #1million, should continue to provide the group with significant
flexibility in terms of the purchasing options that are offered to its customers
as well as underpinning the future growth of the business.
Strategy and Vision
Over the past three years, Cybit has increased market share such that the
company has established a leadership position in the UK market for
internet-based fleet and asset tracking solutions. Consistent year on year
performance has been achieved through continued innovation within the product
and services portfolio underpinned by a reputation for delivering world-class
customer support and a substantial, tangible return on investment.
During the coming year, Cybit will continue to deliver against this strategy in
both UK and European markets. Your Board will look to use the successful
template for achievement established in the UK to facilitate growth in our
Swedish and German business units.
The future
With the current Government's increased focus on road usage and road pricing in
this new Parliament, market awareness of telematics is increasing. Additionally,
initiatives such as Duty of Care and the Working Time Directive need technology
based solutions to aid compliance. As a recognised market leader in the field of
internet-enabled fleet management, your Board looks to the future with
increasing confidence.
As previously stated, the impact of increased awareness of both telematics and
Cybit has resulted in significantly increased revenues during the second half of
the year. Moreover, with order book carry forward into the current year at
record levels, coupled with strong order performance during the first two
months of the year, the Board is confident of a strong first half performance in
FY2006.
It is also encouraging to note that we are already seeing green shoots emerging
from our expansion program in Europe. Once consistent performance is achieved in
current markets, your Board will assess other opportunities for international
expansion.
Although good acquisition targets are few and far between, your Board believes
that the increase in intellectual and financial resources available to the
company will allow us to proactively seek appropriate opportunities for future
growth in the coming year.
Once again, special thanks are due to our growing team, both in the UK and
overseas. Without their dedication and passion for excellence, it would not be
possible for us to grow at current rates whilst still delivering
industry-leading levels of service and support to our customers.
Richard Horsman
21 June 2005
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Year ended Year ended
31 March 2005 31 March 2004
# #
Turnover 6,727,392 8,097,562
Cost of sales (2,752,063) (2,968,423)
Gross profit 3,975,329 5,129,139
Administrative expenses
Other operating expenses (4,189,110) (3,716,083)
Depreciation and goodwill amortisation (412,881) (330,189)
Total administrative expenses (4,601,991) (4,046,272)
Operating (loss)/profit (626,662) 1,082,867
Net interest and financing costs (916,102) (792,303)
(Loss)/profit on ordinary activities before (1,542,764) 290,564
taxation
Tax on (loss)/profit on ordinary activities 234,835 245,994
Retained (loss)/profit set against/transferred (1,307,929) 536,558
to reserves
(Loss)/earnings per share- basic (6.60p) 3.10p
Earnings per share - diluted - 3.05p
Reconciliation of movements in shareholders' funds
The The
group group
year ended 31 year ended
March 2005 31 March 2004
# #
(Loss)/profit for the year (1,307,929) 536,558
Issue of shares in the year 45,167 5,626,999
Other recognised gains and losses in the year (19,140) (4,215)
Net (decrease)/increase in shareholders' funds (1,281,902) 6,159,342
Shareholders' funds at 1 April 2004 7,609,441 1,450,099
Shareholders' funds at 31 March 2005 6,327,539 7,609,441
Attributable to:
Equity shareholders 6,327,539 7,609,441
Statement of total recognised gains and losses
The The
group group
year ended 31 year ended
March 2005 31 March 2004
# #
(Loss)/profit for the year (1,307,929) 536,558
Exchange adjustments offset in reserves (19,140) (4,215)
Total recognised (losses)/gains for the year (1,327,069) 532,343
CONSOLIDATED BALANCE SHEET AT 31 MARCH 2005
The The The The
group group company company
2005 2004 2005 2004
# # # #
Fixed assets
Intangible assets 614,526 713,711 - -
Tangible assets 661,063 425,440 - -
Investment in subsidiaries - - 5,431,204 5,431,204
Total fixed assets 1,275,589 1,139,151 5,431,204 5,431,204
Current assets
Stocks, being goods for resale 120,821 91,939 - -
Debtors: amounts falling due after more 1,431,293 1,413,380 - -
than one year
Debtors: amounts falling due within one 2,405,906 2,310,233 - -
year
Called up share capital not paid 8,260 8,260 8,260 8,260
Amounts owed by group undertakings - - 8,704,877 8,659,710
Cash at bank and in hand 3,704,225 4,591,600 - -
7,670,505 8,415,412 8,713,137 8,667,970
Creditors: amounts falling due
within one year (2,266,422) (1,712,288) - -
-
Net current assets 5,404,083 6,703,124 8,713,137 8,667,970
Total assets less current liabilities 6,679,672 7,842,275 14,144,341 14,099,174
Creditors: amounts falling due
after more than one year (352,133) (232,834) - -
Net assets 6,327,539 7,609,441 14,144,341 14,099,174
Capital and reserves
Called up share capital 7,046,127 7,043,110 7,046,127 7,043,110
Share premium account 7,060,714 7,056,064 7,060,714 7,056,064
Merger reserve 37,500 - 37,500 -
Other reserve (4,090,553) (4,090,553) - -
Profit and loss account deficit (3,726,249) (2,399,180) - -
Shareholders' funds 6,327,539 7,609,441 14,144,341 14,099,174
CONSOLIDATED CASH FLOW STATEMENT
Year ended 31 Year ended 31
March March
2005 2004
# #
Net cash inflow/(outflow) from operating activities 315,861 (243,158)
Returns on investments and servicing of finance
Interest received 122,562 64,537
Finance costs of assigning debts to finance companies (994,833) (842,911)
Interest received on finance leases 3,535 -
Finance lease interest paid (11,580) -
Interest paid (26,420) (13,929)
Net cash outflow from returns on investments and servicing of (906,736) (792,303)
finance
Taxation (11,808) -
Capital expenditure
Purchase of tangible fixed assets (410,687) (168,213)
Purchase of intangible fixed assets (7,971) (53,115)
Net cash outflow from capital expenditure (418,658) (221,328)
Acquisitions
Purchase of business (89,408) -
Purchase of subsidiary undertaking - (9,766)
Net cash outflow from acquisitions (89,408) (9,766)
Financing
Issue of shares 5,167 5,674,999
Expenses paid in connection with share issues - (163,000)
Receipts from borrowing 92,888 24,975
Funds raised on sale and leaseback 216,078 -
Repayment of funds raised on sale and leaseback of fixed assets (69,330) (100,000)
Repayment of loans (23,052) (34,059)
Net cash inflow from financing 221,751 5,402,915
(Decrease)/increase in cash (888,998) 4,136,360
Net cash inflow/(outflow) from operating activities
Year ended 31 Year ended 31
March March
2005 2004
# #
Operating (loss)/profit (626,662) 1,082,867
Depreciation and amortisation 412,881 330,189
(Increase)/decrease in stock (27,884) 2,080
Decrease/(increase) in debtors 123,875 (1,509,260)
Increase in creditors 230,565 132,975
Increase/(decrease) in deferred revenue 203,086 (327,009)
Decrease in provisions for liabilities and charges - (70,000)
Issue of shares in lieu of bonus - 115,000
Net cash inflow/(outflow) from operating activities 315,861 (243,158)
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
2005 2004
# #
(Decrease)/increase in cash in the year (888,998) 4,136,360
Exchange adjustments (428) 2,572
(Inception)/repayment of new finance leases (146,748) 100,000
Repayment of loans 23,052 34,059
Receipts from borrowing (92,888) (24,975)
Movement in the year (1,106,010) 4,248,016
Net funds at 31 March 2004 4,528,748 280,732
Net funds at 31 March 2005 3,422,738 4,528,748
NOTES TO THE FINANCIAL STATEMENTS
1. The financial information set out in this preliminary announcement does
not constitute statutory accounts as defined in section 240 of the Companies Act
1985.
2. The financial information has been extracted from the group's 2005
financial statements. Those financial statements have not yet been delivered to
the Registrar. However the group's auditors have given an unqualified audit
opinion on those financial statements.
3. Basis of preparation
The preliminary results have been prepared under the historical cost convention
and in accordance with applicable accounting standards up to and including FRS
19. The principal accounting policies of the group are set out in the group's
2004 annual report and financial statements. The policies in this preliminary
announcement have remained unchanged from those 2004 financial statements,
except for the addition of a policy in respect of internal leasebook deals.
4. (Loss)/earnings per share
The calculation of the basic (loss)/earnings per share is based on the (losses)/
profits attributable to ordinary shareholders divided by the weighted average
number of shares in issue during the year.
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive potential ordinary
shares. The group has two classes of dilutive potential ordinary shares: those
share options granted to employees where the exercise price is less than the
average market price of the company's ordinary shares during the year and the
warrants issued to Trafficmaster as part of the acquisition of Fleetstar in
February 2002.
In accordance with FRS 14, the adjustment for diluted loss per share in the year
ended 31 March 2005 is ignored as it results in a reduced loss per share.
Reconciliations of the (losses)/earnings and weighted average number of shares
used in the calculations are set out below. The basic and diluted earnings per
share for the year ended 31 March 2004 have been restated to reflect the 50 for
1 share consolidation that took place on 20 December 2004.
Year ended 31 March 2005 Year ended 31 March 2004
Loss Weighted Per-share Earnings Weighted Per-share
average amount average amount
number of number of (Restated)
shares shares
(Restated)
# No. Pence # No. Pence
Basic (loss)/earnings per share
(Losses)/earnings attributable (1,307,929) 19,830,038 (6.60p) 536,558 17,291,087 3.10p
to ordinary shareholders
Effect of dilutive securities
Options - - - - 298,119 -
Diluted earnings per share
Adjusted earnings - - - 536,558 17,589,206 3.05p
5. Copies of the company's Annual Report and Accounts will be available from
the company's registered office.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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