RNS Number:8041U
Cardpoint PLC
29 November 2005
29 November 2005
Cardpoint plc
Preliminary results for the full-year ended 30 September 2005
Cardpoint announces strong earnings growth and completion of integration and
migration of almost 290 Cash Machines from the HBOS estate
Cardpoint is a provider of electronic payment transactions and is the market
leader in the independent Cash Machine sector, with operations in the UK,
Germany and the Netherlands
"Our company has transformed itself this year. Not only have we delivered 93%
growth in profit before tax, goodwill amortisation and charges for share based
payments, excluding Moneybox, to #3.6m but we have successfully completed the
integration and migration of almost 290 Cash Machines of the HBOS estate and
completed the strategically important acquisition of Moneybox plc. We have also
achieved significant expansion in Germany and the Netherlands and have
strengthened our Board of Directors with the appointment of Michael Hepher as
Non-Executive Chairman."
Mark Mills, CEO Cardpoint plc
Strong growth in EBITDA, representing strong cashflow
* Turnover for the year ended 30 September 2005 up 66% to #61.1m (2004:
#36.8m)
* EBITDA up 98% to #8.9m (2004: #4.5m), representing strong cashflow
* Profit before tax and goodwill amortisation, excluding Moneybox, up
93% to #3.6m (2004: #1.9m)
Completion of integration and migration of almost 290 Cash Machines from the
HBOS estate, exceeding target of 275
* Almost 290 Cash Machines converted
* Future opportunity to convert more machines to charging
* Some machines to be retained as free
* Purchase price of estate significantly below price anticipated at time
of acquisition and now envisaged to be #52m
Strategically important acquisition of Moneybox completed
* Benefit of significant increase in scale
* Annualized headcount cost savings of #2.4m already achieved
* Short term time lag in implementation of new sites and realisation of
future synergies with strategic rationale remaining compelling
* Significant expansion in exciting growth markets of Germany and the
Netherlands with over 570 and 170 machines operational respectively
Strengthening of Board and confident outlook
* Michael Hepher appointed as Non-executive Chairman
* Peter Smyth to remain as senior Non-Executive Director
* Significant medium term benefits to be achieved from increased scale in the UK
* Exciting prospects in Germany and the Netherlands
FINANCIAL HIGHLIGHTS
Audited Audited Change %
Full-year ended Full-year ended
30 September 30 September
2005 2004
#m #m
Turnover 61.1 36.8 +65.8%
Gross profit 13.1 7.8 +68.7%
EBITDA 8.9 4.5 +97.8%
Profit before taxation, 3.6 1.9 +93%
goodwill amortisation
and charge for share based
payments (excluding Moneybox)
Adjusted earnings per 4.74 4.40 +7.7%
share - basic before
goodwill charges
Net assets 77.5 36.4 +112.9%
ENDS
Enquiries
Mark Mills, Chief Executive Officer Ed Gascoigne-Pees
Cardpoint plc - 01253 361300 Financial Dynamics - 020 7269 7132
Robin Gregson, Finance Director Geoffrey Pelham-Lane
Cardpoint plc - 01253 361327 Financial Dynamics - 020 7269 7194
Dear Shareholder
I am delighted to announce the significant progress your company has made in the
year ended 30 September 2005 following the strategically important acquisition
of our closest competitor, Moneybox plc. The integration and migration of the
HBOS cash machines has been substantially completed with almost 290 converted to
the Cardpoint charging business model.
Highlights for the year include:
* Profit before tax, goodwill amortisation and charges for share based
payments (excluding Moneybox) increased by 93% to #3.6m;
* EBITDA increased by 98% to #8.9m representing strong cash flow;
* Acquisition of Moneybox plc for #90.5m after agreeing new bank
facilities of #80m;
* Integration and migration of HBOS estate substantially completed;
* Strengthening of the board of directors with the appointment of
Michael Hepher as non-executive Chairman;
* Significant expansion in Germany and the Netherlands with over 570 and
170 machines operational respectively; and
* Operation of cash machines for Bradford and Bingley Building Society
and Norwich and Peterborough Building Society;
Turnover for the year ended 30 September 2005 was #61.1m (2004: #36.8m),
representing a 66% increase over 2004. EBITDA increased by 98% to #8.9m (2004:
#4.5m) and profit before tax, goodwill amortisation and charges for share based
payments, excluding Moneybox, increased by 93% to #3.6m (2004: #1.9m).
The acquisition of the remote cash machine estate from HBOS plc, comprising 816
high transacting machines, was completed in June 2004. This complex acquisition
represented a step change for your company, making it the market leader of the
UK Independent ATM Deployer ("IAD") sector. We have now migrated almost 290 of
the cash machines to the charging model, having exceeded our target of 275
machines. Once the non-charging machines are operating profitably, there is a
further opportunity to convert a small number of these machines to the charging
model with the benefit of further improved profitability.
The purchase price for the HBOS estate will now be significantly below the price
anticipated at the time of the acquisition and we now envisage a total cost of
#52 million and in turn, this will generate savings in future interest costs
against the forecasts at the time.
Cardpoint has continued to follow its stated medium term strategy of
supplementing organic growth by value enhancing acquisitions. On 8 August 2005
we completed the acquisition of our closest competitor, Moneybox plc. This was a
strategically important acquisition as it allowed us to increase our scale and
reduce costs within the maturing UK market providing improved prospects for the
enlarged group. In the process of our integration of Moneybox and having applied
our conservative accounting and budgeting assumptions, we have had to process a
significant level of accounting and fair value adjustments which have reduced
the net assets of Moneybox by #5.9 million. Furthermore, having applied our
prudent forecasting and budgeting assumptions, it is now evident that the
budgets prepared by the previous management were optimistic and there are some
poor performing sites which will need to be removed and redeployed. We therefore
expect to reduce the total number of Moneybox cash machines by approximately
1,000 in the short term, some of which will be redeployed to more profitable
sites.
Although these matters are disappointing they are of a short term nature and the
strategic rationale for acquiring Moneybox remains compelling. The major issues
which affect profitability relate to delays in the implementation of new sites,
notably at BT kiosks and delays in initiatives which had already started to
realise significant cost savings. Whist these initiatives are significantly
advanced, the delay will have a detrimental effect on profitability in the short
term. However, these actions will contribute to increased profits in the future.
At the time of the Moneybox acquisition, we anticipated that we could reduce the
headcount owing to duplication of roles, by approximately 50 people. This was
necessary to achieve a proportion of the cost savings required from the
acquisition. We have however reduced the workforce, including Moneybox's board
of directors, by about 70 to approximately 230 within the enlarged group with an
annualised saving in the region of #2.4m.
The HBOS and Moneybox acquisitions of the last two years have significantly
increased the size of the company and we have therefore been looking to
strengthen the board of directors. I am particularly pleased to welcome Michael
Hepher who joined our board as non-executive Chairman on 28 September 2005. I
would like to express my thanks to Peter Smyth who has been Chairman for almost
5 years and I am pleased to report that he will remain on the board as senior
non-executive director.
Your company's long term strategy is to generate transactions from a range of
devices, processing them through one fixed cost overhead, generating positive
cash flow. The Moneybox acquisition has been positive as it increases our scale
in the UK and also enhances our future prospects, specifically in Germany and
the Netherlands. Both these markets present exciting growth areas with diverse
retailer offerings.
Across these three countries, Cardpoint's cash machines are situated in
convenient locations such as petrol stations, convenience stores, railway
stations and leisure outlets and dispense more than #300m each month. Your board
of directors believes this fact supports the view that our customers are happy
to pay a modest charge to enable them to withdraw cash from convenient
locations. The amount of signage required to forewarn our customers of the
charge that will be applied has been further increased during the year. This was
the key requirement of the Treasury Select Committee which sat to discuss
charging at cash machines in the broadest sense, and is totally consistent with
our customer service philosophy.
Cardpoint's organic business has again performed satisfactorily and in line with
expectations and continues to be underpinned by strong, long-term contracts.
Through Moneybox, we have acquired new retailers and increased the services we
provide to some existing retailers. We now operate cash machines for most of the
UK's petrol station operators, large convenience retailers and leisure industry
operators.
During the year, we intend to refresh our branding across the estate to drive
transactions per cash machine higher and to strongly publicise various service
enhancements.
Your company now operates cash machines on behalf of the Bradford and Bingley
Building Society and Norwich and Peterborough Building Society. The arrangements
are long term and profitable to all concerned and Cardpoint is offering these
models to further institutions which may be able to benefit from our scale and
low cost platform.
Cardpoint GmbH, our German business unit, has also made encouraging progress
with 100 cash machines now live through our arrangement with Hanseatic Bank.
Germany is an immature cash machine market and subject to an appropriate level
of withdrawals, once the machines mature, presents your company with the
opportunity to develop a successful and profitable business to complement our
operations in the UK. In addition to the organically grown Cardpoint estate,
Moneybox operates circa. 470 cash machines in collaboration with GE Money Bank
GmbH.
The UK electronic mobile telephone pre-pay airtime business has performed
steadily and whilst your company still sells circa. #7m of airtime per month on
average from electronic terminals located in convenience stores and off
licences, we have not yet been able to scale this business satisfactorily. G2iS
is progressing satisfactorily and to allow it to operate efficiently, your board
has separated it from the cash machine business. G2iS provides cashless and
access control systems to large companies and local education authorities.
Your company is generating quality earnings and whilst the Moneybox contribution
will be somewhat delayed, the combined group is stronger and better placed than
ever to take advantage of new and emerging markets and consolidation in the
industry whilst operating from cost base. Cardpoint's board is determined to
build a strong and enduring business with above average shareholder returns and
the entire management team is committed to increasing value through long term
implementation of a challenging business plan.
Our thanks as always go to our dedicated staff, customers, suppliers, advisors,
shareholders and our bankers, Bank of Scotland, for their continuing
enthusiastic support.
MARK MILLS
CHIEF EXECUTIVE OFFICER
29 November 2005
FINANCIAL REVIEW
Group results
Turnover for the year of #61.1 million represents a 66% increase compared to the
2004 figure of #36.8 million and demonstrates the continuing growth of the
group. The acquisition of Moneybox plc was completed towards the end of the
financial year on 8 August 2005 and Moneybox contributed #7.8 million towards
group turnover. The balance of the increase in turnover of #16.5 million relates
mainly to incremental turnover from the HBOS acquisition made during 2004.
Operating profit before depreciation, goodwill amortisation and adjustments for
share based payments (EBITDA) was #8.9 million compared to #4.5 million in 2004,
of which Moneybox contributed #1.1 million. Profit before tax, goodwill
amortisation and the adjustment for share based payments and excluding Moneybox
was #3.6 million compared to #1.9 million in 2004 and this demonstrates the
significant progress made by the group during the year. These measures of
performance are considered before goodwill amortisation, which is written off
over only five years. Whilst this policy is prudent, the varying amounts of
amortisation have the effect of distorting a comparison of pre-tax profit in
assessing the financial performance of the company. From the date of acquisition
Moneybox contributed an operating profit of #0.2 million which reduced to a loss
of #0.1 million after interest.
After goodwill amortisation of #14.6 million (2004 : #4.8 million) the result
for the year was a loss before tax of #11.5 million compared to a loss of #3.1
million in 2004, the increase being a result of the higher goodwill charge. #9.3
million of the goodwill charge relates to HBOS and #2.9 million relates to
Moneybox for the period following the acquisition.
Interest charges and taxation
Interest charges increased from #0.3 million to #1.4 million with the majority
of the increase being due to interest on the additional borrowings which
financed an element of the acquisition of the HBOS estate. The Moneybox
acquisition was also partially funded by additional borrowings and #0.3 million
of additional interest relates to this as well as interest on the existing
borrowings of Moneybox. Interest cover, at the EBITDA level excluding goodwill
amortisation, continues to be at a satisfactory level at 6.5. Group borrowings
are at variable interest rates and there are currently no interest rate hedging
arrangements in place. No tax charge arises for the year and there are in excess
of #30 million of tax losses carried forward which has the benefit that no
significant amounts of UK corporation tax are likely to be paid in the
foreseeable future.
Earnings per share and dividends
Underlying earnings per share before goodwill amortisation have increased from
4.4p last year to 4.74p, an increase of 8%. We believe this measure of earnings
per share is a fairer reflection of the group's performance compared to a
consideration of basic earnings per share, which is affected by goodwill
amortisation and shows a loss per share of 17.18p compared to a loss of 7.56p
last year. This increase in the loss per share is entirely due to higher levels
of goodwill amortisation this year. As in previous years the company does not
propose to pay a dividend although the directors will keep this situation under
review as the underlying profitability of the group continues to improve.
Cash flow and capital expenditure
The group's cash flow continued to be positive with net operating cash flow of
#6.1 million, a significant increase compared to #3.0 million the previous year.
Capital expenditure was #4.5 million compared to #3.3 million the previous year.
The majority of capital expenditure was on ATM installations in the UK and this
includes equipment upgrades required for 'chip and PIN' and improved security
requirements required by the LINK network. Further investment in our network of
ATM installations in Cardpoint Germany absorbed #0.3 million of capital
expenditure.
Cash outflow in respect of acquisitions during the year of #86 million relates
to the acquisition of Moneybox. The total cost of the acquisition was #90.5
million of which #4.5 million was accrued at the year end for payment during the
early part of the next financial year. The acquisition was financed by the issue
of #52.6 million of new share capital, net of expenses and by a medium term
loan and new bank facilities from Bank of Scotland, of which #66 million had
been drawn down by the end of the year. The accounts include #7.1 million of
additional payments in relation to the 2004 acquisition of the HBOS estate and a
final payment of #0.5m in relation to earlier acquisitions. Whilst no payment of
contingent consideration was payable to HBOS under the terms of the purchase
agreement, additional payments which had been accrued at the time of the
acquisition were required to migrate the machines to the Cardpoint operating
platform. The HBOS acquisition has now cost #46.5 million with additional
payments of #5.5 million to give a total cost of #52 million. This is a
significant reduction compared to the maximum consideration of over #75 million
envisaged at the time of the acquisition.
Net cash inflow was #5.9 million compared to an outflow of #1.3 million in 2004
and excluding acquisitions there was an increase in cash for the year of #0.8
million.
Shareholders' funds and financing
Shareholders' funds have increased by #40.7 million to #77.1 million which
reflects the strengthening of the balance sheet following the share issue in
August 2005. Group bank borrowings have increased by #53.2 million to #66.7
million which is due to the new bank facilities arranged to finance the Moneybox
acquisition. The acquisition of Moneybox has increased the values of all balance
sheet categories and details are shown in the notes to the accounts.
Net debt is #58 million after including cash of #8.7 million of which #1.2
million, whilst being generated by the group, is held in a trust account pending
payment to the mobile phone networks.
The group's banking facilities with Bank of Scotland were finalised in July 2005
to finance the Moneybox acquisition and provide working capital facilities to
the enlarged group. The facilities consist of a medium term loan of up to #75
million which is repayable over six years, a #4 million revolving credit
facility and an overdraft facility of #1 million. At 30 September 2005 total
facilities were #80 million of which #66.1 million was being utilised. These
facilities together with the group's strong operational cash flow indicate that
the group has sufficient facilities available to fund its operations and allow
for future expansion.
At 30 September 2005 gearing was 75% compared to 28% at the end of the previous
year, the increase being due to the additional borrowings which financed the
Moneybox acquisition. However even after financing a major acquisition, the
group's underlying profitability and strong cash flow should reduce the level of
borrowing in the future and help ensure that the level of borrowing remains
under control and is at a reasonable level in relation to net assets.
International Financial Reporting Standards
International Financial Reporting Standards ('IFRS') is now mandatory for UK
listed companies and the London Stock Exchange intends to mandate IFRS for AIM
companies for periods beginning on or after 1 January 2007. The first accounting
period where IFRS would apply to Cardpoint would therefore be the year ended 30
September 2008 and the directors are considering whether IFRS should be adopted
at this time or for an earlier accounting period.
The group is currently assessing the changes that will be required under IFRS in
order to plan the transition from UK Accounting Standards. This includes a
detailed comparison of the group's existing accounting policies with IFRS and an
evaluation of the impact on the financial statements in terms of presentation
and reported performance.
ROBIN GREGSON
FINANCE DIRECTOR
29 November 2005
Consolidated profit and loss account
for the year ended 30 September 2005
Note 2005 2004
#000 #000
Turnover
Continuing operations 53,250 36,812
Acquisitions 7,802 -
----------------- -----------------
61,052 36,812
Cost of sales (47,916) (29,025)
----------------- -----------------
Gross profit 13,136 7,787
Administrative expenses (23,225) (10,528)
----------------- -----------------
Operating loss
Continuing operations (7,445) (2,741)
Acquisitions (2,644) -
----------------- -----------------
(10,089) (2,741)
Net interest (1,370) (315)
----------------- -----------------
Loss on ordinary activities before (11,459) (3,056)
taxation
Tax on loss on ordinary activities - -
----------------- -----------------
Loss on ordinary activities after (11,459) (3,056)
taxation
Equity minority interests 33 -
----------------- -----------------
Loss for the financial year 4 (11,426) (3,056)
================= =================
(Loss)/earnings per ordinary share
Basic and fully diluted 2 (17.18)p (7.56)p
================= =================
Adjusted (before goodwill 2 4.74p 4.40p
amortisation)
================= =================
Diluted adjusted (before goodwill 2 4.52p 4.09p
amortisation)
================= =================
Statement of total recognised gains and losses
for the year ended 30 September 2005
2005 2004
#000 #000
Loss for the financial year (11,426) (3,056)
Currency differences on foreign currency net 217 -
investments
----------------- -----------------
Total recognised gains and losses for the (11,209) (3,056)
year
================= =================
Consolidated balance sheet
at 30 September 2005
Note 2005 2004
#000 #000
Fixed assets
Intangible assets 124,411 49,881
Tangible assets 32,011 16,817
----------------- -----------------
156,422 66,698
----------------- -----------------
Current assets
Stocks 4,060 4
Debtors 11,369 3,452
Cash at bank and in hand 8,721 3,264
----------------- -----------------
24,150 6,720
Creditors: amounts falling due within (41,516) (26,026)
one year
----------------- -----------------
Net current liabilities (17,366) (19,306)
----------------- -----------------
Total assets less current liabilities 139,056 47,392
Creditors: amounts falling due after (61,563) (11,000)
more than one year
----------------- -----------------
Net assets 77,493 36,392
================= =================
Capital and reserves
Called up share capital 5,256 3,039
Share premium account 88,154 38,825
Merger reserve 354 354
Profit and loss account (16,630) (5,826)
----------------- -----------------
Equity shareholders' funds 4 77,134 36,392
Equity minority interests 359 -
----------------- -----------------
77,493 36,392
================= =================
Consolidated cash flow statement
for the year ended 30 September 2005
Note 2005 2004
#000 #000
Net cash inflow from operating activities 5 6,089 3,006
_____ _____
Return on investments and servicing of finance
Interest received 181 111
Finance lease interest paid (2) (17)
Other interest payable (1,533) (409)
_____ _____
Net cash outflow from returns on investments and
servicing of finance (1,354) (315)
_____ _____
Taxation paid - (31)
Capital expenditure and financial investment
Purchase of tangible fixed assets (4,458) (3,267)
Proceeds from disposal of tangible fixed assets 595 148
_____ _____
Net cash outflow from capital expenditure and
financial investment (3,863) (3,119)
_____ _____
Acquisitions and disposals
Purchase of acquired businesses (85,958) (41,696)
_____ _____
Payment of deferred and contingent consideration (7,595) (829)
Net cash acquired with subsidiaries 5,489
_____ _____
Net cash outflow from acquisitions and disposals (88,064) (42,525)
_____ ______
Net cash outflow before financing (87,192) (42,984)
_____ _____
Financing
Issue of share capital (net of issue costs) 52,584 32,407
Receipts from borrowings 66,065 13,000
Repayment of borrowings (25,555) (3,500)
Capital element of finance lease rentals (31) (184)
_____ _____
Net cash inflow from financing 93,063 41,723
_____ _____
Increase/(decrease) in cash in the year 6 5,871 (1,261)
_____ _____
1. Basis of preparation and financial information
The financial information in this preliminary announcement has been prepared in
accordance with the accounting policies set out in the financial statements of
Cardpoint plc for the year ended 30 September 2004 which have remained unchanged
for the financial year ended 30 September 2005. The financial information in
this document does not constitute the company's statutory accounts for the year
ended 30 September 2005 or 2004, but is derived from those accounts. Statutory
accounts for 2004 have been delivered to the Registrar of Companies and those
for 2005 will be delivered following the company's Annual General Meeting. The
auditors have reported on these accounts and their reports were unqualified and
did not contain statements under sections 237(2) or (3) of the Companies Act
1985.
2. (Loss)/earnings per ordinary share
Basic loss per ordinary share and adjusted earnings per ordinary share (before
amortisation of goodwill) are calculated below. Adjusted earnings per share are
shown by reference to earnings before goodwill amortisation, since the directors
consider that this gives a more meaningful measure of the underlying performance
of the group.
2005 2004
Weighted (Loss)/ Weighted (Loss)/
average earnings average earnings
ordinary per ordinary per
(Loss)/ shares in ordinary (Loss)/ shares in ordinary
profit issue share profit issue share
#000 '000 Pence #000 '000 Pence
Basic loss per share (11,426) 66,520 (17.18) (3,056) 40,437 (7.56)
Amortisation of goodwill 14,578 - - 4,834 - -
______ ______ _____ ______ ______ ____
Adjusted earnings per share 3,152 66,520 4.74 1,778 40,437 4.40
______ ______ _____ ______ ______ ____
The share options are anti-dilutive in respect of the basic earnings per share
calculation. A diluted adjusted earnings per share has been calculated below.. .
2005 2004
Weighted Weighted
average Earnings average Earnings
ordinary per ordinary per
shares in ordinary shares in ordinary
Profit issue share Profit issue share
#000 '000 Pence #000 '000 Pence
Adjusted earnings per share 3,152 66,520 4.74 1,778 40,437 4.40
Dilutive effect of share options - 3,193 - - 3,006 -
_____ ______ _____ _____ ______ _____
Diluted adjusted earnings per share 3,152 69,713 4.52 1,778 43,443 4.09
_____ ______ _____ _____ ______ _____
3. Acquisitions
On 8 August 2005 the group acquired the entire issued share capital of Moneybox
plc for a total cash consideration of #90,514,000 including #2,094,000 of costs.
The acquisition has been accounted for using the acquisition method of
accounting and goodwill arising has been capitalised and will be amortised over
a period of 5 years. The book values of identifiable assets and liabilities and
their provisional fair value to the group are shown in the table below:
Provisional
Book value Adjustment fair value
#000 #000 #000
Intangible assets 80 (80) -
Tangible fixed assets 22,277 (1,962) 20,315
Stocks 4,258 (551) 3,707
Debtors 9,111 (3,207) 5,904
Cash at bank and in hand 5,489 - 5,489
Loans and overdrafts (13,065) (95) (13,160)
Creditors (17,420) (50) (17,470)
_______ _______ _______
10,730 (5,945) 4,785
Minority interests (392) - (392)
_______ _______ _______
10,338 (5,945) 4,393
_______ _______ _______
Purchased goodwill
capitalised 86,121
_______
90,514
_______
Satisfied by:
Cash consideration 88,420
Acquisition costs 2,094
_______
90,514
_______
4. Reconciliation of movements in equity shareholders' funds
PRIVATE 2005 2004
#000 #000
Retained loss for the financial year (11,426) (3,056)
Credit for equity settled share based payments 405 99
Foreign currency gains 217 -
New share capital subscribed (net of expenses) 51,546 32,407
40,742 29,450
Opening equity shareholders' funds 36,392 6,942
_________________ _______________
Closing equity shareholders' funds 77,134 36,392
________________ _______________
5. Reconciliation of operating loss to net cash inflow from operating activities
2005 2004
#000 #000
Operating loss (10,089) (2,741)
Depreciation 4,052 2,331
Loss/(profit) on disposal of fixed assets 21 (2)
Amortisation of goodwill 14,578 4,834
Equity settled share based payments 405 99
Foreign currency gains 217 -
Increase in stocks (342) -
(Increase)/decrease in debtors (1,965) 722
Decrease in creditors (788) (2,237)
__________________ _________________
Net cash inflow from operating activities 6,089 3,006
__________________ _________________
6. Reconciliation of net cash flow to movement in net (debt)/funds
2005 2004
#000 #000
Increase/(decrease) in cash in the year 5,871 (1,261)
Cash outflow from finance leases 31 184
Receipts from borrowings (66,065) (13,000)
Repayment of borrowings 25,555 3,500
________________ ________________
Movement in net debt arising from cash flows (34,608) (10,577)
Loans acquired with subsidiary undertaking (13,160) -
Other non-cash movements (16) -
________________ ________________
Movement in net (debt)/funds (47,784) (10,577)
Opening net (debt)/funds (10,237) 340
________________ ________________
Closing net debt (58,021) (10,237)
________________ ________________
7. Reconciliation between non statutory and statutory financial information
2005 2004
#000 #000
EBITDA 8,946 4,523
Depreciation (4,052) (2,331)
Goodwill amortisation (14,578) (4,834)
Charge for share based payments (405) (99)
Net interest (1,370) (315)
_________________ ________________
Loss on ordinary activities before taxation (11,459) (3,056)
_________________ ________________
Profit before tax, goodwill and share based 3,524 1,877
payments
_________________ _______________
8. Copies of the preliminary announcement are available from the company's
registered office at Transaction House, Amy Johnson Way, Blackpool, Lancashire,
United Kingdom FY4 3RS. The Annual Report and Accounts for the year ended 30
September 2005 will be posted to shareholders on or about 15 December 2005.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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