Elec.Data Process. - Interim Results
2000年6月27日 - 4:01PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:8658M
Electronic Data Processing PLC
27 June 2000
Electronic Data Processing PLC
Interim results - 6 months to 31st March 2000
Acquisition of Disys Associates Limited
Electronic Data Processing PLC (EDP), the Wholesale Distribution Software
Solution Specialist and Internet Service Provider, announces results for the 6
months ended 31st March 2000 together with the acquisition of Disys Associates
Limited.
Financial Highlights
- Pre-tax profit at #1.004 million, after #0.912 million expenditure on
product R&D and exceptional items (1999: #1.2m).
- Recurring revenues represent 58% of total revenues.
- Cash balances of #11.6 million (1999:#10.9 million).
- Interim dividend of 0.667p per share on 2 August 2000.
- Turnover of #4.5 million reflects lower business activity levels post
completion of Year 2000 programs and cuts in IT budgets.
Business Highlights
- Acquisition of Disys Associates Limited, a competitor business, for
#226,000. Disys brings 100 new customers into the Group.
- 12 customers in process of implementing Quantum VS e-business solution.
- Litigation brought against subsidiary company dismissed in High Court.
Now dealing with recovery of costs.
- The Group is interested in using its cash to make further strategic
acquisitions of complimentary businesses.
Michael Heller, Chairman of EDP, said:
"Although trading conditions are very tough, I expect the results for the full
year to be acceptable."
"I am confident your Group is in a better position than most of its
competitors to take advantage of those new business opportunities available
and our financial and technical strengths provide long term security
for our customers."
For further information please contact:
Richard Jowitt Julian Wassell
Chief Executive Financial Director
0114 262 1621 0114 262 1621
www.edp.fastfreenet.com
CHAIRMAN'S STATEMENT
Group pre-tax profit for the six months to 31st March 2000, including
exceptional items, was #1.004 million compared with #1.225 million. Turnover
at #4.52 million compares with #5.47 million for the corresponding period
in 1999. The anticipated reduction in profitability reflects much
lower business activity levels post completion of Year 2000 programs generally
which have, against expectation, continued into the second calendar quarter.
Following the millennium, IT budgets have been drastically cut back and there
are few signs of any significant upturn in the near term.
Your Group has continued substantial investment in its R & D programs,
amounting to some #912,000 in the first half, all of which has been written
off to Profit and Loss. Particular emphasis has been placed on our Quantum VS
e-business solution which integrates the Group's brand leading MERCHANT and
CHARISMA application software products with the Internet. Take up of the
Quantum VS e-business product has been encouraging with some twelve contracts
signed or in the course of finalisation with customers who are currently
implementing this solution through our ISP facility, fastfreenet.com.
I am pleased to announce our acquisition yesterday of Disys Associates
Limited, a competitor business predominately supplying software solutions to
the Independent Builders Merchanting market place. Disys Associates Limited
brings a further 100 customers to the Group who will benefit from our
extensive portfolio of software products and services. Consideration amounted
to #226,000 in cash. In the financial year to 31st March 2000 Disys
Associates Limited reported turnover of #968,000 with a pre-tax loss of
#117,000. Net liabilities at that date amounted to #24,000.
The Group's balance sheet remains very strong with cash balances as at 31st
March 2000 in excess of #11.6 million. We continue to be interested in
utilising these cash balances for the further acquisition of compatible
software solution providing businesses where price expectations have now
moderated as the benefit of revenues from the "millennium bug" have come to an
end and business activity levels have substantially reduced.
I am pleased to report that the litigation brought against our subsidiary, BML
(Office Computers) Limited, by a former customer was dismissed when judgement
was handed down on Wednesday, 1st March 2000 in the High Court. This costly
and time wasting litigation was an unwelcome distraction in the first half and
we are now dealing with the recovery of costs which, we are advised, are
unlikely to be finalised before the financial year end.
Your Directors have resolved to pay an interim dividend of 0.667p net per
share (the same as last year) to be paid on 2nd August 2000 to those
shareholders on the register at 7th July 2000. The shares will be "ex
dividend" on 3rd July 2000.
Finally, although trading conditions are very tough, I expect the results for
the full year to be acceptable. I am confident your Group is in a better
position than most of its competitors to take advantage of those new business
opportunities available and our financial and technical strengths provide
long term security for our customers.
Michael Heller 27th June 2000
Chairman
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the 6 months ended 31 March 2000
Unaudited Unaudited Audited
6 months 6 months Accounts
to to year to
31.3.00 31.3.99 30.9.99
#'000 #'000 #'000
Turnover 4,529 5,469 10,492
_____ _____ ______
Operating profit before 371 941 1,858
exceptional items
Exceptional items (note 4) 357 - (546)
_____ _____ ______
Operating profit 728 941 1,312
Profit on sale of property - - 548
_____ _____ ______
Profit on ordinary activities 728 941 1,860
before interest
Net interest receivable 276 284 517
_____ _____ ______
Profit on ordinary activities 1,004 1,225 2,377
before taxation
Tax on profit on ordinary (335) (378) (586)
activities _____ _____ ______
Profit on ordinary activities 669 847 1,791
after taxation
Dividends (174) (174) (706)
_____ _____ ______
Retained profit 495 673 1,085
_____ _____ ______
Earnings per share 2.56p 3.24p 6.85p
_____ _____ _____
Dividends per share 0.667p 0.667p 2.700p
_____ _____ _____
Net assets per share 68.06p 64.57p 66.1p
_____ _____ _____
CONSOLIDATED BALANCE SHEET
at 31 March 2000
Unaudited Unaudited Audited
at at at
31.3.00 31.3.99 30.9.99
#'000 #'000 #'000
Fixed assets
Intangible assets 527 422 393
Tangible assets 8,350 8,734 8,409
_____ _____ _____
8,877 9,156 8,802
Current assets
Stocks 858 993 901
Debtors 2,490 3,235 2,631
Investments - - 1,661
Cash at bank and in hand 11,613 10,863 9,857
______ ______ ______
14,961 15,091 15,050
Creditors: amounts falling due
within one year (3,190) (3,848) (3,130)
______ ______ ______
Net current assets 11,771 11,243 11,920
______ ______ ______
Total assets less current 20,648 20,399 20,722
liabilities
Creditors: amounts falling due
after more than one year (4) (676) (528)
Provisions for liabilities and
charges (272) (197) (270)
Deferred income (2,573) (2,640) (2,628)
______ ______ ______
17,799 16,886 17,296
______ ______ ______
Capital and reserves
Called up share capital 1,308 1,308 1,308
Share premium account 77 77 77
Revaluation reserve 1,073 1,073 1,073
Profit and loss account 15,341 14,428 14,838
______ ______ ______
17,799 16,886 17,296
______ ______ ______
CONSOLIDATED CASH FLOW STATEMENT
for the 6 months ended 31 March 2000
Unaudited Unaudited Audited
6 months 6 months Accounts
to to year to
31.3.00 31.3.99 30.9.99
#'000 #'000 #'000
Net cash inflow from operating 620 918 2,183
activities (note 7)
Returns on investments and 224 305 549
servicing of finance
Taxation (219) (44) (746)
Capital expenditure and 1,876 (331) (1,353)
financial investment
Equity dividends paid - - (575)
Management of liquid resources (1,665) (1,150) 335
______ ______ ______
Net cash flow before financing 836 (302) 393
Financing (755) (208) (420)
______ ______ ______
Increase/(decrease) in cash 81 (510) (27)
______ ______ ______
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
Unaudited Unaudited Audited
6 months 6 months Accounts
to to year to
31.3.00 31.3.99 30.9.99
#'000 #'000 #'000
Increase/(decrease) in cash 81 (510) (27)
Repayment of long term loans 586 39 78
Repayment of capital element of
finance leases and hire purchase
contracts 169 169 342
Cash outflow/(inflow)from short
term deposits 1,665 1,150 (335)
_____ _____ _____
Change in net funds from cash
flows 2,501 848 58
Exchange differences 3 7 3
Other non-cash changes - (13) (13)
_____ _____ _____
Movement in net funds 2,504 842 48
Net funds at 1 October 8,979 8,931 8,931
______ _____ _____
Net funds at 31 March/30
September 11,483 9,773 8,979
______ _____ _____
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the 6 months ended 31 March 2000
Unaudited Unaudited Audited
6 months 6 months Accounts
to to year to
31.3.00 31.3.99 30.9.99
#'000 #'000 #'000
Profit for the period 669 847 1,791
Currency translation differences
on foreign currency net investments 8 40 38
___ ____ _____
Total recognised gains and losses 677 887 1,829
___ ____ _____
Notes
(1) The interim results to 31 March 2000, which are unaudited, have been
prepared in accordance with the accounting policies to be adopted in the
Group's next annual accounts, which are the same as those policies used
in the preparation of the accounts for the year ended 30 September 1999.
(2) The comparative figures for the financial year ended 30 September 1999
are not the Company's statutory accounts for that financial year but are
derived therefrom. Those accounts have been reported on by the Company's
auditors and delivered to the Registrar of Companies. The report of the
auditors was unqualified and did not contain a statement under Section
237(2) or (3) of the Companies Act 1985.
(3) The taxation charge is calculated by applying the Directors' best
estimate of the annual tax rate to the profit for the period. The tax
charge for the period has been increased by approximately #30,000 due to
certain costs associated with the potential acquisition of Pegasus Group
plc not being allowable for Corporation tax purposes.
(4) Exceptional items Unaudited Unaudited Audited
6 months 6 months Accounts
to to year to
31.3.00 31.3.99 30.9.99
#'000 #'000 #'000
Profit on sale of a current asset
investment in shares in a listed
company 557 - -
Costs relating to a potential
acquisition (200) - -
Legal costs - - (546)
____ _____ ____
357 0 (546)
____ _____ ____
(5) Earnings per share are calculated by dividing the profit after tax of
#669,000 (1999: #847,000) by 26,152,362 being the average number of
shares in issue during the period.
(6) The Directors have assessed the likely impact and extent of the Year 2000
problem on the business. The principal software applications used by the
Group were considered to be millennium compliant. All systems in the
Group were reviewed to ensure that any that were not compliant were
replaced or updated. The overall cost of this review was not significant
due to the fact that computer equipment and software had been regularly
updated.
Since 1 January 2000 no failures to business critical systems have been
identified. No third parties with whom the Group has dealings have
indicated that they have been adversely affected by the Year 2000
problem which may impact on the Group's ability to operate. The Directors
will continue to review the situation until the potential for Year 2000
problems to arise is mitigated. Further costs are not expected to be
significant.
(7) Reconciliation of operating
profit to net cash inflow
from operating activities
Unaudited Unaudited Audited
6 months 6 months Accounts
to to year to
31.3.00 31.3.99 30.9.99
#'000 #'000 #'000
Operating profit 728 941 1,312
Depreciation and amortisation 281 257 529
Changes in working capital
and other non-cash items (389) (280) 342
_____ ____ _____
Cash inflow from operating activities 620 918 2,183
_____ ____ _____
END
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