RNS Number:4564N
ITIS Holdings PLC
21 November 2001
21st November 2001
ITIS Holdings plc
Interim results for the six months ended 30th September 2001
Highlights
* Negotiations with major vehicle manufacturer now at advanced stage.
* RDS-TMC service on schedule to be launched February 2002 with Toyota.
* FVD probe acquisition ahead of target and below cost.
* Considerable manufacturer interest in telematics services and RDS-TMC.
* Increased sales of NavTrak.
Financial highlights
* Turnover up 102 % to #628,000 (2000: #311,000).
* Operating loss for the financial period of #5,034,000 (2000: loss #
3,481,000) includes the Company's investment in its RDS-TMC services and
the development of telematics services for OEMs.
* Strong cash position of #19.7 million reinforced through cost reduction
Results
For the six month period ended 30th September 2001 turnover increased by 102%
to #628,000. The operating loss for the financial period of #5,034,000
reflects the fact that NavTrak hardware continued to be subsidised until July
9th, the investment made in RDS-TMC, Floating Vehicle Data (FVD) and the
development of telematics services for OEMs.
At September 30th 2001, the cash balance of ITIS remained strong at #
19.7million. We have initiated a programme of cost reduction and focussed our
investment in key areas of the developing business. This will safeguard our
cash position and the Directors are confident that ITIS has sufficient cash to
implement its strategy. As we enter our new financial year, based on the
current plan, our monthly cash outflow will be substantially reduced.
Commenting on the results, Stuart Marks said:
'ITIS has made considerable progress in positioning itself as the UK's leading
consumer telematics service provider. Our unique position in the traffic
market through FVD and RDS-TMC technologies has enabled us to work closely
with the automotive industry as a partner of choice. The last six months have
been an extremely important period for the development of the Company. A
substantial investment and an enormous amount of effort has been made to
ensure that the Company is able to implement its strategy. We remain confident
that we will benefit from the accelerated commitment by vehicle manufacturers
to telematics.'
'We announced at our AGM on the 13th September 2001 that ITIS was in
negotiation with a major vehicle manufacturer; these negotiations are at an
advanced stage and the Board remains confident that negotiations will reach a
satisfactory conclusion.'
Business review
The market
Within the next 3 to 5 years all of the major vehicle manufacturers will have
introduced Telematics functionality to their vehicle lines either as an option
or progressively as standard equipment. Many have already established a
telematics offering in Europe.
RDS-TMC, the European standard for providing traffic data over conventional FM
radio, is a key technology as it is the only industry accepted telematics
standard today and virtually all Satellite Navigation systems are TMC
compliant. This enables a manufacturer to enter into the Telematics market
quickly and cost effectively. There has been exponential growth of Satellite
Navigation as an option in the UK. To September 2001 this year 342,000
vehicles sold in the UK contained a telematics option, a 63 fold increase in
the number for the full year of 1999. Growth is set to continue as the
availability of integrated traffic information increases the functionality of
the Satellite Navigation unit from turn by turn directions during the final
stages of some journeys, to a traffic alert and re-routing system for all
journeys.
Telematics is already proving to be a success in some major markets. In the
United States, General Motors OnStar recently announced that it would reach 2
million subscribers by their year-end (a growth of over 250% this year) making
it the largest telematics business in the world.
Virtually all the major automotive groups have telematics solutions in Europe
and the US which are now fast migrating into the UK market. Next year drivers
will be able to specify telematics on many volume production car models.
Telematics services
In June the Company indicated that it would focus on developing services
primarily for the automotive and telecoms industries. This remains our core
strategy and our leadership in technologies such as RDS-TMC enables us to make
significant progress in attracting OEM customers. Due to the competitive
nature of the automotive industry, it has been difficult for the Company to
publicise with whom it is working.
In February 2002 our RDS-TMC service with Toyota goes live and we are
currently in negotiations with several other manufacturers for the provision
of RDS-TMC and other telematics services.
Our agreement with VDO Kienzle (part of Siemens), Europe's largest provider of
satellite navigation systems is progressing very well. We are seeing the
benefits of the penetration of their equipment amongst vehicle manufacturers
and in the aftermarket. Their systems are available in Land Rover, BMW,
Peugeot, Renault and Bentley Motors and we expect the first compatible
navigation disks to be available at the end of Q1 2002.
Floating Vehicle Data
We continue to increase the number of FVD probes supporting the ITIS national
FVD network and in September announced a deal with Eddie Stobart comprising
some 750 trucks. This complements the agreement with National Express and
between these two companies, ITIS now has access to data on nearly 200,000,000
miles travelled on the strategic road network in the UK each year.
The quality of real time and historic data is better than anticipated and is
being acquired at significantly below original cost estimates. ITIS FVD is
unique and we see considerable opportunities both from commercial and
government sectors for our information. The software and systems have been
developed in such a way that they are scaleable and can be licenced to other
operators outside the UK. We intend to use the global reach of our partners
and customers to fulfill this.
NavTrak
During the six months ended 30th September 2001 we connected 2,722 units, an
increase over the previous period despite having withdrawn the hardware
subsidy. During October 2001 NavTrak connected 401 units. Nearly half of all
sales were for the proactive unit, which has been well received especially by
the insurance industry. This in turn has led to the product being recognised
by almost all insurers and in some circumstances is the preferred solution.
This reflects the rising number of vehicle thefts using the owner's keys.
NavTrak has recently received the Gold award from In Cars Magazine for its
proactive security system.
We now sell the units for up to #499 and #14.99 per month. At the end of
October 2001, we had a total of 6,284 subscribers.
New Partners
We recently reached agreement with Webraska, the world's leading provider of
wireless navigation and mapping technologies to make ITIS traffic content
available on Webraska's platform in the UK. The two companies have agreed to
collaborate on offering this to the automotive and telecoms industries.
Last month, ITIS reached agreement with Sky News, part of British Sky
Broadcasting ("BskyB"), to supply traffic information to be broadcast on air
four times a day, seven days a week. As part of the agreement ITIS and BSkyB
are reviewing additional opportunities for the delivery of traffic and travel
content through SkyActive and premium rate telephone services.
Current trading and prospects
Our cash position remains strong and the Group has the management team and
technologies to successfully execute its plans. Consumer telematics will
undoubtedly become a huge market and we have already seen encouraging signs of
manufacturer adoption of suitable hardware in vehicles. We believe that ITIS
is well placed to capitalise on the significant opportunities that will arise.
Date: Wednesday 21st November 2001
Contact: Stuart Marks, Chief Executive
ITIS Holdings plc
Telephone: 020 7282 2940
Ginny Pulbrook, Director
Citigate Dewe Rogerson
Telephone: 020 7282 2940
Consolidated profit and loss account
Six months to Six months to Year ended
30 September 30 September 31 March
2001 2000 2001
Unaudited Unaudited Audited
Turnover 628,280 310,656 585,226
Cost of sales (1,697,201) (666,877) (1,688,653)
----------------- --------------- -------------
Gross loss (1,068,921) (356,221) (1,103,427)
Other operating costs (3,965,262) (3,125,603) (7,607,929)
---------------- ---------------- --------------
Operating loss (5,034,183) (3,481,824) (8,711,356)
Share of operating loss in (275,000) - (50,000)
joint venture
Amortisation of joint venture (141,667) - (47,222)
goodwill
Interest receivable 679,486 94,456 855,654
Interest payable and similar - (9,402) -
charges
---------------- ------------ ------------
Loss on ordinary activities (4,771,364) (3,396,770) (7,952,924)
before taxation
Tax on loss on ordinary - - -
activities
---------------- ------------ -----------
Loss on ordinary activities (4,771,364) (3,396,770) (7,952,924)
after taxation
Dividends on non-equity - (89,781) (89,781)
shares
-------------- ---------------- ------------
Loss for the financial period (4,771,364) (3,486,551) (8,042,705)
========= ========= =========
Loss per ordinary share (p) (4.8) (6.8) (11.1)
========= ======= =======
All activity has arisen from continuing operations.
The Group has no recognised gains or losses other than those shown in the
profit and loss account above.
Consolidated balance sheet
30 September 30 September 31 March
2001 2000 2001
Unaudited Unaudited Audited
# # #
Fixed assets
Intangible assets 456,500 523,944 512,520
Tangible assets 1,202,263 332,243 860,419
Investments
- Joint ventures
- share of gross assets 705,878 - 998,750
- share of gross (180,878) - (198,750)
liabilities
- associated goodwill 661,111 - 802,778
------------ ------------ ------------
2,844,874 856,187 2,975,717
-------------- ------------ -------------
Current assets
Stocks 104,959 128,210 93,879
Debtors 3,458,519 1,153,620 1,307,647
Cash at bank and in hand 19,718,863 3,986,606 25,769,329
---------------- ---------------- ----------------
23,282,341 5,268,436 27,170,855
Creditors: Amounts (3,070,182) (1,911,096) (2,281,980)
falling due within one
year ----------------- ------------------ -----------------
Net current assets 20,212,159 3,357,340 24,888,875
----------------- ------------------ ---------------
Total assets less 23,057,033 4,213,527 27,864,592
current liabilities
Creditors: Amounts (378,805) - (415,000)
falling due after more
than one year --------------- -------------- --------------
Shareholders' funds 22,678,228 4,213,527 27,449,592
========== ========= =========
Shareholders' funds may
be analysed as:
Equity interests 22,678,228 479,700 27,449,592
Non-equity interests - 3,733,827 -
----------------- ---------------- ------------
22,678,228 4,213,527 27,449,592
========= ======== =========
Reconciliation of movements in Group shareholders' funds
Six months to Six months to Year ended
30 Sep 2001 30 Sep 2000 31 Mar 2001
Unaudited Unaudited Audited
# # #
Loss for the financial (4,771,364) (3,486,551) (8,042,705)
period
----------------- ------------------- -----------------
New equity share - 169,741 651,482
capital subscribed
New preference share - 1,479,450 1,479,450
capital subscribed
Premium on new share - 6,954,257 34,397,459
capital subscribed net
of expenses
Shares issued to - - (132,724)
Employee Benefit Trust
Dividends on - 89,781 89,781
non-equity shares
------------- ------------ -------------
Net (reduction from) (4,771,364) 5,206,678 28,442,743
addition to
shareholders' funds
Opening shareholders' 27,449,592 (993,151) (993,151)
funds (deficit)
------------------ ---------------- -----------------
Closing shareholders' 22,678,228 4,213,527 27,449,592
funds
========= ========== ========
Consolidated Cash Flow Statement
Six months to Six months to Year ended
30 Sep 2001 30 Sep 2000 31 Mar 2001
Unaudited Unaudited Audited
# # #
Net cash outflow from (5,481,010) (3,986,649) (7,969,036)
operating activities
---------------- ---------------- ---------------
Returns on investments
and servicing of finance
Interest paid - (9,402) -
Interest received 67,665 94,456 855,654
------------ ------------ ------------
Net cash inflow 67,665 85,054 855,654
------------- ------------------- ----------------
Capital expenditure and
financial investment
Purchase of intangible - (535,000) (935,000)
fixed assets
Purchase of tangible (632,929) (193,904) (902,305)
fixed assets
Sale of tangible fixed 6,500 - -
assets
-------------- ---------- -------------
Net cash outflow from (626,429) (728,904) (1,837,305)
capital expenditure
-------------- --------------- ---------------
Acquisitions and
disposals
Investment in joint - - (1,700,000)
venture
-------------- ------------- ------------
Cash outflow before (6,039,774) (4,630,499) (10,650,687)
financing
--------------- -------------- --------------
Financing
Issue of equity share - 169,741 518,758
capital
Issue of preference share - 1,479,450 1,479,450
capital
Share premium on issue of - 6,954,257 34,397,459
equity and preference
share capital ------------- --------------- -------------
Net cash inflow from - 8,603,448 36,395,667
financing
------------- --------------- --------------
(Decrease) increase in (6,039,774) 3,972,949 25,744,980
cash
---------------- --------------- --------------
Notes (unaudited)
1. Accounting policies
The interim accounts have been prepared using accounting policies stated
in the Company's Report and Accounts for the year ended 31 March 2001 and
are unaudited.
2. Preparation of the interim financial information
The comparative figures for the year ended 31 March 2001 are an abridged
version of the Company's full accounts and, together with other financial
information contained in these interim results, do not constitute
statutory accounts of ITIS Holdings PLC within the meaning of section 240
of the Companies Act 1985. The statutory accounts for the year ended 31
March 2001 have been delivered to the Registrar of Companies. The report
of the auditors on these was unqualified.
3. Loss per share
Six months Six months Year
to to ended
30 30 31
September September March
2001 2000 2001
Unaudited Unaudited Audited
# # #
Loss for the financial period (4,771,364) (3,486,551) (8,042,705)
====== ======== =========
Weighted average number of ordinary shares 98,420,884 50,989,762 72,240,367
in issue ====== ======== ==========
Loss per ordinary share (p) (4.8) (6.8) (11.1)
====== ====== ======
Due to losses made, there is no difference between loss per ordinary share
and diluted loss per ordinary share.
4. Dividends on non-equity shares
Six months to Six months to Year
ended
30 September 30 September 31 March
2001 2000 2001
Unaudited Unaudited Audited
# # #
Dividend on preference shares - (89,781) (89,781)
======= ====== =====
5. Net cash outflow from operating activities
Six months to Six months to Year
ended
30 September 30 September 31
March
2001 2000 2001
Unaudited Unaudited Audited
# # #
Operating loss (5,034,183) (3,481,824) (8,711,356)
Depreciation and 340,967 385,252 547,482
amortisation of licenses
(Increase) decrease in (11,080) (17,225) 17,106
stocks
Increase in debtors (1,539,051) (757,897)(911,924)
Increase (decrease) in 762,700 (114,955)1,055,237
creditors
(Profit) loss on (363) - 34,419
disposal of tangible
fixed assets
----------- ------------ ----------
Net cash outflow from (5,481,010) (3,986,649) (7,969,036)
operating activities
========= =========
6. Reconciliation of net cash flow to movement in net funds
Six months to Six months to Year
ended
30 September 30 September 31
March
2001 2000 2001
Unaudited Unaudited
Audited
# # #
(Decrease) increase in cash (6,039,774) 3,972,949 25,744,980
in the period
----------- ---------- ---------
Change in net debt (6,039,774) 3,972,949 25,744,980
Net funds brought forward 25,758,637 13,657 13,657
--------------- ----------- --------
Net funds carried forward 19,718,863 3,986,606 25,758,637
========= ========= =========
7. Interim statement
A copy of this announcement will be circulated to all registered
shareholders of the Company and copies will be available for members
of the public upon application to the Registered Office at The Warrant
House, 1 High Street, Altrincham, Cheshire, WA14 1PZ.
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