RNS Number:0853E
ITIS Holdings PLC
21 November 2002
21st November 2002
ITIS Holdings plc
Interim results for the six months ended 30th September 2002
Highlights
* New 5 year agreement signed with the AA providing ITIS with the exclusive
rights to operate AA Roadwatch branded telephone and telematics services;
* Growing revenues from UK Government contracts for Floating Vehicle Data
(FVD);
* Turnover up 76% to #1,103,000 (2001: #628,000);
* Operating loss reduced by 26% to #3,748,000 (2001: loss #5,034,000);
* Strong cash position of #13.8 million.
Stuart Marks, Chief Executive of ITIS Holdings plc commented:
"ITIS is now consistently winning new business and key contracts. The recent
announcement with the AA is demonstrative of our ability to secure long term
contracts with high profile brands. Vehicle manufacturers increasingly like our
unique position in the areas of traffic data collection (FVD), distribution
(RDS-TMC) and vehicle security (NavTrak). As a result we continue to believe
that we are excellently positioned to take advantage of this market as it
expands in the future."
Enquiries:
Stuart Marks, Chief Executive
ITIS Holdings plc
Telephone: 0161 929 5788
Ginny Pulbrook , Director
Citigate Dewe Rogerson
Telephone: 020 7282 2940
Financial Overview
For the six month period ended 30th September 2002 turnover increased by 76% to
#1,103,000 (2001: #628,000). The increased revenue and the stringent cost
reduction programme initiated last year has enabled us to reduce the operating
loss for the financial period to #3,748,000 (2001: loss #5,034,000),
substantially reduce cash outflow and safeguard our cash position.
At September 30th 2002, the cash balance of ITIS remained strong at #13.8
million. We are seeing a reducing trend in monthly cash burn which will
continue into the second half of the year and, as a result, the Directors are
confident that ITIS has sufficient cash both to develop and to grow the
business.
Business review
The AA
On the 11th October ITIS announced a new five year contract with Automobile
Association Developments Limited, part of the Automobile Association Limited
(AA), to exclusively operate AA Roadwatch branded telephone and telematics
services and to exploit new opportunities for selling and marketing traffic
information.
ITIS intends to build upon its new ownership of these telephone based traffic
information services, by expanding its business into this important growth area.
The new contract provides ITIS with a secure, long term revenue stream, which
will significantly enhance Group revenues with immediate effect.
ITIS' traffic information service is now available under the AA Roadwatch brand
on all mobile phone networks, whilst Vodafone and T-Mobile also have their own
short dial services. Our traffic information also enhances route information
given over the AA's web site.
The market
The market has gathered increased momentum as vehicle manufacturers define their
strategies for location related services. All major manufacturers are now
introducing these services into their vehicles either as an option (in the case
of NavTrak) or as standard equipment (RDS-TMC). Significantly, as part of this
step change, in house organisations that had been set up to develop and operate
these services have been disbanded and the manufacturers are now choosing to
work with specialist providers like ITIS, who have the necessary skills,
technology and delivery channels.
Importantly, as the market develops so do the opportunities to expand our
offering. In addition to the provision of content to in-vehicle applications,
our traffic information service is now available on all mobile phone networks
under the AA Roadwatch brand. Government agencies are increasingly turning to
ITIS's traffic data, collated by FVD, for analysing congestion and evaluating
strategic transport needs.
Floating Vehicle Data
ITIS now operates the world's largest commercial FVD system providing full
coverage of the UK's Strategic Road Network totalling some 8,200 miles.
Importantly this project was delivered on time and below budget.
FVD is becoming increasingly valuable to a wide range of customers and we are
benefiting from existing contracts with the AA, vehicle manufacturers and the UK
Government agencies, as they provide important reference sites to potential
customers.
In October 2002 we announced a 5 year contract with the Scottish Executive to
supply a comprehensive journey time planner and a traffic delay information
service. Today, we are pleased to announce that ITIS is providing Transport For
London (TFL) data on congestion patterns that will help measure the impact of
congestion charging in London before and after its launch.
As the software and systems are fully scaleable, FVD can also be licenced to
other operators outside the UK. In particular, we have received many enquiries
from USA and as a result of this interest we acquired a US patent on 1st
November, which mirrors our FVD technology, and potentially opens up this
valuable market.
RDS-TMC
RDS-TMC remains the only international standard for providing traffic data to a
navigational system. Virtually all screen based Satellite Navigation systems
are TMC compliant and vehicle manufacturers see this as a low cost entry point
to providing driver information services.
We continue to develop our RDS-TMC offering and are working with a number of
manufacturers to make RDS-TMC available on their navigation hardware.
Currently the service is fully operational with Toyota and BMW as well as
leading aftermarket navigation suppliers such as VDO Dayton and Alpine.
ITIS provides the RDS-TMC service using the AS/1 licence which enables our
traffic data to be transmitted nationally using the Classic FM network. The
licence expires on 31st December 2003 and in October this year, ITIS submitted
its application to the Radio Authority to operate the licence for the next 8
years. Although the formal process is expected to be completed during
December, the Radio Authority announced that the only application they received
was from ITIS.
NavTrak
Our focus with NavTrak, through the development and launch of NavTrak ADR
(Automatic Driver Recognition), has been to develop a product that sets the
industry standard and is attractive to vehicle manufacturers and insurers alike.
NavTrak ADR now uniquely addresses the key concerns of manufacturers and
insurers: detecting theft with the owners keys, delivering low current drain and
offering full service coverage across Europe including police liaison in 20
countries.
During the period we connected 1,085 NavTrak units. While satisfactory, the
figure does reflect the challenges of selling aftermarket products without the
endorsement of vehicle manufacturers and we are now undergoing rigorous
evaluation with a number of prestige manufacturers for endorsement of NavTrak
which will substantially enhance our volume opportunity.
New Partners
PTV AG provides software, consulting and research for travel, traffic and
transportation planning in the B2B market. They are the European Market Leader
specialising in innovative technologies which ensure continuous mobility in the
business fields of Traffic, Mobility and Logistics. ITIS is supporting PTV's
web based Telematics platform for OEM's with ITIS Dynamic Traffic Data, and
working closely with PTV on joint applications to further promote FVD to the
public. Through our agreement with PTV GmbH, ITIS is providing realtime traffic
information to a website recently launched by Toyota (www.getmethere.co.uk).
Board changes
We are delighted to announce that Andrew Forrest has been appointed to the Board
as Finance Director with immediate effect. Andrew, previously the Company's
Financial Controller, has been with the Company since May 2000.
Outlook
We are very encouraged by the business relationships we have created both with
the AA and vehicle manufacturers for whom we are now offering a wide range of in
car information services. As revenues continue to grow the Directors remain
confident that the Company can continue to reduce cash burn towards achieving
positive cash flow.
Notes
Andrew Derek Forrest has confirmed that there are no companies or partnerships
of which he is or has been a director or partner at any time in the last five
years and that there is no additional information with regards to his
appointment that would require disclosure pursuant to paragraph (f) of Schedule
Two of the AIM Rules.
Consolidated profit and loss account
Six months to Six months to Year ended
30 September 30 September 31 March
2002 2001 2002
Unaudited Unaudited Audited
# # #
Turnover 1,102,945 628,280 1,480,520
Cost of sales (2,045,412) (1,697,201) (3,895,119)
__________ __________ __________
Gross loss (942,467) (1,068,921) (2,414,599)
Other operating costs - Other (2,805,831) (3,965,262) (7,153,051)
- Impairment of fixed assets - - (896,000)
__________ __________ __________
Operating loss (3,748,298) (5,034,183) (10,463,650)
Share of operating loss of discontinued joint venture - (275,000) (659,678)
Goodwill amortisation - joint venture - (141,667) (236,111)
Profit on sale of joint venture - - 1,533,971
Interest receivable 284,357 679,486 1,089,214
Interest payable and similar charges (1,929) - (7,121)
__________ __________ __________
Loss on ordinary activities before taxation (3,465,870) (4,771,364) (8,743,375)
Tax on loss on ordinary activities - - 255,843
__________ __________ __________
Loss for the financial period (3,465,870) (4,771,364) (8,487,532)
====== ====== ======
Loss per ordinary share (p) (3.5) (4.8) (8.6)
====== ====== ======
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
2002 2001 2002
Unaudited Unaudited Audited
# # #
Fixed assets
Intangible assets 414,502 456,500 435,501
Tangible assets 387,861 1,202,263 474,371
Investments
- Joint ventures
- share of gross assets - 705,878 -
- share of gross liabilities - (180,878) -
- associated goodwill - 661,111 -
__________ __________ __________
802,363 2,844,874 909,872
__________ __________ __________
Current assets
Stocks 152,179 104,959 109,648
Debtors
- due within one year 2,119,471 3,458,519 2,825,139
- due after more than one year 500,000 - 500,000
Cash at bank and in hand 13,812,444 19,718,863 17,079,443
__________ __________ __________
16,584,094 23,282,341 20,514,230
Creditors: Amounts falling due within one year (1,548,043) (3,070,182) (2,083,237)
__________ __________ __________
Net current assets 15,036,051 20,212,159 18,430,993
__________ __________ __________
Total assets less current liabilities 15,838,414 23,057,033 19,340,865
Creditors: Amounts falling due after more than one year (342,224) (378,805) (378,805)
__________ __________ __________
Net assets 15,496,190 22,678,228 18,962,060
======== ========= =========
Capital and reserves
Called-up share capital 5,186,286 5,186,286 5,186,286
Share premium account 37,342,877 37,342,877 37,342,877
Profit and loss account (27,032,973) (19,850,935) (23,567,103)
__________ __________ __________
Equity shareholders' funds 15,496,190 22,678,228 18,962,060
======== ========= =========
Consolidated Cash Flow Statement
Six months to Six months to Year ended
30 September 30 September 31 March
2002 2001 2002
Unaudited Unaudited Audited
# # #
Net cash outflow from operating activities (3,504,057) (5,481,010) (9,595,338)
__________ __________ __________
Returns on investments and servicing of finance
Interest paid - - (5,835)
Interest element of finance lease rental payments (1,929) - (1,286)
Interest received 284,357 67,665 1,027,135
__________ __________ __________
Net cash inflow from returns on investments and servicing of finance 282,428 67,665 1,020,014
__________ __________ __________
Taxation
Research and development tax credit - - 255,843
__________ __________ __________
Net cash inflow from taxation - - 255,843
__________ __________ __________
Capital expenditure and financial investment
Purchase of tangible fixed assets (30,278) (632,929) (705,235)
Sale of tangible fixed assets 5,000 6,500 6,500
__________ __________ __________
Net cash outflow from capital expenditure (25,278) (626,429) (698,735)
__________ __________ __________
Acquisitions and disposals
Investment in joint venture - - (490,040)
Disposal of joint venture - - 859,000
__________ __________ __________
Net cash inflow from acquisitions and disposals - - 368,960
__________ __________ __________
Cash outflow before financing (3,246,907) (6,039,774) (8,649,256)
__________ __________ __________
Financing
Issue of shares to minorities - - 200
Capital element of finance lease rental payments (20,092) - (30,138)
__________ __________ __________
Net cash outflow from financing (20,092) - (29,938)
__________ __________ __________
Decrease in cash (3,266,999) (6,039,774) (8,679,194)
=========== ========= ========
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 2002 and are
unaudited.
2. Preparation of the interim financial information
The summarised results for the six months to 30 September 2002 have been
prepared in accordance with the accounting policies adopted in the accounts for
the year to 31 March 2002. These and the comparative results for the half year
to 30 September 2001 are non-statutory accounts within the meaning of Section
240 of the Companies Act 1985 and have not been reported upon by the auditors
under Section 235 of the Companies Act 1985.
The comparative figures for the year ended 31 March 2002 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 2002 have been delivered to the
Registrar of Companies. The report of the auditors was not qualified and did not
contain a statement under Section 237 (2) and (3) of the Companies Act 1985.
3. Loss per share
Six months to Six months to Year ended
30 September 30 September 31 March
2002 2001 2002
Unaudited Unaudited Audited
# # #
Loss for the financial period (3,465,870) (4,771,364) (8,487,532)
__________ __________ __________
Weighted average number of ordinary shares 98,420,884 98,420,884 98,420,884
in issue
__________ __________ __________
Loss per ordinary share (p) (3.5) (4.8) (8.6)
__________ __________ __________
Due to losses made, there is no difference between loss per ordinary share and
diluted loss per ordinary share.
4. Net cash outflow from operating activities
Six months to Six months to Year ended
30 September 30 September 31 March
2002 2001 2002
Unaudited Unaudited Audited
# #
#
Operating loss (3,748,298) (5,034,183) (10,463,650)
Depreciation and amortisation of licenses 134,954 340,967 346,533
Impairment of fixed asstes - - 896,000
Increase in stocks (42,531) (11,080) (15,769)
Decrease (increase) in debtors 705,668 (1,539,051) (674,616)
(Decrease) increase in creditors (551,683) 762,700 316,527
Profit on disposal of tangible fixed assets (2,167) (363) (363)
__________ __________ __________
Net cash outflow from operating activities (3,504,057) (5,481,010) (9,595,338)
========== ========= =========
5. Reconciliation of net cash flow to movement in net funds
Six months to Six months to Year ended
30 September 30 September 31 March
2002 2001 2002
Unaudited Unaudited Audited
#
# #
Decrease in cash in the period (3,266,999) (6,039,774) (8,679,194)
Cash inflow from decrease in lease funding 20,092 - 30,138
__________ __________ __________
Change in net funds (3,246,907) (6,039,774) (8,649,056)
New finance lease - - (80,368)
__________ __________ __________
(3,246,907) (6,039,774) (8,729,424)
Net funds brought forward 17,029,213 25,758,637 25,758,637
__________ __________ __________
Net funds carried forward 13,782,306 19,718,863 17,029,213
========= ======= =======
6. Reconciliation of movements in Group shareholders' funds
Six months to Six months to Year ended
30 September 30 September 31 March
2002 2001 2002
Unaudited Unaudited Audited
# # #
Loss for the financial period (3,465,870) (4,771,364) (8,487,532)
__________ __________ __________
Net reduction from shareholders' funds (3,465,870) (4,771,364) (8,487,532)
Opening shareholders' funds 18,962,060 27,449,592 27,449,592
__________ __________ __________
Closing shareholders' funds 15,496,190 22,678,228 18,962,060
========== ========= ======
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 Station House, Stamford New Road,
Altrincham, Cheshire, WA14 1EP.
This information is provided by RNS
The company news service from the London Stock Exchange
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