Final Results
24 10월 2008 - 3:00PM
UK Regulatory
RNS Number : 5965G
Inspectron Holdings PLC
24 October 2008
Inspectron Holdings plc
24 October 2008
Inspectron Holdings Plc ("Inspectron" or the "Company")
Preliminary results for the Year ended 31 July 2008
Key points
* Turnover up approximately 3.1 per cent. to �2,587,000 (2007: �2,507,000)
* Operating profit of �153,000 (2007: loss of �1,190,000)
* Earnings per share of 1.62p (2007: loss of 1.83p)
* Cash balance of �547,000 (2007: �30,000)
Chairman's statement
"The year has seen a satisfying return to profit and a significant strengthening of the balance sheet, such that we ended the year with
a healthy positive cash position and little bank debt."
Operational review
The disposal of the forms division of the business at the end of the last financial year has meant that we have been able to focus on
sales of integrity software and e-Passport products after an initial period of reorganisation. We have increased levels of repeat support
contracts for solutions already sold and at the year end have a stronger level of back log orders than at the start of the year.
The group's key financial and non-financial performance indicators are total revenue, profit before interest and tax, and headcount.
These are discussed in more detail below.
Revenue
Continuing operations increased by 98.4% to �2.6 million from �1.3 million.
Operating profit
A gross profit margin of 56.5% was achieved compared to a loss last year on continuing operations. The increase in administration
expenses needed to support the higher level of sales was restricted to �266,000. The net profit before interest and taxes for this year was
�153,000 compared to a loss last year on continuing operations of �1,105,000.
Headcount
Total headcount amounted to 22 compared with 27 in continuing operations in 2007. The disposal of the forms division resulted in a
reduced number of staff.
The principal risks and uncertainties facing the group are:
Global economic climate
The slowdown in world economies will present challenges to securing sales however the key features of our products are security and
efficiency and this should reduce the impact of any economic downturn on our sales.
Foreign exchange risk
Exposure to foreign currency gains and losses could be material to the group. Formscan Inc trades in US$ and this acts as a natural
hedge against currency movement.
Employees
Our success has been built on the quality of our products and services which rely significantly on the quality of the people delivering
them. Maintaining this pool of skilled and motivated individuals remains key to our ongoing success. The group endeavours to ensure that all
employees are motivated by their work and staff are encouraged to develop their skills.
Research and development
The group is dependent upon introducing new products and enhancing existing products and therefore will need to continue in investing in
research and development otherwise it will not be able to satisfy customer needs.
Current Trading
Most of our projects are higher value, typically from �100,000 to �500,000, and spread over a medium term, up to two years on occasions.
We are currently progressing three large open contracts, whose income will be recognised in the current (2009) financial year. There are
more such projects at the bidding stage. The combination of work in progress and good quality future sales prospects bodes well for the
trading year to 31 July 2009.
Although we are not yet seeing severe business disruption, we feel it is likely that the current worldwide financial problems will
affect us in some way, and will therefore make every effort to minimise expense and conserve cash until the outlook becomes clearer.
Future Prospects
The security printing world appears to be more resilient to a downturn compared with the consumer sector. We have a good order backlog
and quality sales prospects, which we feel will keep us busy well into this financial year. MagVision, although slow to take off, appears to
be gaining market traction. We continue to invest in newer niche solutions for the e-Passport and identity card sector, and more major
suppliers in these industries are entertaining discussions with us, as our industry credibility grows. We also expect extra business derived
from integrity solutions built around the CTC inkjet printer, once sales begin early in 2009.
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 JULY 2008
2008 2007
Notes �'000 �'000
Revenue
Continuing Operations 2,587 1,304
Discontinued Operations - 1,203
2,587 2,507
Cost of sales 3 (1,126) (2,390)
Gross profit 1,461 117
Operating expenses
Distribution costs (46) (57)
Administrative expenses (1,262) (1,250)
Operating profit/(loss)
Continuing Operations 153 (1,105)
Discontinued Operations - (85)
153 (1,190)
Finance income 5 4
Finance costs (27) (51)
Loss on activities before exceptional item 131 (1,237)
Exceptional item - 1,004
Profit/(loss) before income tax 131 (233)
Income tax expense 62 15
Profit/(loss) for the year 193 (218)
Attributable to equity holders of the company
193 (218)
Profit per share attributable to the equity
holders of the company during the period 4
- basic and diluted
Continuing Operations 1.62p (1.00)p
Discontinuing Operations - (0.83)p
1.62p (1.83)p
CONSOLIDATED BALANCE SHEET
31 JULY 2008
2008 2007
�'000 �'000
Assets
Non current assets
Goodwill 41 44
Property, plant and equipment 319 327
360 371
Current assets
Inventories 42 27
Trade and other receivables 220 457
Cash and cash equivalents 547 30
Total current assets 809 514
Total assets 1,169 885
Equity
Share capital 119 119
Share premium account 1,248 1,248
Merger Reserve 712 712
Revaluation Reserve 366 366
Capital Redemption Reserve 5 5
Retained earnings (2,521) (2,714)
Total equity (71) (264)
Liabilities
Current liabilities
Trade and other payables 1,153 777
Current tax liabilities 44 19
Bank loan and overdrafts 43 353
1,240 1,149
Non current liabilities
Deferred tax liabilities - -
Total liabilities 1,240 1,149
Total equity and liabilities 1,169 885
CONSOLIDATED CASH FLOW STATEMENT
YEAR ENDED 31 JULY 2008
Group
2008 2007
�'000 �'000
Net cash from operating activities 834 (154)
Cash flows from investing activities
Interest received 5 4
Proceeds on disposal of property, plant 3 34
and equipment
Purchase of property, plant and equipment (15) (48)
Net cash generated from investing activities (7) (10)
Net increase in cash and cash
Equivalents 827 (164)
Cash and cash equivalents at the
Beginning of the period (323) (149)
Effect of foreign exchange movements - (10)
Cash and cash equivalents at the
end of the period 504 (323)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 July 2008
Group
Share Share Retained Other Total
Capital Premium Earnings Reserves Equity
�'000 �'000 �'000 �'000 �'000
Balance at 1 August 2006
119 1,248 (2,460) 1,083 (10)
Profit/(loss) for the period
(218) (218)
Foreign Exchange Translation
(36) (36)
Balance at 31 July 2007 119 1,248 (2,714) 1,083 (264)
Profit/(loss) for the period
193 193
Balance at 31 July 2008 119 1,248 (2,521) 1,083 (71)
Notes
1. Financial Information
The financial information set out above does not constitute statutory accounts within the meaning of section 240 of the Companies Act
1985. Such information has been extracted from the Group's accounts for the relevant financial years 2008 and 2007. The accounts were
prepared using the historic cost convention and on a going concern basis. The accounts for the year ended 31 July 2007 have been delivered
to the Registrar of Companies and the accounts for the year ended 31 July 2008 will be so delivered in due course.
2. Basis of Preparation
The financial statements have adopted the requirements of International Financial Reporting Standards as adopted by the European Union,
IFRIC interpretations and the Companies Act 1985. The consolidated financial statements have been prepared under the historical cost
convention, as modified by the revaluation of land and buildings, financial assets and financial liabilities at fair value through profit or
loss.
The financial statement comparatives have effectively been restated as a result of the transition to IFRS. This has had no net effect on
the results or net assets of the comparative period.
3. Cost of Sales and Expenses
2008 2007
Continuing Continuing Discontinued
� � �
Cost of sales 1,126 1,357 1,033
Distribution costs 46 56 1
Administrative expenses 1,262 996 254
4. Profits per share
Basic profits per share have been calculated on the profits (losses) attributable to shareholders for the year of �193,000 (2007: loss
of �218,000) and 11,890,904 shares (2007: 11,890,904), being the weighted average number of shares in issue during the year.
2008 2007
Continuing Continuing Discontinued
Profits (losses) per share 1.62p (1.00)p (0.83)p
5. Availability of documents
Copies of this announcement are available from the Company at Apex House, West End, Frome, Somerset BA11 3AS. The Company's annual
report and accounts for the year ended 31 July 2008 will be posted to shareholders shortly.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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