Interim Results
21 Septembre 2004 - 9:01AM
UK Regulatory
RNS Number:1495D
AeroBox plc
21 September 2004
Embargoed until 07.00 21 September 2004
AEROBOX PLC
("Aerobox" or the "Company")
Interim Results for the Period Ended 30 June 2004
Highlights:
* 200 ULDs now delivered to Aer Lingus and Virgin Atlantic
* AKE2 formally approved by Federal Aviation Administration
* 150 AKE2 in production for delivery to Virgin Atlantic in fourth
quarter
* Second generation of refrigerated prototype to be trialed later this
year
Commenting on prospects, David Sebire, Chairman, said:
"The Company has achieved numerous key commercial milestones in the last year
and has now completed the development phase of its first product. The product
portfolio is now being expanded in response to customer demand. The first
production facility will shortly be fully on stream and the ongoing discussions
with a third of the top 25 airlines are expected to generate meaningful revenues
in 2005."
Enquiries:
David Sebire, Chairman Aerobox plc +44 207 929 5599
Bob Bushman, CEO Aerobox plc +44 207 929 5599
Richard Scott, Finance Director Aerobox plc +44 207 929 5599
Jeremy Porter/Jonathan Wright Seymour Pierce +44 20 7107 8000
David Bick/Trevor Phillips Holborn +44 207 929 5599
Web site: www.aeroboxplc.com
CHAIRMAN'S STATEMENT
Results
The results cover the financial half year to 30 June 2004. The first commercial
sales of the Aerobox were achieved in this period. Operating loss before
goodwill amortisation amounted to #1,187,000. Goodwill amortisation was
#441,000. Net interest payable and other charges totaled #15,000. Loss on
ordinary activities before taxation for the period amounted to #1,690,000. This
represented a loss per share of 1.8p. Compared to the previous six months, this
period benefited from a reduction in marketing charges from #350,000 to #20,000.
Watermark Settlement
We are pleased that an agreed settlement was finally reached with Watermark
Group plc ("Watermark") on 27 July 2004. The legal costs arising from the
dispute amounted to #60,000 and have been accrued and expensed in the period.
The dilution of the Company's equity was capped at 71/2% of the issued share
capital versus a potential 121/2% as previously announced.
Finance
9 million shares were issued in January 2004 raising #2.7m after costs to fund
developments and working capital. On 27 July 2004, 6,992,344 ordinary shares in
Aerobox were issued to Watermark as part of the agreed settlement.
Review of operations
Aerobox ULDs have now flown 10,000 flights with only minimal damage. Robustness
and reliability remains outstanding and is widely recognised within the aviation
industry along with improved safety for ground handling staff.
The Federal Aviation Administration ("FAA") has formally approved the lighter
production version ("AKE2") of the Aerobox. European Aviation Safety Authority
("EASA") approval is expected shortly. During the period the initial batch of
100 ULDs was delivered to Aer Lingus, and 100 ULDs have now been delivered to
Virgin Atlantic. The first AKE2s will be delivered to Virgin Atlantic in the
fourth quarter of this year. In response to customer demand, we have now
produced variants of the Aerobox with solid doors and a forkliftable base. These
will shortly enter trials with airlines. The first actively refrigerated ULD
prototype produced by the Kelvin joint venture performed very well in tests. An
improved second generation prototype has been designed and will be available for
testing in the fourth quarter.
The new panel laminating production line had to be modified in the light of the
initial acceptance tests in August 2004. The modified line was successfully
tested and accepted last week at the supplier's premises. To avoid further
production delays, we have sourced lighter weight core for the new laminating
line to complete the panels for 250 AKE2s. Once the line has produced these
panels it will be dismantled and shipped to Albuquerque for final commissioning
in the fourth quarter. Demand for aluminium has increased due to Chinese
economic growth and the recovery in aerospace manufacturing. This has less
impact upon our cost base than manufacturers of all aluminium ULDs and should
therefore give another competitive advantage to the Aerobox.
As announced in June 2004, the new global sales and marketing structure has been
successfully implemented. Based on the volume capacity of the new production
facility, the annualised saving in sales commissions and marketing spend is
expected to exceed #500,000 per annum from these new arrangements. All four
sales agents are experienced senior executives with extensive knowledge and high
level contacts in air cargo and ULD management. The new team has made steady
progress in strengthening relationships with airlines with which the Company was
already in contact and in creating new relationships with airlines that had not
been approached. Their approaches to key airlines have been well received and
have resulted in negotiations with a third of the top 25 global airlines in USA,
the Far East, Middle East and Europe.
Outlook
The Company has achieved numerous key commercial milestones in the last year and
has now completed the development phase of its first product. The product
portfolio is now being expanded in response to customer demand. The first
production facility will shortly be fully on stream and the ongoing discussions
with a third of the top 25 airlines are expected to generate meaningful revenues
in 2005.
David Sebire
Chairman
20 September 2004
CONSOLIDATED PROFIT AND LOSS ACCOUNT
6 months 9 months 15 months
ended ended ended
30 June 30 June 31 December
2004 2003 2003
#000 #000 #000
Turnover 81 - -
Cost of sales (128) - -
Gross loss (47) - -
Administrative expenses:
- Goodwill amortisation (441) (247) (690)
- Other (1,187) (332) (1,673)
Operating loss (1,675) (579) (2,363)
Net interest receivable/(payable) and (15) 10 (257)
other charges
Loss before and after tax and loss for
the financial period (1,690) (569) (2,620)
Loss per share - basic (1.8)p (1.6)p (4.8)p
Notes:
1. Basic loss per share has been calculated using a loss for the
financial period of #1,690,000 and a weighted average number of ordinary shares
in issue during the period 1 January 2004 to 30 June 2004 of 92,054,454.
2. Goodwill arising on the acquisition of Aerospace Composite
Structures LLC amounting to #8,827,000 has been capitalised and amortised
through the profit and loss account on a straight line basis over a period of 10
years.
3. The group has no liability to current taxation due to the existence
of tax losses. The group has no potential liability to deferred taxation.
4. All turnover and losses relate to continuing operations
CONSOLIDATED BALANCE SHEET
As at As at As at
30 June 30 June 31 December
2004 2003 2003
#000 #000 #000
Fixed assets
Intangible assets 7,696 8,522 8,137
Tangible assets 1,082 240 221
8,778 8,762 8,358
Current assets
Debtors 242 256 231
Cash at bank 1,537 439 516
1,779 695 747
Creditors: amounts falling (578) (97) (263)
due within one year
Net current assets 1,201 598 484
Total assets less current 9,979 9,360 8,842
liabilities
Creditors: amounts falling (224) (123) (126)
due in more than one year
Net assets 9,755 9,237 8,716
Capital and reserves
Called up share capital 932 776 842
Share premium account 13,151 9,030 10,521
Profit and loss account (4,328) (569) (2,647)
Shareholders' funds 9,755 9,237 8,716
Notes:
5. The interim financial statements have not been audited and they do
not constitute full financial statements within the meaning of s240 of the
Companies Act 1985. The results for the 15 months to 31 December 2003 are an
abridged version of the full accounts which received an unqualified report by
the auditors and have been filed with the Registrar of Companies.
6. The interim financial statements have been prepared in accordance
with applicable accounting standards.
7. Copies of this interim report will be posted to all of the Company's
shareholders. Further copies can be obtained from the Company's web site at
www.aeroboxplc.com or from the Company Secretary at the Registered Office.
CONSOLIDATED CASH FLOW STATEMENT
6 months 9 months 15 months
ended ended ended
30 June 30 June 31 December
2004 2003 2003
#000 #000 #000
Reconciliation of operating loss to
net cash outflow from operating
activities
Operating loss (1,675) (579) (2,363)
Amortisation of intangible fixed 441 247 690
assets
Depreciation of tangible fixed assets 22 3 75
Foreign exchange (14) (27)
Expenses settled for non-cash - 56 185
consideration
Increase in debtors (11) (14) (214)
Decrease in creditors 315 (226) (279)
Net cash outflow from operating (922) (513) (1,933)
activities
Returns on investment and servicing of
finance
Net interest received 8 10 (39)
Capital expenditure and financial
investment
Purchase of tangible fixed assets (745) (24) (36)
Acquisitions
Overdraft acquired with subsidiary - (9) (9)
undertaking
Cash outflow before financing (1,659) (536) (2,017)
Financing
Issue of ordinary share capital 2,720 975 2,560
Capital elements of finance lease (40) - (27)
repayments
2,680 975 2,533
Increase in cash 1,021 439 516
DIRECTORS, SECRETARY AND ADVISERS
Directors
D J Sebire Chairman
R C Bushman Chief Executive Officer
R A C Scott Finance Director
A J Leon Non-Executive Director
S A Alterman Non-Executive Director
Company Secretary
R A C Scott
Company Number
4551517
Registered Office
190 Strand, London, WC2R 1JN
Nominated Adviser and Broker
Seymour Pierce Limited, Bucklersbury House, 3 Queen Victoria Street, London,
EC4N 8EL
Public Relations
Holborn Public Relations Limited, 12 Nicholas Lane, London, EC4N 7BN
Auditors
Horwath Clark Whitehill LLP, Arkwright House, Parsonage Gardens, Manchester, M3
2HP
Solicitors
Lawrence Graham, 190 Strand, London, WC2R 1JN
Registrars
Capita Registrars, Northern House, Woodsome Park, Fenay Bridge, Huddersfield,
HD8 0LA
Bankers
Wells Fargo Bank, 503 NM Way 333, Tijeras NM 87059, USA
This information is provided by RNS
The company news service from the London Stock Exchange
END
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