Interim Results
02 Août 2005 - 9:01AM
UK Regulatory
RNS Number:5873P
Datacash Group PLC
02 August 2005
DataCash Group Plc: DATA / Index: AIM / Sector: Support Services
DATACASH GROUP PLC ('DataCash' or 'the Company')
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2005
News Item
The Board of DataCash Group plc, the payment service provider, is pleased to
announce its half yearly results for the six months to 30th June 2005
Overview:
* Continuing strong transaction volume growth
* Turnover up 35% to #2.88m (June 2004: #2.14m)
* Adjusted pre-tax profits* up 70% to #1.14m (June 2004: #670,000)
* Cash balances risen to #4.14m (June 2004: #2.35m)
* Diluted adjusted earnings per share 2.42p
* before goodwill amortisation and National Insurance provision on share option
gain.
Chairman's statement
The DataCash business continued to perform well in the first half of 2005.
Although we significantly increased our investment in sales and marketing and in
our technology infrastructure, pre-tax profits (before goodwill amortisation and
NI on share option gain) rose by 70% to #1.14m (June 2004: #670,000) on revenues
up by 35% to #2.88m (June 2004: #2.14m).
Cash balances again grew strongly, increasing by #930,000 in the first half, and
at the end of June 2005 were #4.14m (June 2004: #2.35m). This represents the
equivalent of approximately 9p a share and is expected to increase further in
the second half, reflecting both levels of activity and low working capital
requirements.
All our first half revenue was derived from our Card Holder Not Present (CNP)
activities. Growth in CNP transactions processed continued in the first half of
2005, with volumes up more than 50% to 28.8m compared with 18.7m in the first
half of 2004.
Our investment in developing sales via partner channels continues to show good
growth, with transactions from partners now more than twice the level of a year
ago. We believe that the partner model has considerable potential and we have
invested significantly in this area.
We continued to invest in the Card Holder Present (CHP) market and we are
optimistic that this still provides an important opportunity for the Group. Our
partners are reporting renewed interest and prospect potential which should, we
believe, enhance our future growth.
The integration with CLICK2PAY, an E-Wallet, which we announced recently, has
given us the ability to support a more diverse range of international
transactions and we intend to continue to support and develop additional
innovative services to remain a leader in our field. Further integration and
partnering initiatives will strengthen and expand our offering enabling us to
address new markets and opportunities previously not available to us.
We have further invested in our operational infrastructure, including the
deployment of our 'second site' based in Edinburgh, which provides significantly
increased processing capacity and underpins systems resilience.
No interim dividend is proposed (2004: Nil), although the Board expects to
recommend a full year dividend for the year to 31 December 2005.
Your Board looks forward to the future with confidence and believes that the
second half of the year will see further progress.
David Bailey
Chairman
2nd August 2005
For further information contact:
DataCash: Terry Cave (Chief Executive Officer): Tel: 0870 7274760
St Brides Media: Isabel Crossley: Tel: 020 7242 4477
------------------------------------------------------------------------------------------------------------
DataCash Group plc
Consolidated profit and loss account
For the 6 months ended 30 June 2005
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30-Jun-05 30-Jun-04 31-Dec-04
#000 #000 #000
Turnover 2,882 2,141 4,643
Continuing operations 2,140.66 2,140.66 2,073
Administrative expenses (1,812) (1,502) (3,210)
Operating profit before goodwill and exceptional items 1,070 639 1,433
Goodwill amortisation (988) (988) (1,975)
National Insurance on share option (44) - (125)
Operating profit/(loss) 38 (349) (667)
Interest receivable and similar income 72 31 87
Interest payable and similar charges - -
-
Profit/(loss) on ordinary activities before taxation 110 (318) (580)
Taxation (33) 244 228
Profit/(loss) on ordinary activities after taxation 77 (74) (352)
Dividends - - (224)
Profit/(loss) for the period 77 (74) (576)
Basic earnings/(loss) per share 0.17p (0.16)p (0.79)p
Diluted earnings/(loss) per share 0.17p (0.16)p (0.79)p
Diluted adjusted profit per share 2.42p 2.04p 3.91p
(before goodwill and exceptional items)
All amounts relate to continuing activities.
There were no recognised gains or losses other than those shown in the profit and loss account.
There are no differences between historical cost profits and losses and those shown above.
DataCash Group plc
Consolidated balance sheet
As at 30 June 2005 Unaudited Unaudited Audited
As at As at As at
30-Jun-05 30-Jun-04 31-Dec-04
#000 #000 #000
Fixed assets
Intangible assets 9,324 11,300 10,312
Tangible assets 168 118 190
Investments
- - -
9,492 11,418 10,502
Current assets
Debtors 889 647 741
Debtors - Deferred tax asset 1,141 1,174 1,175
Cash at bank and in hand 4,138 2,350 3,206
6,168 4,171 5,122
Creditors
Amounts falling due within one year (1,311) (1,007) (1,411)
Net current assets 4,857 3,164 3,711
Total assets less current liabilities 14,349 14,582 14,213
Provisions for liabilities and charges (168) - (125)
Net assets 14,181 14,582 14,088
Capital and reserves
Called up share capital 448 447 448
Share premium account 9,766 9,743 9,750
Merger reserve (124) (124) (124)
Other reserve 18,889 18,889 18,889
Profit and loss account (14,798) (14,373) (14,875)
Equity shareholders' funds 14,181 14,582 14,088
DataCash Group plc
Consolidated cash flow statement
For the 6 months ended 30 June 2005
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30-Jun-05 30-Jun-04 31-Dec-04
#000 #000 #000
Net cash inflow from operating activities 871 763 1,678
Returns on investments and servicing of finance
Interest received 72 31 87
Interest paid - - -
Net cash inflow from returns on investments
and servicing of finance 72 31 87
Capital expenditure and financial investment
Purchase of tangible fixed assets (29) (35) (158)
Sale of tangible fixed assets - - -
Sale of tangible fixed assets - - 1
Net cash outflow from capital expenditure and financial investments (29) (35) (157)
Net cash inflow before management
of liquid resources and financing 914 759 1,608
Management of liquid resources
Increase in short term bank deposits (2,653) (921) 112
Net cash outflow from management of liquid resources (2,653) (921) 112
Financing
Exercise of share options 18 43 50
Net cash inflow from financing 18 43 50
(Decrease)/increase in cash in the period (1,721) (119) 1,770
DataCash Group plc
Reconciliation of net cash flow to movement in net funds
For the 6 months ended 30 June 2005
6 months ended 6 months ended Year ended
30-Jun-05 30-Jun-04 31-Dec-04
#000 #000 #000
(Decrease)/increase in cash in the period (1,721) (119) 1,770
Cash inflow from management of liquid resources 2,653 921 (112)
Movement in net funds 932 802 1,658
Opening funds 3,206 1,548 1,548
Closing funds 4,138 2,350 3,206
Notes
(1) Basis of preparation
The results for the six months ended 30 June 2005 and the comparative figures
for the six months ended 30 June 2004 are unaudited. They have been prepared on
accounting bases and policies that will be used in the preparation of the
financial statements of the Group for the year ended 31 December 2005.
The financial information contained in this report does not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985 (as
amended). The results for the year ended 31 December 2004 were reported on by
the auditors and received an unqualified report and contained no statement under
Section 237(2) or (3) of the Companies Act 1985 (as amended). Full accounts have
been delivered to the Registrar of Companies and are available on request.
(2) Earnings per share
The calculations of earnings/(loss) per share are based on the following profits
and numbers of shares:
The adjusted profit/(loss) per share is based on the profit/(loss) after tax
before goodwill amortisation and exceptional items.
6 months ended 6 months ended Year ended
30-Jun-05 30-Jun-04 31-Dec-04
#000 #000 #000
Weighted average number of 1p ordinary shares in issue during the
period
For basic earnings per share 44,778,180 44,726,982 44,737,684
Exercise of share options 1,126,273 - -
For diluted earnings per share 45,904,453 44,726,982 44,737,684
Profit for the financial period #'000 #'000 #'000
Profit for adjusted earnings per share 1,109 914 1,748
Adjustment for goodwill amortisation (988) (988) (1,975)
Adjustment for NI on share options (44) - (125)
Profit for earnings/(loss) per share 77 (74) (352)
For the 6 months ended 30 June 2004 and the Year ended 31 December 2004 there is
no dilution due to the loss in the period
(3) Reconciliation of operating profit/(loss) to operating cash flows
6 months ended 6 months ended Year ended
30-Jun-05 30-Jun-04 31-Dec-04
#000 #000 #000
Operating profit/(loss) 38 (349) (667)
Amortisation 988 988 1,975
Depreciation 51 41 94
Profit on sale of fixed assets - - 1
(Increase)/decrease in debtors (148) 6 (331)
(Decrease)/increase in creditors (101) 99 503
Increase/(decrease) in provisions 43 (22) 103
Net cash inflow from operating activities 871 763 1,678
(4) Analysis of Net Funds
At At
01-Jan-05 Cash Flow 30-Jun-05
#000 #000 #000
Cash in hand and at bank 2,317 (1,721) 596
Short term bank deposits 889 2,653 3,542
3,206 932 4,138
(5) Reconciliation of Movement in Shareholders' Funds
At At At
30-Jun-05 30-Jun-04 31-Dec-04
#000 #000 #000
Profit/(loss) for the period 77 (74) (576)
Issue of ordinary share capital 16 43 50
Net movement in shareholders funds 93 (31) (526)
Opening shareholders funds 14,088 14,614 14,614
Closing shareholders' funds 14,181 14,583 14,088
(6) Taxation
The current tax rate of 30% has been used for the basis of the tax provision.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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