Interim Results
03 Août 2004 - 9:00AM
UK Regulatory
RNS Number:4960B
Datacash Group PLC
03 August 2004
DATACASH GROUP PLC ('DataCash' or 'the Company')
INTERIM RESULTS
FOR THE SIX MONTHS
ENDED 30TH JUNE 2004
News Item
DataCash Group plc, the AIM listed payments service provider, announces its
results for the six months ended 30th June 2004
Overview
*Profit (before tax and goodwill amortisation) up 155% at #670,000 (2003:
#263,000)
*Turnover up 26% at #2.14m (2003: #1.69m)
*Cash balances up to #2.35m (June 2003: #920,000)
*Transaction volumes growing at 4% compound per month
*Appointment of Chief Executive from July 19th 2004
Chairman's statement
The DataCash business performed well in the first half of 2004, producing
profits before tax and goodwill amortisation up by 155% to #670,000 (2003:
#263,000) on revenues up by 26% to #2.14m (2003: #1.69m).
All the revenue came from our Card Holder Not Present (CNP) activities, although
we continued to invest in the foundations to enter the Card Holder Present (CHP)
market. CNP transaction volumes in the first half of 2004 were 18.7m (first half
2003: 12.6m), which was greater than the total for the whole of 2002, and are
expected to continue to grow at a compound monthly rate of about 4%, which bodes
well for the future.
We are seeing good growth coming through our partner channels, with significant
wins within the travel market. This market is particularly responsive to our
ability to provide consolidated payment processing across numerous sales
channels. We also made significant customer gains in the first six months of
2004 in ticketing (cinemas and events), interactive TV shopping, DVD rental and
online dating.
The introduction of Chip and PIN is acting as a catalyst to our Card Holder
Present proposition, which has been well received by the market. The team, which
has been assembled through our relationship with IBM and its partners, is
offering a very attractive alternative to the product-based solutions. The rush
to be ready for the card scheme deadline of January 2005 has been replaced by a
more considered evaluation of alternative deployments, which should benefit
DataCash. We hope to announce our first CHP contracts soon.
Cash balances increased by #802,000 in the first half, and at the end of June
2004 were #2.35m (June 2003: #920,000). We expect cash balances to continue to
grow in the second half.
The Group is pleased to announce that Terry Cave was appointed Chief Executive
of the Group with effect from 19 July 2004. This is a new appointment designed
to increase the Group's capabilities and capacity to address the rapid expansion
of the business. Terry has a wide experience of growing technology service
businesses, which will strengthen the management team and provide a significant
further impetus to our growth.
Your Board looks forward to the future with confidence.
David Bailey
Chairman
3rd August 2004
For further information contact:
DataCash: David Bailey (Chairman): 0870 7274760
St Brides Media: Isabel Crossley: 020 7242 4477
------------------------------------------------------------------------------------------------------------
Datacash Group plc
Consolidated profit and loss account (unaudited)
For the 6 months ended 30 June 2004
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec
2004 2003 2003
#000 #000 #000
Turnover 2,141 1,693 3,575
Continuing operations 2,140.66 2,141 2,073
Discontinued operations - - 971
Administrative expenses (1,502) (1,427) (2,846)
------ ------ ------
Operating profit before goodwill and 639 266 729
exceptional items
Goodwill amortisation (988) (988) (1,975)
National Insurance on share option - (10) (17)
credit
Release of provisions - - - 729
exceptional
------ ------ ------
Operating loss (349) (732) (534)
Interest receivable and similar 31 7 23
income
Amounts written off investments - - (160)
Interest payable and similar - - -
charges
------ ------ ------
Loss on ordinary activities before (318) (725) (671)
taxation
Taxation 244 - 930
------ ------ ------
Loss on ordinary activities after (74) (725) 259
taxation
Dividends - - -
------ ------ ------
Loss for the period (74) (725) 259
====== ====== ======
Basic and diluted loss per share (0.16)p (1.66)p 0.59p
Basic and diluted profit per 2.04p 0.01p 0.03p
share
(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 (unaudited)
As at 30 June 2004
As at As at As at
30 June 30 June 31 Dec
2004 2003 2003
#000 #000 #000
Fixed assets
Intangible assets 11,300 13,274 12,287
Tangible assets 118 141 126
Investments - 160 -
--------- --------- ---------
11,418 13,575 12,413
--------- --------- ---------
Current assets
Debtors 647 603 653
Debtors - Deferred tax 1,174 930
asset
Cash at bank and in hand 2,350 920 1,548
--------- --------- ---------
4,171 1,523 3,131
--------- --------- ---------
Creditors
Amounts falling due within one (1,007) (809) (908)
year
--------- --------- ---------
Net current assets 3,164 714 2,223
--------- --------- ---------
Total assets less current 14,582 14,289 14,636
liabilities
Creditors
Amounts falling due after more than - - -
one year
Provisions for liabilities and - (799) (22)
charges
--------- --------- ---------
Net assets 14,582 13,490 14,614
========= ========= =========
Capital and reserves
Called up share capital 447 440 447
Share premium account 9,743 9,568 9,701
Share scheme reserve - 4 -
Merger reserve (124) (124) (124)
Other reserve 18,889 18,889 18,889
Profit and loss account (14,373) (15,287) (14,299)
--------- --------- ---------
Equity shareholders' funds 14,582 13,490 14,614
========= ========= =========
DataCash Group plc
Consolidated cash flow statement (unaudited)
For the 6 months ended 30 June 2004
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec
2004 2003 2003
#000 #000 #000
Net cash inflow from operating activities 763 225 736
-- -- --
Returns on investments and servicing of
finance
Interest received 31 7 23
Interest paid - - -
Interest element of finance lease rental - - -
payments
Net cash inflow from returns on investments
-- -- --
and servicing of finance 31 7 23
-- -- --
Capital expenditure and financial
investment
Purchase of tangible fixed assets (35) (42) (79)
Sale of tangible fixed assets - - -
Decrease in investment loans - - -
-- -- --
Net cash outflow from capital expenditure and (35) (42) (79)
financial investments -- -- --
Net cash inflow/(outflow) before management
-- -- --
of liquid resources and financing 759 190 680
-- -- --
Management of liquid resources
Increase in short term bank deposits (921) (173) (453)
-- -- --
Net cash outflow from management of liquid (921) (173) (453)
resources -- -- --
Financing
Capital element of finance lease rental - - -
payments
Issue of Ordinary Share Capital including - - -
premium net of expenses
Exercise of share options 43 63 201
-- -- --
Net cash inflow from financing 43 63 201
-- -- --
-- -- --
(Decrease)/increase in cash in the period (119) 80 428
== == ==
Notes
(1) Basis of preparation
The results for the six months ended 30 June 2004 and the comparative figures
for the six months ended 30 June 2003 are unaudited. They have been prepared on
accounting bases and policies that are consistent with those used in the
preparation of the financial statements of the Group for the year ended 31
December 2003.
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 2003 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 loss per share are based on the following profits and
numbers of shares:
The adjusted loss per share is based on the loss after tax before goodwill
amortisation and exceptional items.
6 months ended 6 months ended Year ended 31
30 June 2004 30 June 2003 Dec 2003
#000 #000 #000
Weighted average number of 1p
ordinary shares in issue during the
period
For basic and diluted earnings per 44,726,982 43,710,435 43,981,347
share
Profit for the financial period #'000s #'000s #'000s
Profit for adjusted earnings per 914 273 1,522
share
Adjustment for goodwill (988) (988) (1,975)
amortisation
Adjustment for exceptional costs - (10) 712
----------- ------------ ----------
Profit for earnings per share (74) (725) 259
----------- ------------ ----------
(3) Reconciliation of operating loss to operating cash flows
6 months ended 6 months Year
30 June 2004 ended ended
#000 30 June 2003 31 Dec 2003
#000 #000
Operating loss (349) (732) (534)
Amortisation 988 988 1,975
Depreciation 41 71 123
Decrease in debtors 6 38 (12)
Increase/(decrease) in 99 (150) (51)
creditors
(Decrease)/increase in (22) 10 (765)
provisions
----------- ------------ ----------
Net cash inflow from operating
activities
763 225 736
----------- ------------ ----------
(4) Analysis of Net Funds
At At
1 January 2004 Cash Flow 30 June 2004
#000 #000 #000
Cash in hand and at bank 545 (119) 426
Short term bank deposits 1,003 921 1,924
----------- ---------- -----------
1,548 802 2,350
----------- ---------- -----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SSSFFESLSESA
Globaldata (LSE:DATA)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Globaldata (LSE:DATA)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024
