Interim Results/Acquisition
30 Setembro 2002 - 4:02AM
UK Regulatory
RNS Number:7996B
VI Group PLC
30 September 2002
30 September 2002
Press Release
VI GROUP plc
Interim results for the six months to 30 June 2002
VI Group plc ("VI" or "the Group"), one of the leading suppliers of CAD/CAM
software to the mould and die sector, announces today its results for the six
months to 30 June 2002, together with the Group's acquisition of the Machining
Strategist business from NC Graphics (Cambridge) Ltd.
Strategic developments
* Acquisition of the Machining Strategist business from NC Graphics
(Cambridge) Ltd. for #1.25 million, including #0.25 million in new ordinary VI
Group shares
* Expansion of North American distribution, following with the
acquisition of Vero Tooling Solutions Inc. based in Burlington, Ontario
* Expansion in France, with the establishment of a direct sales
operation with offices in Lyon and Lille
* Management buyout of Visi S.r.o, VI's wholly owned subsidiary based in
the Czech Republic
* Successful placing in May, raising #3.0 million and increasing cash
balances to #3.1 million at 30 June 2002, compared to #0.6 million at the
beginning of the year.
Financial Summary
* Turnover up 4% to #3.2 million (2001: #3.1 million)
* Loss on ordinary activities before taxation of #0.36 million (2001:
profit of #0.32 million)
* Loss on ordinary activities after taxation of #0.27 million (2001:
profit of #0.19 million)
* Loss per share of 1.04 pence (2001: earnings per share of 0.94 pence).
Commenting on the interim results, Don Babbs, Chief Executive of VI, said:
"Recent months have seen a busy period of corporate activity. While conditions
in the second quarter were unfavourable in some of our major markets, resulting
in lower than expected growth, we have continued to invest for the future
expansion of the Group. Revenues in the second quarter reflect a general air of
uncertainty in many of the world's major industrial markets, although the third
quarter is set to close with growth over last year.
"Having worked with the Machining Strategist team for nearly a year, we believe
this product will be of particular value in an end to end mould design solution
as well as being an outstanding shop floor based CAM system. The Cambridge based
development team will play a major role in helping VISI-Series gain market share
in this consolidating market."
- Ends -
For further information:
Don Babbs, Chief Executive
Peter Wharton, Finance Director Tel: 01453 732 900
VI Group plc
Dominic Barretto Tel: 020 7606 1244
Merlin Financial
Attached: Chairman's Statement
Unaudited consolidated profit & loss account
Unaudited consolidated balance sheet
Notes to the interim results
Chairman's Statement
I am pleased to announce the Group's interim results for the six months to 30
June 2002 and report on some important corporate developments.
Strong support was received from institutional investors for the private placing
completed in May. This was very encouraging and has enabled the Group to embark
on further growth projects in line with our strategy for both organic growth and
acquisitions within the CAM sector. The acquisition of the Machining Strategist
business represents a significant step in enhancing VI's product range and
expanding distribution.
Trading conditions in some of our key markets have become more difficult as
economic uncertainties have delayed corporate expenditure decisions. However, we
believe that our investments will produce positive results and we therefore
continue to view the future of our business with confidence.
Financial results
Group turnover for the six month period increased by 4% to #3.2 million (2001:
#3.1 million). The loss on ordinary activities before taxation was #0.36 million
(2001: profit of #0.32 million). The loss on ordinary activities after taxation
was #0.27 million (2001: profit of #0.19 million). The resulting basic loss per
share was 1.04 pence (2001: earnings per share of 0.94 pence).
Cash balances increased to #3.1 million at 30 June 2002 (31 December 2001: #0.6
million), largely as a result of the placing in May, which raised approximately
#3.0 million net of fees from the issue of 14,651,166 ordinary shares of 0.5
pence.
Trading
As a result of our new office in Detroit, strong revenue growth of over 100% was
experienced in North America. Likewise, Germany continued to grow strongly, with
revenue growth of 27%. Trading was slower than expected in other parts of the
world, particularly in the second quarter as Italian sales remained flat, UK
manufacturing faltered and Japanese concerns about domestic demand grew.
However, there has been a bright start to the third quarter and the launch of
Release 10 of VISI-Series, which is available from this month. This latest
release includes new machining, modelling and progressive die capabilities,
which will assist sales in the important last quarter of this year.
Machining Strategist business
The Board is pleased to announce today VI's acquisition of the Machining
Strategist business from NC Graphics (Cambridge) Ltd. for a consideration of
#1.25 million. This comprises #0.25 million in shares and #1.0 million in cash.
We have been working to incorporate this product under license since last year
and it already forms part of the 3D CAM solution of VISI-Series Release 10. The
integration of Machining Strategist functionality brings substantial advances in
speed and productivity for both our current users and new customers alike. In
addition, we will continue to sell and develop Machining Strategist for its
principal markets, as we believe there is a significant and growing market for
automated shop floor based machining. The development team will be situated in
the high technology area of Cambridge and will form VI's UK product development
centre. The Machining Strategist business includes a UK sales team and an
overseas distribution network, which currently sells Machining Strategist in ten
countries, the most significant being Japan and Korea.
Revenues for the business amounted to #1.0 million for the year ended December
2001 with an operating profit of approximately #0.2 million. Benefits to VI will
include a significant saving of annual license fees previously paid to NC
Graphics, as well as the contribution from the expanded business and cost
savings from overlapping marketing efforts.
Other business developments
The recent acquisition of our Canadian distributor, Vero Tooling Solutions Inc.,
has added an experienced sales and support team based in Burlington, near
Toronto. This office will operate as an integrated part of the operations in
Detroit, serving the important mould and die market located between Detroit and
Toronto and the surrounding area.
In France, we have recently taken on a team of six experienced personnel to
provide additional focus on VI's products in this important market. With the
combined benefits of skilled personnel, an established customer base and a new
product release, the team has an outstanding opportunity to expand the business
and provide a much stronger presence in this market.
The wholly owned subsidiary Visi S.r.o, distributing mainly to the Czech
Republic, has recently been the subject of a management buyout and is now under
the ownership of its management. This will have a small impact on VI's future
revenues as the operation moves from being a direct channel to an indirect one.
However, the additional incentive presented to its management should have a
beneficial effect on the profit and cash flow to VI, while at the same time
allowing VI to focus its resources on areas considered to have a greater growth
potential.
Product development
VI is continuing to develop highly productive software solutions to provide an
end to end design to build process capability in the mould and die sector.
Release 10 covers many new areas of this process providing customers with
additional opportunities for improvements in productivity.
Outlook
Investments made during the course of this year are expected to enhance the
Group's position in the market place and provide further stimulus for growth.
Release 10 has been well received by our distributors and gives our customers
additional productivity gains and an increased incentive to invest in the latest
technology.
Since announcing the successful private placing, activities to expand
distribution and add key technologies have moved forward and produced
significant opportunities for expansion of the Group. We therefore look forward
to announcing further positive developments in the business.
Stephen Palframan
Chairman
30 September 2002
Unaudited Consolidated Profit and Loss Account
Six months to Six months to Year ended
30 June 2002 30 June 2001 31 Dec 2001
Unaudited #'000 Unaudited Audited
#'000 #'000
Turnover 3,200 3,083 6,456
Cost of sales (784) (735) (1,391)
Gross profit 2,416 2,348 5,065
Selling expenses (1,336) (940) (2,117)
Administrative expenses (905) (646) (1,349)
Product development (531) (497) (1,007)
Net other operating income - 66 132
Operating (Loss) profit (356) 331 724
Net interest and similar charges (1) (7) 2
(Loss) profit on ordinary activities before (357) 324 726
taxation
Taxation on profit on ordinary activities 90 (133) (288)
(Loss) profit on ordinary activities after taxation (267) 191 438
(Loss) earnings per share - basic (pence) (1.04)p 0.94p 2.12p
- diluted (pence) (1.04)p 0.94p 2.12p
Shares used in computing earnings per share
(thousands) - basic 25,731 20,360 20,642
- diluted 25,748 20,397 20,673
Unaudited Consolidated Statement of Total Recognised Gains and Losses
Six months to Six months to Year ended
30 June 2002 30 June 2001 31 Dec 2001
Unaudited #'000 Unaudited Audited
#'000 #'000
(Loss) profit for the period (267) 191 438
Exchange movements (4) (19) (32)
Total recognised (losses) gains (271) 172 406
Unaudited Consolidated Balance Sheet
As at 30 June As at 30 June As at 31 Dec 2001
2002 Unaudited 2001 Unaudited Audited
#'000 #'000 #'000
Fixed assets:
Intangible fixed assets 508 657 572
Tangible fixed assets 449 398 393
Investments - 1 1
957 1,056 966
Current assets:
Stock 35 34 27
Debtors 4,064 3,256 4,165
Cash at bank and in hand 3,137 645 513
7,236 3,935 4,705
Creditors: amounts falling due within one year (2,008) (2,033) (2,238)
Net current assets 5,228 1,902 2,467
Total assets less current liabilities 6,185 2,958 3,433
Creditors: amounts falling due after more than one (57) (63) (58)
year
Provisions for liabilities and charges (222) (190) (193)
Net Assets 5,906 2,705 3,182
Capital and reserves:
Share capital and share premium 5,820 2,582 2,825
Other reserves 10 10 10
Profit and loss account 76 113 347
Equity shareholders' funds 5,906 2,705 3,182
Notes to the interim results
1. The unaudited results for the six months to 30 June 2002 have been
prepared on the basis of accounting policies consistent with those adopted for
the year ended 31 December 2001, as stated in the report and accounts for the
Group, and are presented to United Kingdom generally accepted accounting
principles. The financial information does not constitute statutory accounts
within the meaning of Section 240 of the Companies Act 1985. Statutory accounts
for the year ended 31 December 2001, incorporating an unqualified audit report,
have been filed with the Registrar of Companies.
2. The Directors do not propose any payment of a dividend.
3. Earnings per share figures have been calculated on the profit for the
period divided by the weighted average number of shares.
4. Copies of the interim report will be posted to shareholders and made
available to the public at the Company's registered office: VI Group plc, The
Mill, Brimscombe Port, Stroud, Gloucestershire GL5 2QG, or by accessing the
Company's website (www.vero-software.com).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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