Feedback PLC - Interim Results
14 Dezember 1999 - 11:14AM
UK Regulatory
RNS Number:4663C
Feedback PLC
14 December 1999
Feedback PLC
- Interim Statement for the
period to 30th September, 1999 -
Chairman's Interim Statement
In common with other companies in the high technology field, the past six
months has seen great interest in the fortunes of the Group, whose shares were
included in the techMARK listing on the London Stock Exchange from its
inception in early November. Whilst most of the media coverage has focussed
on our joint venture Internet company, TekniCAL, it is pleasing to note that
our other existing companies have contributed to the satisfactory result for
the six months to 30 September 1999.
Turnover at #4,334,500 showed a 19% increase when compared with that of last
year's first half, whilst the pre-tax profit of #298,000 compares with a loss
of #334,000. Payment of a dividend on the ordinary shares is not proposed at
this stage of the return to sustainable profitability.
Feedback Instruments and Feedback Incorporated, together with TekniCAL,
continue to serve educational and training markets on a worldwide scale and
offer seamless integration of Feedback's hardware into TekniCAL's web based
student management and teaching delivery system.
Feedback Instruments had a much better first half than in the corresponding
period last year. Whilst there has been a significant recovery in export
business, it has not yet recovered to previous levels. However, there are
many encouraging aspects to the current level of sales activity, although
forecasting the timing of this potential business remains difficult.
Feedback Incorporated, where the new management team is now well established,
continues to operate broadly in line with Budget. The planned launch of the
TekniCAL product in America will take place in December where pre-launch
marketing has been encouraging.
TekniCAL provides distance learning solutions and services through an Internet
based Virtual Campus. It provides a means of delivering education and
training courses to the desktop using the latest web based technologies and is
ideally suited to the corporate training market. The system meets the needs
of educators providing 'Life Long Learning' and enables the Company to address
a much broader training environment than in the past. TekniCAL had a very
good first half and has established Virtual Campuses, providing on-line
education and training, to well over one hundred sites. The prospects for the
TekniCAL Virtual Campus are promising and it is planned to launch the product
generally overseas in the coming months.
Feedback Data had a good first half, with an increase in turnover coupled with
improved margins leading to a near 20% advance in profits for the six month
period. The emphasis on customer care and the growing VAR (Value Added
Reseller) network resulted in a further increase in demand for data capture
terminals, the Company's core product range. Sales of Microtrak (access
control/security products) now account for a significant proportion of
turnover and should benefit further as the Company appoints additional
security installers.
The Company's programme of continually up-grading product ranges and enhancing
software keeps the Company ahead in the market. The latest product is a
terminal to meet the European Working Time Directive recording requirements.
The Company is now a hardware, software and services operation, with all
sectors contributing to the improved activity and profitability. I am
confident that the current level of performance can be maintained.
The results of the German subsidiary were below expectations, with delays
experienced in securing on-going contracts. It is anticipated that the second
half should see some improvement.
The Group is feeling the benefit, both in its educational and data capture
operations , from the emphasis placed upon software development over recent
years. The results of the first half are encouraging and current activity
remains at a satisfactory level.
DH Harding
Chairman
14 December 1999
FEEDBACK PLC
PROFIT AND LOSS ACCOUNT
Six Months to Six Months to Year ended
30 Sept 99 30 Sept 98 31 March 99
#'000s #'000s #'000s
------- ------- -------
Turnover 4,334.5 3,649.3 8,445.0
Operating profit/(loss) 193.1 (218.9) 215.7
Share of operating profit
/(loss) of joint venture 103.1 (0.5) 107.6
Reorganisation costs - (116.6) (116.6)
Net interest receivable/(payable) 1.8 1.7 (24.3)
------- ------- -------
Profit/(loss) on ordinary activities 298.0 (334.3) 182.4
Tax on profit/(loss) on
ordinary activities (89.4) - 43.0
------- ------- -------
Profit/(loss) for the period
after taxation 208.6 (334.3) 225.4
Ordinary dividends paid and proposed - - -
Preference dividends paid (58.2) (76.0) (152.1)
Preference share costs appropriation (57.6) (3.6) (3.6)
------- ------- -------
Retained profit/(loss) for the period 92.8 (413.9) 69.7
Earnings/(deficit) per share 1.64p (4.82p) 0.80p
Diluted earnings/(deficit) per share 1.29p (4.82p) 0.80p
------- ------- -------
FEEDBACK PLC
BALANCE SHEET
Six Months to Six Months to Year to
30 Sept 99 30 Sept 98 31 March 99
#'000s #'000s #'000s
------- ------- -------
Fixed Assets 530.6 617.0 546.2
Investment in Joint Venture 228.1 - 125.0
------- ------- -------
758.7 617.0 671.2
Current Assets
Stocks 1,314.7 1,837.7 1,477.6
Debtors 3,557.6 2,212.6 3,213.4
Cash at bank and in hand 1,304.5 890.7 1,017.3
------- ------- -------
6,176.8 4,941.0 5,708.3
Creditors
Amounts falling due within one year (2,509.2) (1,682.4) (2,039.3)
Net Current Assets 3,667.6 3,258.6 3,669.0
------- ------- -------
Total assets less current
liabilities 4,426.3 3,875.6 4,340.2
Creditors
Amounts falling due after more
than one year (250.7) (283.1) (261.1)
------- ------- -------
Net assets 4,175.6 3,592.5 4,079.1
======= ======= =======
Capital and reserves
Ordinary share capital 1,057.4 861.9 861.9
Preference share capital 1,129.8 1,520.7 1,520.7
Reserves 1,988.4 1,209.9 1,696.5
------- ------- -------
Shareholders' funds 4,175.6 3,592.5 4,079.1
======= ======= =======
FEEDBACK PLC
CASHFLOW STATEMENT
Six Months to Six Months to Year to
30 Sept 99 30 Sept 98 31 March 99
#'000s #'000s #'000s
------- ------- -------
Net cash (outflow)/inflow from
operating activities (107.3) (67.2) 413.0
Returns on investments and
servicing of finance 1.8 1.7 (24.3)
Preference dividend paid (58.2) (76.0) (152.1)
Corporation tax paid (7.8) (20.1) (102.3)
Capital expenditure (51.5) (37.0) (48.4)
Financing (22.7) (13.5) (50.5)
Management of liquid resources 500.0 (150.0) (850.0)
------- ------- -------
Increase/(decrease) in cash 254.3 (362.1) (814.6)
------- ------- -------
Reconciliation of operating profit to operating cashflow
Six Months to Six Months to Year to
30 Sept 99 30 Sept 98 31 March 99
#'000s #'000s #'000s
------- ------- -------
Operating profit/(loss) 193.1 (222.5) 215.7
Reorganisation costs - (116.6) (116.6)
Depreciation charges 67.1 77.1 158.4
Loss on sale of tangible
fixed assets - - 3.0
Exchange difference (53.9) (11.3) (13.5)
Decrease/(increase) in stocks 162.9 (103.5) 256.6
(Increase)/decrease in debtors (413.8) 540.8 (390.4)
(Decrease)/increase in creditors (62.7) (231.2) 299.8
Net cash (outflow)/inflow from
operating activities (107.3) (67.2) 413.0
Notes:
The interim figures for the six months to 30 September 1999, which are
unaudited, have been prepared on the basis of the accounting policies set out
in the Annual Report and Accounts for the year ended 31 March 1999. The
Financial information contained in this Interim Report does not amount to full
accounts within the meaning of Section 240 of the Companies Act 1985.
The results for the year ended 31 March 1999 are extracted from the published
accounts for that period on which the auditors gave an unqualified report and
which have been filed with the Registrar of Companies.
The earnings per share for the six months ended 30 September 1999 is based on
the Group profit on ordinary activities after taxation and preference
dividends of #150,400 attributed to 9,172,838 ordinary shares, being the
weighted average number of ordinary shares in issue. Diluted earnings per
share is calculated on the weighted average number of ordinary shares assuming
the conversion of all the 1,410,000 Convertible Redeemable Cumulative
Preference Shares (7,050,000 ordinary shares) and the exercise of share
options (16,155).
Copies of this announcement will be posted to shareholders in due course.
Enquiries: Roger Barnett
Feedback plc
01892 653 322
END
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