21 December 2006
IMS MAXIMS plc
Interim Results for the period ended 30 September 2006
Chairman's statement
Review of the half year to 30thSeptember 2006
The directors are pleased to present our interim results for the six months
ended 30th September 2006.
As anticipated in previous statements, the changing circumstances in the NHS
market have been positive for your company. As Connecting for Health (CfH)
responds to the immediate needs of Trusts we continue to see a move away from
the monopolistic "one size fits all" basic product approach to solutions that
are crafted differently depending on the individual circumstances. We believe
that we are well placed to provide excellent product solutions in a number of
these cases, particularly in the light of product delivery delays from other
suppliers. However, patience is still required, and we do not anticipate
announcing any further major wins this financial year.
In August 2006, we announced a 3-year contract with BT (the LSP for the London
area) worth almost �5m for supply of four IMS clinical applications in Barking,
Havering and Redbridge NHS Trust (BHRT). Our first deliveries against this
highly significant contract have proceeded as scheduled during the first half
of the year, resulting in a 41% increase in turnover. This in turn has improved
operating profit by more than �500,000, and has caused an overall profit for
the half year. Further revenue from the BHRT contract this year is dependent on
the speed of deployment of the delivered software in the Trust, and, as such,
is largely outside our control. We remain confident that BHRT will become a
very good reference site for future prospective customers.
In view of this confidence, we have begun to cautiously build up the company's
capability to respond to the market and have increased the cost base slightly.
Overall, we believe that the strategy that we have adopted over the past few
years is paying off, and your company is much better placed than it has been
for some time.
D W MacDonald
21 December 2006
Consolidated Profit and Loss Account
Restated Restated
6 months 6 months Year ended
30 Sept 2006 30 Sept 2005 31 March 2006
Unaudited Unaudited Audited
Notes �000's �000's �000's
Turnover
Group Turnover 2 2,421 1,713 3,827
Cost of Sales (237) (59) (376)
Gross Profit 2,184 1,654 3,451
Selling, distribution and
administration costs 3 (1,534) (1,514) (3,034)
Amortisation and exceptional (138) (138) 130
items
Group operating profit 512 2 547
Net interest payable (487) (408) (480)
Profit / (Loss) on ordinary
activities
before taxation 2 25 (406) 67
Tax on profit / (loss) on 4 - - -
ordinary activities
Profit on ordinary activities 25 (406) 67
after taxation
Minority interests - Equity - - 1
Profit / (Loss) for the
financial period
attributable to members of the
parent company 25 (406) 68
Basic profit / (loss) per 5 0.01p (0.17p) 0.03p
Ordinary Share
Diluted profit / (loss) per 5 0.01p (0.17p) 0.03p
Ordinary Share
Group Statement of total recognised gains and losses
Restated Restated
6 months 6 months Year ended
30 Sept 2006 30 Sept 2005 31 March 2006
Unaudited Unaudited Audited
Notes �000's �000's �000's
Profit / (Loss) for the
financial period
attributable to members of
parent undertaking 25 (406) 68
Exchange differences on
retranslation of net assets
of subsidiary - - (186)
25 (406) (118)
Consolidated balance sheet
as at 30 September 2006
Restated Restated
30 Sept 2006 30 Sept 2005 31 March 2006
Unaudited Unaudited Audited
Notes �000's �000's �000's
Fixed assets
Intangible assets 2,675 2,955 2,814
Tangible assets 37 57 40
Total 2,712 3,012 2,854
Current assets
Debtors falling due after 1 1,147 1,325 1,232
year
Debtors 2,902 1,231 2,298
Cash at bank and in hand 170 129 159
4,219 2,685 3,689
Creditors
Amounts falling due within one (4,994) (5,840) (6,588)
year
Net current liabilities (775) (3,155) (2,899)
Total assets less current 1,937 (143) (45)
liabilities
Creditors due after more than
one year (6,251) (5,680) (5,453)
(4,314) (5,823) (5,498)
Minority interests
Equity (43) (11) (43)
(4,357) (5,834) (5,541)
Capital and reserves
Called up share capital 2,534 2,341 2,341
Share premium account 7,593 6,490 6,490
Merger reserve 3,600 3,600 3,600
Other Reserve 32 128 168
Profit and loss account (18,116) (18,393) (18,140)
Equity shareholders funds 9 (4,357) (5,834) (5,541)
Group statement of cash flows
as at 30 September 2006
Restated Restated
6 months 6 months Year ended
30 Sept 2006 30 Sept 2005 31 March 2006
Unaudited Unaudited Audited
Notes �000's �000's �000's
Net cash (outflow)/inflow from
operating activities 6 (332) 589 195
Returns on investments and
servicing of finance
Interest paid (487) (371) (693)
Interest received - - 184
(487) (371) (509)
Taxation - - -
Capital expenditure and
financial
investment
Payments to acquire tangible
fixed assets - (3) (6)
- (3) (6)
Net cash (outflow)/inflow (819) 215 (320)
before financing
Financing
Proceeds from issue of shares 1,296 - -
Long term loan 1,000 - 1,156
Repayment of capital element
of
Long term loans (199) (786) (1,236)
Redemption of convertible (1,261) - -
shares
Redemption of convertible debt (126)
Repayment of capital element
of
finance leases (6) (10) (11)
Net cash inflow/(outflow)
from financing 830 (796) (217)
Increase/(decrease) in cash 7 11 (581) (537)
Notes to the interim statement
1. Basis of preparation
The interim financial statements have been prepared in accordance with
applicable United Kingdom accounting standards and under the historic cost convention. The
principal accounting policies have remained unchanged from those in the group's
2006 annual report and financial statements. The report has not been audited or
independently reviewed by the auditors.
2. Segmental analysis
Turnover is attributable to one continuing activity, the provision of computer
software products and related services.
An analysis of turnover by geographical area is given below:
Restated Restated
6 months ended 6 months ended Year ended
30 Sept 2006 30 Sept 2005 31 March 2006
�000's �000's �000's
Turnover
United Kingdom 1,920 1,091 2,865
Europe 501 622 962
Group Turnover 2,421 1,713 3,827
Profit/(loss) before
taxation
United Kingdom 1,108 494 1,207
Europe (458) (354) (381)
650 140 826
Common costs - goodwill (138) (138) (279)
amortisation
Net interest (payable)/ (487) (408) (480)
Profit / (Loss) ordinary
activities
before taxation 25 (406) 67
3. Operating costs
The comparative figures for costs are current period �1,534,000 (September
2005: �1,514,000).
4.. Taxation
No provision for taxation has been made due to the availability of losses.
5. Earnings / (Loss) per share
The calculation of the basic earnings per share for the 6 months ended 30
September 2006 is based on a profit of �25,000 (30 September 2005: loss of �
406,000) and a weighted average number of shares in issue during the period of
243,267,332 (30 September 2005: 234,063,332). The calculation of the diluted
earnings per share for the 6 months ended 30 September 2006 is based on a
profit of �25,000 (30 September 2005: loss of �406,000) and a weighted average
number of shares in issue during the period of 243,267,332 (30 September 2005:
234,063,332).
The calculation of the basic and diluted earnings per share for the year ended
31 March 2006 is based on a profit of �68,000 and a weighted average number of
shares in issue during the period of 234,063,332.
6. Net cash (outflow) / inflow from operating activities
Restated Restated
6 months ended 6 months Year ended
ended
30 Sept 2006 30 Sept 2005 31 March 2006
�000's �000's �000's
Operating profit 512 2 547
Depreciation of tangible fixed 3 29 50
assets
Amortisation of intangible 138 138 (137)
fixed assets and Exceptional
Items
Exchange gain/(loss) - - (130)
(Increase) / decrease in (520) 882 (92)
debtors
(Decrease) in creditors (465) (462) (43)
Net cash (outflow)/inflow (332) 589 195
7. Reconciliation of net cash flow to movement in net funds
Restated Restated
6 months ended 6 months Year ended
ended
30 Sept 2006 30 Sept 2005 31 March 2006
�000's �000's �000's
Increase/(decrease) in cash 11 (581) (537)
Convertible Debt 1,134 - 74
Capital element of
loans (801) 786 80
Repayment of capital element of
finance leases 6 10 11
Change in net funds resulting
from cashflows 350 215 (372)
Foreign currency translation - - (137)
difference
Movement in net funds 350 215 (509)
Net funds at 1 April (8,673) (7,167) (8,164)
Net funds at 30 September/31 (8,323) (6,952) (8,673)
March
8. Analysis of net funds
1 April Cashflow 30 Sept
2006 2006
Cash at bank 159 11 170
Bank overdraft (37) - (37)
Cash at bank 122 11 133
Finance leases (6) 6 -
Loans (8,789) 333 (8,456)
Net funds (8,673) 350 (8,323)
9. Reconciliation in movement of shareholders' funds
Restated Restated
6 months ended 6 months Year ended
ended
30 Sept 2006 30 Sept 2005 31 March 2006
�000's �000's �000's
Total recognised gains and 25 (406) (118)
losses
Net new shares issued 1,159 - -
1,184 (406) (118)
Shareholders funds 1 April (5,541) (5,428) (5,423)
Shareholders funds
30 September/31 March (4,357) (5,834) (5,541)
10. Publication of non-statutory accounts
The financial information set out in this interim report does not constitute
statutory accounts as defined by section 240 of the Companies Act 1985. The
figures for the year ended 31 March 2006 have been extracted from the statutory
financial statements, which have been filed with the Registrar of Companies.
The auditors' report on those financial statements was unqualified and did not
contain a statement under section 237 of the Companies Act 1985.
The Board approved the interim report on 21 December 2006.
END
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