RNS Number:3408N
InTechnology PLC
09 June 2005
9th June 2005
InTechnology plc
Preliminary results for the year ended 31 March 2005
InTechnology plc ("InTechnology" or "the Company"), Europe's leading provider of
data storage, security and network solutions and managed services, announces
final results for the year ended 31 March 2005.
Despite tough trading conditions in the IT market, InTechnology is reporting
strong sales growth in all areas of its Specialist Distribution business and a
breakthrough into monthly operating profit (before amortisation of goodwill) for
its Managed Services Division.
Financial highlights
* Total turnover increased 28% to #283.5m (2004 restated*: #221.9m)
- Specialist Distribution turnover up 26% to #261.4m
(2004 restated: #207.4m)
- Managed Services turnover up 52% to #22.1m (2004: #14.5m)
* Gross profit increased 31% to #52.9m (2004 restated: #40.5m)
* EBITA increased to #4.4m (2004 restated: #1.4m)
* Group operating loss reduced to #0.3m (2004 restated: #3.0m)
* Cash at bank and in hand of #10.5m (2004: #16.4m) and net debt
increased to #22.2m (2004: #10.4m) to fund growth in of working
capital, particularly in Continental Europe
Operational highlights
* Specialist Distribution division:
- All areas enjoyed good revenue growth, despite difficult trading
conditions
- Particularly strong performance in Security solutions
- Continental Europe sales up 73%
- Network products division started during the year
* Managed Services division:
- Monthly operating profit (before amortisation of goodwill)
achieved in the second half year
- New long term contracts signed with Jarvis Rail plc, Balfour
Beatty, T-Mobile, Wanadoo and London Business School
- 60% of customers now taking two or more services (of the 10
managed services now offered by InTechnology)
- Partnership signed with IBM to sell VBAK service through IBM's
UK sales network
* See Note 3 and interim results
Commenting on the results, Peter Wilkinson, CEO of InTechnology said:
"We are pleased with the progress made by the Group this year, characterised in
particular by significant revenue growth across our Specialist Distribution
business and, latterly, by reaching monthly operating profit (before
amortisation of goodwill) in our Managed Services division.
"We are optimistic about prospects for our business in the year ahead. We are
confident that sales volumes can increase to counter the pressures on gross
margin within our Specialist Distribution division.
The strong performance of these established businesses, together with increased
recurring revenue streams and exciting initiatives in our Managed Services
division, give me confidence in our prospects for future growth and
profitability."
For further information:
InTechnology plc 020 7786 3400
Peter Wilkinson / Andrew Kaberry
Financial Dynamics 020 7831 3113
Giles Sanderson / James Melville-Ross / Juliet Clarke
Note to editors:
InTechnology plc is a 22-year old AIM listed public company, employing 500
people in France, Germany, Italy, Netherlands, Portugal, Spain, Switzerland and
headquartered in the UK.
InTechnology provides IT infrastructure solutions, products and services to
business, through a network of value-added resellers, systems integrators and
consultants.
The company's offering unifies all areas of IT infrastructure to help
organisations:
* Store data in the face of 100% year-on-year growth in data volumes
* Manage data for optimum business efficiency and reduced operational cost
* Protect data against ever increasing threats from malicious attack to data
loss
* Network data to maximise network computing opportunities
* Liberate corporate data to maximise its value for the organisation
More details about InTechnology (LSE, AIM: ITO) are available at
www.intechnology.co.uk
Chairman's Statement
In the year ended 31 March 2005 InTechnology has made clear and sustained
progress across all parts of the group. Most significantly we reduced operating
losses (before amortisation of goodwill) within our Managed Services division to
#2.0m (2004: #7.8m) achieving the breakthrough into monthly operating profit
(before amortisation of goodwill) during the second half of the financial year.
Managed Services division operating losses were reduced to #4.3m (2004:
#10.0m). Revenues in the Specialist Distribution division increased by 26% to
#261.4m (2004 restated: #207.4m).
Through investment in recent years, InTechnology has developed a range of
managed services which allow organisations to free up valuable management time
by outsourcing specific areas of IT infrastructure. This division now has a
portfolio of 10 services, from data backup and IP telephony to hosting and other
network services, and is a fundamental part of our long-term competitive
strategy.
Despite difficult trading conditions in the IT market, our distribution business
has enjoyed revenue growth in each of its geographic territories. Distribution
agreements with new vendors and extensions to existing contracts have
contributed to this growth, with particularly excellent results coming from
sales of security solutions in the UK and Continental Europe.
In the final quarter of the year we began the distribution of network products,
thus providing a natural link between storage and security and completing our IT
infrastructure offering.
InTechnology's corporate objectives remain consistent and clear - to offer a
complete range of products, solutions and services to meet the IT challenges
organisations face in today's network-based computing environment. We also
remain committed to selling through the IT channel of resellers, consultants and
systems integrators.
Our strategy is serving us well and has put the business in a strong position to
meet the challenges of the IT market in the year ahead.
Finally, the energy, technical ability and enthusiasm of our people never fails
to impress me and I would like to thank all our staff, as well as our vendor and
reseller partners, for their contributions to InTechnology in the last year.
Lord Parkinson
Chairman
9 June 2005
Chief Executive's Review
Overview
We are very pleased with the progress made by the Group this year, characterised
in particular by significant revenue growth across our Specialist Distribution
business and, latterly, by reaching monthly operating profit (before
amortisation of goodwill) in our Managed Services division.
In a challenging trading environment, we have seen our operating profit (before
amortisation of goodwill) increase to #4.4m (2004 restated: #1.4m). Group
operating loss was reduced to #0.3m (2004 restated: #3.0m). We have aggressive
plans for future revenue growth and increased profitability and we have already
restructured our sales team, brought on board new vendors and, with the
intellectual property in the business, developed our own service technologies to
support this objective. We are confident that our strategy remains sound and
that we are on track to meet our expectations of sustainable profitability.
Managed Services
Our managed services portfolio allows organisations to outsource specific areas
of IT infrastructure to free up valuable staff resource, improve service levels,
reduce operational cost and deliver the flexibility to scale the service
according to business requirements.
The Managed Services division has required significant investment in the five
years since commencement, culminating this year in an increase in sales revenue
of 52% to #22.1m (2004: #14.5m). In addition, the division has moved into
monthly operating profit (before amortisation of goodwill) in the second half of
the year. This positive contribution is a key factor in the significant
reduction in Group operating loss this year.
During the year we have seen many new long-term contracts from blue-chip and
public sector organisations including Jarvis Rail plc, Balfour Beatty, T-Mobile,
Wanadoo and London Business School. This new business, together with our
existing customer base, means we have grown our annualised recurring revenue
stream to #23.2m (2004: #18.0m).
We are also delighted that 60% (2004: 58%) of our customers take 2 or more of
our range of ten managed services (2004: six). We expect to build on this trend
with new services launched during the last year and further services to be
launched in the new fiscal year. These include:
* IP Voice Connect(TM): an IP telephony service for business
* A new version of our successful VBAK(R) data backup and recovery
service aimed at the SME market
* Information Lifecycle Management ("ILM") pay-as-you-go service
Another major development is an exciting partnership with IBM Business
Continuity & Recovery Services, which will see our VBAK(R) service sold to IBM
customers through their UK sales network. We are already an IBM Premier Business
Partner for hardware and software distribution and I expect this extension of
our long-standing relationship to make a major contribution to sales revenue
next year.
Specialist Distribution
Despite a difficult trading environment throughout the IT market, in particular
pressure on margins from vendors and customers, our Specialist Distribution
division has increased sales by:
* 16% in the UK
* 73% in Continental Europe
Gross margins have, however, been squeezed as pressures from vendors and
customers have intensified.
We have seen much success this year in the Distribution market, including:
* A strong performance in sales of Network Appliance solutions in the
year - we expect to see the growth continue
* Becoming Europe's leading distributor of CheckPoint
* Extending our storage agreement with Sun Microsystems to Channel
Development Partner for the entire product range including storage,
enterprise servers and mobile computing
* Becoming recognised as one of the leading distributors for Nokia
secure mobile connectivity solutions in Europe, the Middle East and
Africa ('EMEA')
Following our acquisition of the specialist security distributor Allasso on 31
July 2003, we have now completed the integration of all its operations across
Continental Europe, maximising the efficiency of the business with centralised
logistics, consistent processes and a single management information system.
These internal changes are combined with a focus on developing customer
relationships on a pan-European basis with large resellers.
We are particularly pleased that our security expertise was recognised by
Microsoft in Q4 when they chose InTechnology to help them move into the European
IT security market. In a new partnership agreement with Microsoft and Network
Engines, we will be distributing Microsoft ISA server software on the Network
Engines platform in a 12-month exclusive agreement throughout the UK and
Continental Europe.
Also, with corporate networks struggling to cope with exponential increases in
network traffic, we began distribution of network solutions in H1 to exploit
this expanding market. Our experience in running our own national ethernet
network in the UK ('LANnet') means we can leverage our existing skills to
deliver data networking, WAN/LAN, VPN, ethernet switching and wireless networks.
To date, we have signed distribution agreements to sell Nortel and Juniper
network products across the UK and Continental Europe.
Finally, in June 2004, we acquired the trade and assets of NetConnect Training
from NetConnect Limited for cash consideration of #900,000 and contingent
consideration to a maximum of #100,000. The business is fully integrated into
the Group and operates under the InTechnology name. As a result, we are the UK's
leading provider of authorised storage, security and internet training, and the
world's largest CheckPoint, Nokia and Clearswift authorised training providers.
Trading and operating performance
We achieved encouraging revenue growth across all divisions, with Group turnover
increasing to #283.5m this year (2004 restated: #221.9m)
* #198.2m (2004 restated: #170.8m) for the UK specialist distribution
division
* #63.2m (2004: #36.6m) for the Continental Europe specialist
distribution division
* #22.1m (2004: #14.5m) for Managed Services division
However, against a background of gross margin erosion across the industry, our
UK storage margins fell by 0.9% and security solutions margins by 2.4%
year-on-year. In the European market, we experienced a 2.5% drop in margins but
nonetheless won increased market share.
The Group had a net cash outflow from operating activities of #2.0m (2004: #3.5m
inflow). This was largely as a result of an increase in working capital
requirements as we grew turnover in our European subsidiaries and funded
unusually high stock levels with a major storage vendor.
Cash at bank and in hand at the year-end was #10.4m (2003: #16.4m). However,
funding of working capital to support European growth together with continuing
capital expenditure in our Managed Services division contributed to an increase
in net debt to #22.2m (2004: #10.4m).
Meeting customer expectations
In the first half of the year, we carried out a full review of our customers'
requirements and have now implemented changes to our organisational structure in
order to meet these needs and maximise our sales opportunities.
Customer sales focus on the following:
* Developing the resellers' market opportunities from the full
InTechnology range of products, solutions and services.
* Maximising margins by reducing the cost of sale
* Accelerating the speed at which the sale is closed by the reseller
In support of customer sales, we have Vendor teams to maintain our speciality
and expertise around our core competencies in Storage, Data Management, Security
and Networks.
A sea change in the marketplace
We are experiencing a sea change in the IT sales channel in relation to the
market for services; traditional reseller business models which relied solely on
sales of hardware to established end user customers, are no longer sustainable.
End users increasingly want to outsource parts of their IT infrastructure to
save cost and enable them to focus on their own core IT objectives. As a result,
we are experiencing strong interest from major channel reseller partners in our
managed services portfolio and see this as further confirmation that our
strategy is sound.
Outlook
We are optimistic about prospects for our business in the year ahead. We are
confident that sales volumes can increase to counter the pressures on gross
margin within our Specialist Distribution division.
The strong performance of these established businesses, together with increased
recurring revenue streams and exciting initiatives in our Managed Services
division, give me confidence in our prospects for future growth and
profitability.
Peter Wilkinson
Chief Executive Officer
9 June 2005
Consolidated profit & loss account
For the year ended 31 March 2005
2005 2004
(Unaudited) (Audited)
(Restated)
Note #'000 #'000
Turnover
Continuing operations 282,262 221,868
Acquisition 1,260 -
2, 3 283,522 221,868
Cost of sales (230,579) (181,331)
Gross profit 3 52,943 40,537
Net operating expenses before depreciation and
amortisation of goodwill (42,204) (33,524)
Depreciation (6,388) (5,640)
Amortisation of goodwill (4,635) (4,403)
Net operating expenses (53,227) (43,567)
Group operating (loss)/profit
Continuing operations (551) (3,030)
Acquisition 267 -
Group operating loss 2 (284) (3,030)
Net interest payable (2,181) (1,050)
Loss on ordinary activities before taxation (2,465) (4,080)
Tax on loss on ordinary activities 3, 4 (110) (809)
Loss sustained for the financial year 3 (2,575) (4,889)
EBITA 4,351 1,373
Loss per share (pence)
Basic and diluted 5 (1.84) (3.54)
Adjusted earnings/(loss) per share (pence)
Basic and diluted 5 1.48 (0.35)
EBITA comprises earnings before interest, taxation, and amortisation of
goodwill.
There is no difference between the loss on ordinary activities before taxation
and the loss sustained for the financial year and their historical cost
equivalents.
Consolidated statement of total recognised gains and losses
for the year ended 31 March 2005
2005 2004
(Unaudited) (Audited)
(Restated)
Note #'000 #'000
Loss sustained for the financial year (2,575) (4,889)
Unrealised gain on revaluation of land & buildings 1,754 -
Exchange gain/(loss) on translation of overseas subsidiaries 172 (301)
Exchange (loss)/gain on translation of hedging loan (172) 301
Total recognised gains and losses relating to the year (821) (4,889)
Prior year adjustment 3 (753) -
Total recognised gains and losses since last annual report (1,574) (4,889)
Consolidated balance sheet
As at 31 March 2005
2005 2004
(Unaudited) (Audited)
(Restated)
Note #'000 #'000
Fixed assets
Intangible assets 74,813 76,910
Tangible assets 14,773 13,443
89,586 90,353
Current assets
Stocks 13,179 10,811
Debtors - amounts falling due within one year 105,399 91,265
Cash at bank and in hand 10,488 16,379
129,066 118,455
Creditors - amounts falling due within one year (118,174) (98,395)
Net current assets 10,892 20,060
Total assets less current liabilities 100,478 110,413
Creditors - amounts falling due after more than one year (9,001) (18,246)
Provisions for liabilities and charges - (144)
Net assets 2 91,477 92,023
Capital and reserves
Called up share capital - equity 1,411 1,384
- non-equity 480 480
Share premium account 188,668 188,420
Revaluation reserve 1,754 -
Profit and loss account (100,836) (98,261)
Shareholders' funds (including non-equity interests) 91,477 92,023
Consolidated cash flow statement
for the year ended 31 March 2005
2005 2004
(Unaudited) (Audited)
Note #'000 #'000
Net cash (outflow)/inflow from operating activities 6 (2,000) 3,485
Returns on investments and servicing of finance
Interest received 160 324
Interest element of finance lease payments (282) (220)
Interest paid (2,033) (1,104)
Debt issue costs - (300)
Net cash outflow from returns on investments and servicing of finance (2,155) (1,300)
Taxation paid (1,135) (1,305)
Capital expenditure and financial investment
Purchase of tangible fixed assets (6,106) (4,010)
Sale of tangible fixed assets 1,542 349
Net cash outflow from capital expenditure and financial investment (4,564) (3,661)
Acquisitions
Purchase of subsidiary undertakings (including costs) (980) (18,578)
Net cash at bank acquired with purchase of subsidiary undertakings - 2,731
Net cash outflow for acquisitions (980) (15,847)
Net cash outflow before financing (10,834) (18,628)
Financing
Issue of ordinary share capital 275 32
Net increase in borrowings 6,615 18,090
Capital element of finance lease payments (1,991) (1,173)
Net cash inflow from financing 4,899 16,949
Decrease in cash in the year 7 (5,935) (1,679)
Notes to the Preliminary Announcement
For the year ended 31 March 2005
1 Basis of preparation
The financial information included in this Preliminary Announcement does not
constitute statutory accounts within the meaning of section 240 of the Companies
Act 1985. The financial information has been prepared on the basis of
accounting policies consistent with those set out in the statutory Annual Report
and Accounts for the year ended 31 March 2004, other than as described in note
3, which have been filed with the Registrar of Companies and on which the
auditors gave an unqualified opinion. The Annual Report and Accounts for the
year ended 31 March 2005, on which the auditors have still to report, will be
delivered to the Registrar of Companies and will be posted to shareholders on 6
July 2005. Further copies are available on request from the registered office
of the Company at Nidderdale House, Beckwith Knowle, Otley Road, Harrogate, HG3
1SA.
2 Segmental information
Turnover Turnover Operating (loss)/profit
by by by
destination source source
2005 2004 2005 2004 2005 2004
(Unaudited) (Audited) (Unaudited) (Audited) (Unaudited) (Audited)
(Restated) (Restated) (Restated)
#'000 #'000 #'000 #'000 #'000 #'000
Geographical analysis
United Kingdom 217,761 184,093 220,339 185,294 (403) (3,787)
Continental Europe 64,970 37,174 63,183 36,574 119 757
North America 207 293 - - - -
Africa 68 176 - - - -
Rest of the World 516 132 - - - -
Total 283,522 221,868 283,522 221,868 (284) (3,030)
Turnover Operating profit/(loss)
Before goodwill After goodwill
amortisation amortisation
2005 2004 2005 2004 2005 2004
(Unaudited) (Audited) (Unaudited) (Audited) (Unaudited) (Audited)
(Restated) (Restated) (Restated)
#'000 #'000 #'000 #'000 #'000 #'000
Business analysis
Specialist Distribution 261,449 207,374 6,321 9,131 3,967 7,015
Managed Services 22,073 14,494 (1,970) (7,758) (4,251) (10,045)
Total 283,522 221,868 4,351 1,373 (284) (3,030)
Net assets Including Excluding
goodwill goodwill
2005 2004 2005 2004
(Unaudited) (Audited) (Unaudited) (Audited)
(Restated) (Restated)
#'000 #'000 #'000 #'000
Geographical analysis
United Kingdom 78,586 79,797 9,031 7,752
Continental Europe 12,891 12,226 7,633 7,361
Group Total 91,477 92,023 16,664 15,113
Business analysis
Specialist Distribution 55,926 38,479 16,067 (1,196)
Managed Services 25,063 37,165 (9,891) (70)
80,989 75,644 6,176 (1,266)
Cash 10,488 16,379 10,488 16,379
Group Total 91,477 92,023 16,664 15,113
The acquisition of the trade and assets of NetConnect Training (included in the
above tables) contributed #1,260,000 of turnover, #305,000 of operating profit
before goodwill amortisation and #267,000 of operating profit after goodwill
amortisation to the Specialist Distribution division in the period following
completion of the acquisition on 18 June 2004. The net operating cash inflows
have not been disclosed since they were not significant.
The segmental analysis above excludes net interest payable of #2,181,000 (2004:
#1,050,000) which is not analysed by business segment.
3 Prior year adjustment
During the year, the Group has completed a comprehensive review of its
accounting policy for revenue recognition in light of the guidance provided by
Application Note G, an amendment to FRS 5. The review identified instances
where sales of equipment have been recognised before the Group has fulfilled all
of its contractual obligations to the customer. As a result, the Group has
amended its procedures such that it now only recognises revenue on the sale of
equipment when the goods are received by the customer and when there are no
unfulfilled obligations that affect the customer's final acceptance of the
equipment. Previously, revenue was recognised on shipment of equipment to the
customer.
The cumulative effect of the changes relating to previous years has been
recognised in the results as a prior year adjustment and comparative figures
have been restated in accordance with the revised accounting policy. The effects
of the changes on turnover, cost of sales, gross margin and the tax charge for
the year ended 31 March 2004 are summarised as follows:
Turnover Cost of sales Gross margin Tax
#'000 charge
#'000 #'000 #'000
Year ended 31 March 2004
As previously stated 223,509 (182,706) 40,803 (889)
Restated 221,868 (181,331) 40,537 (809)
The net effect of the change in policy in the year ended 31 March 2004 is to
reduce turnover by #1,641,000, reduce gross margin by #266,000, reduce the tax
charged on loss on ordinary activities by #80,000 and increase the loss
sustained for the financial year by #186,000.
The net effect of the change in policy in the year ended 31 March 2005 is to
increase turnover by #3,823,000, increase gross margin by #535,000, increase the
tax charged on loss on ordinary activities by #160,700 and reduce the loss
sustained for the financial year by #374,300.
The cumulative effect of implementing the revised policy is to reduce Group
reserves at 31 March 2004 by #753,000, summarised as follows:
Trade Trade creditors - amounts Net assets
debtors falling due within 1 year
#'000 #'000 #'000
Year ended 31 March 2004
As previously stated 83,273 (89,650) 92,776
Restated 90,942 (98,072) 92,023
4 Tax on profit on ordinary activities
2005 2004
(Unaudited) (Audited)
(Restated)
#'000 #'000
Tax charge comprises:
United Kingdom corporation tax at 30% (2004: 30%)
Current (952) (632)
Prior year adjustment (note 3) - 80
Over provision in respect of prior years 265 198
UK current tax (687) (354)
Overseas current tax (337) (430)
Overseas over provision in respect of prior years 19 -
Total current tax (1,005) (784)
Deferred tax current year 256 (25)
Deferred tax in respect of prior years 639 -
(110) (809)
The tax charge is higher (2004: higher) than the standard rate of corporation
tax in the UK. The differences are explained as follows:
2005 2004
(Unaudited) (Audited)
(Restated)
#'000 #'000
Loss on ordinary activities before taxation (2,465) (4,080)
At standard rate of corporation tax of 30% (2004: 30%) (740) (1,224)
Effects of:
Amortisation of goodwill 1,391 1,321
Expenses not deductible for tax purposes 171 366
Adjustment to tax charge in respect of previous periods (284) (198)
Capital allowances for year lower than depreciation 255 161
Overseas tax rates/losses not used 100 251
Other timing differences 112 107
1,005 784
At 31 March 2005, the Company had accumulated tax losses of #2,973,000 (2004:
#2,973,000) which are available for offset against future trading profits of
certain Group operations, subject to agreement with the relevant tax
authorities.
5 Loss per share
Basic loss per share is calculated by dividing the loss attributable to ordinary
shareholders of #2,575,000 (2004 restated: #4,889,000) by the weighted average
number of ordinary shares in issue during the year of 139,575,879 (2004:
138,245,916).
The adjusted basic loss per share has been calculated to provide a better
understanding of the underlying performance of the Group as follows:
2005 2004
(Unaudited) (Audited)
(Restated)
Basic and diluted Basic and diluted
(Loss)/ (Loss)/ (Loss)/ (Loss)/
earnings earnings earnings earnings
per share per share
#'000 pence #'000 pence
Loss attributable to ordinary (2,575) (1.84) (4,889) (3.54)
shareholders
Amortisation of goodwill 4,635 3.32 4,403 3.19
Adjusted basic earnings/(loss) per 2,060 1.48 (486) (0.35)
share
The loss attributable to ordinary shareholders and the weighted average number
of ordinary shares for the purpose of calculating the diluted earnings per
ordinary share are identical to those used for basic earnings per ordinary
share. This is because the exercise of share options would have the effect of
reducing the loss per ordinary share and is therefore not dilutive under the
terms of FRS 14 "Earnings per share".
6 Reconciliation of operating (loss)/profit to net cash (outflow)/inflow from
operating activities
2005 2004
(Unaudited) (Audited)
Continuing Acquisition Total (Restated)
#'000 #'000 #'000 #'000
Operating (loss)/profit (551) 267 (284) (3,030)
Depreciation of tangible fixed assets 6,388 - 6,388 5,640
Goodwill amortisation 4,597 38 4,635 4,403
Profit on disposal of tangible fixed assets (262) - (262) (87)
Exchange movements 14 - 14 (14)
Increase in stocks (2,609) - (2,609) (46)
Increase in debtors (12,829) (72) (12,901) (18,999)
Increase/(decrease) in creditors and provisions 3,093 (74) 3,019 15,618
Net cash (outflow)/inflow from operating (2,159) 159 (2,000) 3,485
activities
7 Analysis of net debt
At 1 April Cashflow Exchange Other At 31 March
2004 movements non-cash 2005
(Audited) changes (Unaudited)
#'000 #'000 #'000 #'000 #'000
Cash at bank and in hand 16,379 (5,935) 44 - 10,488
Finance leases (3,465) 1,991 - (1,070) (2,544)
Debt due after more than one year (15,679) 7,738 (27) - (7,968)
Debt due within one year (7,640) (14,353) (108) (75) (22,176)
Net debt (10,405) (10,559) (91) (1,145) (22,200)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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