Interim Results

IS Solutions PLC 27 September 2004 I S SOLUTIONS PLC INTERIMS RESULTS Statement by the Chairman, Barrie Clark The interim results for the 6 months ended 30th June 2004 are in line with the Board's expectations, with turnover for the Group at Â£2.85 million (2003: Â£3.24 million). Pre-tax profits before goodwill amortisation were Â£63,000 (2003 comparable loss after excluding profit on the sale of investments: Â£97,000), and earnings per share before goodwill amortisation and sale of investments were up to 0.25p (2003 loss: 0.57p). Cash remains strong at Â£1.822 million (31st December 2003: Â£1.551 million, 30th June 2003: Â£1.353 million). Throughout the first half of 2004 we have experienced a gradual improvement in the general business climate with our existing clients beginning to implement small projects that have been held back for so long. We have also won a number of small pieces of project business from new clients which will be implemented in the second half of the year. Both the Financial Products sector of our business and the Outsourcing side continue to operate profitably and Outsourcing has returned to small growth in the first half (after dropping in 2003) with the downward pressure on pricing mentioned at the year end having eased back. The Projects division should also see a small return to growth in the second half although profitability will lag slightly as we incur recruitment costs for the increase in work. Dividend The Board is pleased to announce a dividend for the half year of 0.1p per ordinary share, which reflects both the improving trading environment and the strong balance sheet and cash position of the Company. If performance continues to improve the Board is hopeful of returning to a progressive dividend policy for the future whilst retaining the flexibility and stability which the Company's historic cash positions have ensured. The interim dividend will be paid on 9th November 2004 to shareholders on the register at the close of business on 8th October 2004. Outlook The outlook continues to improve as we move into the second half of the year with new projects being won. Although these are not of the size of previous years it is at least a movement in the right direction and the Board is optimistic about the Group's prospects. On behalf of the Board Barrie Clark, Chairman. 27th September 2004 CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 30 JUNE 2004 Six months Six months Year ended ended ended 30 June 30 June 31 December 2004 2003 2003 (Unaudited) (Unaudited) (Audited) Note Â£'000 Â£'000 Â£'000 Turnover 2,849 3,236 5,985 Cost of sales (1,602) (1,920) (3,412) -------- -------- -------- Gross Profit 1,247 1,316 2,573 Distribution costs (841) (996) (1,977) Administration expenses including amortisation of goodwill (584) (666) (1,272) -------- -------- -------- Operating loss (178) (346) (676) Profit on sale of discontinued operation - - 3 Profit on sales of investments - 455 455 Interest receivable 27 10 30 -------- -------- -------- Profit on ordinary activities before amortisation 63 358 265 Amortisation of goodwill (214) (239) (453) -------- -------- -------- (Loss)/profit on ordinary activities before taxation (151) 119 (188) Tax on (loss)/profit on ordinary activities - (125) (42) -------- -------- -------- Loss on ordinary activities after taxation (151) (6) (230) Equity minority interests (1) (45) 9 -------- -------- -------- Loss for the period (152) (51) (221) Dividends 2 (25) - - -------- -------- -------- Transferred to reserves (177) (51) (221) -------- -------- -------- Loss per ordinary share 3 (0.61)p (0.21)p (0.89)p -------- -------- -------- Earnings per ordinary share before goodwill amortisation 0.25p 0.76p 0.94p -------- -------- -------- Diluted loss per ordinary share 3 (0.61)p (0.21)p (0.89)p -------- -------- -------- Dividends per ordinary share 2 0.10p - - -------- -------- -------- CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2004 As at As at As at 30 June 30 June 31 December 2004 2003 2003 (Unaudited) (Unaudited) (Audited) Â£'000 Â£'000 Â£'000 Fixed assets Intangible assets 350 833 591 Tangible assets 286 366 319 Investments 4 4 4 -------- -------- -------- 640 1,203 914 Current assets Debtors 1,593 1,995 1,505 Cash at bank and in hand 1,822 1,353 1,551 -------- -------- -------- 3,415 3,348 3,056 Creditors Amounts falling due within one year (1,330) (1,427) (1,069) -------- -------- -------- Net current assets 2,085 1,921 1,987 -------- -------- -------- Total assets less current liabilities 2,725 3,124 2,901 Equity minority interests 52 - 53 -------- -------- -------- Net assets 2,777 3,124 2,954 -------- -------- -------- Capital and reserves Called up share capital 496 496 496 Share premium account 2,133 2,133 2,133 Profit and loss account 148 495 325 -------- -------- -------- Equity shareholder's funds 2,777 3,124 2,954 -------- -------- -------- CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2004 Six months Six months Year ended ended ended 30 June 30 June 31 December 2004 2003 2003 (Unaudited) (Unaudited) (Audited) Â£'000 Â£'000 Â£'000 Net cash flow from operating activities 278 (166) 16 -------- -------- -------- Returns on investments and servicing of finance Interest received 27 10 30 Taxation 1 (3) 48 Capital expenditure Purchase of tangible fixed assets (47) (64) (125) Sale of tangible fixed assets 12 17 20 Sale of investments - 480 480 -------- -------- -------- Net capital expenditure (35) 433 375 Acquisitions and disposals Sale of subsidiary - - 3 -------- -------- -------- Increase in cash in period 271 274 472 -------- -------- -------- NET CASH FLOW FROM OPERATING ACTIVITIES Six months Six months Year ended ended ended 30 June 30 June 31 December 2004 2003 2003 (Unaudited) (Unaudited) (Audited) Â£'000 Â£'000 Â£'000 Operating loss (178) (346) (676) Net depreciation charge 95 136 258 Amortisation of goodwill 214 239 453 Change in working capital 147 (195) (19) -------- -------- -------- Net cash flow from operating activities 278 (166) 16 -------- -------- -------- RECONCILIATION OF NET CASH FLOW TO MOVEMENTS IN NET FUNDS Six months Six months Year ended ended ended 30 June 30 June 31 December 2004 2003 2003 (Unaudited) (Unaudited) (Audited) Â£'000 Â£'000 Â£'000 Increase in cash in the period 271 274 472 Translation differences - (15) (15) -------- -------- -------- Movements in net funds in the period 271 259 457 Net funds at start of period 1,551 1,094 1,094 -------- -------- -------- Net funds at end of period 1,822 1,353 1,551 -------- -------- -------- STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Six months Six months Year ended ended ended 30 June 30 June 31 December 2004 2003 2003 (Unaudited) (Unaudited) (Audited) Â£'000 Â£'000 Â£'000 Loss for the period (152) (51) (221) Currency translation differences - (15) (15) -------- -------- -------- Total recognised gains and losses (152) (66) (236) -------- -------- -------- 1. Basis of preparation The interim financial information for the six months ended 30 June 2004 and 30 June 2003 does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985 and has not been audited by the Group's auditors. The financial information for the year ended 31 December 2003 has been extracted from the statutory accounts for that year which have been filed with the Registrar of Companies and which contain an unqualified audit report and did not contain a statement under s237(2) or (3) of the Companies Act 1985. The interim financial information has been prepared on the basis of the accounting policies set out in the statutory accounts for the year ended 31 December 2003. 2. Dividends The directors recommend an interim dividend of Â£24,793 (2003: interim dividend Â£nil, final dividend Â£nil). 3. Loss per ordinary share The basic loss per share figure of (0.61)p (2003: interim (0.21)p, final (0.89) p) has been calculated on the basis of a loss for the period of Â£152,000 (2003: interim Â£51,000, final Â£221,000) and the weighted average number of shares in issue of 24,793,190 (2003 interim and final: 24,793,190). The share options in issue have no dilutive effect on the loss per ordinary share in any of the periods disclosed. END This information is provided by RNS The company news service from the London Stock Exchange

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