Final Results

First Derivatives PLC 25 May 2005 First Derivatives plc (FDP) Preliminary results for the year ended 28th February 2005 25th May 2005 The principal activities of FDP are the provision of a range of support services to the investment banking market and the derivatives technology industry and the provision of its own range of e-business applications. Financial highlights â€¢ Turnover Â£3.79 million (2004: Â£2.68 million) +41.4 % â€¢ Profit before tax and amortisation Â£991,000 (2004: Â£757,000) + 30.9% â€¢ Earnings per share 4.6p (2004: 3.3p) + 39.4% â€¢ Proposed final dividend of 1.46p per share (2004: 1.1p) â€¢ Cash balances as at 28th February 2005 of Â£788,000 Business highlights â€¢ Upturn in activity in the second half of the year, with the e-commerce division moving into profitability â€¢ Major contract signed with EDS, to work with a major London Bank â€¢ Since the year end, signed a new partnership with KX on enhanced terms â€¢ Signed 10 new KX customers since the interims with a total value in excess of Â£1 million David Anderson, Chairman of FDP, commented: 'The growth experienced in the first half of the year, has continued at pace in the second half of the year. The agreement signed with KX has enhanced our sales pipeline, along with the high profile deal signed with EDS. With the e-commerce division moving into profitability since the year end, we are well positioned for the new financial year.' For further information please contact: First Derivatives Corporate Synergy Parkgreen Communications Brian Conlon Luke Ahern Justine Howarth/Victoria Thomas Managing Director T: 07753 963 840 T: 020 7493 3713 T: 02830 252242 www.firstderivatives.com First Derivatives plc Preliminary results for the year ended 28th February 2005 Chairman's statement 2004/2005 has once again been a successful year for the Company with the growth shown in the first six months of the year continuing in the second half of the year. Earnings before tax, depreciation and amortisation were Â£1,060,000 compared with Â£787,000 in the previous year, an increase of 35%. This is the first year that EBITDA has exceeded Â£1.0 million. Pre-tax profits for the year were Â£811,000 compared with Â£577,000 in the previous year, an increase of over 40%. Earnings per share increased by 39% from 3.3p to 4.6p. In the light of the continued growth in the profitability of the Company and the strong cash flow the Board is recommending a dividend for the year of 1.46p. This dividend will be covered 3.2 times by earnings. The Company has to date only paid a final dividend but your Board intends to review its dividend policy at the time the results for the six months figures for the period ending 31st August 2005 are announced. In my interim statement I referred to the upturn in business in our Capital Markets activity. This has continued in the second half of the year and a major contract was signed earlier this year with EDS for work on behalf of a major bank in London. The impact of this contract on profits will not be felt until the second half of the current financial year. The sales and support for Kx database technology is a significant part of our business. In the past six months staffing levels in the New York office have been increased to cater for the enhanced level of activity and since the financial year end an experienced executive has been appointed to head up the North American Business Development Team. This appointment is expected to generate Capital Markets business in addition to Kx business. A new partnership with Kx was signed in April on enhanced terms and the sale of Kx products is continuing at a very satisfactory level and there is a healthy pipeline of prospective sales. The Company continues to benefit from its relationship with Kx and in the past six months the Company has signed consultancy agreements with more than 10 Kx customers with a total value in excess of Â£1 million (a number of which are on a rolling basis). During the year the e-Business activity has continued at a low level and overheads in this area have been reduced to a minimum. There has been a recent upturn in e-Business activity and I am pleased to report that in the last quarter we moved into a breakeven position ahead of plan. During the course of the year the Company purchased 2 further residential properties in London to provide accommodation for staff supporting the increased level of activity. Since the year end a residential property has also been acquired in New York for the same purpose. Shareholders funds now stand at Â£2.116m compared with Â£1.698 million a year ago. Partnership agreement discussions are continuing with a number of high profile software companies. The increased level of activity experienced in the second half of the financial year has continued in the early part of the current financial year. Again this increase has been in all areas of the Company's activities and the Board looks forward to a satisfactory outcome for the year. David Anderson 25 May 2005 Chairman Managing Director's statement The general climate in the Technology, Media and Telecommunications market has continued to improve. The most striking theme in the Deloitte 2005 Fast 500 CEO Survey Results was the increased confidence in future growth prospects. FDP operates primarily in the capital markets sector and there is little evidence of any contraction in technology spend in major financial institutions. Banks continue to focus on getting value for money from suppliers and are placing severe pressure on charge out rates and increasingly looking to outsource non-core functions. FDP have secured a small number of lucrative nearshore support contracts but the challenge from low cost centres such as India remains. Review of Activities First Derivatives operates loosely as 4 profit centres. Personnel can easily transfer from one profit centre to another. Capital Markets and Sales Partnerships contributes the vast majority of our current turnover and profitability but our investment in R&D should start to filter through to the bottom line in the current financial year. Capital Markets - FDP provides highly skilled resources to the capital markets providing consulting, support and development services. We have ongoing contracts with 5 of the largest banks in Europe and have 3 nearshore support contracts in place. These nearshore contracts involve providing remote support services from our offices in Newry. The biggest of these contracts for the provision of 12 resources with EDS was announced in February. This and other recurring revenues accounts for 62% of our income. Sales Partnerships - FDP continues to provide sales and marketing support for all industry sectors (excluding insurance) of Kx Systems worldwide. The contract was renegotiated with more favourable commercial terms, effective as of 1 January 2005. Their products continue to be widely used by some of the world's largest financial institutions including J P Morgan, Merrill Lynch, Deutsche Bank and Dresdner. We have provided consulting and support services to 15 of these organisations in the past year at various locations including London, New York and Tokyo. Most of these contracts are recurring in nature. We will continue to build our portfolio of alliances with other non-competing software vendors. Product Development - this group is in the process of developing a number of products, primarily for the use of customers of Kx Systems. The team is at an advanced stage of prototyping new products in the capital markets sector and more are in the development roadmap. Development has also commenced on a number of products which will be marketed to the telecoms sector and which will complement our e-business offering. No significant revenue will accrue from this division until the next financial year. e-business - this division gained some sales traction in the second half of the financial year and the partnership with BT is beginning to bear fruit. Pilots have started in a number of regions in England including Northumberland, Yorkshire and Manchester. Contracts have been signed with local authorities in Dublin, Cork, Kerry and Newry and Mourne for the use of our award winning e-procurement modules over the coming years. This division has now reached breakeven point and should contribute to profits in the current financial year. Managing Director's statement Personnel The company now employs 46 people and has staff based in London, New York and Stockholm. We will continue to source staff in Ireland due to the favourable cost differential vis-a-vis major financial centres. Most of our employees are participating in option schemes which we see as a key driver in retaining staff. Our staff turnover is relatively low which means that we are seeing increasing wage inflation as the average experience increases. Once again I would like to pay tribute to all FDP employees who almost without exception are hard working, talented, flexible and dedicated. Our customer retention rates are evidence of this. Property Portfolio As the number of staff working on-site in the major financial centres increases we will continue to buy property in lieu of paying for hotels and rented accommodation. As at the balance sheet date we had purchased 4 properties in London financed by cash and term loans and in the interim period have secured the purchase of a further property in New York. Financial Review Our pre-tax profit (2005: Â£811,000; 2004: Â£577,000), EBITDA (2005: Â£1,126,000, 2004: Â£810,000) and turnover (2005: Â£3,793,000; 2004: Â£2,679,000) were significantly up on last year. This was largely due to increased consultant utilisation and sales commission from partner agreements. Our balance sheet is strong with a cash balance of Â£788,000 and equity shareholders' funds of Â£2,116,000. This and our confidence in our ability to generate cash going forward enables us to declare a dividend of 1.46p per share. Outlook We are increasing headcount to meet demand from the current sales pipeline and to develop product. Our outlook for the year ahead is for trading to continue in line with previous trends and the further strengthening of our balance sheet. We now have a spread of activities with our recurring revenue stream insulating us against general industry downturn and our interest in the sale of various software products giving us the benefit of considerable potential upside. Brian Conlon 25 May 2005 Managing Director Profit and loss account Year ended 28 February 2005 Year ended Year ended 28 February 29 February Note 2005 2004 Â£'000 Â£'000 Turnover - continuing operations 2 3,793 2,679 Cost of sales (2,411) (1,724) Gross profit 1,382 955 Administrative expenses (560) (497) Other income 55 142 Operating profit - continuing operations 877 600 Interest receivable 8 8 Interest payable and other similar charges 4 (74) (31) Profit on ordinary activities before taxation 3 811 577 Tax on profit on ordinary activities 5 (242) (165) Profit on ordinary activities after taxation 569 412 Retained profit brought forward 877 600 1,446 1,012 Dividends 8 (181) (135) Retained profit carried forward 1,265 877 Earnings per share - basic 9a 4.6p 3.3p - diluted 9a 4.5p 3.3p Adjusted earnings per share - basic 9b 6.6p 4.7p - diluted 9b 6.5p 4.6p The company has no recognised gains or losses other than those included above and therefore no separate statement of total recognised gains and losses has been presented. There is no material difference between the company's results as reported and on a historical cost basis. Accordingly no note of historical cost profits and losses has been prepared. The turnover and operating profit amounts as stated above are derived solely from continuing operations. Balance Sheet Year ended 28 February 2005 At 28 February At 29 February 2005 2004 Note Â£'000 Â£'000 Â£'000 Â£'000 Fixed assets Intangible assets 10 540 720 Tangible assets 11 2,032 808 Fixed asset investment 12 111 74 2,683 1,602 Current assets Debtors 13 1,046 606 Cash at bank and in hand 788 848 1,834 1,454 Creditors - amounts falling due within one year 14 (1,109) (828) Net current assets 725 626 Total assets less current liabilities 3,408 2,228 Creditors - amounts falling due after more than one year 15 (1,289) (523) Provisions for liabilities and charges 16 (3) (7) Net assets 2,116 1,698 Share capital and reserves Called-up share capital 17 62 62 Shares to be issued 18 9 7 Share premium account 18 780 752 Profit and loss account 18 1,265 877 Equity shareholders' funds 19 2,116 1,698 These financial statements were approved by the board of directors on 24 May 2005. Brian Conlon Director Cash flow statement Year ended 28 February 2005 Year ended Year ended 28 February 29 February Note 2005 2004 Â£'000 Â£'000 Cash inflow from operating activities 25 617 1,065 Returns on investment and servicing of finance 26a (66) (23) Taxation 26b (160) (269) Capital expenditure 26c (1,318) (856) Cash inflow before financing (927) (83) Financing 26d 867 376 (Decrease)/increase in cash in the period (60) 293 Reconciliation of net cash flow to movement in net (debt)/funds Year ended 28 February 2005 Year ended Year ended 28 February 29 February Note 2005 2004 Â£'000 Â£'000 (Decrease)/increase in cash in the period (60) 293 Decrease in debt 93 37 Change in net debt resulting from cash flows 27 33 330 New long term loan (932) (375) Movement in net debt in the period (899) (45) Net funds at start of the period 277 322 Net (debt)/funds at end of the period 27 (622) 277 Notes 1 Accounting policies The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. Basis of accounting The financial statements have been prepared under the historical cost accounting rules. Basis of preparing the financial statements The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. Intangible fixed assets Intangible fixed assets comprise intellectual property rights over software and are capitalised where purchased on an arm's length basis. Such assets are amortised over their estimated useful lives, estimated to be 5 years. Tangible fixed assets Tangible fixed assets are stated at historical cost, less accumulated depreciation. Depreciation is calculated to write off the original cost less the expected residual value of fixed assets over their anticipated useful lives at the following annual rates: Motor vehicles - 25% straight line Office furniture and equipment - 25% straight line Plant and equipment - 25-50% straight line Buildings - 2% straight line Government grants Government grants are recognised in the profit and loss account so as to match them with the expenditure towards which they are intended to contribute. Fixed asset investments Fixed asset investments are stated at cost unless, in the opinion of the Directors, there has been an impairment, in which case an appropriate adjustment is made. For shares acquired on the exercise of an option previously granted to the company, cost includes any in the money element of the option, as calculated at the date the option was granted. Research and development All research and development expenditure is written off in the period in which it is incurred. Pension plans The company operates 'Personal Pension Plans' whereby the company agrees to pay, for eligible employees, a defined contribution into the employee's own personal pension scheme. The pension charge represents contributions payable by the company for the period. The company's liability is limited to the amount of the contribution. The liability for meeting future pension payments rests solely with the employee's personal pension scheme. Foreign currencies Transactions in foreign currencies are recorded at the rate ruling at the date of the transactions or at a contracted rate. The resulting monetary assets and liabilities are translated at the balance sheet rate or the contracted rate and the exchange differences are dealt with in the profit and loss account. 1 Accounting policies Taxation The charge for taxation is based on the profit for the year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes which have arisen but not reversed by the balance sheet date, except as otherwise required by FRS 19. 2 Turnover Turnover excludes value added tax and represents the fair value of services delivered to customers in the accounting period. Services are deemed to have been delivered to customers when, and to the extent that, the entity has met its obligations under its service contracts. Credit for enterprise software licence revenue is deferred and released over the period of the licence on a straight line basis. The directors are of the opinion that disclosure of the analysis of turnover and profit by geographical market would be prejudicial to the interests of the company. 3 Profit on ordinary activities before taxation Year ended Year ended 28 February 29 February 2005 2004 Â£'000 Â£'000 Profit on ordinary activities before taxation has been arrived at after charging: Depreciation 69 30 Amortisation 180 180 Auditors' remuneration - audit 10 10 - tax 7 10 Hire of premises - rentals payable under operating lease 14 12 4 Interest payable and other similar charges Year ended Year ended 28 February 29 February 2005 2004 Â£'000 Â£'000 On bank loans 74 31 5 Tax on profit on ordinary activities Year ended Year ended 28 February 29 February 2005 2004 Â£'000 Â£'000 UK corporation tax for the period 246 170 Adjustments relating to earlier years - (7) Total current tax charge 246 163 Deferred tax (see note 16) (4) 2 242 165 The basis by which taxation is calculated is stated in Note 1. The current tax charge for the period is higher (2004: lower) than the standard rate of corporation tax in the UK. The differences are explained below: Year ended Year ended 28 February 29 February 2005 2004 Â£'000 Â£'000 Current tax reconciliation Profit on ordinary activities before tax 811 577 Current tax at 30% (2004: 30%) 243 173 Effects of: Expenses not deductible for tax purposes 6 23 Capital allowances for period in excess of depreciation 15 (3) Other timing differences - 1 Small companies relief (18) (24) Adjustments to tax charge in respect of previous periods - (7) Total current tax charge 246 163 The directors are not aware of any issues that will significantly impact on the future tax charge. 6 Staff numbers and costs The average weekly number of persons (including the directors) employed by the company during the year is set out below. Year ended Year ended 28 February 29 February 2005 2004 Average No. Average No. Administration 1 2 Technical 38 32 39 34 Their total remuneration was: Â£'000 Â£'000 Wages and salaries 1,180 980 Social security costs 132 98 Other pension costs 70 45 1,382 1,123 7 Emoluments of directors The remuneration paid to the directors was: Year ended Year ended 28 February 29 February 2005 2004 Â£'000 Â£'000 Aggregate emoluments (including benefits in kind) 140 107 Company pension contributions 22 22 162 129 During the period there were 2 directors accruing benefits under a defined contribution pension scheme (29 February 2004: 2). The aggregate emoluments and company pension contributions of the highest paid director amounted to Â£55,000 and Â£16,056 respectively during the year (2004: Â£55,000 and Â£5,994 respectively). 8 Dividends Year ended Year ended 28 February 29 February 2005 2004 Â£'000 Â£'000 Final proposed 1.46p (2004: 1.1p) per share (181) (135) 9 (a) Earnings per ordinary share Basic The calculation of basic earnings per share is based on the profit on ordinary activities after taxation and before deduction of dividend appropriations in respect of equity shares, namely Â£569,000 (2004: Â£412,000). The weighted average number of ordinary shares for the year ended 28 February 2005 and ranking for dividend was 12,360,620 (2004: 12,302,807). Year ended Year ended 28 February 29 February 2005 2004 Pence per share Pence per share Basic earnings per share 4.6 3.3 Diluted The calculation of diluted earnings per share is based on the profit on ordinary activities after taxation and before deduction of dividend appropriations in respect of equity shares, namely Â£569,000 (2004: Â£412,000). The weighted average number of ordinary shares for the year ended 28 February 2005 and ranking for dividend was 12,560,149 (2004: 12,484,555). Year ended Year ended 28 February 29 February 2005 2004 Pence per share Pence per share Diluted earnings per share 4.5 3.3 9 (b) Adjusted earnings per ordinary share Adjusted earnings per share are based on profit before taxation of Â£811,000 (2004: Â£577,000). The number of shares used in this calculation is consistent with note 9(a) above. Year ended Year ended 28 February 29 February 2005 2004 Pence per share Pence per share Basic adjusted earnings per ordinary share 6.6 4.6 Diluted adjusted earnings per ordinary share 6.5 4.6 9 (b) Adjusted earnings per ordinary share Reconciliation from earnings per ordinary share to adjusted earnings per ordinary share. Year ended Year ended 28 February 29 February 2005 2004 Pence per share Pence per share Basic earnings per share 4.6 3.3 Impact of taxation charge 2.0 1.3 Adjusted basic earnings per share 6.6 4.6 Diluted earnings per share 4.5 3.3 Impact of taxation charge 2.0 1.3 Adjusted diluted earnings per share 6.5 4.6 Adjusted earnings per share has been presented to facilitate pre-tax comparison returns on comparable investments. 10 Intangible fixed assets 2005 Â£'000 At 1 March 2004 720 Additions - Amortisation (180) At 28 February 2005 540 The intangible fixed asset relates to the software asset discussed in note 23. 11 Tangible fixed assets Office Land and Plant and furniture and buildings equipment equipment Total Â£'000 Â£'000 Â£'000 Â£'000 Cost At 1 March 2004 791 124 25 940 Additions 1,224 69 - 1,293 At 28 February 2005 2,015 193 25 2,233 Depreciation At 1 March 2004 15 93 24 132 Charged during period 34 35 - 69 At 28 February 2005 49 128 24 201 Net book value At 28 February 2005 1,966 65 1 2,032 At 1 March 2004 776 31 1 808 The basis by which depreciation is calculated are stated in Note 1. 12 Fixed asset investments 2005 Â£'000 Unlisted investment At 1 March 2004 74 Additions 37 At 28 February 2005 111 The unlisted investment relates to shares held in a company resident in the United States and was valued on acquisition by the directors, on the basis of financial information available at that time. 13 Debtors 28 February 29 February 2005 2004 Â£'000 Â£'000 Trade debtors 828 455 Sundry debtors 109 60 Prepayments 39 49 Amounts due from related undertaking 19 42 Accrued income 51 - 1,046 606 14 Creditors - amounts falling due within one year 28 February 29 February 2005 2004 Â£'000 Â£'000 Trade creditors 182 135 Other taxation and social security 111 82 Accruals and deferred income 189 89 Corporation tax 291 205 Other creditors 34 134 Bank loans 121 48 Dividend proposed 181 135 1,109 828 15 Creditors - amounts falling due after more than one year 28 February 29 February 2005 2004 Â£'000 Â£'000 Loans 1,289 523 Analysis of debt: Debt can be analysed as falling due: In one year or less 121 48 Between one and two years 133 51 Between two and five years 466 177 In five years or more 690 295 1,410 571 The company has three separate loans, taken out to fund the acquisition of apartments in London. The loans are secured on these properties. A debenture is also in place over the company's assets and undertaking (excluding uncollected capital). Interest on all loans is variable. Interest of 2% above LIBOR is charged on the company's first loan which has an outstanding balance of Â£196,117. Interest of 1.75% above the Bank of Ireland's Northern Ireland base rate is charged on the company's second loan which has an outstanding balance of Â£322,446. Interest of 3% above LIBOR is charged on the company's third loan which has an outstanding balance of Â£891,334. 16 Provisions for liabilities and charges 28 February 29 February 2005 2004 Â£'000 Â£'000 Deferred taxation At beginning of period 7 5 (Release)/charge for the period (see note 5) (4) 2 At end of period 3 7 The basis by which taxation is calculated is stated in Note 1. There is no unprovided deferred tax. The elements of deferred taxation are as follows: 28 February 29 February 2005 2004 Â£'000 Â£'000 Difference between accumulated depreciation and amortisation and capital allowances 4 8 Other timing differences (1) (1) Deferred tax liability 3 7 17 Share capital 28 February 29 February 2005 2004 Number Â£'000 Number Â£'000 Equity shares Authorised Ordinary shares of 0.5pence each 20,000,000 100 20,000,000 100 Issued, allotted and fully paid Ordinary shares of 0.5pence each 12,397,825 62 12,317,825 62 Options have been granted as set out below under the company's two share option schemes which are open to all directors and employees of the company. The options are subject to performance conditions as set by the company prior to the grant of the option, and are exercisable following the satisfaction of the performance criteria for a period not exceeding 10 years. Options granted are as follows: Number of shares under Number of shares option at under option at 29 February 2004 28 February 2005 Exercise price Granted Exercised Lapsed 265,000 - (50,000) (20,000) 195,000 26.5 pence 246,000 - - (27,000) 219,000 51.0 pence 375,000 - - (46,000) 329,000 53.5 pence 70,000 - - - 70,000 40.0 pence 30,000 - (30,000) - - 50.0 pence - 257,000 - - 257,000 62.0 pence 80,000 share options were exercised during the year, giving rise to an increase in share capital of Â£400 and an increase in share premium of Â£28,000. 18 Share premium and reserves Shares to be Share premium Profit and loss issued account account Â£'000 Â£'000 At beginning of year 7 752 877 Retained profit for the period - - 569 Premium on shares issued - 28 - In the money element of options accrued 2 - - Dividend proposed - - (181) At end of year 9 780 1,265 19 Equity shareholders' funds 28 February 29 February 2005 2004 Â£'000 Â£'000 Profit for the financial year 569 412 Dividend proposed (181) (135) Net proceeds on issue of share capital 28 38 In the money element of options accrued 2 7 Increase in shareholders' funds 418 322 Opening shareholders' funds 1,698 1,376 Closing shareholders' funds 2,116 1,698 20 Commitments and contingencies There were no capital commitments at either period end, with the exception of the contingent commitment to make additional payments under a software purchase agreement (note 22). 21 Leasing commitments Annual commitments under non-cancellable operating leases are as follows: 28 February 2005 29 February 2004 Land and Land and buildings buildings Â£'000 Â£'000 Operating leases which expire: In the second to fifth years inclusive 14 12 22 Contingent liabilities Contingent liabilities exist in respect of grants received by the company, whereby, in the event of the company failing to meet one or more of the conditions contained in the letters of offer to the company, the company would be liable to repay the grant. In 2003 the company purchased a software asset from e-hub.com Limited. Under the purchase agreement, commission payments will be paid, at a rate of 20% of future sales above Â£1,000,000, up to a maximum of an additional Â£1,100,000. The amount so paid in the current year was Â£Nil (2004: Nil). No provision has been made in this regard as the crystallisation of this liability is currently deemed to be remote and the expiry date of this agreement is 28 February 2006. 23 Related party transactions Brian Conlon is a shareholder of e-hub.com Limited. During the period the company traded with e-hub.com Limited on a normal commercial basis resulting in sales of Â£Nil (2004: Â£73,094). Purchases on a normal commercial basis from e-hub.com Limited amounted to Â£Nil. The amount due by e-hub.com Limited to the company at 28 February 2005 amounted to Â£14,541 (2004: Â£37,542). The amount owed to e-hub.com Limited at 28 February 2005 amounted to Â£11,525 (2004: Â£16,225). Brian Conlon is the majority shareholder in k-hub Limited. The company did not trade with k-hub in the current year. The amount due from k-hub to the company at 28 February 2005 amounted to Â£15,933 (2004: Â£20,933). The company is charged rent annually for the use of apartments owned by the managing director, located in London. The charge incurred during the financial year amounted to Â£52,800 (2004: Â£22,400). Rent deposits of Â£26,400 have been paid to Brian Conlon in respect of these apartments. 24 Ultimate controlling party The company is controlled by Brian Conlon, its majority shareholder. 25 Reconciliation of operating profit to net cash inflow from operating activities Year ended Year ended 28 February 29 February 2005 2004 Â£'000 Â£'000 Operating profit 877 600 Depreciation on tangible fixed assets 69 30 Amortisation of intangible asset 180 180 (Increase)/decrease in debtors (445) 60 (Decrease)/increase in creditors (66) 188 In the money element of options accrued 2 7 Net cash inflow from operating activities 617 1,065 26 Analysis of cash flows for headings in the cash flow statement Year ended Year ended 28 February 29 February 2005 2004 Â£'000 Â£'000 a) Returns on investment and servicing of finance Interest paid (74) (31) Interest received 8 8 Net cash inflow from returns on investment and servicing of finance (66) (23) b) Taxation Corporation tax paid (160) (269) c) Capital expenditure Purchase of tangible fixed assets (1,318) (856) d) Financing Repayment of long term loan (93) (37) Issue of share capital 28 38 Receipt of new long term loan 932 375 867 376 27 Analysis of changes in net debt during the period Cash in Bank Debt due Debt due hand overdrafts within one year after one year Total Â£ Â£ Â£ Â£ Â£ Balance at 1 March 2003 555 - (18) (215) 322 Cash flow 293 - 37 - 330 New long term loan - - (15) (360) (375) Other non cash change - - (52) 52 - Balance at 1 March 2004 848 - (48) (523) 277 Cash flow (60) - 48 45 33 New long term loan - - (37) (895) (932) Other non cash change - - (84) 84 - Balance at 28 February 2005 788 - (121) (1,289) (622) This information is provided by RNS The company news service from the London Stock Exchange

Companies

FD Technologies Public Limited Company (FDP)

Friday, 1st November 2024

COMPANIES COVERED:

AML BOO RKT

Reckitt Benckiser shares jump notably on a US legal ruling in favour of a subsidiary company, Boohoo appoints a new CEO – likely to the chagrin of Frasers Group – and Aston Martin gives back some of its recent gains.

Full Archive

UK 100

Latest directors dealings

All directors dealings today