Final Results
Flomerics Group PLC
27 February 2002
IMMEDIATE RELEASE 27 February 2002
'Preliminary results for Flomerics'
Flomerics Group PLC, supplier of analysis software to the telecommunications,
semiconductor, and computer industries, and other sectors of the electronics
industries, announces its results for the year ended 31 December 2001.
Key Points
• Turnover up 9% to £12.9m (2000 : £11.8m). (7% growth at constant
exchange rates)
• Profit Before Tax of £308K . (2000: £1.2m)
• Following a poor Quarter 3, results in line with Trading Statement
issued 19 October 2001
• Some stabilisation and improvement in Quarter 4, with higher turnover
than the same quarter of 2000
• Cash balances increased to £1.05m. (2000:£1.0m)
• Increase in revenue from electromagnetic products of 163%.
• Dividend maintained of 1p per share
Commenting on the results and prospects, David Mann, the Chairman, said:
"2001 was a difficult year for Flomerics. Nevertheless the resilience of the
Group's products has been demonstrated by the growth in turnover and a profit
for the year... In the medium and long term we believe the market continues to
offer Flomerics considerable potential for growth.
The Directors expect that the difficulties in the electronics sector around the
world will persist well into 2002 and this will inevitably hold back sales. The
cost base has therefore been adjusted so that the Group could achieve a
reasonable profit margin with growth in turnover comparable to that achieved in
2001. The Group has a sound financial position and is well placed for
accelerating sales growth when the recovery occurs."
For further information please contact:
Flomerics:
David Mann, Chairman 020 8941 8810
David Tatchell, Chief Executive
Chris Ogle, Finance Director
Teather and Greenwood: 020 7426 9073
Rick Thompson 020 7426 9011
Jodie Downes
Buchanan Communications: 020 7466 5000
Tim Thompson / Nicola Cronk
FLOMERICS GROUP PLC
Chairman's statement
Flomerics has achieved an increase in turnover of 9% to £12.9 million in the
year ended 31 December 2001 (2000: £11.8 million). After an excellent set of
Interim results, the Group experienced a significant slowdown in gaining new
business during the second half of the year. The Directors issued a trading
statement on 19 October, which included the announcement of a cost reduction
programme, and consider that the results for the year are in line with the
expectations indicated at that time. The Group achieved a profit before tax for
the year of £308,000. At constant exchange rates the growth in turnover was 7%
(2000: 31%).
In the first half the Group continued to make excellent progress in the same
vein as in the previous year and achieved turnover growth of 32% (over the same
period in 2000) in the face of difficult market conditions in the electronics
sector in the United States and elsewhere. In the third quarter the Group was
finally affected by these conditions and September was particularly poor
following the tragic events on 11 September in the US, where the Group has over
half its business. There was some stabilisation and improvement in the fourth
quarter, when turnover was higher than in the same quarter of 2000. However,
the turnover in the second half as a whole was 7% lower than in the same period
of the previous year.
Earnings per share before amortisation of goodwill were 2.3p (2000: 6.6p) and at
31 December 2001 the Group had net cash balances of £1,048,000 (2000:£998,000).
The Directors propose to maintain the dividend at the same level as in 2000 by
the payment of 1.0p per share in respect of the year 2001. Subject to approval
by the shareholders, the dividend will be paid on 10 May 2002 to shareholders on
the register at the close of business on 12 April 2002.
The Products
FLOTHERM continues to be the Group's dominant product and in 2001 accounted for
82% of Group turnover (2000: 87%). Total revenue from the product in 2001 was
at about the same level as in 2000, compared to growth of 32% and in 2000 and
21% in 1999. However revenue from licenses and maintenance increased over 2000
by about 7% but with reduced revenue derived from consultancy and training.
The Group's major customers, which include Intel, Cisco, Dell, Sun, IBM and
Siemens all renewed their licenses at similar or increased levels to 2000.
However the renewals of some other licenses were affected by budgetary cuts and
indeed by a number of smaller customers not surviving the slowdown in the
sector. New licenses were more difficult to sell in the harsher economic
environment but still showed growth over 2000.
A new version of the product, Version 3.2, was released in the year. The next
major release, Version 4.1, is expected in early 2003. The product was
complemented early in the year by the release of FLO/STRESS, a thermomechanical
stress module, which enables users of FLOTHERM to predict stresses in electronic
components.
FLOVENT accounted for 9% of the Group's turnover in 2001 (2000: 8%). This
represents growth over 2000 of 12% (2000 and 1999: 10% and 24% respectively.)
The Group is continuing to capitalise on the synergies with FLOTHERM and has
made important progress in providing a thermal solution to all parts of the
supply chain up to the room where the electronic equipment is housed.
FLO/EMC enjoyed growth of 274% in 2001 and some important new customers have
been added. In 2001 the product was sold actively only in the United States,
which accounted for 87% of the turnover for this product. In 2002 the product
will be rolled out to other territories and this important technology should
make an increased contribution to the Group's turnover.
Microstripes is the legacy product acquired with Kimberley Communications
Consultants Limited in 1999. The product accounted for 6% of Group turnover in
2001 (2000: 3%) and enjoyed particularly good growth in the United States and in
Japan.
The growth from the two electromagnetic products (FLO/EMC and Microstripes)
together was 163% over 2000.
Reduction in Cost Base
During the early months of 2001 the Group continued recruitment to support its
rapidly growing business. However, the directors considered that the changed
market conditions experienced during the second half could persist for some
time, and that it was therefore necessary for the Group to reduce its cost base.
At the end of September 2001 the Group employed 157 staff; this number was
reduced to 138 by 31 December 2001 (31 December 2000 - 125).
Particular care was taken not to make any material reductions in the Group's
sales or development capability.
Prospects
2001 was a difficult year for Flomerics. Nevertheless the resilience of the
Group's products has been demonstrated by the growth in turnover and a profit
for the year.
The strategic objective for the business remains unchanged - to become the
primary global provider of virtual prototyping solutions for the physical design
of electronic equipment. We are continuing to strengthen our thermal products
and we are bringing the new electromagnetic products to the market in an
integrated way. In the medium and long term we believe this market continues to
offer Flomerics considerable potential for growth.
The Directors expect that the difficulties in the electronics sector around the
world will persist well into 2002 and this will inevitably hold back sales. The
cost base has therefore been adjusted so that the Group could achieve a
reasonable profit margin with growth in turnover comparable to that achieved in
2001. The Group has a sound financial position and is well placed for
accelerating sales growth when the recovery occurs.
David Mann
Chairman
26 February 2002
CHIEF EXECUTIVE'S REVIEW
"2001 was a terrible year for our industry"
(Craig R Barrett, Intel President and CEO, in Intel Fourth Quarter Report, 15
Jan 2002)
A year ago it was clear that the electronics industries, on which Flomerics'
business depends, were experiencing a serious slowdown (though nowhere near as
serious as it has subsequently turned out to be!). At that time we argued that -
because Flomerics' products are critical to the continuing design process in
electronics companies - and because ongoing technology trends were constantly
intensifying the need for our products - we could expect continuing growth even
during these "turbulent times". And our results for the first half of 2001- for
which we achieved continuing strong growth of 26% (at constant exchange rates)
over first half 2000 - did support this view.
However we did warn in our Interim Report that we were "not invulnerable to any
further deterioration of the global economic situation". And indeed - as
reported elsewhere in this document - the worsening general economic situation,
and the continuing malaise in the electronics sector, have impacted our short
term growth expectations, and caused us to take corresponding cost-cutting
measures.
So - what do we see as we reflect on 2001 (a "terrible year" even for Intel!)
and look forward to 2002 and beyond?
Addressing Critical Design Needs
Underlying Flomerics' business is the strategy of applying advanced analysis
techniques to address critical design bottlenecks in product design. Our "
virtual prototyping" software enables designers to "test" their designs, and to
improve and optimise them, in a virtual software environment, prior to any build
and test. The benefits are enormous - considerable cost savings are achieved -
and, much more importantly, time is saved, and "time to market" is reduced.
The "design bottlenecks" we address have traditionally related to thermal
design. FLOTHERM has, over the last decade, become established as the leading
thermal design tool used in the electronics industry world-wide, and is used by
virtually all major electronics manufacturers. The sister product, FLOVENT,
addresses the needs of building designers to analyse thermal behaviour,
ventilation, and contamination dispersion.
In addition, via the acquisition of Kimberley Communications Consultants Ltd
(KCC) in 1999, we have expanded our capabilities to address complementary
electromagnetics design problems. KCC's existing product, Microstripes, is
targeted at the design of antennae systems and microwave devices, and the new,
joint product, FLO/EMC, targets the electromagnetic compatibility (EMC) design
needs of electronics designers.
The strategy here has been to build a product portfolio that addresses the
broader design needs for the "physical design of electronics" - that is, all
aspects of the design concerned with the physical hardware rather than the
electronics circuitry. Specifically, the two most critical needs here are the
thermal design (ensuring that the equipment does not overheat) and EMC
(prevention or containment of electromagnetic emissions from the equipment).
Hence our decision to focus on these two critical "design bottlenecks".
And - interestingly - these two seemingly distinct design needs are being driven
by exactly the same market demands and technology trends. At the most
fundamental level, the universal market pressures are for speed and volume. The
need may be faster processing of more data (in heavyweight data processing
applications) - for greater bandwidth (in communications of all kinds) - or for
"smarter" handheld devices. All translate into "more data - faster". Nowhere is
this drive more apparent than in the computer/telecom/networking/semiconductor
sectors, which form the heart of the electronics industries - and of Flomerics'
market.
Within the equipment, these demands translate directly into higher clock speeds
(now into the gigahertz range, and rising) and increased functional density
(more gates per device). The inevitable consequences of both of these are higher
power densities - and hence escalating thermal problems - and intensified
problems of electromagnetic emissions (greater intensities, and
more-troublesome, high-frequency emissions). And, of course, the requirement for
EMC certification for new designs of equipment has "focussed the minds" of
engineers on this aspect of design.
The Fundamentals Remain Unchanged!
All of this has been the case for some time - and has underpinned our strategy
over the last two years or more. Clearly the current industry slowdown has
impacted the demand for our solutions - but, at a more fundamental level, what,
if anything, has changed?
In fact, as far as the causes, importance, and solution of these problems are
concerned, little has changed. The nature and intensity of thermal and EMC
design problems remain just as they were - and no new alternative materials or
manufacturing technologies that circumvent the problems have emerged, or appear
likely to.
Even in the present slowdown, advances and innovation in the electronics
industries are far from "stagnating" - and, as the economic climate improves, so
will the pace resume. As well as the remorseless competitive trends to provide
equipment which is "better, faster and cheaper", consider some specific trends
and demands:- for greater bandwidth in both wired and wireless communications;
for more accessible "personal multimedia content" (digital music and video,
games, etc), both locally and via the Internet; for wireless communication and
networking for devices of all types; and for greater intelligence in in-vehicle
systems, in "personal" devices (PDAs, multi-media mobile phones, etc), and in an
increasing range of household devices.
The consequences of these trends in intensifying the challenges of thermal
design were highlighted at an industry seminar last year(1). Projections show
power densities and processor speeds increasing by a further factor of 10 or
more over the next decade. The consequence will be that - rather than being
simply a design bottleneck (albeit an important one) as at present - thermal
design will become one of the most critical factors in dictating whether future
generations of electronics equipment can be produced at all. In other words,
over the next few years, engineers in all parts of the industry will inevitably
be forced to give increasing attention to thermal design.
So - while 2001 has been a tough year for Flomerics - we believe that
nonetheless our underlying strategy is sound. All of the long term pressures and
trends are fuelling continuing progress and innovation in the electronics
industries - and all lead to intensified thermal and EMC design needs, and hence
to increased demands for Flomerics products. We are offering vital solutions to
increasingly critical design needs. In that sense "the fundamentals remain
unchanged".
Underpinned by stability in the thermal business ...
In achieving our business strategy, the consolidation and strengthening of
FLOTHERM as the leading tool for thermal analysis in electronics is doubly
important: it provides a sound profitable core business; and it provides the
foundation for building other complementary businesses, most importantly the
establishment of the FLO/EMC market.
As explained elsewhere, the FLOTHERM business for 2001, while not showing any
significant growth over 2000, has remained stable. We did suffer losses of
renewal business from small companies - including a number of technology-boom
start-ups, which have either gone out of business, or cut back considerably. And
we have found, from the middle of 2001, a tendency in many companies to delay
commitment to new sales, which has had an adverse effect on the figures for
2001.
On the other hand, we have retained all of our major corporate accounts, and
increased our presence in a number of them - most notably Intel, Cisco, Dell,
Sun, IBM and Siemens. The fact that this was achieved against a backdrop of a
(temporarily) contracting industry, and of profit warnings, losses, and layoffs
by many companies, would testify to a clear, continuing need for Flomerics'
solutions even when the industry is suffering short-term problems.
Good growth in electromagnetics
As explained earlier, we see major opportunities from the electromagnetics
products - particularly from the FLO/EMC product, which, in its application and
users, closely complements FLOTHERM.
Albeit from a low base, good growth was achieved in 2001 in business from both
electromagnetics products, FLO/EMC and Microstripes - more than doubling our
total electromagnetics business. Most importantly, we are seeing FLO/EMC
becoming well established alongside FLOTHERM in a number of major accounts,
including Intel, Dell, Cisco, Nortel and HP.
The feedback from this market has revealed an additional market opportunity,
which we are now pursuing. There is increasing (successful) application of the
software to the design of embedded Bluetooth antenna systems, which are becoming
a common feature of PCs and other equipment. Offering a solution for this
increasingly important design need further strengthens our product offering for
the "physical design of electronics" - and we are re-positioning our
electromagnetics products accordingly.
To Round Off
Like most other companies in our sector, Flomerics' aim during 2001 has been -
first and foremost - to "ride the storm". We believe that we are achieving this.
We have, moreover, consolidated our position in a number of our leading,
blue-chip accounts - and have achieved accelerated penetration of the new
electromagnetics markets. These provide a sound base for the future.
The technology trends that have driven our recent growth - accelerating demands
for speed and functional densities - continue to underlie developments in all
classes of electronics equipment. We therefore foresee an intensifying need for
the key enabling technologies - thermal and electromagnetics - which we can
provide.
David Tatchell
Chief Executive
26 February 2002
Financial and Operating Review
Overview
Turnover for the Group increased for the full year by 9% over 2000 to £12.9
million. The results benefited from the stronger dollar compared to 2000 and at
constant exchange rates the growth was 7%. Turnover for the first half was ahead
of the same period in 2000 by 32%, so that the second half of 2001 actually
showed a contraction of 7% compared to the same period in 2000.
Cost of sales was down in 2001 compared to 2000 resulting in a gross margin of
96%. Cost of sales includes royalties paid to third party licensors and the cost
of manuals and CDs'. During the year the arrangement with one of the Group's
licensors came to an end resulting in reduced costs.
Total costs increased by 19% to £12.6 million. The Group has continued to invest
heavily in Research and Development (R&D)and total R&D costs increased by over
£500,000 to £2.8 million. This represents almost 21% of turnover for the year
and exceeds the normal range for the Group of between 15% and 20%. Because of
the investment in the new electromagnetic products, an increase as a percentage
of turnover was anticipated and it is expected that expenditure will be high in
this area until the converged product (FLOTHERM and FLO/EMC) is completed.
Costs were contained in the second half of the year when it became apparent that
the Group's targets were not going to be achieved and in October the cost base
was reduced through a redundancy programme. However, due to the timing, this had
little impact on the results for 2001.
Because of increased higher cash balances held in 2001 interest received during
the year was £112,000 compared to £32,000 in 2000.
The net effect of the above is a reduced profit before tax of £308,000 compared
to £1,182,000 in 2000.
The Group's tax charge as a percentage of profit before tax was 18% compared to
27% in 2000. The charge is significantly reduced by the Research and Development
allowances which give a 150% deduction for qualifying expenditure. This was
introduced with effect from April 2000 and therefore there is a full year's
effect in 2001 compared to nine months in 2000. The tax rate has also been
reduced this year due to an over-provision in 2000.
Regional Review
United States of America
The Group derives more than half (55%) of its revenue from the United States
(2000: 56%) and is therefore heavily dependent on the US economy. The slow down
in the electronics sector, which began in the last quarter of 2000 and affected
the US earlier than other parts of the world, started to affect the Group in the
second half of 2001. A very poor third quarter, which was not made good in the
fourth quarter meant that revenues in the US were just 3% ahead of 2000. As we
have said elsewhere the Group's largest customers renewed their licenses at or
above the levels in 2000 but there was less growth than normal, some renewals
were lost and it became increasingly difficult to persuade customers to commit
to new expenditure. In addition the consultancy side of the business which saw
good growth in 2000 and in 1999 experienced contraction in 2001.
On the other hand, and encouragingly, the US operation had some significant
success with the electromagnetic products FLO/EMC and Microstripes. The Group's
strategy has been to concentrate on this core market first with these products
and in 2002 this will be rolled out to the other territories and increased
resources have already been recruited to achieve this.
Far East
The Group now has three direct operations in this region; a representative
office in China, established in 2000, an office in Singapore, set up in 2001 and
an office in Japan (KCC Japan) also established in 2001, which just sells
Microstripes. Sales of FLOTHERM in Japan continue to go through a distributor
(K2). The total revenue derived from this area was about 12% of total Group
turnover.
After a very good performance in 2000, there was no growth in turnover from this
region in 2001. It is more typical for Perpetual licences (rather than annual)
to be sold in this region; the revenue stream is therefore less regular. Revenue
from the Group's Japanese distributor increased by over 70% in 2000 for example,
but in 2001 it fell by 19%.
KCC Japan performed well and exceeded target in its first year of operation.
This office was established out of a joint venture company that was wound up in
2000 and for that reason has a well-established customer base and brand.
Microstripes is the dominant product in Japan.
The other direct offices did not perform to expectation and Singapore and China
were affected by local economic difficulties.
Europe
The Group's European operations comprise the headquarters in the UK, established
branch offices in Germany, Italy and France and a new office established in 2001
in Stockholm.
The UK did particularly well with FLOVENT but less well with new sales of
FLOTHERM.
The established branch offices all exceeded the Group's average growth in
turnover. Turnover from France, for example, increased by over 30% and even
Germany, which was starting to feel the effects of the recession as early as
April, showed growth of 17%.
The office in Stockholm, only established in the second quarter, was below
target. The region is heavily dependent on the telecomms sector which was badly
affected by the slow down in 2001.
Balance Sheet
During the year the Group purchased a freehold property in Hampton Court for
£1.1 million. This purchase was committed to during the second quarter of the
year and was to allow for further expansion of the Group's operation in Hampton
Court - which houses research and development, the Group's headquarters and the
sales, marketing and customer support operations for the UK. Following the
reduction in headcount in October 2001, it is now expected that occupation by
the Group will be later than expected and initially part of the building will be
sub-let.
The Group continues to carry goodwill relating to the acquisition of Kimberley
Communications Consultant Limited in 1999. This is being amortised over a ten
year period and at 31 December 2001 stood at £622,000.
Cash flow from operations was positive in the year. Net funds were reduced by
£454,000 to £235,000 but this is after the purchase of the freehold property
mentioned above. Taking this into consideration, total cash generated was
approximately £700,000. This is after other capital expenditure of £594,000
(2000: £727,000) and the payment of a dividend of £146,000. At the year end the
Group had cash balances of £1,048,000 and borrowings of £813,000 comprising a
mortgage on the property of £683,000 and £130,000 of finance leases.
Trade debtors are always high at the year end because of the large volume of
business that is transacted in the last quarter. As a proportion of total
revenue trade debtors was lower at the end of 2001 compared to 31 December 2000
at 30% compared to 40%. This is partly because the last quarter accounted for a
smaller proportion of total revenue but cash collection has also improved.
In an attempt to improve liquidity in the Company's shares the share capital was
increased by a four-for-one bonus issue in April 2001. This increased the number
of shares five-fold.
Chris Ogle
Finance Director
26 February 2002
FLOMERICS GROUP PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2001
2001 2001 2000 2000
(Unaudited) (Unaudited) (Audited) (Audited)
£'000 £'000 £'000 £'000
Turnover 12,875 11,763
Cost of sales (518) (550)
_________ _________
Gross profit 12,357 11,213
Administrative expenses
Goodwill amortisation (82) (82)
Other (including research and development) (11,968) (9,937)
________ ________
(12,050) (10,019)
________ ________
Operating profit 307 1,194
Other interest receivable and similar income 123 43
Interest payable and similar charges (122) (55)
_________ _________
Profit on ordinary activities before taxation
(Note 3) 308 1,182
Tax on profit on ordinary activities (55) (323)
_________ _________
Profit for the financial year 253 859
Dividends (146) (146)
_________ _________
Retained profit for the financial year 107 713
_________ _________
Earnings per share (Note 4) 1.73p 6.02p
Diluted earnings per share (Note 5) 1.72p 6.00p
Earnings per share before amortisation of
goodwill 2.29p 6.60p
FLOMERICS GROUP PLC
CONSOLIDATED BALANCE SHEET
AT 31 DECEMBER 2001
2001 2001 2000 2000
(Unaudited) (Unaudited) (Audited) (Audited)
£'000 £'000 £'000 £'000
Fixed assets
Intangible assets 622 704
Tangible Assets 2,146 1,027
Investments - 19
_______ _______
2,768 1,750
Current assets
Debtors 5,109 5,626
Cash at bank and in hand 1,048 1,136
_______ _______
6,157 6,762
Creditors: amounts falling due
within one year (3,754) (3,941)
_______ _______
Net current assets 2,403 2,821
_______ _______
Total assets less current 5,171 4,571
liabilities
Creditors: amounts falling due
after more than one year (668) (136)
Provisions for liabilities and (33) (30)
charges
________ ________
Net assets (Note 3) 4,470 4,405
_______ _______
Capital and reserves
Called up share capital 146 29
Share premium account 1,602 1,733
Merger reserve 759 759
Profit and loss account 1,963 1,884
________ ________
Equity shareholders' funds 4,470 4,405
_______ _______
FLOMERICS GROUP PLC
SUMMARY CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2001
2001 2000
(Unaudited) (Audited)
£'000 £'000
Operating Activities
Operating profit 307 1,194
Depreciation and amortisation charges 706 597
Loss on disposal of fixed assets 13 -
Profit on disposal of investment (25) -
Exchange differences (36) -
Decrease/ (increase) in debtors 517 (1,766)
Increase in creditors 187 898
Net cash inflow from operating activities 1,669 923
Net cash inflow (outflow) from returns on
investment and servicing of finance 1 (12)
Tax paid (260) (308)
Net cash outflow from capital expenditure and
financial investment (1,704) (727)
Equity dividend paid (146) (110)
________ ________
Net cash outflow before financing (440) (234)
Net cash inflow from financing 490 1,093
________ ________
Increase in cash in the year 50 859
________ ________
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN
NET FUNDS
Increase in cash in period 50 859
Cash outflow from decrease in debt and lease
financing 196 350
New mortgage (700) -
Change in net funds resulting from cash flows (454) 1,209
New finance leases - (232)
Translation differences - 93
Movement in net funds in the year (454) 1,070
Net funds / (debt) at 1 January 689 (381)
Net funds at 31 December 235 689
Notes:
1. The Group recognised unrealised losses on translation of foreign
currency net investments of £28,000 (2000:gains £93,000) in the year which were
taken to reserves and are not included in the profits above.
2. The financial information shown for the years ended 31 December 2001
and 2000 set out above does not constitute statutory accounts but is derived
from those accounts. The results have been prepared using accounting policies
consistent with those used in the preparation of the statutory accounts. The
financial information contained in this announcement does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act
1985. The financial information for the year ended 31 December 2000 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.
The financial information for the year ended 31 December 2001 has been extracted
from the draft statutory accounts for that year upon which the auditors have yet
to report. Copies of this announcement are available at the registered offices
of the Company (81 Bridge Road, Hampton Court, Surrey, KT8 9HH) and at the
offices of the company's nominated advisors, Teather & Greenwood Ltd. (Beaufort
House, 15 St Boltolph Street, London EC3A 7QR) for a period of 14 days from the
date hereof.
3. The Group's turnover and profit before tax for each geographic area of
operation is:
Turnover Profit Before Taxation
2001 2000 2001 2000
£'000 £'000 £'000 £'000
United States of America 7,120 6,555 106 195
Europe and the Far East 5,755 5,208 202 987
_______ _______ _______ _______
12,875 11,763 308 1,182
_______ _______ _______ _______
The net assets attributable to each geographic area are:
2001 2000
£'000 £'000
United States of America 514 443
Europe and the Far East 3,956 3,962
_______ _______
4,470 4,405
_______ _______
4. The earnings per share figure for 2001 has been calculated based on the
profit on ordinary activities after taxation and the weighted average number
of shares in issue of 14,647,000 (2000: 14,250,000 - restated for the
four-for-one bonus issue made in April 2001).
5. In accordance with FRS14 issued in October 1998 the fully diluted
earnings per share was 1.72 pence per share (2000: 6.00p). The diluted number of
shares was 14,737,000 (2000: 14,330,000)
6. The AGM will be held at 10.30 am on 18 April 2002 at the registered
office of the company (81 Bridge Road, Hampton Court, Surrey, KT8 9HH).
--------------------------
(1) "Cooling Electronics The Next Decade" Marlborough, MA, USA, August 2001.
CoolingZone LLC, PMB 405, 290 Turnpike Road, Westborough, MA 01581, USA
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