Interim Results

Datacash Group PLC 03 August 2004 DATACASH GROUP PLC ('DataCash' or 'the Company') INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2004 News Item DataCash Group plc, the AIM listed payments service provider, announces its results for the six months ended 30th June 2004 Overview •Profit (before tax and goodwill amortisation) up 155% at £670,000 (2003: £263,000) •Turnover up 26% at £2.14m (2003: £1.69m) •Cash balances up to £2.35m (June 2003: £920,000) •Transaction volumes growing at 4% compound per month •Appointment of Chief Executive from July 19th 2004 Chairman's statement The DataCash business performed well in the first half of 2004, producing profits before tax and goodwill amortisation up by 155% to £670,000 (2003: £263,000) on revenues up by 26% to £2.14m (2003: £1.69m). All the revenue came from our Card Holder Not Present (CNP) activities, although we continued to invest in the foundations to enter the Card Holder Present (CHP) market. CNP transaction volumes in the first half of 2004 were 18.7m (first half 2003: 12.6m), which was greater than the total for the whole of 2002, and are expected to continue to grow at a compound monthly rate of about 4%, which bodes well for the future. We are seeing good growth coming through our partner channels, with significant wins within the travel market. This market is particularly responsive to our ability to provide consolidated payment processing across numerous sales channels. We also made significant customer gains in the first six months of 2004 in ticketing (cinemas and events), interactive TV shopping, DVD rental and online dating. The introduction of Chip and PIN is acting as a catalyst to our Card Holder Present proposition, which has been well received by the market. The team, which has been assembled through our relationship with IBM and its partners, is offering a very attractive alternative to the product-based solutions. The rush to be ready for the card scheme deadline of January 2005 has been replaced by a more considered evaluation of alternative deployments, which should benefit DataCash. We hope to announce our first CHP contracts soon. Cash balances increased by £802,000 in the first half, and at the end of June 2004 were £2.35m (June 2003: £920,000). We expect cash balances to continue to grow in the second half. The Group is pleased to announce that Terry Cave was appointed Chief Executive of the Group with effect from 19 July 2004. This is a new appointment designed to increase the Group's capabilities and capacity to address the rapid expansion of the business. Terry has a wide experience of growing technology service businesses, which will strengthen the management team and provide a significant further impetus to our growth. Your Board looks forward to the future with confidence. David Bailey Chairman 3rd August 2004 For further information contact: DataCash: David Bailey (Chairman): 0870 7274760 St Brides Media: Isabel Crossley: 020 7242 4477 ------------------------------------------------------------------------------------------------------------ Datacash Group plc Consolidated profit and loss account (unaudited) For the 6 months ended 30 June 2004 6 months 6 months Year ended ended ended 30 June 30 June 31 Dec 2004 2003 2003 £000 £000 £000 Turnover 2,141 1,693 3,575 Continuing operations 2,140.66 2,141 2,073 Discontinued operations - - 971 Administrative expenses (1,502) (1,427) (2,846) ------ ------ ------ Operating profit before goodwill and 639 266 729 exceptional items Goodwill amortisation (988) (988) (1,975) National Insurance on share option - (10) (17) credit Release of provisions - - - 729 exceptional ------ ------ ------ Operating loss (349) (732) (534) Interest receivable and similar 31 7 23 income Amounts written off investments - - (160) Interest payable and similar - - - charges ------ ------ ------ Loss on ordinary activities before (318) (725) (671) taxation Taxation 244 - 930 ------ ------ ------ Loss on ordinary activities after (74) (725) 259 taxation Dividends - - - ------ ------ ------ Loss for the period (74) (725) 259 ====== ====== ====== Basic and diluted loss per share (0.16)p (1.66)p 0.59p Basic and diluted profit per 2.04p 0.01p 0.03p share (before goodwill and exceptional items) All amounts relate to continuing activities. There were no recognised gains or losses other than those shown in the profit and loss account. There are no differences between historical cost profits and losses and those shown above. DataCash Group plc Consolidated balance sheet (unaudited) As at 30 June 2004 As at As at As at 30 June 30 June 31 Dec 2004 2003 2003 £000 £000 £000 Fixed assets Intangible assets 11,300 13,274 12,287 Tangible assets 118 141 126 Investments - 160 - --------- --------- --------- 11,418 13,575 12,413 --------- --------- --------- Current assets Debtors 647 603 653 Debtors - Deferred tax 1,174 930 asset Cash at bank and in hand 2,350 920 1,548 --------- --------- --------- 4,171 1,523 3,131 --------- --------- --------- Creditors Amounts falling due within one (1,007) (809) (908) year --------- --------- --------- Net current assets 3,164 714 2,223 --------- --------- --------- Total assets less current 14,582 14,289 14,636 liabilities Creditors Amounts falling due after more than - - - one year Provisions for liabilities and - (799) (22) charges --------- --------- --------- Net assets 14,582 13,490 14,614 ========= ========= ========= Capital and reserves Called up share capital 447 440 447 Share premium account 9,743 9,568 9,701 Share scheme reserve - 4 - Merger reserve (124) (124) (124) Other reserve 18,889 18,889 18,889 Profit and loss account (14,373) (15,287) (14,299) --------- --------- --------- Equity shareholders' funds 14,582 13,490 14,614 ========= ========= ========= DataCash Group plc Consolidated cash flow statement (unaudited) For the 6 months ended 30 June 2004 6 months 6 months Year ended ended ended 30 June 30 June 31 Dec 2004 2003 2003 £000 £000 £000 Net cash inflow from operating activities 763 225 736 -- -- -- Returns on investments and servicing of finance Interest received 31 7 23 Interest paid - - - Interest element of finance lease rental - - - payments Net cash inflow from returns on investments -- -- -- and servicing of finance 31 7 23 -- -- -- Capital expenditure and financial investment Purchase of tangible fixed assets (35) (42) (79) Sale of tangible fixed assets - - - Decrease in investment loans - - - -- -- -- Net cash outflow from capital expenditure and (35) (42) (79) financial investments -- -- -- Net cash inflow/(outflow) before management -- -- -- of liquid resources and financing 759 190 680 -- -- -- Management of liquid resources Increase in short term bank deposits (921) (173) (453) -- -- -- Net cash outflow from management of liquid (921) (173) (453) resources -- -- -- Financing Capital element of finance lease rental - - - payments Issue of Ordinary Share Capital including - - - premium net of expenses Exercise of share options 43 63 201 -- -- -- Net cash inflow from financing 43 63 201 -- -- -- -- -- -- (Decrease)/increase in cash in the period (119) 80 428 == == == Notes (1) Basis of preparation The results for the six months ended 30 June 2004 and the comparative figures for the six months ended 30 June 2003 are unaudited. They have been prepared on accounting bases and policies that are consistent with those used in the preparation of the financial statements of the Group for the year ended 31 December 2003. The financial information contained in this report does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 (as amended). The results for the year ended 31 December 2003 were reported on by the auditors and received an unqualified report and contained no statement under Section 237(2) or (3) of the Companies Act 1985 (as amended). Full accounts have been delivered to the Registrar of Companies and are available on request. (2) Earnings per share The calculations of loss per share are based on the following profits and numbers of shares: The adjusted loss per share is based on the loss after tax before goodwill amortisation and exceptional items. 6 months ended 6 months ended Year ended 31 30 June 2004 30 June 2003 Dec 2003 £000 £000 £000 Weighted average number of 1p ordinary shares in issue during the period For basic and diluted earnings per 44,726,982 43,710,435 43,981,347 share Profit for the financial period £'000s £'000s £'000s Profit for adjusted earnings per 914 273 1,522 share Adjustment for goodwill (988) (988) (1,975) amortisation Adjustment for exceptional costs - (10) 712 ----------- ------------ ---------- Profit for earnings per share (74) (725) 259 ----------- ------------ ---------- (3) Reconciliation of operating loss to operating cash flows 6 months ended 6 months Year 30 June 2004 ended ended £000 30 June 2003 31 Dec 2003 £000 £000 Operating loss (349) (732) (534) Amortisation 988 988 1,975 Depreciation 41 71 123 Decrease in debtors 6 38 (12) Increase/(decrease) in 99 (150) (51) creditors (Decrease)/increase in (22) 10 (765) provisions ----------- ------------ ---------- Net cash inflow from operating activities 763 225 736 ----------- ------------ ---------- (4) Analysis of Net Funds At At 1 January 2004 Cash Flow 30 June 2004 £000 £000 £000 Cash in hand and at bank 545 (119) 426 Short term bank deposits 1,003 921 1,924 ----------- ---------- ----------- 1,548 802 2,350 ----------- ---------- ----------- This information is provided by RNS The company news service from the London Stock Exchange

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