Interim Results
Vislink PLC
30 August 2006
Vislink plc
Interim results for the six months ended 30 June 2006
Vislink plc ('The Group'), a leading supplier of microwave radio and satellite
transmission products for the broadcast and security markets and of CCTV systems
for the marine security market has today announced its interim results for the
six months to 30 June 2006.
Financial summary
---------------------------- -------- -----------
For the six months ended 30 June 2006 2005
£'000 £'000
---------------------------- -------- -----------
Revenue 50,764 35,753
Operating profit 6,234 2,527
Adjusted* operating profit 6,910 3,046
Profit before taxation 6,076 2,092
Earnings per share - basic 2.73p 1.07p
Adjusted* earnings per share - basic 3.08p 1.33p
---------------------------- -------- -----------
*Adjusted operating profit is operating profit before the amortisation of
acquired intangibles. Adjusted earnings per share are calculated on the same
basis.
Highlights:
• Group sales increased by 42.0% to £50.76 million (2005 - £35.75 million)
• The Group's operating profit was up by 146% to £6.23 million (2005 -
£2.53 million)
• The Group's adjusted operating profit was up by 127% to £6.91 million
(2005 - £3.05 million)
• Adjusted earnings per share increased by 132% to 3.08 pence (2005 - 1.33
pence)
• The Group's net cash inflow from operating activities in the period was
£6.57million (2005 - £0.23 million outflow)
• The Group ended the period with net cash of £3.92 million (31 December
2005 - £2.16 million)
Bob Morton, Chairman of Vislink said:
'The Group has had a record half year and has entered the second half with a
strong order book. The Board is encouraged by current trading and continues to
look forward to the rest of the year with enthusiasm and confidence.'
- ends -
For further information on 30 August 2006, please contact:
Ian Scott-Gall, Chief Executive 01488 685500
James Trumper, Group Finance Director 01488 685500
Chairman's Statement
Results for six months to 30 June 2006
The Board is pleased to report that the Group has continued to deliver a
significant improvement in its trading, with a record performance for the first
six months of 2006.
The Group's order intake for the period increased to £48.78 million (2005 -
£46.90 million). Group sales from continuing operations were up 42% to £50.76
million (2005 - £35.75 million).
The Group's reported operating profit from continuing operations was up by 146%
to £6.23 million (2005 - £2.53 million). The adjusted operating profit, being
operating profit from continuing operations before the amortisation of acquired
intangibles, was up by £3.86 million to £6.91 million (2005 - £3.05 million).
Each of the Group's regional businesses have reported higher sales and adjusted
operating profits in the period. The UK business reported an operating profit of
£1.83 million (2005 - £1.46 million) before the amortisation of acquired
intangibles; operating profits in the US business of MRC increased to £5.74
million (2005 - £2.00 million) and at Hernis the operating profit increased to
£0.73 million (2005 - £0.54 million).
Net interest costs were lower at £0.16 million (2005 - £0.44 million) including
£0.11million of interest arising from the discounting of the deferred
consideration in respect of the Link acquisition (2005 - £0.13 million). The
Group made a profit on continuing activities after interest charges but before
tax of £6.08 million (2005 - £2.09 million).
The Group's net cash inflow from operating activities in the period was
£6.57million (2005 - £0.23 million outflow). The Group had net cash of £3.92
million at 30 June 2006 (31 December 2005 - £2.16 million).
Earnings Per Share
The reported basic undiluted earnings per share for the period were 2.73 pence
(2005 - 1.07 pence). After adjusting for the amortisation of acquired
intangibles, the Group's adjusted earnings per share were 3.08 pence (2005 -
1.33 pence).
Dividends
The Group's stated strategy is to only recommend a final dividend and therefore
as in previous years the Board is not recommending an interim dividend.
Business Review
US business
MRC, the US business, has seen its external sales increase to £29.98 million
(2005 - £16.64 million) as a result of both the 2GHz re-channelisation programme
in the US and an increase in its international sales to £4.41 million (2005 -
£2.27 million). Operating profits increased by 187% to £5.74 million (2005 -
£2.00 million).
The US domestic broadcast market remains strong with demand being driven by the
2Ghz re-channelisation programme. The international broadcast market continues
to grow for MRC. Good progress is also being made in developing the US defence
and law enforcement markets.
UK business
The UK business comprises the Advent satellite communications business, the Link
wireless camera business and the Venezuelan TV contract. External sales for the
business were £14.99 million (2005 - £14.41 million). The adjusted operating
profit increased by 25% to £1.83 million (2005 - £1.46 million) before the £0.68
million amortisation of acquired intangibles in respect of the acquisition of
Link (2005 - £0.52 million).
Link has continued to perform strongly in all of its markets. In the UK the BBC
English Regions have appointed Link as their preferred supplier for wireless
camera systems and have ordered LinkXPs for thirteen BBC regions. Link has
benefited from the launch of HD products in the UK and internationally and also
from the 2GHz re-channelisation programme in the US.
Advent returned to profitability in the period. The business has opened a
Singapore office for the Asian region and won significant orders from Sun TV in
India. Skylogic have ordered more ground stations following on from last year's
successful installations for the winter Olympics in Turin.
The Venezuelan TV contract is scheduled to be completed during the second half.
Hernis
Hernis has made an excellent start to the year. Orders for the period increased
by 54% to £8.75 million (2005 - £5.69 million) due to the growth in the offshore
oil and gas markets and the marine LNG carrier market. Significant orders
received in the period included a contract for the installation of Hernis camera
systems on four new LNG carriers for Samsung Heavy Industries in Korea, a
storage tank farm for Qatar and two contracts with Jurong Shipyard in Singapore
for two ultra-deepwater semi-submersible drilling rigs. Hernis sales increased
by 23% to £5.80 million (2005 - £4.70 million) and operating profits increased
by 35% to £0.73 million (2005 - £0.54 million).
Strategy and Prospects
The Group's strategy is to maintain organic sales growth from the development of
the worldwide defence, security and law enforcement markets. These markets
require communication systems that are mobile, are able to cope with difficult
environments and require minimal infrastructure with a high bandwidth to cope
with a variety of data. In addition there is a significant trend toward the
convergence of terrestrial microwave and satellite in these markets. These are
all features inherent in the Group's broadcast contribution products. There is a
major benefit to the Group in developing its channels to these markets.
In the defence, public safety and homeland security markets the Group now has
products that provide rapidly deployable tactical, multi-agency video and data
communications from vehicles, airborne platforms, point to point microwave and
satellite links. Group sales in the period for these markets increased by 80% to
£5.77 million (2005 - £3.21 million).
The Group's broadcast products continue to offer the most flexible range of TV
contribution technology systems that transmit live video signals back to the
studio. The different applications of live contribution technology define our
broadcast markets. The migration of the industry towards High Definition (HD)
and IPTV is underpinning long-term confidence in the contribution market.
The Group is developing new products to meet the increasing demands for greater
mobility, HD and IP based systems. The Group sees the move from Standard
Definition (SD) to HD within the professional broadcast market as a strong
growth opportunity.
MRC and Link are expected to continue to benefit from the 2GHz re-channelisation
programme in the US over the next two and a half years. In addition Advent, Link
and MRC are all seeing increased demand from the international professional
broadcast markets.
The marine, offshore and onshore markets are currently strong for Hernis. Their
growth has been fuelled by the high oil price and the increasing demand for
natural resources that has encouraged investment in a number of shipping and
exploration projects around the world by the oil and gas industry.
In summary, the Group has had a record half year and has entered the second half
with a strong order book. The Board is encouraged by current trading and
continues to look forward to the rest of the year with enthusiasm and
confidence.
ALR Morton, Chairman
August 30, 2006
CONSOLIDATED GROUP INCOME STATEMENT
for the six months ended 30 June 2006
Six months Six months Year ended
to 30 June to 30 June 31 December
2006 2005 2005
(Unaudited) (Unaudited) (Audited)
Notes £'000 £'000 £'000
Continuing operations
Revenue 2 50,764 35,753 85,072
Cost of sales (32,052) (24,506) (56,452)
--------- --------- ---------
18,712 11,247 28,620
Sales and marketing (5,591) (3,077) (8,952)
Research and development (2,456) (2,272) (4,950)
Administrative costs (4,233) (3,286) (7,407)
Other expenses (198) (85) (170)
--------- --------- ---------
Operating profit from
continuing operations 2 6,234 2,527 7,141
------------------------- ------- --------- --------- ---------
Operating profit is analysed
as:
Adjusted operating profit 6 6,910 3,046 8,348
Amortisation of acquired
intangibles (676) (519) (1,207)
------------------------- ------- --------- --------- ---------
Finance costs 3 (242) (475) (872)
Investment income 3 84 40 96
--------- --------- ---------
Profit on continuing
activities before
taxation 6,076 2,092 6,365
Tax on profit on ordinary
activities 4 (2,363) (741) (2,883)
--------- --------- ---------
Profit for the period from
continuing operations being
profit attributable to
shareholders 3,713 1,351 3,482
========= ========= =========
Earnings per share expressed
in pence per share:
From continuing operations
- basic 6 2.73p 1.07p 2.66p
From continuing operations
- diluted 6 2.68p 1.06p 2.62p
========= ========= =========
Dividends
No dividends have been declared and approved in respect of the six month periods
ending 30 June 2006 and 30 June 2005 (see note 5).
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2006
Six months Six months Year ended
to 30 June to 30 June 31 December
2006 2005 2005
(Unaudited) (Unaudited) (Audited)
Notes £'000 £'000 £'000
Opening shareholders'
equity 37,815 25,001 25,001
---------- --------- ---------
Profit for the
financial period 3,713 1,351 3,482
Share options - value
of employee services 59 42 75
Dividends 5 (681) (246) (246)
---------- --------- ---------
Movements in the
profit and loss
account 3,091 1,147 3,311
Translation difference
on foreign currency
net investments (1,161) 1,027 1,765
Shares issued 66 7,470 7,687
Disposal of investment
in own shares 60 4 51
---------- --------- ---------
Total movements in
shareholders' equity 2,056 9,648 12,814
---------- --------- ---------
Closing shareholders'
equity 39,871 34,649 37,815
---------- --------- ---------
CONSOLIDATED GROUP BALANCE SHEET
as at 30 June 2006
30 June 2006 30 June 2005 31 December 2005
(Unaudited) (Unaudited) (Audited)
Notes £'000 £'000 £'000
Assets
Non-current assets
Goodwill 23,013 23,181 23,393
Intangible assets 6,492 7,394 6,854
Property, plant and 4,891 4,785 4,547
equipment
Financial assets - available
for sale investments 109 - 43
Deferred tax assets 929 1,602 835
--------- --------- ---------
35,434 36,962 35,672
--------- --------- ---------
Current assets
Inventories 15,973 11,117 13,345
Trade and other receivables 14,023 15,686 17,032
Financial assets - available
for sale investments - 259 -
Net cash and cash 8 7,658 2,100 7,122
equivalents --------- --------- ---------
37,654 29,162 37,499
--------- --------- ---------
Liabilities
Current liabilities
Financial liabilities -
borrowings 8 235 2,660 3,794
Trade and other payables 22,898 17,216 22,206
Current tax liabilities 1,151 1,060 816
Provisions 825 620 732
--------- --------- ---------
25,109 21,556 27,548
--------- --------- ---------
--------- --------- ---------
Net current assets 12,545 7,606 9,951
--------- --------- ---------
Non-current liabilities
Financial liabilities -
borrowings 8 3,500 2,795 1,169
Deferred tax liabilities 2,372 3,232 2,608
Other non-current
liabilities 2,236 3,752 3,878
Provisions - 140 153
--------- --------- ---------
8,108 9,919 7,808
--------- --------- ---------
--------- --------- ---------
39,871 34,649 37,815
--------- --------- ---------
Capital and reserves
Called up share capital 3,418 3,392 3,412
Share premium account 4,422 4,165 4,362
Investment in own shares (49) (156) (109)
Merger reserve 30,565 30,565 30,565
Translation reserve (2,449) (2,026) (1,288)
Profit and loss account 3,964 (1,291) 873
--------- --------- ---------
Total shareholders' equity 39,871 34,649 37,815
--------- --------- ---------
CONSOLIDATED GROUP CASH FLOW STATEMENT
for the six months ended 30 June 2006
Six months Six months Year ended
to 30 June to 30 June 31 December
2006 2005 2005
(Unaudited) (Unaudited) (Audited)
Notes £'000 £'000 £'000
Cash flow from operating
activities
Cash generated from/(used in)
operating activities 7 6,569 (230) 9,602
Investment income 84 40 96
Finance costs (183) (387) (567)
Taxation paid (2,325) (413) (2,670)
--------- --------- ---------
Net cash generated from/(used
in) operating activities 4,145 (990) 6,461
--------- --------- ---------
Cash flows from investing
activities
Acquisition of subsidiary - (2,445) (2,445)
Proceeds from sale of
property, plant and
equipment 2 - 130
Purchase of property,
plant and equipment (1,063) (596) (1,014)
Expenditure on capitalised
development costs (869) (467) (1,054)
Acquisition of investments (66) - (43)
--------- --------- ---------
Net cash (used in)
investing activities (1,996) (3,508) (4,426)
--------- --------- ---------
Cash flows from financing
activities
Net proceeds from issue of
ordinary share capital 66 4,470 4,687
Net proceeds from sale of
own shares held 60 4 51
Proceeds from issue of new
bank loan 8 3,500 - -
Repayment of borrowings 8 (3,678) (1,307) (3,084)
Repayment of loan notes 8 (1,285) - (54)
Dividend paid to shareholders - - (246)
--------- --------- ---------
Cash (used in)/generated
from financing activities (1,337) 3,167 1,354
--------- --------- ---------
Effect of foreign exchange
rate changes 8 (276) 212 514
--------- --------- ---------
Net increase/(decrease) in
cash and cash equivalents 536 (1,119) 3,903
Net cash and cash equivalents
at beginning of period 7,122 3,219 3,219
--------- --------- ---------
Net cash and cash equivalents
at end of period 8 7,658 2,100 7,122
--------- --------- ---------
NOTES TO THE INTERIM ACCOUNTS
for the six months ended 30 June 2006
1. BASIS OF PREPARATION
This interim report has been prepared under the historical cost convention. The
accounting policies are the same as those presented in the audited financial
statements for the year ended 31 December 2005 and those that are anticipated to
be in force at 31 December 2006. The preparation of the interim report in
conformity with generally accepted accounting principles requires the use of
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amount of
revenues and expenses during the reporting period. Although these estimates are
based on management's best knowledge of the amount, event or actions, actual
results ultimately may differ from these estimates.
This interim report is unaudited and does not constitute audited accounts within
the meaning of the Companies Act 1985. The accounts for the year ended 31
December 2005, on which the auditors gave an unqualified audit opinion, were
prepared in accordance with International Financial Reporting Standards and
IFRIC interpretations, and have been filed with the Registrar of Companies.
2. SEGMENTAL ANALYSIS
The Group's internal organisational and management structure and its system of
internal financial reporting to the Board of Directors is based on the
geographical location of its businesses. These comprise three regions, the UK,
the United States of America (US) and Norway. The UK comprises the broadcast
businesses of Advent Communications (satellite products), projects and the
wireless camera systems of Link. The US comprises the microwave radio broadcast
business of MRC. Norway comprises the marine CCTV business of Hernis.
The table below shows the analysis of Group external revenue, by geographic
location.
Revenue Operating Profit
------------------------------------------ ------------------------------------------
Six months to Six months to Year ended Six months to Six months to Year ended
30 June 2006 30 June 2005 31 December 30 June 2006 30 June 2005 31 December
(Unaudited) (Unaudited) 2005 (Unaudited) (Unaudited) 2005
£'000 £'000 (Audited) £'000 £'000 (Audited)
£'000 £'000
By geographic location
UK - broadcast
(note a) 20,276 17,032 34,523 1,150 942 888
US - broadcast 30,161 16,757 47,403 5,741 2,003 7,414
Norway - marine CCTV 5,798 4,699 10,044 725 540 942
Central costs - - - (1,026) (698) (1,802)
Inter-segmental
transactions (5,471) (2,735) (6,898) (356) (260) (301)
-------- -------- --------- --------- -------- --------
Group total 50,764 35,753 85,072 6,234 2,527 7,141
-------- -------- --------- --------- -------- --------
Notes:
a) For the six months ended 30 June 2006 the UK operating profit is after
charging £676,000 in respect of the acquired intangibles (six months to 30
June 2005 - £519,000 and year to 31 December 2005 - £1,207,000).
Secondary format - geographical segments
The Group manages its business segments on a global basis. The operations are
based in three main geographical areas. The UK is the home country of the
parent. The operations are located geographically as described in the table
above.
The sales analysis in the tables below are based on the geographical location of
the customer, product category and customer category.
Geographic revenue analysis
Six months to Six months to Year ended 31
30 June 2006 30 June 2005 December 2005
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
By market:
UK & Ireland 3,847 3,091 5,478
Rest of Europe 4,367 5,403 12,330
North America 26,397 15,349 41,835
South America 5,338 7,904 12,548
Middle East 3,132 520 2,010
Asia 7,153 2,908 9,282
Africa 151 170 606
Other 379 408 983
-------- -------- --------
50,764 35,753 85,072
-------------------------------- -------- -------- --------
Analysis of revenue by product
category
Microwave radio and wireless
camera products 32,942 18,101 49,070
Satellite products 8,697 6,240 15,576
Broadcast projects 3,327 6,713 10,370
Marine CCTV products 5,798 4,699 10,044
Other - - 12
-------- -------- --------
50,764 35,753 85,072
-------------------------------- -------- -------- --------
Analysis of revenue by customer
category
Broadcasters 39,276 27,984 66,017
Defence, security and law
enforcement 5,771 3,206 7,745
Marine, oil and gas 5,188 4,563 9,803
Other 529 - 1,507
-------- -------- --------
50,764 35,753 85,072
-------------------------------- -------- -------- --------
3. FINANCE COSTS - NET
Six months to Six months to Year ended 31
30 June 2006 30 June 2005 December 2005
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Interest payable on bank
borrowing (114) (348) (537)
Interest payable on
other loans (16) (1) (43)
Unwinding of discounting
associated with deferred
consideration (112) (126) (292)
-------- -------- ---------
Finance costs (242) (475) (872)
Investment income 84 40 96
-------- -------- ---------
Finance costs - net (158) (435) (776)
-------------------------------- -------- -------- ---------
4. TAX ON PROFIT ON ORDINARY ACTIVITIES
Six months to Six months to Year ended 31
30 June 2006 30 June 2005 December 2005
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
The tax charge for the period
comprises: 179 27 149
UK current tax charge
Overseas current tax charge 2,513 862 2,755
Deferred tax (credit) (329) (148) (21)
-------- -------- ---------
2,363 741 2,883
-------------------------------- -------- -------- ---------
The tax charge for the six months ended 30 June 2006 is based on the effective
tax rate, which it is estimated will apply to earnings for the full year.
5. DIVIDENDS
No interim dividend is proposed for the period. In 2005 there was no interim
dividend and the final dividend of 0.5 pence per share was approved at the
Annual General Meeting on 24 May 2006 and paid on 21 July 2006.
6. EARNINGS PER ORDINARY SHARE
Earnings per share is calculated by reference to a weighted average of
135,912,000 ordinary shares in issue during the period, excluding shares held by
the Employees' Share Ownership Plan (30 June 2005 - 126,812,000 and 31 December
2005 - 131,052,000).
The diluted earnings per share is after taking account of a further 2,439,000
shares (30 June 2005 - 945,000; 31 December 2005 - 1,631,000) being the dilutive
effect of share options.
Adjusted earnings
Vislink believes that adjusted operating profit, adjusted profit before tax,
adjusted earnings and adjusted earnings per share provide additional useful
information on trends to shareholders. Vislink uses these measures for internal
performance analysis and incentive compensation arrangements. The principal
adjustment is in respect of the amortisation of acquired intangibles.
The reconciliation between reported and adjusted earnings and basic earnings per
share is shown below:
Six months to Six months to Year ended
30 June 2006 30 June 2005 31 December 2005
Earnings Basic EPS Earnings Basic EPS Earnings Basic EPS
£'000 pence £'000 pence £'000 pence
Reported
earnings 3,713 2.73p 1,351 1.07p 3,482 2.66p
Amortisation
of acquired
intangibles
after tax 473 0.35p 337 0.26p 845 0.64p
-------- -------- -------- -------- -------- --------
Adjusted
earnings 4,186 3.08p 1,688 1.33p 4,327 3.30p
-------- -------- -------- -------- -------- --------
7. NOTES TO THE CASH FLOW STATEMENT
Net cash flow from operating activities comprises:
Six months to Six months to Year ended 31
30 June 2006 30 June 2005 December 2005
£'000 £'000 £'000
Continuing operations
Net profit 3,713 1,351 3,482
Adjustments for:
Taxation 2,363 741 2,883
Depreciation 621 476 1,081
Loss on disposal of property,
plant and equipment 41 16 5
Amortisation of development costs 488 477 968
Amortisation of acquired
intangibles 676 519 1,207
Share options - value of employee
services 59 42 75
Investment income (84) (40) (96)
Finance costs 242 475 872
Changes in working capital
(excluding the effect of the
acquisition of subsidiaries)
(Increase) in inventories (3,156) (1,419) (3,377)
Decrease in trade and other
receivables 2,399 1,430 619
(Decrease)/increase in payables (765) (3,925) 2,150
(Decrease) in provisions (28) (373) (267)
--------- -------- ---------
Net cash inflow/(outflow) from
operating activities 6,569 (230) 9,602
--------- -------- ---------
8. NET CASH
The movements in cash and cash equivalents and borrowings in the period were as
follows:
Net cash and Short term Other Total
cash borrowings borrowings net cash
equivalents
£'000 £'000 £'000 £'000
At 1 January 2006 7,122 (3,794) (1,169) 2,159
New bank borrowings 3,500 - (3,500) -
Repayment of borrowings (3,678) 2,509 1,169 -
Payment of loan notes (1,285) 1,285 - -
Issue of loan notes - (235) - (235)
Other cash movements
in the period 2,275 - - 2,275
Exchange rate
adjustments (276) - - (276)
--------- --------- --------- ---------
At 30 June 2006 7,658 (235) (3,500) 3,923
--------- --------- --------- ---------
Loan notes are issued in respect of the deferred consideration associated with
the acquisition of Link Research Limited on 11 February 2005.
9. APPROVAL
A committee of the Board of Directors approved this report on 30 August 2006.
Independent review report to Vislink Plc
Introduction
We have been instructed by the company to review the financial information for
the six months ended 30 June 2006, which comprise the consolidated interim
balance sheet as at 30 June 2006, and the related consolidated interim
statements of income, cash flows and changes in shareholders' equity for the six
months then ended and related notes. We have read the other information
contained in the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The Listing Rules
of the Financial Services Authority require that the accounting policies and
presentation applied to the interim figures should be consistent with those
applied in preparing the preceding annual accounts except where any changes, and
the reasons for them, are disclosed.
This interim report has been prepared in accordance with the basis set out in
Note 1.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of Group management and applying
analytical procedures to the financial information and underlying financial data
and, based thereon, assessing whether the disclosed accounting policies have
been applied. A review excludes audit procedures such as tests of controls and
verification of assets, liabilities and transactions. It is substantially less
in scope than an audit and therefore provides a lower level of assurance.
Accordingly we do not express an audit opinion on the financial information.
This report, including the conclusion, has been prepared for and only for the
company for the purpose of the Listing Rules of the Financial Services Authority
and for no other purpose. We do not, in producing this report, accept or assume
responsibility for any other purpose or to any other person to whom this report
is shown or into whose hands it may come save where expressly agreed by our
prior consent in writing.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2006.
PRICEWATERHOUSECOOPERS LLP
Chartered Accountants
Bristol
30 August 2006
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