Interim Results
Screen PLC
17 December 2002
SCREEN PLC:
INTERIM RESULTS ANNOUNCEMENT
Screen Plc ('Screen' or the 'Group'), a leading provider of advanced security
and communication systems, announces interim results for the half year ended 30
June 2002 and return to trading in its shares on AIM.
Background
• Trading on AIM had been suspended due to substantial uncertainty
concerning accounting information.
• Thorough review of business instigated, and Group entered into
discussions with its bankers.
• Board changes, strengthened management team, Adrian Merryman appointed
CEO.
• More effective financial controls; tighter control of cash; accounting
policies changed.
• Continued sharp sector focus and strong technology.
• Acquisition Joyce-Loebl successfully integrated, delivering strong
first half results with record order book.
• Group now well placed to build on a more stable base.
Financial Highlights
• Revenues of £9.72m (2001: £5.60m).
• Operating Loss (before exceptionals) £1.33m (2001: £0.51m loss).
• All R&D expenditure now written off as it occurs.
• Exceptional charge of £10.48m:
- Group product range reviewed: £1.94m provision against the value of
inventories.
- £1.53m provision against doubtful debts (not full contract value of
£2m as indicated on 27 September).
- Exceptional write down of goodwill of £6.88m.
- Warranty provisions and other provisions of £139,000.
• Pre-tax loss of £11.91m (2001: £0.48m loss).
Other highlights
• HBoS approved banking facilities in line with Group forecast
requirements for the next 12 months.
• Bank borrowings at 30 June 2002 were £2.21m (2001: £0.51m).
• Subsidiary PCK Ltd placed into voluntary liquidation in October, £0.2m
further costs in second half.
• No dividend.
Regarding prospects, Ian Taylor, Screen Chairman, said in his Statement:
'The Group is now well placed to build on a more stable base, with stronger
management. We will be concentrating our efforts on the development of a
focussed product range serving high growth sectors supported by spending by
governments on security and surveillance, public transport and defence. There
will be an effort across the Group to realise margin growth and release of cash.
'During the period of suspension, the Board received several approaches by
parties interested in part or the whole of the Group or in merging with the
Group. This is an important validation of the considerable reputation of the
technology deployed in the Group's products and systems. Over the next few
months, the Board will review the range of courses of action and, if
appropriate, make recommendations to shareholders. The current plan is to grow
organically and by selective acquisition.
'In summary, despite the recent uncertainty and longer than initially predicted
time to release this statement to shareholders, we are now able to look forward
with more confidence. My guiding principle has been the need to provide the
basis for the recovery of shareholder value.'
Contacts:
Screen Plc Binns & Co PR Ltd
Ian Taylor, Chairman Paul McManus
Adrian Merryman, Chief Executive Tel: 01628 820011 Peter Binns
info@screenplc.com http://www.screenplc.com Tel: 020 7786 9600
INTERIM STATEMENT FOR THE PERIOD TO 30 JUNE 2002
Chairman's Statement
Introduction
In my first message to shareholders since becoming Chairman, I wish to offer the
Board's regrets for the chain of events that led to the suspension of the
Group's shares and the delay in issuing its Interim results. The Board took
action on 26th September following its concern over the reliability of the
financial information upon which the Interim figures for the period to 30th June
2002 would have been based. Since then a number of executive Directors have
left the Board as detailed below. With the support of the remaining members of
the Board, and of the Group's Nominated Adviser, Collins Stewart, I was
appointed Executive Chairman tasked with leading a complete review of the
situation and preparing an Interim Statement so that the Group's shares could be
restored to trading on the AIM market.
What went wrong?
The immediate cause of the suspension was the substantial uncertainty
surrounding figures being presented to the Board including inter alia the
possibility of having to provide against certain significant doubtful debts.
This is reported more fully below. A thorough review of the business was
instigated and the Group entered into discussions with its bankers.
It became clear that, in certain parts of the business, accounting systems and
reporting disciplines had broken down during the first half of this year. With
hindsight it is evident that an unduly optimistic picture of the Group's
performance was being presented to the Board. The full implications were slow
to emerge even after the resignation of the Chief Executive in July 2002 and
during the two months of the interim CEO's tenure.
My priority during the last few weeks has been to put in place more effective
financial controls in the business including tighter control of cash, to review
accounting policies and systems, to identify operations which are non core and
to strengthen the management team. To achieve this, the remaining Executive
Directors have been working closely and effectively with a senior interim
management team which we have introduced, and with the Group's auditors Deloitte
& Touche, our bank's advisers PricewaterhouseCoopers, and our Nominated Advisor,
Collins Stewart.
Results for the period
The Board considers that the review that has been conducted during the last few
weeks has established the proper trading record for the first six months of this
year. As a result of the other adjustments reported below, the Group is now more
soundly placed to take advantage of demand for its key product ranges.
Profit & Loss Account
Revenue for the 6 months to 30 June 2002 was £9,718,000 compared with £5,601,000
in the previous year. This increase reflects the successful acquisition of
Joyce-Loebl Limited in December 2001. Joyce-Loebl traded strongly in the period
under review, achieving revenue of £5,207,000 (2001: £4,060,000). The Group's
prior year figures also exclude the revenue of Pentyre Limited which was
acquired in July 2001 and has since been integrated with Petards Vision.
The Group returned an Operating Loss before exceptional items of £1,334,000 for
the period to 30 June 2002, compared with an Operating Loss of £511,000 in the
comparative period last year. This Operating Loss includes the loss associated
with operations to be closed of £1,005,000 (including Petards Corporate
Knowledge as set out below), and costs of reorganisation of activities within
the Petards division. The result also includes an operating profit contribution
from Joyce-Loebl of £1,167,000, which underlines the beneficial significance of
that acquisition.
The Operating Loss also reflects the implementation of the Group Audit
Committee's recommendation in August 2002 to cease the practice of capitalising
development expenditure. This represents a change in the Group's accounting
policy and is in line with the policy adopted by Joyce-Loebl. Accordingly all
expenditure on research and development is now written off to the profit and
loss account as it is incurred. The total charge in the period to 30 June 2002
for development costs incurred in the 6 months was £820,000 (2001:£509,000),
including an additional charge of £411,000 (2001:£386,000) following the
accounting policy change. The impact of this policy change is to write off
£2,781,000 of capitalised development costs relating to prior years and the 2001
figures have been restated accordingly.
As a result of the business review the Board has decided to make an exceptional
charge of £10,484,000 (2001:Nil), the major items of which are set out below:
• the Group's product range has been critically reviewed and, following
rationalisation, additional provisions amounting to £1,937,000 have been made
against the value of inventories;
• provisions amounting to £1,526,000 have been made against doubtful
debts. Three particular debts, which were referred to in the announcement on 27
September 2002, account for £1,042,000 of the total. They relate to separate
contracted sales of ProVida in-car video equipment by PMI A/S, our Danish
subsidiary, for use by police forces in Turkey, Romania and Poland. In all
three cases, the Board took the decision to recover title to and possession of
the goods. The provision at the 30th June 2002 is therefore not the combined
contract value of £2m (as indicated in the announcement of 27th September 2002),
but the lesser figure arrived at net of the inventory value;
• the Board has taken the opportunity to carry out an impairment
assessment of the goodwill carried in the Group's Balance Sheet. Despite
reasonable valuations in the past, these might now be adversely affected by
declining market valuations of net worth and also by the lack of resources
available to the Group to invest in the technological enhancements of some of
the product range. This has resulted in an exceptional write down of goodwill
at 30th June 2002 of £6,882,0000 in addition to the goodwill amortisation for
the period of £224,000 (2001:£169,000).
The impact of all these decisions is a loss before tax for the period ended 30
June 2002 of £11,909,000 (2001:£481,000) or 22.6 pence per share (2001:loss of
1.2 pence per share). The loss per share before goodwill impairment and other
exceptional items was 2.3 pence (2001:0.8 pence loss).
Balance Sheet
As a result of the losses in the period and the changes in the accounting policy
on Research and Development Expenditure, the Consolidated Net Assets at 30 June
2002 were £6,206,000 (30 June 2001: £12,933,000). Consolidated Net Tangible
Assets fell to £5,287,000 (30 June 2001: £6,256,000).
Borrowings
As announced on 5th December, the Group's UK bankers, Halifax Bank of Scotland,
have approved banking facilities in line with the Group's forecast requirements
for at least the next twelve months repayable on demand. Bank borrowings at 30
June 2002 were £2,205,000 (30.6.01: £513,000).
Cash flow
During the period under review the Group had a net cash outflow from operating
activities of £2,992,000 (2001: £2,604,000 outflow). Capital expenditure in the
period was £211,000 (2001:£249,000). In January and March 2002 the Group raised
funds of £3,404,000 before expenses, by means of placings of new shares which
were used to fund the acquisition of Joyce-Loebl and the Group's ongoing working
capital requirements.
Dividends
Your Board is not recommending the payment of a dividend.
Post period events
Petards Corporate Knowledge Limited (PCK) was placed into voluntary liquidation
in October, which will involve further costs of approximately £200,000 in the
full year accounts in addition to the write down of goodwill and capitalised
development spend included in the results to 30 June 2002. The company
specialised in the development of Customer Relationship Management solutions, a
sector which has been hit especially hard during this year. PCK was no longer
core to the Group, but several attempts in recent months to dispose of it
failed. In the period to 30 June 2002, the business made an Operating Loss of
£422,000 (2001:loss of £19,000) on revenue of £301,000 (2001:£742,000) and these
figures are included in the Operating Loss described above.
Outlook for the second half to 31 December 2002
The difficulties of the recent months have inevitably had a negative effect on
the Group's trading. The Group has had to accommodate disruptions to its
supplier base, delayed and lost orders and the diversion of management efforts
from the operations of the business to the process of stabilisation. We are
continuing to review the Group's cost structure and the commercial potential of
some of its marginal products in their various markets. Action has already
taken place to reduce central corporate overheads significantly. When all
factors have been taken into account we expect the operating loss for the second
half to be about £2,300,000 before exceptional items of £1,000,000. The
operating loss includes the loss associated with operations either closed or to
be closed of an estimated £630,000.
Changes to Board Membership
On 1st October, the Board accepted the resignation of Owen Williams, the
Executive Chairman and interim Chief Executive, and dismissed James Shand, the
Finance Director. The Business Development director, Richard Hill, resigned on
15th November 2002.
The reconstituted Board has been strengthened. Adrian Merryman was appointed
Chief Executive of the Group on 4 December 2002. He has been working with the
Group as an interim manager during the review period. He joins from Interregnum
plc, an IT investment and advisory company, where he has been Chief Investment
Officer. He was previously Chief Executive of TEMENOS Systems Headquarters SA,
the Geneva based banking software company, has served as an investment banker at
CIBC Oppenheimer and Merrill Lynch, has an MBA from Harvard and has recently
been involved in handling corporate recoveries.
I shall stay as Chairman on a part time executive basis at least until the AGM
next year when I shall put myself up for re-election. Geoff Carswell, who joined
the Board in July 2002 and Michael Williams remain as Executive Directors
responsible for Joyce-Loebl and Petards Vision respectively. Tim Sulivan
continues as a non-executive director and provides guidance to the defence
sector operations, bringing knowledge of the defence industry and logistics from
his previous career in the Army. It is intended that other non-executive
directors will be appointed when appropriate candidates have emerged. The Group
is currently searching for a suitable Finance Director, and has begun the
process of strengthening its operational financial management.
Actions taken
Concurrent with the return of the Group's shares to AIM, the stabilisation phase
which began with the announcement on 26th September will be completed. The steps
taken have laid a foundation from which the Board are confident the Group can be
rebuilt. To date, we have:
• commenced closure of the former corporate headquarters facility in
Maidenhead with the relocation of the corporate staff, reducing from 11 fulltime
personnel to 5, to existing offices in Sunbury;
• put in place a daily centralised cash management process intended to
minimise working capital requirements;
• implemented prudent accounting policies and conservative application
thereof;
• defined our core operating businesses to ensure that we remain focused
on leveraging our core competencies in the areas of security and surveillance,
defence and rail transport. Consistent with our re-focus, we will negotiate the
disposal of non-core assets;
• clarified reporting lines and assignment of personnel;
• begun the process of retuning the R&D program to ensure consistency
with business objectives and available resources.
Within the interim management team the Group has had the benefit of Tim
Wightman, who has been previously involved in several business turn around
situations. It is intended that the Group will continue to have his services in
the implementation of Screen's future strategy.
Trading Report
After the difficulties of the last few months, it is easy to lose sight of the
strengths of the Group and its potential in the future. In most parts of the
Group, there is strong technology which provides competitive edge and a barrier
to entry. The Group has a sharp sector focus, concentrating on the provision of
security surveillance solutions and wireless and video technologies throughout
all its divisions: Emergency Services, Local and Central Government, Defence and
Transport.
Joyce-Loebl has been quickly and successfully integrated while at the same time
delivering a strong first half performance and currently it has a record order
book. It supplies CCTV and passenger information systems to the international
rail transport industry, for which over £4m of new orders were secured in the
first eleven months of the year. Continued investment in public transport across
Europe is driving significant growth in the market for rail transport passenger
information systems and onboard CCTV security systems. Recent successes included
a £1.3m order for Passenger Information Displays for Midland Mainline in the UK,
while European orders include £2.9m of onboard CCTV security systems for
Portuguese Rail and the Lisbon Underground.
As an established supplier to UK military forces, Joyce-Loebl's defence
operations have a reputation for delivering dependable products for complex and
demanding environments. The company specialises in electronic warfare, fighting
vehicle electronics and rugged communications and IT systems, where many sales
include long-term service and support contracts. The strong order flow in all
parts of its defence sector operations has been better than expected,
particularly in Electronic Warfare Countermeasures where over £2.8m of orders
were received in the first half of the year.
Petards Vision sales successes include several new Local Authority systems and
the first upgrades within its existing installed base to the new Advantage.Net+
CCTV command & control system platform. Sales of the SWIFT wireless camera
system were particularly strong, with order levels in the first six months
coming close to those achieved in the whole of 2001. In the special projects
arena, a significant bespoke development contract for the supply of an
integrated IP and analogue video based security system was secured - work which
will ultimately also enhance our product portfolio.
PMI International is responsible for the ProVida range of Video Evidence &
Enforcement systems, in use by police forces across the world. During the year
to date the ProVida range has increased its market penetration. Recent orders
include additional units for the UK's Metropolitan Police and a €0.7m order from
Italy's National Motorway Police. PMI's market position will also benefit from
the relationship with Applied Concepts, Inc., better known as Stalker Radar,
North America's largest manufacturer of speed radar systems, for the US-wide
distribution of a specially developed version of the ProVida video evidence and
enforcement system.
Prospects
The Group has well established, recognised brands within strong growing market
sectors (security and surveillance, defence and rail transport), differentiated
high end products, a diversified high quality government and industrial customer
base, and strong technology. As we rationalise the business and re-emphasise
fundamentals by focussing management attention on operational matters, including
sales generation, margin improvement and cash generation, the Group will be well
positioned to leverage its strengths and take advantage of available
opportunities including the benefits of a record order book at Joyce-Loebl. By
the second half of 2003 we have reason to believe that the Group can benefit
from solid revenue growth, operating margin expansion and good cash flow. As and
when appropriate and feasible, the Board will consider a number of initiatives
from which the Group may benefit including prospective acquisitions that augment
our core businesses.
To generate additional future growth, we also intend next year to extend the
Group's market position within those high potential markets it serves. Among
the initiatives we will be evaluating are:
• international sales expansion across a wider product range;
• improving Joyce-Loebl's position in the defence supply chain by
applying technologies from other group companies;
• line extensions of current Screen products into related sectors;
• acquisitions which increase our competitive position within core
businesses.
During the period of suspension, the Board received several approaches by
parties either interested in part or the whole of the Group, or in merging with
the Group. This is an important validation of the considerable reputation of
the technology deployed in the Group's products and systems. Over the next few
months, the Board will review a range of courses of action and, if appropriate,
make recommendations to shareholders. The current plan however is to grow the
Group organically and by selective acquisition.
Summary
Despite uncertainty in recent weeks and the longer than initially predicted time
to release this statement to shareholders, we are now able to look forward with
more confidence. My guiding principle has been the need to provide the basis
for the recovery of shareholder value. I am immensely grateful for the
dedication of my fellow directors, the interim management team and employees,
for the excellent help from all our professional advisers, for the support of
our Nominated Advisers, Collins Stewart, for the constructive assistance of
Halifax Bank of Scotland, and for the resilience of suppliers and customers. It
is thanks to all these that the Group can re-emerge positively.
Ian Taylor
Chairman
17 December 2002
Group Summary Profit and Loss Account
Unaudited
_______________________________________ Audited
Before Exceptional After Unaudited 12 months
exceptional exceptional 6 months ended ended
items items items 30June 31 December
6 months ended 6 months ended 6 months ended 2001 2001
30 June 2002 30 June 2002 30 June 2002 (restated) (restated)
Note £'000s £'000s £'000s £'000s £'000s
Turnover 9,718 - 9,718 5,601 14,250
Cost of sales (5,237) - (5,237) (3,231) (7,816)
Gross profit 4,481 - 4,481 2,370 6,434
Administrative expenses 3 (5,591) - (5,591) (2,712) (6,935)
Exceptional items 4 - (3,602) (3,602) - -
Goodwill 5 (224) (6,882) (7,106) (169) (397)
Total administrative (5,815) (10,484) (16,299) (2,881) (7,332)
expenses
Operating loss before (1,334) (10,484) (11,818) (511) (898)
interest
Net interest (91) 30 33
(payable)/receivable
Loss before taxation (11,909) (481) (865)
Taxation 6 - - -
Loss for the financial (11,909) (481) (865)
period
Loss per share 7 (22.6p) (1.2p) (2p)
Loss per share before 7 (2.3p) (0.8p) (1.1p)
goodwill and exceptional
items
Group Balance Sheet
Unaudited Unaudited Audited
as at as at as at
30 June 2002 30 June 2001 31 December 2001
(restated) (restated)
£'000s £'000s £'000s
Fixed assets
Intangible assets 919 6,677 8,066
Tangible assets 1,473 821 1,435
2,392 7,498 9,501
Current assets
Stocks 5,359 1,376 5,303
Trade debtors 3,328 3,470 7,276
Other debtors 2,735 1,275 2,056
Cash at bank 19 2,313 554
11,441 8,434 15,189
Creditors: amounts falling
due within one year
Bank overdraft (2,205) (513) (646)
Other creditors (5,253) (2,433) (6,963)
Net current assets 3,983 5,488 7,580
Creditors: amounts falling (169) (53) (2,093)
after more than one year
Net assets 6,206 12,933 14,988
Capital and reserves
Share capital 23,083 17,599 20,120
Profit and loss reserves (16,877) (4,666) (5,132)
Equity shareholders' funds 6,206 12,933 14,988
Group Cash Flow
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30 June 2002 30 June 2001 31 December 2001
(restated) (restated)
£'000s £'000s £'000s
Net cash outflow from operating (2,992) (2,604) (4,106)
activities
Net cash flow from returns on investments (91) 30 33
and servicing of finance
UK corporation tax - - -
Net cash outflow from capital expenditure (211) (249) (350)
Net cash outflow from acquisitions and (461) (1,275) (4,617)
disposals
Net cash outflow before financing (3,755) (4,098) (9,040)
Net cash inflow from financing 2,921 4,466 7,539
Increase/(decrease) in cash in the period (834) 368 (1,501)
Notes
1. Non Statutory Accounts
The interim results which are unaudited, have been prepared in accordance with
applicable United Kingdom Accounting Standards using accounting policies
consistent with those set out in the accounts for the year ended 31 December
2001 with the exception of that noted in note 3 and the adoption of FRS 19,
Deferred Tax. The impact of the adoption of FRS 19 on the current and prior
years results is nil.
These statements do not constitute financial statements within the meaning of
section 240 of the Companies Act 1985. These statements have not been audited.
No financial statements will be filed for the six months ended 30 June 2002.
The financial information for the year ended 31 December 2001 has been extracted
from the statutory accounts for that period which have been filed with the
Registrar of Companies. The auditors' report on those accounts was unqualified
and did not contain any statement under section 237(2) or (3) of the Companies
Act 1985.
2. Group Summary Profit and Loss Account
All operations are continuing as at 30 June 2002, however Petards Corporate
Knowledge Limited was put into creditors' voluntary liquidation in October 2002.
3. Change in accounting policy
The Directors and the Audit Committee have decided to change the Group's
accounting policy on Research and Development so that all expenditure on
research and development is written off to the profit and loss account as soon
as it is incurred.
The comparative numbers have therefore been restated for this prior period
adjustment as summarised below:
6 months ended 6 months ended Year ended
30 June 2002 30 June 2001 31 December 2001
£'000 £'000 £'000
Development expenditure 820 509 1,893
Amortisation charge under previous (409) (123) (373)
policy
Additional charge 411 386 1,520
The additional charge above, relating to the change in the Research &
Development accounting policy, has been included within Administrative expenses
in the Profit & Loss Account.
The aggregate net book value of capitalised development of £2,781,000 as at 31
December 2001 has been written off to the brought forward profit and loss
reserves.
4. Exceptional items
As noted in the Chairman's Report following the review of the businesses several
exceptional costs were incurred as summarised below:
6 months ended
30 June 2002
£'000
Inventory provisions 1,937
Doubtful debt provisions 1,526
Warranty provisions 87
Other provisions 52
3,602
5. Goodwill
6 months ended
30 June 2002
£'000
Amortisation during the period (224)
Impairment of carrying value of goodwill (6,882)
(7,106)
6. Taxation
No provision for taxation has been made in the profit and loss account for the
six months to 30 June 2002. No provision was required in the six months to 30
June 2001
7. Loss per share
The profit/(loss) per share for the six months to 30 June 2002 is based on the
weighted average number of ordinary 1 pence shares of 52,764,239. The loss per
share for the six months to 30 June 2001 is based on the weighted average number
of ordinary 1 pence shares of 41,275,877.
8. Recognised Gains and Losses
The only recognised gain or loss other than the profit or loss for the six
months to 30 June 2002 relates to a currency translation gain on foreign current
net investments of £164,000 (six months to 30 June 2001 £nil, and year to 31
December 2001 loss £82,000).
9. Post Balance Sheet Events
Petards Corporate Knowledge Limited was placed into creditors' voluntary
liquidation in October 2002.
10. Further copies
Copies of the interim statement will be sent to shareholders. Further copies
will be available from the Company's registered office at Stubbings Barn,
Burchetts Green Lane, Burchetts Green, Maidenhead, Berks, SL6 3QP for the next
14 days.
Audit Committee Report
The Audit Committee consists of the part time Executive Chairman, Mr Ian Taylor
MBE and the Non-Executive Director, Maj. Gen Tim Sulivan CB CBE. It reviews the
Group's financial controls, accounting policies and financial reporting.
The Audit Committee has reviewed the unaudited interim financial statements and
is satisfied that they have been prepared using accounting policies consistent
with those adopted by Screen plc in its financial statements for the year ended
31 December 2001 other than noted above in notes 1 and 3. The Committee in the
course of its review has not become aware of any material modifications that
should be made to the interim financial statements as presented.
INDEPENDENT REVIEW REPORT TO SCREEN PLC
Introduction
We have been instructed by the Group to review the financial information for the
six months ended 30 June 2002 which comprises the consolidated profit and loss
account, the consolidated balance sheet, the consolidated cash flow statement
and related notes 1 to 10. 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 directors
are also responsible for ensuring that the accounting polices and presentation
applied to the interim figures are consistent with those applied in preparing
the preceding annual accounts except where any changes, and the reasons for
them, are disclosed.
Review work performed
We conducted our review in accordance with the 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 accounting policies and presentation
have been consistently applied unless otherwise disclosed. 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
performed in accordance with United Kingdom auditing standards and therefore
provides a lower level of assurance than an audit. Accordingly, we do not
express an audit opinion on the financial information.
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 2002.
Deloitte & Touche
Chartered Accountants
London
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