Interim Results

Zytronic PLC 8 May 2001 ZYTRONIC PLC Unaudited Results for the Six Months to 31 March 2001 Zytronic Plc, a specialist manufacturer of touch screens and optical filters for electronic displays, announces its results for the six months to 31 March 2001. * Sales up 44% to £2.7 million (2000: £1.9 million) * Pre-tax Profit up 48% to £273,000 (2000: £184,000) * EPS 1.3 p. * Interim Dividend 0.5p per share * Group continues to be cash generative * Core business trading in line with expectations * First sales of ZYTOUCH achieved John Kennair, Chairman of Zytronic commented, 'The progress of the business has continued into the current financial year in terms of growth of trading in the company's electronic display products. 'ZYTOUCH has been well received in the market place and it is clear that this is the only touch screen currently available that will work consistently in an external environment. Sales of ZYTOUCH have now commenced and a number of testing programmes have been successfully completed. 'The Directors continue to be optimistic about the future prospects of the Group.' 8 May 2001 ENQUIRIES: Zytronic Plc Tel: 0191 414 5511 John Kennair, MBE 0207 457 2020 (today only) Chairman College Hill Associates Tel: 0207 457 2020 Michael Padley Nicholas Nelson CHAIRMAN'S STATEMENT The business has continued to progress in the current financial year both in terms of growth of trading in the company's electronic display products and the development of the company's unique touch screen 'ZYTOUCH'. Trading In comparison with the corresponding six month period last year, and in line with Directors' expectations, sales have grown by 44% to £2.736 million while pre-tax profits have moved ahead by 48% to £273k. Gross cash generated (pre-tax profits plus depreciation and amortisation) is also ahead by 48% at £ 498k. ZYTOUCH Sales of ZYTOUCH have now commenced with the first customers being manufacturers of inter-active kiosks and displays for estate agents' offices. Testing programmes have been successfully completed in the fields of gaming, telecommunications and ATMs, and the ZYTOUCH touch screen has been specified by a number of OEMs for use in their products, subject to satisfactory field trials which are due to be completed by July of this year. It is anticipated that sales will commence to these sectors in the last quarter of the current financial year. Dividend The Directors have declared an interim dividend of 0.5p per share which will be payable on the 22 June 2001 to shareholders on the register at 8 June 2001. Outlook ZYTOUCH has been well received in the market place and it is clear that this is the only touch screen currently available which will work consistently in an external environment. The capital investment programme is due to be completed in September 2001 and this programme will give further productivity benefits. The growth of sales and profits in the first half year, the anticipated completion of the capital investment programme in September and, most importantly, the successful introduction of ZYTOUCH, lead the Directors to continue to be optimistic about the future prospects of the Group. John M Kennair Chairman 8th May 2001 GROUP PROFIT AND LOSS ACCOUNT Six months to 31 Year to March Notes 30 September 2001 2000 2000 Unaudited Unaudited Audited £'000 £'000 £'000 Turnover 2,736 1,897 4,485 Cost of sales 1,700 1,226 2,909 _________ _________ _________ Gross profit 1,036 671 Distribution costs 35 26 54 Administrative expenses 763 443 996 798 469 1,050 _________ _________ _________ Operating profit 238 202 526 Interest payable (11) (18) (36) Interest receivable 46 - 20 _________ _________ _________ Profit on ordinary activities before 273 184 510 taxation Tax on profit on ordinary activities 88 58 162 _________ _________ _________ Profit on ordinary activities after 185 126 348 taxation Ordinary dividend on equity shares 3 71 - 143 _________ _________ _________ Retained profit for the period 114 126 205 ======== ======== ======== Earnings per share - basic 4 1.3p 1.5p 3.6p - diluted 4 1.3p 1.5p 3.6p - adjusted 4 1.3p 0.9p 2.5p There were no recognised gains or losses as defined in Financial Reporting Standard No. 3 other than those stated above. GROUP BALANCE SHEET 31 March 30 September 2001 2000 2000 Unaudited Unaudited Audited £'000 £'000 £'000 Fixed assets Intangible assets 2,310 87 2,388 Tangible assets 1,620 1,392 1,378 3,930 1,479 3,766 Current assets Stocks 963 878 837 Debtors: Amounts falling due within one year 1,159 2,089 1,263 Cash at bank and in hand 1,708 1 2,158 3,830 2,968 4,258 Creditors: amounts falling due within one year 1,031 4,148 1,369 _________ _________ _________ Net current assets/(liabilities) 2,799 (1,180) 2,889 Total assets less current liabilities 6,729 299 6,655 Creditors: amounts falling due after more than 11 123 51 one year Provisions for liabilities and charges 75 - 75 _________ _________ _________ 6,643 176 6,529 ======== ======== ======== Capital and reserves Called up share capital 143 81 143 Share premium 6,212 - 6,212 Merger reserve (31) (31) (31) Profit and loss account 319 126 205 _________ _________ _________ Equity shareholders' funds 6,643 176 6,529 ======== ======== ======== GROUP STATEMENT OF CASHFLOWS Six months to 31 Year to March Notes 30 September 2001 2000 2000 Unaudited Unaudited Audited £'000 £'000 £'000 Net cash inflow from operating activities 5a 230 2,348 3,379 Returns on investments and servicing of finance Interest received 49 - 20 Interest paid (7) (6) (11) Interest element of finance lease rental (4) (14) (28) payments 38 (20) (19) Taxation Corporation tax paid (116) - - Capital expenditure and financial investment Payments to acquire intangible fixed assets - - (1,900) Payments to acquire tangible fixed assets (389) (19) (140) Receipts from sales of intangible fixed - 262 262 assets Receipts from sales of tangible fixed 5 806 806 assets (384) 1,049 (972) Acquisitions and disposals Purchase of subsidiary undertaking - - (100) Equity dividends paid (143) (1,869) (1,869) __________ __________ __________ Net cash (outflow)/ inflow before financing (375) 1,508 419 Financing Issue of ordinary share capital - - 6,007 Repayment of loan to former parent - - (2,500) Repayment of long term loans (5) (4) (9) Repayment of capital element of finance (71) (270) (329) leases and hire purchase contracts (76) (274) 3,169 __________ __________ __________ (Decrease)/Increase in cash (451) 1,234 3,588 ========= ========= ========= RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS/(DEBT) (Decrease)/Increase in cash (451) 1,234 3,588 Repayment of loan to former parent - - 2,500 Repayment of long term loans 5 4 9 Net repayments of capital element of 71 270 329 finance leases and hire purchase contracts __________ __________ __________ Movement in net funds/(debt) (375) 1,508 6,426 Net funds/(debt) at beginning of period 1,967 (4,459) (4,459) __________ __________ __________ Net funds /(debt) at end of period 1,592 (2,951) 1,967 ========= ========= ========= NOTES 1. Basis of preparation The financial information in this interim statement is prepared under the historical cost convention and in accordance with applicable accounting standards. It does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The financial information for the full preceding year is based on the statutory accounts for the year to 30 September 2000. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. The interim financial information has been prepared on the basis of the accounting policies set out in the Group's statutory accounts for the year ended 30 September 2000. The taxation charge is calculated by applying the Directors' best estimate of the annual tax rate to the profit for the period. Other expenses are accrued in accordance with the same principles used in the preparation of the annual accounts. 2. Basis of consolidation The Group results consolidate the accounts of Zytronic Plc and all its subsidiary undertakings drawn up to 31 March 2001. In the comparatives for the six months to 31 March 2000 and the year to 30 September 2000, the Group's principal operating subsidiary, Zytronic Displays Limited, which was acquired in May 2000 as part of its demerger from Romag Holdings Plc, has been included in the Group results using the merger method of accounting. Accordingly, the Group profit and loss account and statement of cash flows include the results and cash flows of Zytronic Displays Limited for the whole of the six months to 31 March 2000 and the year to 30 September 2000. 3. Dividends An interim dividend of 0.5p per share is payable on 22 June 2001 to shareholders on the register at 8 June 2001. 4. Earnings per share The calculations of earnings per share are based on a profit after taxation of £185,000 (2000: £126,000), a basic weighted average of 14,291,539 shares in issue (2000: 8,141,560 shares) and a diluted weighted average of 14,426,991 shares (2000: 8,141,560 shares). The calculations of earnings per share for the full year to 30 September 2000 are based on a profit after taxation of £ 348,000, a basic weighted average of 9,585,727 shares in issue and a diluted weighted average of 9,721,179 shares. An adjusted earnings per share statistic has been presented to reflect the fact that 6,036,363 shares issued on flotation were an integral part of the arrangement to demerge Zytronic Displays Limited from Romag Holdings Plc and as such should be treated as having been in issue from 1 October 1998 under merger accounting principles. 5. Notes to the Group statement of cash flows a. Reconciliation of operating profit to net cash inflow from operating activities: Year to Six months to 31 March 30 September 2001 2000 2000 Unaudited Unaudited Audited £'000 £'000 £'000 Operating profit 238 202 526 Depreciation 147 144 295 Amortisation of deferred development 78 9 49 expenditure and licences ___________ ___________ ___________ 463 355 870 Decrease in debtors 98 1,974 1,319 (Increase)/Decrease in stocks (126) 1,250 2,817 Decrease in creditors (200) (1,231) (1,627) Profit on sale of fixed assets (5) - - __________ ___________ ___________ Net cash inflow from operating activities 230 2,348 3,379 ========= ========== ========== b) Analysis of net funds/(debt): 30 September 31 March 2001 2000 2000 Unaudited Unaudited Audited £'000 £'000 £'000 Cash at bank and in hand 1,708 1 2,158 Bank overdrafts (2) (198) (1) __________ __________ _________ 1,706 (197) 2,157 External loans (15) (24) (20) Finance leases (99) (230) (170) Loan from former Parent - (2,500) - __________ __________ __________ 1,592 (2,951) 1,967 ========= ========= ========= Copies of this statement will be available for a period of 14 days from the Company's registered office: Patterson Street, Blaydon on Tyne, Tyne & Wear NE21 5SG

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