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CybIT Holdings PLC (CYH)

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Friday 03 July, 2009

CybIT Holdings PLC

Preliminary Results

RNS Number : 0576V
CybIT Holdings PLC
03 July 2009

Date:                    3rd July 2009

On behalf of:         Cybit Holdings Plc ('Cybit' or 'the Company' or 'the Group')

Embargoed until:    0700hrs

Cybit Holdings Plc 

Preliminary Results

Cybit Holdings Plc (AIM: CYH), the international provider of telematics based products and services for the management and control of land and sea based assets, today announces its preliminary results for the year ended 31st March 2009.


Year ended 

31st March 2009 


Year ended 

31st March 2008








Operating profit



Profit before taxation



Cash (net of overdrafts)



Earnings per share



Financial Highlights:

  • Revenue increased by 30% to £25.5m

  • Profit before tax increased by 27% to £2.1m

  • 14% year on year organic growth excluding Truck24

  • Net Asset Value up 16% from £12.1m to £14.1m

  • £2m reduction in year on year operating costs

  • Operational cost cover from free cash flow increased from 71% to 82%

  • Earnings per share increased by 52% from 4.65p to 7.06p

  • Internal lease book represents £8.2m of future profit which will be recognised over the next three to five years

  • New three year £4m committed revolving credit facility agreed with HSBC

  • Application being made for cancellation of Share Premium account to facilitate future payment of dividends

Operational Highlights:

  • Three year exclusive agreement with Ford to provide aftermarket telematics solutions in the UK

  • Significant telematics contracts with Homeserve Plc, Stannah Lifts Ltd, Northern Ireland Electricity and The Highways Agency

  Neil Johnson, Non Executive Chairman commented:

"I am particularly pleased with the growth achieved in what has been a very turbulent period for many businesses. To be able to report exceptional levels of both revenue and profit growth in the current climate is testament to the strength and resilience of the business, and our strong management team. 

"We remain confident about the prospects for our business and the telematics market as a whole. We believe that Cybit is well placed to continue its success despite the uncertain economic outlook."


For further information please contact:

Cybit Holdings Plc

Redleaf Communications

Cenkos Securities Plc

Richard Horsman, Chief Executive

Emma Kane/ Rebecca Sanders-Hewett/Anna Dunkin

Stephen Keys / Elizabeth Bowman

Kevin Lawrence, Finance Director

Tel: +44 (0)1480 443912

Tel: +44 (0)20 7566 6700

Tel: +44 (0)20 7397 8900

[email protected] 

Notes to Editors: 

  • Cybit operates within three core sectors:  Vehicle Telematics Solutions; Maritime Solutions; and Private Mobile Radio (PMR) based tracking and precise positioning solutions. Its products and services enable companies to monitor and position mobile assets, manage service level agreements, enhance employee duty of care and compliance with relevant legislation.

  • In the Vehicle Telematics sector, Cybit is one of Europe's leading Telematics Service Providers (TSPs).  Approximately 2,000 business-to-business clients use its fleet and asset management solutions to manage more than 50,000 mobile assets. Solutions include in-vehicle technologies, workflow management and internet-based monitoring and reporting software. The Company also provides consultancy services providing advice on legal issues such as duty of care and working hours.

  • Cybit's Maritime Solutions business, BlueFinger, is recognised as one of the world's leading suppliers of Fisheries Vessel Monitoring Systems. BlueFinger provides fisheries authorities with the necessary tools for managing their licensed fishing fleets and coordinating the activity of the fisheries patrol vessels that enforce national fisheries policies throughout the Economic Exclusion Zone (EEZ). BlueFinger's Saffire-Online system is a solution that allows race organisers to track the position, direction and speed of vessels in ocean going or inshore races.  

  • Our PMR business, Cybit Positioning Solutions, provides asset-tracking and security solutions for both maritime and land-based applications, including exploration and mining. Our precise positioning solutions assist in the tracking of vessels and other equipment engaged in the exploitation of oil, gas and mineral reserves around the globe.



I am pleased to announce another period of excellent growth for Cybit, a particularly significant achievement in a year during which global economic and financial markets have gone though a period of virtual meltdown. Despite this, Cybit has delivered exceptional levels of both revenue and profit growth. 

Operationally, we completed the integration of Truck24, the leading German telematics service provider. This has further strengthened our coverage of the German market and expanded our coverage in AustriaSwitzerland and Italy. We also acquired the assets of OxLoc, an Oxford based supplier of battery-powered tracking units for HGV trailers, plant and mobile assets.

The management team has implemented a number of cost saving initiatives to ensure that Cybit is well placed to weather the current economic climate. These have reduced annualised operational costs by approximately £2m when compared with the cost base at 30th September 2008. These measures give the Board confidence that the business will emerge from the current downturn as an even stronger and more successful business.


Revenue for the year grew from £19.7to £25.5m, an increase of 30%. Pre-tax profit increased by 27from £1.69to £2.14m. Despite challenging conditions, it is particularly encouraging to note that the Group achieved like for like organic growth of 14%. Earnings per share has also grown by 52% from 4.65p to 7.06p per share which is attributable to the increase in pre-tax profit and also the low effective tax rate in the year as tax losses brought forward on historical acquisitions have been utilised during the period.

A combination of the hardening leasing market and more stringent underwriting criteria has resulted in the level of telematics business placed on our own internal leasing book increasing from 23% to nearer 33% during the year. Although requiring a short term cash investment, this is aligned with our strategy of providing increased visibility over long term revenue and profit streams. 

It was pleasing to note that despite the investment in acquisitions and internal lease book, net cash reduced by only £0.41m to £2.02at 31st March 2009. 


Over the year, telematics related forward revenue streams have slightly reduced to approximately £8.2of future profit which will be recognised over the next three to five years. The forward order book for both our Precise Positioning and Maritime businesses remains strong.

In terms of free cash flow, recent cost management activities have facilitated an increase of 4% from £632k to £660k per month.


This was another noteworthy year for our operations team as we completed a number of significant cost reduction projects including the relocation of Fleetstar-Online to an offsite hosting centre, consolidation of a number of internal back-office software platforms into our core Enterprise Resource Planning (ERP) application and migration and subsequent retirement of the Amatics tracking platform. By the end of March 2009, the net effect of these initiatives was a reduction of approximately £2m in our like for like annual running costs when compared with the cost base at 30th September 2008.

During the period we also completed the move to our new Head Office facility in Huntingdon which brings all of our telematics based customer service and support functions into one location

Although the Small to Medium Enterprise (SME) sector has suffered in the current climate, our UK business has still performed well, winning new customers as well as extending and renewing contracts with existing clients. Contract renewal levels have remained strong at approximately 80% of available units which proves that our solutions are viewed as a business management and optimisation tool.  

Cybit AB, our vehicle telematics business in Sweden, has delivered significant growth during the year and I am delighted to report that it has delivered a maiden profit in the period. The business also returned cash to the Group during the fourth quarter. The German market remains tough due to the economic downturn although the business showed growth during the second half and was broadly break even for the year as a whole. 

Outside of our core vehicle telematics business, our BlueFinger maritime business has won a three year contract to provide Race Management for P1 Powerboat. Also of significance, our agent in the Middle East has won a pilot coastal security project using UHF and VHF TDMA technology which could lead to a significant future deployment in the region.

Despite the downturn in the oil and gas market, Cybit Positioning Solutions has delivered significant volumes against our seven year OEM line fit contract for our precise positioning technology. Committed volumes for the current year have increased significantly and on this basis, the contract is likely to deliver significantly higher revenues over the life of the agreement than the £3.5m originally announced. 


In August 2008, we acquired the trade and assets of OxLoc Limited, an Oxford based supplier of battery powered tracking units for HGV trailers, plant and other mobile assets. This transaction was concluded for a nominal sum. 


OxLoc provided unpowered asset monitoring, tracking and alerting solutions which are being integrated into the Cybit portfolio to support customers and partners such as Fowler Welch and Balfour Beatty who are already using the solution.


The Board intends to pay dividends to shareholders as soon as is practicable. However start-up and subsequent trading losses have created a deficiency in Group distributable reserves. The Group has been profitable for some time and is therefore reducing this deficiency. In order to accelerate this reduction, the Group plans to make use of well established Court procedures for remedying such deficiencies. Accordingly the Group will be instructing legal advisors to make the appropriate applications.


The outlook for the Group remains positive, and although highly competitive, the market for our telematics solutions remains strong. In the commercial sector, our financial strength and successful track record is helping us to win new business and ensure a competitive edge over smaller competitors in our market

The Board continues to review opportunities for acquisitive growth on an ongoing basis and we anticipate that there will be further opportunities to accelerate growth in the future. 

In summary, although we continue to face uncertain economic times, the Board remains confident about the prospects for Cybit and the telematics market as a whole. The Group benefits from predictable revenue streams, a strong balance sheet and committed banking facilities. The management team continues to focus on driving organic growth whilst improving operational efficiencies, giving the Board confidence that profitability can be maintained even if the global economy does not improve over the medium term.


Neil Johnson



Operating Review

I am delighted with what has been yet another excellent performance from CybitThe Group has delivered revenue growth of 30% coupled with profit growth of 27%, a significant achievement in the current global market conditions. Our objectives of achieving both organic and acquisitive growth year on year have benefitted from the current market conditions where our financial strength and critical mass are key factors both in the achievement of short term success and longer term sustainability. 

Vehicle Telematics 

There is little doubt that the current economic climate is having an impact across all our target market sectors. We stated at the interim stage that well run businesses will be looking for ways to both manage productivity and reduce costs in a tough market and this is still very much the case. Further, we believe that customers making investment decisions will be undertaking more due diligence on the financial strength and track record of their potential partners and, with this in mind, Cybit continues to be the partner of choice. 

Although many small to medium enterprises are currently looking inwardly to manage market challenges, many larger enterprises are looking to solutions delivered by Cybit to support operational cost controls and productivity management.

Our solutions continue to evolve, enabling us to help our customers comply with the increasing legislative, taxation and compliance burden that is associated with operating a remote workforce.  We have continued to enhance our applications such that they are now capable of supporting environmental initiatives including management of carbon  emissions.

Although increasingly competitive, the market for our solutions is continuing to grow and whave maintained our strategy of developing market specific products and services that will deliver substantial strategic and operational benefit to our customersIn particular, the acquisition of Truck24 has significantly strengthened our position in the Transport and Logistics market.

This strategy has so far allowed us to achieve a market leadership position in the UK and we are continuing to build a similar position in Scandinavia and Germany as our subsidiaries in these regions gain momentum.


Customer Growth and Development

In the UK, our sales teams are aligned to support three key verticals: ServiceTransport and Logistics, and Government and Utilities. We achieved significant new and repeat contract wins across all three.

New customers signed during the year included Greene King Brewing and Retailing, Stannah Lifts Ltd, Abel & Cole, Powys County Council, Kwik Fit Mobile, Buy as You View Ltd, Symonds Hydroclean Ltd, Homeserve Plc and The  Highways Agency.

The levels of renewal and migration increased from 6,000 units to 7,400 unitsrepresenting a renewal rate of approximately 80% of available unitsThis is a strong result in the current economic climate in which many fleet operators have been reducing fleet sizes and, in some cases, their businesses have unfortunately failed.

We continue to sign significant expansion and renewal contracts with many of our customers including Enterprise Plc, NCP Services, Iron Mountain (UK) Ltd, Colas, Thyssenkrupp Palmers Ltd, Aberdeenshire Council, Argyl and Bute Council, May Gurney Ltd, Interserve Plc, Sainsbury's Online, Babcock Networks, Servisair Cargo, EIC, and CLS.

During the year, wlaunched Fleetstar-Logistics, a derivative of the Truck24 application into the UK. Early indications are positive and we expect this solution to contribute to UK revenues in the coming year.

Operational Achievements

The completion of our phased move to larger facilities in Huntingdon early in the year has allowed us to bring together the finance, billing, procurement and customer service of our Telematics business under one roof. 

By the end of the financial year, we had achieved annualised savings of around £2m when compared to our cost base at the start of the previous financial year. Key areas of cost saving included the surrender of the lease relating to the Godmanchester facility and taking a new lease for only half of the Wells building. We shut down a number of our legacy back office applications by replacing them with our core SAP ERP system. 

One of the most significant savings was achieved through the retirement of the Amatics platform and subsequent migration of the customer base to the Fleetstar-Online platform. This process was close to completion as at 31st March  2009 with final shut down completed by mid April. Closing this platform will save the Group in the region of £400k per annum.

Indirect Channels

Order intake achieved from our indirect channel partners declined 38% over the period as smaller companies were impacted by the current economic downturn. In response, we reduced our overheads in this area and we have also  implemented a number of new initiatives including a more flexible pricing model which has given our resellers the ability to compete effectively in the market. We have started to see some signs of improvement in this sector as customers look to position themselves for growth as economic conditions improve.


In June 2008, the Group announced an exclusive partnership agreement with Ford Motor Company in the UK, to provide a fully managed aftermarket service branded 'Ford Fleet Telematics' targeted at Ford Fleet customers. This service was  launched last December with a number of customers already signed up to use the service.


Under the terms of the agreement, Cybit has exclusive telematics access to Ford's confidential CANBus coding information, which allows details relating to vehicle usage and performance to be reported through the Cybit Fleetstar-Online application.  The partnership initially includes access to CANBus systems on the current Ford Transit and Transit Connect models. This collaborative access to CANBus enables Ford Fleet customers to have confidence in the accuracy of data contained within reports.

Cybit AB

This has been a year of noteworthy growth for our Swedish subsidiary, following what was a steady start. We have seen a significant upturn in sales of Fleetstar-Online into this market with key wins from well known multi-national  brands such as Fujitsu and Gilbarco together with leading local businesses such as Flygfrakt, the largest freight forwarder in Sweden, Alpha Quality Moving, June Express and SSL.  We have also started to renew some of the early customer contracts.

During the period, we increased the local team to eight staff members with a view to driving additional local and regional growth. We have already signed contracts that require vehicle installations in DenmarkFinland and Norway and are actively seeking both distribution and installation partners to support further growth across the region.


Revenues increased significantly by 185% to £0.7m with the business making both a profit and returning cash to the Group during Q4.  Cybit AB is becoming recognised as a market leader in the Scandinavian region with a number of significant opportunities to drive additional growth.

We launched the Truck24 logistics and distribution solution into Sweden during September 2008.  Ithe intervening period we have implemented a number of pilot customers and expect to increase the installed base in the coming year.

As a result of the increased interest in fleet and asset management solutions and a slowing in our car sharing business, we will retire the Drive-IT car share solution during the current financial year.


Truck24 AG

Our German subsidiary, Truck24, based near Munich, was purchased on the final day of the last financial year.  

Over the past 12 months, operational costs have been significantly reduced through headcount reductions and use of group purchasing power in areas such as mapping and airtime. We have also streamlined accounting and support functions and outsourced the logistics function to the same partner that we use in the UK

Similarly, the development and technical teams have been integrated into the broader group development function. We are now embarking on a strategic review in relation to onward development of the application such that we can use common components across the entire portfolio.

As reported in the interim results, we have launched the Truck24 service in both the UK and Sweden where we are branding the solution Fleetstar-Logistics. Early experiences in both markets have been positive with customers now using the product.  

New and extension contracts were signed with the following customers; Beine Gruppe, HKS Spedition, Stegmeier and Rubetrans.

Although remaining behind internal forecasts at the full year, the business signed significant number of new business accounts during the second half and continues to enjoy strong recurring revenues. Despite the current economic  downturn, we believe that Germany will offer Cybit significant future growth opportunities.

Acquisition of OxLoc

In August, for a nominal cash consideration, Cybit acquired the trade and assets of OxLoc Limited, an Oxford based supplier of battery-powered tracking units for HGV trailers, plant and mobile assets. 

OxLoc provided asset monitoring, tracking and alerting solutions to the sector of the mobile asset management market where there is 
either non-existent or limited access to a power source, through the supply of autonomous battery-powered data collection products.  The company was originally founded by Isis Innovation Ltd, the technology transfer company of the University of Oxford. 

The purchase cover
ed all hardware, software and intellectual property and provides Cybit with non-powered tracking devices that will become highly integrated with Cybit's leading Fleetstar-Online telematics and fleet-tracking solution. This will include built-in RFID technology for temperature, pallet and goods-in-transit monitoring. 

is integrating the OxLoc products into the current product range and will continue to run and expand the service that is already installed with customers including Fowler Welch. This process will be relatively easy as Cybit has already incorporated the OxLoc product into its AssetLocator platform and has a number of customers using the solution for non-powered assets.


One of the major activities during the early part of the year was the re-location of the Fleetstar-Online hardware environment away from our offices in Huntingdon to a fully redundant off-site hosting centre. This was a significant task due to the sheer volume of data and vehicles.

Our development teams in the UKGermany and India delivered significant enhancements to the Fleetstar-Online and Truck24 applications.  

A key development during the first half was the enhancement of Fleetstar-Online to support standard CANbus reporting capabilities for Ford Transit and Connect. This initial development was subsequently expanded to include generic  CANbus capabilities for Heavy Goods and Light Commercial vehicles. The latest developments include environmental reports for CO2 reporting and a new capability for the automatic import of fuel cards to provide more accurate fuel analysis.

The migration of Amatics, towards the end of the year, required significant developments to Fleetstar-Online. We needed to merge key functionality, such as winter maintenance and gulley emptying, into Fleetstar for the Government and Utility sector and these developments were implemented successfully.

There are a number of significant developments scheduled for release during early 2009 including a major update to our mapping environment. This will allow for the integration of satellite maps and speed limit data for enhanced duty of care management and reportingWe believe that the continual development of our solutions is of paramount importance, and will ensure that our customers receive the best available service.

Cybit Positioning Solutions

This was another strong year for our VHF and UHF based PMR business in terms of both order intake and revenue. In 2007 we announced a line-fit contract with a major manufacturer of seismic vehicles. This contract has performed significantly ahead of projected volumes and despite the downturn in the oil and gas exploration sector, our client has doubled minimum committed volumes for the coming year. We have also developed a number of new variants of this solution with the client which will increase future revenue opportunities.

Despite the product being in run-off mode, our offshore exploration partner placed a number of new orders, and therefore we will continue to deliver the product until at least December 2009. 

This business has become primarily focused on our TDMA solutions and a project has been undertaken to value engineer the hardware. This will enable us to enter new markets with a cost-effective, higher margin solution. 


This was the second successive year in which there were fewer fisheries Vessel Management Solution (VMS) contracts. This area of the business remains profitable but did not meet internal revenue and order intake budgets

Recent terrorist activity involving small coastal craft has raised awareness around these solutions and the role they can play as an integral part of a broader coastal security programme. This gives us confidence that future prospects for this business remain strong. 

During the first halfCybit announced that its increased presence in the Middle East had resulted in our winning a pilot coastal security project involving TDMA hardware and Saffire Software. If successful, this pilot is likely to broaden out to include the implementation of a fisheries VMS solution. I am pleased to report that the project is progressing well and we anticipate further roll out during the current financial year. 

In terms of dedicated fisheries VMS contracts, we won a contract from UK DEFRA to provide a catch management and reporting solution which is in addition to a number of smaller extensions with customers such as Cyprus and  St Helena. This is likely to be the precursor to a number of similar contracts expected to be tendered around Europe in the next few years. This puts the Company in a strong strategic position as we will be bidding standard commercially available software.

Following the success last year with the Volvo Ocean Race, our Race Management System has been adopted by P1 Powerboat for both race tracking and timing. This solution combines our TDMA hardware solution and Sapphire Maritime software and is a good example of the synergies we have achieved from recent acquisitions. 

During the first half, the team successfully delivered the web based version of Saffire Online to Cyprus. This solution has since been purchased by DEFRA for implementation across the UK.

Although business in this sector is cyclical, we have a strong maintenance base and are currently involved with a number of potentially significant projects around the globe.  

Financial Review

This was another year of solid growth for Cybit. Revenues were up 30% from £19.7m to £25.5with pre-tax profits increasing 27% from £1.7m to £2.1m. The business achieved underlying organic growth of 14% from continuing operations with the balance achieved from the Truck24 business. 

Gross margindeclined from 63% to 59%. This is a direct result of the higher hardware content of Truck24 deals which generate a lower overall gross margin. Despite increased pressure, we expect to improve operating margins as the impact of cost reductions made in the current financial year flow through to the bottom line. 

Despite significant revenue growth and the acquisition of Truck24, administrative expenses remain tightly controlled, increasing by only 17%Financing costs also continue to reduce as a percentage of overall revenues. The total financing  cost increased slightly from £1.61m to £1.83m which represents 7.2% of overall turnover, down from 8.2% in 2008.

As previously reported, we are focused on increasing the levels of predictable forward profit and cash through the development of our internal leasing book and other recurring revenuesThe optimal rate for developing  the lease book, whilst still delivering revenue and profit growth, has historically been around 25% of telematics revenues. In 2009, the level of telematics revenues placed on the internal lease book increased to 33% from 23% in the prior year. This increase is a direct result of the current banking climate and the reduced access that the business has to third party leasing. 

During the period, the value of the internal lease book across the Group has declined slightly from £10m in 2008 to £8.2m as some of the earlier CPS and Amatics customers have been migrated to the Fleetstar-Online platform. 

The forward order book relating to our maritime and precise positioning businesses has remained relatively constant at approximately £7.1m at the end of the year. The combination of this forward order book and internal lease book will not only underpin future growth but will also serve to insulate the business in the event that market conditions decline further.

Cash in hand, net of overdrafts reduced from £2.4to £2.0m as a result of the investment in own book and acquisition activity. Net cash reduced from £1.6m to £0.4m, a slight reduction on the £0.6m position at the half year. This is a direct result of the increased investment in the internal lease book.

The business remains cash generative at the operating level with net cash inflow from operating activities of £3.8m (2008: £4.1m).  At the end of the yearthe level of outstanding loans increased from £0.8m to £1.6m as a result of the Truck24 acquisition


Predictive cash flow has grown from £632k to £660k per month.  This increase coupled with the significant reduction in overhead has resulted in the level of operational cost cover increasing from 71to 82%.

Earnings per share has also grown by 52% from 4.65p to 7.06p per share which is attributable to the increase in pre-tax profit and also the low effective tax rate in the year as tax losses brought forward on historical acquisitions have been utilised during the period.


Despite our success during the past year, the Board is very aware that Cybit is still navigating uncharted economic territory.  Accordingly, the team has focused on reducing costs to ensure the business is well placed to succeed, even in these difficult economic times.

Order intake in the first quarter has been solid across the business and stands at a similar level to that achieved in the same period last year. The pipeline of future business remains strong with some significant opportunities being pursued in our telematics and maritime businesses. As a result, provided trading conditions remain constant, the Board has a good degree of confidence in our ability to deliver profit growth in the current year.

From a Corporate Governance perspective, the Board has undertaken a review of potential risks to the business in the current banking environment. In order to generate cash to drive future growth, Cybit uses a number of third party lease providers to fund a percentage of UK based telematics business. As a result of the current climate, the number of leasing companies prepared to fund telematics business has reduced significantly. Although the default rate of business derived from Cybit is significantly below industry averages, there is a risk that leasing providers could withdraw from telematics in the same way that they have withdrawn from the telecommunications sector. 

In order to mitigate this risk, I am pleased to report that Cybit has reached agreement in principle with HSBC to provide a 3 year committed revolving credit facility of £4m and an overdraft facility of £0.5m to replace our existing £1m overdraft. This is designated to support investment in the business and the internal lease book. Although it is highly unlikely that such an extreme move would be required, the management team has run a number of scenarios which demonstrate this revolving facility would be sufficient for the business to fund 100% of its UK telematics business on the internal lease book. Adoption of such a move would result in a short term drop in revenue and profit in the current year with a significant increase in revenue, profit and cash generation by the end of the next financial year. 

We believe the market for telematics will continue to grow as customers from all sectors are required to implement strategies to improve operational efficiencies and cut costs, whilst ensuring legislative compliance. It is now widely accepted that our solutions are proven to deliver a high level of return on investment and our financial strength and extensive experience in the market makes Cybit the low risk partner to deliver these returns. 

Our success in Sweden and Scandinavia has continued into the current year which leads us to believe that we can derive further growth from these markets.  Furthermore, the acquisition of Truck24 gives us a strong presence in Germany with further customers in AustriaSwitzerland and Italy We intend to invest in more sales personnel to better exploit this opportunity following the successful integration of this acquisition.

Whilst our primary focus will continue to be organic growth from our existing business, we will continue to consider suitable acquisition opportunities as resources and market conditions allow.

This has been an exceptional performance under extreme circumstances for Cybit, and I would like to thank all of the team for their hard work during the past financial year.

Richard Horsman

Chief Executive Officer

3rd July 2009









Cybit Holdings Plc

Consolidated Income Statement

For the year ended 31st March 2009








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All activities relate to continuing operations.

  Cybit Holdings Plc

Consolidated Statement of Recognised Income and Expense

For the year ended 31st March 2009





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  Cybit Holdings Plc

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  Cybit Holdings Plc

Consolidated Cash Flow Statement

For the year ended 31st March 2009

Year ended 31st March 2009

Year ended 31st March 2008



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Adjustments for:

Depreciation and amortisation



Loss on sale of property, plant and equipment



Working capital changes



Finance costs



Taxation expense recognised in the income statement



Cash generated from operations



Corporation tax paid



Finance costs of assigning debts to finance companies



Net cash from operating activities



Investing activities

Purchase of subsidiary undertakings



Net cash acquired with subsidiary undertakings



Purchase of property, plant & equipment



Purchase of other intangibles



Proceeds from sale of property, plant & equipment



Interest received



Net cash used in investing activities



Financing activities

Interest paid



Proceeds from share issues



Receipts from borrowings



Receipts from short-term borrowings



Repayments of short-term borrowings



Finance lease repayments



Repayment of loans



Net cash generated from financing activities



Net changes in cash and cash equivalents



Exchange differences



Net cash and cash equivalents - beginning of year



Net cash and cash equivalents - end of year





1. The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.


2. The financial information has been extracted from the Group's 2009 financial statements. Those financial statements have not yet been delivered to the Registrar nor have the auditors reported on them. 


3. Basis of preparation


The preliminary results have been prepared under the historical cost convention and in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. 

4. Earnings per share

The calculation of the basic earnings per share is based on the profits attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year.

For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. The group has two classes of dilutive potential ordinary shares: those share options granted to employees where the exercise price is less than the average market price of the company's ordinary shares during the year and the remaining unexercised warrants issued in respect of the acquisitions of BlueFinger Limited and Truck24 AG.

At 31st March 2009 there were 2,660,233 (2008: 799,060) anti dilutive options and 797,032 (2008: nil) anti dilutive warrants.

Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below. 




Weighted average number of shares

Per-share amount


Weighted average number of shares

Per-share amount







Basic earnings per share

Earnings attributable to ordinary shareholders







Effect of dilutive securities







Diluted earnings per share

Adjusted earnings









5. Dividends

No dividends have been paid in respect of the year.

This information is provided by RNS
The company news service from the London Stock Exchange

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