Final Results - Year Ended 31 December 1999

Clinical Computing PLC 31 March 2000 CLINICAL COMPUTING PLC Preliminary Announcement of Annual Results Chairman's and Chief Executive's statement In 1999 we recorded a net profit of £0.4 million, earnings per share increased by 36% to 1.5p. In addition the Group installed its first Clinical Vision system. Financial For the fiscal year 1999 the Group produced an operating profit of £265,000, which represents an increase of £113,000 over 1998. The earnings per share increased from 1.1p in 1998 to 1.5p in 1999, which represents a 36% increase over the prior year. The Group's cash position remains strong with £0.5 million generated in 1999. Overall total Group costs were reduced by £41,000, but at the same time spending on research and development increased by £96,000. Research and Development Development has continued on the Clinical Vision product line, and Version 1.0 was installed in September 1999 at our first UK beta site. Version 2.0 was installed in February 2000 at our second UK beta site. The feedback from these two initial installations has been very positive, and at the time of writing, negotiations are at an advanced stage for our first US beta site. The Group has further enhanced both the PROTON based and the RENLStar product lines. During 1999 we released Version 2.6 of PROTON, Version 8.0 of the di- PROTON application, and Version 8.0 of RENLStar. We continue to receive many license upgrade requests from users of PROTON based systems, attesting to that product line's effectiveness and longevity. We also signed a number of sizable contracts for di-PROTON in the US. Our RENLStar customers are now all upgraded to the UNIX version so as to extend their use of the system. Development plans for the next releases of these product lines in 2000 are already in process. During 1999 we established a virtual private network (VPN) linking our UK and US offices. The VPN provides us with enhanced ability to manage development at multiple locations and enables us to fully utilise our development resources both in the US and UK. The VPN also provides the Group with greater security through the use of firewalls at each location. This ensures our internal networks are safe from outside interference and access. Year 2000 We are pleased to report that the arrival of Year 2000 did not cause any operational issues with regard to the Group's products. During 1999 we conducted a complete Year 2000 quality assurance program on all of our products. All our customers were upgraded in 1999 to Year 2000 compliant releases for each of the Group's product lines. Our own internal systems were also unaffected by the arrival of Year 2000. I am pleased, therefore, to report that we have not experienced any difficulties due to the change to the new millennium. The Future In 2000 the Group's focus is on expanding the Clinical Vision product line while maintaining customer satisfaction in our PROTON and RENLStar product lines. We will be looking at ways to increase both the depth and breadth of Clinical Vision. In the second half of the year we will start planned expansion into other clinical specialities. We will also begin to set up distribution channels throughout Europe through the use of partnerships. We anticipate significant new sales orders in the second half of the year. The customer implementation process and our revenue recognition policy, however, will mean that these orders will be generating turnover in the following year. Our current strong cash position combined with our extensive experience in clinical systems provides us with the means to expand our product range across multiple clinical specialities and worldwide. We again extend our immense gratitude to our employees for their hard work and commitment throughout 1999. Our achievements have been a direct result of their team efforts. Michael Gordon Jack Richardson Chairman Chief Executive Consolidated profit and loss account For the year ended 31 December 1999 1999 1998 £ £ Turnover 3,112,623 3,039,301 --------- ----------- Cost of sales Research and development (886,054) (789,873) Other (779,985) (833,087) --------- ----------- (1,666,039) (1,622,960) --------- ----------- Gross profit 1,446,584 1,416,341 Distribution costs (including sales (412,649) (460,378) and marketing) Administrative expenses (768,678) (804,342) --------- ----------- (1,181,327) (1,264,720) --------- ----------- Operating profit 265,257 151,621 Net interest receivable 117,079 124,963 --------- ----------- Profit on ordinary activities before 382,336 276,584 and after taxation --------- ----------- Basic and diluted earnings per share 1.5p 1.1p --------- ----------- All amounts relate to continuing operations. Consolidated statement of total recognised gains and losses For the year ended 31 December 1999 1999 1998 £ £ Profit for the financial year 382,336 276,584 (Loss) gain on foreign currency (25,297) 9,810 translation -------- -------- Total recognised gains and losses 357,039 286,394 relating to the year -------- -------- All amounts relate to continuing operations. Consolidated balance sheet 31 December 1999 1999 1998 £ £ Fixed assets Tangible assets 345,461 326,633 ---------- ---------- Current assets Stocks 41,500 41,500 Debtors 748,122 1,066,726 Cash at bank and in hand (including short 2,793,572 2,331,897 term deposits) ---------- ---------- 3,583,194 3,440,123 ---------- ---------- Creditors: Amounts falling due within one year Deferred income (649,687) (814,105) Other (307,761) (328,326) ---------- ---------- (957,448) (1,142,431) ---------- ---------- Net current assets 2,625,746 2,297,692 ---------- ---------- Total assets less current liabilities 2,971,207 2,624,325 Creditors: Amounts falling due after - (15,657) more than one year ---------- ---------- Net assets 2,971,207 2,608,668 ---------- ---------- Capital and reserves Called-up share capital 1,254,016 1,254,016 Share premium account 4,248,388 4,248,388 Profit and loss account (2,531,197) (2,893,736) ---------- ---------- Shareholders' funds - all equity 2,971,207 2,608,668 ---------- ---------- Consolidated cash flow statement For the year ended 31 December 1999 1999 1998 £ £ Net cash inflow from operating activities 522,879 565,710 --------- --------- Returns on investments and servicing of 117,079 124,963 finance Capital expenditure and financial (158,222) (158,111) investment --------- --------- (41,143) (33,148) --------- --------- Cash inflow before management of liquid resources and financing 481,736 532,562 Management of liquid resources (450,573) (569,587) Financing (20,061) (1,839) --------- --------- Increase (decrease) in cash in the year 11,102 (38,864) --------- --------- All amounts relate to continuing operations. NOTES 1. Segmental analysis An analysis of Group turnover by geographical region of origin is given below:- 1999 1998 £ £ UK 548,626 634,847 USA 2,518,884 2,353,624 Other 45,113 50,830 ----------- --------- 3,112,623 3,039,301 ----------- --------- Turnover by destination is not materially different from that by origin. The Directors consider that the Group operates in one class of business. However, turnover is derived as follows: 1999 1998 £ £ Software systems and upgrades 748,285 830,236 Maintenance and support 1,625,676 1,541,372 Services 433,325 250,987 Hardware, sales and upgrades 205,498 220,247 Other 99,839 96,459 Non-recurring royalty received from - 100,000 Armstrong Healthcare Limited ----------- --------- 3,112,623 3,039,301 ----------- --------- Analysis by origin as follows: UK UK and 1999 and 1998 other USA Total other USA Total £ £ £ £ £ £ Turnover 593,739 2,518,884 3,112,623 685,677 2,353,624 3,039,301 -------- --------- ------- ------- ------- ---------- Operating profit 53,023 212,234 265,257 49,382 102,239 151,621 -------- --------- ------- ------- ------- --------- Net assets 3,531,147 (559,940) 2,971,207 3,403,174 (794,506) 2,608,668 (liabilities) --------- --------- --------- --------- --------- --------- 2 Earnings per share Basic earnings per share are based upon the profit attributable to shareholders of £382,336 (1998: £276,584) and weighted average number of shares in issue during the year of 25,080,310 (1998: 25,080,310). Diluted earnings per share are based upon the profit attributable to shareholders of £382,336 (1998: £276,584) and weighted average number of shares in issue during the year of 25,087,348 (1998: 25,426,926), allowing for the exercise of all outstanding share options. 3. Reconciliation of operating profits to operating cash flows: 1999 1998 £ £ Operating profit 265,257 151,621 Depreciation charge 143,904 128,625 Profit on sale of tangible fixed assets - (1,345) (Increase) in stocks - (41,500) Decrease in debtors 318,604 482,247 (Decrease) in creditors (177,722) (138,828) Unrealised foreign exchange loss (27,164) (15,110) ---------- ---------- Net cash inflow from operating activities 522,879 565,710 ---------- ---------- 4. Analysis of cash flows 1999 1998 £ £ Returns on investments and servicing of finance Interest received 120,708 125,908 Interest element of finance lease rentals (3,629) (945) ---------- ---------- Net cash inflow 117,079 124,963 ---------- ---------- Capital expenditure and financial investment Purchase of tangible fixed assets (176,063) (164,119) Sales of tangible fixed assets 17,841 6,008 ---------- ---------- Net cash outflow (158,222) (158,111) ---------- ---------- Management of liquid resources Increase in short term deposits (450,573) (569,587) ---------- ---------- Net cash outflow (450,573) (569,587) ---------- --------- Financing Capital element of finance lease rental (20,061) (1,839) payments ---------- --------- Net Cash outflow (20,061) (1,839) ---------- --------- 5. Analysis and reconciliation of net funds 1 Other non- 31 January Cash cash Exchange December 1999 flow changes movement 1999 £ £ £ £ £ Cash in hand and at 259,549 11,102 - (1,955) 268,696 bank (including overdraft) Finance leases (20,061) 20,061 - - - ------- ------- ---------- ------- ---------- Net funds 239,488 31,163 - (1,955) 268,696 ------- ------- ---------- ------- ---------- 1999 1998 £ £ Increase (decrease) in cash in year 11,102 (38,864) Cash outflow from decrease in lease 20,061 1,839 financing ------------- --------- - ----- Change in net funds resulting from cash 31,163 (37,025) flows Exchange movement (1,955) 956 New finance leases - (21,900) ------------- --------- - ----- Movement in net funds in year 29,208 (57,969) Net funds at 1 January 1999 239,488 297,457 ------------- --------- Net funds at 31 December 1999 268,696 239,488 ------------- --------- The financial information contained in this preliminary announcement of audited results does not constitute the Group's statutory accounts for the years ended 31 December 1999 and 31 December 1998. The accounts for the year ended 31 December 1998 have been delivered to the Registrar of Companies. The statutory accounts for the year ended 31 December 1999 and 1998 have been reported on by the company's auditors; the reports on these accounts were unqualified and they did not contain any statement under section 237 (2) or (3) of the Companies Act 1985. The accounts for the year ended 31 December 1999 are expected to be posted to shareholders in due course and will be delivered to the Registrar of Companies after they have been laid before the company in a general meeting on 4 May 2000. Copies will also be available from the principal office of the company: 4 The Thameside Centre, Kew Bridge Road, Brentford, Middlesex, TW8 0HF.

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