Interim Results

Jetcam International Holdings Ld 5 September 2001 EMBARGOED - Not to be released until 07.00 a.m. 5 September 2001 JETCAM INTERNATIONAL HOLDINGS LIMITED ('Jetcam' or 'the Company') Interim results for the period ended 30 June 2001 Chairman's Statement In my report for the year ended 31 December 2000, I alluded to the difficulties your company had experienced in the early months of that year, but also stated that steps had been taken to correct their underlying causes, which had resulted in performance improvements in the final months, and that we were optimistic that this would carry through into the current year. It is encouraging to be able to report, therefore, that trading results in the first six months have indeed seen an improvement over the same period last year. Although sales were marginally down at £2,050,000 (2000: £2,055,000) due to the general weakness in our industry sector, profit before tax increased to £182,000 (2000: £154,000 - which included an exceptional item of £116,000). Earnings per share were 0.6p (2000: 0.7p), the reduction being due to a larger number of shares being in issue at the period end. This improved performance is the result of organisational adjustments, re-focusing attention on your company's core skills and increased market coverage. JETCAM UK has started contributing to group results and its sales expertise is also being applied to increase market penetration of Camtek's products. In making these changes, your management has taken every possible care to ensure that short-term results are not being produced at the expense of future business development. No significant new products were launched in the first half of the year, but steady improvements were made to the existing ones. In the second half of this year, we anticipate the introduction of new functionality for the support of laser machine tools and new enhancements to Camtek's Mill/Turn/Wire EDM and 3D Solid Tube cutting products. This is accompanied by continuing emphasis on expanding geographical coverage and seeking new OEM customers. Other initiatives are in hand for new product launches next year. Despite the improved results, your company faces challenges in the coming months. General market conditions continue to give cause for concern and we continue to depend on a few major customers to generate a significant proportion of our overall sales. We believe that our organisation is well balanced with motivated management and staff but we have to remain cautious on the outlook for the rest of the year. Last year your Board felt it was prudent to suspend any dividend payment and we continue to take a prudent view at the interim stage this year. George Kynoch Chairman 5 September 2001 Consolidated Interim Profit and Loss Account Six months ended 30 June 2001 Note Year Half year Half year ended to to 31 30 June 30 June December 2001 2000 2000 £'000 £'000 £'000 Turnover 2,050 2,055 4,211 Cost of sales (101) (116) (221) ----- ----- ----- Gross profit 1,949 1,939 3,990 Amortisation of goodwill (143) (85) (270) Administrative expenses (1,624) (1,816) (3,601) ----- ----- ----- Operating profit 182 38 119 Exceptional profit - 116 53 ----- ----- ----- Profit on ordinary activities before 182 154 172 taxation Taxation on profit on ordinary activities (40) - (66) ----- ----- ----- Profit for the financial year 142 154 106 Dividends 2 - - - ----- ----- ----- Retained profit/(deficit) for the 142 154 106 financial year ----- ----- ----- Earnings per ordinary share 3 0.6p 0.7p 0.5p ----- ----- ----- Fully diluted earnings per ordinary share 3 0.6p 0.7p 0.5p ----- ----- ----- Statement of Total Recognised Gains and Losses For the six months ended 30 June 2001 Half year Half year Year ended to to 31 30 June 30 June December 2001 2000 2000 £'000 £'000 £'000 Profit for the financial year 142 154 106 Exchange translation differences (11) 85 52 ----- ----- ----- Total Recognised Gains and Losses in the 131 239 158 Year ----- ----- ----- Consolidated Interim Balance Sheet Six months ended 30 June 2001 As at As at As at 30 30 31 June June December 2001 2000 2000 £'000 £'000 £'000 Fixed assets Intangible assets 3,314 3,415 3,456 Tangible assets 466 530 495 Investments 1 1 1 ----- ----- ----- 3,781 3,946 3,952 ----- ----- ----- Current assets Stocks 6 12 22 Debtors 1,118 924 1,065 Other debtors 106 369 89 Prepayments and accrued income 20 13 40 Cash at bank and in hand 553 313 249 ----- ----- ----- 1,803 1,631 1,465 Creditors: amounts falling due within one year (575) (757) (518) ----- ----- ----- Net current assets 1,228 874 947 ----- ----- ----- Total assets less current liabilities 5,009 4,820 4,899 Creditors: amounts falling due after more than one year Provisions for liabilities and charges (24) (97) (44) ----- ----- ----- Total net assets 4,985 4,723 4,855 ----- ----- ----- Capital and reserves Called up share capital 148 144 148 Share premium account 4,203 3,995 4,203 Profit and loss account 634 584 504 ----- ----- ----- Equity shareholders' funds 4,985 4,723 4,855 ----- ----- ----- Consolidated Cash Flow Statement Six months ended 30 June 2001 As at As at As at 30 30 31 June June December 2001 2000 2000 £'000 £'000 £'000 Cash flows from operating activities Operating profit 182 154 119 Depreciation 43 58 103 Amortisation of goodwill 142 85 271 Loss on disposal - - 14 Exchange differences (11) 107 52 Decrease in warranty provision (20) (35) - Decrease/(increase) in stock 15 8 (2) (Increase)decrease in trade debtors (51) (41) 71 Increase/(decrease) in liabilities 187 (224) (319) ----- ----- ----- Net cash inflow from operating activities 487 112 309 Taxation (143) - (77) Capital expenditure and financial investment Payments to acquire tangible fixed assets (13) (44) (69) Acquisitions on investment and servicing of finance Receipt from sale of business - - 53 Purchase of subsidiary undertaking - (13) (239) Equity dividends paid - (108) (333) ----- ----- ----- Cash (outflow) before use of liquid resources and 331 (53) (356) financing Financing Issue of share capital - - 212 ----- ----- ----- Decrease/(increase) in cash during the period 331 (53) (144) Net funds at beginning of period 222 366 366 ----- ----- ----- Net funds at end of period 553 313 222 ===== ===== ===== Notes 1. Results The six month results have been prepared on the historical cost basis. They are unaudited and do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. 2. Dividends The Directors are not recommending the payment of an interim dividend for the six months ended 30 June, 2001 (30 June, 2000: Nil) 3. Earnings per share The calculation of the basic earnings per share is based on the profit on ordinary activities after taxation on the weighted average number of ordinary shares in issue during the period. The calculation of diluted earnings per share is based on the basic earnings per share adjusted to allow for the issue of shares on the assumed conversion of options. Reconciliation of the profit and weighted average number of shares are set out below: Profit after Weighted average number of Earnings per Taxation shares share £'000 Pence 30 June 2001 Basic earnings per 142 23,002,218 0.6p share Dilutive effect of - - - options ----- ----- ----- Diluted earnings per 142 23,002,218 0.6p share ===== ===== ===== 30 June 2000 Basic earnings per 154 22,954,607 0.7p share Dilutive effect of - 412,298 - options ----- ----- ----- Diluted earnings per 154 23,366,905 0.7p share ===== ===== ===== 4. Reserves Called up Share Premium Share capital Account Reserves £'000 £'000 £'000 At 1 January 2001 148 4,203 503 Retained profit for the period - - 142 Currency translation difference - - (11) ----- ----- ----- At 30 June 2001 148 4,203 634 ===== ===== ===== 5. Copies of this report are to be sent to all shareholders and are available from Cornhill Secretaries Limited, 1 Snow Hill, London EC1A 2EN. Enquiries JETCAM International Holdings Limited John Wright Tel: 00 377 97 97 16 40 John East & Partners Limited David Worlidge Tel: 020 7628 2200

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