Interim Results

Jetcam International Holdings Ld 03 September 2003 Embargoed: Not to be released until 7.00 a.m 3rd September, 2003 JETCAM INTERNATIONAL HOLDINGS LIMITED ('Jetcam' or 'the Company') Interim results for the period ended 30 June 2003 Chairman's Statement I am pleased to report the results for the six month period ended 30 June 2003. The period has seen trading continuing at levels broadly similar to those achieved in both the six month periods of 2002, following the steep declines experienced in both 2000 and 2001. Turnover was £1,412,000 (2002: £1,426,000). The reported loss before tax was £27,000 (2002: loss £7,000). This loss is struck after goodwill amortisation of £73,000; (2002: £85,000) before amortisation, operating profit was £46,000 (2002: £31,000). The loss after taxation for the period was also £27,000 (2002: loss £7,000) and the loss per share was 0.11p (2002: 0.02p). In my statement included in the accounts for 2002, I reported on the continuing uncertain trading conditions resulting from global economic conditions, but the levelling of sales over the last eighteen months give us some cause to hope that the worst may now be behind us. That said, trading conditions in your company's particular market sectors continue to be very competitive and increased numbers of licence sales do not necessarily translate into increased revenues. In the Report and Accounts for the year ended 31 December, 2003, the Company included in a post balance sheet event note, details of a €3.3 million commitment to purchase an office in Monaco. The first payment of £101,000 was paid in early June and the second payment of £180,000 was due for payment on 30 June, 2003. The note stated that the Board had decided it was more prudent to maintain its cash resources. Accordingly, the commitment was cancelled without penalty and on 31 July, 2003, the Company was repaid all payments made. In my statement I also mentioned that your directors were considering the appropriateness of continuing admission of your company's shares on AIM. Shareholders will have recently received a circular setting out our views on this subject in which we announced that notice has been given to the London Stock Exchange to cancel admission of the Company's shares from trading on AIM. Subject to the passing of the appropriate resolution at the forthcoming Special General Meeting of the Company, it is expected that the cancellation will become effective at the close of business on 18th September, 2003. The company has also announced that it will instigate a share buy back programme in conjunction with the cancellation. The programme will now commence on AIM and continue on ShareMark after cancellation. If any shareholders wish to take advantage of the share buyback, they should contact their usual stockbroker. Your directors continue to do everything possible to contain costs and the savings resulting from the cancellation are expected to make a contribution to this process. Once again I would like to thank our management and staff for their continued dedication and support. Your Board is not declaring an interim dividend and does not currently expect to recommend the payment of a final dividend for the year. J R A Townsend Chairman 3rd September 2003 Consolidated Profit and Loss Account Six months ended 30 June 2003 Note Half year to Half year to Year ended 30 June 30 June 31 December 2003 2002 2002 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Turnover 1,412 1,426 2,821 Cost of sales (46) (81) (115) ---------- ---------- --------- Gross profit 1,366 1,345 2,706 Administrative expenses (1,320) (1,314) (3,086) ---------- ---------- --------- Operating profit/(loss) 46 31 (380) before goodwill amortisation and exceptional items Amortisation of (73) (85) (171) goodwill Exceptional impairment of - - (1,878) goodwill Exceptional gain - 47 - ---------- ---------- --------- Operating loss and loss (27) (7) (2,429) on ordinary activities before taxation Taxation on loss on - - 25 ordinary activities ---------- ---------- --------- Loss after taxation for (27) (7) (2,404) the financial period Dividends paid and 2 - - - proposed ---------- ---------- --------- Deficit for the financial (27) (7) (2,404) period ========== ========== ========= Loss per ordinary share 3 (0.11p) (0.02p) (10.10p) (pence) ========== ========== ========= Statement of Total Recognised Gains and Losses For the six months ended 30 June 2003 Half year to Half year to Year ended 30 June 30 June 31 December 2003 2002 2002 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Loss for the period (27) (7) (2,404) Exchange translation (16) (91) (21) differences ---------- ---------- --------- Total recognised gains and losses (43) (98) (2,425) in the period ========== ========== ========= Consolidated Balance Sheet As at 30 June 2003 As at As at As at 30 June 30 June 31 December 2003 2002 2002 (Unaudited) (Unaudited) (Audited) Note £'000 £'000 £'000 Fixed assets Intangible assets 927 2,964 1,000 Tangible assets 375 443 384 Investments 1 1 1 ---------- ---------- ---------- 1,303 3,408 1,385 ---------- ---------- ---------- Current assets Stocks 4 18 14 Debtors 667 708 791 Other debtors 394 254 46 Prepayments and accrued 41 22 45 income Cash at bank and in hand 199 466 342 ---------- ---------- ---------- 1,305 1,468 1,238 Creditors: amounts falling (400) (274) (372) due within one year ---------- ---------- ---------- Net current assets 905 1,194 866 ---------- ---------- ---------- Total assets less current 2,208 4,602 2,251 liabilities Creditors: amounts falling due after more than one year Provisions for liabilities - (24) - and charges ---------- ---------- ---------- Net assets 2,208 4,578 2,251 ========== ========== ========== Capital and reserves Called up share capital 4 149 149 149 Share premium account 4 4,279 4,279 4,279 Profit and loss account 4 (2,220) 150 (2,177) ---------- ---------- ---------- Equity shareholders' funds 2,208 4,578 2,251 ========== ========== ========== Consolidated Cash Flow Statement Six months ended 30 June 2003 Half year to Half year to Year ended 30 June 30 June 31 December 2003 2002 2002 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Cash flows from operating activities Operating loss (27) (7) (2,428) Exceptional gain - (47) - Depreciation 21 36 76 Amortisation of goodwill 73 85 171 Impairment of goodwill - - 1,878 Loss on disposal 5 - 34 Exchange differences (16) (91) (19) Decrease/(increase) in stock 10 (3) 1 (Increase)/decrease in debtors (220) 25 127 Increase/(decrease) in 28 (1) 69 liabilities ---------- ---------- ---------- Net cash outflow from operating (126) (3) (91) activities Taxation - - (18) Capital expenditure and financial investment Payments to acquire tangible fixed (19) (38) (60) assets Receipts from sale of tangible 2 - 4 fixed assets ---------- ---------- ---------- Cash outflow before use of liquid resources and financing Financing (143) (41) (165) Issue of share capital - - - ---------- ---------- ---------- Decrease in cash during the (143) (41) (165) period Net funds at beginning of period 342 507 507 ---------- ---------- ---------- Net funds at end of period 199 466 342 ========== ========== ========== Notes 1. Results The six month results ended 30 June 2003 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, 2003 (30 June, 2002: Nil) 3. Loss per share The calculation of the basic loss per share is based on the loss on ordinary activities after taxation on the weighted average number of ordinary shares in issue during the period. Reconciliation of the result and weighted average number of shares are set out below: Result after Weighted Loss Taxation average number per share £'000 of shares Pence 30 June 2003 Basic loss per share (27) 23,801,785 (0.11)p ========== ========= ========= 30 June 2002 Basic loss per share (7) 23,019,986 (0.02)p ========== ========== ========= 4. Reserves Called up Contributed Reserves Share capital surplus £'000 £'000 £'000 At 1 January 2003 149 4,279 (2,177) Retained loss for the period - - (27) Currency translation difference - - (16) ----------- ---------- --------- At 30 June 2003 149 4,279 (2,220) =========== ========== ========= 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 John East Tel: 020 7628 2200 This information is provided by RNS The company news service from the London Stock Exchange

Companies

JTC (JTC)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today