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Asite PLC (ASE)

  Print      Mail a friend       Annual reports

Thursday 20 June, 2002

Asite PLC

Final Results

Asite PLC
20 June 2002

                                                                    20 June 2002

                                   Asite plc
                      (formerly PremiSys Technologies plc)

                          YEAR ENDED 31 DECEMBER 2001

Results Highlights:

-Restructuring of the group now complete.

-Successful commencement of the core business, Asite Solutions Limited ('Asite')

-Post-tax loss of £8.3 million reflects, significantly, losses on the sale of
  non-performing businesses and pre-trading losses for Asite, which will not
  recur in future years.

Sir John Egan, Chairman of Asite plc, commented;

'Since its public launch Asite has made good progress in establishing itself at
the leading edge of change within the UK construction sector and is well placed
to benefit commercially from enabling these positive changes in the industry.
The Board expects Asite to build on this position during 2002, whilst
recognising the significant challenges ahead, and sees strong potential for the
creation of shareholder value in the future.'

For further information please contact:

Asite plc
Charles Woods, Finance Director                      Tel:  020 7388 4890

Deloitte & Touche Corporate Finance
Robin Binks                                          Tel:  020 7936 3000

The Communication Group
Michael Holmes                                       Tel:  020 7630 1411


Results and dividends

The restructuring of the Group was finalised during the year with the disposal
of its non-core businesses and the satisfactory trading commencement of its core
business, Asite.  The Group's post-tax loss of £8.3 million reflects,
significantly, losses on the sale of non-performing businesses and pre-trading
losses for Asite, which will not recur in future years.  The loss per share was

The net loss on disposal of non-core businesses was £2.0 million.  These
businesses, Whinney Mackey-Lewis, Foremans and Prime Estates are shown in the
accounts as discontinued activities and net losses of £ 0.3 million will clearly
not impact the Group's results in future years.

£1.8 million of Asite's £4.4million loss for the year occurred before the
business commenced trading in June 2001 and can also be considered to be of a
non-recurring nature.

In line with current policy, the Board is not recommending a dividend this year
(2001 £nil).

Development of the Group

In December 2001, the Group disposed of its final non-core business, Prime
Estates and restructured the Board to reflect its focus on the success of Asite.

As the existing Asite Chairman, I was pleased to take on the Chairmanship of the
Group from Walter Goldsmith who became Deputy Chairman.  This change coincided
with a number of other important appointments to the Board.  Alastair Mellon,
Asite's Managing Director, joined the parent company Board to serve as an
Executive Director alongside Charles Woods.  Also stepping up to the parent
company Board, as Non-Executive Directors, were Peter Rogers of Stanhope plc and
Andrew Wolstenholme of BAA plc.  Robert Tchenguiz, joint Chairman of Rotch
Property Group Limited, remained as a Non-Executive Director.

As I commented at the time, this re-focusing of the Group and strengthening of
the Board represented a very positive commitment to the continued growth of
Asite, which is helping to bring the construction industry into the 21st

In December 2001, Prime Estates property management business was sold to B&C
Plaza for a cash consideration of £0.8million.  The value of the consideration
recognised the fact that Prime Estates' principal contract expires in March 2003
and that there was no intention to renew it whilst Prime Estates remained a
subsidiary of the Company.

In June 2001, Foremans Limited was sold to Barry Shaw and Richard Kennedy for a
cash consideration of £1.2million.  Foremans was sold with a net overdraft of
approximately £0.5million and loan notes payable of £0.3million.  The business
had been performing poorly prior to its disposal and was responsible for
£0.8million of the Group's losses in the first half of the year.  Barry Shaw
resigned his Directorships within the Group on the date of the sale.

In March 2001, Whinney Mackay-Lewis Limited was sold to international
architects, Woods Bagot UK Limited, and to the existing management team.  The
management acquired 25 per cent of the business for a cash consideration of
£125,000.  Woods Bagot acquired 75 per cent of the business for a deferred
consideration to be paid out of future profits of up to £375,000.

Operational review

The Group was successfully re-financed in June 2001 with the completion of a
Placing and Open Offer raising a net £4.5 million after expenses.

Asite began trading in June 2001 after a successful public launch and has now
become one of the leading business-to-business providers of services and
software tools to the UK construction industry.  Contracted revenues from
property owners and developers, construction managers, trade contractors and
suppliers now exceed £4.4 million over the life of the contracts.

With the continuing growth in revenues the directors expect Asite to be
operationally cash flow positive by the end of 2002.  The Company believes that
it has adequate funding agreements in place to reach the point where it will
become self-funding.

A number of high profile organisations from across the property and construction
sector have taken an equity interest in Asite including BAA, British Land,
Sainsbury's, Standard Life, Mace, O'Rourke and SAS.  Asite's equity partners
have an estimated annual construction spend of over £5 billion.

In November 2001, Asite released an important Joint Position Statement with the
Confederation of Construction Clients (CCC) with whom it is working closely to
improve the efficiency of the UK Construction Industry.  The CCC believes that
over the next three years we will see a major shift towards the use of
electronic systems for procurement and project management.


Since its public launch Asite has made good progress in establishing itself at
the leading edge of change within the UK construction sector and is well placed
to benefit commercially from enabling these positive changes in the industry.
The Board expects Asite to build on this position during 2002, whilst
recognising the significant challenges ahead, and sees strong potential for the
creation of shareholder value in the future.

Sir John Egan

20 June 2002

Year ended 31 December 2001
                                                                           2001                      2000
                                                                          £'000                     £'000
Continuing operations                                                       307                         -
Discontinued operations                                                   4,779                    11,242

                                                                          5,086                    11,242
Revenue share                                                             (130)                         -
Change in work in progress - discontinued                                 (474)                      (71)

Total turnover                                                            4,482                    11,171

Staff costs                                                               5,741                     7,953
Depreciation and amortisation                                             1,307                     1,441
Other operating charges                                                   3,763                     5,217

                                                                         10,811                    14,611
Continuing operations                                                   (5,991)                   (2,086)
Discontinued operations                                                   (338)                   (1,354)

                                                                        (6,329)                   (3,440)
Loss on disposal of subsidiaries                                        (1,991)                         -

Net interest payable                                                       (34)                      (74)

LOSS ON ORDINARY ACTIVITIES                                             (8,354)                   (3,514)
Tax on loss on ordinary activities                                           27                      (93)

LOSS ON ORDINARY ACTIVITIES                                             (8,327)                   (3,607)
Equity minority interest                                                    358                         -

LOSS FOR THE FINANCIAL YEAR                                             (7,969)                   (3,607)

Loss per share
- basic                                                                 (12.3)p                    (9.6)p

31 December 2001
                                                                           2001                      2000
                                                                          £'000                     £'000
Intangible fixed assets                                                       -                     1,000
Tangible fixed assets                                                     4,720                     1,603

                                                                          4,720                     2,603
Stock                                                                        22                       570
Debtors                                                                     800                     4,952
Cash at bank                                                                358                       563

                                                                          1,180                     6,085

CREDITORS: amounts falling due
 within one year                                                        (2,699)                   (6,011)

NET CURRENT (LIABILITIES)/ ASSETS                                       (1,519)                        74

TOTAL ASSETS LESS CURRENT LIABILITIES                                     3,201                     2,677

CREDITORS: amounts falling due                                          (2,742)                     (768)

  after more than one year

MINORITY INTERESTS                                                          999                         -

NET ASSETS                                                                1,458                     1,909

Called up share capital                                                   9,344                     3,955
Share premium account                                                     2,442                     2,825
Merger reserve                                                                -                   (1,871)
Capital reserve                                                             641                         -
Profit and loss account                                                (10,969)                   (3,000)

EQUITY SHAREHOLDERS' FUNDS                                                1,458                     1,909


The directors have prepared projected group cash flow information for the
current financial year and for the first half of the following financial year to
June 2003.  The early stage of development of the Group's business is such that
there can be considerable unpredictable variation in the timing and amount of
cashflows and consequently there is uncertainty as to the carrying value of the
website development costs.  On the basis of this cashflow information, the
directors are aware that additional funding will be required.  The directors
have received a loan agreement from Mr Robert Tchenguiz confirming that he
intends to provide this funding.

On the basis of this cashflow information and discussions with Mr Tchenguiz, the
directors have formed a judgement at the time of approving the financial
statements that they consider it appropriate to prepare financial statements on
the going concern basis.  The financial statements do not include any
adjustments that would result should financial support from Mr Tchenguiz or
other sources no longer be available.

Over the last twelve months, Mr Tchenguiz has provided the Group with the
financial support required.  The directors therefore believe Mr Tchenguiz will
continue to provide the funding forecast to be required.

2.                  TURNOVER

                                        Turnover                       Operating Loss
                                             2001           2000           £'000             2000
                                             £'000          £'000                            £'000
Class of business:
Property services                            4,779         11,242          (338)            (1,354)
e-commerce portal and services                307             -           (5,991)           (2,086)

                                             5,086         11,242         (6,329)           (3,440)

The analysis of net assets employed by class of business is:
Class of business:
Property services                                                            -               3,959
e-commerce portal and services                                             1,458            (2,050)

                                                                           1,458             1,909


                                                                               2001             2000
                                                                              £'000            £'000
Loss for the period                                                          (8,327)          (3,607)
Net proceeds of issues of new share capital                                   5,006            2,438
Minority interest                                                              999               -
Merger reserve adjustment                                                     1,871              -

                                                                              (451)           (1,169)
Opening shareholders' funds                                                   1,909            3,078

Closing shareholders' funds                                                   1,458            1,909


The company issued 500,000 shares to Sir John Egan on 12th March 2002. These
have been issued in exchange for his services for the year 2002.


The financial information contained in this report does not constitute statutory
accounts within the meaning of section 240 of the Companies Act 1985, but is
derived from those accounts. The year ended 31 December 2000 comparative figures
have been extracted from the audited accounts. The accounts for the year ended
31 December 2000 on which the auditors issued an unqualified audit report and
which did not contain a statement under either section 237 (2) or (3) of the
Companies Act 1985, have been delivered to the Registrar of Companies. The
statutory accounts for the year ended 31 December 2001 will be finalised on the
basis of the financial information presented by the Directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting.

The auditors have indicated that their audit opinion will contain an unqualified
audit opinion except for a limitation of scope in respect of their work relating
to the results and disposal of Foremans Limited:

a)    they did not obtain all the information or explanations that they
      considered necessary for the purposes of their audit; and

b)    they were unable to determine whether proper accounting records have been

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