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PremiSys Tech. PLC (ASE)

  Print      Mail a friend       Annual reports

Wednesday 26 September, 2001

PremiSys Tech. PLC

Interim Results

PremiSys Technologies PLC
26 September 2001


                           RESTRUCTURING COMPLETED

                          PATERNOSTER SQUARE PROJECT
                          TO DEPLOY ASITE'S TOOLKIT

PremiSys Technologies plc, the AIM listed investor applying web-based
technologies to optimise supply chain efficiencies, today announced Interim
Results for the six months to 30 June 2001.

The Company's principal subsidiary, Asite Limited, which provides supply chain
services to the construction industry, has signed an agreement with Stanhope
plc and Bovis Lend Lease to deploy Asite's collaboration and procurement tools
on the £160 million Paternoster Square development around St Paul's Cathedral
in the City of London.

This follows Monday's announcement that international project and construction
manager, Mace, has signed a deal giving future clients the option to use
Asite.  Trade contractors, material suppliers and consultants working on up to
£500m of Mace-managed projects will be urged to adopt online project
collaboration and e-procurement tools which it believes will reduce
dramatically the costs and inefficiencies of traditional construction

The Company reported good progress in the first half of 2001, with the
completion of its restructuring and the disposal of its non-core businesses.
With the progress being made by Asite, PremiSys Technologies expects to become
cash positive as early as the first half of 2002.


The Placing and Open Offer completed on 2 July raised £4.5 million net of
expenses, with the balance of this cash being applied to working capital and
to the continued development of Asite.

The results for the six months to 30 June 2001 showed a headline loss of £4.6
million (2000: loss £0.7 million).  Of this, £2.6 million relates to
non-recurring trading losses and net losses on the disposal of Whinney
Mackay-Lewis and Foremans, as previously reported.  The balance of the loss
was principally derived from revenue investment in Asite to achieve full

Asite was publicly launched in June and has become one of the leading
business-to-business providers of tools and services to the construction
industry.  Contracted revenues from property owners and developers,
construction managers, trade contractors and suppliers have already exceeded 
£1.2 million.

In April 2001, Sir John Egan, former CEO of BAA, became Chairman of Asite,
joining a highly experienced management team that includes Robert Tchenguiz,
Chairman of Rotch Property Group and Sir Stuart Lipton, Chairman of Stanhope

A number of high profile potential customers in the construction, property
development and property finance arena have become agreed shareholders of
Asite, including British Land, Land Securities, Grosvenor Estates, BAA,
Sainsbury's, Mace, Standard Life and AXA.

The Company's commercial property management subsidiary, Prime Estates,
continued to grow and to provide profits, with a portfolio now valued at over
£2 billion.

PremiSys Technologies' relationships were strengthened with technology
partners such as Microsoft, Compaq and Commerce One and with key shareholders
including Stanhope plc and Rotch Property Group.

Walter Goldsmith, Chairman and Chief Executive of PremiSys Technologies plc,

'We are making good progress and achieving the targets that Asite, our
principal subsidiary, has set.  PremiSys Technologies continues to seek new
business opportunities to use technology to drive out supply chain
inefficiencies, particularly where these opportunities are complementary to
our existing businesses and relationships.  We look forward to reporting
further progress at the year end.'

For further information:

Charles Woods/Walter Goldsmith
PremiSys Technologies plc                             Tel: 020 7388 4890

Tom Allison/Jonathan Zeal
The Communication Group plc                           Tel: 020 7630 1411

Or visit:                                   



PremiSys Technologies made good progress in the first half of 2001, and the
period was followed by the successful conclusion of a Placing and Open Offer.
This allowed the Group to complete its restructuring and to focus as an active
investor applying web-based technologies to optimise supply chain efficiencies
in key industries.

The Placing and Open Offer completed on 2nd July 2001 raised £4.5million, net
of expenses, and the balance of this cash, after repayment of shareholder
loans, is being applied to working capital and to the continued development of
the Company's flagship subsidiary, Asite.  The Group's cash spend in the six
months to 30th June 2001 was £0.6million.

The completion of the programme to dispose of non-core businesses was also
achieved, with the disposal for cash of Whinney Mackay-Lewis in March and
Foremans in June 2001.

The results for the six months to 30th June 2001 showed a headline loss of £
4.6 million, principally reflecting the non-recurring trading losses of £0.9
million and the disposal losses of £1.7 million relating to Whinney
Mackay-Lewis and Foremans and the continued revenue investment in Asite. Any
further losses from the disposed businesses will clearly have no further
impact on the Group's results.

Our commercial property management subsidiary, Prime Estates, now runs a
portfolio valued at over £2 billion and continues to provide a consistently
healthy profit.

Asite was formally launched early in June this year and is already generating
subscription revenues from property owners and developers, construction
managers, trade contractors and suppliers.  With contracted revenues already
exceeding £1.2 million and growing rapidly, the site is becoming one of the
leading business-to-business providers of tools and services to the
construction industry.  We expect both Asite and consequently PremiSys
Technologies to become cash positive as early as the first half of 2002.

In April 2001, Sir John Egan, former CEO of BAA, became Chairman of Asite.
His report for the Government in 1998, entitled 'Rethinking Construction',
challenged the industry to reform and called for an innovative approach to
improve the performance and image of the UK construction industry.  After a
three-year absence, Sir John returned to the construction industry as Chairman
of Asite and, subsequently, Chairman of the government's Strategic Forum for
the Construction Industry.  He said, 'Asite represents a mechanism by which
our recommendations can actually be delivered: eliminating waste, integrating
the supply chain and standardising best practice'.

Asite's most recent agreed shareholders, who include Sainsbury's, Land
Securities, Grosvenor Estates and Standard Life join other blue chip companies
such as BAA, British Land, Mace and AXA.  The total annual property
construction spend of current Asite participants of approximately £6 billion
represents around half of the UK's estimated new commercial development
expenditure and places Asite in a market leading position.

The use of Asite in some high quality construction projects is showing how the
Internet promise can be delivered and I am pleased to be able to report that
the Asite toolkit is to be deployed on the prestigious £160 million
Paternoster Square redevelopment in the City of London for Stanhope plc and
Bovis Lend Lease. Asite has also signed a deal with Mace giving future clients
the option to use Asite on up to £500 million of Mace-managed projects.

The period under review has seen the strengthening of relationships with our
technology partners including Microsoft, Compaq and Commerce One and with key
shareholders who include Stanhope plc and Rotch Property Group.  The Group
continues to seek new business opportunities to bridge the gap between
technology and the supply chain in order to drive out industry inefficiencies,
particularly where these opportunities are complementary to existing
businesses and leverage existing relationships. The Group intends to fund
these opportunities through specific arrangements appropriate to each

We remain cautiously optimistic about the future and I look forward to
reporting further progress after the year-end on 31st December.

Walter Goldsmith
26th September 2001

CONSOLIDATED PROFIT AND     Note Unaudited   Unaudited six months to    Audited
LOSS ACCOUNT                           six              30 June 2000    year to
                                    months                               31 Dec
                           to 30 June 2001                                 2000
                                     £'000                     £'000      £'000

Continuing operations:
Fees for professional                4,267                     5,531     11,242
Change in work in progress           (477)                        97       (71)

Total turnover                       3,790                     5,628     11,171

Staff costs                          4,332                     4,088      7,953
Depreciation and                       184                        99      1,441
Other operating charges              3,850                     2,064      5,217

                                     8,366                     6,251     14,611
Continuing operations              (2,878)                     (623)    (3,440)
Loss on disposal of                (1,698)                         -          -

                               3   (4,576)                     (623)    (3,440)

Net Interest Payable                  (25)                      (45)       (74)

Loss on ordinary activities        (4,601)                     (668)    (3,514)
before tax

Tax on profit of ordinary                -                       147       (93)

Loss for the period            6   (4,601)                     (521)    (3,607)

Loss per share
- basic                        5   (11.6p)                    (1.5p)     (9.6p)
- diluted                      5   (12.1p)                    (1.5p)     (9.6p)
- basic before exceptional     5       N/A                       N/A     (6.3p)

CONSOLIDATED BALANCE SHEET                  Note  Unaudited  Unaudited  Audited
                                                    30 June    30 June   31 Dec
                                                       2001       2000     2000
                                                      £'000      £'000    £'000

Intangibles                                               -      2,261    1,000
Tangible assets                                       2,022        790    1,603

                                                      2,022      3,051    2,603
Work in progress                                         25        415      570
Debtors                                                 663      3,886    4,952
Cash at bank                                            187      1,864      563

                                                        875      6,165    6,085
CREDITORS: amounts falling due
 within one year                                    (5,336)    (3,488)  (6,011)

Net Current (liabilities)/ assets                   (4,461)      2,677       74

TOTAL ASSETS LESS CURRENT LIABILITIES               (2,439)      5,728    2,677
CREDITORS: amounts falling due after more
than one year                                             -      (733)    (768)
NET (LIABILITIES)/ASSETS                            (2,439)      4,995    1,909

Called up share capital                               3,955      3,955    3,955
Share premium account                       6         2,418      2,825    2,825
Merger reserve                              6       (1,211)    (1,871)  (1,871)
Profit and loss account                     6       (7,601)         86  (3,000)

EQUITY SHAREHOLDERS'(DEFICIT)/ FUNDS                (2,439)      4,995    1,909

CASHFLOW STATEMENT                                          Unaudited   Audited
                                                        six months to   year to
                                                Note     30 June 2001    31 Dec
                                                                £'000     £'000

Net cash outflow from operating activities         7          (1,629)   (1,030)

Returns on investments and servicing of finance                  (25)      (74)

Taxation                                                        (112)     (178)

Cash flow from capital expenditure and
financial investment                                          (1,196)     (410)
Acquisitions and disposals
Disposal of subsidiaries                                        1,775         -
Net borrowings disposed of with subsidiaries                    1,027         -
Cash flow from disposals                                        2,802         -

Cash flow before use of liquid resources and
financing                                                       (160)   (1,692)
Financing                                                       (450)     2,171

(Decrease)/increase in cash                        8            (610)       479


These accounts are not the statutory accounts of the Group. The statutory
group accounts of Premisys Technologies plc for the year to 31 December 2000
have been delivered to the Registrar of Companies. The auditor's report on
those accounts was unqualified.

The numbers in the financial statements to 30 June 2001 are neither reviewed
nor audited.

With the following exceptions, the interim financial information has been
prepared on the basis of accounting policies consistent with those applied in
the 2000 financial statements; implementation of FRS 16 Current tax has had no
effect on reported losses and has not given rise to any restatement of figures
reported for the prior period.


The turnover of the Group arises in the United Kingdom and the directors
consider that the Group's activities consist of one inter-related class of

3  ANALYSIS OF ongoing and disposed of operations

Ongoing operations include property management and internet services.
Operations that are considered disposed by management are those relating to
engineering and architectural services. The architectural services business
was sold in March 2001 and the engineering business was sold in June 2001

                             Ongoing operations Disposed of operations    Total
                                          £'000                  £'000    £'000

Contracting Income                          617                  3,650    4,267
Change in work in progress                    -                  (477)    (477)
Total turnover                              617                  3,173    3,790

Staff costs                                 426                  2,434    2,860
Sub-contracting costs                       701                    771    1,472
Depreciation and                            184                      -      184
Other  operating charges                  1,255                    897    2,152
Loss on disposal                          1,698                      -    1,698
                                          4,264                  4,102    8,366

Operating  Loss                         (3,647)                  (929)  (4,576)


The financial statements are prepared in accordance with applicable accounting
standards. The particular accounting policies adopted are described below.


Turnover is the total amount receivable for the services provided in the
ordinary course of business excluding value added tax.


Depreciation is calculated to write down the cost of the tangible fixed assets
by equal annual instalments. The periods and rates applicable are:

Long term lease               106 years, impairment review performed annually

Short term leases             Over the term of the lease

Leasehold improvements        Unexpired period of the lease

Fixtures, equipment
 and vehicles                 3 to 10 years

Website costs                 2 to 5 years

Work in progress

Short-term work in progress is stated at the lower of cost and net realisable
value. Long-term contracts are reflected in the profit and loss account by
recording turnover and related costs as contract activity progresses.

                                                 30 June    30 June 31 Dec 2000
                                                    2001       2000

Net loss for the period                     £(4,601,000) £(521,000) £(3,607,000)
Net loss for the period before exceptional          £N/A       £N/A £(2,372,000)
Weighted average number of ordinary shares
outstanding                                   39,553,479 35,861,000  37,690,565
Earnings per share                               (11.6p)     (1.5p)      (9.6p)
Earnings per share before exceptional items          N/A        N/A      (6.3p)

Net loss for the period as for basic:
Adjusted weighted average number of ordinary
shares outstanding                            38,056,897 35,861,000  37,689,351
Earnings per share                               (12.1p)     (1.5p)      (9.6p)
Earnings per share before exceptional items          N/A        N/A      (6.3p)

Reconciliation of number of ordinary shares
Basic earnings per share: weighted average
number of shares                              39,553,479 35,861,000  37,690,565
Adjustment in respect of potentially
dilutive share options                       (1,496,582)          -     (1,214)
Diluted earnings per share: weighted average
number of shares                              38,056,897 35,861,000  37,689,351
                                                  Share                  Profit
                                                premium      Merger    and loss
                                                account     reserve     account
                                                  £'000       £'000       £'000
At 31 December 2000                               2,825     (1,871)     (3,000)
Capitalisation costs on share issue               (407)           -           -
Adjustment of reserves on sale of subsidiary          -         660           -
Loss for the year                                     -           -     (4,601)

At 30 June 2001                                   2,418     (1,211)     (7,601)


                                                          30 June       31 Dec
                                                             2001         2000
                                                            £'000        £'000

Operating loss                                            (2,878)      (3,440)
Loss on disposal of fixed assets                                -           56
Depreciation and amortisation charge                          184        1,441
Movement in working capital:
Work-in-progress                                             (77)        (252)
Debtors                                                     (268)        (524)
Creditors                                                   1,410        1,689

                                                          (1,629)      (1,030)

                                                   30 June 2001     31 Dec 2000
                                                          £'000           £'000

(Decrease)/Increase in cash in the period                 (376)             479
Cash used to repay loans                                    792             233
Cash used to repay finance leases                             5              33

                                                            421             745
New finance leases                                            -            (35)

Movement in net funds in the period                         421             710
Net debts at start of period                            (1,641)         (2,351)

Net debt at end of period                               (1,220)         (1,641)

                                          At   Cash                30 June 2001
                                 31 Dec 2000  flows     Other             £'000
                                       £'000  £'000     £'000

Cash                                     563  (376)         -               187
Bank overdrafts                      (1,143)  (234)         -           (1,377)

                                       (580)  (610)        --             1,190
Bank loans, less than one year         (280)      -       280                 -
Other loans, less than one year        (746)    450       296                 -
Finance leases                          (35)      -         5              (30)

                                     (1,641)  (160)       581           (1,220)


On 2nd July 2001 the company completed a Placing and Open Offer of 49,441,848
new Ordinary shares at 10 pence per share. The transaction raised £4.5
million, net of expenses, and the balance of this cash, after repayment of
shareholder loans, is being applied to working capital and to the continued
development of Asite.


a d v e r t i s e m e n t