2nd Aug 2005 08:27
Datacash Group PLC02 August 2005 The following amends the interim results announcement released today under RNSnumber 5873P at 7am. The second line in the Profit & Loss Account named 'continuing operations' wasincluded in error and has been removed. All other details remain unchanged and the full amended announcement appearsbelow. DataCash Group Plc: DATA / Index: AIM / Sector: Support Services DATACASH GROUP PLC ('DataCash' or 'the Company') INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2005 News Item The Board of DataCash Group plc, the payment service provider, is pleased toannounce its half yearly results for the six months to 30th June 2005 Overview: • Continuing strong transaction volume growth• Turnover up 35% to £2.88m (June 2004: £2.14m)• Adjusted pre-tax profits* up 70% to £1.14m (June 2004: £670,000)• Cash balances risen to £4.14m (June 2004: £2.35m)• Diluted adjusted earnings per share 2.42p * before goodwill amortisation and National Insurance provision on share optiongain. Chairman's statement The DataCash business continued to perform well in the first half of 2005.Although we significantly increased our investment in sales and marketing and inour technology infrastructure, pre-tax profits (before goodwill amortisation andNI on share option gain) rose by 70% to £1.14m (June 2004: £670,000) on revenuesup by 35% to £2.88m (June 2004: £2.14m). Cash balances again grew strongly, increasing by £930,000 in the first half, andat the end of June 2005 were £4.14m (June 2004: £2.35m). This represents theequivalent of approximately 9p a share and is expected to increase further inthe second half, reflecting both levels of activity and low working capitalrequirements. All our first half revenue was derived from our Card Holder Not Present (CNP)activities. Growth in CNP transactions processed continued in the first half of2005, with volumes up more than 50% to 28.8m compared with 18.7m in the firsthalf of 2004. Our investment in developing sales via partner channels continues to show goodgrowth, with transactions from partners now more than twice the level of a yearago. We believe that the partner model has considerable potential and we haveinvested significantly in this area. We continued to invest in the Card Holder Present (CHP) market and we areoptimistic that this still provides an important opportunity for the Group. Ourpartners are reporting renewed interest and prospect potential which should, webelieve, enhance our future growth. The integration with CLICK2PAY, an E-Wallet, which we announced recently, hasgiven us the ability to support a more diverse range of internationaltransactions and we intend to continue to support and develop additionalinnovative services to remain a leader in our field. Further integration andpartnering initiatives will strengthen and expand our offering enabling us toaddress new markets and opportunities previously not available to us. We have further invested in our operational infrastructure, including thedeployment of our 'second site' based in Edinburgh, which provides significantlyincreased processing capacity and underpins systems resilience. No interim dividend is proposed (2004: Nil), although the Board expects torecommend a full year dividend for the year to 31 December 2005. Your Board looks forward to the future with confidence and believes that thesecond half of the year will see further progress. David BaileyChairman 2nd August 2005 For further information contact: DataCash: Terry Cave (Chief Executive Officer): Tel: 0870 7274760St Brides Media: Isabel Crossley: Tel: 020 7242 4477 ------------------------------------------------------------------------------- DataCash Group plc Consolidated profit and loss accountFor the 6 months ended 30 June 2005 Unaudited Unaudited Audited 6 months ended 6 months ended Year ended 30-Jun-05 30-Jun-04 31-Dec-04 £000 £000 £000 Turnover 2,882 2,141 4,643 Administrative expenses (1,812) (1,502) (3,210) Operating profit before goodwill and exceptional items 1,070 639 1,433 Goodwill amortisation (988) (988) (1,975)National Insurance on share option (44) - (125) Operating profit/(loss) 38 (349) (667) Interest receivable and similar income 72 31 87Interest payable and similar charges - - -Profit/(loss) on ordinary activities before taxation 110 (318) (580) Taxation (33) 244 228 Profit/(loss) on ordinary activities after taxation 77 (74) (352) Dividends - - (224) Profit/(loss) for the period 77 (74) (576) Basic earnings/(loss) per share 0.17p (0.16)p (0.79)pDiluted earnings/(loss) per share 0.17p (0.16)p (0.79)pDiluted adjusted profit per share 2.42p 2.04p 3.91p(before goodwill and exceptional items) All amounts relate to continuing activities. There were no recognised gains or losses other than those shown in the profit and loss account. There are no differences between historical cost profits and losses and those shown above. DataCash Group plc Consolidated balance sheetAs at 30 June 2005 Unaudited Unaudited Audited As at As at As at 30-Jun-05 30-Jun-04 31-Dec-04 £000 £000 £000 Fixed assetsIntangible assets 9,324 11,300 10,312Tangible assets 168 118 190Investments - - - 9,492 11,418 10,502 Current assetsDebtors 889 647 741Debtors - Deferred tax asset 1,141 1,174 1,175Cash at bank and in hand 4,138 2,350 3,206 6,168 4,171 5,122 CreditorsAmounts falling due within one year (1,311) (1,007) (1,411) Net current assets 4,857 3,164 3,711 Total assets less current liabilities 14,349 14,582 14,213 Provisions for liabilities and charges (168) - (125) Net assets 14,181 14,582 14,088 Capital and reservesCalled up share capital 448 447 448Share premium account 9,766 9,743 9,750Merger reserve (124) (124) (124)Other reserve 18,889 18,889 18,889Profit and loss account (14,798) (14,373) (14,875) Equity shareholders' funds 14,181 14,582 14,088 DataCash Group plc Consolidated cash flow statementFor the 6 months ended 30 June 2005 Unaudited Unaudited Audited 6 months ended 6 months ended Year ended 30-Jun-05 30-Jun-04 31-Dec-04 £000 £000 £000 Net cash inflow from operating activities 871 763 1,678 Returns on investments and servicing of financeInterest received 72 31 87Interest paid - - - Net cash inflow from returns on investmentsand servicing of finance 72 31 87 Capital expenditure and financial investmentPurchase of tangible fixed assets (29) (35) (158)Sale of tangible fixed assets - - - Sale of tangible fixed assets 1 - - Net cash outflow from capital expenditure and financial investments (29) (35) (157) Net cash inflow before managementof liquid resources and financing 914 759 1,608 Management of liquid resourcesIncrease in short term bank deposits (2,653) (921) 112 Net cash outflow from management of liquid resources (2,653) (921) 112 FinancingExercise of share options 18 43 50 Net cash inflow from financing 18 43 50 (Decrease)/increase in cash in the period (1,721) (119) 1,770 DataCash Group plc Reconciliation of net cash flow to movement in net fundsFor the 6 months ended 30 June 2005 6 months ended 6 months ended Year ended 30-Jun-05 30-Jun-04 31-Dec-04 £000 £000 £000 (Decrease)/increase in cash in the period (1,721) (119) 1,770Cash inflow from management of liquid resources 2,653 921 (112)Movement in net funds 932 802 1,658 Opening funds 3,206 1,548 1,548Closing funds 4,138 2,350 3,206 Notes (1) Basis of preparation The results for the six months ended 30 June 2005 and the comparative figuresfor the six months ended 30 June 2004 are unaudited. They have been prepared onaccounting bases and policies that will be used in the preparation of thefinancial statements of the Group for the year ended 31 December 2005. The financial information contained in this report does not constitute statutoryaccounts within the meaning of Section 240 of the Companies Act 1985 (asamended). The results for the year ended 31 December 2004 were reported on bythe auditors and received an unqualified report and contained no statement underSection 237(2) or (3) of the Companies Act 1985 (as amended). Full accounts havebeen delivered to the Registrar of Companies and are available on request. (2) Earnings per share The calculations of earnings/(loss) per share are based on the following profitsand numbers of shares: The adjusted profit/(loss) per share is based on the profit/(loss) after taxbefore goodwill amortisation and exceptional items. 6 months ended 6 months ended Year ended 30-Jun-05 30-Jun-04 31-Dec-04 £000 £000 £000Weighted average number of 1p ordinary shares in issue during theperiodFor basic earnings per share 44,778,180 44,726,982 44,737,684Exercise of share options 1,126,273 - -For diluted earnings per share 45,904,453 44,726,982 44,737,684 Profit for the financial period £'000 £'000 £'000 Profit for adjusted earnings per share 1,109 914 1,748Adjustment for goodwill amortisation (988) (988) (1,975)Adjustment for NI on share options (44) - (125) Profit for earnings/(loss) per share 77 (74) (352) For the 6 months ended 30 June 2004 and the Year ended 31 December 2004 there isno dilution due to the loss in the period (3) Reconciliation of operating profit/(loss) to operating cash flows 6 months ended 6 months ended Year ended 30-Jun-05 30-Jun-04 31-Dec-04 £000 £000 £000 Operating profit/(loss) 38 (349) (667)Amortisation 988 988 1,975Depreciation 51 41 94Profit on sale of fixed assets - - 1(Increase)/decrease in debtors (148) 6 (331)(Decrease)/increase in creditors (101) 99 503Increase/(decrease) in provisions 43 (22) 103 Net cash inflow from operating activities 871 763 1,678 (4) Analysis of Net Funds At At 01-Jan-05 Cash Flow 30-Jun-05 £000 £000 £000 Cash in hand and at bank 2,317 (1,721) 596Short term bank deposits 889 2,653 3,542 3,206 932 4,138 (5) Reconciliation of Movement in Shareholders' Funds At At At 30-Jun-05 30-Jun-04 31-Dec-04 £000 £000 £000 Profit/(loss) for the period 77 (74) (576)Issue of ordinary share capital 16 43 50Net movement in shareholders funds 93 (31) (526) Opening shareholders funds 14,088 14,614 14,614 Closing shareholders' funds 14,181 14,583 14,088 (6) Taxation The current tax rate of 30% has been used for the basis of the tax provision. 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