Product category:
General Print Supplies, Services for Printers
News Release from: The TripleArc Group
Edited by the Printingtalk Editorial
Team on 12 April 2004
TripleArc's First Operating Profit Due
To Print
TripleArc Plc, the UK provider of print management and procurement has announced 2003 revenue of was ?20.9m, compared to ?7.0m in 2002, reflecting the group's continued progress.
TripleArc Plc, the UK provider of print management and procurement has announced 2003 revenue of was ?20.9m, compared to ?7.0m in 2002, reflecting the group's continued progress from a development oriented company to a services driven business with an expanding revenue stream from print management The Group recorded its first operating profit of ?0.9m in 2003, before allowing for exceptional costs, amortisation and share option compensation, compared to an operating loss of ?2.1m on the same basis, in 2002
This article was originally published on Printingtalk on 22 Jul 2004 at 8.00am (UK)
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The loss before tax in 2003 was ?35,000 (2002 - loss ?3.0m).
The company said the increase in revenue and gross profit in its preliminary results was attributable to the continued growth of gl2, the print management operation, and a contribution from Access Plus, the print management specialist acquired in November 2003.
Access Plus contributed ?5.5m of sales in the final weeks of the year.
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The group said its operations experienced organic growth in sales of 119% to ?15.4m (2002 - ?7.0m).
combined gross profit was ?11.3m for 2003.
It said that on a pro-forma annualised basis, the enlarged group's combined revenues were almost ?48m during 2003, whilst the consolidated gross profit was ?3.4m for 2003, a 275% increase on the ?0.9m generated in 2002.
This significant growth was achieved by the group's print management operations.
The company said its research and development costs were significantly reduced to ?79,000 (2002 - ?0.7m), following the effective completion of its Collaborative Workflow System (CWS) technology at the end of 2002.
With the acquisition of Access Plus, there will be some further costs to integrate the CWS system into the new business.
The group will continue to outsource software development to third parties enabling it to manage its software enhancement costs in line with operational requirements.
Other overhead costs were reduced, with lower selling and distribution costs, as the group was able to focus on developing its newly won clients.
There were exceptional costs of ?0.2m relating to the acquisition of Access Plus.
Amortisation of intangible assets was ?0.6m during 2003 (2002 - ?0.3m), reflecting a full year's charge on the intellectual property capitalised on the acquisition of the software business of ControlP and a six-week charge relating to the acquisition of Access Plus.
The non-cash share option compensation expense of ?0.1m was, as expected, substantially reduced from the 2002 charge of ?0.7m.
This arose on share options granted prior to TripleArc's listing on AIM where the exercise price of the option was below the prevailing market price at the date of grant.
This item will continue to decline significantly in 2004.
On a pro-forma annualised basis, the enlarged group generated combined earnings before interest, tax, amortisation and exceptional costs of ?4.3m in 2003.
The basic loss per ordinary share was 0.29 pence (2002 - loss per share of 4.58p).
After allowing for the exceptional costs, the amortisation of intangible assets and the non-cash share option compensation expense, the group had adjusted earnings per share of 0.71 pence, (2002 - adjusted loss per share 3.11p).
Cash generation has also been a significant feature of 2003, with the group recording its first net cash inflow from operating activities of ?1.6m.
This is a ?3.4m improvement over the same figure for 2002.
On a pro-forma annualised basis, the enlarged TripleArc produced combined operating cash inflows of ?5.6m in 2003.
It is anticipated that cash generation will be an important characteristic of the group's operating profile over the coming years.
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