ࡱ> MOJKL7 mbjbjUU &E7|7|i0l8sss88sLs8lv:v(vvvx}L[~/111J{TT#$ .GxxGvv\vv_ /N7 @vv `z l8Us:[br0." For Immediate Release 14 March 2002 ATLANTIC GLOBAL Plc MAIDEN PRELIMINARY RESULTS FOR PERIOD ENDED 31 DECEMBER 2001 Sales and operating profit up more than 45%; strong order book; and positive outlook Atlantic Global Plc (Atlantic Global or the Company), a West Yorkshire based specialist software development company, announces its maiden preliminary results in respect of the period ended 31 December 2001. Atlantic EC, the Companys principal trading subsidiary, provides time and resource management software applications to a growing range of customers, yet principally within the financial & consulting; pharmaceutical; computer & telecoms; and local government market sectors. These include: PricewaterhouseCoopers, AstraZeneca Limited, Hitachi Europe Ltd and The Metropolitan Police Service. However, additional market leaders in many new sectors are being gained. Highlights (12 month proforma figures for 2000 and 2001 are shown below) Turnover has increased by 45% to 1.2 million (2000: 829,000) Operating profit before goodwill amortisation and exceptionals up 68% to 495,000 Operating margin before goodwill and exceptionals improved to 41.1% (2000: 35.5%) One-off exceptional costs amounted to 137,000 Earnings per share, adjusted for goodwill and exceptionals, increased 78% to 2.99p Company is proposing a dividend of 0.5p per share Group had net cash balances of 2,147,000 as at 31 December 2001 (2000: 449,000) Company gained Admission to AIM and trading in its shares commenced on 4 June 2001 During 2001 Atlantic strengthened its team of executives, especially within the sales force including the appointment of Paul Lilley to the Board as the new Sales and Marketing Director Atlantic Globals partnership with Bradford University has started well Atlantic Global will seek to build further sector partnerships, similar to those in place with IBM and Microsoft Project, in order to raise visibility and offer increased cross-selling opportunities Group re-branded its software products under the name of Adeo and re-designed its website,  HYPERLINK "http://www.atlantic-global.net" www.atlantic-global.net, in February 2002 Commenting upon Atlantic Globals current and future trading, chairman Michael Langmore said: I can confirm that the new financial year has started in line with expectations, that the growth potential is substantial and that we are well positioned to achieve significant levels of growth in the future. Web site:  HYPERLINK "http://www.atlantic-global.net" www.atlantic-global.net e-mail: info@atlantic-ec.co.uk Enquiries: Michael Langmore, ChairmanAtlantic Global Plc020 7786 9600 (today) 07771 981780 (thereafter)Eugene Blaine, Managing DirectorAtlantic Global Plc01274 733758 or 07710 471147Rupert Hutton, Financial Controller E-mail: rupert.hutton@atlantic-ec.co.ukAtlantic Global Plc01274 733758Paul Vann/Simon Ellis E-mail:  HYPERLINK "mailto:simon.ellis@binnspr.co.uk" simon.ellis@binnspr.co.ukBinns & Co. PR Ltd.020 7786 9600 or 07768 807631 A briefing by Atlantic Global for analysts and other interested parties is scheduled for 10:00am today at the offices of Binns & Co. PR Ltd, 16 St. Helens Place, London EC3A 6DF. Chairmans statement I am very pleased to be able to report to shareholders that Atlantic Global Plc (Atlantic Global or the Group) achieved record results for the year ended 31 December 2001, its first year-end results as a public company following its Admission to AIM in June last year. The results demonstrate the strong growth and substantial progress made over the past twelve months towards the further development of the Company. Trading results Atlantic Global was incorporated on 26 February 2001 for the purpose of acquiring Atlantic EC, the Groups only operating subsidiary. Pro-forma results for the full 12 months ended 31 December 2001 and 2000 are therefore included in the financial statements for the purposes of comparison. Operating profit before goodwill amortisation and exceptional costs increased by 68% to 495,000 (2000: 294,000) on turnover, which rose 45% to 1,205,000 (2000: 829,000). The operating margin, before goodwill and exceptional costs, improved to 41.1% (2000: 35.5%). Earnings per share, adjusted for goodwill amortisation and exceptional costs, increased by 78% to 2.99 pence (2000: 1.68 pence). As a result of our listing on AIM, the Group is now incurring certain additional ongoing administration costs, which were not incurred during 2000. Since 4 June 2001 these costs have amounted to 69,000 and should also be taken into account when comparing results. If these costs were added back to the 2001 figures, the growth in operating profit before goodwill and exceptional costs would show as 92% with margins of 46.8% Dividend The Directors are proposing that a dividend of 0.5p per share be paid for the year ended 31 December 2001. The Directors will pursue a progressive dividend policy, if circumstances are appropriate. Achievements during 2001 During the year we have successfully expanded our range of blue chip customers, who cover a multitude of industries, helping to improve the efficiency of our clients systems no matter which industry is involved. Further details are shown in Eugene Blaines Managing Directors Review. We carefully planned to effectively manage the expansion that is increasing in pace within the Group, and the executive team and operational systems were considerably strengthened during the year. The new partnership with Bradford University, with its excellent research facilities, continues to provide significant benefits to us and we look forward to building on this relationship during the coming year. Following the raising of funds on admission to AIM and the continued cash generative nature of our business, the Group had net cash balances of 2,147,000 as at 31 December 2001 (2000: 449,000). The Group is therefore in the excellent position of financial security, which will be maintained, while generating cash from substantial profit levels. To confirm this cash generating ability the amount of free cash flow produced during 2001 was 517,000 (before exceptional costs), and compares with 354,000 for 2000. Board Appointments In November 2001 we welcomed Paul Lilley to the Board as our new Sales and Marketing Director. Paul has extensive sales and marketing experience, with an emphasis on customer focused software solutions. Since joining, he has already had a material effect on the Groups sales strategy and we are very confident that he will play an important part towards our success in the years to come. We are also pleased to announce that at the Annual General Meeting to be held on 19 April 2002, the Directors will be proposing that Rupert Hutton, currently our Finance Director Designate and Company Secretary, be appointed to the Board as the Finance Director. Rupert has been working with the Group since March 2001 and joined Atlantic Global full time in July 2001. During his time with the Group he has demonstrated a wide ability and excellent enthusiasm for the Group and the Board is very confident that his general management skills will also be of significant benefit to our Company. People As our business expands it is necessary to create a wider range of skills within our team. This can be satisfied, to an extent, by developing the abilities of our existing personnel but Atlantic Globals policy is also to attract new employees to the Group, with additional skills from which we can all benefit. During 2001 we have expanded our team with several new, talented people. We are sure that they will make an excellent contribution to our future success. In that regard, I am also delighted to report that in November 2001 we achieved the nationally recognised Investors in People Standard, an independent acknowledgement of our commitment to the development of our people. One of the reasons for seeking a share listing on AIM was to acquire the ability to offer share options to our personnel. We have taken advantage of this capability and can report that nearly all of our employees have now been granted share options in the Company. Therefore our team is now able to benefit directly from the success of their company, something which can only benefit all stakeholders. Website In tandem with the major re-branding of our software, detailed below, we have completely re-designed our website, www.atlantic-global.net. This now provides more information, is easier to use and has an extensive Investor Relations section. Strategy Our overall strategy centres on the sale and support of high quality software to blue chip customers in a wide variety of industries and the public sector. We are continuing to build our business, which has a proven track record, into an increasingly diverse customer base thereby lessening the risk factor associated with dealing with a smaller number of business sectors. In accordance with this strategy, we are continuing to invest in the development of our software to further improve its capability and remain at the forefront of our sector. We have budgeted for additional software developers to enhance our capability in this objective. During 2001 the amount invested in Research and Development Expenditure was 185,000, being 15.4% of sales, compared to 82,000 and 9.9% of sales in 2000. During February 2002 we completely re-branded our software products under the name Adeo, and commenced a major marketing campaign to make full use of the potential demand experienced for our software in the past. This is a significant improvement to the way the Atlantic has operated previously when most of our sales leads were obtained via interest in our website and we did not engage in marketing to any great extent. Acquisitions The Board has a current policy of concentrating purely on organic growth, however, we would consider any exceptional acquisition opportunities that would improve our growth potential so long as they were within our strategic objectives. Current Trading Having produced our Management Accounts for the months of January and February 2002, we can confirm that the year has begun in line with expectations, although it is too early in the year to state what degree of success the Group will achieve during 2002. The Future We believe that the growth potential of Atlantic is substantial. Our current sales penetration at 1.2 million for 2001 is relatively small but with high quality products ready and available, our team now in place and the marketing plan formulated, we are extremely well positioned to achieve significant levels of growth. I am therefore very confident that 2002 will be another successful year. Michael Langmore Chairman 13 March 2002 Managing Directors Review Introduction I am pleased to announce a very positive year at Atlantic Global when we have experienced significant growth in all aspects of the business. Atlantic was established in 1993, and since then we have been developing software products to meet a simple objective to make our clients more efficient and more competitive. Atlantics products have been chosen by many of the market leaders across a diverse range of markets confirming the quality and flexibility of the solutions provided. Atlantic Global listed on AIM on 4 June 2001 to raise the profile of the business, to further build on its proven track record and increase the rate of growth of the Company. Since the flotation, the Group has developed at an ever-increasing pace and the following summarises our achievements as regards the introduction of an increased product range and the development of our customer base and strategy relating to the future development of sales. Products Atlantic released a special edition of our products during 2001. This included an improved Project and Resource management module with links to Microsoft Project. In addition a contact and issue management module was developed and built into the special edition and officially launched in February 2002 under our new brand name, Adeo. I believe that Adeo places us in an extremely strong position to increase our sales potential and provides the Company with a significant advantage over the competition. As part of Adeo, we have introduced open product licensing, where a licence can be applied to any of our modules, if the appropriate module activation keys have been purchased. Previously each module had to be individually purchased and installed, but now each customer has the ability to easily try our other modules. This has the dual effect of increasing the sales potential with existing customers and the size of new contracts, delivering a total solution, meeting the clients requirements, based on the additional functionality now on offer. Significant new product development contracts were successfully negotiated with large blue-chip clients providing additional new modules and expanding the functionality of the existing product. These clients agreed to part-fund the development of the new modules in return for participation in the design, whilst Atlantic has retained the intellectual property rights. This method has proven very successful in delivering well engineered and practical business solutions. Customer profile The Atlantic products appear to have no boundaries in terms of industry sector, with additional new sectors being opened, including our first accountancy client, PricewaterhouseCoopers, and our first police service client, the Metropolitan Police Service. The Directors believe that Atlantic continues to attract the market leader in each sector that it addresses. Listed below are some of Atlantics customers, the widespread nature of which indicates confirmation as to the high reputation and quality of our software solutions and service. PharmaceuticalsComputer & TelecomsFinancial & ConsultingOtherAstraZeneca Limited GlaxoSmithKline Plc Pfizer Inc. Pfizer Limited UCB ChemicalsColt Telecommunications Plc Computacenter UK Limited Computeraid Services Limited Ericsson Telecommunicatie Hitachi Europe Ltd Intel Ireland Ltd Interoute Limited Vicorp UK Limited WorldCom International LtdBarclays Bank Plc Cap Gemini Ernst & Young EDS Dunnhumby HSBC Actuaries & Consultants Ltd PricewaterhouseCoopers Raft International PlcGenesis Oil & Gas Consultants Realise Limited Metropolitan Police Service Scott Tallon Walker Architects Serco Technology Waltham Forest Council We believe that an essential part of our success stems from our close working relationships with our customers. Our interaction with clients revolves around our belief that the closer we understand their business and problems, the more successful our solutions will be. This teamwork has developed the concept that close partnerships between our customers and ourselves are the key to maximum customer satisfaction. We are extremely pleased that we have been able to create such partnerships with all of our clients, both large and small. People As mentioned in the Chairmans statement the team in the Group is our greatest asset and the skills and abilities within Atlantic have been continually expanded. As the size of the Group has increased it has been necessary to develop the culture of the organisation, and to assist in achieving this objective Atlantic Global employed a Human Resource Manager prior to the flotation. We recognise the importance of meeting the Companys objectives while maintaining an environment where every employee has the opportunity to realise their potential. A major success of this appointment was our achievement of the Investors In People (IIP) Standard. However IIP, as far as we are concerned, is only a base line from which we will build. We will ensure that the Group continues this development during 2002, and although it is not required by the national standard we have requested that our Company is reassessed in December 2002. The Directors continually acknowledge the contribution of our staff in achieving the companys excellent rate of growth over the past three years. Industry partners We are looking to increase our visibility in the market place, by building up strong long term relationships from all sectors, including, software, hardware and services. To date we can report that we have successfully forged partnerships with Microsoft Project and IBM. This will increase our visibility and enable cross-selling opportunities between all parties maintaining our ability to provide a total solution to our customers. Sales Alliances A key sales strategy for 2002 is the creation of new sales alliances, with major national and international consultancy partners, who will partner Atlantic in providing software solutions to their clients. We are confident in the ability of our products and our people and that, following implementation of a solution for a partner, we will become their supplier of choice. R&D / future markets We are continuing to invest substantial resources in Research and Development. We will focus our attention on emerging technologies keeping our software at the forefront of the industry. With the help and facilities of Bradford University, through the DTI funded Teaching Company Scheme, our Associates, in this project, are currently analysing the market opportunities and competition in new technology markets, and will provide skills to aid the development of any future products. Sales strategy & marketing Atlantics expansion was accelerated toward the end of 2001 with the recruitment of Paul Lilley as Sales and Marketing Director plus a further appointment to his team of a new Partnerships and Key Account Manager. The Board have also committed to a significantly increased marketing budget for 2002. Outlook We look forward to 2002 with determination and confidence. Eugene Blaine Managing Director 13 March 2002 Consolidated profit and loss account for the period from incorporation to 31 December 2001  NotePeriod from incorporation to 31 December 2001Proforma (unaudited) 12 months ended 31 December 2001Proforma (unaudited) 12 months ended 31 December 2000000000000Turnover7411,205829Cost of sales(208)(350)(300)Gross profit533855529Administration and establishment expenses(487)(601)(235)Operating profit before goodwill amortisation and exceptional costs 287 495 294Goodwill amortisation(104)(104)-Exceptional costs3(137)(137)-Operating profit46254294Interest receivable516011Profit on ordinary activities before taxation97314305Tax on profit on ordinary activities4(55)(115)(59)Profit on ordinary activities after taxation42199246Dividends proposed6(104)(104)-Retained (loss) / profit for the financial period(62)95246Adjusted earnings per share51.93p2.99p1.68pBasic earnings per share50.29p1.36p1.68pDiluted earnings per share50.26p1.24p1.53p There are no recognised gains or losses during the current period other than the profit for the period. The results for the current period derive from the operations of Atlantic EC Limited, which was acquired by the Group on 29 May 2001. Accordingly the current period results therefore represent a seven month trading period. Consolidated balance sheet at 31 December 2001 Audited 31 December 2001Unaudited Proforma 31 December 2000000000000000Fixed assetsIntangible assets3,516-Tangible assets52203,56820Current assetsDebtors329157Cash at bank and in hand2,1474492,476606Creditors: amounts falling due within one year(886)(276)Net current assets1,590330Net assets5,158350Capital and reservesCalled up share capital1,0362Share premium account1,1212Shares to be issued reserve525-Merger reserve2,538-Profit and loss account(62)346Equity shareholders funds5,158350 Consolidated cash flow statement for the period from incorporation to 31 December 2001  NotePeriod from incorporation to 31 December 2001Proforma (unaudited) 12 months ended 31 December 2001Proforma (unaudited) 12 months ended 31 December 2000000000000Cash inflow from operating activitiesOperating profit before goodwill amortisation and exceptional costs  287 495 294Goodwill amortisation(104)(104)-Exceptional costs(137)(137)-Operating profit 46254294Depreciation111614Goodwill amortisation104104-Increase in debtors(39)(167)(17)Increase in creditors18222692Net cash inflow from operating activities304433383Returns on investment 465511Taxation(60)(60)(27)Capital expenditure(42)(48)(13)Free cash flow8248380354Acquisitions and disposals404--Equity dividends paid--(50)Cash inflow before management of liquid resources and financing 652 380 304Management of liquid resources and financing Financing(2,050) 1,495(2,050) 1,318-Increase / (decrease) in cash in the period97(352)304 Reconciliation of net cash flow to movement in net fundsIncrease / (decrease) in cash in the period97(352)304Cash outflow from increase in liquid resources2,0502,050-Movement in net funds in the period2,1471,698304Net funds at the start of the period-449145Net funds at the end of the period2,1472,147449 Notes: Financial information: the financial information for the period from date of incorporation to 31 December 2001 does not constitute the Companys statutory accounts. Statutory accounts for this period will be delivered to the Registrar of Companies following the Annual General Meeting. In order to enable useful comparison of the Groups performance, proforma information has been included in this statement. The proforma results for the twelve months ended 31 December 2001 represent the actual consolidated results of the Group from its date of incorporation plus the results of Atlantic EC Limited from 1 January 2001 until its acquisition by the Company. The proforma results for the year ended 31 December 2000 represent the actual results of Atlantic EC Limited for that period. Income recognition: Income from the sale of software licences is recognised only when the software is installed. Income from chargeable services including consultancy, customisation and development is recognised as these services are delivered. Support income is recognised over the life of each support contracts. Exceptional costs: the exceptional costs of 137,000 are made up of three elements - the payment of 73,000, to the benefit of Eugene Blaine, as a special one-off pension contribution, relating to the sale of Atlantic EC Limited to the Company; 21,000 for recruitment of senior personnel relating to the Companys Admission to AIM; and 43,000 of exceptional flotation costs. Taxation: The charge for corporation tax in the current period and in the proforma 12 months ended 31 December 2001 represents 56% and 37% of profit on ordinary activities before tax respectively. This apparent over charge is largely due to goodwill amortisation of 104,000, which arises only on consolidation. If goodwill was added back, the tax rate would have been 27%. Earnings per share Period from incorporation to 31 December 2001 000Proforma (unaudited) 12 months ended 31 December 2001 000Proforma (unaudited) 12 months ended 31 December 2000 000Profit after tax42199246AdjustmentsGoodwill amortisation104104-Exceptional items137137-Adjusted profits283440246Number 000Number 000Number 000Weighted average number of shares in issue14,68514,68514,685Dilutive effect of deferred consideration shares to be issued in respect of 2001* (see below)1,4221,4221,422Fully diluted weighted average number of shares in issue16,10716,10716,107Basic earnings per share (based on profit after tax)0.29p1.36p1.68pFully diluted earnings per share (base on profit after tax)0.26p1.24p1.53pAdjusted earnings per share (based on adjusted profits)1.93p2.99p1.68p* Agreed at the time of the Companys Admission to The Alternative Investment MarketDividend: if approved at the Annual General Meeting, which is convened for 12 noon on 19 April 2002 and will be held at The Midland Hotel, Foster Square, Bradford, West Yorkshire, a dividend of 0.5p per share will be paid on 23 April 2002 to shareholders on the register at the close of business on 22 March 2002. Acquisitions: On 29 May 2001 the Company acquired Atlantic EC Limited. The resulting goodwill was capitalised and will be amortised through the profit and loss account over 20 years. The reason for selecting this period is that the Directors believe the benefits to be derived from having acquired Atlantic EC Limited will continue for the indefinite future. The Directors view the acquisition of the established business and trading name as key to the improved future earnings of the Group. Free cash flow: Free cash flow represents the amount of cash generated and useable to the advantage of the Companys shareholders either in the form of dividends or as an addition to the Groups net asset value. Atlantic Globals report and accounts: copies of the annual report and accounts are being sent to all shareholders and will be available to the public from the Company Secretary, Rupert Hutton, Atlantic Global Plc, The Design Exchange, 34 Peckover Street, Bradford, West Yorkshire BD1 5BD. 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