ࡱ>     7 PpbjbjUU "T7|7|@l lhhhZZZ8Ztn[\^^^^^^___$. Nهh_____هa^^2aaa_8^h^a_aBaerppPhq^^ lSZ`+qq <\9q`qa|.J Press Release30 March 2005 Atlantic Global Plc Preliminary Results Atlantic Global Plc (Atlantic Global or the Company), the specialist provider of integrated business and resource management software applications, today announces its preliminary results for the 12 months ended 31 December 2004. Financial highlights Turnover 9.7% higher at 2.15m ((2003: 1.96m)Operating profit, before goodwill, decreased by 52% to 293,000 (2003: 611,000)Profit before tax (before goodwill) of 369,000 showing a decrease of 45.5% (2003: 677,000AdjustedAdjusted earnings per share 41.7% lower at 1.37p per share (2003: 2.35p) DiDividend increased 7.1% to 0.75p per share (2003: 0.70p) Operational highlights Transformation in sales and marketing functions following appointment of new Heads of Marketing and SalesCorporate Vision increasingly recognised as a market-leading productNew well-known companies added to list of Corporate Vision customers David Cox, Non-Executive Chairman of Atlantic Global, commented: From our management accounts for January and February 2005, together with knowledge of March 2005 sales, I can confirm that the year has begun in line with expectations. Although it is too early to accurately predict what degree of success the Group will achieve during 2005 as a whole, it is encouraging to see that the current level of sales interest is at an all-time high, and is still increasing. For further information, please contact: Atlantic Global plc Eugene Blaine, Managing Director Rupert Hutton, Finance DirectorTel: +44 (0) 1274 863 300  HYPERLINK "mailto:eugene.blaine@atlantic-global.co.uk" eugene.blaine@atlantic-global.co.uk  HYPERLINK "mailto:rupert.hutton@atlantic-global.co.uk" rupert.hutton@atlantic-global.co.uk  HYPERLINK "http://www.atlantic-global.co.uk/" www.atlantic-global.co.uk Media enquiries: AbchurchPeter CurtainTel: +44 (0) 20 7398 7700Justin HeathTel: +44 (0)113 390 6389 HYPERLINK "mailto:justin.heath@abchurch-group.com" justin.heath@abchurch-group.com HYPERLINK "http://www.abchurch-group.com" www.abchurch-group.com Chairmans Statement Introduction The results for the year show steady organic revenue growth for the Group, with an increase of 9.7% over last year. However, underlying this headline number, there has been a transformation in the Companys Sales and Marketing functions, in line with our stated strategy of investing heavily in these frontline areas. A new Head of Marketing was appointed in June 2004, since when he has led a complete review of our marketing programmes. This is already extending awareness of Atlantic Global and the benefits of our software, both in prospective customers and in the IT community at large, including, for example, software analysts such as Gartner and Butler. The volume and quality of the sales leads generated by this marketing activity is also much improved, and a company-wide re-branding exercise has been completed. In July 2004 a new Head of Sales was appointed. He has significantly strengthened our sales processes, and has built the sales team to critical mass for the first time in the companys history. Together with the consultancy team, we now have an infinitely better capability to handle the sales leads that we are receiving from our marketing campaigns. During the year, Corporate Vision has become increasingly recognised as a market-leading product. Early implementations were completed speedily and successfully at, for instance, Barclays Bank and LogicaCMG. Later in the year, new well-known companies were added to the list of our Corporate Vision customers such as Man Group Plc and Xchanging. Everything is now in place to deliver a far higher volume of Corporate Vision deals in 2005. Sales of the Companys other products, now re-branded as Business Solutions, were equally satisfactory and this suite of products remains an essential part of our integrated product line. The Groups sound financial performance, and the underlying strengthening of our operational capability, have been achieved against a background of a software industry only gradually and partially emerging from the worst few years in its relatively short life. It remains too early to judge if a sustained recovery is imminent in our particular part of the industry. Results The Group has achieved a creditable result during 2004 with operating profit before goodwill, of 293,000 (2003 611,000), a decrease of 52%. This fall in profits is despite a growth of 9.7% in the turnover of the Group to 2,146,000 (2003: 1,956,000). The turnover growth has not flowed through to the operating profit level due to the substantial investments that we made, as previously mentioned, which involved investing time and money in our software products, Company brand and image and internal infrastructure. The total expenditure on the Sales and Marketing functions during 2004 was 1,009,000, which was more than double the 483,000 we spent in 2003. Earnings per share, adjusted for goodwill, showed a decrease of 41.7% at 1.37pence (2003: 2.35pence). The large amount of investment has inevitably caused a temporary cash outflow during 2004. The Group had net cash balances, at end December 2004, of 1,896,000 compared with 2,296,000 the year before, showing a decrease of 400,000, which also reflects the payments of the final dividend of 159,000 and taxation of 146,000 in relation to the financial year ended 31 December 2003. The Group remains in an excellent position of being financially secure, which will be maintained as we continue to generate cash from growth in the business. Dividend The Directors are proposing to increase the Groups final dividend by 7.1% to 0.75 pence (2003: 0.70 pence) per share for the year ended 31 December 2004. This demonstrates the Directors confidence in the Groups future and in our continuing ability to generate profits and cash flow. The Directors will continue to pursue a progressive dividend policy, providing circumstances remain appropriate. Board Changes I am pleased to welcome Steve Allen, International Senior Vice President for Witness Systems Inc., who joined the Board as a Non-Executive Director in February 2005. Steves wealth of experience in the international software industry will help the Board to evolve and successfully execute our growth strategy, through what I believe will be a demanding but exciting phase in Atlantic Globals development. People We recognize that the quality, skills and determination to succeed of the team at Atlantic Global is a vital ingredient in achieving continued corporate success. Credit for 2004s achievements is due to every member of the team, and I would take this opportunity, on behalf of my fellow shareholders and myself, to offer all of them our appreciation of their efforts. During 2005, we plan to recruit additional people, and to continually strive to improve the overall quality of our workforce. A significant proportion of our people have share options, and we will continue to use this mechanism to help ensure that they remain closely linked to the success of the Group. Strategy for the future The overall strategy of the Group remains unchanged and we expect the recent encouraging trends to continue. Inherent demand for our products is strong - more and more organisations are facing the need to improve the productivity and effectiveness of their workforce and the application of Atlantic Globals software products can demonstrably lead to quick and significant improvements in operational performance. This applies to all people intensive organisations, in both private and public sector, irrespective of whether their resourcing model is based on in-sourcing, outsourcing or (more usually) a combination of the two. We have progressively enhanced our products, in the light of customer requirements and feedback, and will continue to do so in the future. Consequently, we are now very well positioned with the team and plans we have in place to achieve considerable growth. With regard to overseas expansion, we remain cautious. However, we are in the process of appointing our first fulltime representative in the United States, who will initially work closely with a medium-sized consultancy company, with whom we have established a partnership arrangement, aimed at opening up the North American market for our products and services. Similarly, we will investigate, during 2005, whether certain other channels are appropriate for the sale and distribution of our products. Acquisitions The Boards current policy of concentrating purely on organic growth remains unchanged from previous years and therefore the Group is not involved in an active acquisition strategy. However, we would consider any exceptional acquisition opportunities that would improve shareholder value, providing they are compatible with our strategic objectives and are reasonably priced in accordance with their profitability and quality of earnings. Current Trading From our management accounts for January and February 2005, together with knowledge of March 2005 sales, I can confirm that the year has begun in line with expectations. Although it is too early to accurately predict what degree of success the Group will achieve during 2005 as a whole, it is encouraging to see that the current level of sales interest is at an all-time high, and is still increasing. Annual General Meeting We shall be holding our AGM on Thursday 28 April 2005 at 2.30pm in our Company Head Office in Cleckheaton, West Yorkshire, at Park House, Woodland Park, Bradford Road, Chain Bar, Cleckheaton, West Yorkshire, BD19 6BW. In addition to the usual formalities of the meeting we will, as in previous years, arrange time in which Shareholders will be offered the opportunity to understand a little more about our company and business. Following a number of presentations, there will be an opportunity for Shareholders to meet all the Directors and discuss the progress of the Group. I would extend the Boards invitation to all Shareholders in the hope that as many as possible attend. David M Cox Chairman 29 March 2005 Managing Directors Review Introduction Atlantic Global was established in 1993 and has consistently strived to meet a very simple objective - to make our clients more efficient and more competitive. During 2004, we continued to enhance our product offering and, more critically, we have accelerated the development of the commercial arm of the business including the expansion of our professional Marketing and Sales operations. In conjunction, we continued to broaden our customer base, and return a satisfactory profit. I am pleased with the progress we have achieved during 2004 and therefore feel confident that we have laid a solid foundation for growth during 2005 and beyond. Product Development Our research and development expenditure during 2004 continued to be directed away from chargeable development work into researching, developing and enhancing our range of product. This continues our fundamental strategy of investing in the companys intellectual property. Our product solution set consists of: Corporate Vision Corporate Vision gives real-time business planning capability with respect to managing organizations workload costs, workload delivery and people skills pool. Pfizer identified the original requirement for this product in 2001. Following a successful development partnership, we deployed the solution within their Clinical IT department where it was very well received and delivered immediate benefits. We continued the development of this module with Norwich Union to ensure that it was not industry specific but flexible enough to address the requirements of completely different sectors. Since launch in September 2003, it has been successfully deployed within LogicaCMG, Barclays Bank, The Metropolitan Police, Man Group Plc and Xchanging. Atlantic Business Solutions Atlantic Business Solutions refers to the remaining modules; Time and Expense Management, Business Information Tracking, Risk Management, Contractor Management and Task Based Planning. These modules have been developed over the years by working closely with our development partners, including GlaxoSmithKline, Pfizer, Barclays Bank, LogicaCMG and Norwich Union. Consequently, they have been developed to address the requirements of a diverse range of organisations and are of large enterprise strength to cater with the volumes and sophistication required by large enterprises. Building the Marketing Operation Following positive feedback from our customers related to our product development, we initiated the refining of our commercial proposition. We appointed James Waller as our Head of Marketing in June 2004. James had previously worked in various marketing positions within IONA, WebGain, IXOS and IBM Global Services. We recognised the need to re-brand the products to emphasise the simplicity attributes experienced by our customers when deploying and using our products. We began to capture the positive feedback from our customers in the form of case studies that could be used to communicate the benefits of using our products to prospective clients and to industry analysts. Relationships have been established with Gartner, the software analyst, who has written a white paper on Business Visibility and the Butler group, who are also well known analysts in our industry. Large organisations are referring more often to industry analysts for guidance when purchasing software and hence it is extremely important that the analysts know who we are and what we do. Finally, we have embarked on a lead generation strategy, a vital foundation for any successful sales team. This consists of outsourced telemarketing, Electronic Direct Mail Campaigns and publication sponsorship. We have continued with internet search engine optimisation. Initial data analysis and feedback from our Head of Sales is encouraging. Building the Sales Operation Phil Alcock was appointed Head of Sales in July 2004. Phil had previously held senior sales positions at SAIC, Sema, DataPoint, AT&T and CSC. He identified the need to implement a new sales process to help us prioritise opportunities and progress them in a structured manner. This will result in a stronger and more predictable sales pipeline. Phil quickly commenced the appointing of a team of experienced industry sales professionals. Our team now consists of eight sales professionals, a sufficient critical mass that should result in a broader more reliable sales pipeline. The majority of the team members were appointed towards the end of last year and at the beginning of this year. We do anticipate a settling in period before they get fully functional within their roles. We are further supported in this area by David Cox, our Non-Executive Chairman and Steve Allen, a recent appointment as Non-Executive Director. I am sure that they will make a valuable contribution to our sales results having had extensive experience building and running successful sales and marketing operations during very high profile established careers. Customer profile The Groups products continue to sell in a variety of industry sectors, with additional new sectors being penetrated. Within each sector, we will continue to target the market leaders. Listed below are some of Atlantics customers: PharmaceuticalsComputer & TelecomsFinancial & ConsultingOtherAstraZeneca LimitedColt Telecommunications PlcAllied Irish BankBritish Car AuctionsAventis PharmaComputacenter UK LimitedBarclays Bank PlcCrown AgentsGlaxoSmithKline PlcEchostar Int CorpCattles Group PlcGenesis Oil & GasGlaxoSmithKline US PharmaHitachi Europe LimitedCNAMetropolitan Police ServicePfizer LimitedHutchinson 3G UK LtdFriends ProvidentMicrogenIdentexHSBC Actuaries &MVM Consultants LimitedIntel Ireland LimitedConsultants LtdNEC Technologies (UK) LtdInteroute LimitedLogicaCMGParkside NHS TrustNetstoreMan Group PlcSA PartnersTelewestNorwich UnionScott Tallon Walker ArchitectsVicorp UK LimitedRaft International PlcUniversity of HuddersfieldVirgin Mobile Telecom LimitedSerco TechnologyVectra N Jones LtdXchanging LtdWaltham Forest Council Our close working relationship with our customers continues and, as we are developing ourselves, we see our customers, old and new, responding to our improved abilities. We see no reason why this should not continue. People As mentioned in the Chairmans Statement, our team will always be our greatest asset and we are ensuring that their skills are continually expanded. The Directors continually acknowledge the contribution of our staff in achieving the Companys continued success and in particular I would applaud the spirit in which they have embraced change during this time of the Companys development. Industry partners The investment in our Group and product branding is increasing our profile within the industry. We are attracting attention from potential partners that should provide useful revenue opportunities. North America Many sales leads received on our website are from North America. We have investigated different ways of converting this interest into sales, which has initially resulted in an alliance between BLC Consulting, a mid market consulting organisation based on the east coast of the United States. We are currently in the process of recruiting our first employee in this market to work closely with BLC Consulting thereby commencing our involvement in this extremely important market opportunity. Research and Development / future markets We are continuing to invest substantial resources in Research and Development and we will maintain such levels required to keep ourselves at the cutting edge of our industry. Outlook We believe that we now have a very strong product offering backed by a strong commercial arm to our business. The future will present significant opportunities and with any fast growing company will also present significant challenges. I believe we now have a very experienced management team in place to take the company to the next level. I am confident that we shall continue with our success during 2005 and into the future. Eugene Blaine Managing Director 29 March 2005 Consolidated profit and loss account for the year ended 31 December 2004 Year endedYear ended31 December31 December20042003000000Turnover2,1461,956Cost of sales(1,296)(582)________________Gross profit8501,374Administration and establishment expenses(738)(944)Operating profit before goodwill amortisation293611Goodwill amortisation(181)(181)_______________Operating profit112430Interest receivable7666________________Profit on ordinary activities before taxation188496Tax on profit on ordinary activities(56)(142)Profit on ordinary activities after taxation132354Dividends proposed(172)(159)________________Retained (loss) / profit for the financial period(40)195Adjusted earnings per share1.37p2.35pBasic earnings per share0.58p1.56pDiluted earnings per share0.50p1.35p There are no recognised gains or losses during the current year other than the profit for the year. The Groups results for both the current and preceding year derive from continuing operations. Consolidated balance sheet at 31 December 2004 20042003000000000000Fixed assetsIntangible assets2,9733,154Tangible assets37493,0103,203Current assetsDebtors1,449772Cash at bank and in hand1,8962,2963,3453,068Creditors: amounts falling due within one year(984)(901)Net current assets 2,3612,167Net assets5,3715,370Capital and reservesCalled up share capital1,1451,137Share premium account 1,5781,545Merger reserves2,5382,538Profit and loss account 110150Equity shareholders funds5,3715,370 These accounts were approved by the Board of Directors on 29 March 2005 and were signed on its behalf by: EA Blaine RG HuttonManaging Director Finance Director and Company Secretary Consolidated cash flow statement for the year ended 31 December 2004 Year endedYear ended31 December31 December20042003000000Net cash inflow from operating activitiesOperating profit before goodwill and exceptional costs293611Goodwill amortisation (181)(181)Operating profit112430Depreciation3030Goodwill amortisation 181181Increase in debtors (677)(392)Increase in creditors 160319Net cash (outflow)/inflow from operating activities (194)568Cash Flow StatementNet cash (outflow)/inflow from operating activities (194)568Returns on investment7651Taxation (146)(89)Capital expenditure (18)(17)Free cash flow (282)513Equity dividends paid (159)(114)Cash (outflow)/inflow before management of liquid resources(441)399Management of liquid resources -(101)Financing41-(Decrease)/increase in cash in the year (400)298Reconciliation of net cash flow to movement in net funds(Decrease)/increase in cash in the year(400)298Cash inflow from increase in liquid resources-101Movement in net funds in the year (400)399Net funds at the start of the year 2,2961,897Net funds at the end of the year1,8962,296 Notes to the Accounts forming part of the financial statements 1 Accounting policies The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Groups accounts. Basis of preparation The accounts have been prepared in accordance with applicable accounting standards and under the historical cost accounting rules. Basis of consolidation The consolidated accounts include the accounts of the Company and its subsidiary undertakings made up to 31 December 2004. The acquisition method of accounting has been adopted. Under this method, the results of subsidiary undertakings acquired or disposed of in the year are included in the consolidated Profit and Loss Account from the date of acquisition or up to the date of disposal. Under section 230(4) of the Companies Act 1985 the Company is exempt from the requirement to present its own Profit and Loss Account. Goodwill Purchased goodwill represents the excess fair value attributed to investments in businesses or subsidiary undertakings over the fair value of the underlying net assets at the date of their acquisition. The Directors are of the opinion that the goodwill on businesses capitalised has a long economic life, as it is an inseparable part of the value of the businesses acquired and is linked to the products and services that the businesses provide. Our in-house research and development team continuously improves the products, with all development expenditure written off as incurred. This, in the opinion of the Directors, maintains the economic life of the products and hence the goodwill. The Directors do however recognise that it is prudent to amortise goodwill over a defined period and in the light of the above have decided to write off goodwill on a straight-line basis over 20 years. The remaining useful economic life of capitalised goodwill will be reviewed annually for impairment and adjusted if required. Revenue recognition Revenue from the sale of software licences is recognised only when the software is installed. Revenue from chargeable services including consultancy, customisation and development is recognised as these services are delivered. Support revenue is recognised over the life of each support contract. Tangible fixed assets and depreciation Depreciation is provided to write off the cost less the estimated residual value of tangible fixed assets by equal installments over their estimated useful economic lives as follows: Computer equipment 33.3% per annumOffice furniture 20% per annumLeasehold improvements 33.3% per annum Post-retirement benefits The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The amount charged against profits represents the contributions payable to the scheme in respect of the accounting period. Research and development expenditure Expenditure on Research and Development is written off to the Profit and Loss Account in the period in which it is incurred. Taxation The charge for taxation is based on the profit for the year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes which have arisen but not reversed by the balance sheet date, except as otherwise required by FRS 19. Cash and liquid resources Cash, for the purpose of the cash flow statement, comprises cash in hand and deposits repayable on demand, less overdrafts payable on demand. Liquid resources are current asset investments which are disposable without curtailing or disrupting the business and are either readily convertible into known amounts of cash at or close to their carrying values or traded in an active market. Liquid resources comprise term deposits of less than one year (other than cash) and investments in money market managed funds. Leases Operating lease rentals are charged to the profit and loss account on a straight-line basis over the period of the lease. Financial assets and liabilities Changes in the value of financial instruments are disclosed in the notes to the accounts but are not reflected in the Profit and Loss Account or Balance Sheet. 2. Dividends Year ended Year ended 31 December31 December20042003000000On ordinary shares of 5pFinal proposed: 0.75p (2003: 0.70p)172159 3. Earnings per share Year ended Year ended 31 December31 December20042003000000Profit after tax 132354AdjustmentsGoodwill amortisation 181181Adjusted profits 313535Number Number 000000Weighted average number of shares in issue 22,80422,747Dilutive effect of share options 3,5343,515Fully diluted weighted average number of shares in issue 26,33826,262Basic earning per share (based on profit after tax)0.58p1.56pFully diluted earnings per share (based on profit after tax) 0.50p1.35pAdjusted earnings per share (based on adjusted profits) 1.37p2.35p The adjusted earnings per share has been calculated due to the material effect of goodwill charged in the financial statements. 4. 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 for acquisitions that will enhance the companys net worth. 5. Copies of Atlantic Global Report and Accounts Further copies of the interim and annual reports of the Company are available from:  Mr R Hutton, Finance Director and Company Secretary, Atlantic Global Plc, Park House, Woodland Park, Bradford Road, Chain Bar, Cleckheaton, West Yorkshire, BD19 6BW Website address:www.atlantic-global.co.uk Email: info@atlantic-global.co.uk Ends LM78MC  y z   5 6 9 : i j ) * + J K L M x еЗЗЗЗЗЗЗrЗ#j CJOJQJU^JaJ$0J>*B*CJOJQJ^JaJphjCJOJQJU^JaJCJOJQJ^JaJmH sH CJOJQJ^JaJmH sH 5CJOJQJ^JaJCJOJQJ^JaJ\aJ5CJOJQJaJCJOJQJaJjCJOJQJUaJ, !"#78LM78MNx]xI$$Ifl0#  64 la $$Ifa$$If$a$@pMpOpNO~XLN$$Ifl0l"P_!44 la x$If]xO & Fx$EƀFIf]xXxN$$Ifl00l"P_!44 la x$If]xO & Fx$EƀFIf]x/0XN$$Ifl0l"P_!44 la x$If]xO & Fx$EƀFIf]x09XN$$Ifl0l"P_!44 la x$If]xO & Fx$EƀFIf]xXRRRx]xN$$Ifl0l"P_!44 la x$If]xO & Fx$EƀFIf]xpqZL$$Ifl0n"Ru!44 la x$If]xO & Fx$EƀFIf]xqrZL$$Ifl0n"Ru!44 la x$If]xO & Fx$EƀFIf]xBCDZTTTTK $7$8$H$a$x]xL$$Ifl0n"Ru!44 la x$If]xO & Fx$EƀFIf]xDE      = ] w x y t4 $$Ifa$$IfI$$Ifl09!! 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