Loqus Holdings plc - Interim Results

On 6th September 2005, Datatrak Holdings p.l.c announced its Interim Financial Results for the period 1st January 2005 to 30th June 2005. This year’s interim report shows an increase of 23.7% in turnover to Lm653,883 brought about through Datatrak Solutions International Ltd; Datatrak Mena Ltd; and Datatrak IT Services Ltd.

The profit before tax for the first half of the year amounts to Lm14,918 as opposed to a loss of Lm235,027 in the comparative period last year. This positive turnaround was as a result of an increase in revenue but also due to a drop in the Group’s cost base. Wages and salaries dropped by Lm74,030 to Lm193,220 and expenditure on marketing dropped from Lm29,192 to Lm6,627. However, subcontracting labour increased from Lm2,551 to Lm52, 035 during the comparative period.

Depreciation and amortization costs amounted to Lm170,817 in the first six months of the year (June 2004 Lm209, 719). After accounting for taxation and minority interests, the loss attributed to shareholders narrowed to Lm20,521 as opposed to 184,494 in June 2004.

The loss per share June 2005 amounted to – 0c1 (June 2004 – 1c2)

Shareholders funds as at 30 June 2005 of Lm3,267,116 translates into a net asset value per share of 20c5, an improvement on 31st December 2004 figure which stood at Lm3,228,225.

From the period under review, net cash flows from operating activities increased from Lm48, 691 to Lm128,593, representing an increase of 164%.

In the review of performance annxeded to the interim results announcement, the Directors noted that over the past 6 months Datatrak Mena has been working towards concluding the Nigerian in-country survey. In addition, the subsidiary has also started marketing the full range of Datatrak products in Nigeria. In addition, the Nigerian Navy has shown a considerable amount of interest in the Datatrak Vessel Monitoring System (VMS) for their sea and rescue vessels. However, discussions are still ongoing. The VMS has also proven popular with fishing vessels that are being monitored internationally. This approach has been very useful at helping the Group explore the possibilities of penetrating the international market.

Datatrak On Line has also proven to very successful. Its vehicle tracking operating in the UK has achieved its target. The subsidiary’s goal of 3000 vehicles for the first year has been achieved. Consequently, The firm estimates an annual increase of 2000 vehicles.

The latest software version of DispatchIT has been completed and released. The Group’s existing customers in the UK have viewed the software positively. In addition, the marketing of DispatchIT is being channeled though a number of strategic partners including: 02, the UK’s leading telephone operator and Kerridge, a leading supplier of advanced software solutions. In order to help boost international sales, the Group has set up partnerships in Holland, Italy Germany and Belgium.

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