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The Dublin-based company, which changed its accounting period to correspond with the calendar year, released its results for the two and eight month periods to 31 December 2001 on Tuesday. Alphyra said group turnover for the eight-month period came to EUR55 million compared to EUR88 million in the 12 month period to April 2001.
In its main line of business, the mobile top-up services business known as the electronic transaction group, the company reported EUR27 million in turnover, compared to EUR24 million in the 12 months period to April 2001.
But the firm said its voice and data group, which announced turnover of EUR28 million, compared to EUR64 million in April 2001, was to blame for Alphyra's lowered overall figures. That business was sold late last year to Calyx Computers for EUR12 million. Maurice Healy, a former director in Alphyra, purchased the division, except for the payphones business which Alphyra still contols.
"The results from the telecommunications and computers businesses (which have since been disposed of) were disappointing and have had a considerable negative impact on the period end figures," said Alphyra chairman John James McDonnell in a statement
Group profit before interest, tax, depreciation and amortisation (EBITDA) for the eight months to 31 December 2001 was EUR400,000 but in the 12-month period last year EBITDA was EUR7.4 million. The company said its electronic transaction group lost EUR1.1 million although this was made up for in the voice and data group which earned EUR1.6 million in the 12-month period.
In its Irish transactions business, Alphyra's EBITDA amounted to EUR3.1 million. Meanwhile, in the UK, the same division was EBITDA positive for the eight month period with earnings of EUR500,000. Also in that market, Alphyra said its recent acquisition of De La Rue's transaction business should lead to greater profitability in the next 12 months.
Moreover Alphyra, which owns a branded network of mobile top up terminals in the UK called PAYzone, said that there is now an Alphyra terminal within a mile radius of every urban household and within five miles of every rural household in the UK.
"On the face of it, they seem to be positive enough, although we'll have to wait for the next set of full results to get a clearer picture of how they are doing," explained Velma Roberts, technology analyst with NCB Stockbrokers. "Also, when we see how things pan out in Germany and France we'll have better idea of what its prospects are."
Roberts went on to point out that the company is profitable in the UK and Ireland and is generating cash in those markets, which should aid it in its roll out of mobile top up services in mainland Europe.
In Europe Alphyra's transaction business lost EUR4.8 million in the last eight months of 2001. The majority of the company growth in Europe came in its Swedish and Dutch divisions and its losses in Europe are the result of the high costs associated with Alphyra's introduction into France and Germany, Alphyra said.
On a fully diluted basis, losses per share came to EUR1.06 in the eight-month period, compared to EUR0.057 in the 12 months to April 2001. The company said it had EUR30.6 million cash after generating EUR8.4 million in hard currency for the eight months to 31 December.
Worldwide Alphyra, previously called ITG, employs around 600 with 40 percent of its workforce located in Ireland. At around 11:30 Tuesday morning in Dublin Alphyra was down over 25 percent to EUR1.64.
The company is on-line at http://alphyra.com.
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