Arrowpoint Technologies Plc
LSE : ARWP

August 30, 2011 02:00 ET

Audited Results for the year ended 31 March 2011

                                                                                                      30 August 2011
                                                                                                        IM00B3VBZX00
                                             Arrowpoint Technologies Plc
                                           ("Arrowpoint" or the "Company")
                                                          
                                  AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2011


The Directors submit their report and the financial statements of Arrowpoint for the year ended 31 March 2011.

RESULTS AND DIVIDENDS

EBITDA of $62,404 and net loss for the year amounting to $1,369,412 have been dealt with as shown in the profit and
loss account. The Directors do not propose the payment of a dividend for this period.

PRINCIPAL ACTIVITY

The  Company was incorporated as a Private Limited Company, under the name Arrowpoint Technologies Limited,  in  the
Isle  of  Man,  under  the Companies Act 2006 on 13 July 2007.  On 23 April 2010 the Company  changed  its  name  to
Arrowpoint Technologies plc and was admitted onto the PLUS-quoted Market in October 2010. The principal activity  of
the  Company is that of a holding company. The Company's subsidiaries, Arrowpoint Technologies Inc, Lynchval Systems
Worldwide Inc and Arrowpoint Technologies Pvt Ltd, are engaged in the provision of retirement industry products  and
solutions, offshore services and consultancy.

CHAIRMAN'S STATEMENT

In  the  year ended 31 March 2011, the Company made a loss of $1,369,412 compared with a profit of $137,898  in  the
previous  year.   During  the  year,  we continued with our consolidation efforts  and  implemented  extensive  cost
reduction  measures to shield the Company from the worst effects of the global economic downturn and its  impact  on
our  clients.  The revenue reduction for the year was principally due to the loss of two important  clients  in  the
period.  However, despite the challenging market conditions, the Group successfully secured repeat business as  well
as  signing  new  customers,  and  the  Directors are pleased with the  Group's  overall  performance  in  difficult
circumstances.

Lynchval Systems Worldwide Inc

Lynchval undertook an extensive exercise to streamline operations at its key client, PBGC (Pension Benefit Guarantee
Corporation),  which  resulted  in improved operating margins.  Lynchval also undertook  a  major  overhaul  of  its
principal  product,  LVadmin, and has successfully delivered new versions of the product to its  clients.   Lynchval
also successfully secured repeat businesses from a number of its existing clients.

Arrowpoint Technologies Inc

ATI's consultancy operations were severely affected by the economic recession in the US, but it nevertheless managed
to  maintain its client base. Cost cutting measures implemented at ATI were slow to take effect but ATI has recently
seen  a  satisfactory improvement in its operating margins.  A recovery in the economic climate will  allow  ATI  to
further  benefit from the cost reduction programme, as well as the synergies created by the integration of its  back
office operations with those of Lynchval.

Arrowpoint Technologies Private Limited

ATPL,  our  Offshore Development Centre in Chennai, India, unfortunately lost its principal clients, American  Stock
Transfer  Company and Coty Inc, during the year and is now mainly engaged in product development and client  support
for Lynchval.  The Group's Actuarial teams in Chennai and the US are now more closely integrated, thereby generating
a better operating margin overall for the Company.

FUTURE DEVELOPMENTS

Since  the  end  of  the year we have improved our operating margins drastically as a result of our  cost  reduction
programme  and  increased business from our existing clients.  In addition, the Company has hired a well  known  and
respected figure in the Defined Benefit pension industry, Mr. Manu Mazumdar, as President of Arrowpoint Technologies
Inc and we are confident that his contacts and expertise will drive new business generation at ATI.

Economic conditions continue to be challenging, but the Directors believe that the initiatives implemented over  the
last year have strengthened the Group and they remain confident of the Group's prospects for the future.



ARROWPOINT TECHNOLOGIES PLC

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2011


                                                                                      2011              2010
                                                                                     $'000              $'000
                                                                                                   
INCOME                                                                               13,486             15,209
                                                                                                   
Other income                                                                            154                 29
Administrative expenses excluding depreciation and amortisation                     (13,577)           (13,624)
                                                                                  --------------     --------------
Earnings before interest, tax, depreciation and amortisation                             63              1,614
                                                                                  --------------     --------------
                                                                                                   
                                                                                                   
Depreciation                                                                            (82)               (80)
Amortisation                                                                           (845)              (807)
                                                                                --------------     --------------
OPERATING (LOSS)/PROFIT                                                                (864)               727
                                                                                                   
Interest payable and similar charges                                                   (482)              (545)
                                                                                  --------------     --------------
(LOSS)/PROFIT BEFORE TAX                                                             (1,346)               182
                                                                                                   
Tax on (loss)/profit on ordinary activities                                             (23)               (44)
                                                                                  --------------     --------------
(LOSS)/PROFIT ON ORDINARY ACTIVITIES AFTER TAX                                       (1,369)               138
                                                                                     =======              =======
                                                                                                   
(Loss)/earnings per ordinary share ($)                                                             
Basic                                                                                $(0.01)               $0.00
Diluted                                                                              $(0.01)               $0.00
                                                                                                   

All amounts relate to continuing operations.


ARROWPOINT TECHNOLOGIES PLC

COMPANY PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2011



                                                                                        2011             2010
                                                                                        $'000            $'000
                                                                                                     
Administrative expenses                                                                 (269)             (48)
                                                                                   -----------       -----------
OPERATING LOSS                                                                          (269)             (48)
                                                                                                     
Interest payable and similar charges                                                    (163)             (167)
                                                                                   -----------       -----------
LOSS BEFORE TAX                                                                         (432)             (215)
                                                                                                     
Tax on loss on ordinary activities                                                         -                 -
                                                                                   -----------       -----------
LOSS ON ORDINARYACTIVITIES AFTER TAX                                                    (432)             (215)
                                                                                        =====             ======
                                                                                                     

All amounts relate to continuing operations.



ARROWPOINT TECHNOLOGIES PLC

CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

FOR THE YEAR ENDED 31 MARCH 2011


                                                                                         2011            2010
                                                                                        $'000            $'000
                                                                                                           
(Loss)/profit for the financial year                                                   (1,369)            138
Foreign exchange difference on brought forward reserves                                   (52)            192
                                                                                     -----------    -----------
Total recognised gains and losses relating to the year                                 (1,421)            330
                                                                                        ======           =====
                                                                                                    



COMPANY STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

FOR THE YEAR ENDED 31 MARCH 2011


                                                                                         2011            2010
                                                                                        $'000            $'000
                                                                                                           
Loss for the financial year                                                              (432)           (215)
                                                                                     -----------    -----------
Total recognised gains and losses relating to the year                                   (432)           (215)
                                                                                         =====           =====



ARROWPOINT TECHNOLOGIES PLC

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2011



                                                                                           2011           2010
                                                                                          $'000           $'000
Fixed assets                                                                                                      
Intangible assets                                                                        17,445           17,849
Tangible assets                                                                             310              358
                                                                                      -------------    ------------
                                                                                                             -
                                                                                         17,755           18,207
                                                                                      -------------    ------------
                                                                                                             -
Current assets                                                                                         
Debtors                                                                                   1,953            2,375
Cash at bank and in hand                                                                    418              956
                                                                                      -------------    ------------
                                                                                                             -
                                                                                          2,371            3,331
                                                                                                       
Creditors: amounts falling due within one year                                           (1,734)          (3,666)
                                                                                      -------------    ------------
                                                                                                             -
Net current assets/(liabilities)                                                            637             (335)
                                                                                      -------------    ------------
                                                                                                             -
                                                                                                       
Creditors: amounts falling due after more than one year                                 (11,576)          (9,635)
                                                                                      -------------    ------------
                                                                                                             -
                                                                                                       
NET ASSETS                                                                                6,816            8,237
                                                                                         ======           ======
                                                                                                       
Called up share capital                                                                   2,947            2,947
Share premium                                                                             5,242            5,242
Merger reserve                                                                             (275)            (275)
Profit and loss reserve                                                                  (1,098)             323
                                                                                      -------------    ------------
                                                                                                             -
EQUITY AND RESERVES                                                                       6,816            8,237
                                                                                         =======          ======
                                                                                                       

Approved and authorised on behalf of the Board of Directors on




Santanu Nandy
Director


ARROWPOINT TECHNOLOGIES PLC

COMPANY BALANCE SHEET

AS AT 31 MARCH 2011


                                                                                      2011                2010
                                                                                      $'000              $'000
Fixed assets                                                                                                      
Investments                                                                           12,560            13,278
                                                                                      -----------    -----------
                                                                                                    
Current assets                                                                                       
Debtors                                                                                   21               -
Cash at bank and in hand                                                                   1               9
                                                                                      -----------    -----------
                                                                                                 
                                                                                          22               9
                                                                                                     
Creditors: amounts falling due within one year                                          (216)            (32)
                                                                                      -----------    -----------
                                                                                                  
Net current liabilities                                                                 (194)            (23)
                                                                                      -----------    -----------
                                                                                                  
                                                                                                     
Creditors: amounts falling due after more than one year                               (4,955)         (5,412)
                                                                                      -----------    -----------
                                                                                                  
                                                                                                     
NET ASSETS                                                                             7,411           7,843
                                                                                      =======          ======
                                                                                                     
Called up share capital                                                                2,947           2,947
Share premium                                                                          5,242           5,242
Profit and loss reserve                                                                 (778)           (346)
                                                                                      -----------    -----------
                                                                                                  
EQUITY AND RESERVES                                                                    7,411           7,843
                                                                                      =======        =======
                                                                                                     

Approved and authorised on behalf of the Board of Directors on

Santanu Nandy
Director

The statement and figures above are extracted from the Company's full audited accounts. The complete accounts can
be  found  on  the  PLUS  markets  website  under the  Report and Accounts section of Arrowpoint Technologies Plc.

The Directors of Arrowpoint are responsible for the contents of this announcement.

Contact details:

Arrowpoint Technologies Plc                             
Santanu Nandy, Group Managing Director                                                         +91 22 2598 5900

St Helens Capital Partners LLP                          
Mark Anwyl or Duncan Vasey                                                                  +44 (0)20 7368 6959

Contact Information

  • Arrowpoint Technologies Plc