TIDMACS
RNS Number : 4921Y
AI Claims Solutions PLC
01 March 2012
The following amendment has been made to the announcement
released on 1 March 2012 at 07:00 under RNS No 4308Y. In the
Consolidated Statement of Cash Flow the decrease/(increase) in
trade & other receivables should have been GBP202,000 instead
of GBP5,913,000 and the (decrease)/increase in trade & other
payables should have been GBP2,416,000 instead of -GBP3,295,000.
These changes do not affect either the reported operational cash
flow or the reported net cash flow. The full amended text is shown
below.
Ai CLAIMS SOLUTIONS PLC
Interim Report for the 6 months ended 31 December 2011
6 Months 6 Months Year To
To Dec To Dec Jun 11
11 10 Audited
Unaudited Unaudited GBP'000
GBP'000 GBP'000
Revenue 47,500 60,139 117,621
Gross margin 21.1% 17.6% 18.5%
Adjusted profit(1) 1,211 1,715 3,811
Profit before taxation 1,177 1,685 3,737
Taxation (319) (486) (1,084)
Profit for the period 858 1,199 2,653
Dividends (256) (227) (428)
Earnings per share (EPS):
* Adjusted basic(2) 1.46p 2.01p 4.46p
1.41p 1.96p 3.34p
* Basic
Dividend per share 0.33p 0.33p 0.75p
Financial Highlights
0 Net debt reduced by GBP3.2m (to GBP19.1m) in the six month
period to 31 Dec 11
0 Operating cash inflow of GBP4.0m (6M to Dec 10: outflow of
GBP2.8m)
0 Revenue decreased by 21% to GBP47.5m from GBP60.1m
0 Gross margin increased to 21.1% (6M to Dec 10: 17.6%)
0 31% decrease in adjusted profits(1) to GBP1.2m (6M to Dec 10:
GBP1.7m)
0 Earnings(2) before interest, taxation, depreciation &
amortisation (EBITDA) reduced by 15% to GBP2.3m (6M to Dec 10:
GBP2.7m)
0 Adjusted profit(1) margin of 2.5% (6M to Dec 10: 2.9%)
0 Adjusted basic EPS of 1.46p (6M to Dec 10: 2.01p)
0 Proposed interim dividend of 0.33p per share (6M to Dec 10:
0.33p per share)
(1) "Adjusted profit" represents profit before taxation excluding IFRS 2 share option charges
(2) based on profit for the period excluding IFRS 2 share option charges
For further information, please contact:
Ai Claims Solutions plc
David Sandhu 0844 571 3108
Peter Harrison 0844 571 3200
Shore Capital (Nomad) 020 7408 4090
Dru Danford
Stephane Auton
Bellingham Communications
Ben Welsh 07740 499765
Chairman's Statement
Ai Claims has delivered a creditable first half performance in
challenging market conditions. We had already flagged the likely
impact on our revenues of warmer than average winter weather this
year and the continuing reduction in accident frequency and repair
cycle times. These impacts have caused revenue to reduce by 21% to
GBP47.5m (6M to Dec 10: GBP60.1m), with hire income reducing by 25%
and repair income by 14%. Adjusted profit(1) has declined to
GBP1.2m (6M to Dec 10: GBP1.7m). Gross margin has increased by 3.5%
to 21.1% (6M to Dec 10: 17.6%), as a result of an increase in
GTA(3) rates and improvements in hire and repair operations.
Administrative expenses and interest charges reduced by GBP0.1m
but, as a % of turnover, increased by 3.9% to 18.6% (6M to Dec 10:
14.7%), resulting in a reduction in net margin of 0.4% from 2.9% to
2.5%.
We have reduced our net debt during the half-year by GBP3.2m.
Work-in-progress days held steady at 22 days (30 Jun 11: 22 days).
Debtor days were 163 days (30 Jun 11: 131 days). The calculation of
these ratios reflects the impact of turnover that was significantly
lower in the first half of 2011/12 than it was in the second half
of 2010/11. In late 2011, Ai signed a block settlement with a
leading insurer with no diminution in carrying value, and the team
is in discussions with several other insurers to develop separate
payment protocols, which we expect to reduce further outstanding
debt.
At the end of 2011, we were delighted to announce the
appointment of Simon Pook as Ai's chief operating officer (COO).
Simon is already getting to grips with the challenges surrounding
debtor days and re-alignment of cost base and has a wide brief to
review and develop our operations expertise, building on our
winning performance in the Call North West Awards, where Ai won
Call Centre of the Year.
I'm pleased to announce that Ai has renewed its contract with
ULR Additions, a major broker based partner, for a further period
of three years with effect from 1 March 2012. We also retained the
business of three vehicle manufacturers. We secured renewals with
improved terms for our rental partnership agreements and also
secured enhanced supply terms with Ai's repair network.
As we move into the next phase of our future strategy, we have
successfully piloted our first full claims outsourcing (FCO)
solution for a broker. We plan to extend FCO to other branches in
the network, as well as going live with a new insurer in the early
part of 2012.
We welcome Quindell Portfolio PLC as a major investor in the
business, and look forward to working with them to develop new
commercial opportunities.
The accident management market continues to operate in a tough
trading environment, and the level of political and media scrutiny
of our industry remains high, especially following the Prime
Minister's recent insurance summit, designed to bring down motor
premiums. As the ethical provider of accident solutions, we have
played a leading role asserting our arguments in the media and
among politicians, including the Transport Select Committee,
Ministers and MPs. We also continue to co-operate fully with the
OFT Inquiry into credit hire, which is due to report later this
Spring.
As mentioned above, Ai Claims has delivered a creditable first
half performance in challenging market conditions and continues to
trade in line with management expectations. I remain confident that
prudent financial management, a strong and experienced executive
team and a continued focus on operational excellence will see Ai
Claims Solutions emerge as one of the winners in the accident
management market, ready to grasp the opportunities which change
inevitably brings. The Board is pleased to announce an interim
dividend of 0.33p per share (6M to Dec 10: 0.33p). The dividend
will be paid on 16 July 2012 to shareholders on the register at 22
June 2012.
Finally I would like to thank our hard working and committed
people for the great job they continue to do every day in
delivering our promises we make to our customers.
Steve Broughton
Chairman
1 March 2012
(3) the Association of British Insurers' General Tariff Agreement
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 MONTHS TO 31 DECEMBER 2011
6 Months 6 Months Year To
To Dec To Dec Jun 11
11 10 Audited
Unaudited Unaudited GBP'000
Note GBP'000 GBP'000
Revenue 47,500 60,139 117,621
Cost of sales (37,489) (49,555) (95,902)
----------- ----------- ---------
Gross profit 10,011 10,584 21,719
Administrative expenses (8,394) (8,515) (17,163)
----------- ----------- ---------
Operating profit 1,617 2,069 4,556
Financial expenses (440) (384) (819)
----------- ----------- ---------
Profit before taxation 1,177 1,685 3,737
Income tax 4 (319) (486) (1,084)
----------- ----------- ---------
Profit for the period 858 1,199 2,653
----------- ----------- ---------
Basic earnings per ordinary
share 3 1.41p 1.96p 4.34p
----------- ----------- ---------
Diluted earnings per ordinary
share 3 1.38p 1.95p 4.21p
----------- ----------- ---------
All income arises from continuing operations.
The profit and total comprehensive income for the period is
fully attributable to the equity holders of the parent.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2011
31 Dec 31 Dec 30 Jun
11 10 11
Note GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Goodwill 6,726 6,726 6,726
Other intangible assets 3,946 3,760 3,860
Property, plant & equipment 2,054 2,443 2,196
Deferred tax asset 128 111 128
--------- --------- ---------
12,854 13,040 12,910
--------- --------- ---------
Current assets
Trade & other receivables 5 63,480 64,368 63,682
Cash & cash equivalents 80 50 57
--------- --------- ---------
63,560 64,418 63,739
--------- --------- ---------
Total assets 76,414 77,458 76,649
========= ========= =========
Liabilities
Current liabilities
Interest bearing loans & borrowings 6 (18,414) (22,014) (21,506)
Trade & other payables 7 (37,752) (36,602) (35,282)
Income tax liability (453) (592) (533)
--------- --------- ---------
(56,619) (59,208) (57,321)
--------- --------- ---------
Non-current liabilities
Interest bearing loans & borrowings 6 (794) (1,036) (871)
--------- --------- ---------
Total liabilities (57,413) (60,244) (58,192)
========= ========= =========
Total assets less total liabilities 19,001 17,214 18,457
--------- --------- ---------
Shareholders' equity
Share capital 6,142 6,142 6,142
Share premium account 1,579 1,579 1,579
Other reserves 270 201 238
Retained earnings 11,138 9,320 10,626
Treasury shares (128) (28) (128)
--------- --------- ---------
Total shareholders' equity 19,001 17,214 18,457
--------- --------- ---------
CONSOLIDATED STATEMENT OF CASH FLOW
6 MONTHS TO 31 DECEMBER 2011
6 Months 6 Months Year To
To Dec To Dec Jun 11
11 10 Audited
Unaudited Unaudited GBP'000
Note GBP'000 GBP'000
Cash flows from operating activities
Profit for the period 858 1,199 2,653
Adjustments for:
Depreciation of property, plant
& equipment 253 287 544
Amortisation of other intangibles 394 300 634
Share compensation charge 34 30 74
Cash settled share options (91) (91) (98)
Financial expense 440 384 819
Taxation 319 486 1,084
Decrease/(increase) in trade &
other receivables 202 (8,370) (7,684)
Increase in trade & other payables 2,416 3,729 2,435
Interest paid (440) (384) (819)
Taxation paid (400) (373) (994)
----------- ----------- ---------
Net cash inflow/(outflow) from
operating activities 3,985 (2,803) (1,352)
----------- ----------- ---------
Cash flows from investing activities
Purchases of property, plant &
equipment (11) (79) (84)
Purchases of other intangible assets (443) (531) (964)
----------- ----------- ---------
Net cash outflow from investing
activities (454) (610) (1,048)
----------- ----------- ---------
Cash flows from financing activities
Purchase of treasury shares - - (100)
Repayment of borrowings (44) (99) (81)
Finance lease principal repayments (133) (16) (199)
Dividends paid (202) - (227)
----------- ----------- ---------
Net cash outflow from financing
activities (379) (115) (607)
----------- ----------- ---------
Net increase/(decrease) in cash
& cash equivalents 3,152 (3,528) (3,007)
Cash & cash equivalents at the
start of the period (21,153) (18,146) (18,146)
----------- ----------- ---------
Cash & cash equivalents at the
end of the period (18,001) (21,674) (21,153)
----------- ----------- ---------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
6 MONTHS TO 31 DECEMBER 2011
Share Share Other Treasury Retained
capital premium reserves shares earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2010 6,142 1,579 275 (54) 7,131 15,073
Profit & total comprehensive
income for the period - - - - 1,328 1,328
Share based payments - - (6) 26 47 67
Tax on items charged
to equity - - - - 12 12
Dividends to equity
holders - - - - (177) (177)
--------- -------- ---------- -------- --------- ---------
At 30 June 2010 6,142 1,579 269 (28) 8,341 16,303
Profit & total comprehensive
income for the period - - - - 1,199 1,199
Share based payments - - (68) - 7 (61)
Dividends to equity
holders - - - - (227) (227)
--------- -------- ---------- -------- --------- ---------
At 31 December 2010 6,142 1,579 201 (28) 9,320 17,214
Profit & total comprehensive
income for the period - - - - 1,454 1,454
Share based payments - - 37 - 1 38
Purchase of treasury
shares - - - (100) - (100)
Tax on items charged
to equity - - - - 52 52
Dividends to equity
holders - - - - (201) (201)
--------- -------- ---------- -------- --------- ---------
At 30 June 2011 6,142 1,579 238 (128) 10,626 18,457
Profit & total comprehensive
income for the period - - - - 858 858
Share based payments - - 32 - (90) (58)
Dividends to equity
holders - - - - (256) (256)
--------- -------- ---------- -------- --------- ---------
At 31 December 2011 6,142 1,579 270 (128) 11,138 19,001
--------- -------- ---------- -------- --------- ---------
NOTES TO THE INTERIM STATEMENT: 6 MONTHS TO 31 DECEMBER 2011
1. Basis Of Preparation
The results for the six months to 31 December 2011, which are
unaudited, have been prepared on a basis consistent with the
recognition and measurement principles of International Financial
Reporting Standards (IFRS); this is consistent with the accounting
policies set out in the audited annual accounts.
The financial information set out in this interim report does
not constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. The Group's statutory financial statements for
the year to 30 June 2011 have been filed with the Registrar of
Companies. The auditor's report on those financial statements was
unqualified and did not contain statements under Section 498(2) or
Section 498(3) of the Companies Act 2006.
2. Segmental Reporting
The Group operates in one operating segment, being the delivery
of accident management and other solutions to the automotive and
insurance sectors, conducted wholly in the United Kingdom.
Accordingly no segmental information for operating segments is
disclosed. Management information is provided to the chief
operating decision maker on the type of service provided at a gross
profit level being hire or repair. However, discrete financial
information is not available and it is not possible to allocate
costs to a sufficient level to allow this information to be used to
make decisions about resources to be allocated or to assess
performance.
3. Earnings Per Share
Basic Earnings Per Ordinary Share
The calculation of basic earnings per ordinary share at 31
December 2011 is based on the profit for the period attributable to
equity holders of the parent and a weighted average number of
ordinary shares outstanding during the period, calculated as
follows:
6 Months 6 Months Year To
To Dec To Dec Jun 11
11 10 Audited
Unaudited Unaudited
Profit for the period attributable GBP858,000 GBP1,199,000 GBP2,653,000
to ordinary shareholders
Weighted average number of ordinary
shares 60,944,522 61,274,522 61,165,454
Basic earnings per share 1.41p 1.96p 4.34p
Diluted Earnings Per Ordinary Share
The calculation of diluted earnings per ordinary share at 31
December 2011 is based on the profit for the period attributable to
equity holders of the parent and a weighted average number of
ordinary shares outstanding during the period including share
options with a dilutive effect, calculated as follows:
6 Months 6 Months Year To
To Dec To Dec Jun 11
11 10 Audited
Unaudited Unaudited
Profit for the period attributable GBP858,000 GBP1,199,000 GBP2,653,000
to ordinary shareholders
Weighted average number of ordinary
shares - diluted 61,974,814 61,515,091 63,055,833
Diluted earnings per share 1.38p 1.95p 4.21p
3. Earnings Per Share (continued)
Adjusted Basic Earnings Per Ordinary Share
The calculation of adjusted basic earnings per ordinary share at
31 December 2011 is based on the profit for the period attributable
to equity holders of the parent(1) and a weighted average number of
ordinary shares outstanding during the period, calculated as
follows:
6 Months 6 Months Year To
To Dec To Dec Jun 11
11 10 Audited
Unaudited Unaudited
Profit for the period attributable GBP892,000 GBP1,229,000 GBP2,727,000
to ordinary shareholders(1)
Weighted average number of ordinary
shares 60,944,522 61,274,522 61,165,454
Adjusted basic earnings per share 1.46p 2.01p 4.46p
(1) excluding IFRS 2 share option charges
4. Taxation
6 Months 6 Months Year To
To Dec To Dec Jun 11
11 10 Audited
Unaudited Unaudited GBP'000
GBP'000 GBP'000
Current period tax charge 319 486 1,084
---------- ---------- --------
The tax charge is based on the estimated expected tax rate for
the period. The effective tax rate for the 6 months to 31 December
2011 is 27.1% (6M to 31 Dec 2010: 28.8%). The effective rate of tax
for the year to 30 June 2011 was 29.0%. The basic rate of
corporation tax for the 6 months to 31 December 2011 was 26.0%
& for the 6 months to 31 December 2010 was 28.0%. The effective
rate used varies from this due to non-deductible expenditure.
5. Trade & Other Receivables
31 Dec 31 Dec 30 Jun
11 10 11
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Trade receivables 54,016 48,812 52,497
Other receivables 1,239 1,514 1,725
Prepayments and accrued income 8,225 14,042 9,460
---------- ---------- --------
63,480 64,368 63,682
---------- ---------- --------
6. Financial Liabilities - Borrowings
31 Dec 31 Dec 30 Jun
11 10 11
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Current liabilities
Current portion of secured bank
loans 97 99 84
Current portion of finance lease
liabilities 236 191 212
Bank overdraft 18,081 21,724 21,210
---------- ---------- --------
18,414 22,014 21,506
---------- ---------- --------
31 Dec 31 Dec 30 Jun
11 10 11
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Non-current liabilities
Bank loans 658 740 714
Finance lease liabilities 136 296 157
---------- ---------- --------
794 1,036 871
---------- ---------- --------
7. Trade & Other Payables
31 Dec 31 Dec 30 Jun
11 10 11
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Current liabilities
Trade payables 17,157 18,380 13,637
Other taxation and social security 11,228 8,098 10,445
Other payables 679 714 780
Dividend declared 256 227 201
Accruals and deferred income 8,432 9,813 10,219
---------- ---------- --------
37,752 36,602 35,282
---------- ---------- --------
8. Interim Report
This interim report was approved by the Board on 1 March
2012.
INDEPENDENT REVIEW REPORT TO AI CLAIMS SOLUTIONS PLC
Introduction
We have been engaged by the Company to review the financial
information in the half-yearly financial report for the six months
to 31 December 2011 which comprises the Consolidated Statement of
Comprehensive Income, the Consolidated Statement of Financial
Position, the Consolidated Statement of Changes in Equity and the
Consolidated Statement of Cash Flow and the related Notes 1 to 8.
We have read the other information contained in the half-yearly
financial report which comprises the Group Financial Summary &
Highlights and the Chairman's Statement and considered whether it
contains any apparent misstatements or material inconsistencies
with the information in the condensed set of financial
statements.
This report is made solely to the Company in accordance with
guidance contained in ISRE (UK and Ireland) 2410, 'Review of
Interim Financial Information performed by the Independent Auditor
of the Entity'. Our review work has been undertaken so that we
might state to the Company those matters we are required to state
to them in a review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company, for our review work, for this
report, or for the conclusion we have formed.
Directors' Responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the Directors. The AIM rules of the London
Stock Exchange require that the accounting policies and
presentation applied to the financial information in the
half-yearly financial report are consistent with those which will
be adopted in the annual accounts having regard to the accounting
standards applicable for such accounts. As disclosed in Note 1, the
annual financial statements of the Group are prepared in accordance
with IFRSs as adopted by the European Union. The financial
information in the half-yearly financial report has been prepared
in accordance with the basis of preparation in Note 1.
Our Responsibility
Our responsibility is to express to the Company a conclusion on
the financial information in the half-yearly financial report based
on our review.
Scope of Review
We conducted our review in accordance with ISRE (UK and Ireland)
2410, 'Review of Interim Financial Information Performed by the
Independent Auditor of the Entity' issued by the Auditing Practices
Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with
International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the financial information in the
half-yearly financial report for the six months to 31 December 2011
is not prepared, in all material respects, in accordance with the
basis of preparation described in Note 1.
Grant Thornton UK LLP
Auditor, Manchester, United Kingdom
1 March 2012
This information is provided by RNS
The company news service from the London Stock Exchange
END
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