TIDMAQSG
RNS Number : 7789T
Aquila Services Group PLC
29 November 2021
For immediate release
29 November 2021
Aquila Services Group plc
Unaudited Interim Results for the six months ended 30 September
2021
Aquila Services Group plc ("the Company"), is the holding
company for Altair Consultancy and Advisory Services Ltd
("Altair"), Aquila Treasury and Finance Solutions Ltd ("ATFS") and
Oaks Consultancy Ltd ("Oaks") which form the Group ("the
Group").
The Group works in the UK and internationally. Its expertise is
in the provision, financing and management of affordable housing by
housing associations, local authorities, government agencies and
other non-profit organisations, high level business advice to the
property sector and support for organisations including
multi-academy education trusts and sports foundations working in
communities to improve health and well-being opportunities.
Results highlights
6 Months to 6 months to Year ended
30 Sept 2021 30 Sept 2020 31 March 2021
(unaudited) (unaudited) (audited)
GBP'000s GBP'000s GBP'000s
Turnover 4,855 3,509 7,642
Gross profit 1,055 658 1,640
Operating profit 304 202 301
Profit after tax 247 174 187
Earnings per share 0.62 0.45p 0.48
Cash balances 1,886 1,443 2,127
Total dividend payable 0.20p 0.15p 0.55p
Dividend
The directors propose an interim dividend of 0.20p (2020:
0.15p). This will be paid on 20 December 2021 to shareholders on
the register at 10 December 2021.
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 as it forms
part of UK Domestic Law by virtue of the European Union
(Withdrawal) Act 2018 ("UK MAR").
For further information please visit
www.aquilaservicesgroup.co.uk or contact:
Aquila Services Group plc
Claire Banks
Group Finance Director and Company Secretary
Tel: 020 7934 0175
Beaumont Cornish Limited, Financial Adviser
Roland Cornish
Tel: 020 7628 3396
Chair's statement
Dear Shareholder,
I am pleased to present the half-yearly report and the interim
results for the six months to 30 September 2021.
Aquila Services Group plc ("the Company") is the holding company
for Altair Consultancy & Advisory Services Ltd ("Altair"),
Aquila Treasury & Financial Solutions Ltd ("ATFS") and Oaks
Consultancy Ltd ("Oaks") which form the Group ("the Group").
The Group is an independent consultancy specialising in the
provision, financing, and management of affordable housing by
housing associations, local authorities, government agencies and
other non-profit organisations. The Group also provides high level
business advice to the commercial property sector and support for
organisations including multi-academy education trusts and sports
foundations, working in communities to improve health and
well-being opportunities.
Nearly all the services of the Group relate to activities which
are or should be the necessary requirements of a responsible
society. Working with our clients we assist communities in
delivering better housing, health and education through our
experience and expertise. The Group has a responsibility to ensure
that the services it provides are effective and value for money. We
are especially proud of our work helping our clients embrace the
green agenda.
Our recent reports have had to balance information about our
operational achievements with managing the implications of the
pandemic. This has meant decisions on the need to invest in the
growth of the business and retaining reserves to manage in an
uncertain economy. The improving management of the COVID-19 crisis
by the government that has enabled business activity to return to
nearer normality and the resilience shown by the economy is now
enabling a much more forward looking and optimistic business
strategy.
The Group results for the 6 months ended 30 September 2021
demonstrate how we have managed the crisis and emerged financially
stronger. The period has reflected increased operating
profitability. This gives us confidence that at the halfway stage
of the financial year, the full year financial results will
continue to reflect that strength and depth in the business.
I am pleased to report that turnover for the 6 months was
GBP4.9m (30 September 2020: GBP3.5m), earnings before tax were
GBP304k (30 September 2020: GBP202k) and net current assets
including cash of GBP1.9m continued to be strong at GBP2.4m (30
September 2020: GBP1.8m including cash of GBP1.4m). These represent
increases of 40% on turnover, 50% on earnings and 35% on cash
balances.
The Directors propose an interim dividend of 0.20p per share (30
September 2020: 0.15p per share). This represents a 33% increase in
the interim dividend which will be paid on 20 December 2021 to
shareholders on the register at 10 December 2021. This increase
reflects the progressive dividend strategy of the Group going
forward.
The results for the half-year are all the more commendable given
that for more than the first three months, many of the COVID-19
restrictions were still in place and although eased, some of these
remained in place for the whole period. For the six months our
education and international housing businesses were still being
impacted by operational restrictions at clients and travel
restrictions, although our UK housing and sports consultancies were
seeing a strong upturn in demand.
Of our business streams, only the education sector has not yet
seen progress during the period being reported. Our clients in the
education sector for both the debt advice and payments reviews
(credit card transactional analysis) are mainly the smaller and
medium sized establishments who are reluctant to commit resources
until government clarifies the future planning and grant allocation
for these clients, particularly for capital projects.
There is much we have learned during these difficult periods. It
emphasises that the well-being and morale of our staff were crucial
elements to the success of the business, and we have a strong focus
on supporting our colleagues. A high level of job satisfaction and
opportunities for both personal and professional development are
very important to colleagues. Also, we have reviewed our pay and
reward packages and continue to invest in training and development
and encourage all members of the Group to take up these
opportunities. Just as important is the social, physical and mental
well-being of our staff and being active supporters of our
community and environment. We recognise that we have a
responsibility to enable colleagues to make that wider contribution
and encourage them to do so.
We truly believe that success comes from supporting initiatives
generated by the staff themselves and enabling them to take pride
in what they have achieved. We now have active staff groups
focusing on the key issues of equality, diversity and inclusion and
the environment.
Throughout the pandemic, we increasingly relied on and were
proud of how our IT systems coped with the volume and information
requirements of home working. We understand that for some
individuals this had implications and we were keen to ensure that
we were communicative and supportive, giving colleagues the ability
to work flexibly to suit their individual situations. Those
principles remain today.
The Group is now well-placed to expand both its range and depth
of services and has an order book for nearly all of its services
stronger than for some time. This is enabling us to recruit with
confidence.
We anticipate the progress for the first 6 months will continue
for the rest of the financial year and that we will be able to
further enhance our returns to shareholders at the full year.
Lastly, I want to thank everybody involved with the Group, my
fellow directors, executive team members, staff, clients and those
external specialists upon whom we often rely. All of you have
contributed to the success of the Group and like you, I am proud of
what is being achieved.
Derek Joseph - Chair
26 November 2021
Management report
The Management of the Group are pleased to present their report
for the period ended 30 September 2021.
Aquila at a Glance
Aquila Services Group plc ("the Company") is the holding company
for Altair Consultancy and Advisory Services Ltd ("Altair"), Aquila
Treasury and Financial Solutions Ltd ("ATFS") and Oaks Consultancy
Ltd ("Oaks") which form the group ("the Group").
The Group continues to implement its business strategy to
encompass all the professional consultancy services that the
Group's client base demands. The Group provides advice and support
across the affordable housing, regeneration, sport and education
sectors. Its purpose is to assist organisations that benefit local
communities such as housing associations, local authorities,
government agencies, multi-academy trusts, other non-profit
organisations and those set up for community benefit, as well as
providing related high-level business advice to the commercial
property sector.
Business performance and position
Altair Consultancy and Advisory Services Ltd ("Altair")
Altair is a specialist management consultancy company that works
with organisations that govern, manage, regulate or build housing.
Operating within the UK and Europe, its international client base
is increasing with expansion in Africa and Asia.
The services that Altair offers cover housing development and
regeneration, property asset management, health and safety
compliance and building safety advice, strategic financial advice,
governance and risk management, executive and non-executive
recruitment. Our ITC and digital, transformation and people
services are areas of investment and growth.
Altair has had a strong half year with the business performing
in line with expectations following the lifting of some of the more
onerous restrictions as we come out of lockdown. Colleagues
continue to work virtually, attending client sites if required
although this is not at pre-pandemic levels as clients are also
finding new ways of working.
Our property team continues to be busy and has seen an increase
in contracts over the six months, improving from last year's on
budget performance. The cladding crisis and new regulations
emanating from the Building Safety Bill 2021 have meant that we are
looking to increase the capacity in our technical and assets team
to be able to respond to the demands from the sector. We are
encouraged that the international work has also returned and we
have secured new contracts in Malaysia and Kenya, funded through
the World Bank and are seeing further possible opportunities for us
to assist governments and funding bodies in Africa and Asia.
The post-pandemic focus in the housing sector has been on
transformation, service delivery and the provision of new digital
platforms. To respond to this we brought on board and invested in a
technology team and strengthened the transformation offering with
additional skills in people and culture. The forthcoming
introduction of stronger consumer regulation has also prompted
further product development and we will roll this out in the next
half-year. The investment we made during the last financial year in
digital products to support the governance offering has been well
received by clients and has expanded our offering.
We continue to work with new for-profit providers, assisting
them with registration with the Regulator of Social Housing,
financial and governance advice and for some, preparation for an
in-depth assessment by the Regulator as they have now reached the
1,000 home mark.
A highlight of the six months is that we have started to recruit
to strengthen and grow the team and we welcomed our second cohort
of six graduates in August and September, something we were unable
to do last year.
Aquila Treasury and Financial Solutions Ltd ("ATFS")
ATFS is a specialist treasury management consultancy authorised
and regulated by the Financial Conduct Authority that operates
across the UK and Europe. It provides advice on treasury policy and
strategy, debt and capital market finance, banking and card
merchant services, value for money, and financial market
information services to local authorities, charities, housing
associations, education bodies, private sector housing providers
and government bodies.
ATFS has had a mixed six months. The housing business has
performed in line with expectations and we continue to work closely
with clients in Scotland, Ireland and England. We expect to see the
same level of activity in the next six months. A new area of work
has been with the new registrations that are beginning to come to
the market for funding and we are now advising a number of clients
on the options they have available.
The education sector has been impacted through COVID-19 and the
delay in government announcements regarding capital funding has
meant that the education advisory service has had a number of
contracts delayed and a reduction in work commissioned. We are
hopeful that this will revert in the next half year.
We have undertaken some product development, specifically
working with colleagues within the housing business on ESG funding
products.
Oaks Consultancy Limited ("Oaks")
Oaks is a specialist sports, charity, statutory and education
consultancy operating within the UK and Europe with an increasing
international presence. Oaks' clients include national and
international sports teams and governing bodies, national and
international charities, statutory organisations and local
authorities, multi academy trusts and teaching school alliances,
housing associations and corporate businesses.
Oaks provides consultancy advice and guidance on strategy and
business planning, organisational and cultural change programmes,
impact measurement, together with implementation support in
relation to income generation and diversification. Contracts are
delivered through a mix of fixed-fee projects and retained
contracts for general advisory services.
The Oaks business has had a strong start to the year. The sports
sector has responded quickly to the challenges of COVID and
consequently continues to represent a vibrant and significant
proportion of Oaks business activity. Domestically, Oaks in
addition to winning new clients in a number of sports has
maintained and grown many of its retained relationships.
Internationally it has expanded the scale and scope of its work
delivering strategic consultancy projects in over 10 European
counties through its UEFA and European Clubs Association
relationships. In addition to its current European profile, Oaks is
delivering commissions in the USA through its Laureus relationship
and is exploring further international opportunities.
Education continues to be challenging as partners in this sector
look to address pandemic related issues, however Oaks continues to
acquire new business and is seeing positive signs of recovery.
Strong wins in the social housing and charities sectors demonstrate
Oaks' relevance and ability to deploy its products in different
contexts.
Through its Group-wide activities, Oaks is in a position to
promote and benefit from a range of cross selling opportunities, an
approach which will be expanded in the second half of the year.
Investments
The Group continues to hold a 5.3% equity stake in AssetCore, a
company building a financial debt management platform for the
affordable housing sector.
Group-wide initiatives
The employee-led Green Group continues its work and is currently
progressing with the development and implementation of a strategy
to enable the Group to improve its carbon footprint having achieved
the status of a Carbon Neutral Plus organisation in the previous
year.
Our employee-led Equality, Diversity and Inclusion Group (EDI)
continues to drive forward the EDI agenda across the Group, and
this half-year we have analysed our data and agreed an action plan
for improvement in addition to rolling out a Group-wide training
programme.
We will report further on these two initiatives at the year end
and will be publishing progress on our website.
Outlook
The strong performance in the first half has positioned the
Group well for the second half of the year being reported. The work
undertaken to bring in new services and products in the year ending
31 March 2021 and further work this half-year will continue to
provide increased opportunities across the Group.
Challenges remain for our clients, specifically with the risks
associated with the external operating environment, the increase in
costs and reported labour shortages. With the lessening of
restrictions clients are returning to the work environment and in
housing development of new build properties and maintenance has
resumed apace, school, college and universities are back and sports
is able to welcome crowds and reinvigorate their community work.
This gives the Group further potential for growth.
As a consequence of continued on-going government spending to
assist businesses during the pandemic, local authority funding has
continued to be under severe pressure. The Company is cognisant of
the potential risk that may have on our business, although there is
no immediate sign of withdrawal of services or commissioning of
work. The Company maintains a broad portfolio of clients and is not
solely reliant on local authorities which serves to mitigate this
potential risk.
The outlook for the international business is positive as focus
switches back to housing and opportunities are increasing as aid
and government funding becoming available.
The Company's clients have shown their resilience during the
pandemic and have adapted to new and different ways of working. We
are able to support this and, although some travel and in-person
client work has returned, clients are happy to work with a hybrid
model and, conscious of the environment, are more discerning in how
they commission work to be delivered. We respect this approach and
colleagues have been able to successfully deliver complex projects
virtually and in a hybrid way during the last six months being
reported.
Going concern basis
The Board updates its three-year business plan annually. This
includes a review of the Company's cash flows and other key
financial ratios over the period. These metrics are subject to
sensitivity analysis which involves flexing a number of the main
assumptions underlying the forecast, both individually and in
unison. Where appropriate, this analysis is carried out to evaluate
the potential impact of the Company's principal risks. The
three-year review also makes certain assumptions about the normal
level of capital investment likely to occur and considers whether
additional financing facilities will be required.
The Group does not have any bank debt and did not take any loans
offered under the CBILS scheme. The Group remains in a strong cash
position with balances at the end of September 2021 at GBP1.9m and
net current assets at GBP2.4m.
The Directors continue to review the forecasts on a monthly
basis applying stress tests to the reforecasts to ensure viability
of the outputs. The Group continue to monitor cash balances,
debtors and cash generation on a daily basis. Based on the results
of these analyses, the Directors have a reasonable expectation that
the company will be able to continue in operation and meet its
liabilities as they fall due in the next twelve months and over the
three-year period of their assessment.
Risks and uncertainties
The key risks and uncertainties relating to the Group's
operations remain largely consistent with those disclosed in the
Group's Annual Report and Accounts for the year ended 31 March
2021. These are listed below:
-- Financial risk
-- Unfavourable economic conditions and/or changes to government policy
-- Potential reintroduction of COVID-19 restrictions
-- Competition
-- Staff skills, retention, recruitment and succession
-- Data governance
The Group seeks to mitigate all these risks through ensuring
that it monitors changes in statutory, regulatory and financial
requirements and maintains good relationships with its clients,
principal contacts within government, regulators and other key
influencers within the sector. The Group is well placed to provide
the full range of services needed by its clients as the external
environment changes
A detailed explanation of the risks relevant to the Group is on
Page 11 of the Annual Report and Accounts for the year ended 31
March 2021 and is available on the Company's website at
www.aquilaservicesgroup.co.uk .
Fiona Underwood - Executive Director
26 November 2021
Directors' report
Responsibility Statement
The Directors, whose names and functions are set out at the end
of this report, are responsible for preparing the Unaudited Interim
Condensed Consolidated Financial Statements in accordance with the
Disclosure Guidance and Transparency Rules of the United Kingdom's
Financial Conduct Authority ("DTR") and with International
Accounting Standard 34 on Interim Financial reporting ("IAS 34").
The Directors confirm that, to the best of their knowledge, this
Unaudited Interim Condensed Consolidated Report has been prepared
in accordance with UK-adopted International Accounting Standard 34.
The interim management report includes a fair review of the
information required by DTR 4.2.7 and DTR 4.2.8 namely:
-- an indication of key events occurred during the period and
their impact on the Unaudited Interim Condensed Consolidated
Financial Statements and a description of the principal risks and
uncertainties for the second half of the financial year; and
-- material related party transactions that have taken place
during the period and that have materially affected the financial
position or the performance of the business during that period.
Related party transactions
During the 6 months to 30 September 2021, Derek Joseph, Chair,
was paid GBP11.5k (6 months to September 2019: GBP29k) which
includes GBP6.5k (6 months to September 2019: GBP24k) of
consultancy fees in relation the Group's international business.
Richard Wollenberg, non-executive director, accrued fees of GBP2k
(6 months to September 2020: GBP2k), the balance owed to Richard
Wollenberg for services as a non-executive director was GBP2k (30
September 2020: GBP2k).
Remuneration of Directors and key management personnel
The remuneration of the key management personnel of the Group,
including all directors of subsidiary companies, is set out below
in aggregate for each of the categories specified in IAS 24 Related
Party Disclosures.
6 months to 6 months to Year ended
30 September 30 September 31 March
2021 (unaudited) 2020 (unaudited) 2021
(audited)
GBP'000 GBP'000 GBP'000
Wages and salaries 580 524 1,197
Share-based payments (7) (20) 23
Post-retirement benefits 24 22 44
------------------ ------------------ -----------
597 526 1,264
================== ================== ===========
Claire Banks - Group Finance Director
26 November 2021
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2021
Six months to 30 September 2021 Six months to 30 September 2020 Year ended
31 March
2021
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Revenue 4,855 3,509 7,642
Cost of sales (3,800) (2,851) (6,002)
-------------------------------- -------------------------------- -----------
Gross profit 1,055 658 1,640
Administrative expenses (751) (456) (1,339)
-------------------------------- -------------------------------- -----------
Operating profit 304 202 301
Loss on disposal of associate - - (25)
Profit before taxation 304 202 276
Income tax expense (57) (28) (89)
-------------------------------- -------------------------------- -----------
Profit for the period 247 174 187
================================ ================================ ===========
Earnings per share attributable to
owners of the parent
Weighted average number of shares: '000 '000 '000
* Basic 39,962 38,324 39,282
* Diluted 41,153 43,476 41,602
Basic earnings per share 0.62p 0.45p 0.48p
Diluted earnings per share 0.60p 0.40p 0.45p
Condensed Consolidated Statement of Financial Position
As at 30 September 2021
30 September 2021 30 September 2020 31 March
2021
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Non-current assets
Goodwill 3,317 3,317 3,317
Right of use assets 317 405 361
Property, plant and equipment 32 46 33
Investment in associates - 278 -
Investments 71 121 71
------------------ ------------------ ----------
3,737 4,167 3,782
Current assets
Trade and other receivables 2,110 2,275 2,273
Cash and bank balances 1,886 1,443 2,127
------------------ ------------------ ----------
3,996 3,718 4,400
Current liabilities
Trade and other payables 1,380 1,690 1,929
Lease liabilities 85 86 85
Corporation tax 157 104 89
1,622 1,880 2,103
Net current assets 2,374 1,838 2,297
------------------ ------------------ ----------
Non-current lease liabilities 241 320 284
Net assets 5,870 5,685 5,795
================== ================== ==========
Equity
Share capital 1,998 1,993 1,998
Share premium account 1,712 1,712 1,712
Merger reserve 3,042 3,042 3,042
Share-based payment reserve 396 698 580
Retained losses (1,278) (1,760) (1,537)
------------------ ------------------ ----------
Equity attributable to the owners of the parent 5,870 5,685 5,795
Condensed Consolidated Statement of Changes in Equity
Share Share based
Share premium Merger payment Retained Total
capital account reserve reserve losses equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
April 2020 1,897 1,475 3,042 769 (1,941) 5,242
Issue of shares 96 237 - - - 333
Transfer on
reserves - - - (7) 7 -
Total comprehensive
income - - - - 174 174
Share based
payment charge - - - (64) - (64)
Balance at 30
September 2020 1,993 1,712 3,042 698 (1,760) 5,685
-------- -------- -------- ------------ --------- --------
Issue of shares 5 - - - - 5
Transfer on
reserves - - - (270) 270 -
Total comprehensive
income - - - - 13 13
Share based
payment charge - - - 152 - 152
Dividend - - - - (60) (60)
Balance at 31
March 2021 1,998 1,712 3,042 580 (1,537) 5,795
Transfer on
reserves - - - (172) 172 -
Total comprehensive
income - - - - 247 247
Share based
payment charge - - - (12) - (12)
Dividend - - - - (160) (160)
Balance at 30
September 2021 1,998 1,712 3,042 396 (1,278) 5,870
======== ======== ======== ============ ========= ========
Condensed Consolidated Statement of Cash Flows
for the six months ended 30 September 2021
Six months to 30 September Six months to 30 September Year ended
31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Profit for the period 247 174 187
Interest received - - -
Income tax expense 57 28 89
Share based payment charge (12) (64) 88
Loss on disposal of associate - - 25
Change in fair value of investments - - 50
Depreciation 56 67 131
--------------------------- --------------------------- -----------
Operating cash flows before movement in
working capital 348 205 570
Decrease in trade and other receivables 163 112 114
(Decrease)/Increase in trade and other
payables (549) 7 246
--------------------------- --------------------------- -----------
Cash generated by operations (38) 324 930
Income taxes refunded/(paid) 11 - (75)
Net cash (outflow)/inflow from operating
activities (27) 324 855
Cash flows from investing activities
Purchase of property, plant and equipment (11) (1) (7)
Proceeds from sale of associate - - 252
Net cash (outflow)/inflow from investing
activities (11) (1) 245
Cash flows from financing activities
Lease liability payments (43) (41) (79)
Proceeds of share issue - 333 338
Dividends paid (160) - (60)
Net cash (outflow)/inflow from financing
activities (203) 292 245
Net (decrease)/increase in cash and cash
equivalents (241) 615 1,299
Cash and cash equivalents at beginning of the
period 2,127 828 828
--------------------------- --------------------------- -----------
Cash and cash equivalents at end of the period 1,886 1,443 2,127
=========================== =========================== ===========
Notes to the Condensed set of Financial Statements
for the six months ended 30 September 2021
1. General information
The Company and its subsidiaries (together "the Group") are a
major provider of consultancy services to organisations that
develop, fund or manage affordable housing. It provides specialist
housing, sport, education and treasury management consultancy
services
The Company is a public limited company domiciled in the United
Kingdom and incorporated under registered number 08988813 in
England and Wales. The Company's registered office is Tempus Wharf,
29a Bermondsey Wall West, London, SE16 4SA.
2. Basis of preparation
The Unaudited Condensed Consolidated Interim Financial
Statements of the Group have been prepared on the basis of the
accounting policies, presentation, methods of computation and
estimation techniques used in the preparation of the audited
accounts for the period ended 31 March 2021 and expected to be
adopted in the financial information by the Company in preparing
its annual report for the year ending 31 March 2022.
This Interim Consolidated Financial Information for the six
months ended 30 September 2021 has been prepared in accordance with
UK-adopted International Accounting Standard 34. This Interim
Consolidated Financial Information is not the Group's statutory
financial statements and should be read in conjunction with the
annual financial statements for the year ended 31 March 2021, which
have been prepared in accordance with International Financial
Reporting Standard (IFRS) and have been delivered to the Registrar
of Companies. The auditors have reported on those accounts; their
report was unqualified, did not include references to any matters
to which the auditors drew attention by way of emphasis of matter
without qualifying their report and did not contain statements
under section 498(2) or (3) of the Companies Act 2006.
The Interim Consolidated Financial Information for the six
months ended 30 September 2021 is unaudited. In the opinion of the
Directors, the Interim Consolidated Financial Information presents
fairly the financial position, and results from operations and cash
flows for the period.
The Directors have made an assessment of the Group's ability to
continue as a going concern and are satisfied that the Group has
adequate resources to continue in operational existence for the
foreseeable future. The Group, therefore, continues to adopt the
going concern basis in preparing its consolidated financial
statements.
The financial statements are presented in sterling, which is the
Group's functional currency as the UK is the primary environment in
which it operates.
3. Operating segments
The Group has two reportable segments being: consultancy, and
treasury management services, the results of which are included
within the financial information. In accordance with IFRS8
'Operating Segments', information on segment assets is not shown,
as this is not provided to the chief operating decision-maker.
The principal activities of the Group are as follows:
Consultancy - a range of services to support the business needs
of a diverse range of organisations across the housing (including
housing associations and local authorities), education and sports
sectors. Most consultancy projects run over one to two months and
on-going business development is required to ensure a full pipeline
of consultancy work for the employed team.
Treasury Management - a range of services providing treasury
advice and fund-raising services to non-profit making organisations
working in the affordable housing and education sectors. Within
this segment of the business several client organisations enter
fixed period retainers to ensure immediate call-off of the required
services.
The accounting policies of the reportable segments are the same
as the Group's accounting policies. Segment profit represents the
profit earned by each segment, without allocation of central
administration costs, including Directors' salaries, finance costs
and income tax expense. This is the measure reported to the Group's
executives for the purpose of resource allocation and assessment of
segment performance.
6 months 6 Months
to 30 Sept to 30 Sept
2021 2020
GBP'000 GBP'000
Revenue from Consultancy 4,566 3,132
Revenue from Treasury Management 289 377
------------ ------------
4,855 3,509
============ ============
Within consultancy revenues, approximately 8% (2020: 5%) has
arisen from the segment's largest customer; within treasury
management 27% (2020: 25%).
Geographical information
Revenues from external customers, based on location of the
customer, are shown below:
6 months 6 months
to 30 Sept to 30 Sept
2021 2020
GBP'000 GBP'000
UK 4,652 3,240
Europe 195 188
Rest of World 8 81
------------ ------------
4,855 3,509
============ ============
4. Share capital
The Company has one class of share in issue being ordinary
shares with a par value of 5p. Allotted, issued and called up
ordinary shares of GBP0.05 each:
Number Amount called up and fully paid
'000 GBP'000
As at 1 April 2020 37,947 1,897
Issued during the period 1,911 96
------- --------------------------------
As at 30 September 2020 39,858 1,993
Issued during the period 103 5
------- --------------------------------
As at 31 March 2021 39,961 1,998
Issued during the period - -
------- --------------------------------
As at 30 September 2021 39,961 1,998
======= ================================
5. Share-based payment transactions
The Company operates an Unapproved Scheme and an Enterprise
Management Incentives Scheme. The total credit recognised in the
period to 30 September 2021 arising from share-based payment
transactions is GBP12k (the credit for the period ended 30
September 2020: GBP64k).
Unapproved scheme Number '000 Weighted average
exercise price
Number of options outstanding at 1 April
2021 and 30 September 2021 171 GBP0.35
============
The exercise price of the options outstanding at 30 September
2021 is GBP0.35.
Number Weighted average
EMI scheme '000 exercise price
Number of options outstanding at 1 April
2021 2,320 GBP0.05
Lapsed during period (375) GBP0.05
Forfeited during period (375) GBP0.05
Cancelled during period (96)
-------
Number of options outstanding at 30 September
2021 1,474 GBP0.05
-------
Number of options exercisable at 30 September
2021 1,423 GBP0.05
=======
6. Going concern
The Group has sufficient financial resources to enable it to
continue its operational activities for the foreseeable future.
Accordingly, the Directors consider it appropriate to adopt the
going concern basis in preparing these interim accounts.
7. Dividend
An interim dividend of 0.20p will be paid on 20 December 2021 to
shareholders on the register at 10 December 2021 at a cost of
GBP79,924.
8. Related party disclosures
Balances and transactions between the Group and other related
parties are disclosed below:
During the 6 months to 30 September 2021, Derek Joseph, Chair,
was paid GBP11.5k (6 months to September 2020: GBP29k) which
includes GBP6.5k (6 months to September 2020: GBP24k) of
consultancy fees in relation the Group's International
business.
Richard Wollenberg, non-executive director, accrued fees of
GBP2k (6 months to September 2020: GBP2k). At 30 September 2021,
the balance owed to Richard Wollenberg for services as a
non-executive director was GBP2k (6 months to September 2020:
GBP2k).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR EQLFLFFLZFBQ
(END) Dow Jones Newswires
November 29, 2021 01:59 ET (06:59 GMT)
Aquila Services (LSE:AQSG)
과거 데이터 주식 차트
부터 12월(12) 2024 으로 1월(1) 2025
Aquila Services (LSE:AQSG)
과거 데이터 주식 차트
부터 1월(1) 2024 으로 1월(1) 2025
