TIDMASTO
RNS Number : 6643D
AssetCo PLC
07 December 2009
+-----------------------------------------------------------------------------+
| Press Release: 07/12/09 |
+-----------------------------------------------------------------------------+
Interim results for the six months ended 30 September 2009
Further strengthening of the integrated support services offering
KEY POINTS
Financial
* Profit before tax from continuing operations GBP5.4m (2008: GBP6.6m)
* Profits from our core Integrated Support Services up 25% to GBP3.9m (2008:
GBP3.1m)
* Fully diluted EPS from continuing operations 5.9p (2008: 7.4p)
* Recourse debt reduced by 23% to GBP27.8m (2008: GBP34.3m)
* 70% of total debt relates to non-recourse asset finance on our long-term
contracts (2008: 64%)
Operational
* Award of 7 year contract with London Fire and Emergency Planning Authority for
the provision of an Emergency Fire Crew Capability Service to the London Fire
Brigade
* 10 year Joint venture formed with Abu Dhabi Government for construction and
operation of Rabdan Academy Disaster City
* Exit from low margin Vehicle Assembly business
John Shannon, Chief Executive Officer, commented:
"We continue to develop AssetCo into a fully integrated support services
company, as demonstrated by the award of the London contingency solution and
Rabdan Academy Disaster City contracts. We are well placed to build on our
position further and look forward to future developments with confidence."
Enquiries:
AssetCo plc +44 (0) 20 8515 3999
John Shannon, Chief Executive Officer
Frank Flynn, Chief Financial Officer
James Collins, Investor Relations
Arden Partners plc +44 (0)20 7614 5932
Richard Day
Adrian Trimmings
Pelham +44 (0) 20 7337 1500
Alex Walters
Francesca Tuckett
Report of the Chief Executive Officer
Introduction
During this period we have made significant progress in the development of our
Integrated Support Services offering, particularly in our strategy to prioritise
our efforts on those services which are accountable for the highest proportions
of our clients' cost base. This has included the development of solutions that
give our clients access to alternative delivery models for operational training
and front-line operational services.
In July, the London Fire and Emergency Planning Authority (LFEPA), after a
competitive tender process, awarded us the UK's first Reserve Fire Crew contract
to provide an Emergency Fire Crew Capability Service to the London Fire Brigade
of up to 700 staff, trained to provide a contingency fire fighting service. The
award of this seven year contract will assist LFEPA in meeting its statutory
duty to provide crew resilience if existing services require support in extreme
situations such as pandemic illness or flooding.
In November, we formed a 10-year joint venture agreement with the Abu Dhabi
Government's Critical National Infrastructure Authority (CNIA) to develop and
manage a 100-acre multi-agency emergency services training centre,
Rabdan Disaster City. Rabdan Disaster City will be an integral part, and is the
first project, of the "Rabdan Academy", a programme to establish accredited
education and training qualifications to personnel from multi-agency services in
the Emirates, the Gulf Co-operation Council and Internationally.
As a result of the changing focus of our business in the UK and overseas, we
continue to review and challenge the shape of the current business and are
taking active steps to adapt it in order to focus on the changing needs of our
clients. As part of this and following completion of a strategic review earlier
in the year we have embarked upon an exit from our Vehicle Assembly business,
and expect this to be completed by Spring 2010.
Financial Results for the six months ended 30 September 2009
The performance for the six months ended 30 September 2009 has resulted in a
profit before taxation of GBP5.4m (six months ended 30 September 2008 GBP6.5m).
The financial results for the comparable period include approximately GBP1.8m of
'one off' project activity which has not been repeated, hence our underlying
half year performance is significantly ahead of the comparable period.
Our performance reflects our strategy to focus on better quality sustainable
revenue and to reduce our activity in high volume/low margin operations, where
trading conditions are more difficult as a result of the current economic
situation, and to be less reliant on "one-off" project activity.
Our core Integrated Support Services business delivered a 25% increase in profit
to GBP3.9m (six months ended 30 September 2008 GBP3.1m). This improvement is as
a result of both an expansion of our services and increased operating
efficiency.
We have continued to reduce our recourse debt exposure to de-risk the business
to current financial sector liquidity constraints. Recourse debt has reduced by
23% to GBP27.8m (GBP34.3m as at 30 September 2008).
Non recourse debt (long term contract asset finance) has increased by 5% to
GBP63.6m (six months ended 30 September 2008 GBP60.9m) which reflects our
continued investment in assets designed to deliver a best in class service to
our partners.
70% of our total debt as at 30 September 2009 related to non-recourse debt
compared to 64% as at 30 September 2008.
Net operating cash flow was GBP11.4m (six months ended 30 September 2008:
GBP12.4m).
Despite the adverse stock market conditions, our defined benefit pension scheme
continues to operate a healthy surplus.
Strategy
We continue to adapt our business proposition to deliver measurable and
significant long-term sustainable benefit to our clients and prospective clients
Integrated Support Services
UK
The 2009 Government Budget Report highlighted the fact that the UK is entering a
period of unprecedented Public Sector fiscal pressure. The requirement for all
UK Fire and Rescue Authorities to deliver efficiency savings from continued
modernisation will now be much greater and more pressing than initially
anticipated. Our experience and track record and the increased breadth of our
integrated support services offering mean that we are well positioned to deliver
sustainable long-term growth in this environment.
Internationally
London Fire Brigade is recognised internationally as the world's leading fire
and rescue service and our partnership model provides an operating template
against which we can measure other services and deliver change and improvement.
The establishment of our joint venture with the Abu Dhabi Government, positions
us well to work with the various agencies that deliver a fire and rescue service
to the UAE, to allow them to consider alternative delivery models for all their
operational service requirements.
Specialist Equipment
Following our strategic review of our Specialist Equipment business, we have
re-branded all the previously independent operations, (AS Fire and Rescue, Fire
Safety Equipment, Collins Youldon, Blue Amber Red and Todd Research) as
Supply999.
Supply999 now offers an integrated equipment solution to UK Fire and Rescue. It
holds the UK Government Procurement Framework agreements for our complete
equipment portfolio, and has successfully begun to open up new international
markets, both with and independent of the AssetCo Integrated Services business.
We continue to review each of the product lines within the portfolio to ensure
we have "best in class" assets and the requisite OEM support.
Current Trading
The group has continued to trade in line with the board's expectations in the
six weeks since the half year end.
Outlook
As our understanding of the long-term requirements of our clients and
prospective clients has developed, we have evolved our business model and
increased the intellectual and operational capabilities of the group. That we
are recognised as the partner of choice for "pathfinder" contracts in the UK and
Government joint ventures in the UAE, demonstrates the progress made in
establishing our Integrated Support Services business as a compelling
proposition both at home and overseas and leaves us well positioned for the
future.
John Shannon
Chief Executive Officer
INTERIM CONSOLIDATED INCOME STATEMENT (UNAUDITED)
+-----------------------------------------------+-------+-----------+-----------+
| | | Six months ended |
+-----------------------------------------------+-------+-----------------------+
| | | | |
| | | 30.9.09 | 30.9.08 |
+-----------------------------------------------+-------+-----------+-----------+
| | | GBP'000 | GBP'000 |
+-----------------------------------------------+-------+-----------+-----------+
+-----------------------------------------------+-------+---------------------------------------+---------------------------------------+
| Revenue | | 27,862 | 28,904 |
+-----------------------------------------------+-------+---------------------------------------+---------------------------------------+
| Cost of sales | | (11,291) | (11,959) |
+-----------------------------------------------+-------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-------------------------------------------------------+---------------------------------------+---------------------------------------+
| Gross profit | 16,571 | 16,945 |
+-------------------------------------------------------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-----------------------------------------------+-------+---------------------------------------+---------------------------------------+
+--------------------------------------------+---+--+-------+------------------------------------+--+---------------------------------------+
| Administrative expenses | | (8,684) | (6,890) |
+------------------------------------------------+----------+---------------------------------------+---------------------------------------+
| | | ------------------------------------- | ----------------------------------- |
+------------------------------------------------+----------+---------------------------------------+---------------------------------------+
| | | | (8,684) | (6,890) |
+--------------------------------------------+---+----------+------------------------------------+------------------------------------------+
| Other gains | | | - | 200 |
+--------------------------------------------+---+----------+------------------------------------+------------------------------------------+
| Restructuring costs | | | (132) | (554) |
+--------------------------------------------+---+----------+------------------------------------+------------------------------------------+
| | | ------------------------------------- | ----------------------------------- |
+------------------------------------------------+----------+---------------------------------------+---------------------------------------+
| Operating profit | | 7,755 | 9,701 |
+------------------------------------------------+----------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-----------------------------------------------------------+---------------------------------------+---------------------------------------+
| Finance income | | 431 | 440 |
+---------------------------------------------------+-------+---------------------------------------+---------------------------------------+
| Finance costs | | (2,752) | (3,534) |
+---------------------------------------------------+-------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-----------------------------------------------------------+---------------------------------------+---------------------------------------+
| Profit before taxation | | 5,434 | 6,607 |
+---------------------------------------------------+-------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-----------------------------------------------------------+---------------------------------------+---------------------------------------+
| Taxation | | (730) | (1,142) |
+---------------------------------------------------+-------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-----------------------------------------------------------+---------------------------------------+---------------------------------------+
| Profit for the period from continuing operations | | 4,704 | 5,465 |
+---------------------------------------------------+-------+---------------------------------------+---------------------------------------+
| | | ------------------------------------- | ------------------------------------- |
+---------------------------------------------------+-------+---------------------------------------+---------------------------------------+
| | | | |
+---------------------------------------------------+-------+---------------------------------------+---------------------------------------+
| | | | |
+---------------------------------------------------+-------+---------------------------------------+---------------------------------------+
| Discontinued operations | | | |
+---------------------------------------------------+-------+---------------------------------------+---------------------------------------+
| Loss for the period from discontinued operations | | (1,588) | (594) |
+---------------------------------------------------+-------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-----------------------------------------------------------+---------------------------------------+---------------------------------------+
| Profit for the period | | 3,116 | 4,871 |
+---------------------------------------------------+-------+---------------------------------------+---------------------------------------+
| | | ======================= | ======================= |
+--------------------------------------------+---+--+-------+------------------------------------+--+---------------------------------------+
Earnings per share (pence)
+--------------------------------------------+---+-------+---------------------------------+-----+---------------------------------------+
| From continuing operations | | | |
+------------------------------------------------+-------+---------------------------------------+---------------------------------------+
| Basic | | 5.9p | 7.4p |
+------------------------------------------------+-------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+--------------------------------------------------------+---------------------------------------+---------------------------------------+
| Diluted | | | 5.9p | 7.4p |
+--------------------------------------------+---+-------+---------------------------------+---------------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+--------------------------------------------+---+-------+---------------------------------+-----+---------------------------------------+
+--------------------------------------------+---+-------+---------------------------------+-----+---------------------------------------+
| From continuing and discontinued operations | | | |
+------------------------------------------------+-------+---------------------------------------+---------------------------------------+
| Basic | | 3.9p | 6.5p |
+------------------------------------------------+-------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+--------------------------------------------------------+---------------------------------------+---------------------------------------+
| Diluted | | | 3.9p | 6.5p |
+--------------------------------------------+---+-------+---------------------------------+---------------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+--------------------------------------------+---+-------+---------------------------------+-----+---------------------------------------+
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
+-----------------------------------------------+-------+---------------------------------------+---------------------------------------+
| Profit for the period | | 3,116 | 4,871 |
+-----------------------------------------------+-------+---------------------------------------+---------------------------------------+
| Gains/(losses) in relation to interest rate | | 150 | (200) |
| hedging | | | |
+-----------------------------------------------+-------+---------------------------------------+---------------------------------------+
| Income tax relating to components of other | | - | - |
| comprehensive income | | | |
+-----------------------------------------------+-------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-------------------------------------------------------+---------------------------------------+---------------------------------------+
| Other comprehensive income, net of tax | 3,266 | 4,671 |
+-------------------------------------------------------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-----------------------------------------------+-------+---------------------------------------+---------------------------------------+
CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION (UNAUDITED)
+-----------------------------------------+------+----------+----------+------------+
| | | | | |
| | | 30.9.09 | 31.03.09 | 30.9.08 |
+-----------------------------------------+------+----------+----------+------------+
| | Note | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------+------+----------+----------+------------+
ASSETS
+-----------------------------------------+----+---------------------------------------+---------------------------------------+---------------------------------------+
| Non-current assets | | | | |
+-----------------------------------------+----+---------------------------------------+---------------------------------------+---------------------------------------+
| Property, plant and equipment | | 78,211 | 76,877 | 80,204 |
+-----------------------------------------+----+---------------------------------------+---------------------------------------+---------------------------------------+
| Goodwill | | 57,081 | 57,081 | 54,060 |
+-----------------------------------------+----+---------------------------------------+---------------------------------------+---------------------------------------+
| Other intangible assets | | 6,288 | 5,666 | 1,610 |
+-----------------------------------------+----+---------------------------------------+---------------------------------------+---------------------------------------+
| Investment in associates | | 414 | 414 | 414 |
+-----------------------------------------+----+---------------------------------------+---------------------------------------+---------------------------------------+
| Deferred tax asset | | 3,770 | 4,572 | 1,817 |
+-----------------------------------------+----+---------------------------------------+---------------------------------------+---------------------------------------+
| Retirement benefit surplus | | 429 | 429 | 429 |
+-----------------------------------------+----+---------------------------------------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+----------------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+
| | 146,193 | 145,039 | 138,534 |
+----------------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+-----------------------------------------+----+---------------------------------------+---------------------------------------+---------------------------------------+
Current assets
+-----------------------------------------+--+-+--+----------------------------+----------+---------------------------------------+---------------------------------------+
| Inventories | | 7,285 | 6,607 | 8,160 |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Trade and other receivables | | 17,118 | 23,997 | 15,678 |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Cash and cash equivalents | | 17,136 | 22,498 | 10,880 |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Derivative financial instruments | | - | - | 2,190 |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+-------------------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | 41,539 | 53,102 | 36,908 |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- | |
+-------------------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+
| Total assets | | | 187,732 | 198,141 | 175,442 |
+--------------------------------------------+-+-------------------------------+----------+---------------------------------------+---------------------------------------+
| | | ======================= | ======================= | ======================= |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| EQUITY | | | | | |
+--------------------------------------------+-+-------------------------------+----------+---------------------------------------+---------------------------------------+
| Attributable to equity holders of the Company | |
+---------------------------------------------------------------------------------------------------------------------------------+---------------------------------------+
| Issued share capital | | 22,678 | 18,345 | 18,104 |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Equity component of compound financial | | 7,917 | 7,917 | - |
| instruments | | | | |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Share premium account | | 29,288 | 26,115 | 25,584 |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Reverse acquisition reserve | | (11,701) | (11,701) | (11,701) |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Hedge reserve | | (4,980) | (5,130) | 1,577 |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Translation reserve | | (304) | (304) | 356 |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Other reserve | | 580 | 580 | 184 |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Retained earnings | | 17,715 | 15,739 | 15,659 |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | ------------------------------------ | ------------------------------------ | ------------------------------------ |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Total equity | | 61,193 | 51,561 | 49,763 |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | ------------------------------------ | ------------------------------------ | ------------------------------------ |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| LIABILITIES | | | | |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Non-current liabilities | | | | |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Borrowings | | 76,381 | 81,676 | 81,714 |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Liability component of compound | | 7,045 | 7,045 | - |
| financial instruments | | | | |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Deferred income tax liabilities | | 6,684 | 6,756 | 7,082 |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | ------------------------------------ | ------------------------------------ | ------------------------------------ |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | 90,110 | 95,477 | 88,796 |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | ------------------------------------ | ------------------------------------ | ------------------------------------ |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Current liabilities | | | | |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Trade and other payables | | 14,478 | 27,135 | 23,428 |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Borrowings | | 14,976 | 16,843 | 13,455 |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Derivative financial instruments | | 6,975 | 7,125 | - |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | ------------------------------------ | ------------------------------------ | ------------------------------------ |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | 36,429 | 51,103 | 36,883 |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | ------------------------------------ | ------------------------------------ | ------------------------------------ |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Total liabilities | | | 126,539 | 146,580 | 125,679 |
+--------------------------------------------+-+-------------------------------+----------+---------------------------------------+---------------------------------------+
| | | ------------------------------------ | ------------------------------------ | ------------------------------------ |
+-----------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Total equity and liabilities | | | 187,732 | 198,141 | 175,442 |
+--------------------------------------------+-+-------------------------------+----------+---------------------------------------+---------------------------------------+
| | | ======================= | ======================= | ======================= |
+-----------------------------------------+--+-+--+----------------------------+----------+---------------------------------------+---------------------------------------+
CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS(UNAUDITED)
+-----------------------------------------------+-------+-----------+-----------+
| | | Six months ended |
+-----------------------------------------------+-------+-----------------------+
| | | | |
| | | 30.9.09 | 30.9.08 |
+-----------------------------------------------+-------+-----------+-----------+
| | Note | GBP'000 | GBP'000 |
+-----------------------------------------------+-------+-----------+-----------+
| | | | |
+-----------------------------------------------+-------+-----------+-----------+
+--------------------------------------------+---+--+--+------+---------------------------------------+----------------------------+----------+
| Cash flows from operating activities | | | |
+---------------------------------------------------+---------+---------------------------------------+---------------------------------------+
| Cash generated from operations | 4 | 5,755 | 5,931 |
+---------------------------------------------------+---------+---------------------------------------+---------------------------------------+
| Finance costs | | (2,752) | (3,534) |
+---------------------------------------------------+---------+---------------------------------------+---------------------------------------+
| | | ------------------------------------ | ------------------------------------ |
+---------------------------------------------------+---------+---------------------------------------+---------------------------------------+
| Net cash generated from operating activities | | 3,003 | 2,397 |
+---------------------------------------------------+---------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-------------------------------------------------------------+---------------------------------------+---------------------------------------+
| Cash flows from investing activities | | | | |
+--------------------------------------------+---+------------+--------------------------------------------------------------------+----------+
| Purchase of intangible assets | | (1,305) | (34) |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| Purchases of property, plant and equipment | | (4,807) | (7,039) |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| Proceeds from sale of property, plant and equipment | | - | 3,846 |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| | | ------------------------------------ | ------------------------------------ |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| Net cash used in investing activities | | (6,112) | (3,227) |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| | | ------------------------------------ | ------------------------------------ |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| | | | |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| Cash flows from financing activities | | | |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| Proceeds from the issue of ordinary shares | | 7,506 | - |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| Dividends paid | | (1,140) | - |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| Net (decrease)/increase in borrowings | | (6,905) | 8,084 |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| Net (repayments of)/increase in finance leases | | (279) | 1,975 |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| Finance income | | 431 | 440 |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| | | ------------------------------------ | ------------------------------------ |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| Net cash gained in financing activities | | (387) | 10,499 |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| | | ------------------------------------ | ------------------------------------ |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| | | | |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| Net (decrease)/increase in cash, cash | | (3,496) | 9,669 |
| equivalents and bank overdrafts | | | |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| Cash, cash equivalents and bank overdrafts at | | 18,805 | 394 |
| beginning of period | | | |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| | | ------------------------------------ | ------------------------------------ |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| Cash, cash equivalents and bank overdrafts at end of | | 15,309 | 10,063 |
| period | | | |
+------------------------------------------------------+------+---------------------------------------+---------------------------------------+
| | | ===================== | ===================== |
+--------------------------------------------+---+--+--+------+---------------------------------------+----------------------------+----------+
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| | | Share | Share | Reverse | Hedging | Translation | Other | Retained | Total |
| | | | premium | acquisition | reserve | reserve | reserve | earnings | equity |
| | | capital | account | reserve | | | | | |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| | | | | | | | | | |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| At 1 April 2008 | | 17,958 | 25,197 | (11,701) | 1,777 | 356 | 384 | 11,506 | 45,477 |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| Profit for the | | - | - | - | - | - | - | 4,671 | 4,671 |
| period | | | | | | | | | |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| Shares issued in | | 146 | 387 | - | - | - | - | - | 533 |
| the period | | | | | | | | | |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| Movement relating | | - | - | - | - | - | (200) | 200 | - |
| to share-based | | | | | | | | | |
| payments | | | | | | | | | |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| Dividends paid | | - | - | - | - | - | - | (718) | (718) |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| Comprehensive | | - | - | - | (200) | - | - | - | (200) |
| income movement on | | | | | | | | | |
| hedge | | | | | | | | | |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| At 30 September | | 18,104 | 25,584 | (11,701) | 1,577 | 356 | 184 | 15,659 | 49,763 |
| 2008 | | | | | | | | | |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| Shares issued in | | 8,158 | 531 | - | - | - | - | - | 8,689 |
| the period | | | | | | | | | |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| Comprehensive | | - | - | - | (6,707) | - | - | - | (6,707) |
| income movement on | | | | | | | | | |
| hedge | | | | | | | | | |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| Comprehensive | | - | - | - | - | (660) | - | - | (660) |
| income movement on | | | | | | | | | |
| exchange | | | | | | | | | |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| Movement relating | | - | - | - | - | - | 396 | - | 396 |
| to share based | | | | | | | | | |
| payments | | | | | | | | | |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| Profit for the | | - | - | - | - | - | - | 80 | 80 |
| period | | | | | | | | | |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| At 1 April 2009 | | 26,262 | 26,115 | (11,701) | (5,130) | (304) | 580 | 15,739 | 51,561 |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| Profit for the | | - | - | - | - | - | - | 3,116 | 3,116 |
| period | | | | | | | | | |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| Shares issued in | | 4,333 | 3,173 | - | - | - | - | - | 7,506 |
| the period | | | | | | | | | |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| Dividends paid | | - | - | - | - | - | - | (1,140) | (1,140) |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| Comprehensive | | - | - | - | 150 | - | - | - | 150 |
| income movement on | | | | | | | | | |
| hedge | | | | | | | | | |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| | | ------------------------------------ | ------------------------------------ | ------------------------------------- | ------------------------------------- | ------------------------------------- | ------------------------------------- | ---------------------------------- | ------------------------------------ |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| At 30 September | | 30,595 | 29,288 | (11,701) | (4,980) | (304) | 580 | 17,715 | 61,193 |
| 2009 | | | | | | | | | |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
| | | ===================== | ===================== | ===================== | ===================== | ===================== | ===================== | ===================== | ===================== |
+---------------------+----+--------------------------------------+--------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+------------------------------------+--------------------------------------+
NOTES TO THE INTERIM FINANCIAL STATEMENTS (UNAUDITED)
1. Legal status and activities
AssetCo plc ("the Company") and its subsidiaries (together "the Group") are
principally involved with the provision of integrated support services to the
emergency services market.
The Company is a public limited liability company incorporated and domiciled in
England and Wales. The address of its registered office is 800 Field End Road,
South Ruislip, Middlesex HA4 0QH.
The Company is listied on the Alternative Investment Market ("AIM") of the
London Stock Exchange.
The Company's accounts for the year ended 31 March 2009 have been delivered to
the Registrar of Companies. Those accounts have received an unqualified audit
report which did not contain statements under Section 237 (2) and (3) of the
Companies Act 1985.
These financial statements are not statutory accounts within the meaning of
Section 240 of the Companies Act 1985.
These Group consolidated interim financial statements were authorised for issue
by the Board of Directors on 7 December 2009.
2 Basis of preparation of the interim report
The accounts comply with the AIM Rules and have been prepared on a basis
consistent with the revenue and recognition principles of International
Financial Reporting Standards ("IFRS"). The interim financial information has
been prepared on a basis which is consistent with the accounting policies
adopted by the Group for the last financial statements and should be read in
conjunction with these financial statements. The Group has chosen not to adopt
IAS 34, "Interim Financial Reporting".
The preparation of financial statements in conformity with IFRS requires the use
of certain critical accounting estimates. It also requires management to
exercise its judgement in the process of applying the Group's accounting
policies.
3. Primary segment information
For management purposes, the Group is organised into three main business
segments as follows:
Integrated Support Services - provision of integrated support services to the
fire and rescue market
Specialist Equipment - sale and supply of specialist equipment to emergency
services and the homeland security market
market
Non Emergency - provision of asset management and other services.
Six months ended 30 September 2009
+--------------------------+----+-----------------------+-----------------------+-----------------------+-----------------------+
| | | Integrated | Specialist | Non | Group |
| | | Support | Equipment | Emergency | |
| | | Services | | | |
+--------------------------+----+-----------------------+-----------------------+-----------------------+-----------------------+
| | | GBP'000 | GBP'000 | | GBP'000 |
+--------------------------+----+-----------------------+-----------------------+-----------------------+-----------------------+
| Continuing operations | | | | | |
+--------------------------+----+-----------------------+-----------------------+-----------------------+-----------------------+
| Segment revenue | | 16,167 | 6,245 | 5,450 | 27,862 |
+--------------------------+----+-----------------------+-----------------------+-----------------------+-----------------------+
| | | ===================== | ===================== | ===================== | ===================== |
+--------------------------+----+-----------------------+-----------------------+-----------------------+-----------------------+
| Segment result | | 3,915 | 1,441 | 78 | 5,434 |
+--------------------------+----+-----------------------+-----------------------+-----------------------+-----------------------+
| | | ===================== | ===================== | ===================== | ===================== |
+--------------------------+----+-----------------------+-----------------------+-----------------------+-----------------------+
Six months ended 30 September 2008
+-----------------------------+----+-----------------------+-----------------------+-----------------------+-----------------------+
| | | Integrated | Specialist | Non | Group |
| | | Support | Equipment | Emergency | |
| | | Services | | | |
+-----------------------------+----+-----------------------+-----------------------+-----------------------+-----------------------+
| | | GBP'000 | GBP'000 | | GBP'000 |
+-----------------------------+----+-----------------------+-----------------------+-----------------------+-----------------------+
| Continuing operations | | | | | |
+-----------------------------+----+-----------------------+-----------------------+-----------------------+-----------------------+
| Segment revenue | | 16,868 | 7,352 | 4,684 | 28,904 |
+-----------------------------+----+-----------------------+-----------------------+-----------------------+-----------------------+
| | | ===================== | ===================== | ===================== | ===================== |
+-----------------------------+----+-----------------------+-----------------------+-----------------------+-----------------------+
| Segment result | | 3,142 | 2,105 | 1,360 | 6,607 |
+-----------------------------+----+-----------------------+-----------------------+-----------------------+-----------------------+
| | | ===================== | ===================== | ===================== | ===================== |
+-----------------------------+----+-----------------------+-----------------------+-----------------------+-----------------------+
4. Reconciliation of profit before tax to net cash generated from operations
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| | | | Six | Six |
| | | | months | months |
| | | | ended | ended |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| | | | | |
| | | | 30.9.09 | 30.9.08 |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| | | | GBP'000 | GBP'000 |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| | | | | |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| Profit before taxation | | | 5,434 | 6,607 |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| | | | | |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| Adjustments for: | | | | |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| - Depreciation and amortization | | | 3,684 | 3,286 |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| - Profit on disposal of property, plant | | | - | (200) |
| and equipment | | | | |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| - Increase in share-based payments | | | - | (200) |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| - Movement in provisions | | | - | (428) |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| - Cash outflow from discontinued | | | (1,588) | (594) |
| operations | | | | |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| - Finance income | | | (431) | (440) |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| - Finance costs | | | 2,752 | 3,534 |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| Changes in working capital | | | | |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| - Inventories | | | (678) | (5,117) |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| - Trade and other receivables | | | 7,681 | (3,446) |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| - Trade and other payables | | | (11,099) | 2,929 |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| | | | ----------------------------------- | ----------------------------------- |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| Cash generated from operations | | | 5,755 | 5,931 |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
| | | | ===================== | ===================== |
+------------------------------------------+-+------------+-------------------------------------+-------------------------------------+
5. Post balance sheet event
On 6th October Auto Electrical Services (Manchester) Limited was sold on a no
gain/no loss basis to SR Consulting Limited.
6. Dividend paid during the period
A dividend relating to the year ended 31 March 2009 of 1.25 pence per share was
paid on 26 September 2009. This amounted to GBP1,140,000.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GLBDDSUGGGCR
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