TIDMASTO
RNS Number : 2265O
AssetCo PLC
25 June 2010
Preliminary unaudited results for the year ended 31 March 2010
Record results for International Fire and Rescue Services Group
with major contract wins in the UAE and UK.
Highlights:
Financial
· Profit before tax from continuing operations of GBP12.1m (2009: GBP1.3m)
· Basic EPS from continuing operations 8.9p (2009: 1.9p)
· Recourse debt reduced by GBP16.8m to GBP18.9m (2009: GBP35.7m)
· Operating cash conversion improved to 139% (2009: 117%) as the Group
exited the lower margin Vehicle Assembly operations
· Dividend increased to 1.5p per share (2009: 1.25p)
· Intention to pay a further dividend of not less than 1p on the disposal of
"assets held for sale".
Operational
· 100% of forecast revenue for 2011 is contractually committed
· Award of GBP40m contract to provide a fully outsourced fire service in Abu
Dhabi and the wider UAE
· 10 year Joint Venture formed with the Abu Dhabi Government for
construction and operation of the Disaster City Training Facility
· Award of a 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
· Exit from low margin Vehicle Assembly businesses.
John Shannon, Chief Executive Officer, commented:
"This has been a transformational year for AssetCo Fire and Rescue. Not only did
we significantly increase profits and earnings per share, we also confirmed our
position as the leading provider of Fire and Rescue based front-line operational
services in the UK and won a number of significant contracts in the UAE.
Looking forward, our established track record in the UK allows us to continue to
offer alternative models to deliver significant efficiency savings to those
Local Authorities tasked with meeting the Chancellor's budget targets, whilst
Internationally we have identified several further opportunities for growth. As
a result, we approach the coming year with confidence and look forward to
continuing to develop the Group as a leading player in the International Fire
and Rescue Services market.
+---------------------------------+---------------------------------+
| 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 7861 3157 |
+---------------------------------+---------------------------------+
| Alex Walters | |
+---------------------------------+---------------------------------+
This preliminary statement is not being posted to shareholders. The Report &
Accounts for the year ended 31 March 2010 will be posted to shareholders in
early July 2010. Further copies will be available from the Company Secretary,
AssetCo plc, 800 Field End Road, South Ruislip, Middlesex, HA4 0QH or on the
company website www.assetco.com
CHAIRMAN'S STATEMENT
I am pleased to report that the Group made strong progress during the year in
line with its strategy to reposition its activities as a streamlined support
services business with an international presence. It has also begun to see the
benefit of the investment made since 2008 in the United Arab Emirates. Despite
the difficult overall economic environment the Group has shown a strong growth
in the performance of its continuing activities.
The Group continued to strengthen its relationships with the London Fire Brigade
(LFB), built around its 20-year PFI contract, which is now in its 10th year, and
with Lincolnshire Fire and Rescue Service, with which the Company is in its 5th
year of a 20-year PPP contract. Our strategy is to prioritise our efforts on
those essential support services accountable for the highest proportion of our
clients' cost base and which will make a significant addition to our support
services revenue.
In July, we secured a 7 year contract, the first in the UK, to provide a 700
strong fire-fighter reserve capability to the London Fire and Emergency Planning
Authority. This replaced the resilience previously provided by the Ministry of
Defence (using military personnel and the "Green Goddess" fleet).
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. Our
experience and track record and the increased breadth of our Fire and Rescue
offering mean that we are well positioned to deliver sustainable long-term
growth in this environment.
We have established an office in Abu Dhabi serving the Middle East and North
Africa region, and in early 2009, raised investment specifically to support our
business development in the region. Our partnership model with LFB, which is
recognised internationally as one of the world's leading fire and rescue
services, provides an operating template against which we can measure other
services and deliver change and improvement.
In November last year, we announced a 10 year joint venture with the Abu Dhabi
Government to develop and operate a 100-acre multi-agency, emergency services
training centre. The establishment of this 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.
In March, we secured a 3 year contract, the first in the UAE, to provide a fully
outsourced fire-fighting service including the provision of personnel, training,
asset and facilities management. This contract has provided us with the
opportunity to open up a number of new markets in the provision of front-line
fire-fighting.
As announced previously, following completion of a strategic review the board
has decided to concentrate all the group's resources on support services and to
withdraw from the group's other activities. Accordingly businesses within the
Specialist Equipment division and the low margin Vehicle Assembly operations are
being divested or have been exited.
Results
Profit before tax from continuing operations was GBP12.1m (2009: GBP1.3m). Basic
earnings per share from continuing operations increased substantially to 8.9p
(2009: 1.9p). Discontinued operations made a loss of GBP5.3m (2009: Profit
GBP0.3m). Profit after tax and discontinued operations was GBP2.3m (2009:
GBP1.7m) Cash conversion (as defined in the report by the Chief Financial
Officer) was 139% (2009: 117%). Recourse debt at the year end stood at GBP18.9m,
a reduction of GBP16.8m during the year.
Dividend
The directors are recommending an increased dividend of 1.5p per share (2009:
1.25p) and the board also intends to declare an interim dividend of not less
that 1.0p following the disposal of "assets held for sale".
Board
Andrew Freemantle CBE joined the board as a non-executive director on 1st
January 2010. Andrew retired in 2009 from the position of Chief Executive of the
Royal National Lifeboat Institution, a position he held for ten years. He has
extensive leadership experience in complex, multi-site organisations providing
indispensable services to the public and his experience will be of great benefit
to AssetCo as we continue to develop the business in the UK and internationally.
Adrian Bradshaw will be standing down as a Non-executive Director at the Annual
General Meeting in August. He has served on the board for over six years and
made an important contribution for which we are very grateful. He leaves with
our best wishes for the future.
Staff
It has been a year of considerable change set against a difficult economic
background and the board is very aware of the essential contribution of all the
staff to the progress the Company has made. Our employees are motivated and
committed to deliver high quality products and services to our clients. On
behalf of the board, I would like to thank them all for their hard work.
Current trading
Trading at the start of the new financial year is in line with the board's
expectations, and I am pleased to report that 100% of our forecast revenue for
financial year 2011 is contractually committed.
Outlook
Although the continuing difficult economic situation and fiscal pressures
present challenges for all businesses in the UK, our established track record
allows us to provide alternative models to deliver significant savings to help
Local Authorities meet the government's budget targets. The board sees the
Middle East in general, and Abu Dhabi and the UAE in particular, as strong areas
for growth where AssetCo can add value. The Group benefits from a highly
experienced management team and I am confident that we will deliver a resilient
performance in the coming year.
REPORT OF THE CHIEF EXECUTIVE OFFICER
"We are the only UK company providing a front-line emergency service to a
foreign state".
The past financial year delivered a strong endorsement from our clients in the
evolution of the business from its leasing and asset management origins into a
high growth International Fire and Rescue Services business. Our operating model
has been re-shaped as a fully streamlined support services business to deliver
the maximum return to stakeholders. We have closed our Vehicle Assembly unit,
and begun the disposal process for our Specialist Equipment unit.
We delivered a GBP10.8m increase in profit before tax from continuing operations
on the prior year, and in line with the long-term contractual nature of the
business 100% of our forecast revenue for financial year 2011 is contractually
committed. We have proactively reduced our recourse debt from GBP35.7m to
GBP18.9m (which on a net debt basis less cash is GBP5.2m).
Culturally and intellectually, the business has under-gone a significant
improvement in the depth and breadth of our technical and operating managerial
skills base. Our team now includes senior global fire and rescue specialists who
have expertise in policy, regulation, operations and training.
Strategy
UK
In the UK, we have prioritised our efforts on those essential support services
accountable for high proportions of our client's cost base. The UK is entering a
period of unprecedented public sector fiscal pressure. The requirement for all
UK Fire and Rescue Authorities to follow the lead of London and deliver
efficiency savings from continued modernisation will now be much greater and
more pressing. We continue to develop solutions that enable clients to have
access to alternative delivery models for operational training and front-line
operational services.
In July, we were awarded a 7-year contract by the London Fire and Emergency
Planning Authority (LFEPA) for the provision of an Emergency Fire Crew
Capability Service (EFCC) to the London Fire Brigade of up to 700 staff trained
to provide a contingency fire-fighting service. The EFCC contract enables London
to meet its statutory duty to provide crew resilience if existing services
require support with extreme situations such as a pandemic illness or flooding.
This was the first major contract of its nature to be awarded by a UK Fire and
Rescue Service, reflecting the increasing role Fire and Rescue Authorities have
in securing their own continuity arrangements without reliance upon the support
of the MoD. The contract was won following a competitive tendering process and
reflects our depth of understanding of the challenges facing the UK Fire and
Rescue Service and our ability to compete successfully with the largest
companies in the business outsourcing field.
Internationally
Internationally, our focus is to develop relationships with Governments who look
to UK Fire and Rescue, and London Fire Brigade in particular as operating
templates to deliver change and improvement.
In November 2009, we announced a ten-year joint venture with the Abu Dhabi
Government to develop and operate a 100-acre multi-agency, emergency services
training centre. The project is an integral part of a programme to establish
accredited training and senior qualifications in the fields of safety, security,
defence, emergency preparedness and crisis management for personnel from the
Emirates, the Gulf Co-operation Council (GCC) and internationally.
In March 2010, we secured a three-year contract, the first in the UAE, to
provide a fully outsourced fire-fighting service including the provision of
personnel, training, asset and facilities management. This contract has provided
us with the opportunity to open up a number of new markets in the provision of
front-line fire fighting, including Airside, Defence, and Oil and Gas markets.
We are the only UK Company providing a front-line emergency service to a Foreign
State.
Outlook
This is an exciting period in the Group's development. The evolution of our
business model into the provider of a UK Fire and Rescue based front-line
operational service, has us well placed for growth as an International Fire and
Rescue Services business. Whilst our established track record in the UK allows
us to continue to offer alternative models to deliver significant efficiency
savings to those Local Authorities tasked with meeting the Chancellor's budget
targets.
REPORT OF THE CHIEF FINANCIAL OFFICER
Business review
As part of our ongoing strategy to streamline our business we have had a year of
considerable change with a number of companies within the group being sold,
closed or made available for sale. The intention is that by the 31st March 2011
we will have a UK and International business managing long term contracts. The
results for the year ended 31st March 2010 show a profit before tax for
continuing operations of GBP12.1m (2009: GBP1.3m) although part of this increase
is derived from the change in accounting for the treatment of the hedges we have
on our long term contract debt, which has been treated as a prior year
adjustment. The backdrop to 2010 was the turmoil in the financial markets which
has seen the fundamentals of the banking structure in the UK changed radically,
creating challenges for all businesses in the UK. The knock on effect of the
banking crisis and the subsequent bail out by the Government has created a huge
fiscal deficit that can only be addressed by a wholesale reduction in Government
public expenditure. This should create a positive environment for outsourcers
who can assist government with its planned reduction in public expenditure.
Prior year adjustment gains/(losses) in relation to interest rate hedging
Following a review of the swaps we have in place to fix the interest rates on
the debt associated with our long term contracts, this fixing of our interest
rates is no longer deemed to be "effective" as defined by IAS 39. It should be
noted this does not mean the swaps are commercially ineffective as the movements
are non cash items.
As the swaps are now deemed "ineffective" according to IAS 39 the non cash
movements on these swaps are now accounted through the consolidated income
statement and no longer accounted for through the consolidated statement of
financial position. The former approach resulted in adjustments being made to
reserves on an instrument where the end result will be zero and we paradoxically
now have to account for this through the consolidated income statement.
However, in order to comply with this standard our 2008 and 2009 financial
statements have been restated with a net after tax charge of GBP3.3m in 2009.
The net after tax effect in 2010 is a credit of GBP0.9m and as the hedge reduces
each year in line with the original profile of our debt there will be further
credits to the consolidated income statement for the duration of the hedge.
Key Performance Indicators
The Board monitors the Group's Key Performance Indicators which are summarised
below for FY09 and FY10:
+------------+-----------+-----------+-----------+----------+
| | 2010 | 2009 | Variance | Variance |
| | | | | % |
+------------+-----------+-----------+-----------+----------+
| Profit | GBP12.1m | GBP1.3m | GBP10.8m | 831% |
| before | | | | |
| tax from | | | | |
| continuing | | | | |
| operations | | | | |
+------------+-----------+-----------+-----------+----------+
| EBITDA | GBP24.9m | GBP17.6m | GBP7.3m | 41% |
+------------+-----------+-----------+-----------+----------+
| Basic | 8.9p | 1.9p | 7.0p | 368% |
| earnings | | | | |
| per share | | | | |
| from | | | | |
| continuing | | | | |
| operations | | | | |
+------------+-----------+-----------+-----------+----------+
| Net debt | GBP68.5m | GBP76m | GBP(7.5)m | 10% |
+------------+-----------+-----------+-----------+----------+
| Cash | 139% | 117% | 22 | 19% |
| conversion | | | | |
+------------+-----------+-----------+-----------+----------+
| Staff | 5% | 5% | - | 0% |
| turnover | | | | |
+------------+-----------+-----------+-----------+----------+
Profit before tax from continuing operations
Profit before tax from continuing operations of GBP12.1m has increased from
GBP1.3m. GBP5.9m of the increase is due to the change in accounting treatment
for our fixed rate hedge and the balance is due to the continued growth of our
long term contracts and securing the Emergency Fire Crew Capability Contract to
provide over 700 reserve fire fighters to London Fire Brigade in July 2009. 2009
numbers have also been adjusted for UV Modular Limited - In Administration,
which is now included in discontinued operations along with a number of other
subsidiaries which were either sold or have been categorised as "assets held for
sale".
EBITDA
Earnings before interest, tax, depreciation and amortisation have increased by
41% to GBP24.9m due to the increased revenues for the year.
Basic EPS
Basic earnings per share from continuing operations have increased to 8.9p.
(2009: 1.9p)
Net Debt
The debt has fallen from GBP76m in 2009 to GBP68.5m in 2010 and this is analysed
in the table below:
+-------------+-----------+-----------+
| | 2010 | 2009 |
| | GBP | GBP |
+-------------+-----------+-----------+
| Asset | 62.7m | 61.6m |
| finance - | | |
| emergency | | |
+-------------+-----------+-----------+
| Asset | 0.6m | 1.2m |
| finance - | | |
| non | | |
| emergency | | |
+-------------+-----------+-----------+
| Acquisition | 17.7m | 32.0m |
| and other | | |
| medium term | | |
| loans | | |
+-------------+-----------+-----------+
| Short | 1.2m | 3.7m |
| term | | |
| loans and | | |
| overdrafts | | |
+-------------+-----------+-----------+
| Less cash | (13.7)m | (22.5)m |
+-------------+-----------+-----------+
| Net debt | 68.5m | 76m |
+-------------+-----------+-----------+
GBP63.3m (92%) of our net debt is non-recourse asset backed debt which relates
to our long term Fire and Rescue contracts. These contracts continue to grow and
accordingly the levels of asset finance required reflect this. We are
continually reviewing our debt structures to enable the business to meet the
debt requirements of our core long term contracts.
During the year we have proactively worked on our "cash optimisation plans" and
towards the end of the year the funds generated have been utilised to reduce our
recourse debt which has fallen by GBP16.8m to GBP18.9m. We have a medium term
goal to reduce this to zero.
Cash Conversion
Cash conversion, the ratio of cash generated from operating activities to
operating profit before exceptional items and discontinued operations, has
increased significantly from 117% in 2009 to 139% in 2010. In absolute terms
this equates to cash generated from operating activities of GBP24.3m (2009:
GBP12.7m). This growth is reflective of the increased working capital
management focus of the Group and also the disposal and closure of subsidiaries
which tied up considerable working capital investment.
Staff Turnover
This is calculated excluding redundancy programmes and at 5% is consistent with
the prior year.
Historical performance for Continuing Operations
+---------------+--------------+--------------+--------------+
| GBP'm | 2010 | 2009 | 2008 |
+---------------+--------------+--------------+--------------+
| Revenue | 45.2 | 34.1 | 26.1 |
+---------------+--------------+--------------+--------------+
| Gross profit | 27.6 | 21.9 | 17.4 |
+---------------+--------------+--------------+--------------+
| Gross profit | 61.1 | 64.2 | 66.7 |
| % | | | |
+---------------+--------------+--------------+--------------+
| Admin | 10.1 | 11.0 | 14.9 |
| expenses | | | |
+---------------+--------------+--------------+--------------+
| Restructuring | - | - | 0.6 |
| costs | | | |
+---------------+--------------+--------------+--------------+
| Operating | 17.4 | 10.8 | 6.7 |
| profit | | | |
+---------------+--------------+--------------+--------------+
| Operating | 38.5 | 31.7 | 25.7 |
| profit % | | | |
+---------------+--------------+--------------+--------------+
| Finance | 7.0 | 5.7 | 4.4 |
| costs | | | |
+---------------+--------------+--------------+--------------+
| Profit | 12.1 | 1.3 | 2.3 |
| before tax | | | |
+---------------+--------------+--------------+--------------+
| Taxation | 4.5 | (0.1) | 1.9 |
+---------------+--------------+--------------+--------------+
| Profit after | 7.6 | 1.4 | 0.4 |
| tax | | | |
+---------------+--------------+--------------+--------------+
Revenue
Group revenue increased by 33% to GBP45.2m (2009: GBP34.1m) due to the securing
of the EFCC contract which commenced in August 2009 and also due to the IFRS
treatment of new assets, which are separately identifiable from a vehicle, and
are recognised in accordance with IAS 17 as a sale under a finance lease debtor
arrangement. For these assets the IFRS accounting treatment is to take the
future revenues from these assets, discount this revenue stream back to today's
value andrecognisethe revenues as a finance lease debtor. The accounting
treatment for the costs associated with these assets are recognised in
accordance with IAS 17 "Leases" and included in costs of sales.
Gross profit
Gross profit has increased by 26% to GBP27.6m (2009: GBP21.9m) due to the
increased revenues during the year. The gross profit margin was 61.1% (2009:
64.2%) and the reduction in the gross profit % reflects the service rather than
capital intensive nature of new revenue.
Administration expenses
Group administration expenses were GBP10.1m (2009: GBP11m), and this material
reduction is the consequence of our continuous improvement projects and the
synergies from our siterationalisation programme.
Finance costs
Finance costs were 23% higher than last year at GBP7m (2009: GBP5.7m), although
included in finance costs is GBP1.1m (2009: GBP0.1m) of deemed preference share
interest being the consequence of the full year effect of the IFRS deemed
finance charge on the preference shares of which an element is classified as
financial liabilities. This is a non cash adjustment and the real underlying
interest charge is similar to last year. The reduction in debt occurred towards
the end of the year and the benefit of lower finance costs will accrue in 2011.
Taxation
The total tax charge for the year was GBP4.5m, representing an effective tax
rate of 37.2% (2009 zero tax). The higher tax rate this year reflects an
adjustment to the tax treatment of the losses arising when TVAC - The Vehicles
Application Centre Limited was placed into administration in December 2008. A
similar tax treatment has been adopted in the current year for the losses
arising on the placing into administration of UV Modular Limited in January
2010. We anticipate the effective tax rate will return to more normal levels in
FY11.
Discontinued operations
Discontinued operations include activities relating to the UV Modular Ltd and
Auto Electrical Services Ltd, (see below), and the Supply 999 and Treka
businesses which are held for resale. The trading and investment losses in
relation to these companies was GBP5.3m (2009: GBP0.3m)
UV Modular Limited - In Administration
UV Modular Limited, a loss making subsidiary, was placed in Administration on
15th January 2010 after a protracted process where we tried to find a buyer for
the business. This process was unsuccessful and due to the ongoing drain on
Group working capital resources and the losses being incurred the business was
closed and has been accounted for in FY10.
Auto Electrical Services (Manchester) Ltd
Auto Electrical Services (Manchester) Ltd, a loss making subsidiary was acquired
because of the potential of its "M Flow" telemetry product which has been
enthusiastically received by the Police and Fire authorities and is currently
being rolled out across our London Fire fleet. There are great opportunities for
this technology and during the year the technology was transferred to another
AssetCo subsidiary and the AES business was sold back to management in October
2009.
Placing
In July, following the award of the London EFCC contract we raised GBP7.5m
(after costs) to help with the upfront costs of training over 700 reserve fire
fighters for the London Fire and Emergency Planning Authority.
UNAUDITED CONSOLIDATED INCOME STATEMENT
+---------------------------------------+--------+----------+-----------+-------------------------------------+-+---------------------------------------+
| | | Year ended |
+-----------------------------------------------------------+-----------+-------------------------------------------------------------------------------+
| | | | |
| | | 31.03.2010 | 31.03.2009 |
+-----------------------------------------------------------+-----------+---------------------------------------+---------------------------------------+
| | | | |
| | | | Restated |
+-----------------------------------------------------------+-----------+---------------------------------------+---------------------------------------+
| | Notes | GBP'000 | GBP'000 |
+-----------------------------------------------------------+-----------+---------------------------------------+---------------------------------------+
| Continuing operations | | | |
+-----------------------------------------------------------+-----------+---------------------------------------+---------------------------------------+
| Revenue | 2 | 45,231 | 34,050 |
+-----------------------------------------------------------+-----------+---------------------------------------+---------------------------------------+
| Cost of sales | | (17,671) | (12,175) |
+-----------------------------------------------------------+-----------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-----------------------------------------------------------------------+---------------------------------------+---------------------------------------+
| Gross profit | 27,560 | 21,875 |
+-----------------------------------------------------------------------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-----------------------------------------------------------------------+---------------------------------------+---------------------------------------+
| | | (10,139) | (11,036) |
| Administrative expenses | | | |
+------------------------------------------------+----------------------+---------------------------------------+---------------------------------------+
| | | ------------------------------------- | ------------------------------------- |
+------------------------------------------------+----------------------+---------------------------------------+---------------------------------------+
| Operating profit | | 17,421 | 10,839 |
+------------------------------------------------+----------------------+---------------------------------------+---------------------------------------+
| | | |
+-----------------------------------------------------------------------+---------------------------------------+---------------------------------------+
| Finance income | 3 | 416 | 706 |
+-----------------------------------------------------------+-----------+---------------------------------------+---------------------------------------+
| Finance costs | 3 | (7,043) | (5,739) |
+-----------------------------------------------------------+-----------+---------------------------------------+---------------------------------------+
| Gain/(loss) on fair value of financial instrument | 4 | 1,304 | (4,555) |
+-----------------------------------------------------------+-----------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-----------------------------------------------------------------------+---------------------------------------+---------------------------------------+
| Profit before taxation | | 12,098 | 1,251 |
+-----------------------------------------------------------+-----------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-----------------------------------------------------------------------+---------------------------------------+---------------------------------------+
| Taxation | 5 | (4,166) | (1,134) |
+-----------------------------------------------------------+-----------+---------------------------------------+---------------------------------------+
| Deferred tax movement on gain/(loss) of financial | | (365) | 1,275 |
| instrument | | | |
+-----------------------------------------------------------+-----------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-----------------------------------------------------------------------+---------------------------------------+---------------------------------------+
| Profit for the year from continuing operations | | 7,567 | 1,392 |
+-----------------------------------------------------------+-----------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-----------------------------------------------------------------------+---------------------------------------+---------------------------------------+
| | | | |
+-----------------------------------------------------------+-----------+---------------------------------------+---------------------------------------+
| Discontinued operations | | | |
+-----------------------------------------------------------+-----------+---------------------------------------+---------------------------------------+
| (Loss)/profit for the year from discontinued operations | 6 | (5,296) | 283 |
+-----------------------------------------------------------+-----------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-----------------------------------------------------------------------+---------------------------------------+---------------------------------------+
| Profit for the year | | 2,271 | 1,675 |
+-----------------------------------------------------------+-----------+---------------------------------------+---------------------------------------+
| | | =================================== | ============= |
| | | | ======================= |
+-----------------------------------------------------------+-----------+---------------------------------------+---------------------------------------+
| | | | |
+------------------------------------------------+----------------------+---------------------------------------+---------------------------------------+
| Earnings per share (pence) | | | |
+------------------------------------------------+----------------------+---------------------------------------+---------------------------------------+
| | | | |
+------------------------------------------------+----------------------+---------------------------------------+---------------------------------------+
| From continuing operations | | | |
+------------------------------------------------+----------------------+---------------------------------------+---------------------------------------+
| Basic | 7 | 8.9p | 1.9 p |
| | | | |
+------------------------------------------------+----------------------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-----------------------------------------------------------------------+---------------------------------------+---------------------------------------+
| Diluted | | 7 | 8.9p | 1.9 p |
+---------------------------------------+--------+----------------------+-------------------------------------+-----------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-----------------------------------------------------------------------+---------------------------------------+---------------------------------------+
| | | | |
+------------------------------------------------+----------------------+---------------------------------------+---------------------------------------+
| From continuing and discontinued operations | | | |
+------------------------------------------------+----------------------+---------------------------------------+---------------------------------------+
| Basic | 7 | 2.7p | 2.3 p |
| | | | |
+------------------------------------------------+----------------------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-----------------------------------------------------------------------+---------------------------------------+---------------------------------------+
| Diluted | | 7 | 2.7p | 2.3 p |
+---------------------------------------+--------+----------------------+-------------------------------------+-----------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-----------------------------------------------------------------------+---------------------------------------+---------------------------------------+
| | | | | | | |
+---------------------------------------+--------+----------+-----------+-------------------------------------+-+---------------------------------------+
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
+------------------------------------------+------+----------+-------+---------------------------------------+---------------------------------------+
| | | Year ended |
+------------------------------------------------------------+-------+-------------------------------------------------------------------------------+
| | | | |
| | | 31.03.2010 | 31.03.2009 |
+------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+
| | | | |
| | | | Restated |
+------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+
| | Notes | GBP'000 | GBP'000 |
+------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+
| | | | |
+------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+
| Profit for the year | | 2,271 | 1,675 |
+------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+
| | | | |
+-------------------------------------------------+------------------+---------------------------------------+---------------------------------------+
| Other comprehensive income | | | |
| | | | |
+-------------------------------------------------+------------------+---------------------------------------+---------------------------------------+
| Exchange differences on translating of foreign | | 246 | (660) |
| operations | | | |
+-------------------------------------------------+------------------+---------------------------------------+---------------------------------------+
| Income tax relating to components of other | | (69) | 185 |
| comprehensive income | | | |
+-------------------------------------------------+------------------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+--------------------------------------------------------------------+---------------------------------------+---------------------------------------+
| | 177 | (475) |
+--------------------------------------------------------------------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+--------------------------------------------------------------------+---------------------------------------+---------------------------------------+
| Total comprehensive income | 2,448 | 1,200 |
+--------------------------------------------------------------------+---------------------------------------+---------------------------------------+
| | | =================================== | =================================== |
+------------------------------------------+-------------------------+---------------------------------------+---------------------------------------+
| | | | | | |
+------------------------------------------+------+----------+-------+---------------------------------------+---------------------------------------+
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
+----------+---------------------------------------+--+----------+----------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | | |
+---------------------------------------------------------------------------+-------+-------------------------------------------------------------------------------+---------------------------------------+
| | | 31.3.10 | 31.3.09 | 01.04.08 |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | | Restated | Restated |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | Notes | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | | | | |
+----------+----------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | ASSETS | | | | |
+----------+----------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | | | | |
+----------+----------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | Non-current assets | | | | |
+----------+----------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | Property, plant and equipment | | 74,714 | 76,877 | 76,727 |
+----------+----------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | Goodwill | | 47,905 | 57,081 | 54,060 |
+----------+----------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | Other intangible assets | | 7,939 | 5,666 | 1,576 |
+----------+----------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | Investment in associate | | 414 | 414 | 414 |
+----------+----------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | Deferred tax asset | | 4,377 | 5,162 | 3,043 |
+----------+----------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | Retirement benefit surplus | | 429 | 429 | 429 |
+----------+----------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+----------+------------------------------------------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | 135,778 | 145,629 | 136,249 |
+----------+------------------------------------------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+----------+------------------------------------------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+
| Current assets | | | | |
+----------------------------------------------------------------+------------------+---------------------------------------+---------------------------------------+---------------------------------------+
| Inventories | | 201 | 6,607 | 5,910 |
| | | | | |
+----------------------------------------------------------------+------------------+---------------------------------------+---------------------------------------+---------------------------------------+
| Trade and other receivables | | | 28,014 | 24,062 | 21,514 |
| | | | | | |
+--------------------------------------------------+-------------+------------------+---------------------------------------+---------------------------------------+---------------------------------------+
| Cash | | 8 | 13,697 | 22,498 | 12,896 |
| | | | | | |
+--------------------------------------------------+-------------+------------------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+----------------------------------------------------------------+------------------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | 41,912 | 53,167 | 40,320 |
+----------------------------------------------------------------+------------------+---------------------------------------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+-----------------------------------------------------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+
| Assets held for sale | 9 | 16,956 | - | 3,370 |
+-----------------------------------------------------+-----------------------------+---------------------------------------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+-----------------------------------------------------------------------------------+---------------------------------------+---------------------------------------+---------------------------------------+
| Total assets | | | 194,646 | 198,796 | 179,939 |
+--------------------------------------------------+-------------+------------------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | =================================== | ==================================== | ==================================== |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | | | | |
+--------------------------------------------------+-------------+------------------+---------------------------------------+---------------------------------------+---------------------------------------+
| EQUITY | | | | | |
+--------------------------------------------------+-------------+------------------+---------------------------------------+---------------------------------------+---------------------------------------+
| | |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------+---------------------------------------+
| Issued share capital | | 22,678 | 18,345 | 17,958 |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Equity component of compound financial instruments | | 7,917 | 7,917 | - |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Share premium account | | 29,288 | 26,115 | 25,197 |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Reverse acquisition reserve | | (11,701) | (11,701) | (11,701) |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Translation reserve | | (58) | (304) | 356 |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Other reserve | | 680 | 580 | 384 |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Retained earnings | | 12,014 | 10,883 | 9,929 |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Total equity | | 60,818 | 51,835 | 42,123 |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | | | |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| LIABILITIES | | | | |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | | | |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Non-current liabilities | | | | |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Borrowings | | 67,267 | 81,676 | 69,970 |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Liability component of compound financial instruments | | 8,200 | 7,045 | - |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Deferred tax liabilities | | 9,959 | 7,391 | 5,961 |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | 85,426 | 96,112 | 75,931 |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Current liabilities | | | | |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Trade and other payables | | 20,118 | 26,881 | 27,872 |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Current income tax liabilities | | 858 | - | 330 |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Borrowings | | 14,912 | 16,843 | 26,825 |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Provisions | | - | - | 1,549 |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Derivative financial instruments | | 5,821 | 7,125 | 2,190 |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | 41,709 | 50,849 | 58,766 |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Liabilities associated with assets classified as held for sale | 9 | 6,693 | - | 3,119 |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Total liabilities | | | 133,828 | 146,961 | 137,816 |
+--------------------------------------------------+------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| Total equity and liabilities | | | 194,646 | 198,796 | 179,939 |
+--------------------------------------------------+------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | =================================== | ==================================== | ===================================== |
+---------------------------------------------------------------------------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
| | | | | | | | | |
+----------+---------------------------------------+--+----------+----------+-------+---------------------------------------+---------------------------------------+---------------------------------------+
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
+--------------------------------------------+---+----------+-------+----------------------------------+-------------------------------------+
| | | Year ended |
+-----------------------------------------------------------+-------+------------------------------------------------------------------------+
| | | 31.3.10 | 31.3.09 |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| | | | Restated |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| | Notes | GBP'000 | GBP'000 |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| | | | |
| Cash flows from operating activities | | | |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Cash generated from operations | 10 | 24,294 | 12,732 |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Taxation | | (320) | (44) |
+------------------------------------------------+------------------+----------------------------------+-------------------------------------+
| Contribution to defined benefit pension | | (228) | (292) |
| schemes | | | |
+------------------------------------------------+------------------+----------------------------------+-------------------------------------+
| | | -------------------------------- | -------------------------------- |
+------------------------------------------------+------------------+----------------------------------+-------------------------------------+
| Net cash flow from operating activities | | 23,746 | 12,396 |
+------------------------------------------------+------------------+----------------------------------+-------------------------------------+
| | -------------------------------- | ----------------------------------- |
+-------------------------------------------------------------------+----------------------------------+-------------------------------------+
| | | | | |
| Cash flows from investing activities | | | | |
+--------------------------------------------+---+------------------+----------------------------------+-------------------------------------+
| Finance income | | 416 | 717 |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Acquisition of subsidiaries, net of cash acquired | | (1) | (60) |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Purchase of intangible assets | | (2,713) | (3,563) |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Cash element of deferred consideration settlement | | - | (1,800) |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Purchases of property, plant and equipment | | (8,073) | (10,906) |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Proceeds from sale of property, plant and equipment | | 12 | 6,229 |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| | | -------------------------------- | -------------------------------- |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Cash flow from investing activities | | (10,359) | (9,383) |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| | | -------------------------------- | -------------------------------- |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| | | | |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Cash flows from financing activities | | | |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Issue of shares (net of costs) | | 7,506 | 14,780 |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Dividends paid | | (1,140) | (721) |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Finance costs | | (5,888) | (6,687) |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Repayments of borrowings | | (11,063) | (5,100) |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Increase in borrowings | | - | 10,942 |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Finance lease additions | | 11,807 | 15,062 |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Finance lease repayments | | (11,371) | (13,453) |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| | | -------------------------------- | -------------------------------- |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Net cash from financing | | (10,149) | 14,823 |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| | | -------------------------------- | ----------------------------------- |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| | | | |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| | | 3,238 | 17,836 |
| Net cash and cash equivalents from continuing operations | | | |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Cashflow from discontinued operations | | (9,556) | 575 |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Net change in cash and cash equivalents | | (6,318) | 18,411 |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Cash, cash equivalents and bank overdrafts at beginning | | 18,805 | 394 |
| of period | | | |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| | | -------------------------------- | ----------------------------------- |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| Cash, cash equivalents and bank overdrafts at end of | | 12,487 | 18,805 |
| period | | | |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| | | =============================== | ================================= |
+-----------------------------------------------------------+-------+----------------------------------+-------------------------------------+
| | | | | | |
+--------------------------------------------+---+----------+-------+----------------------------------+-------------------------------------+
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| | Ordinary | Share | Reverse | Hedging | Translation | | Retained | Total |
| | and Pref | premium | acquisition | reserve | reserve | Other | earnings | Equity |
| | Share | account | reserve | | | reserve | | |
| | Capital | | | | | | | |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| | | | | | | | | |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| At 1 | 17,958 | 25,197 | (11,701) | 1,577 | 356 | 384 | 11,506 | 45,277 |
| April | | | | | | | | |
| 2008 | | | | | | | | |
| as | | | | | | | | |
| previously | | | | | | | | |
| stated | | | | | | | | |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| Prior | - | - | - | (3,154) | - | - | - | (3,154) |
| year | | | | | | | | |
| adjustment | | | | | | | | |
| in respect | | | | | | | | |
| of | | | | | | | | |
| derivative | | | | | | | | |
| financial | | | | | | | | |
| instruments | | | | | | | | |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| Prior | - | - | - | 1,577 | - | - | (1,577) | - |
| year | | | | | | | | |
| adjustment | | | | | | | | |
| in respect | | | | | | | | |
| of | | | | | | | | |
| derivative | | | | | | | | |
| financial | | | | | | | | |
| instruments | | | | | | | | |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| At 1 | 17,958 | 25,197 | (11,701) | - | 356 | 384 | 9,929 | 42,123 |
| April | | | | | | | | |
| 2008 | | | | | | | | |
| as | | | | | | | | |
| restated | | | | | | | | |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| | - | - | - | - | (660) | - | - | (660) |
| Exchange | | | | | | | | |
| differences | | | | | | | | |
| on | | | | | | | | |
| translation | | | | | | | | |
| of overseas | | | | | | | | |
| operations | | | | | | | | |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| Profit | - | - | - | - | - | - | 1,675 | 1,675 |
| for | | | | | | | | |
| the | | | | | | | | |
| year | | | | | | | | |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| | ------------------------- | ------------------------- | ----------------------------- | ------------------------ | ----------------------------- | ---------------------- | ----------------------- | ---------------------- |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| Total | - | - | - | - | (660) | - | 1,675 | 1,015 |
| recognised | | | | | | | | |
| income and | | | | | | | | |
| expense | | | | | | | | |
| for the | | | | | | | | |
| period | | | | | | | | |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| | ------------------------- | ------------------------- | ----------------------------- | ------------------------ | ----------------------------- | ---------------------- | ----------------------- | ---------------------- |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| Dividends | - | - | - | - | - | - | (721) | (721) |
| paid in | | | | | | | | |
| the year | | | | | | | | |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| Movement | - | - | - | - | - | 196 | - | 196 |
| relating | | | | | | | | |
| to | | | | | | | | |
| share-based | | | | | | | | |
| payments | | | | | | | | |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| Net | 8,304 | 918 | - | - | - | - | - | 9,222 |
| proceeds | | | | | | | | |
| from | | | | | | | | |
| issue of | | | | | | | | |
| shares | | | | | | | | |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| | ------------------------- | ------------------------- | ----------------------------- | ------------------------ | ----------------------------- | ---------------------- | ----------------------- | ---------------------- |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| At 31 | 26,262 | 26,115 | (11,701) | - | (304) | 580 | 10,883 | 51,835 |
| March | | | | | | | | |
| 2009 | | | | | | | | |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| | ------------------------ | ------------------------- | ----------------------------- | ------------------------ | ----------------------------- | ---------------------- | ----------------------- | ---------------------- |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| Exchange | - | - | - | - | 246 | - | - | 246 |
| differences | | | | | | | | |
| on | | | | | | | | |
| translation | | | | | | | | |
| of overseas | | | | | | | | |
| operations | | | | | | | | |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| Profit | - | - | - | - | - | - | 2,271 | 2,271 |
| for | | | | | | | | |
| the | | | | | | | | |
| year | | | | | | | | |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| | ------------------------- | ------------------------- | ----------------------------- | ------------------------ | ----------------------------- | ---------------------- | ----------------------- | ---------------------- |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| Total | - | - | - | - | 246 | - | 2,271 | 2,517 |
| recognised | | | | | | | | |
| income and | | | | | | | | |
| expense | | | | | | | | |
| for the | | | | | | | | |
| period | | | | | | | | |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| | ------------------------- | ------------------------- | ----------------------------- | ------------------------ | ----------------------------- | ---------------------- | ----------------------- | ---------------------- |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| Dividends | - | - | - | - | - | - | (1,140) | (1,140) |
| paid in | | | | | | | | |
| the year | | | | | | | | |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| Movement | - | - | - | - | - | 100 | - | 100 |
| relating | | | | | | | | |
| to | | | | | | | | |
| share-based | | | | | | | | |
| payments | | | | | | | | |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| Net | 4,333 | 3,173 | - | - | - | - | - | 7,506 |
| proceeds | | | | | | | | |
| from | | | | | | | | |
| issue of | | | | | | | | |
| shares | | | | | | | | |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| | ------------------------- | ------------------------- | ----------------------------- | ------------------------ | ----------------------------- | ---------------------- | ----------------------- | ---------------------- |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| At 31 | 30,595 | 29,288 | (11,701) | - | (58) | 680 | 12,014 | 60,818 |
| March | | | | | | | | |
| 2010 | | | | | | | | |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
| | ------------------------- | ------------------------- | ----------------------------- | ------------------------ | ----------------------------- | ---------------------- | ----------------------- | ---------------------- |
+-------------+---------------------------+---------------------------+-------------------------------+--------------------------+-------------------------------+------------------------+-------------------------+------------------------+
1. Publication of non-statutory accounts
The financial information set out in this announcement does not constitute
statutory accounts as defined by Section 434 of the Companies Act 2006.
The unaudited financial information for the three years ended 31 March 2010 has
been extracted from the group's draft financial statements to that date which we
anticipate will receive an unmodified auditors' report.
2. Revenue
An analysis of the Group's revenue is as follows:
+--------------------------+----------+----------+----------------------------------+-------------------------------------+
| | | | 2010 | 2009 |
+--------------------------+----------+----------+----------------------------------+-------------------------------------+
| | | | | Restated |
+--------------------------+----------+----------+----------------------------------+-------------------------------------+
| | | | GBP'000 | GBP'000 |
+--------------------------+----------+----------+----------------------------------+-------------------------------------+
| Continuing operations | | | | |
+--------------------------+----------+----------+----------------------------------+-------------------------------------+
| Managed services | | | 36,132 | 30,811 |
+--------------------------+----------+----------+----------------------------------+-------------------------------------+
| Support services | | | 5,795 | - |
+--------------------------+----------+----------+----------------------------------+-------------------------------------+
| Leasing and contract | | | 2,539 | 2,604 |
| hire | | | | |
+--------------------------+----------+----------+----------------------------------+-------------------------------------+
| Sale of goods | | | 765 | 635 |
+--------------------------+----------+----------+----------------------------------+-------------------------------------+
| | | | -------------------------------- | -------------------------------- |
+--------------------------+----------+----------+----------------------------------+-------------------------------------+
| Revenue | | | 45,231 | 34,050 |
+--------------------------+----------+----------+----------------------------------+-------------------------------------+
| | | | ============================== | ============================== |
+--------------------------+----------+----------+----------------------------------+-------------------------------------+
| Discontinued operations | | | | |
+--------------------------+----------+----------+----------------------------------+-------------------------------------+
| Leasing and contract | | | 313 | - |
| hire | | | | |
+--------------------------+----------+----------+----------------------------------+-------------------------------------+
| Sale of goods | | | 28,018 | 49,723 |
+--------------------------+----------+----------+----------------------------------+-------------------------------------+
| | | | -------------------------------- | ----------------------------------- |
+--------------------------+----------+----------+----------------------------------+-------------------------------------+
| | | | 73,562 | 83,773 |
+--------------------------+----------+----------+----------------------------------+-------------------------------------+
| | | | ============================= | ================================ |
+--------------------------+----------+----------+----------------------------------+-------------------------------------+
3. Finance income and finance costs
+---------------------------------------+-----+----------+----+---+--------------------+----------------------------------+-------------------------------------+
| | | | 2010 | 2009 |
+---------------------------------------------+----------+-----------------------------+----------------------------------+-------------------------------------+
| | | | | Restated |
+---------------------------------------------+----------+-----------------------------+----------------------------------+-------------------------------------+
| | | | GBP'000 | GBP'000 |
+---------------------------------------------+----------+-----------------------------+----------------------------------+-------------------------------------+
| Finance income | | | | |
+---------------------------------------------+----------+-----------------------------+----------------------------------+-------------------------------------+
| Interest income on short-term bank deposits | | | 416 | 706 |
+---------------------------------------------+----------+-----------------------------+----------------------------------+-------------------------------------+
| | | | ============================= | ============================= |
+---------------------------------------+---------------------+---+-------------------------------------------------------+-------------------------------------+
| | | | | |
+---------------------------------------------+----------+-----------------------------+----------------------------------+-------------------------------------+
| Finance costs | | | | |
+---------------------------------------------+----------+-----------------------------+----------------------------------+-------------------------------------+
| Interest on bank borrowings and finance | | | 5,888 | 5,547 |
| leases | | | | |
+---------------------------------------------+----------+-----------------------------+----------------------------------+-------------------------------------+
| Increase in valuation of shares classified | | | 1,155 | 192 |
| as financial liabilities | | | | |
+---------------------------------------------+----------+-----------------------------+----------------------------------+-------------------------------------+
| | | | -------------------------------- | ----------------------------------- |
+---------------------------------------------+----------+-----------------------------+----------------------------------+-------------------------------------+
| | | | 7,043 | 5,739 |
+---------------------------------------------+----------+-----------------------------+----------------------------------+-------------------------------------+
| | | | =============================== | ================================ |
+---------------------------------------+---------------------+---+-------------------------------------------------------+-------------------------------------+
| | | | | | | | |
+---------------------------------------+-----+----------+----+---+--------------------+----------------------------------+-------------------------------------+
4. Prior year adjustments
There are two prior period adjustments:
The first one is in relation to an overstatement of a derivative financial
instrument debit balance. This resulted in an over statement of net assets of
GBP3.154m and a gain of GBP1.577m being recognised in the consolidated statement
of income and expense. This has been restated as a loss and the restated amount
reflects this movement.
The second adjustment was to adjust the designation of the hedge arrangement as
an ineffective hedge. This resulted in gains and losses on the movement in fair
value of the financial instrument being transferred from the statement of
changes in equity to the income statement.
The related impact on the consolidated income statement is set out below:
+---------------------------------------+-----+----------+----+---+----------+------------+-----------------------+
| | | | 2010 | 2009 |
+---------------------------------------------+----------+-------------------+------------+-----------------------+
| | | | GBP'000 | GBP'000 |
+---------------------------------------------+----------+-------------------+------------+-----------------------+
| Finance income | | | | |
+---------------------------------------------+----------+-------------------+------------+-----------------------+
| (Credit)/charge in relation to movement in | | | (1,304) | 4,555 |
| derivative financial instrument | | | | |
+---------------------------------------------+----------+-------------------+------------+-----------------------+
| | | | ===================== | ===================== |
+---------------------------------------+---------------------+---+-----------------------+-----------------------+
| | | | | | | | |
+---------------------------------------+-----+----------+----+---+----------+------------+-----------------------+
The impact on retained earnings and the hedge reserve can be seen in the
consolidated statement of changes in equity.
In compliance with IAS 39 our 2009 and 2008 balance sheets have been restated
for the movement on our derivative financial instruments which, whilst
commercially effective, have been deemed ineffective from inception from a
financial reporting perspective. The current year credit and prior year charge
to the consolidated income statement are non cash items.
5. Taxation
+------------------------------------+------------+----------+----------------------------------+-------------------------------------+
| | | | 2010 | 2009 |
+------------------------------------+------------+----------+----------------------------------+-------------------------------------+
| | | | | Restated |
+------------------------------------+------------+----------+----------------------------------+-------------------------------------+
| | | | GBP'000 | GBP'000 |
+------------------------------------+------------+----------+----------------------------------+-------------------------------------+
| Current tax | | | | |
+------------------------------------+------------+----------+----------------------------------+-------------------------------------+
| Domestic tax | | | | |
+------------------------------------+------------+----------+----------------------------------+-------------------------------------+
| Current tax on income for the | | | 838 | - |
| period | | | | |
+------------------------------------+------------+----------+----------------------------------+-------------------------------------+
| Foreign tax | | | | |
+------------------------------------+------------+----------+----------------------------------+-------------------------------------+
| Current tax on income for the | | | 20 | (65) |
| period | | | | |
+------------------------------------+------------+----------+----------------------------------+-------------------------------------+
| | | | -------------------------------- | ----------------------------------- |
+------------------------------------+------------+----------+----------------------------------+-------------------------------------+
| Current tax charge/(credit) | | | 858 | (65) |
+------------------------------------+------------+----------+----------------------------------+-------------------------------------+
| | | | ============================ | ================================ |
+------------------------------------+------------+----------+----------------------------------+-------------------------------------+
| Deferred tax | | | | |
+------------------------------------+------------+----------+----------------------------------+-------------------------------------+
| Deferred tax expense relating to | | | | |
| the origination and | | | 3,308 | 1,199 |
| reversal of temporary differences | | | | |
+------------------------------------+------------+----------+----------------------------------+-------------------------------------+
| Deferred tax expense relating to | | | 365 | (1,275) |
| financial instruments | | | | |
+------------------------------------+------------+----------+----------------------------------+-------------------------------------+
| | | | -------------------------------- | ----------------------------------- |
+------------------------------------+------------+----------+----------------------------------+-------------------------------------+
| Deferred tax charge / (credit) | | | 3,673 | (76) |
+------------------------------------+------------+----------+----------------------------------+-------------------------------------+
| | | | -------------------------------- | ----------------------------------- |
+------------------------------------+------------+----------+----------------------------------+-------------------------------------+
| Taxation | | | 4,531 | (141) |
+------------------------------------+------------+----------+----------------------------------+-------------------------------------+
| | | | ============================== | ================================= |
+------------------------------------+------------+----------+----------------------------------+-------------------------------------+
Corporation tax is calculated at 28% (2009: 28%) of the estimated assessable
profit for the year.
Taxation for other jurisdictions is calculated at the rates prevailing in those
jurisdictions.
At 31 March 2010, net trading losses of approximately GBP3.993 million are
available to be carried forward.
Tax reconciliation
The tax on the Group's profit before tax differs from the theoretical amount
that would arise using the weighted average tax rate applicable to profits of
the consolidated entities as follows:
+--------------------------+--------------+----------+----------+----------------------------------+-------------------------------------+
| | | | 2010 | 2009 |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| | | | | Restated |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| | | | GBP'000 | GBP'000 |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| | | | | |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| Profit before tax (continuing | | | 12,098 | 1,251 |
| operations) | | | | |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| (Loss)/profit for the year from | | | (5,296) | 283 |
| discontinued operations | | | | |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| | | | -------------------------------- | ----------------------------------- |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| Profit for the year | | | 6,802 | 1,534 |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| | | | -------------------------------- | ----------------------------------- |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| | | | | |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| Tax calculated at domestic tax rates | | | 1,905 | 430 |
| applicable to profits | | | | |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| | | | | |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| Effect of: | | | | |
| Income not subject to tax | | | (163) | (16) |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| Expenses not deductible for tax | | | 1,879 | 547 |
| purposes | | | | |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| Losses carried forwards | | | (85) | - |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| Utilisation of previously unrecognised | | | (112) | 83 |
| tax losses | | | | |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| Amortisation of intangible assets | | | (71) | 149 |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| Rate difference on tax charge | | | (7) | 69 |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| Capital gain on disposal more than | | | 36 | - |
| accounting profit | | | | |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| Adjustment in respect of prior periods | | | 1,149 | (1,403) |
| - deferred tax | | | | |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| | | | -------------------------------- | ----------------------------------- |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| Total tax charge for the period | | | 4,531 | (141) |
+-----------------------------------------+----------+----------+----------------------------------+-------------------------------------+
| | | | =============================== | ================================= |
+--------------------------+-------------------------+----------+----------------------------------+-------------------------------------+
| | | | | | |
+--------------------------+--------------+----------+----------+----------------------------------+-------------------------------------+
6. Investments
Discontinued operations
Discontinued operations include activities relating to the UV Modular business
which went into administration in January 2010, the Auto Electrical Services
business which was sold in September 2009 and the Supply 999 and TREKA
businesses which are held for resale. Details of performance in the year are
outlined below:
+--------------------------+----------+----------+----------------------------------+----------------------------------+
| | | | 2010 | 2009 |
+--------------------------+----------+----------+----------------------------------+----------------------------------+
| | | | GBP'000 | GBP'000 |
+--------------------------+----------+----------+----------------------------------+----------------------------------+
| | | | | |
+--------------------------+----------+----------+----------------------------------+----------------------------------+
| Revenue | | | 28,331 | 49,723 |
+--------------------------+----------+----------+----------------------------------+----------------------------------+
| Expenses | | | (33,627) | (49,440) |
+--------------------------+----------+----------+----------------------------------+----------------------------------+
| | | | -------------------------------- | -------------------------------- |
+--------------------------+----------+----------+----------------------------------+----------------------------------+
| Net (loss)/profit after | | | (5,296) | 283 |
| tax | | | | |
+--------------------------+----------+----------+----------------------------------+----------------------------------+
| | | | ========================== | ============================= |
+--------------------------+----------+----------+----------------------------------+----------------------------------+
The carrying amount of the net assets of AES Limited on the date of disposal (30
September 2009) were as follows:
+--------------------------+----------+------------+----------+-------------------------------------+
| | | | | GBP'000 |
+--------------------------+----------+------------+----------+-------------------------------------+
| | | | | |
+--------------------------+----------+------------+----------+-------------------------------------+
| Non current assets | | | | 46 |
+--------------------------+----------+------------+----------+-------------------------------------+
| Cash and cash | | | | 27 |
| equivalents | | | | |
+--------------------------+----------+------------+----------+-------------------------------------+
| Trade and other | | | | 875 |
| receivables | | | | |
+--------------------------+----------+------------+----------+-------------------------------------+
| Inventories | | | | 279 |
+--------------------------+----------+------------+----------+-------------------------------------+
| | | | | ----------------------------------- |
+--------------------------+----------+------------+----------+-------------------------------------+
| Total assets | | | | 1,227 |
+--------------------------+----------+------------+----------+-------------------------------------+
| | | | | ================================= |
+--------------------------+----------+------------+----------+-------------------------------------+
| | | |
+--------------------------------------------------+----------+-------------------------------------+
| Trade and other payables | | 1,095 |
+--------------------------------------------------+----------+-------------------------------------+
| | | ----------------------------------- |
+--------------------------------------------------+----------+-------------------------------------+
| Total liabilities | | 1,095 |
+--------------------------------------------------+----------+-------------------------------------+
| | | ================================ |
+--------------------------------------------------+----------+-------------------------------------+
| | | | | |
+--------------------------+----------+------------+----------+-------------------------------------+
| Net assets | | | | 132 |
+--------------------------+----------+------------+----------+-------------------------------------+
| | | | | =============================== |
+--------------------------+----------+------------+----------+-------------------------------------+
The carrying amount of the net assets of U V Modular Limited on the date at
which the Group lost control, 15th January 2010, were as follows:
+--------------------------+----------+------------+----------+-------------------------------------+
| | | | | GBP'000 |
+--------------------------+----------+------------+----------+-------------------------------------+
| | | | | |
+--------------------------+----------+------------+----------+-------------------------------------+
| Non current assets | | | | 131 |
+--------------------------+----------+------------+----------+-------------------------------------+
| Cash and cash | | | | 135 |
| equivalents | | | | |
+--------------------------+----------+------------+----------+-------------------------------------+
| Trade and other | | | | 2,494 |
| receivables | | | | |
+--------------------------+----------+------------+----------+-------------------------------------+
| Inventories | | | | 4,305 |
+--------------------------+----------+------------+----------+-------------------------------------+
| | | | | ----------------------------------- |
+--------------------------+----------+------------+----------+-------------------------------------+
| Total assets | | | | 7,065 |
+--------------------------+----------+------------+----------+-------------------------------------+
| | | | | ================================= |
+--------------------------+----------+------------+----------+-------------------------------------+
| | | |
+--------------------------------------------------+----------+-------------------------------------+
| Trade and other payables | | 9,580 |
+--------------------------------------------------+----------+-------------------------------------+
| | | ----------------------------------- |
+--------------------------------------------------+----------+-------------------------------------+
| Total liabilities | | 9,580 |
+--------------------------------------------------+----------+-------------------------------------+
| | | ================================= |
+--------------------------------------------------+----------+-------------------------------------+
| | | | | |
+--------------------------+----------+------------+----------+-------------------------------------+
| Net liabilities | | | | (2,515) |
+--------------------------+----------+------------+----------+-------------------------------------+
| | | | | ================================= |
+--------------------------+----------+------------+----------+-------------------------------------+
7. Earnings per share
a) Basic
Basic earnings per share is calculated by dividing the profit attributable to
equity holders of the Company by the weighted average number of ordinary shares
in issue during the year.
+--------------------+----------------------------+----------+--------+-------------------------------------------+--------------------------------------------+
| From continuing | | | 2010 | 2009 |
| operations | | | | |
+--------------------+---------------------------------------+--------+-------------------------------------------+--------------------------------------------+
| | | | | Restated |
+-------------------------------------------------+----------+--------+-------------------------------------------+--------------------------------------------+
| | | | GBP000 | GBP000 |
+-------------------------------------------------+----------+--------+-------------------------------------------+--------------------------------------------+
| | | | | |
+-------------------------------------------------+----------+--------+-------------------------------------------+--------------------------------------------+
| Profit attributable to equity holders of the | | | 2,271 | 1,675 |
| Company | | | | |
+-------------------------------------------------+----------+--------+-------------------------------------------+--------------------------------------------+
| Loss/(profit) from discontinued operations | | | 5,296 | (283) |
+-------------------------------------------------+----------+--------+-------------------------------------------+--------------------------------------------+
| | | | ----------------------------------------- | ------------------------------------------ |
+-------------------------------------------------+----------+--------+-------------------------------------------+--------------------------------------------+
| Profit from continuing operations used to | | | | |
| determine basic earnings per share | | | 7,567 | 1,392 |
+-------------------------------------------------+----------+--------+-------------------------------------------+--------------------------------------------+
| | | | | |
+-------------------------------------------------+----------+--------+-------------------------------------------+--------------------------------------------+
| Weighted average number of ordinary shares in | | | 84,992,740 | 72,528,482 |
| issue | | | | |
+-------------------------------------------------+----------+--------+-------------------------------------------+--------------------------------------------+
| | | | ====================================== | ===================================== |
+--------------------+---------------------------------------+--------+-------------------------------------------+--------------------------------------------+
| Basic earnings per share (pence per share) | | | 8.9 | 1.9 |
+-------------------------------------------------+----------+--------+-------------------------------------------+--------------------------------------------+
| | | | ====================================== | ======================================= |
+--------------------+----------------------------+----------+--------+-------------------------------------------+--------------------------------------------+
+-----------------------+----------------------+----------+---------+--------------------------------+-------------------------------+
| From continuing and | | | 2010 | 2009 |
| discontinued | | | | |
| operations | | | | |
+-----------------------+---------------------------------+---------+--------------------------------+-------------------------------+
| | | | | Restated |
+----------------------------------------------+----------+---------+--------------------------------+-------------------------------+
| | | | GBP000 | GBP000 |
+----------------------------------------------+----------+---------+--------------------------------+-------------------------------+
| | | | | |
+----------------------------------------------+----------+---------+--------------------------------+-------------------------------+
| Profit attributable to equity holders of the | | | 2,271 | 1,675 |
| Company | | | | |
+----------------------------------------------+----------+---------+--------------------------------+-------------------------------+
| | | | | |
+----------------------------------------------+----------+---------+--------------------------------+-------------------------------+
| Weighted average number of ordinary shares | | | 84,992,740 | 72,528,482 |
| in issue | | | | |
+----------------------------------------------+----------+---------+--------------------------------+-------------------------------+
| | | | ============================== | ============================= |
+-----------------------+---------------------------------+---------+--------------------------------+-------------------------------+
| Basic earnings per share (pence per share) | | | 2.7 | 2.3 |
+----------------------------------------------+----------+---------+--------------------------------+-------------------------------+
| | | | ============================= | ============================ |
+-----------------------+----------------------+----------+---------+--------------------------------+-------------------------------+
b) Diluted
Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares outstanding to assume conversion of all dilutive
potential ordinary shares. Dilutive potential ordinary shares comprise share
options and warrants. A calculation is made to determine the number of shares
that could have been acquired at fair value (determined as the average annual
market share price of the Company's shares) based on the monetary value of the
subscription rights attached to outstanding share options and warrants. The
number of shares calculated as above is compared with the number of shares that
would have been issued assuming the exercise of the share options and warrants.
+--------------------------+---------------+----------+--------+--+-+--+---------------------------------------------+------------------------------------------+
| From continuing | | | 2010 | 2009 |
| operations | | | | |
+--------------------------+--------------------------------------+----+---------------------------------------------+------------------------------------------+
| | | | | Restated |
+------------------------------------------+----------+----------------+---------------------------------------------+------------------------------------------+
| | | | GBP'000 | GBP'000 |
+------------------------------------------+----------+----------------+---------------------------------------------+------------------------------------------+
| | | | | |
+--------------------------------------------------------------+--+----+---------------------------------------------+------------------------------------------+
| Profit attributable to equity holders of the Company | | | 2,271 | 1,675 |
+--------------------------------------------------------------+--+----+---------------------------------------------+------------------------------------------+
| Loss/(profit) from discontinued | | | 5,296 | (283) |
| operations | | | | |
+------------------------------------------+----------+----------------+---------------------------------------------+------------------------------------------+
| | | | ---------------------------------------- | ---------------------------------------- |
+------------------------------------------+----------+----------------+---------------------------------------------+------------------------------------------+
| Profit from continuing operations used | | | | |
| to determine diluted earnings per share | | | 7,567 | 1,392 |
+------------------------------------------+----------+----------------+---------------------------------------------+------------------------------------------+
| | | | | |
+-----------------------------------------------------------------+-+--+---------------------------------------------+------------------------------------------+
| Weighted average number of ordinary shares in issue | | | 84,992,740 | 72,528,482 |
+-----------------------------------------------------------------+-+--+---------------------------------------------+------------------------------------------+
| | | | | |
+-----------------------------------------------------------------+-+--+---------------------------------------------+------------------------------------------+
| Adjustments for: | | | | |
+-----------------------------------------------------------------+-+--+---------------------------------------------+------------------------------------------+
| - share options and warrants | | | - | 1,585,965 |
+-----------------------------------------------------------------+-+--+---------------------------------------------+------------------------------------------+
| | | | ---------------------------------------- | ---------------------------------------- |
+-----------------------------------------------------------------+-+--+---------------------------------------------+------------------------------------------+
| Weighted average number of ordinary shares used for diluted | | | 84,992,740 | 74,114,447 |
| earnings | | | | |
| per share | | | | |
+-----------------------------------------------------------------+-+--+---------------------------------------------+------------------------------------------+
| | | | ========================================== | ======================================== |
+--------------------------+----------------------------------------+--+---------------------------------------------+------------------------------------------+
| Diluted earnings per share (pence per share) | | | 8.9 | 1.9 |
+-----------------------------------------------------------------+-+--+---------------------------------------------+------------------------------------------+
| | | | ========================================= | ======================================== |
+--------------------------+----------------------------------------+--+---------------------------------------------+------------------------------------------+
| | | | | |
+--------------------------+--------------------------------------+----+---------------------------------------------+------------------------------------------+
| From continuing and | | | 2010 | 2009 |
| discontinued operations | | | | |
+--------------------------+--------------------------------------+----+---------------------------------------------+------------------------------------------+
| | | | | Restated |
+------------------------------------------+----------+----------------+---------------------------------------------+------------------------------------------+
| | | | GBP'000 | GBP'000 |
+------------------------------------------+----------+----------------+---------------------------------------------+------------------------------------------+
| | | | | |
+--------------------------------------------------------------+--+----+---------------------------------------------+------------------------------------------+
| Profit attributable to equity holders of the Company | | | 2,271 | 1,675 |
+--------------------------------------------------------------+--+----+---------------------------------------------+------------------------------------------+
| | | | | |
+-----------------------------------------------------------------+-+--+---------------------------------------------+------------------------------------------+
| Weighted average number of ordinary shares in issue | | | 84,992,740 | 72,528,482 |
+-----------------------------------------------------------------+-+--+---------------------------------------------+------------------------------------------+
| | | | | |
+-----------------------------------------------------------------+-+--+---------------------------------------------+------------------------------------------+
| Adjustments for: | | | | |
+-----------------------------------------------------------------+-+--+---------------------------------------------+------------------------------------------+
| - share options and warrants | | | - | 1,585,965 |
+-----------------------------------------------------------------+-+--+---------------------------------------------+------------------------------------------+
| | | | ---------------------------------------- | ---------------------------------------- |
+-----------------------------------------------------------------+-+--+---------------------------------------------+------------------------------------------+
| Weighted average number of ordinary shares used for diluted | | | 84,992,740 | 74,114,447 |
| earnings | | | | |
| per share | | | | |
+-----------------------------------------------------------------+-+--+---------------------------------------------+------------------------------------------+
| | | | ========================================= | ======================================= |
+--------------------------+----------------------------------------+--+---------------------------------------------+------------------------------------------+
| | | | 2.7 | 2.3 |
| Diluted earnings per share (pence per share) | | | | |
+-----------------------------------------------------------------+-+--+---------------------------------------------+------------------------------------------+
| | | |=========================================== | ======================================= |
+--------------------------+----------------------------------------+--+---------------------------------------------+------------------------------------------+
| | | | | | | | | |
+--------------------------+---------------+----------+--------+--+-+--+---------------------------------------------+------------------------------------------+
8. Cash
Included within the cash balance are sums amounting to GBP11.1m which were
transmitted from clients prior to year end. These amounts were received shortly
after the year end.
9. Assets held for sale
The decision has been taken to sell the entities disclosed as held for sale.
The major classes of assets and liabilities comprising the operations classified
as held for sale are as follows:
+--------------------------+----------+------------+-------------------------------------+-------------------------------------+
| | | | Group | Group |
+--------------------------+----------+------------+-------------------------------------+-------------------------------------+
| | | | 2010 | 2009 |
+--------------------------+----------+------------+-------------------------------------+-------------------------------------+
| | | | GBP'000 | GBP'000 |
+--------------------------+----------+------------+-------------------------------------+-------------------------------------+
| | | | | |
+--------------------------+----------+------------+-------------------------------------+-------------------------------------+
| Goodwill | | | 9,196 | - |
+--------------------------+----------+------------+-------------------------------------+-------------------------------------+
| Property, plant and | | | 2,784 | - |
| equipment | | | | |
+--------------------------+----------+------------+-------------------------------------+-------------------------------------+
| Trade and other | | | 2,916 | - |
| receivables | | | | |
+--------------------------+----------+------------+-------------------------------------+-------------------------------------+
| Inventories | | | 2,060 | - |
+--------------------------+----------+------------+-------------------------------------+-------------------------------------+
| | | | ----------------------------------- | ----------------------------------- |
+--------------------------+----------+------------+-------------------------------------+-------------------------------------+
| Total assets classified | | | 16,956 | - |
| as held for sale | | | | |
+--------------------------+----------+------------+-------------------------------------+-------------------------------------+
| | | | =============================== | =============================== |
+--------------------------+----------+------------+-------------------------------------+-------------------------------------+
| | | |
+--------------------------------------------------+-------------------------------------+-------------------------------------+
| Finance lease liabilities | 75 | - |
+--------------------------------------------------+-------------------------------------+-------------------------------------+
| Borrowings | 3,950 | - |
+--------------------------------------------------+-------------------------------------+-------------------------------------+
| Trade and other payables | 2,668 | - |
+--------------------------------------------------+-------------------------------------+-------------------------------------+
| | | ----------------------------------- |
| | ----------------------------------- | |
+--------------------------------------------------+-------------------------------------+-------------------------------------+
| Total liabilities associated with assets | 6,693 | - |
| classified as held for sale | | |
+--------------------------------------------------+-------------------------------------+-------------------------------------+
| | =============================== | =============================== |
| | | |
+--------------------------------------------------+-------------------------------------+-------------------------------------+
| | | | | |
+--------------------------+----------+------------+-------------------------------------+-------------------------------------+
| Net assets of disposal | | | 10,263 | - |
| group | | | | |
+--------------------------+----------+------------+-------------------------------------+-------------------------------------+
| | | | ========================== | ============================ |
+--------------------------+----------+------------+-------------------------------------+-------------------------------------+
The directors are satisfied the above net asset value will be realised upon
sale.
The net cash flows attributable to assets held for sale and discontinued
operations are as follows:
+------------------------------+-----------+-----------+-----------------------+-----------------------+
| | | | 2010 | 2009 |
+------------------------------+-----------+-----------+-----------------------+-----------------------+
| | | | | Restated |
+------------------------------+-----------+-----------+-----------------------+-----------------------+
| | | | GBP'000 | GBP'000 |
+------------------------------+-----------+-----------+-----------------------+-----------------------+
| | | | | |
+------------------------------+-----------+-----------+-----------------------+-----------------------+
| Net cash | | | (9,556) | 575 |
+------------------------------+-----------+-----------+-----------------------+-----------------------+
| | | | ===================== | ===================== |
+------------------------------+-----------+-----------+-----------------------+-----------------------+
Earnings per share in relation to discontinued operations are as follows:
+-----------------------------------------+---------+--------+---------------------------------------+---------------------------------------+
| | | 2010 | 2009 |
+---------------------------------------------------+--------+---------------------------------------+---------------------------------------+
| | | | Restated |
+---------------------------------------------------+--------+---------------------------------------+---------------------------------------+
| Basic | | (6.3)p | 4.0 p |
| | | | |
+---------------------------------------------------+--------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
| | | |
+------------------------------------------------------------+---------------------------------------+---------------------------------------+
| Diluted | | | (6.3)p | 4.0 p |
+-----------------------------------------+---------+--------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+------------------------------------------------------------+---------------------------------------+---------------------------------------+
| | | | | |
+-----------------------------------------+---------+--------+---------------------------------------+---------------------------------------+
10. Reconciliation of profit before tax to net cash generated from operations
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| | | | 2010 | 2009 |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| | | | | |
| | | | | Restated |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| | | | GBP'000 | GBP'000 |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| | | | | |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| Profit for the year before taxation | | | 12,098 | 1,251 |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| | | | | |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| Adjustments for: | | | | |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| - Depreciation | | | 7,041 | 6,546 |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| - Amortisation | | | 440 | 223 |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| - Profit on disposal of property, | | | - | (292) |
| plant and equipment | | | | |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| - Share-based payments | | | 100 | 140 |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| - Fair value gains on financial | | | | |
| instruments recognized in profit | | | (1,304) | 4,555 |
| and loss | | | | |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| - Movement in restructuring | | | - | (1,549) |
| provision | | | | |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| - Finance income | | | (416) | (717) |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| - Finance costs | | | 7,043 | 6,869 |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| - Exchange differences | | | 246 | - |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| | | | | |
| Changes in working capital | | | | |
| (excluding the effects of | | | | |
| acquisitions) | | | | |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| - Inventories | | | (224) | (697) |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| - Trade and other receivables | | | (6,814) | (2,625) |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| - Trade and other payables | | | 6,084 | (972) |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| | | | ----------------------------------- | ----------------------------------- |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| Cash generated from operations | | | 24,294 | 12,732 |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
| | | | ================================ | ================================ |
+-------------------------------------+----------+----------+-------------------------------------+-------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR LFFIVRTISFII
Assetco (LSE:ASTO)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Assetco (LSE:ASTO)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
