TIDMASTO
RNS Number : 7938X
AssetCo PLC
13 December 2010
AssetCo plc
Interim results
Six months ended 30 September 2010
AssetCo plc, the International Fire and Rescue Services business reports a
strong performance consolidating the business in the UK and abroad during the
six months ended 30 September 2010.
Highlights
· Revenue of GBP17.1m (six months to Sept '09: GBP16.5m) representing a 4%
year on year growth.
· Underlying Revenue (excluding one off events) grew 13% year on year.
· Operating Profit of GBP6.3m (six months to Sept '09: GBP5.5m) represents
an improvement in margin from 33% to 37%.
· Underlying Operating Profit margin (excluding one off events) increased by
9%.
· Adjusted EPS from continuing activities remaining constant at 3.6p after
adjusting for the unrealized loss of derivative instruments of GBP791k.
· EPS on continuing activities declined by 0.7p
Subsequent to the period end, we have made significant progress with regard to
the previously announced strategy of selling non-core activities. This has
resulted in closing the sale of the Treka Bus Limited business and reaching an
advanced point of negotiations on the sale of the remainder of the assets. As a
result a write down of GBP4.8m has been booked to the profit and loss for the
period to reflect these negotiations.
In addition, advanced discussions with a syndicate of banks are proceeding to
release additional liquidity contained within the non-recourse asset financing
to enable the Group to restructure its balance sheet further.
Enquiries:
+-----------------------+-----------------------+
| AssetCo plc | +44 (0) 20 8515 3999 |
+-----------------------+-----------------------+
| John Shannon, Chief | |
| Executive Officer | |
+-----------------------+-----------------------+
| Scott Brown, Chief | |
| Financial Officer | |
+-----------------------+-----------------------+
| | |
+-----------------------+-----------------------+
| Arden Partners plc | +44 (0) 20 7614 5917 |
+-----------------------+-----------------------+
| Richard Day | |
+-----------------------+-----------------------+
| Adrian Trimmings | |
+-----------------------+-----------------------+
| | |
+-----------------------+-----------------------+
| Cadogan PR | +44 (0) 7771713608 |
+-----------------------+-----------------------+
| Alex Walters | |
+-----------------------+-----------------------+
| Emma Wigan | |
+-----------------------+-----------------------+
Report of the Chief Executive Officer
Introduction
Our continued evolution as an International Fire and Rescue Services business
passed a key milestone during the six months with the start of our initial
contract with the UAE Armed Forces. This together with the significant
investment we have made in our business development activities has strengthening
our international Fire and Rescue team and we are now well placed to meet future
opportunities.
Internally we have continued to correct the inefficiencies within our balance
sheet, whilst the disposing of discontinued operations as planned. The sale of
Treka Bus Limited business was completed on 29 October 2009 for net proceeds of
GBP0.75m. The sale of the remaining assets held for sale is at an advanced stage
and expected to conclude soon. By year end the Board expects all material
balances to be cleared.
The Board is currently engaged in advanced discussions with a syndicate of banks
to achieve a significant refinancing of the non-recourse debt the Company
maintains. Once these discussions are completed we are confident that the
resultant structure will release further liquidity from the balance sheet.
We were pleased to announce the appointment of Scott Brown as the new Chief
Financial Officer with effect from 4 October 2010, replacing Frank Flynn. Frank
was one of the original 2005 Management Buy-In/Buy-Out Team and leaves the Board
as part of the business's long-term succession planning.
Scott, a
Chartered Accountant, was formerly Corporate Vice President of US headquartered
Parexel Inc, and Chief Financial Officer of ClinPhone plc, a supplier of
clinical trial services to the pharmaceutical industry, prior to its acquisition
by Parexel in 2008.
The Board would like to thank Frank for his
significant contribution to AssetCo Fire and Rescue since 2005, and wish him
well in his future endeavours.
Strategy
International
We have made excellent progress in developing a strong reputation in the UAE as
the preferred partner for fire and rescue services. We now have over 80% local
Emirati employees, an international senior management team, and a "best in
class" UK operating model.
Our initial contract includes the provision of a military, civil, airside and
oil and gas firefighting capability which has opened up large international
opportunities for us.
UK
Our efforts have focused around the development of our Emergency Fire Crew
Capability, and continuing to partner London Fire and Emergency Planning
Authority and Lincolnshire Fire and Rescue to identify operational efficiency
savings ahead of potential budget cuts.
Outlook
We are pleased with the progress made during the first half of FY11, and having
completed large scale operational changes, we are now recognised as a fully
outsourced fire and rescue services provider.
Trading continues to be in line with the Board's expectations and with the UAE
contract coming fully on stream in the second half, we remain confident of a
good overall performance for the full year.
As we reshape our balance sheet, the Board has prudently deferred any further
recommendation of dividends until after the year end results are announced.
John Shannon
Chief Executive Officer
13 December 2010
INTERIM CONSOLIDATED INCOME STATEMENT (UNAUDITED)
+--------------------------------+-----+---------+---------+
| | | Six months |
| | | ended |
+--------------------------------+-----+-------------------+
| | | | |
| | | 30.9.10 | 30.9.09 |
+--------------------------------+-----+---------+---------+
| | | GBP000 | GBP000 |
| | | | |
+--------------------------------+-----+---------+---------+
+-------------------------------+----+---------------------------------------+---------------------------------------+
| Revenue | | 17,125 | 16,524 |
+-------------------------------+----+---------------------------------------+---------------------------------------+
| Cost of sales | | (5,768) | (5,238) |
+-------------------------------+----+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+------------------------------------+---------------------------------------+---------------------------------------+
| Gross profit | 11,357 | 11,286 |
+------------------------------------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-------------------------------+----+---------------------------------------+---------------------------------------+
+-----------------------------+--+----------------+----+----------------------+----------------+---------------------------------------+
| Administrative expenses | | (4,984) | (5,645) |
| | | | |
+--------------------------------+---------------------+---------------------------------------+---------------------------------------+
| | | ------------------------------------- | ----------------------------------- |
+--------------------------------+---------------------+---------------------------------------+---------------------------------------+
| Restructuring costs | | | (64) | (132) |
+-----------------------------+--+---------------------+----------------------+--------------------------------------------------------+
| | | ------------------------------------- | ----------------------------------- |
+--------------------------------+---------------------+---------------------------------------+---------------------------------------+
| Operating profit | | 6,309 | 5,509 |
+--------------------------------+---------------------+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+------------------------------------------------------+---------------------------------------+---------------------------------------+
| Finance income | | - | 425 |
+-------------------------------------------------+----+---------------------------------------+---------------------------------------+
| Finance costs | | (2,229) | (2,512) |
+-------------------------------------------------+----+---------------------------------------+---------------------------------------+
| Realised gain on fair value of financial | | 78 | 150 |
| instrument | | | |
+-------------------------------------------------+----+---------------------------------------+---------------------------------------+
| Unrealised loss on fair value of financial | | (791) | - |
| instrument | | | |
+-------------------------------------------------+----+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+------------------------------------------------------+---------------------------------------+---------------------------------------+
| Profit before taxation | | 3,367 | 3,572 |
+-------------------------------------------------+----+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+------------------------------------------------------+---------------------------------------+---------------------------------------+
| Taxation | | (754) | (730) |
+-------------------------------------------------+----+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+------------------------------------------------------+---------------------------------------+---------------------------------------+
| Profit for the period from continuing | | 2,613 | 2,842 |
| operations | | | |
+-------------------------------------------------+----+---------------------------------------+---------------------------------------+
| | | ------------------------------------- | ------------------------------------- |
+-------------------------------------------------+----+---------------------------------------+---------------------------------------+
| | | | |
+-------------------------------------------------+----+---------------------------------------+---------------------------------------+
| | | | |
+-------------------------------------------------+----+---------------------------------------+---------------------------------------+
| Discontinued operations | | | |
+-------------------------------------------------+----+---------------------------------------+---------------------------------------+
| (Loss)/profit for the period from discontinued | | (454) | 424 |
| operations | | | |
+-------------------------------------------------+----+---------------------------------------+---------------------------------------+
| Loss from write down of goodwill on assets | | (4,848) | - |
| held for sale | | | |
+-------------------------------------------------+----+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+------------------------------------------------------+---------------------------------------+---------------------------------------+
| (Loss)/profit for the period | | (2,689) | 3,266 |
+-------------------------------------------------+----+---------------------------------------+---------------------------------------+
| | | ======================= | ======================= |
+-------------------------------------------------+----+---------------------------------------+---------------------------------------+
| | | | | | | |
+-----------------------------+--+----------------+----+----------------------+----------------+---------------------------------------+
Earnings per share (pence)
+-----------------------------+--+----+----------------------------+----------+---------------------------------------+
| From continuing operations | | | |
+--------------------------------+----+---------------------------------------+---------------------------------------+
| Basic | | 2.9p | |
| | | | 3.6p |
+--------------------------------+----+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------ |
+-------------------------------------+---------------------------------------+---------------------------------------+
| Diluted | | | 2.9p | 3.6p |
+-----------------------------+--+----+----------------------------+--------------------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-------------------------------------+---------------------------------------+---------------------------------------+
| | | | | | |
+-----------------------------+--+----+----------------------------+----------+---------------------------------------+
+-----------------------------+--+----+----------------------------+----------+---------------------------------------+
| From continuing and | | | |
| discontinued operations | | | |
+--------------------------------+----+---------------------------------------+---------------------------------------+
| Basic | | (3.0)p | |
| | | | 4.1p |
+--------------------------------+----+---------------------------------------+---------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-------------------------------------+---------------------------------------+---------------------------------------+
| Diluted | | | (3.0)p | 4.1p |
+-----------------------------+--+----+----------------------------+--------------------------------------------------+
| | ------------------------------------- | ------------------------------------- |
+-------------------------------------+---------------------------------------+---------------------------------------+
| | | | | | |
+-----------------------------+--+----+----------------------------+----------+---------------------------------------+
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
+---------------+---------------+---------------+-----+---------------------------------------+-------------------------+---------------+
| | | Six months |
| | | ended |
+---------------+-------------------------------+---------------------------------------------------------------------------------------+
| | | | 30.9.10 | 30.9.09 |
| | | | | GBP000 |
| | | | GBP000 | |
+---------------+-------------------------------+-----+---------------------------------------+-----------------------------------------+
| | | | (2,689) | 3,266 |
| | (Loss)/profit for the period | | | |
+---------------+-------------------------------+-----+---------------------------------------+-----------------------------------------+
| | | | | |
| | Other comprehensive income | | | |
+---------------+-------------------------------+-----+---------------------------------------+-----------------------------------------+
| | Exchange differences on | | 2 | - |
| | translating of foreign | | | |
| | operations | | | |
+---------------+-------------------------------+-----+---------------------------------------+-----------------------------------------+
| | Income tax relating to components | - | - |
| | of other comprehensive income | | |
+---------------+-------------------------------------+---------------------------------------+-----------------------------------------+
| | | ------------------------------------- | ------------------------------------- |
+---------------+-------------------------------------+---------------------------------------+-----------------------------------------+
| | | 2 | - |
+---------------+-------------------------------------+---------------------------------------+-----------------------------------------+
| | | ------------------------------------- | ------------------------------------- |
+---------------+-------------------------------------+---------------------------------------+-----------------------------------------+
| | Total comprehensive income | (2,687) | 3,266 |
+---------------+-------------------------------------+---------------------------------------+-----------------------------------------+
| | | ======================= | ======================= | |
+---------------+---------------+---------------+-----+---------------------------------------+-------------------------+---------------+
CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION (UNAUDITED)
+-------------------------------+---+---+---+----------------------------------+----------+-----------+---+-----------------------+---------+---+-------------------------------+---+------+---+
| | | 30.9.10 | 31.3.10 | 30.9.09 | |
| | | GBP000 | GBP000 | GBP000 | |
+-------------------------------+-----------+ + + +--------------+
| | Notes | | | | |
+-------------------------------+-----------+---------------------------------------------+-----------------------------------------------------+-------------------------------+--------------+
| | | | | | |
+-------------------------------+-----------+---------------------------------------------+-----------------------------------------------------+-------------------------------+--------------+
| ASSETS | | | | | |
+-------------------------------+-----------+---------------------------------------------+-----------------------------------------------------+-------------------------------+--------------+
| | | | | | |
+-------------------------------+-----------+---------------------------------------------+-----------------------------------------------------+-------------------------------+--------------+
| Non-current assets | | | | | |
+-------------------------------+-----------+---------------------------------------------+-----------------------------------------------------+-------------------------------+--------------+
| Property, plant and equipment | | 80,776 | 74,714 | 78,211 | |
+-------------------------------+-----------+---------------------------------------------+-----------------------------------------------------+-------------------------------+--------------+
| Goodwill | | 47,905 | 47,905 | 57,081 | |
+-------------------------------+-----------+---------------------------------------------+-----------------------------------------------------+-------------------------------+--------------+
| Other intangible assets | | 12,739 | 7,939 | 6,288 | |
+-------------------------------+-----------+---------------------------------------------+-----------------------------------------------------+-------------------------------+--------------+
| Investment in associate | | 414 | 414 | 414 | |
+-------------------------------+-----------+---------------------------------------------+-----------------------------------------------------+-------------------------------+--------------+
| Deferred tax asset | | 4,377 | 4,377 | 3,770 | |
+-------------------------------+-----------+---------------------------------------------+-----------------------------------------------------+-------------------------------+--------------+
| Retirement benefit surplus | | 429 | 429 | 429 | |
+-------------------------------+-----------+---------------------------------------------+-----------------------------------------------------+-------------------------------+--------------+
| | ------------------------------------ | ----------------------------- | ----------------------------- | |
+-------------------------------------------+---------------------------------------------+-----------------------------------------------------+-------------------------------+--------------+
| | 146,640 | 135,778 | 146,193 | |
+-------------------------------------------+---------------------------------------------+-----------------------------------------------------+-------------------------------+--------------+
| | ------------------------------------ | ----------------------------- | ----------------------------- | |
+-------------------------------------------+---------------------------------------------+-----------------------------------------------------+-------------------------------+--------------+
| Current assets | | | | | |
+-----------------------------------+------------------------------------------+--------------------------+---------------------------------+---------------------------------------+----------+
| Inventories | | 400 | 201 | 7,285 | |
| | | | | | |
+-----------------------------------+------------------------------------------+--------------------------+---------------------------------+---------------------------------------+----------+
| Trade and other receivables | | 28,421 | 28,014 | 17,118 | |
| | | | | | |
+-----------------------------------+------------------------------------------+----------------------+-------------------------------------+---------------------------------------+----------+
| Cash | | 5,857 | 13,697 | 17,136 | |
+-----------------------------------+------------------------------------------+----------------------+-------------------------------------+---------------------------------------+----------+
| | | ------------------------ | ----------------------------- | ----------------------------- | |
+-----------------------------------+------------------------------------------+--------------------------+---------------------------------+---------------------------------------+----------+
| | | 34,678 | 41,912 | 41,539 | |
+-----------------------------------+------------------------------------------+--------------------------+---------------------------------+---------------------------------------+----------+
| | ------------------------ | ----------------------------- | ----------------------------- | | |
+------------------------------------------------------------------------------+--------------------------+---------------------------------+---------------------------------------+------+---+
| Assets held for sale | 10,070 | 16,956 | - | | |
| | | | | | |
+------------------------------------------------------------------------------+--------------------------+---------------------------------+---------------------------------------+------+---+
| | ------------------------ | ----------------------------- | ----------------------------- | | |
+------------------------------------------------------------------------------+--------------------------+---------------------------------+---------------------------------------+------+---+
| Total assets | | 191,388 | 194,646 | 187,732 | |
+-----------------------------------+------------------------------------------+--------------------------------------------------+---------+---------------------------------------+----------+
| | | ======================= | ======================= | ======================= | |
+---------------------------------------+--------------------------------------+--------------------------+---------------------------------+---------------------------------------+----------+
| | | | | | |
+-----------------------------------+------------------------------------------+--------------------------------------------------+---------+---------------------------------------+----------+
| EQUITY | | | | | |
| | | | | | |
+-----------------------------------+------------------------------------------+--------------------------------------------------+---------+---------------------------------------+----------+
| Issued share capital | | 22,678 | 22,678 | 22,678 | |
+---------------------------------------+--------------------------------------+--------------------------+---------------------------------+---------------------------------------+----------+
| Equity component of compound | | 7,917 | 7,917 | 7,917 | |
| financial instruments | | | | | |
+---------------------------------------+--------------------------------------+--------------------------+---------------------------------+---------------------------------------+----------+
| Share premium account | | 29,288 | 29,288 | 29,288 | |
+---------------------------------------+--------------------------------------+--------------------------+---------------------------------+---------------------------------------+----------+
| Reverse acquisition reserve | | (11,701) | (11,701) | (11,701) | |
+---------------------------------------+--------------------------------------+--------------------------+---------------------------------+---------------------------------------+----------+
| Translation reserve | | (56) | (58) | (304) | |
+---------------------------------------+--------------------------------------+--------------------------+---------------------------------+---------------------------------------+----------+
| Other reserve | | 710 | 680 | 580 | |
+---------------------------------------+--------------------------------------+--------------------------+---------------------------------+---------------------------------------+----------+
| Retained earnings | | 9,325 | 12,014 | 12,734 | |
+---------------------------------------+--------------------------------------+--------------------------+---------------------------------+---------------------------------------+----------+
| | | ------------------------ | ----------------------------- | ----------------------------- | |
+---------------------------------------+--------------------------------------+--------------------------+---------------------------------+---------------------------------------+----------+
| Total equity | | 58,161 | 60,818 | 61,193 | |
+---------------------------------------+--------------------------------------+--------------------------+---------------------------------+---------------------------------------+----------+
| | | ------------------------ | ----------------------------- | ----------------------------- | |
+-------------------------------+---+---+---+----------------------------------+----------+-----------+---+-----------------------+---------+---+-------------------------------+---+------+---+
CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION (UNAUDITED)
+-----------------------------+--+--------+-------+---------------------------------------+-------------------------------+---------+------------------------------+--------+
| | | 30.9.10 | | 30.9.09 |
| | | GBP000 | 31.3.10 | GBP000 |
| | | | GBP000 | |
+-----------------------------------------+-------+ + + +
| | Notes | | | |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| | | | | |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| LIABILITIES | | | | |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| | | | | |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| Non-current liabilities | | | | |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| | | 67,692 | 67,267 | |
| Borrowings | | | | 76,381 |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| Liability component of compound | | 8,650 | 8,200 | 7,045 |
| financial instruments | | | | |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| Deferred tax liabilities | | 9,060 | 9,959 | 6,684 |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| | | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| | | 85,402 | 85,426 | 90,110 |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| | | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| Current liabilities | | | | |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| Trade and other payables | | 18,708 | 20,118 | 14,478 |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| Current income tax liabilities | | 2,511 | 858 | - |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| Borrowings | | 15,280 | 14,912 | 14,976 |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| Derivative financial instruments | | 6,534 | 5,821 | 6,975 |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| | | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| | | 43,033 | 41,709 | 36,429 |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| | | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| Liabilities associated with assets | | 4,792 | 6,693 | - |
| classified as held for sale | | | | |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| | | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| Total liabilities | | | 133,227 | 133,828 | 126,539 | |
+-----------------------------+--+----------------+-----------------------------------------------------------------------+---------+------------------------------+--------+
| | | ------------------------------------- | ------------------------------------- | ------------------------------------- |
+-----------------------------------------+-------+---------------------------------------+-----------------------------------------+---------------------------------------+
| Total equity and | | | 191,388 | 194,646 | 187,732 | |
| liabilities | | | | | | |
+-----------------------------+--+----------------+-----------------------------------------------------------------------+---------+------------------------------+--------+
| | | ======================= | ======================= | ======================= |
+-----------------------------+--+--------+-------+---------------------------------------+-------------------------------+---------+------------------------------+--------+
CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED)
+----------------------------+----------+-------+--+-------+------+-------------------------------------+-----------------------------+-------+
| | | Six months ended |
+----------------------------------------------------------+------+---------------------------------------------------------------------------+
| | | 30.9.10 | 30.9.09 |
| | | GBP000 | GBP000 |
+----------------------------------------------------------+------+ + +
| | Note | | |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| | | | |
| | | | |
| Cash flows from operating activities | | | |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| Cash generated from operations | 4 | 8,447 | 8,554 |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| Contribution to defined benefit pension schemes | | (117) | (115) |
+--------------------------------------------------+--------------+-------------------------------------+-------------------------------------+
| | | -------------------------------- | -------------------------------- |
+--------------------------------------------------+--------------+-------------------------------------+-------------------------------------+
| Net cash flow from operating activities | | 8,330 | 8,439 |
+--------------------------------------------------+--------------+-------------------------------------+-------------------------------------+
| | -------------------------------- | ----------------------------------- |
+-----------------------------------------------------------------+-------------------------------------+-------------------------------------+
| | | | | |
| Cash flows from investing activities | | | | |
+-----------------------------------------------+--+--------------+-------------------------------------------------------------------+-------+
| Finance income | | - | 431 |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| Purchase of intangible assets | | (4,964) | (845) |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| Purchases of property, plant and equipment | | (9,314) | (4,807) |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| | | -------------------------------- | -------------------------------- |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| Cash flow from investing activities | | (14,278) | (5,221) |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| | | -------------------------------- | -------------------------------- |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| | | | |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| Cash flows from financing activities | | | |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| Issue of shares (net of costs) | | - | 7,506 |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| Dividends paid | | - | (1,140) |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| Finance costs | | (2,229) | (2,752) |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| Repayments of borrowings | | (1,704) | (6,905) |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| Increase in borrowings | | - | - |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| Finance lease additions | | 6,515 | 2,031 |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| Finance lease repayments | | (5,383) | (5,107) |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| | | -------------------------------- | -------------------------------- |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| Net cashflow from financing | | (2,801) | (6,367) |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| | | -------------------------------- | ----------------------------------- |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| | | | |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| | | (8,749) | (3,149) |
| Net cash and cash equivalents from continuing operations | | | |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| Cashflow from discontinued operations | | (454) | (347) |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| | | | ----------------------------------- | ----------------------------------- |
+----------------------------+----------+-------------------------+-------------------------------------+-------------------------------------+
| Net change in cash and cash equivalents | | (9,203) | (3,496) |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| Cash, cash equivalents and bank overdrafts at beginning | | 12,487 | 18,805 |
| of period | | | |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| | | -------------------------------- | ----------------------------------- |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| Cash, cash equivalents and bank overdrafts at end of | | 3,284 | 15,309 |
| period | | | |
+----------------------------------------------------------+------+-------------------------------------+-------------------------------------+
| | | ===================== | ===================== |
+----------------------------+----------+-------+--+-------+------+-------------------------------------+-----------------------------+-------+
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| | Ordinary | Share | Reverse | Translation | | Retained | |
| | and | premium | acquisition | reserve | | earnings | Total |
| | preference | account | reserve | | Other | | Equity |
| | share | | | | Reserve | | |
| | capital | | | | | | |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| | | | | | | | |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| At 1 April 2009 | 26,262 | 26,115 | (11,701) | (304) | 580 | 10,608 | 51,560 |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| Profit for the period | - | - | - | - | - | 3,266 | 3,266 |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| Total recognised income | - | - | - | - | - | 3,266 | 3,266 |
| and expense for the | | | | | | | |
| period | | | | | | | |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| Dividends paid in the | - | - | - | - | - | (1,140) | (1,140) |
| year | | | | | | | |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| Net proceeds from issue | 4,333 | 3,173 | - | - | - | - | 7,506 |
| of shares | | | | | | | |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| At 30 September 2009 | 30,595 | 29,288 | (11,701) | (304) | 580 | 12,734 | 61,192 |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | | ----------------------------- | ----------------------------- |
| | | | | | ----------------------------- | | |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| Exchange differences on | - | - | - | 246 | | - | 246 |
| translation of overseas | | | | | - | | |
| operations | | | | | | | |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| Profit for the year | - | - | - | - | - | (720) | (720) |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | | ----------------------------- | ----------------------------- |
| | | | | | ----------------------------- | | |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| Total recognised income | - | - | - | 246 | - | (720) | (474) |
| and expense for the | | | | | | | |
| period | | | | | | | |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | | ----------------------------- | ----------------------------- |
| | | | | | ----------------------------- | | |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| Movement relating to | - | - | - | - | | - | 100 |
| share-based payments | | | | | 100 | | |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| At 31 March 2010 | 30,595 | 29,288 | (11,701) | (58) | 680 | 12,014 | 60,818 |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| | - | - | - | 2 | | - | 2 |
| Exchange differences on | | | | | - | | |
| translation of overseas | | | | | | | |
| operations | | | | | | | |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| Loss for the year | - | - | - | - | - | (2,689) | (2,689) |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| Total recognised income | - | - | - | 2 | - | (2,689) | (2,687) |
| and expense for the | | | | | | | |
| period | | | | | | | |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| Movement relating to | - | - | - | - | | - | 30 |
| share-based payments | | | | | 30 | | |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| At 30 September 2010 | 30,595 | 29,288 | (11,701) | (56) | 710 | 9,325 | 58,161 |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
| | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- |
+--------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+-------------------------------+
NOTES TO THE INTERIM FINANCIAL STATEMENTS (UNAUDITED)
1. Legal status and activities
AssetCo plc ("the Company") and its subsidiaries (together "the Group") are
principally involved in the provision of Fire and Rescue Services to domestic
and international markets..
The Company is a public limited company incorporated and domiciled in England
and Wales. The address of its registered office is 800 Field End Road, South
Ruislip, Middlesex HA4 0QH.
The Company is listed on the Alternative Investment Market ("AIM") of the London
Stock Exchange.
The Company's accounts for the year ended 31 March 2010 have been delivered to
the Registrar of Companies. Those accounts received an unqualified audit report
which did not contain statements under Section 237 (2) and (3) of the Companies
Act 1985.
These financial statements are not statutory accounts within the meaning of
Section 240 of the Companies Act 1985.
These Group consolidated interim financial statements were authorised for issue
by the Board of Directors on 13 December 2010.
2 Basis of preparation of the interim report
The accounts comply with the AIM Rules and have been prepared on a basis
consistent with the revenue and recognition principles of International
Financial Reporting Standards ("IFRS"). The interim financial information has
been prepared on a basis which is consistent with the accounting policies
adopted by the Group for the last financial statements and should be read in
conjunction with these financial statements. The Group has chosen not to adopt
IAS 34, "Interim Financial Reporting".
The preparation of financial statements in conformity with IFRS requires the use
of certain critical accounting estimates. It also requires management to
exercise its judgement in the process of applying the Group's accounting
policies.
The comparative profit and loss for the 6 months ended 30 September 2010 has
been restated to report results consistent with the Annual Report for the year
ended 31 March 2010 in two respects. Firstly, the classification and separate
disclosure of businesses being held for sale. The revenue and associated costs
for these businesses are contained within the discontinued operations result for
the periods ending 30 September 2009 and 30 September 2010. Secondly, the profit
and loss for the period ended 30 September 2009 have also been restated to
account for the hedge arrangement deemed as an ineffective hedge. This resulted
in gains and losses on the movement of the fair value of the financial
instrument being transferred from the statement of changes in equity to the
income statement. The overall impact on the consolidated income statement has
been a gain of GBP0.15m.
3. Primary segment information
For management purposes, the Group is organised into one main business segment
as follows:
Fire and Rescue Services- provision of management services to the fire and
rescue market
Period ended 30 September 2010
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+
| | | Fire | Held | Consolidation | Total |
| | | and | for | adjustments | |
| | | Rescue | sale | | |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+
| | | | | | |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+
| Segment revenue | | 17,125 | 5,328 | - | 22,453 |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+
| | | ===================== | ===================== | ===================== | ===================== |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+
| Segment | | 6,339 | (189) | (30) | 6,120 |
| operating | | | | | |
| profit/(loss) | | | | | |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+
| Net segment | | (2,229) | (265) | (713) | (3,207) |
| finance costs | | | | | |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+
| | | ===================== | ===================== | ===================== | ===================== |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+
| Segment | | 4,110 | (454) | (6,091) | (2,435) |
| profit/(loss) | | | | | |
| before tax | | | | | |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+
| | | ===================== | ===================== | ===================== | ===================== |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+
| Depreciation | | 3,416 | 155 | - | 3,571 |
| and | | | | | |
| amortisation | | | | | |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+
| | | ===================== | ===================== | ===================== | ===================== |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+
Period ended 30 September 2009
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+-----------------------+
| | | Fire | Held | | Consolidation | Total |
| | | and | for | Discontinued | adjustments | |
| | | Rescue | sale | operations | | |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+-----------------------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+-----------------------+
| | | | | | | |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+-----------------------+
| Segment revenue | | 16,524 | 5,888 | 5,450 | - | 27,862 |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+-----------------------+
| | | ===================== | ===================== | ===================== | ===================== | ===================== |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+-----------------------+
| Segment | | 5,509 | 2,054 | (1,344) | - | 12,241 |
| operating | | | | | | |
| profit/(loss) | | | | | | |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+-----------------------+
| Net segment | | (2,057) | 72 | (244) | 150 | 6,152 |
| finance costs | | | | | | |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+-----------------------+
| | | ===================== | ===================== | ===================== | ===================== | ===================== |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+-----------------------+
| Segment | | 3,452 | 1,982 | (1,588) | 150 | 3,996 |
| profit/(loss) | | | | | | |
| before tax | | | | | | |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+-----------------------+
| | | ===================== | ===================== | ===================== | ===================== | ===================== |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+-----------------------+
| Depreciation | | 3,684 | 26 | 31 | - | 6,546 |
| and | | | | | | |
| amortisation | | | | | | |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+-----------------------+
| | | ===================== | ===================== | ===================== | ===================== | ===================== |
+-----------------+-+-----------------------+-----------------------+-----------------------+-----------------------+-----------------------+
4. Reconciliation of profit before tax to net cash generated from operations
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| | | | Six | Six |
| | | | months | months |
| | | | ended | ended |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| | | | | 30.9.09 |
| | | | 30.9.10 | |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| | | | | |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| | | | GBP'000 | GBP'000 |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| | | | | |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| Profit for the year before | | | 3,367 | 3,572 |
| taxation | | | | |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| | | | | |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| Adjustments for: | | | | |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| - Depreciation | | | 3,252 | 3,461 |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| - Amortisation | | | 164 | 223 |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| - Share-based payments | | | 30 | 50 |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| - Fair value gains on | | | | |
| financial instruments | | | (78) | (150) |
| recognized in profit and | | | | |
| loss | | | | |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| - Unrealised loss on fair | | | | |
| value of financial | | | 791 | - |
| instruments recognized in | | | | |
| profit and loss | | | | |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| - Finance income | | | - | (431) |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| - Finance costs | | | 2,229 | 2,752 |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| - Exchange differences | | | 7 | 106 |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| | | | | |
| Changes in working capital | | | | |
| (excluding the effects of | | | | |
| acquisitions) | | | | |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| - Inventories | | | (199) | 125 |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| - Trade and other | | | 173 | (597) |
| receivables | | | | |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| - Trade and other | | | (1,289) | (567) |
| payables | | | | |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| | | | ----------------------------------- | ----------------------------------- |
| | | | | |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| Cash generated from | | | 8,447 | 8,544 |
| operations | | | | |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
| | | | ==================== | ========================================= |
| | | | | |
+----------------------------+----------+--------+-------------------------------------+-------------------------------------------+
5. Post balance sheet event
On 29 October 2010 TREKA Bus Limited was sold for net proceeds of GBP0.75m.
As at the date of this report, the Company is in advanced discussions with an
acquirer of the remaining businesses held by the Company for sale. The net
asset value of these operations has been written down to reflect these
negotiations. Accordingly, a write down charge of GBP4.8m has been recorded for
the period.
6. Dividend paid
A dividend relating to the year ended 31 March 2010 of 1.5 pence per share was
paid on 5 November 2010. This amounted to GBP1,361,000.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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