RNS Number : 6924G
Baqus Group PLC
27 October 2008
FOR RELEASE 7.00 AM 27 OCTOBER 2008
BAQUS GROUP PLC
("Baqus" or "Group")
(National Construction Consultancy and Quantity Surveying Group)
Preliminary Results for the year ended 30 June 2008
As the Group was only formed on 14 December 2007, pro-forma comparative information has been prepared. These comparatives are
unaudited.
CONSOLIDATED PRO-FORMA INCOME STATEMENT
for the 12 months ended 30 June 2008
Pro-forma Pro-forma
Year to Year to
30 June 30 June
2008 2007
Unaudited Unaudited
�'000 �'000 Change
REVENUE 7,702 6,965 10.6%
PROFIT BEFORE TAX AND EXCEPTIONAL ITEMS 1,062 632
68.0%
PROFIT BEFORE TAX 985 632 55.9%
BASIC EARNINGS PER SHARE (Pence) 0.56p 0.41p 36.6%
DIVIDENDS 0.17 - N/A
* Results in line with market expectations
* Cash balances of �2.477 million at 30 June 2008
* Integration of first three acquisitions progressing well
* Sworn King acquired for a maximum consideration of �377,000
* Option agreement to acquire Brian Hannaby & Associates
* Strong position to expand through further acquisitions
* Group trading well
* �9.6 million order book
* Reported Government initiatives give grounds for some optimism
* Given continued economic volatility, the Group is cautious about the outlook for the current year
Contact:
Baqus Group plc
Clive Sayer (Chief Executive) 07967 132 221
Patrick Lineen (Finance Director) 07818 034 452
Seymour Pierce (Nominated Adviser and Broker)
Mark Percy / Matthew Thomas 020 7107 8000
Cubitt Consulting (Financial Public Relations Advisers)
Brian Coleman-Smith / James Verstringhe 020 7367 5100
Background Note:
CONSOLIDATED PRO-FORMA INCOME STATEMENT
for the 12 months ended 30 June 2008
Pro-forma Pro-forma
Year to Year to
30 June 30 June
2008 2007
Unaudited Unaudited
�'000 �'000
REVENUE 7,702 6,965
Cost of Sales (5,116) (4,094)
GROSS PROFIT 2,586 2,871
Operating Expenses (1,485) (2,198)
OPERATING PROFIT 1,101 673
Investment Income 91 87
Finance Costs (130) (128)
1,062 632
Exceptional Items (77) -
Taxation (360) (166)
PROFIT AFTER TAXATION 625 466
Dividend 94 300
Basic Earnings per share (pence) 0.56p 0.41p
Baqus Group
Baqus was admitted to trading on AIM on the 14 December 2007, having raised �1.75 million through a placing of 17,500,000 Ordinary
Shares.
The Group has been established to create a national building consultancy and quantity surveying group offering construction cost
consultancy, project management and building surveying services. The three founding firms work across a number of business sectors
including: residential, health, education, commercial, leisure, hospitality, affordable housing and conservation. Clients include commercial
companies, developers, local authorities, central government, NHS and Housing Associations. The Group is seeking to expand into other
sectors including infrastructure, civil engineering and transportation.
Baqus currently comprises four established building and quantity surveying consultancies: Boxall Sayer, Denley King, Fletcher McNeill
and Sworn King who joined the Group in August. The combined Group covers a broad geographical area with offices located in Canterbury,
Chichester, Lichfield, Liverpool, London, Manchester, Oxford, Poole, St Albans and Winchester.
The Quantity Surveying Market, which is highly fragmented, is estimated to be worth �1.3 billion and is dominated by a small number of
major players. Baqus' Directors believe the market is ripe for consolidation and are in the process of pursuing a strategy of selectively
acquiring small to medium sized Quantity Surveying practices across the country which fit the board's criteria. Once acquired, the practices
will be developed to produce strong organic growth, whilst capitalising on opportunities for synergies with the rest of the Group.
BAQUS GROUP PLC
("Baqus" or "Group")
(National Construction Consultancy and Quantity Surveying Group)
Preliminary Results for the year ended 30 June 2008
Chairman's Statement
Following our successful flotation on AIM in December last year, I am pleased to present my report for the year ending 30 June 2008
which shows that:
* Our results are in line with market expectations
* The cash position is strong
* We are paying a good dividend
* The integration of first three acquisitions progressing well
* Given the current economic volatility, we are cautious about the outlook for the current year
* Government initiatives give grounds for some optimism in another challenging year
* We are in strong position to expand through further acquisitions
Results
As the Group was only formed on 14 December 2007, to provide meaningful information we have produced pro-forma financial information for
the full twelve months to 30 June 2008 and comparatives for the full year to 30 June 2007, as if the Group had existed in its current form
throughout those periods.
The pro-forma profit before taxation and exceptionals is �1,062,000 for the year to 30 June 2008 (2007: �632,000) on turnover of �7.7
million (2007: �6.97 million). Pro-forma earnings per share were 0.56p (2007: 0.41p).
The cash balances at 30 June 2008 were strong at �2.5 million of which �600,000 will be paid out on 14 December 2008 for partial
redemption of the outstanding loan notes. Some cash will be used for acquisitions but acash will to some extent be offset by cash generated
from trading activities.
Dividend
In accordance with International Financial Reporting Standards we are prevented from paying out dividends in respect of profits earned
prior to the date of flotation, which was 14 December 2007. The Board is recommending a dividend of 53% of the post tax profits for the
period 14 December 2007 to 30th June 2008 which totals �187,469, less the interim dividend paid of �59,478, results in a final dividend
payable of �127,991.
The payment of the final dividend for the year ended 30 June 2008 of 0.11 pence per ordinary share, making 0.17p pence for the year. If
approved, the final dividend will be paid on 19 December 2008 to shareholders on the register at the close of business on 28 November 2008.
It is the board's intention to grow the dividend distribution sensibly going forward with the aim of paying out approximately 30% of
post tax profits.
Operations
The first three firms acquired by the Group are in the process of integrating their operations to produce cost savings. We are already
seeing a reduction in costs from the merger of offices and anticipate further savings from reduced overheads. The effective management of
the combined fee earning staff of the three companies is starting to take place and should result in greater efficiency and increased
productivity.
We have been active in searching for companies to acquire. On 1 of August, we acquired Sworn King, a quantity surveying practice based
in Oxfordshire who specialise in the education sector, and believe that they will form a useful addition to the Group. We are currently
integrating their business into the Group. On 30 July we announced an option agreement to acquire Brian Hannaby Associates, a
Liverpool-based firm who provide quantity surveying services to the rail and infrastructure market.
Staff
A flotation inevitably brings new challenges for all those involved and I should like to take this opportunity to thank my fellow
directors and staff throughout the Group for their commitment and continued hard work.
Current Trading and Outlook
The Group as a whole is trading well. The budget hotels and education sectors in particular are experiencing healthy trading. The
leisure, health and social housing sectors, which also form part of the Baqus workload, continue to provide a promising source of
commissions. Our future order book is very strong at �9.6 million in fees which represents 15 months of sales. Hence, the Group's future
workload is well under-pinned by this robust order book.
I am pleased with the way that our businesses are integrating and believe that we are establishing ourselves as a significant force in
the industry. We were named in the trade magazine Building, 10 October 2008 edition, as one of only five companies of the country's top 250
construction consultancies, whose strategy for dealing with a possible down turn in the economy, stood out.
Nevertheless, in the face of the continued economic volatility, we are cautious about the outlook for the current year. Whilst our
orders are secure, the shortage of credit lines could result in projects being delayed. This would involve a reduction in fee income with
little room in the short term to make a responding reduction in costs. However, it has been reported that the Treasury is already showing
some flexibility with departments and has brought forward �1 billion of housing spending as part of Mr Brown's autumn relaunch including
�400 million to build social housing during the next 18 months. Other candidates for accelerated funding are said to include state funding
for primary care buildings, schools, social housing and leisure facilities and these initiatives give us grounds for some optimism in what
will be a another challenging year.
The market, due to the current credit squeeze, should provide us with opportunities for acquiring companies at attractive prices and we
plan to increase our acquisition search activities over the coming months. The Board, however, is anxious to ensure that all acquisitions
represent good value for money and provide a solid earnings stream.
Roger Knowles
Chairman
27 October 2008
CHIEF EXECUTIVE OFFICER'S REPORT
Introduction
Following the Group's flotation on the AIM in December 2007, I am pleased to present my first report as Chief Executive Officer.
As seen elsewhere in the Chairman's Statement and reported in more detail in the Finance Director's Review the Group has reported that
profits for the year ended 30 June 2008 are in line with market expectations.
Traditionally, annual reports are the opportunity to focus and profile successes.. However, whilst I want to underline and recognise the
progress and achievements made, this report is a considered appraisal of where we are and the potential opportunities yet to come.
The past year
All members of the team are continuing to work very hard for the business and since flotation a number of activities have been
emphasised.
These commenced immediately with bringing on board the three "founding" businesses of Boxall Sayer, Fletcher McNeill and Denley King
which became part of Baqus on day one.
The integration of the three businesses is progressing well and we are starting to achieve economies of scale and efficiencies as well
as improvements in the range of services offered to clients. This is involving putting in place new lines of reporting and new roles for
certain team members.
We have started the process of re-branding all the businesses to give them a national identity under the Baqus name. This transition
will take place over time so that we retain and successfully incorporate the various businesses' 'brand value' into Baqus Group.
A successful meeting of all senior management was held to give them a chance to give their input into how the business may be driven
forward and to enable them to get to know new colleagues.
It has been very important to make both existing and potential clients aware of the new capabilities of the Group as a whole and the
branding exercise is assisting with this. There are a number of examples of work that has been won because of the enlarged size, enhanced
geographic profile and scope of the business.
A decision was made before flotation to take a stand at the Brighton Housing Association Conference in the Spring and we took the
opportunity of flagging up the Baqus name and also reminding clients that subsidiaries Boxall Sayer and Denley King were now part of the
same entity and could and would work together on projects.
Continuing to run a successful business and make profits is very dependent upon winning new work from both existing clients and from new
clients. In the present market this is inevitably going to be getting more difficult as the number of projects reduces and even in the
public sector, projects take longer to come through as funding slows. It is important that all members of the team are encouraged to
continue to deliver exceptional client service to ensure that we receive an increasing flow of repeat business from which the Baqus
constituent companies have for so long done very well.
We have put a considerable amount of energy into public relations and press work - not only for the financial press but also to the
trade and professional press, general newspapers and media, and local press. This has been largely successful and I am particularly grateful
to our PR Consultants and our business development team for their efforts.
Marketing and business development remains a key element in winning new work, particularly public sector work, much of which is gained
by responding successfully to statutory advertisements for public procurement in the European Journal. With this in mind the Board agreed to
expand the business development team, which now comprises a Director, a Business Development Manager and two Assistants. Whilst there is a
substantial cost in a team of this size, it is by no means excessive for a professional business of the size of Baqus and absolutely
necessary for us to be able to aspire to grow the business organically as well as by acquisition.
Another area where considerable effort had been made is the matter of looking for and actively seeking out potential acquisitions that
meet the aspirations of the Group as outlined at the admission stage. This has involved both responding to approaches from other firms and
their brokers and also actively seeking out firms by our bespoke review procedures.
Substantial effort goes into checking out potential acquisitions before taking the matter forward and incurring fees for 'due
diligence'. As a result of these efforts we have made one successful acquisition to date - Sworn King & Partners in Oxford -and we also have
an option to buy another firm in Liverpool, Brian Hannaby Associates, subject to their achieving certain new business targets.
A number of other reviews and discussions are ongoing. We always said we would be cautious and not make acquisitions at any price and I
do feel quite strongly that there will be a number of opportunities coming up over the next 12-18 months. There are many successful,
profitable firms that are dependent on bank finance, and most will find it more difficult and expensive to renew their facilities. Some will
conclude that it makes sense for them to be part of a larger group. Baqus - with cash in the bank - is in a better position to take
advantage of these opportunities than many of its rivals which themselves are dependent on borrowings.
The coming year
So far as future workload goes, all offices are busy but unsurprisingly the order book is marginally reduced (by some 5% or �0.5
million) and some fees show a reduced margin. However, a particular consideration on forming the Baqus Group was not to be exposed to any
one sector. Our wide range of public sector work is positive - even though Government finances have looked 'stretched' for some time and
current efforts to assist the financial services sector will not help.
Some commercial clients have come to a complete stop as have speculative house builders but we are better placed than most others within
the industry. Indeed our strength within the housing sector lies with affordable housing, and the expected growth by Housing Associations
will take advantage of lower land prices and ready availability. If the Government's own targets for new housing are going to be met this
work should increase soon.
Other sectors that continue to be positive includes the hotels sector (particularly at budget level but also some at the luxury end of
the market), education (from nursery schools up to Universities) and health where the Group is involved across the board from major PFI
schemes down to relatively small primary care projects - working predominantly for the NHS but also with some private sector health and care
providers.
Conclusion
Naturally one must be cautious, but everyone in the Baqus Group is doing everything possible to ensure that we receive a healthy share
of available work and I remain optimistic that we will continue to make good progress in developing the Group.
It has certainly been a challenging first year for a new PLC and I would like to say thank you to our team members for their enthusiasm
and commitment to the business.
Clive Sayer
Chief Executive Officer
27 October 2008
Financial Director's Report
It gives me great pleasure to submit my report, following our successful flotation on AIM last December.
Our profit before taxation for the period since flotation of �516,000 (profit for the year of �1,062,000 on a pro-forma basis) is in
line with market expectations.
Our operating profit margin of 12.33% compares favourably with our competitors and reflects our pursuit of higher margin business and
tight control of overheads.
Our cash balances of �2,477,000 reflect our focus on cash generation, as well the net proceeds of our flotation. Apart from the
outstanding loan notes of �1,551,000, which form part of the consideration for the acquisition of the three subsidiaries at the time of the
flotation, we have virtually no debt and are therefore in a relatively strong position to contemplate acquisitions and weather any future
economic difficulties. We plan to use these strong cash balances to make further acquisitions and pay attractive dividends to shareholders.
Hence, we are planning to pay out 30% of our post-tax profits (on a pro-forma basis) for the year ending 30 June 2008.
We are continually striving to reduce our levels of working capital and, in the coming financial year, we are seeking, to bear down on
these levels and thus improve our cash generation.
We are also in the middle of introducing a sophisticated time recording and management system which should give senior management better
visibility of staff productivity, job profitability and work-in-progress by job and this implementation is due to be completed in the
current financial year.
We are continuing to look for cost savings as a result of integrating our businesses and believe that savings of around �100,000 per
annum will be generated through this process.
As mentioned earlier, we are continuing our acquisition search process. Our approach to acquisitions is to offer competitive prices in
the current climate with, normally, a significant element of deferred, performance-related consideration. With the share price at such a low
level, we are not planning to offer substantial amounts of shares as consideration.
Patrick Lineen
Financial Director
27 October 2008
CONSOLIDATED INCOME STATEMENT
for the period ended to 30 June 2008
Period to
30 June
2008
Note �'000
REVENUE 4,363
Cost of Sales (3,195)
GROSS PROFIT 1,168
Operating Expenses (630)
OPERATING PROFIT 538
Investment Income 4 48
Finance Costs 4 (70)
516
Taxation 5 (160)
PROFIT AFTER TAXATION 356
Dividend 6 59
Basic Earnings per share (pence) 7 0.58p
A comparative income statement for the period from incorporation on 29 November
2006 to 30 June 2007 has not been included as Baqus did not trade during this
period
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2008
As at
30 June 2008
Note �'000
NON-CURRENT ASSETS
Intangible assets 8 8,276
Property, plant and equipment 230
8,506
CURRENT ASSETS
Trade & other receivables 9 2,888
Cash and cash equivalents 10 2,477
5,365
CURRENT LIABILITIES
Taxation (523)
Trade and other payables 11 (1,179)
Loan notes 12 (600)
(2,302)
NET CURRENT ASSETS 3,063
TOTAL ASSETS LESS CURRENT LIABILITIES 11,569
NON-CURRENT LIABILITIES
Loan Notes 12 (951)
Deferred Taxation (3)
NET ASSETS 10,615
EQUITY
Share capital 5,625
Share premium account 4,693
Retained earnings 297
TOTAL EQUITY 10,615
CONSOLIDATED CASH FLOW STATEMENT
Period to
30 June
2008
�'000
OPERATING PROFIT 538
Adjustments for :
Depreciation charges 46
Increase in trade and other receivables (7)
Increase in trade and other payables 79
656
Interest received 48
Interest paid (70)
Tax paid (23)
NET CASH INFLOW FROM OPERATING ACTIVITIES 611
INVESTING ACTIVITIES
Purchase of property, plant and equipment (31)
Sale of property, plant and equipment 7
Acquisition of subsidiaries net of cash acquired (756)
NET CASH OUTFLOW FROM INVESTING ACTIVITIES (780)
FINANCING ACTIVITIES
Dividends paid 6 (59)
Receipts from issue of shares 1,750
Less issue costs (596)
Receipts from issue of loan notes 1,551
NET CASH INFLOW FROM FINANCING ACTIVITIES 2,646
INCREASE IN CASH EQUIVALENTS 2,477
CASH MOVEMENT 2,477
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Retained
Capital premium Earnings Total
�'000 �'000 �'000 �'000
CHANGES IN EQUITY
As at 1 July 2007 0
Issued for cash 875 875 1,750
Non-cash consideration:
To acquire subsidiaries 4,582 4,582 9,164
To promoters 168 168 336
Issue costs (932) (932)
Interim dividends (59) (59)
Profit for the period 356 356
AT 30 JUNE 2008 5,625 4,693 297 10,615
Notes to the consolidated financial statements
for the period ended 30 June 2008
Note 1. Accounting Policies
Basis of preparation
The Financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and IAS 34. The
Financial statements have also been prepared in accordance with IFRS adopted for use in the European Union and therefore comply with Article
4 of the EU IAS Regulations. The financial statements have been prepared on the historical cost basis.
The principal accounting policies that will be adopted in the financial statements for the period ended 30 June 2008 are set out below.
Basis of consolidation
The Group's financial statements consolidate the financial statements of the Company and entities controlled by the Company (its
subsidiaries). Control is achieved where the company has the power to govern the financial and operating polices of an investee entity so as
to obtain benefits from its activities. The acquisitions of subsidiaries are accounted using the purchase method.
On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of
acquisition. Goodwill represents the excess of acquisition cost over the fair value of the Group's share of the identifiable net assets of
the acquired subsidiary at the date of acquisition. Any deficiency of the cost of acquisition below the fair value of the identifiable net
assets acquired (i.e. discount on acquisition) is credited to the income statement in the period of acquisition.
The results of subsidiaries acquired during the year are included in the consolidated income statement from the effective date of
acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring accounting policies used into line with those
used by the Group.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Revenue
Revenue represents the invoiced value of services provided net of value added tax. It comprises the amounts billed to clients in respect
of the provision of quantity surveying services together with the movement in revenue recognised but not invoiced.
Revenue recognition
Revenue is recognised as contract activity progresses to reflect the Group's performance of its contractual obligations. The right to
consideration, by reference to the value of the work performed, is included in the accounts as accrued income under receivables. Where the
amount which the client will accept or be able to pay is uncertain, provision has been made to reduce the accrued income to its net
realisable value. Where the substance of a contract is that a right to consideration does not arise until the occurrence of a critical
event, revenue is not recognised until that event occurs.
Retirement benefit costs
Retirement benefits to employees are provided by defined contribution schemes that are funded by the Group and employees. Payments are
made to pension trusts that are financially separate from the Group.
Goodwill
Goodwill arising from the purchase of subsidiary undertakings, represents the excess of the cost of acquisition over the Group's
interest in the fair value of the identifiable asset, liabilities and contingent liabilities of the subsidiary acquired, and is capitalised
as an intangible asset in accordance with the requirements of IFRS 3.
Goodwill is measured at cost less any accumulated impairment losses and is to be reviewed annually for any impairment losses. Any
impairment losses are recognised through the income statement.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. Depreciation is provided on
all property, plant and equipment at rates calculated to write off the cost, less estimated residual value of each asset evenly over its
expected useful economic life, as follows:
Motor vehicles 25%-33.33% per annum
Fixtures, fittings and equipment 10-20% per annum
Computer 33-50% per annum
Financial Instruments
Financial assets and financial liabilities are recognised on the Group's balance sheet when the Group becomes a party to the contractual
provisions of the instrument. Issue costs are offset against the proceeds of such instruments.
Trade receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost. Appropriate allowances for
estimated irrecoverable amounts are recognised in the income statement when there is objective evidence that the asset is impaired.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances with banks.
Trade payables
Trade payables are initially measured at fair value and subsequently at amortised cost.
Borrowings
Interest bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. After initial recognition
borrowings are measured at amortised cost. Borrowing costs are recognised in profit and loss in the period in which they are incurred.
Equity
Equity instruments issued by the Group are recorded at the proceeds received net of direct costs.
Leasing
Rentals paid under operating leases are charged against profits on a straight line basis over the period of the lease.
Deferred taxation
Deferred tax is recognised in respect of all temporary differences which have originated but not reversed at the balance sheet date.
Temporary differences are differences between taxable profits and the results as stated in the financial statements which arise from the
inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Financial liability and equity
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An
equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. The
Group has only one class of share in existence.
Finance costs
Finance costs are recognised in the income statement in the year in which they are incurred.
Accounting estimates and judgements
The Group makes estimates and judgements concerning the future and the resulting estimates may, by definition, vary from the actual
results. The Directors considered the critical accounting estimates and judgements used in the financial statements and concluded that the
main areas of judgement are:
* Revenue recognition policies in respect of contracts which straddle the year end;
* Valuation of intangible assets.
These estimates are based on historical experience and various other assumptions that management and the Board of Directors believe are
reasonable under the circumstances and are discussed, to the extent necessary, in more detail in their respective notes.
Note 2 : Profit from operations
Profit from operations has been arrived at after charging:
Year ended
30 June
2008
�'000
Depreciation of property, plant & equipment
- Owned assets 43
- Under finance assets 3
Operating lease rentals:
- Plant and machinery 40
- Property 143
Total staff costs 2,457
Note 3. Directors and employees
Staff costs during the period were as follows:
Year ended
30 June
2008
�'000
Wages and salaries 2,088
Social security costs 341
Other pension costs 28
2,457
The average monthly number of employees (including executive
directors) was:
Year Ended
30 June
2008
No
90
90
Note 4. Investment income and finance costs
Year Ended
30 June
2008
�'000
Investment income:
Interest receivable 48
Finance costs:
On loan notes 65
On bank borrowings 5
70
Note 5. Taxation
Year Ended
30 June
2008
�'000
Current tax current year 154
Deferred tax current year 6
160
Factors affecting tax charge for the year
Profit before taxation 516
Profit before taxation multiplied by the standard rate of
corporation tax in the UK 150
Timing differences 6
Expenses not deductible for tax purposes 4
160
Note 6. Dividends
Year Ended
30 June
2008
�'000
Amounts recognised as distributions to 59
equity holders in the period (approved)
59
Proposed final dividend for the year ended 30 June 2008 of 0.11p per share.
The proposed final dividend is subject to approval by shareholders at the
Annual General Meeting and has not been included as a liability in these
financial statements. The total estimated dividend to be paid is �128,000.
Note 7. Earnings per share
The calculation of the basic and diluted earnings per share is based on the following data, determined in accordance with the
provisions of IAS33:
Year ended
30 June
2008
Earnings
Earnings for the purpose of the basic earnings per share 356
being net profit attributable to equity holders of the
parent
Number of shares
Weighted average number of ordinary shares for 61,168,034
the purpose of basic earnings per share
Weighted average number of ordinary shares for
the purpose of diluted earnings per share 62,626,821
Basic earnings per share includes shares to be issued subject only to time as
if they had been issues at the beginning of the period.
Note 8. Goodwill �'000
As at 14 December 2007 -
Recognised on acquisition of subsidiaries 8,264
Other 12
As at 30 June 2008 8,276
Goodwill comprises the following amounts:
Year Ended
30 June
2008
�'000
Boxall Sayer 3,263
Fletcher McNeill 3,107
Denley King 1,894
Other 12
8,276
Note 9. Trade and other receivables
Year ended
30 June
2008
�'000
Trade receivables 1,406
Allowance for specific doubtful debts (89)
1,317
Accrued income 1,308
Other debtors 24
Prepayments and accrued income 239
2,888
Trade receivables comprise amounts receivable from the provision of services.
The directors consider that the carrying amount of trade and other assets approximates to their fair value.
Note 10. Cash & cash equivalents
Year ended
30 June
2008
�'000
Cash and cash equivalents 2,477
Cash and cash equivalents comprise cash held by the Group and short-term bank deposits with an original maturity of three months or
less. The carrying amount of these assets approximates their fair value.
Note 11. Trade and other payables: current liabilities
Year ended
30 June
2008
�'000
Trade payables 268
other payables 51
Social security and other taxes 394
Accruals and deferred income 466
1,179
Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. The average
credit period is 38 days.
The directors consider the carrying amounts recognised in the balance sheet to be a reasonable approximation of their
fair value.
Note 12. Loan notes
Total
�'000
Loan notes as at 1 July 2007 -
Loan notes issued on 14 December 2007 1,551
Loan notes as at 30 June 2008 1,551
Total
�'000
Note 13 Reconciliation of net cash flow to movement in debt
Year ended
30 June
2008
�'000
Increase in Cash in the Year 2,477
Debt taken on in the year (1,563)
Change in net debt 914
Note 14. Analysis of changes in net debt for the period ending
30 June 2008
at 1 July 2007 Cash flows Acquisitions 30 June 2008
�'000 �'000 �'000 �'000
Cash at bank - 1,682 795 2,477
Debt due within 1 year:
Loan notes - (600) (600)
Finance lease obligations - (6) (6)
Debts due after 1 Year
Loan Notes - (951) (951)
Finance lease obligations - (6) (6)
Total - 1,682 (768) 914
This information is provided by RNS
The company news service from the London Stock Exchange
END
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