Interim Results
19 6월 2002 - 4:00PM
UK Regulatory
RNS Number:4394X
Capcon Holdings PLC
19 June 2002
Capcon Holdings plc
Interim Results to 30 March 2002
• Sales increased by 5.1% to £2.07m
• Gross profit rose by 14.6% to £761,000
• Higher margins reflect increased investigatory consultancy work
• Pre-tax profits climbed by 70% to £154,000
• First interim dividend of 0.7p per share
• Acquisition of Vincent Sherman (Credit Claims) in April 2002
Ken Dulieu, Chairman, commented:
"Capcon continues to perform well. As expected, growth within audit and
stocktaking services has been restrained by the costs of setting up new
contracts but the benefits should flow through in the second half. Meantime,
the higher margin investigatory division continues to grow.
Seasonal factors, coupled with new business gains, should mean that the second
half will demonstrate further improvements in operating profit.
Vincent Sherman, acquired after the close of the half year, has been
successfully integrated and the Board is continuing to search for further
suitable quality companies to acquire."
19 June 2002
Chairman's Statement
I am pleased to report the continuing development of Capcon Holdings plc as a
growing force in the provision of stocktaking and corporate investigation
services in the leisure, financial services and insurance sectors.
Results
Sales for the six months to 30 March 2002 were £2,072,700 (2001: £1,972,300), an
increase of 5.1% on the comparable period. Gross profit for the same period
increased by 14.6% to £761,600 (2001: £664,200) with margins improving as a
result of an increase in investigatory consultancy work.
Operating profit before charging Central and Group Development costs and
amortisation was £386,800 (2001: £387,800). The absence of profit growth for
this period is due to an investment in strengthening the divisional
infrastructure together with the costs associated with the introduction of new
stocktaking contracts which will yield benefits in the second half of the year.
Additionally, there is a considerable reduction in consultancy income earned
specifically by Ken Dulieu whose activities are now focused on group development
and strategy. As a further consequence of this re-focus in activity, Central and
Group Development costs increased to £175,600 (2001: £116,800).
Net interest payable was £6,300 (2001: £129,300), a reduction of £123,000 due to
the repayment of loan stock, which accounted for an increase in Profit before
Tax to £154,000 (2001: £90,700).
The Board has declared the Company's first interim dividend of 0.7p per ordinary
share.
Business Review
Although there has been only a small increase in sales of audit and stocktaking
services, there has been considerable time and expense relating to the set up of
new contracts in this division, including the transfer of staff to the Company
under TUPE regulations from a major pub chain. This new business, together with
the benefit of negotiating a two-year extension to the division's largest
contract, should improve prospects for higher growth in the second half of the
year.
Strong sales growth and high margins in the investigatory division have
continued the trend set last year. Deriving sales income from a broader base of
clients has been the primary objective this year with considerable marketing
activity taking place in the financial sector. City institutions are becoming
increasingly aware of the Company's personnel screening services and there is
considerable enthusiasm from this sector for screening and other investigative
services. This, in turn, has raised our expectations that this will be a
valuable future source of fee income. The largest client in the investigatory
division has renewed its contract with Capcon for a further four years.
The Board has been involved in several discussions with potential acquisitions
that are considered to offer high quality services that would be complementary
to Capcon's present business.
On 8 April 2002, the Company announced the acquisition of Vincent Sherman
(Creditor Claims) Limited for an initial consideration of £210,000 in cash and
shares and up to a further £250,000 in shares over the next six years depending
on performance. Employing over forty staff, this company specialises in the
investigation of fraud in the insurance sector which we regard as an area of
high growth. By combining this quality business with the present specific
experience and skills within Capcon, the Board is confident that this new
acquisition will soon add value for shareholders.
Current Trading and Prospects
Seasonal factors determine that the second half of the year is traditionally
better than the first half, and recent new business gains should further improve
operating profit.
The integration of the newly acquired Vincent Sherman has been very successful
and the rate at which new instructions from clients are being received is
exceeding the Board's initial expectation. Consequently, in the coming months,
we are forecasting that it will move into profit and will make a positive
contribution to earnings in the first half of next financial year.
The Board continues its search for suitable quality businesses for integration
with the Company and will maintain a policy of pursuing only those companies
that meet our strict criteria for acquisition.
Ken Dulieu
Chairman
19 June 2002
Consolidated Profit and Loss Account
for the six months ended 31 March 2002
Six months ended Six months Year ended
31 March 2002 31 March 2001 30 September 2001
Unaudited Audited Audited
£k £k £k
TURNOVER 2,072.7 1,972.3 4,045.8
Cost of sales (1,311.1) (1,308.1) (2,673.3)
GROSS PROFIT 761.6 664.2 1,372.5
Administrative expenses (550.4) (393.3) (850.4)
Amortisation of goodwill (50.9) (50.9) (101.8)
PROFIT ON ORDINARY ACTIVITIES 160.3 220.0 420.3
BEFORE INTEREST AND TAXATION
Interest receivable 2.0 0.1 3.7
Interest payable (8.3) (129.4) (387.2)
PROFIT ON ORDINARY ACTIVITIES 154.0 90.7 36.8
BEFORE TAXATION
TAXATION ON PROFIT ON ORDINARY (60.9) (28.6) (27.6)
ACTIVITIES
RETAINED PROFIT FOR THE YEAR 93.1 62.1 9.2
EARNINGS PER SHARE
- Basic 1.3p 1.2p 0.2p
- Diluted 1.2p 1.1p 0.1p
Notes:
1. Administrative expenses above are analysed as follows:
Central and Group development (175.6) (116.8) (255.4)
costs
Other administrative expenses (374.8) (276.5) (595.0)
(550.4) (393.3) (850.4)
2. Earnings per share before Central and Group
Development costs and Amortisation:
- Basic 5.3p 7.8p 13.4p
- Diluted 5.0p 7.0p 12.3p
Consolidated Balance Sheet
as at 31 March 2002
As at As at As at
31 March 2002 31 March 2001 30 September 2001
Unaudited Audited Audited
£k £k £k
Fixed Assets
Intangible fixed assets 1,883.4 1,985.2 1,934.3
Tangible fixed assets 124.6 77.0 97.9
2,008.0 2,062.2 2,032.2
Current Assets
Debtors 1,219.3 907.3 999.6
Cash at bank and in hand 74.5 135.3 247.1
1,293.8 1,042.6 1,246.7
Creditors: amounts falling due
within one year (572.9) (944.6) (597.6)
Net Current Assets 720.9 98.0 649.1
Total Assets less Current 2,728.9 2,160.2 2,681.3
Liabilities
Creditors: amounts falling due
after more than one year 0.0 (800.0) (50.0)
Provisions for Liabilities and (28.5) (29.3) (28.5)
Charges
Net Assets 2700.4 1330.9 2602.8
Capital and Reserves
Called up share capital 72.5 10.0 71.9
Share premium account 1357.5 990.0 1302.8
Other reserves 950.0 0.0 950.0
Profit and loss account 320.4 330.9 278.1
Shareholders' Funds 2700.4 1330.9 2602.8
Notes:
1. The interim results are unaudited and do not constitute statutory accounts
within the meaning of Section 240 of the Companies Act 1985
The financial information for the year ended 30 September 2001 has been
extracted from the statutory accounts for that year which have been filed
with the Registrar of Companies and which contain an unqualified audit report.
2. The Company had no recognised gains or losses other than the results shown
above.
3. The interim financial statements have been prepared on the basis of the
accounting policies set out in the statutory accounts for the year ended
30 September 2001. No significant impact is expected from new Financial
Reporting Standards coming into effect in the current year.
4. Earnings per share have been calculated using the weighted average number of
shares in issue during the relevant financial periods. The diluted earnings
per share takes account of outstanding share options.
5. The interim dividend of 0.7p per ordinary share (2001: nil) will be paid on
26 July 2002 to those shareholders on the register at the close of business
on 28 June 2002.
6. Copies of this statement are being sent to shareholders and are also
available from the registered office of the Company.
This information is provided by RNS
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