RNS Number:9202Z
SectorGuard PLC
21 June 2004
Sectorguard plc
Interim Results for the 6 months ended 31 March 2004
Overview
* Operating profit before amortisation up 42% to #465,888 on turnover of
#7,071,631 up 56%
* Net assets up 31% to #4,416,632
* Appointed as preferred security services supplier to the London
Universities Purchasing Consortium
* Acquisition of the keyholding and mobile patrol contracts of Abbot
Security Services on 1 April adds significantly to the mobile patrol
division.
"This first six months has produced good results with increases in turnover and
profits as well as recognition of our high client service levels with increased
organic growth and the award of preferred supplier status to the London
Universities Purchasing Consortium. The acquisition of the mobile patrol and key
holding business of Abbot Security Services on 1 April will further enhance our
service offering in London.
I am particularly pleased that we have continued to improve the quality of
service offered to clients and staff alike and maintained a high staff retention
rate during this growth phase of the Company. This is not only rewarding in the
short term but I feel it will stand us in good stead when facing the challenges
and opportunities arising from the licensing of security officers when this is
imposed on the manned guarding sector. "
David Marks
Chief Executive
Chairman's statement
I am pleased to announce our results for the six months ended 31 March 2004,
which show turnover up 56% to #7,071,631 (2003: #4,528,045), operating profit
before amortisation up 42% to #465,888 (2003: #328,783) and pre-tax profits up
45% to #306,759 (2003: #211,437).
Whilst we have enjoyed significant growth over the same period last year, the
first half of the current year has primarily been a period of consolidation
integrating the clients and staff who joined us as a result of the four
acquisitions completed last year.
The current year began well reflecting the full impact of the acquisitions made
during the previous 12 months as well as significant organic growth in the
education sector. However, the loss of turnover from two of the businesses we
acquired was greater than expected and as a consequence we have had to be more
reliant on winning new work in a highly competitive market. Whilst we would like
to retain all of the business we acquire, it would be unrealistic to believe
this is likely to happen. Accordingly, we provide that the consideration payable
for each business adjusts downward by reference to the level of business
retained.
The success we enjoyed at the end of the last financial year in being awarded
the security contract for Birkbeck College, the School of Oriental and African
Studies and the Brunei Gallery has been augmented this year with the award of
the contract to provide security services to the College of North West London
and the appointment as preferred security services supplier to the London
Universities Purchasing Consortium.
We believe our business model of expanding the Company both organically and
through complementary acquisitions is still proving successful and on 1 April we
completed our first acquisition of the current year. This acquisition of the
mobile patrol, keyholding and alarm response contracts of Abbot Security
Services is important for us as not only is it a profitable operation, but it
will also add significantly to our business base in London, financing additional
patrols which will add to the quality of service and support we can provide. We
continue to look for other acquisition opportunities to improve our business and
look forward to reporting further progress on this front.
Retention of high quality security officers is still one of the factors that
differentiate us from the majority of security companies and we put our high
retention rate down to the emphasis we place on training, management and
support. All staff are part of a highly motivated team and share in the success
of the Company not only through enhanced remuneration packages but as
stakeholders through the Company Share Option Scheme. In March, in accordance
with our stated policy, we distributed share options to all full time employees
thus building on the stakeholding they have accumulated over the two years since
flotation.
The second half of the year has started well with organic growth both from
within our existing client base and new clients as well as the completion of the
acquisition of Abbot. We believe that our continued financial stability and
operational strengths will stand us in good stead and hope to report further
progress in our year-end statement.
Peter Gorty
Chairman
21 June 2004
Profit and Loss Account
For the six months ended 31 March 2004
Six months Six months Year ended
ended ended
31 March 2004 31 March 2003 30 September
2003
(Un-audited) (Un-audited) (Audited)
# # #
Turnover 7,071,631 4,528,045 12,752,659
------------------ ----------- ----------- -------------
Cost of sales (5,844,396) (3,590,447) (10,303,167)
--------------- ------------- ------------- --------------
Gross profit 1,227,235 937,598 2,449,492
----------- ------------- ------------- ---------------
Administrative expenses (761,347) (608,815) (1,438,973)
before goodwill amortisation and
impairment ------------ ------------ --------------
--------------
Operating profit 465,888 328,783 1,010,519
before goodwill amortisation and
impairment
Goodwill amortisation and
impairment (102,033) (72,508) (177,260)
-------------- ------------ ------------ --------------
Operating profit 363,855 256,275 833,259
-------------- ------------ ------------ --------------
Interest receivable and
similar income 504 416 1,543
-------------- ------------ ------------ --------------
Interest payable and
similar charges (57,600) (45,254) (93,181)
-------------- ------------ ------------ --------------
Profit on ordinary
activities before taxation 306,759 211,437 741,621
-------------- ------------ ------------ --------------
Tax on profit on ordinary
activities (92,028) (63,431) (221,300)
-------------- ------------ ------------ --------------
Retained profit for the
period 214,731 148,006 520,321
-------------- ------------ ------------ --------------
Earnings per ordinary share
Basic 0.11p 0.10p 0.29p
Diluted 0.10p 0.10p 0.29p
Basic and diluted (based
on pre-amortisation and
impairment earnings
figure) 0.14p 0.13p 0.39p
-------------- ------------ ------------ --------------
Balance Sheet
As at 31 March 2004
n-audited Un-audited Audited
as at as at as at
31 March 2004 31 March 2003 30 September 2003
# # #
Fixed Assets
------------------ ------------ ----------- ------------
Intangible assets 3,663,662 2,909,461 3,685,695
------------------ ------------ ----------- -----------
Tangible assets 299,479 173,569 231,789
---------------- ------------ ------------ -------------
3,963,141 3,083,030 3,917,484
------------ ------------ -------------
Current assets
---------------- ------------ ------------ -------------
Debtors 2,961,464 2,548,205 2,688,584
---------------- ------------ ------------ -------------
Cash at bank and in hand 146,192 667,787 835,868
---------------- ------------ ------------ -------------
3,107,656 3,215,992 3,524,452
------------ ------------ -------------
Creditors: amounts falling
due
within one year (1,811,558) (1,917,146) (2,508,801)
---------------- ------------- ------------- -------------
Net current
assets/(liabilities) 1,296,098 1,298,846 1,015,651
------------------ ----------- ----------- ------------
Total assets less current
liabilities 5,259,239 4,381,876 4,933,135
------------------ ----------- ----------- ------------
Creditors: amounts falling
due after more than one
year (711,299) (505,111) (694,952)
------------------ ----------- ----------- ------------
Provisions for liabilities
and charges (131,308) (516,630) (191,232)
------------------ ----------- ----------- ------------
Net assets 4,416,632 3,360,135 4,046,951
------------------ ----------- ----------- ------------
Capital and reserves
------------------ ----------- ----------- ------------
Called up share capital 1,028,777 797,000 1,002,952
------------------ ----------- ----------- ------------
Share premium account 2,098,897 1,861,223 1,969,772
------------------ ----------- ----------- ------------
Profit and loss account 1,288,958 701,912 1,074,227
------------------ ----------- ----------- ------------
Shareholders' funds 4,416,632 3,360,135 4,046,951
------------------ ----------- ----------- ------------
Notes
1. Financial Information
The interim results for the six months ended 31 March 2004 and six months ended
31 March 2003 are
un-audited and do not constitute statutory accounts within the meaning of
section 240 of the Companies Act 1985.They have been drawn up using accounting
policies and principles consistent with those applied in the preparation of the
audited accounts for the year ended 30 September 2003.The comparative
information contained in the report for the year ended 30 September 2003 does
not constitute the statutory accounts for that financial period. Those accounts
have been reported on by the Company's Auditors, Nexia Audit Limited, and
delivered to the Registrar of Companies.
The report of the auditors was unqualified.
2. Taxation
The tax charge for the period is based on the anticipated effective tax rate for
the year to 30 September 2004.
3. Earnings per Share
The earnings per share is based upon a profit of #214,731 (2003: #148,006) and
the weighted average number of shares ranking for dividend during the period of
202,312,143 (2003: 153,066,667)
The fully diluted earnings per share is based upon the profit as disclosed above
and the weighted average number of shares ranking for dividend during the period
of 207,127,788 (2003: 153,066,667) adjusted for the effects of all dilutive
potential shares.
The earnings per share based on earnings before amortisation and impairment of
#286,154 (2003: #198,762) which reflects the weighted average number of shares
ranking for dividend during the year of 202,312,143 (2003: 153,066,667) is 0.14p
(2003: 0.13p)
The fully diluted earnings per share is based upon the profit as disclosed above
and the weighted average number of shares ranking for dividend during the year
of 207,127,788 (2003: 153,066,667) adjusted for the effects of all dilutive
potential shares
4. Interim Report
Copies of this interim report are being sent to all shareholders and will be
available to the public from the Company's Head Office, Gainsborough House,
Sheering Lower Road, Sawbridgeworth, Herts, CM21 9RG.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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