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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Assetco Plc | AQSE:ASTO.GB | Aquis Stock Exchange | Ordinary Share | GB00BQ2K3557 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 34.50 | 32.00 | 37.00 | 34.50 | 34.50 | 34.50 | 0.00 | 06:55:46 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMASTO
RNS Number : 0710B
AssetCo PLC
14 June 2016
Date: Tuesday, 14 June Immediate Release 2016
AssetCo plc
Providers of management and resources to the fire and emergency services in the Middle East
("AssetCo" or the "Company" or "Group")
Half-year Report
for the six months ended 31 March 2016
Introduction
We are pleased to announce that our results for the first half of the year reflect a continuing improvement in profit and cash generation.
Results
The Consolidated Income Statement for the period ended 31 March 2016 shows an operating profit of GBP2.1m (2015: GBP1.8m) on revenue of GBP11.0m (2015: GBP10.4m) and a profit before tax of GBP1.9m (2015: GBP1.5m). The improvement in profitability has resulted from the increase in the number of fire service personnel being supplied to our Middle East Fire Service contracts.
Cash Generation
The Company generated GBP2.2m of free cash in the period and at 31 March 2016 we had total cash of GBP18.5m (GBP15.6m at 30 September 2015) comprising free cash balances of GBP15.5m (GBP12.8m at 30 September 2015) and restricted cash balances held in respect of Bonds amounting to GBP3.0m (GBP2.8m at 30 September 2015).
Claim against Grant Thornton
The Company continues to pursue a claim against its former auditors Grant Thornton, in respect of negligent audits for the years ended 30 September 2009 and 2010, for losses, interest and costs totalling approximately GBP42m.
Outlook
We continue to produce a performance in line with management expectations. We will keep shareholders updated of further progress on trading, future contracts and the claim against Grant Thornton during the course of the year.
Tudor Davies
Chairman
14 June 2016
Editor's Note:
AssetCo is principally involved in the provision of management and resources to the fire and emergency services in the Middle East. For further details, visit the website, www.assetco.com.
Symbol: AiM: ASTO;
Market capitalisation: GBP39.57m
AssetCo plc Consolidated Income Statement for the six months ended 31 March 2016 Six months ended Year ended Note 31 March 31 March 30 September 2016 2015 2015 GBP'000 GBP'000 GBP'000 --------- --------- ------------- Revenue 11,003 10,418 21,660 Cost of sales (7,922) (7,985) (15,564) --------- --------- ------------- Gross profit 3,081 2,433 6,096 Administrative expenses (968) (672) (1,647) --------- --------- ------------- Operating profit 2,113 1,761 4,449 Finance income 7 10 23 Finance costs (178) (269) (459) Profit before taxation 1,942 1,502 4,013 Income tax expense - - - --------- --------- ------------- Profit for the period 1,942 1,502 4,013 Earnings per share (EPS): 3 Basic - pence 15.90 12.30 32.86 Diluted - pence 15.90 12.30 32.86 AssetCo plc Consolidated Statement of Comprehensive Income for the six months ended 31 March 2016 Six months ended Year ended 31 March 31 March 30 September 2016 2015 2015 GBP'000 GBP'000 GBP'000 --------- --------- ------------- Recognised profit for the period 1,942 1,502 4,013 Other comprehensive income: Exchange differences on translating foreign operations 839 1,107 866 Other comprehensive income net of tax 839 1,107 866 --------- --------- ------------- Total comprehensive income for the period 2,781 2,609 4,879 --------- --------- ------------- AssetCo plc Consolidated Statement of Financial Position as at 31 March 2016 At 31 March At 30 September 2016 2015 2015 Notes GBP'000 GBP'000 GBP'000 --------- --------- ---------------- Assets Non-current assets Property, plant and equipment - 2 - Cash held in respect of bonds 4 2,956 2,881 2,802 --------- --------- ---------------- Total non-current assets 2,956 2,883 2,802 Current assets Inventories 90 - - Trade and other receivables 5 7,282 6,064 6,629 Cash and cash equivalents 4 15,494 10,503 12,836 Cash held as security against letters of credit 4 - 55 - Cash held in respect of a bond 4 12 - 11 --------- --------- ---------------- Total current assets 22,878 16,622 19,476 --------- --------- ---------------- Total assets 25,834 19,505 22,278 --------- --------- ---------------- Shareholders' equity Share capital 25,474 25,474 25,474 Share premium 64,941 64,941 64,941 Foreign currency translation reserve 1,729 1,131 890 Profit and loss account (69,768) (74,221) (71,710) --------- --------- ---------------- Total equity 22,376 17,325 19,595 Liabilities Current liabilities Trade and other payables 6 3,458 2,180 2,683 --------- --------- ---------------- Total current liabilities 3,458 2,180 2,683 --------- --------- ---------------- Total liabilities 3,458 2,180 2,683 --------- --------- ---------------- Total equity and liabilities 25,834 19,505 22,278 --------- --------- ---------------- AssetCo plc Consolidated Statement of Changes in Equity for the six months ended 31 March 2016 Share Foreign Profit Share Total Capital currency and premium equity translation loss reserve reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 --------- ------------- --------- --------- -------- Balance at 30 September 2014 25,474 24 (75,723) 64,941 14,716 Profit for the period - - 1,502 - 1,502 Other comprehensive income: Exchange differences on translation - 1,107 - - 1,107 Total comprehensive income for the period - 1,107 1,502 - 2,609 --------- ------------- --------- --------- -------- Balance at 31 March 2015 25,474 1,131 (74,221) 64,941 17,325 --------- ------------- --------- --------- -------- Profit for the period - - 2,511 - 2,511 Other comprehensive income/(expense): Exchange differences on translation - (241) - - (241) Total comprehensive income/(expense) for the period - (241) 2,511 2,270 --------- ------------- --------- --------- -------- Balance at 30 September 2015 25,474 890 (71,710) 64,941 19,595 --------- ------------- --------- --------- -------- Profit for the period - - 1,942 - 1,942 Other comprehensive income:
Exchange differences on translation - 839 - - 839 --------- ------------- --------- --------- -------- Total comprehensive income for the period - 839 1,942 - 2,781 --------- ------------- --------- --------- -------- Balance as at 31 March 2016 25,474 1,729 (69,768) 64,941 22,376 --------- ------------- --------- --------- -------- AssetCo plc Consolidated Statement of Cash Flows for the six months ended 31 March 2016 Six months ended Year ended 31 March 31 March 30 September 2016 2015 2015 Note GBP'000 GBP'000 GBP'000 Cash flows from operating activities Cash generated from operations 7 2,410 2,253 4,758 Cash deposited in respect of performance bond - (223) (223) Cash repaid in respect of performance bond - 2,814 2,814 Cash deposited in respect - (55) - of a letter of credit Finance costs (178) (269) (459) Net cash generated from operating activities 2,232 4,520 6,890 --------- --------- ------------- Cash flows from investing activities Finance income 7 10 23 Net cash generated from investing activities 7 10 23 --------- --------- ------------- Cash flows from financing activities Issue of shares (net - - - of costs) Net cash generated from - - - financing activities --------- --------- ------------- Net change in cash and cash equivalents 2,239 4,530 6,913 Cash and cash equivalents at the beginning of the period 12,836 5,787 5,787 Exchange differences on translation 419 186 136 Cash and cash equivalents at the end of the period 15,494 10,503 12,836 --------- --------- ------------- AssetCo plc Notes to the Financial Statements for the six months ended 31 March 2016 1. Legal status and activities AssetCo plc (the "Company" or the "Group") is principally involved in the provision of management and resources to the fire and rescue emergency services in international markets. It currently trades through a branch in UAE and its strategy is to develop this business. As at period end, the Company has no trading subsidiaries and therefore the principal activities of the Group are restricted to those of the company detailed above. AssetCo plc is a public limited liability company incorporated and domiciled in England and Wales. The address of its registered office is Singleton Court Business Park, Wonastow Road, Monmouth, Monmouthshire NP25 5JA. The Group operates from one site in UAE. AssetCo plc shares are listed on the Alternative Investment Market ("AIM") of the London Stock Exchange 2. Basis of preparation The financial information in the Half-year Report has been prepared using the recognition and measurement principles of International Accounting Standards, International Financial Reporting Standards and Interpretations adopted for use in the European Union (collectively Adopted IFRSs). The principal accounting policies used in preparing the Half-year Report are those the Group expects to apply in its financial statements for the year ending 30 September 2016 and are unchanged from those disclosed in the Annual Report and Consolidated Financial Statements for the year ended 30 September 2015. The financial information for the six months ended 31 March 2016 and the six months ended 31 March 2015 is unaudited and does not constitute the Group's statutory financial statements for those periods. The comparative financial information for the full year ended 30 September 2015 has, however, been derived from the audited statutory financial statements for that period. A copy of those statutory financial statements has been delivered to the Registrar of Companies. While the financial figures included in this Half-year Report have been computed in accordance with IFRSs applicable to interim periods, this Half-year Report does not contain sufficient information to constitute an interim financial report as that term is defined in IAS 34. The financial statements have been presented in sterling to the nearest thousand pounds (GBP'000) except where otherwise indicated. 3. Earnings per share Basic earnings per share is calculated by dividing the profit attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the period. Six months ended Year ended 31 March 31 March 30 September 2016 2015 2015 ----------- ----------- ------------- GBP'000 GBP'000 GBP'000 Profit for the year 1,942 1,502 4,013 Weighted average number of ordinary shares in issue 12,211,163 12,211,163 12,211,163 Basic earnings per share (EPS) - pence 15.90 12.30 32.86 There are no dilutive potential ordinary shares and, therefore, the calculation of diluted earnings per share is the same as for basic earnings per share. 4. Cash and cash equivalents 31 March 30 September 2016 2015 2015 GBP'000 GBP'000 GBP'000 -------- -------- ------------- Cash at bank and in hand 15,494 10,503 12,836 -------- -------- ------------- Cash and cash equivalents 15,494 10,503 12,836 -------- -------- ------------- UK sterling 4,839 5,972 5,399 A E Dirhams 10,655 4,531 7,437 15,494 10,503 12,836 -------- -------- -------------
In addition to the above A E Dirhams amounting to GBP2,968,000 (31 March 2015: GBP2,881,000 and 30 September 2015: GBP2,813,000) were held on deposit as security in respect of outstanding performance bonds - see note 8 Contingent liabilities for further information - and GBPnil (31 March 2015: GBP55,000 and 30 September 2015: GBPnil) were held on deposit as security against letters of credit.
5. Trade and other receivables 31 March 31 March 30 September 2016 2015 2015 GBP'000 GBP'000 GBP'000 --------- --------- ------------- Trade receivables 5,782 5,166 5,649 Other receivables 196 78 103 Prepayments and accrued income 1,304 820 877 --------- --------- ------------- 7,282 6,064 6,629 --------- --------- ------------- 6. Trade and other payables 31 March 31 March 30 September 2016 2015 2015 GBP'000 GBP'000 GBP'000 --------- --------- ------------- Trade payables 312 263 229 Other payables 884 616 719 Other taxation and social security 3 4 3 Accruals and deferred income 2,259 1,297 1,732 --------- --------- ------------- 3,458 2,180 2,683 --------- --------- ------------- 7. Reconciliation of profit before taxation to net cash generated from operations Six months ended Year ended
31 March 30 September 2015 2015 2015 GBP'000 GBP'000 GBP'000 --------- -------- ------------- Profit for the period before taxation 1,942 1,502 4,013 Depreciation and impairment - 11 12 Finance costs 178 269 459 Finance income (7) (10) (23) (Increase)/decrease in inventories (85) 365 333 (Increase)/decrease in debtors (283) 762 65 Increase/(decrease) in creditors 665 (646) (101) Cash generated from operations 2,410 2,253 4,758 --------- -------- ------------- 8. Contingent liabilities Maximum potential liability 31 March 30 September 2016 2015 2015 -------- -------- ------------- Performance bond of AED14,461,000 related to a UAE based contract, expected to be released in full in 2017, secured by a cash deposit of AED14,461,000 2,739 2,658 2,596 -------- -------- ------------- Performance bond of AED11,459,000 related to a UAE based contract, expected to reduce to AED5,730,000 in 2017 and to be released in full in 2020, secured by a cash deposit of AED1,146,000 2,170 2,106 2,057 -------- -------- ------------- Performance bond of AED636,000 related to a UAE based contract, expected to be released in full in 2017, secured by a cash deposit of AED64,000 120 117 114 -------- -------- ------------- The cash deposits referred to above are the same deposits as those referred to in note 4 Cash and cash equivalents. 9. Electronic communications The Company is not proposing to bulk print and distribute hard copies of this Half-year Report for the six months ended 31 March 2016 unless specifically requested by individual shareholders; it can be downloaded from the Company's website at www.assetco.com. News updates, regulatory news, & financial statements can be viewed and downloaded from the Group's website, www.assetco.com Copies can also be requested, in writing to, The Company Secretary, AssetCo plc, Singleton Court Business Park, Wonastow Road, Monmouth, Monmouthshire NP25 5JA. Enquiries: AssetCo plc Tudor Davies, Chairman Tel: +44 (0) 7785 703523 or +44 (0) 20 7614 5900 Arden Partners plc Nominated adviser and broker John Llewellyn-Lloyd/Ciaran Walsh Tel: +44 (0) 20 7614 5900 TooleyStreet Communications IR and media relations Fiona Tooley Mobile: +44 (0) 7785 703 523 fiona@tooleystreet.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FJMBTMBJBTLF
(END) Dow Jones Newswires
June 14, 2016 02:01 ET (06:01 GMT)
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