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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
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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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