We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | 32.80 | 34.50 | 486 | 16:29:58 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMASTO
RNS Number : 1849T
AssetCo PLC
24 March 2016
Date: Thursday, 24 March Immediate Release 2016
AssetCo plc
("AssetCo" or the "Group" or the "Company")
Providers of management and resources to the fire and emergency services in the Middle East
Preliminary results for the year to 30 September 2015
Statement by the Chairman, Tudor Davies
Introduction
We are pleased to report continuing progress in the year to 30 September 2015 which reflects increased profit and cash generation.
Results
The Consolidated Income Statement for the period under review shows an Operating profit of GBP4.4 million (2014: GBP2.6 million) on Revenue of GBP21.7 million (2014: GBP14.6 million) and a Profit before tax of GBP4.0 million (2014: GBP2.3 million). The year on year increase in profits has come from the planned increase in the size of our major Middle East contract due to increases in personnel and related firefighting equipment sales.
Cash Generation
The Company generated GBP6.9 million of free unrestricted cash during the year with GBP2.6 million net releases from contract Bonds and, the remaining balance generated from operations.
The cash position at 30 September 2015 is total cash of GBP15.6 million (2014: GBP10.8 million) comprising free cash balances of GBP12.8 million (2014: GBP5.8 million) and restricted cash balances held in respect of Bonds amounting to GBP2.8 million (2014: 5.0 million).
Claim against Grant Thornton
The claim against the Company's former auditors Grant Thornton that was originally lodged under the Professional Negligence Pre-action Protocol was the subject of a mediation hearing in October 2015. Unfortunately as announced on 16 December 2015 the mediation proved to be unsuccessful and the Company issued formal Court proceedings in respect of the negligent audits for the years ended 30 September 2009 and 2010. The claim for losses amounts to GBP38 million plus interest and costs to date of approximately GBP4.3 million making a total claim of GBP42.3 million.
Outlook
Trading continues to be in line with the current contracts and Management expectations; we will keep shareholders updated of further progress on trading and the claim against Grant Thornton during the course of the year.
Enquiries: AssetCo plc Arden Partners TooleyStreet Communications Tudor Davies, Chairman plc Fiona Tooley Tel: +44 (0) 7785 Nominated adviser Email: fiona@tooleystreet.com 703523 and broker Mobile: +44 (0) +44 (0) 20 7614 John Llewellyn-Lloyd/ 7785 703523 5900 Ciaran Walsh Tel:+44 (0) 20 7614 5900 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 Ticker: AIM: ASTO.L Market cap: GBP39.38m AssetCo plc Consolidated Income Statement for the year to 30 September 2015 Year to 30 September 2015 2014 Continuing GBP'000 GBP'000 Revenue 21,660 14,634 Cost of sales (15,564) (10,865) ---------- ----------- Gross profit 6,096 3,769 Administrative expenses (1,647) (1,169) ---------- ----------- Operating profit 4,449 2,600 Finance income 23 9 Finance costs (459) (356) Profit before tax 4,013 2,253 Income tax - - ---------- ----------- Profit for the year 4,013 2,253 ---------- ----------- Earnings per share (EPS): Basic - pence 32.86 18.92 Diluted - pence 32.86 18.46 AssetCo plc Consolidated Statement of Comprehensive Income for the year to 30 September 2015 Year to 30 September 2015 2014 GBP'000 GBP'000 Recognised profit for the year 4,013 2,253 Other comprehensive income Exchange differences on translating foreign operations 866 137 ----------- ---------- Other comprehensive income, net of tax 866 137 ----------- ---------- Total comprehensive income for the year 4,879 2,390 ----------- ---------- AssetCo plc Consolidated Statement of Financial Position As at 30 September 2015 30 September 30 September 2015 2014 GBP'000 GBP'000 Assets Non-current assets Property, plant and equipment - 12 Cash held in respect of a bond 2,802 2,482 ------------- ------------- Total non-current assets 2,802 2,494 ------------- ------------- Current assets Inventories - 333 Trade and other receivables 6,629 6,220 Cash and cash equivalents 12,836 5,787 Cash held in respect of a bond 11 2,509 ------------- ------------- Total current assets 19,476 14,849 ------------- ------------- Total assets 22,278 17,343 ------------- ------------- Shareholders' equity Share capital 25,474 25,474 Share premium 64,941 64,941 Foreign currency translation reserve 890 24 Profit and loss account (71,710) (75,723) ------------- ------------- Total equity 19,595 14,716 ------------- ------------- Liabilities Current liabilities Trade and other payables 2,683 2,627 ------------- ------------- Total current liabilities 2,683 2,627 ------------- ------------- Total liabilities 2,683 2,627 ------------- ------------- Total equity and liabilities 22,278 17,343 ------------- -------------
The financial statements were authorised for issue by the Board of Directors on 24 March 2016 and were signed on its behalf by TG Davies.
AssetCo plc Consolidated Statement of Changes in Equity for the year to 30 September 2015 Share Foreign Profit Share Total capital currency and loss premium equity translation reserve reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 30 September 2013 25,353 (113) (77,976) 62,645 9,909 Transactions with owners: Issue of shares 121 - - 2,296 2,417 --------- ------------- ---------- --------- -------- Transactions with owners for the year 121 - - 2,296 2,417 --------- ------------- ---------- --------- -------- Profit for the year Other comprehensive income: - - 2,253 - 2,253 Exchange differences on translation - 137 - - 137 --------- ------------- ---------- --------- -------- Total comprehensive income for the year - 137 2,253 - 2,390 --------- ------------- ---------- --------- -------- Balance at 30 September 2014 25,474 24 (75,723) 64,941 14,716 Profit for the year Other comprehensive income: - - 4,013 - 4,013 Exchange differences on translation - 866 - - 866 --------- ------------- ---------- --------- -------- Total comprehensive income for the year - 866 4,013 - 4,879 --------- ------------- ---------- --------- -------- Balance at 30 September 2015 25,474 890 (71,710) 64,941 19,595
(MORE TO FOLLOW) Dow Jones Newswires
March 24, 2016 06:35 ET (10:35 GMT)
--------- ------------- ---------- --------- -------- AssetCo plc Consolidated Statement of Cash Flows for the year to 30 September 2015 Year to 30 September 2015 2014 Note GBP'000 GBP'000 Cash flows from operating activities Cash generated from/(used in) operations 5 4,758 (380) Cash deposited in respect of a performance bond (223) (30) Cash released in respect of a 2,814 - performance bond Interest paid (459) (356) Net cash generated from/(used in) operating activities 6,890 (766) ----------- ---------- Cash flows from investing activities Finance income 23 9 Net cash generated from investing activities 23 9 ----------- ---------- Cash flows from financing activities Issue of shares (net of costs) - 2,417 Net cash generated from financing activities - 2,417 ----------- ---------- Net change in cash and cash equivalents 6,913 1,660 Cash, cash equivalents and bank overdrafts at beginning of year 5,787 4,134 Exchange differences on translation 136 (7) ----------- ---------- Cash, cash equivalents and bank overdrafts at end of year 6 12,836 5,787 ----------- ---------- AssetCo plc Notes to the Financial Statements for the year to 30 September 2015 1. Legal status and activities AssetCo plc (the "Company") 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. This preliminary announcement has been presented in sterling to the nearest thousand pounds (GBP'000) except where otherwise indicated, as are the Group consolidated financial statements, which were authorised for issue by the Board of Directors on 24 March 2016. 2. Basis of preparation The preliminary results for the period to 30 September 2015, which do not form the statutory accounts of the Group, are an abridged statement of the full Annual Report and Financial Statements, which have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union, and those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The preliminary results have been prepared on a going concern basis. The principal accounting policies are included in the Group financial statements and have been applied consistently in both periods presented. 3. Segmental reporting The core principle of IFRS 8 'Operating Segments' is to require an entity to disclose information that enables users of the financial statements to evaluate the nature and financial effects of the business activities in which the entity engages and the economic environments in which it operates. Segmental information is therefore presented in respect of the Group's geographical settlement. No secondary segmental information has been provided as, in the view of the Directors, the Group operates in only one segment, being the provision of management and resources to fire and emergency services. The Directors consider the chief operating decision maker is the Board. The amounts provided to the Board with respect to net assets are measured in a manner consistent with that of the financial statements. The Group is domiciled in the UK and also operates a branch in UAE. Revenue by destination is not materially different from revenue by origin shown above. All revenue relates to services. Unallocated comprises the head office. Analysis of revenue and results by geographical settlement Continuing Year to 30 September 2015 UAE Unallocated operations GBP'000 GBP'000 GBP'000 Revenue Revenue to external customers 21,660 - 21,660 Total revenue 21,660 - 21,660 --------- ------------- ------------ Segment result EBITDA 5,383 (922) 4,461 Depreciation (12) - (12) --------- ------------- ------------ Operating profit 5,371 (922) 4,449 Finance income 11 12 23 Finance costs (459) - (459) Profit for the year 4,923 (910) 4,013 --------- ------------- ------------ Assets and liabilities Total segment assets 13,942 8,336 22,278 Total segment liabilities (2,294) (389) (2,683) --------- ------------- ------------ Total net assets 11,648 7,947 19,595 --------- ------------- ------------ Other segment information Total capital expenditure - - - --------- ------------- ------------ Continuing Year to 30 September 2014 UAE Unallocated operations GBP'000 GBP'000 GBP'000 Revenue Revenue to external customers 14,634 - 14,634 ----------- --------------- ------------- Total revenue 14,634 - 14,634 ----------- --------------- ------------- Segment result EBITDA 3,224 (602) 2,622 Depreciation (22) - (22) ----------- --------------- ------------- Operating profit 3,202 (602) 2,600 Finance income 3 6 9 Finance costs (356) - (356) ----------- --------------- ------------- Profit for the year 2,849 (596) 2,253 ----------- --------------- ------------- Assets and liabilities Total segment assets 13,483 3,860 17,343 Total segment liabilities (4,848) 2,221 (2,627) ----------- --------------- ------------- Total net assets 8,635 6,081 14,716 ----------- --------------- ------------- Other segment information Total capital expenditure - - - ----------- --------------- ------------- 4. Earnings per share a) 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. Year to 30 September 2015 2014
(MORE TO FOLLOW) Dow Jones Newswires
March 24, 2016 06:35 ET (10:35 GMT)
GBP'000 GBP'000 Profit for the year 4,013 2,253 ----------- ------------ Weighted average number of shares in issue 12,211,163 11,908,551 Basic earnings per share (EPS) - pence 32.86 18.92 b) Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. Dilutive potential ordinary shares comprise warrants. A calculation is made to determine the number of shares that could have been acquired at fair value based on monetary value of the subscription rights attached to outstanding warrants. The warrants were exercisable up until 31 December 2013 at a price of GBP2.00 each warrant. The number of shares calculated as above is compared with the number of shares that would have been in issue assuming the exercise of the warrants. On 3 January 2014 various shareholders exercised warrants to subscribe for 1,210,450 new ordinary shares at 10p each at a price of GBP2.00 per share. Following the issue of the new ordinary shares the company's enlarged issued share capital comprises 12,211,163 shares. As a result, of expiration of the deadline for exercising warrants outstanding being 31 December 2013, there are no further warrant instruments outstanding that may be exercised. Year to 30 September 2015 2014 GBP'000 GBP'000 ----------- ------------ Profit for the year 4,013 2,253 ----------- ------------ Weighted average number of shares in issue 12,211,163 12,207,993 Diluted earnings per share (EPS) - pence 32.86 18.46 5. Reconciliation of profit before tax to cash generated from/(used in) operations Year to 30 September 2015 2014 GBP'000 GBP'000 Profit for the year before tax 4,013 2,253 Depreciation and impairment 12 22 Loss on sale of property, plant and equipment - 19 Finance costs 459 356 Finance income (23) (9) Decrease/(increase) in inventories 333 (304) Decrease/(increase) in debtors 65 (1,720) Decrease in creditors (101) (997) Cash generated from/(used in) from operations 4,758 (380) ----------- -------------- At 30 September 6. Analysis of net cash: 2015 2014 GBP'000 GBP'000 Cash at bank and in hand 12,836 5,787 12,836 5,787 ----------- ---------- There was cash of GBP12,836,000 as at 30 September 2015 (2014: GBP5,787,000) and cash held in respect of bonds of GBP2,813,000 (2014: GBP4,991,000). 7. Contingent liabilities Approximate maximum liability 2015 2014 GBP'000 GBP000 Performance bond related to a UAE contract, expected to be released in full in 2017 2,500 5,000 ----------- --------- Advance payment guarantee - 8,000 ----------- --------- Performance bond related to a UAE contract, expected to reduce to approximately GBP1m in 2017 and to be released in full in 2020 2,000 2,000 ----------- --------- Performance bond related to a UAE contract, released in full in March 2015 - 100 ----------- --------- Performance bond related to a UAE contract, 100 - expected to be released in full in 2017 ----------- --------- 8. Post balance sheet events There are no post balance sheet events to report. 9. Annual General Meeting The AGM is to be held at 12.30 p.m. on 17 May 2016 at Harwood Capital, 6 Stratton Street, London, W1J 8LD. A Notice convening the Annual General Meeting will be posted to shareholders in due course. 10. Electronic communications This Preliminary Announcement is available on the Company's website www.assetco.com . News updates, regulatory news and financial statements can be viewed and downloaded from the Company's website, www.assetco.com . Copies can also be requested, in writing, from The Company Secretary, AssetCo plc, Singleton Court Business Park, Wonastow Road, Monmouth, Monmouthshire NP25 5JA. The Company is not proposing to bulk print and distribute hard copies of the Annual Report and Financial Statements for the year to 30 September 2015 unless specifically requested by individual shareholders; it can be downloaded from the Company's website.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR PGUPWWUPQGUC
(END) Dow Jones Newswires
March 24, 2016 06:35 ET (10:35 GMT)
1 Year Assetco Chart |
1 Month Assetco Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions