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ASTO.GB Assetco Plc

34.50
0.00 (0.00%)
28 Mar 2024 - Closed
Realtime Data
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

AssetCo PLC Preliminary results - year to 30 September 2015 (1849T)

24/03/2016 10:35am

UK Regulatory


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 

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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 

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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

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