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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Adl | LSE:AD. | London | Ordinary Share | GB0005739999 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 50.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:2610O
ADL PLC
20 December 2006
Press Announcement
20 December 2006
ADL plc
Interim Results for the six months to 30 September 2006
Financial Highlights
* #290,179 Profit before Tax (before deducting #99,924 exceptional write
off of finance costs) (2005: #104,149) - an increase of 178.6%
* 1.35p Earnings per Ordinary Share (2005: 0.92p) - an increase of 46.7%
* 86.3p Net Assets per Ordinary Share (2005: 67.6p) - an increase of 27.6%
* Interim dividend resumed - 1p per Ordinary Share paid on 20 October 2006
* New #25 million bank facility partially used to repay previous bank
indebtedness and the acquisition of Solutions (Yorkshire) Limited
* #15.75 million of the current bank facility remains available for
expansion of the Group's portfolio of care homes
* Trading in the second half is showing a similar improvement to that
experienced in the first half
For further information please contact:
ADL plc
Jeremy Davies, Managing Director 07860 717458
Corporate Synergy Plc
John Wakefield, Director 0117 933 0020
Chairman's statement
Financial Results
As your new Chairman, I have great pleasure in presenting ADL's Interim Report
for the six months ended 30 September 2006. Turnover was #2.74 million (2005:
#2.49 million and year to 31 March 2006: #4.92 million). The profit on ordinary
activities before taxation increased 178.6% to #290,179 (2005: #104,149 and year
to 31 March 2006: #99,309). This profit was before deducting a #99,924 write off
of finance costs relating to the previous loan facility. Earnings per share
increased 46.7% to 1.35p (2005: 0.92p and year to 31 March 2006: 1.38p).
Solutions (Yorkshire) Limited ("Solutions"), which was acquired on 4 July 2006,
contributed #94,081 to Group profit in the three months to 30 September 2006,
before attributed finance costs of approximately #30,000 - a very satisfactory
performance.
Shareholder's funds increased 27.6% to #8.53 million (30 September 2005: #6.68
million and 31 March 2006: #8.05 million). This is after providing for the
interim dividend set out below. Net assets per ordinary share amounted to 86.3p
(30 September 2005: 67.6p and 31 March 2006: 81.5p). The principal reason for
the increase since September 2005 is the revaluation of the Group's portfolio in
March 2006.
Dividends
After many years the Company returned to the dividend list by declaring a one
penny per share interim dividend, which was paid to Shareholders on 20 October
2006.
Banking
As reported in last year's accounts the Company signed a #25 million loan
facility with IXIS Corporate & Investment Bank S.A. ("IXIS") in May 2006. In
July the Company drew #9.25 million of the IXIS facility to repay its
indebtedness to Fortis Bank and complete the acquisition of Solutions. The new
facility reduces the Group's interest rate with no repayments until 30 October
2009. The IXIS facility will allow the Group to acquire a further #15.75
million of care homes.
Review of Business
There has been a substantial improvement in profitability compared to the second
half of last year. Early indications are that improved performance has
continued into the second half of the current year. In addition, the
acquisition of Solutions on 4 July 2006 for #2.37 million, including the
assumption of #353,007 of Solution's net debt, has added to the profitability
illustrated in these Interim results.
Dividends from Newford Limited contributed #64,000 in the first half (2005:
nil). Group occupancy has improved from 79%, announced at the Annual General
Meeting in September, to 84% today. The closure of Nightingale contributes to
this uplift in Group occupancy (see below).
Property rationalisation
Morton Manor
The development of six flats at Morton Manor is nearing completion and four of
the flats are under offer. The developer hopes to pay ADL #249,000 deferred
consideration early in 2007. In addition ADL believes it will receive a profit
share by mid 2007.
Allambie Court
Negotiations relating to planning for the development of the surplus land and
the extension to Allambie Court continue. We expect these to be successfully
concluded within six months at which time ADL will receive #225,000 sale
proceeds from the developer of the surplus land.
Newsham House
The land for four dwellings at Newsham House is under offer at #380,000 plus a
further #120,000 if planning consent is granted for a fifth dwelling.
The Knoll
ADL is currently in negotiations with the developer of Morton Manor to sell
surplus land at The Knoll subject to their successful application for planning.
Nightingale
ADL has spent considerable time and expenditure in refurbishing Nightingale.
This has not led to the expected improvement in occupancy. Therefore the
Directors decided to close the home, which has been successfully achieved,
thereby reducing the Group's operational beds under management by 45 to 369.
Earlier this year the Company was approached by the developer of an adjacent
site to convert Nightingale into apartments. I am pleased to announce that we
have exchanged contracts for the sale of Nightingale for #800,000, which is the
same as the valuation assessed by our valuers and reported in the 2006 Annual
Report and Accounts.
Outlook
The Group's policy is to continue the expansion of its portfolio of care homes
both organically and by acquisition with negotiations continuing on both fronts
which could lead to a significant expansion in the Group's activities in the not
too distant future.
Trading in the second half is showing a similar improvement to that experienced
in the first half and therefore I believe that I shall be able to report a
satisfactory outcome for the year.
Sir William Wells
Chairman
19 December 2006
Group profit and loss account Six months Six months Year to
to 30 Sept 06 to 30 Sept 05 31 Mar 06
Unaudited Unaudited Audited
#'000 #'000 #'000
Turnover
Continuing operations 2,491 2,494 4,917
Acquisitions 250 - -
2,741 2,494 4,917
Cost of sales
Continuing operations 1,577 1,598 3,231
Acquisitions 137 - -
1,714 1,598 3,231
Gross profit 1,027 896 1,686
Administrative expenses - continuing operations (576) (599) (1,212)
Administrative expenses - acquisitions (19) - -
Exceptional loss - - (15)
Other operating income 97 34 83
(498) (565) (1,144)
Operating profit
Continuing operations 435 331 542
Acquisitions 94 - -
529 331 542
Costs of restructuring the company's debt (100) - -
Interest receivable 4 1 3
Interest payable (243) (228) (446)
Profit on ordinary activities before taxation 190 104 99
Tax (charge)/credit on profit on ordinary activities (57) (22) 31
Retained profit for the period 133 82 130
Earnings per ordinary share 1.35p 0.92p 1.38p
Group balance sheet 30 Sept 06 30 Sept 05 31 Mar 06
Unaudited Unaudited Audited
#'000 #'000 #'000
Fixed assets
Intangible assets 1,013 588 981
Tangible assets 16,339 13,085 13,507
Investments 2 - 2
_____ _____ _____
Total fixed assets 17,354 13,673 14,490
Current assets
Stocks 11 11 11
Debtors and Prepayments 908 414 816
Cash at bank and in hand 538 8
9
1,457 434 835
Creditors: amounts falling due within one year (1,144) (1,615) (1,626)
Net current assets/(liabilities) 313 (1,181) (791)
Total assets less current liabilities 17,667 12,492 13,699
Creditors:
amounts falling due after more than one year (9,137) (5,809) (5,646)
____ ____ ____
Net assets 8,530 6,683 8,053
Capital and reserves
Called up equity share capital 1,522 1,522 1,522
Share premium account 3,712 3,712 3,712
Revaluation reserve 3,194 1,429 2,751
Profit and loss account 102 20 68
Total equity shareholders' funds 8,530 6,683 8,053
Net assets per ordinary share 86.3p 67.6p 81.5p
Group cash flow statement Six months Six months Year to
to 30 Sept 06 to 30 Sept 05 31 Mar 06
Unaudited Unaudited Audited
#'000 #'000 #'000
Net cash inflow from operating activities 666 481 352
Returns on investment and servicing of finance
Interest paid (243) (228) (446)
Interest received 4 1 3
Net cash outflow from returns on investment
and servicing (239) (227) (443)
Taxation
UK Corporation Tax received - - 21
Capital expenditure and financial investment
Payments to acquire tangible fixed assets - (64) (64)
Purchase of Solutions (Yorkshire) Limited (2,245) - -
Sale of Morton Manor/Investment in Newford Limited - - 498
Net cash (outflow)/inflow from capital expenditure
and financial investment (2,245) (64) 434
Cash (outflow)/inflow before financing (1,818) 190 364
Financing
New secured loans 9,137 - -
Repayment of amounts borrowed (6,789) (150) (300)
Net cash inflow/(outflow) from financing 2,348 (150) (300)
Increase in cash in the six months/year 530 40 64
Reconciliation of net cash flow to movement in net debt
Increase in cash in the six months/year 530 40 64
Amortisation of finance costs (106) - (21)
Repayments of amounts borrowed 6,789 150 300
New secured loans (9,137) - -
(Increase)/decrease in net debt (1,924) 190 343
Net debt at beginning of period (6,675) (7,018) (7,018)
Net debt at end of period (8,599) (6,828) (6,675)
Group statement of total Six months Six months Year to
recognised gains and losses to to 31 Mar
30 Sept 06 30 Sept 05 06
Unaudited Unaudited Audited
#'000 #'000 #'000
Profit attributable to shareholders 133 82 130
Unrealised surplus on revaluation of properties 443 100 1,032
Unrealised surplus on revaluation of Newford dividend rights - - 390
___ ___ ____
Total gains recognised since the last report 576 182 1,552
Reconciliation of movements Six months Six months Year to
in shareholders' funds to to 31 Mar 06
30 Sept 06 30 Sept 05 Audited
Unaudited Unaudited #'000
#'000 #'000
Profit on ordinary activities after taxation 133 82 130
Dividends payable on 20 October 2006 (99) - -
New equity share capital subscribed - 50 50
Premium on new share capital subscribed - 350 350
Increase in revaluation reserve 443 100 1,422
___ ___ ____
Net addition to funds 477 582 1,952
Opening shareholders' funds 8,053 6,101 6,101
____ ____ ____
Closing shareholders' funds 8,530 6,683 8,053
Included within the shareholder's funds is #1,027,540 (30 September 2005 and 31
March 2006: #1,027,540) relating to non-equity interests.
Reconciliation of operating profit Six months Six months Year to
to operating cash flow to 30 Sept 06 to 30 Sept 05 31 Mar 06
Unaudited Unaudited Audited
#'000 #'000 #'000
Operating profit 529 331 542
Amortisation 65 23 19
Depreciation 12 11 22
Decrease/(increase) in debtors (86) 66 (284)
Increase/(decrease) in creditors 146 50 38
Exceptional item - loss on sale of fixed assets - - 15
___ ___ ___
Net cash inflow from operating activities 666 481 352
Group statement of historical cost profits and losses Six months Six months Year to
to 30 Sept 06 to 30 Sept 05 31 Mar 06
Unaudited Unaudited Audited
#'000 #'000 #'000
Reported profit on ordinary activities before taxation 133 104 130
Difference between an historical cost amortisation charge and - 6 -
the actual amortisation charge for the period
___ _ _____
Historical cost profit on ordinary activities before taxation 133 110 130
Notes to the unaudited financial statements
1. The financial information set out above does not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985. It has
been prepared on the basis of the accounting policies set out in the Group's
2006 statutory accounts. The results for the year ended 31 March 2006 have been
extracted from the Group's published accounts for that period which have been
filed with the Registrar of Companies. The auditors' report on the full
statutory accounts of the Group for the year ended 31 March 2006 was
unqualified.
The financial information for the six months ended 30 September 2006
and 30 September 2005 has not been audited.
2. The earnings per ordinary share have been calculated on the
profit on ordinary activities after taxation of #133,255 (30 September 2005:
#81,925, 31 March 2006: #130,309) using the weighted average number of ordinary
shares in issue during the six months 9,885,694 (30 September 2005: 8,945,803,
31 March 2006: 9,414,461).
3. Net assets per ordinary share have been calculated on net
assets of #8,529,641 (30 September 2005: #6,683,322, 31 March 2006: #8,053,706)
divided by 9,885,694 ordinary shares in issue at 30 September 2006, 30 September
2005 and 31 March 2006.
4. This announcement is being sent to all shareholders on the
register at 19 December 2006 and copies are available to the general public free
of charge during office hours for one month from the date of this announcement
at Corbie Steps, 89 Harehills Lane, Leeds LS7 4HA (the registered office).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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