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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 | |
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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 |
RNS Number:4516K ADL PLC 21 December 2007 ADL plc Interim Report for the six months to 30 September 2007 Financial Highlights * £631k Operating Profit before deducting £417k exceptional costs (30 September 2006: £538k before exceptional costs of £100k)- an increase of 17.3% * £(147)k Retained loss after exceptional items (30 September 2006: Retained profit £142k) * (1.49)p Earnings per Ordinary Share (30 September 2006: 1.44p) * 85.10p Net Assets per Ordinary Share (30 September 2006: 77.78p) - an increase of 9.4% (Allowing for the transition from UK GAAP to IFRS) * Interim dividend passed (2006: 1p per Ordinary Share) * Trading in the second half is showing a similar performance to that experienced in the first half For further information please contact: ADL plc Jeremy Davies, Managing Director 07860 717458 Blue Oar Securities Plc John Wakefield, Corporate Finance Director 0117 933 0020 Chairman's statement Financial Results I have pleasure in presenting ADL's Interim Report for the six months ended 30 September 2007. Turnover was £3.023 million (30 September 2006: £2.741 million and year to 31 March 2007 £5.648 million). The profit on ordinary activities before interest, taxation and exceptional costs increased by 17% to £631,241 from £538,547 in the six months to 30 September 2006 (year to 31 March 2007 £1,647,158). In September 2007 the company and two of its directors, Jeremy Davies and Pearl Jackson were charged with wilful neglect under the Mental Health Act following police enquiries emanating from the raid on Newsham House in July 2005. Although these charges are being strenuously defended, this action effectively places an embargo on the further development of the company generally and in particular on the proposed acquisition of a group of five homes in the Bradford area which the company had been progressing well and which was nearing completion. Accordingly your board has written off some £310,112 in corporate finance costs incurred to date on this project. In the period your company also incurred a further £51,554 in legal fees defending itself from the charges raised against it by the Crown. Further exceptional costs of £55,000 were incurred following the unsuccessful defence by the company of a claim for wrongful dismissal by a former executive director of the group, who had relocated to the USA. After deduction of these exceptional costs of £416,666, the company incurred a loss on ordinary activities after taxation of £146,567 (2006: Profit of £142,798, year to 31 March 2007: Profit of £857,295). During the period the company adopted International Financial Reporting Standards (IFRS) in accordance with AIM regulations and has restated its previous results which were prepared under UK Generally Accepted Accounting Principles (UK GAAP). This has resulted in the add back of amortisation of goodwill of £9,543 in the comparative six month period to 30 September 2006 and £23,577 in the year to 31 March 2007, and the full provision of deferred tax of £1,446,000 as at 30 September 2007 (30 September 2006 £948,792, year to 31st March 2007 £1,446,000). In addition, £700,000, being the valuation of properties held for resale has been recognised in the Profit and Loss and transferred out of the revaluation reserve in the year to 31st March 2007. Property rationalisation Morton Manor The developer of the six apartments at Morton Manor has sold four of the properties but has had no interest in two. The development company owes ADL plc £250,000 and it is proposed that ADL plc takes one of the remaining apartments independently valued at £280,000 in settlement of the debt. Allambie Court Planning permission has been granted for the extension to the home. The purchaser of the adjacent land, subject to planning permission for eight flats, awaits detailed planning consent. Newsham House The Company has agreed to sell the surplus land for £400,000 with its existing planning permission as it is unlikely that consent for any further units will be forthcoming. The developer has agreed to carry out the accommodation works, providing a new access and car parking area at their expense, costs which under the previous arrangement would have been borne by ADL plc. The Knoll The developer of the surplus land at The Knoll is continuing negotiations with the local planning authority and if successful will sign a contract to purchase the land. Banking As a result of the company being charged under the Mental Health Act, the company's bankers have indicated that at the present time they would be unwilling to increase the current level of borrowing despite the low level of gearing. The company has been informed by its lawyers that the costs of defending the charges against it at Newsham House could be as high as £1 million. As a result, the company has agreed a standby facility of £1 million with Jeremy Davies, Managing Director. Review of Business From a trading point of view, the business continues to operate satisfactorily, with occupancy levels being maintained. However, the future of the business is difficult to predict as a result of the uncertainty caused by the legal action against the Company and two of its Directors. Sir William Wells Chairman 20 December 2007 Unaudited Income Statement 6 months to 30 6 months to 30 Year to for the six months ended Sept 07 Sept 06 31 Mar 07 30 September 2007 £'000 £'000 £'000 Turnover Continuing operations 3,023 2,491 4,973 Acquisitions - 250 675 Cost of Sales 3,023 2,741 5,648 Continuing operations 1,830 1,577 3,166 Acquisitions - 137 409 1,830 1,714 3,575 Gross profit 1,193 1,027 2,073 Administrative expenses - continuing operations (643) (567) (1,239) Administrative expenses - acquisitions - (19) (89) Exceptional loss 2 (417) (100) (255) Other gains Note 5d - - 700 Other operating income 81 97 202 (979) (589) (681) Operating profit 214 438 1,392 Continuing operations 214 344 1,215 Acquisitions - 94 177 214 438 1,392 Interest receivable 7 4 11 Interest payable (299) (243) (527) (Loss) / Profit on ordinary activities before taxation (78) 199 876 Tax charge on profit on ordinary activities (69) (57) (18) Retained (loss)/profit for the period (147) 142 858 Earnings per ordinary share - basic and diluted (1.49)p 1.44p 8.68p Weighted average number of shares 9,885,694 9,885,694 9,885,694 Consolidated Unaudited Balance Sheet as at 30 Sept 07 30 Sept 06 31 Mar 07 30 September 2007 £'000 £'000 £'000 Assets Non-current assets Intangible assets 950 1,022 1,006 Tangible assets 16,281 15,839 16,332 Investments 2 2 2 Deferred tax assets 44 51 44 17,277 16,914 17,384 Current assets Inventories 11 11 11 Debtors 787 857 891 Cash and cash equivalents 446 538 341 1,244 1,406 1,243 Non-current assets held for sale 700 500 700 Total Assets 19,221 18,820 19,327 Liabilities Current liabilities (1,016) (1,045) (934) Non-current liabilities (9,792) (10,085) (9,783) Total liabilities (10,808) (11,130) (10,717) Net Assets 8,413 7,690 8,610 Equity Called-up equity share capital 1,522 1,522 1,522 Share premium account 3,712 3,712 3,712 Revaluation reserve 2,362 2,245 2,468 Retained earnings 817 211 908 Total Equity 8,413 7,690 8,610 Net assets per ordinary share 85.10 77.78 87.10 Consolidated Unaudited Cash Flow Statement 6 months to 30 6 months to 30 Year to for the Six Months ended Sept 07 Sept 06 31 Mar 07 30 September 2007 £'000 £'000 £'000 Net Cash Inflow from Operating Activities 397 666 1,128 Returns of Investments and Servicing of Finance Interest received 7 4 11 Interest paid (299) (243) (527) Finance charges paid (127) Net Cash Outflow from Returns on Investments and servicing of finance (292) (239) (643) Taxation UK Corporation tax paid - - (46) Capital Expenditure and Financial Investment Purchase of Solutions (Yorkshire) Ltd - (2,245) (2,469) Sale of Nightingale Nursing Home - - 800 Net cash outflow from Investing Activities - (2,245) (1,669) Dividends - - (99) Cash Inflow/(outflow) before Financing Activities 105 (1,818) (1,329) Financing New secured loans - 9,137 9,250 Repayment of amounts borrowed - (6,789) (6,900) Net Cash Inflow from Financing Activities - 2,348 2,350 Increase in Cash and Cash Equivalents 105 530 1,021 Reconciliation of Operating profit to Net Cash Inflow from Operating Activities Operating profit 214 438 1,392 Amortisation 56 56 80 Amortisation of Finance costs 18 100 119 Depreciation 1 12 18 Profit on disposal of fixed assets - - (1) Fair value of non-current assets held for sale - - (700) (Increase)/decrease in debtors 96 (86) 100 Increase in creditors 12 146 120 Net Cash Inflow from Operating Activities 397 666 1,128 Consolidated Statement of Changes in Share Share Revaluation Retained Total Equity Capital Premium Reserve Earnings Equity For the six months ended £'000 £'000 £'000 £'000 £'000 30 September 2007 Balance at 1 April 2006 1,522 3,712 1,926 69 7,229 Recognised income and expenses - 142 142 Revaluation net of tax 319 - 319 Balance at 30 September 2006 1,522 3,712 2,245 211 7,690 Recognised income and expenses - 16 16 Transfer to profit and loss (80) 80 - Revaluation net of tax 1,003 - 1,003 Transfer of land for resale (700) 700 - Dividends - (99) (99) Balance at 31 March 2007 1,522 3,712 2,468 908 8,610 Recognised income and expenses - (147) (147) Transfer to profit and loss (56) 56 - Impairment (50) - (50) Balance at 30 September 2007 1,522 3,712 2,362 817 8,413 Notes 1. Accounting Policies Basis of Accounting These unaudited interim financial statements were approved for issue by the ADL plc Board of Directors on 20 December 2007. These consolidated interim financial statements for the six months ended 30 September 2007 have been prepared in accordance with the Listing Rules of the Financial Services Authority and IFRS. The interim financial statements should be read in conjunction with the financial statements for the year ended 31 March 2007 which have been prepared in accordance with UK Generally Accepted Accounting Practice ("UK GAAP"). The Group now prepares its consolidated financial statements in accordance with applicable International Financial Reporting Standards ("IFRS") as adopted by the EU. This is the first financial information on the Group to have been prepared under IFRS and the disclosures required by IFRS 1 "First time adoption of IFRS" concerning the transition from UK GAAP to IFRS have been included in these notes. The Group has applied consistent accounting policies in preparing the consolidated interim financial statements for the six months ended 30 September 2007, the comparative information for the six months ended 30 September 2006, the financial statements for the year ended 31 March 2007 and the preparation of the opening IFRS balance sheet as at 1 April 2006, the date of transition. These interim financial results are unaudited and do not constitute statutory financial statements as defined in section 240 of the Companies Act 1985. The functional currency of the Group is UK Sterling and accordingly the amounts in the interim results are denominated in that currency. The statutory financial statements for ADL plc for the year ended 31 March 2007 received an unqualified Auditor's Report and have been filed with the Registrar of Companies. Basis of Consolidation The consolidated interim results incorporate the interim results of the Company and all Group undertakings. These are adjusted, where appropriate, to conform to Group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill arising on consolidation is capitalised and the value of this goodwill is reviewed on a periodic basis. The results of companies acquired are included in the Group profit and loss account after the date that control passed. 2. Operating Profit Operating profit is stated after charging exceptional costs of £416,666 (2006: £100,000). This cost comprises three elements; £310,112 in corporate finance costs which had previously been prepaid and were incurred on the abortive acquisition of a group of 5 care homes in Bradford, £51,554 in legal fees incurred by the company in defending itself and two directors from charges raised by the Crown, and exceptional costs of £55,000 that were incurred as a result of the unsuccessful defence by the company of a claim for wrongful dismissal by a former executive director of the group, who had relocated to the USA. 3. The retained loss per ordinary share have been calculated on the loss on ordinary activities after taxation of £146,567 (30 September 2006: Retained profit £142,798, 31 March 2007: Retained profit £857,295) using the weighted average number of shares in issue during the six months ended 30 September 2007 of 9,885,694 shares (30 September 2006: 9,885,694, 31 March 2007: 9,885,694). 4. Net assets per ordinary share have been calculated on net assets of £8,412,578 (30 September 2006: £7,689,240, 31 March 2007 £8,609,144) divided by 9,885,694 ordinary shares in issue at 30 September 2007, 30 September 2006 and 31 March 2007. 5. Comparative period The corresponding amounts in the prior interim period for the six months ended 30 September 2006 and the audited financial statements for the year ended 31 March 2007 have been adjusted for the effects of changes to accounting policies on transition to IFRS as follows: (a) Goodwill arising on the acquisition of Newsham House Limited, Woodland Healthcare Limited and Solutions (Yorkshire) Limited of £9,543 in the 6 months ended 30 September 2006 and £23,577 in the year to 31 March 2007 has been written back to the profit and loss account and Goodwill on the balance sheet. (b) Deferred tax arising on the revaluation of properties as at 1 April 206 of £824,792, as at 30 September 2006 of £948,792 and £1,446,000 as at 31 March 2007 has been provided in full and deducted from the Revaluation Reserve. (c) Dividends proposed of £98,857 but not paid as at 30 September 2006 have been added back to reserves as at that date in accordance with IAS32, "Financial Instruments: Presentation". (a) Non-current assets held for sale comprise surplus land at Newsham House, Morton Manor, Allambie Court and the Knoll which has been transferred from non-current assets as at 31 March 2007 in accordance with IFRS 5, "Non-current Assets Held for Sale and Discontinued Operations". £700,000 has been transferred from the revaluation reserve and included in income for the year ended 31 March 2007 accordingly. Independent Review Report to the Directors of ADL plc Introduction We have reviewed the accompanying Balance Sheet of ADL Plc as of 30 September 2007 and the related statements of income, changes in equity and cash flows for the six month period then ended, and other explanatory notes. Management is responsible for the preparation and presentation of this interim financial information in accordance with EU-endorsed International Financial Reporting Standards (IFRS and IFRIC interpretations) applicable to companies reporting under IFRS and the listing rules of the Financial Services Authority. Our responsibility is to express a conclusion on this interim financial information based on our review. The Report is made solely to the Company in accordance with the International Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by Auditing Practices Board. Our work has been undertaken so that we may state to the Company those matters we are required to state to them in an Independent Review Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this Report, or for the conclusion we have formed. Scope of review We conducted our review in accordance with the International Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information does not present fairly, in all material respects, the financial position of the entity as at 30 September 2007. CLB Littlejohn Frazer Chartered Accountants 1 Park Place Canary Wharf London E14 4HJ 20 December 2007 This information is provided by RNS The company news service from the London Stock Exchange END IR OKKKKFBDDDBB
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