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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ashcourt Hldgs | LSE:AHP | London | Ordinary Share | GB0032049065 | ORD 2P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:0533R
Ashcourt Holdings PLC
09 September 2005
9 September 2005
Ashcourt Holdings Plc
("Ashcourt" or "the Company")
Preliminary Results for the year to 30 April 2005
Financial Highlights
* Turnover increased by 26.2% to #5.76 million (2004: #4.56 million)
* Profits before tax, depreciation, amortisation and interest increased by
7.5% to #323,444 (2004: #300,329)
* Funds Under Management ("FUM") grew by 35.5% to #602 million (2004:
#444 million)
Corporate Highlights
* Acquisition of Horder & Company and of Howells Rawlings & Ward strengthens
financial planning side of business
* Ashcourt Investment Advisers now accounts for 25.4% of Group business
* 87% of holders of 7.25% unsecured loan stock and 7.5% unsecured AAM loan
stock converted holdings into Ordinary Shares
* Company share listing moved from OFEX to AIM, trading in Company's shares
rises
Post Year-end Events
* Appointment of Russell Race as a non-executive Director of Ashcourt
Holdings with effect from June 2005
* Company expects to adopt new IFRS accounting rules with effect from 1 May
2005 which could boost pre-tax profit by over #200,000 - elimination of
profit & loss deficit to be achieved faster
Commenting on the results, Geoffrey Dearing, non-executive Chairman, said: "The
last twelve months have seen a continuation of the rapid development of Ashcourt
... and I would like to thank everyone for their considerable efforts in
contributing to the progress of the group..."
The Report and Accounts will be sent to shareholders shortly and are available
from the Company's registered office.
Ends
For further information please contact:
Ashcourt Holdings Plc Parkgreen Communications
John Morton, Chief Executive Officer Justine Howarth / Ana Ribeiro
Tel: 01732 520780 Tel: 020 7493 3713
CHAIRMAN'S REPORT
The financial year to 30 April 2005 saw a continuation of the recovery in global
stock markets that I commented upon in my last annual report. The lack of any
political or economic shocks during the period helped equity markets rise
steadily and consequently I am pleased to report group turnover, before
contribution from acquisitions, reached #5.15 million compared to #4.56 million
for the year ended 30 April 2004, an increase of 13%. Profits before tax,
depreciation, amortisation and interest, rose to #323,444 compared to #300,329
in the year to 30 April 2004. The board has decided not to declare a dividend
for the financial year.
Funds under management grew by 35.5% to #602 million during the financial year.
This reflected both the growth in the funds under management and also the impact
of the acquisition of Horder & Company and Howells Rawlings & Ward both of which
were completed during the year under review.
As reported in our AIM Market admission document, acquisition is a strategic
part of Ashcourt's expansion plan and I am pleased to report that the two
acquisitions made in the last financial year have contributed significantly to
both turnover and the profitability of the group. The two acquisitions, Horder
& Company and Howells Rawlings & Ward, have further strengthened the financial
planning arm of our business, Ashcourt Investment Advisers ("AIA"), and resulted
in the turnover from this part of the group now accounting for 36.6% of our
total turnover. We feel confident that AIA will benefit from the start of the
new pensions regime in April next year and also from the increasing need of
individuals to plan for the future, not only in terms of pensions, but also
arranging for the distribution of their assets in the most tax efficient manner.
As I noted above, equity markets showed a positive return over the twelve months
to the end of April 2005 with the FTSE All Share Index rising by 7.1% from
2,237.34 to 2,397.05. However, it was a relatively volatile year with the high
for the FTSE All Share Index of 2,539.06 being achieved on 12 February 2005
compared to a low of 2,135.40 reached on 26 July 2004. As the investment
management fees within Ashcourt Asset Management ("AAM") are calculated on a
quarterly basis, the index level at the end of January, April, July and October
is critical to the fee income generated, which accounts for 47% of AAM's income.
Unfortunately, the market was at relatively low levels at the end of July and
October last year which inevitably had an adverse impact on our fee income.
Over the last few months there has been considerable press comment about the
continued consolidation within the investment management and financial planning
market place. We feel this is an inevitable trend given the ever increasing
costs of compliance and infrastructure. We will continue to seek out companies
to acquire, but will also take this opportunity to strengthen and deepen our
expertise by recruiting experienced individuals.
In June 2004 the company completed a capital reorganisation offering the
shareholders of the 7.25% unsecured loan stock and 7.5% unsecured AAM loan stock
the opportunity to convert these holdings into ordinary shares in Ashcourt
Holdings. I am pleased to report that 87% by value converted their loan stock
into 523,836 new ordinary shares in Ashcourt Holdings. Since this
reorganisation and our introduction to AIM, the amount of trading in Ashcourt's
shares has risen considerably compared to the previous twelve months when the
shares were quoted on the OFEX market.
Looking forward to next year, it is anticipated that the company will adopt the
International Financial Reporting Standards ("IFRS") with effect from 1 May
2005. It is expected that these new rules could have a beneficial impact with
the group not having to write off the goodwill carried on the balance sheet over
a twenty year period in so far as it is able to justify the carrying value.
As the Ashcourt group grows and develops its sphere of operation your board
feels it is important to continue to strengthen the range of both executive and
non executive experience on the main board. As part of the development of your
board's experience I am pleased to report, that with effect from 15 June 2005,
Russell Race has joined the board of Ashcourt Holdings as a non-executive
director. Russell brings to the board significant City experience, particularly
during his time as a senior corporate financier at stockbrokers Hoare Govett.
It is our intention to continue to develop your board over the coming twelve
months. I look forward to welcoming all shareholders to the AGM which will be
held on 1st November 2005 at Kings Hill. The directors' report, together with
the notice of the meeting contained within this report, provide details of the
resolutions that will be proposed at this meeting.
The opening quarter of the new financial year has seen a continuing rise in the
market and, consequently, our expectations for revenues, particularly from fee
based clients, remain positive. Whilst we recognise the challenges that lie
ahead within our industry the board remains confident that we possess the
personnel and financial resources to continue to develop this business.
The last twelve months have seen a continuation of the rapid development of
Ashcourt, which has inevitably put significant pressure on the staff, and I
would like to thank everyone for their considerable efforts in contributing to
the progress of the group over the last twelve months and, with them, look
forward to the challenges of the coming year.
G G Dearing
Chairman
9th September 2005
CHIEF EXECUTIVE'S REPORT
The last twelve months have, once again, been a period of considerable
development and expansion for the Ashcourt Group. The introduction of the
shares to trading on the AIM Market of the London Stock Exchange has raised the
profile of the group both in terms of shareholders but also clients. The two
acquisitions detailed in the Chairman's report together with significant organic
growth has led to group turnover increasing by 26.2% to #5.76 million.
The increased turnover and the acquisitions have resulted in an expansion of the
personnel within the group and at the year end the total number of staff had
increased from 71 to 94. As with any company within our sector, one of our
greatest assets is our staff, and considerable time and resource has been put
into their training and development over the last twelve months. The rewards of
this can be seen by only one senior member of staff leaving the group over the
last twelve months and our ability to attract experienced senior staff has
allowed us to strengthen our number of asset managers, analysts and advisers.
Strategy
Ashcourt remains committed to developing the group along three core strategies.
The first is to continue to grow each of the trading subsidiaries organically.
Secondly, to attract experienced asset managers and advisers who, as part of the
Ashcourt Group, are able to attract a significant volume of new business to the
group and thirdly the continued expansion of the group by acquisition. Since
the formation of Ashcourt in May 2000, we have now completed a total of seven
acquisitions, ranging from pure asset management businesses to pure financial
planning businesses with the vendors receiving new shares in Ashcourt Holdings,
a share of revenue, or a mixture of the two.
The private client industry will remain the main thrust of Ashcourt for the
foreseeable future, currently accounting for the most significant part of our
business to date. Whilst we manage a range of unit trusts and also advise a
number of pension funds both as investment managers and advisers, this will not,
in the short term, represent a significant part of the business. I comment
further on our stable of unit trusts later in my report.
Overall Group Performance
It is pleasing to report, for a second consecutive year, a rise in our profits
before interest, tax, depreciation and amortisation, as well as a post tax
profit compared to a loss last year. Our funds under management on a group
basis have grown over the last twelve months, significantly outstripping the
rise in equity markets over the same period.
Investment Management
Whilst some of this increase in funds under management has resulted from
acquisitions, I am pleased to report that Ashcourt Asset Management ("AAM"), our
asset management business, was able to increase funds under management by 7.5%
as a result of new business being attracted to the company.
AAM has continued to benefit from the steady rise in equity markets which helped
investment management fee revenues grow over the last twelve months. During the
period a review was undertaken to ensure that clients were paying a reasonable
level of management fee to reflect the quality of service that was being
delivered. In addition, we reviewed the ways in which we were executing stock
exchange transactions on behalf of clients and were able to enjoy significant
economies of scale when dealing on behalf of our clients. As an asset manager
we derive income from three primary sources, investment management fees,
commission and net interest income.
Over the last twelve months a considerable amount of time and energy has been
focused on further improving our investment process to ensure we can deliver the
best possible performance for clients' portfolios, whilst remaining within
pre-determined risk profiles. At the same time, the core investment management
computer systems have been developed to ensure asset managers can react to ever
changing financial markets as quickly as possible. A central part of the
Ashcourt investment philosophy has been to develop its own core analytical
skills and I am pleased to report that we have further expanded the analytical
team with the appointment of Simon Brown on 1 May 2005.
Earlier in his career, Simon was the senior fund manager for Shell Pensions
Management Services managing assets of up to #13 billion.
Ashcourt Investment Advisers ("AIA")
The AIA team has grown over the last twelve months, primarily as a result of the
acquisition of both Horder & Company and Howells Rawlings and Ward. The
acquisition of Horder & Company very early on in the financial year has had a
positive impact on both the turnover of AIA and also the overall profitability.
The results from Horder & Company comfortably exceeded the assumptions that were
made when the business was acquired in June 2004. The acquisition of Howells
Rawlings & Ward was made in February 2005, and whilst the business made a
contribution to both turnover and profitability in the last few months of the
financial year, it is too early to judge the positive long term impact this
acquisition will have on AIA. The early indications are encouraging with the new
staff integrating well and quickly into the Ashcourt mould.
In recognition of the development of this side of the business John Taylor was
appointed as managing director of AIA last summer. It is important that as the
financial planning part of the business becomes a more substantial part of the
group it is run by an individual who has a sound knowledge of the industry.
This should enable AIA to respond to developments within its particular market
segment but also develop an overriding culture of client care.
In anticipation of the change in pensions legislation in April 2006, it was
decided to launch the Ashcourt SIPP in November last year. It is our strong
belief that SIPPs will become a central part of both pensions planning and
inheritance tax planning over the coming years. With the Ashcourt group having
expertise in both investment management and pensions advice we hope that the
SIPP business will become a significant contributor to both AAM and AIA.
Unit Trusts
Ashcourt Asset Management now manages five unit trusts based in Guernsey, Dublin
and the UK. The investment mandates range from the Ashcourt Sterling Bond Fund,
which is a roll up fund investing in sub five year fixed interest investments,
to the Zenith Global Opportunities Fund, which is a global fund that is invested
in a limited number of holdings.
We consider it illogical to have off shore funds in both Guernsey and Dublin and
we expect to undertake a review of both locations and centralise our funds in
one of the two locations.
The Ashcourt Group has remained true to its core principles of developing a
broadly based investment management and financial planning group that can
provide independent and unbiased advice to a broad range of clients. One of the
group's most valuable assets is the experience and dedication of the staff. In
recognition of this a share incentive plan has been put in place under which
employees can invest a fixed amount of money each month into Ashcourt shares in
a tax efficient manner. At the same time, the company will match each
employee's contribution up to a maximum combined contribution of #250 per month.
The scheme has only recently been initiated and 61% of eligible employees have
taken up the opportunity demonstrating the commitment staff across the group
have to Ashcourt.
Finally, I should like to add my thanks to all the staff within Ashcourt.
Without their flair, commitment and determination we would not have had such a
successful year in the continuing development of Ashcourt.
A J Morton
Chief Executive
9th September 2005
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the year to 30 April 2005
Note 2005 2004
# #
TURNOVER 4
Continuing operations 5,149,887 4,563,797
Acquisitions 607,757 -
___________ ___________
5,757,644 4,563,797
___________
___________ ___________
Administrative expenses (5,715,431) (4,494,516)
___________
___________ ___________
OPERATING PROFIT/(LOSS) 146
Continuing operations (116,218) 69,281
Acquisitions 158,431 -
___________
___________ ___________
42,213 69,281
Interest payable and similar charges (19,082) (59,745)
___________
___________ ___________
PROFIT ON ORDINARY ACTIVITIES BEFORE 23,131 9,536
TAXATION
Tax on profit on ordinary activities 14,060 (42,417)
___________
___________ ___________
PROFIT/(LOSS) ON ORDINARY ACTIVITIES AFTER 37,191 (32,881)
TAXATION
Dividends paid and proposed - -
___________
___________ ___________
RETAINED PROFIT/(LOSS) 37,191 (32,881)
___________ ___________
___________ ___________
EARNINGS/(LOSS) PER SHARE
Basic 1 0.65p (0.71)p
Diluted 1 0.64p (0.70)p
There are no gains and losses other than those reported in the profit and loss
account, in the current and prior year. Accordingly no statement of recognised
gains and losses is presented.
All results derive from continuing operations.
CONSOLIDATED BALANCE SHEET
As at 30 April 2005
Note 2005 2004
# #
FIXED ASSETS
Intangible assets - goodwill 3,767,810 2,985,776
Tangible assets 270,514 209,796
Other investments 25,595 204
_________
_________ _________
4,063,919 3,195,776
CURRENT ASSETS
Debtors 1,378,991 1,113,611
Cash at bank and in hand 713,849 247,046
_________
_________ _________
2,092,840 1,360,657
_________
_________ _________
CREDITORS: amounts falling
due within one year (1,132,206) (1,024,829)
_________
_________ _________
NET CURRENT ASSETS 960,634 335,828
_________
_________ _________
TOTAL ASSETS LESS CURRENT 5,024,553 3,531,604
LIABILITIES
CREDITORS: amounts falling
due after one year (480,100) (170,956)
PROVISIONS FOR LIABILITIES - (9,183)
AND CHARGES
_________
_________ _________
NET ASSETS 4,544,453 3,351,465
_________ _________
_________ _________
CAPITAL AND RESERVES
Called-up ordinary share 122,427 94,796
capital
Called-up preference share 523,802 523,802
capital
Merger reserve 2,667,377 2,667,377
Other reserve 337,661 -
Share premium account 1,251,185 455,588
Profit and loss account (357,999) (395,190)
_________
_________ _________
SHAREHOLDERS' FUNDS 4,544,453 3,346,373
Minority interests (including
non-equity interests) - 5,092
_________
_________ _________
4,544,453 3,351,465
_________ _________
_________ _________
SHAREHOLDERS' FUNDS COMPRISE:
Equity interests 4,020,651 2,822,571
Non-equity 523,802 523,802
_________
_________ _________
TOTAL SHAREHOLDERS' FUNDS 4,544,453 3,346,373
_________ _________
_________ _________
CONSOLIDATED CASH FLOW STATEMENT
Year ended 30 April 2005
Note 2005 2004
# #
Net cash inflow from operating activities 2 (a) 467,700 196,892
Returns on investments and servicing of 2 (b) (30,424) (59,745)
finance
Taxation 2 (c) (4,062) 12,789
Capital expenditure and financial 2 (d) (185,919) (95,981)
investment
Acquisitions - net cash on acquisition of
subsidiary undertakings (9,582) (9,587)
_________
_________ _________
Cash inflow before management of liquid
resources and financing 237,713 44,368
Financing 2 (e) 221,122 70,181
_________
_________ _________
Increase in cash in the year 458,835 114,549
_________ _________
_________ _________
NOTES TO ACCOUNTS
1. EARNINGS/(LOSS) PER SHARE
The calculation of earnings/(loss) per share is based on the following profit/
(loss) and number of shares.
2005 2004
# #
Profit/(loss) for the financial year 37,191 (32,881)
________
________ ________
Weighted average number of shares:
2005 2004
Number of Number of
shares shares
For basic loss per share 5,718,964 4,616,844
Weighted average share options
in issue 109,457 47,150
________
________ ________
For diluted earnings per share 5,828,421 4,663,994
________
________ ________
2. ANALYSISOF CASH FLOWS
(a) Reconciliation of group operating profit to operating cash flows
2005 2004
# #
Operating profit 42,213 69,281
Depreciation and amortisation charges 281,232 231,048
Increase in debtors (25,650) (278,242)
Increase in creditors 169,905 174,805
________
________ ________
Net cash inflow from operating activities 467,700 196,892
________ ________
________ ________
(b) Returns on investments and servicing of finance:
2005 2004
# #
Interest paid (30,424) (59,745)
________
________ ________
Net cash outflow from returns on
investments and (30,424) (59,745)
servicing of finance
________ ________
________ ________
(c) Taxation:
2005 2004
# #
UK corporation tax (paid)/received (4,062) 12,789
________
________ ________
Net cash (outflow)/inflow from taxation (4,062) 12,789
________ ________
________ ________
(d) Capital expenditure and financial investment:
2005 2004
# #
Payments to acquire tangible fixed assets (185,919) (95,981)
________
________ ________
Net cash outflow from capital expenditure
and financial investment (185,919) (95,981)
________ ________
________ ________
(e) Financing:
2005 2004
# #
Issue of ordinary share capital 506,253 120,002
Expenses paid in connection with share (251,862) (32,374)
issue
Redemption of subordinated and unsecured (5,033) (7,076)
loans
Capital element of finance lease payment (28,236) (10,371)
________
________ ________
Net cash inflow from financing activities 221,122 70,181
________ ________
________ ________
(f) Analysis and reconciliation of net funds
30 April Cash Acquisition Other non 30 April
2004 flow and cash 2005
disposals changes
# # # # #
Cash in hand, at bank 247,046 458,835 - - 705,881*
Debt due within one year (486,781) 33,269 (130,000) 425,276 (158,236)
Debt due after one year (170,956) - - 98,561 (72,395)
_________ ________ _________ _________ _________
Net debt (410,691) 492,104 (130,000) 523,837 475,250
_________ ________ _________ _________ _________
_________ ________ _________ _________ _________
* The cash balance at 30 April 2005 includes a bank overdraft of #7,968
2005
#
Increase in cash in the year 492,104
Loans acquired with subsidiary (130,000)
Other non-cash changes in net debt 523,837
_________
Movement in net debt in year 885,941
Net debt at 30 April 2004 (410,691)
_________
Net debt at 30 April 2005 475,250
_________
_________
3. These accounts do not represent statutory accounts for the purposes of
Section 240 of the Companies Act 1985. The financial information for the years
ended 30 April 2004 and 2005 have been extracted from the audited accounts of
the Company. The audited accounts for the Company year ended 30 April 2004 and
2005 have been delivered to the Registrar of Companies. The Company's auditors,
Deloitte & Touche LLP, Chartered Accountants and Registered Auditors, made
unqualified reports under Section 235 of the Companies Act and such reports do
not contain any statements under Section 237 (2) or (3) of the Companies Act.
END
This information is provided by RNS
The company news service from the London Stock Exchange
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