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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ashton Penney | LSE:ASHT | London | Ordinary Share | GB00B0KDN652 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.15 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6493O Ashton Penney Holdings PLC 25 February 2008 For Immediate Release 25 February 2008 ASHTON PENNEY HOLDINGS PLC ("the Company") CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2007 Chairman's Statement I took over as Chairman at the beginning of 2008. In my predecessor's statement for the Annual Report dated 28 November 2007 he reported that the restructuring plan was complete and that the new financial year had started well. This continues to be the case and the results for the six months ended 31 December show an improvement over the previous period. Results The group's results for the six months ending 31 December 2007 show a loss before tax of £30,000 (2006: profit £18,000). The loss for the period is after charging legal fees of £28,000 in pursuing two debtors where we have only recovered a small proportion of the costs incurred. In one case we have not recovered the debt due but this was fully provided for in the year to 30 June 2007. In the other case we have recovered the full debt. £28,000 of this is reflected in the current Interim results with the balance of £22,500 included in the results for the full year ended 30 June 2007. Revenue grew by 16% to £3,319,000 for the six months ended 31 December 2007 (2006: £2,871,000) 2007 2006 2007 6 months ended 6 months ended Year ended 31 December 31 December 30 June Gross profit margins % 20% 29% 22% % increase in number of chargeable days 18% (3%) 19% compared with similar period The gross margin variation is attributable to the differing mix of revenue generated by employed consultants compared to consultants who are retained as associates. In the latter case the gross profit margin is significantly less as their share of revenue is included in cost of sales. In the case of employed consultants the cost of their salaries and commission is included in operating expenses. In the period to 31 December 2007 the revenue generated by associates was higher than that generated by directly employed consultants. The outlook for the economy in 2008 remains uncertain, however the nature of the services we provide particularly in the area of turnaround management remain active in times of economic slow down and we remain confident that we can grow our share of this market. Strategy & Outlook Having now achieved the restructuring we are moving ahead to develop sales growth and are continuing to seek opportunities to recruit consultants and acquire businesses where their services and client base would enable us to achieve growth in the short term. The Directors will continue to pursue the strategy of growing the business through providing a first class interim executive resourcing service for our clients, increasing the number of fee earning consultants and seeking opportunities to make synergistic acquisitions. Having commenced our outsourcing contract running a panel of interim executives for a major accountancy firm at the beginning of 2008 we will continue to seek ways to develop compatible business activities that can exploit AshtonPenney's strong brand, position in the market place and network of senior interim executives. As previously announced James Wheeler stepped down as CEO in March 2007 and with the company's restructuring completed has decided to step down from the Board. His resignation was effective from 31 December 2007. With effect from 1 January 2008 I took over as non executive Chairman from Graham Cole who remains a non executive Director. The 'pipeline' of current opportunities has reduced slightly when compared to the position at the same time one year ago and has also dropped from the level reported at the time of the preliminary announcement. This is normal at this time of the year. In the climate of economic uncertainty that exists currently and due to the nature of our business it is difficult to predict the longer term position. However the Directors believe that there will continue to be good opportunities for the provision of our services particularly in the area of turnaround management. The company is continuing to make progress and I am particularly grateful for the continuing efforts of everyone working for AshtonPenney. Colin Maitland Chairman Date: 25 February 2008 Condensed consolidated interim income statement for the six months ended 31 December 2007 6 Months to 6 Months to Year ended 31 December 31 December 30 June 2007 2006 2007 Unaudited Unaudited Audited Note £'000 £'000 £'000 Revenue 4 3,319 2,871 6,179 Cost of (2,641) (2,034) (4,828) sales Gross 678 837 1,351 profit ----------------------- ----------------------- ----------------------- Operating expenses (665) (804) (1,888) ----------------------- ----------------------- ----------------------- Operating profit/ 13 33 (537) (loss) before financing costs Financial income 3 - 1 Financial expenses (46) (15) (101) ----------------------- ----------------------- ----------------------- Net financing (43) (15) (100) costs Profit/(Loss) before (30) 18 (637) tax Taxation 4 - 10 ----------------------- ----------------------- ----------------------- Profit/(Loss) for (a) (26) 18 (627) the financial period ----------------------- ----------------------- ----------------------- Earnings per share 5 Basic (0.05p) 0.05p (1.86p) Diluted (0.05p) 0.05p (1.86p) The notes on pages 6 to 9 form an integral part of this condensed interim financial information. Note (a) The previously reported unaudited loss for the six months ending 31 December 2006 was £60k. Certain adjustments arose as a result of the final audit totalling £78k giving rise to a revised figure of £18k profit. A corresponding adjustment of £78k was made to the loss for the six months ending 30 June 2007. Similarly the figure reported in the interim statement to 31 December 2006 'as at 30 June 2006' was different by the same amount. This was subsequently corrected in the annual audited accounts to 30 June 2007 and has therefore not been restated in these financial statements. Condensed consolidated statement of changes in equity as at 31 December 2007 Share Capital Share Capital Total Equity Profit and Loss Share Premium Ordinary shares of Deferred shares of account account £0.01 £0.001 £'000 £'000 £'000 £'000 £'000 Unaudited Unaudited Unaudited Unaudited Unaudited As at 30 (3,894) 1,487 336 2,206 135 June 2006 (note a) --------------------- ------------------- -------------------- ------------------- ------------- Profit 18 - - - 18 for the 6mth period to 31 December 2006 (note a) Cost of 21 - - - 21 share based payments Shares - 80 20 - 100 issued --------------------- ------------------- -------------------- ------------------- ------------- As at 31 (3,855) 1,567 356 2,206 274 December 2006 --------------------- ------------------- -------------------- ------------------- ------------- Loss for (645) - - - (645) the 6mth period to 30 June 2007 (note a) Cost of (10) - - - (10) share based payments Shares - 338 225 - 563 issued Less - (13) - - (13) issue costs --------------------- ------------------- -------------------- ------------------- ------------- As at 30 (4,510) 1,892 581 2,206 169 June 2007 --------------------- ------------------- -------------------- ------------------- ------------- Loss for (26) - - - (26) the 6mth period to 31 December 2007 Cost of 4 - - - 4 share based payments --------------------- ------------------- -------------------- ------------------- ------------- As at 31 (4,532) 1,892 581 2,206 147 December 2007 --------------------- ------------------- -------------------- ------------------- ------------- Note (a) The previously reported unaudited loss for the six months ending 31 December 2006 was £60k. Certain adjustments arose as a result of the final audit totalling £78k giving rise to a revised figure of £18k profit. A corresponding adjustment of £78k was made to the loss for the six months ending 30 June 2007. Similarly the figure reported in the interim statement to 31 December 2006 'as at 30 June 2006' was different by the same amount. This was subsequently corrected in the annual audited accounts to 30 June 2007 and has therefore not been restated in these financial statements. The notes on pages 6 to 9 form an integral part of this condensed interim financial information. Consolidated Interim Balance Sheet as at 31 December 2007 31 December 31 December 30 June 2007 2006 2007 Unaudited Unaudited Audited Note £'000 £'000 £'000 Assets Non - current assets Intangible assets 1,022 1,076 1,034 Property Plant 119 136 126 and equipment Trade and other 30 30 30 receivables ------------------- ------------------- ------------------- Total non-current 1,171 1,242 1,190 assets ------------------- ------------------- ------------------- Trade receivables 857 1,001 939 Cash 53 49 279 ------------------- ------------------- ------------------- Total current 910 1,050 1,218 assets ------------------- ------------------- ------------------- Total assets 2,081 2,292 2,408 ------------------- ------------------- ------------------- Equity Issued capital 6 2,787 2,562 2,787 Share premium 1,892 1,567 1,892 Retained earnings (4,532) (3,855) (4,510) ------------------- ------------------- ------------------- Total equity 147 274 169 ------------------- ------------------- ------------------- Liabilities Interest - 7 120 106 - bearing loans Finance leases 90 48 105 Deferred tax 37 - 40 ------------------- ------------------- ------------------- Total non-current 247 154 145 liabilities ------------------- ------------------- ------------------- Bank loans 624 596 457 Trade payables 1,014 1,208 1,555 Finance Lease 28 - 25 liabilities Other loans 21 60 57 ------------------- ------------------- ------------------- Total current 1,687 1,864 2,094 liabilities ------------------- ------------------- ------------------- Total liabilities 1,934 2,018 2,239 ------------------- ------------------- ------------------- Total equity and 2,081 2,292 2,408 liabilities ------------------- ------------------- ------------------- The notes on pages 6 to 9 form an integral part of this condensed interim financial information. Consolidated Interim statement of Cash Flows for the six months ended 31 December 2007. 6 Months to 6 Months to Year ended 31 December 31 December 30 June 2007 2006 2007 Unaudited Unaudited Audited £'000 £'000 £'000 Cash flows from operating activities Cash receipts from customers 3,401 2,997 5,995 Cash paid to suppliers and (3,823) (3,070) (6,185) employees ---------------- ---------------- ---------------- Cash generated from operations (422) (73) (190) Interest Paid (46) (15) (89) ---------------- ---------------- ---------------- Net cash used in operating (468) (88) (279) activities Cash flows from investing activities Interest 3 - 1 received Payments to acquire tangible - (25) (27) fixed assets Acquisition of shares in group - - - undertakings Net cash acquired with - - - subsidiaries ---------------- ---------------- ---------------- Net cash used in investing 3 (25) (26) activities Cash flows from financing activities Issue of ordinary share capital - 100 510 Expenses paid in connection with - - (13) share issues. New long term loan received 120 - - New short term loans received 131 60 76 Finance Lease repayments (25) - (22) Capital element of finance lease 13 (9) 22 ---------------- ---------------- ---------------- Net cash from financing 239 151 573 activities Net increase in cash and cash (226) 38 268 equivalents Cash and cash equivalents at 01 279 11 11 Jan/ 01 July ---------------- ---------------- ---------------- Cash and cash equivalents 53 49 279 at 31 December/30 June ---------------- ---------------- ---------------- The notes on pages 6 to 9 form an integral part of this condensed interim financial information. Notes to the condensed consolidated interim financial information for the six months ended 31 December 2007 1. General information Ashton Penney Holdings plc ('the Company') and its subsidiaries (together 'the Group') is engaged in the provision of interim management solutions. The Company operates mainly in the UK and Europe but also provides services to organisations around the world. The Company is a limited liability company incorporated and domiciled in the UK. The address of its registered office and principal place of business is 81 - 82 Gracechurch Street, London, EC3V 0AU, United Kingdom. The condensed consolidated interim financial information was authorised for issue by the Board of Directors on 22 February 2008. 2. Basis of preparation This condensed interim financial information for the half year ended 31 December 2007 has been prepared in accordance with IAS 34, 'Interim Financial Reporting'. The interim financial report should be read in conjunction with the annual financial statements for the year ended 30 June 2007. The condensed consolidated interim financial statements do not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The financial information for the year ended 30 June 2007 has been extracted from the statutory accounts for that period. The auditors' report on these statutory accounts was unqualified and did not contain a statement under section 237 of the Companies Act 1985. A copy of these financial statements has been filed with the Registrar of Companies. 3. Accounting policies The accounting policies adopted are consistent with those of the annual financial statements for the year ended 30 June 2007, as described in the annual financial statements for the year ended 30 June 2007. 4. Segment reporting The Group has a single business segment, being the provision of Interim management services. Occasionally the Group will receive placement fees where interim executives are employed on a permanent basis. However, this is not considered to be a significant business segment as it arises directly as a result of providing services in the core business segment and the Group has no control over income arising in this way. The revenues, operating profits and net assets of this segment are immaterial. The Group operates from offices in London providing interim management services to organisations based predominantly in the UK. A certain amount of work is carried out on behalf of organisations based in the EU. 5. Earnings per share Basic earnings per share The calculation of basic earnings per share for the six months ended 31 December 2007 was based on the loss attributable to ordinary shareholders of £43,000 (six months ended 31 December 2006 profit £18,000) and a weighted average number of ordinary shares outstanding during the six months ended 31 December 2007 of 58,126,125 (six months ended 31 December 2006 : 33,899,602) The employee share options are non dilutive as the current price is below the exercise price. 6. Capital and reserves Share capital and share premium Number of shares Ordinary Number of shares Deferred Share premium Total Shares shares of 1p of 0.1p '000 £'000 '000 £'000 £'000 £'000 As at 1 35,606 356 2,206,110 2,206 1,567 4,129 January 2007 Shares 22,520 225 - - 338 563 issued 29 June 2007 Issue - - - - (13) (13) costs -------------------- -------- ----------------- -------- -------------- --------- As at 31 58,126 581 2,206,110 2,206 1,892 4,679 December 2007 -------------------- -------- ----------------- -------- -------------- --------- The total authorised number of ordinary shares is 600 million shares (2006: 600 million shares) with a par value of 1p per share. All issued shares are fully paid. The total authorised number of deferred shares is 4,000 million shares (2006: 4,000 million shares) with a par value of 0.1 p each. All issued shares are fully paid. The deferred shares will receive a repayment equal to their nominal value after repayment of the amount due on ordinary shares in the event of a winding up but carry no other right to participate in the capital or income of the Company and carry no right to vote. 7. Interest bearing loans The interest bearing loans were made by the Directors and the Company Secretary as follows: As at 31 December As at 31 December As at 30 June 2007 2006 2007 (Unaudited) (Unaudited) (Audited) '000 '000 '000 Colin Maitland £80 - - Graham Cole £20 - - Bruce Page £10 - - Stephen Kittoe £10 - - ------------------ ------------------ ----------------- £120 - - ------------------ ------------------ ----------------- The loans carry interest at 8.5% per annum and are not repayable until 2 January 2011. 8. Share-based payments At 1 January 2006, the Group had established a share option programme that enabled key management personnel and senior employees to be granted shares in the entity. The terms and conditions of the share option programme and grants made from the date of commencement of the scheme up to the period ended 31 December 2006 are set out below. Exercise prices are based on the market price of the shares at date of grant and are agreed with HM Revenue & Customs. The terms and conditions of the grants made from the date of commencement of the scheme up to the period ended 31 December 2006 are as follows; all option exercises are settled by physical delivery of shares: Average exercise Vesting price in £ per period and share conditions At 31 December 2006 960,000 0.0782 --------------------- --------------------- Granted - - --------------------- --------------------- At 30 June 2007 960,000 0.0782 --------------------- --------------------- Granted 2,000,000 0.0225 3 years of service --------------------- --------------------- At 31 December 2007 2,960,000 0.0405 --------------------- --------------------- All share options granted vest after 3 years and there are no conditions applying other than the individual must still be in the Group's employment at vesting date The fair values of services received in return for share options granted to employees are measured by reference to the fair value of share options granted. The estimate of the fair value of the services received is measured based on a binomial lattice model. The contractual life of the option (10 years) is used as an input into this model. Expectations of early exercise are incorporated into the binomial lattice model. Fair value of share options and assumptions For the six months ended 31 December 2007 2007 Fair value at 13p measurement date Share price at grant 4p date Exercise price 4p Number of employees 3 Vesting period 3 years Shares under option 2,960,000 Grant dates 2005/2006/2007 Expected volatility (expressed as weighted average volatility used in the modelling under binomial lattice model) 50% Option life (expressed as weighted average life used in the modelling 4 years under binomial lattice model) Expected dividends nil Risk-free interest rate (based on national government bonds) 4.18 The expected volatility is based on the historic volatility (calculated based on the weighted average remaining life of the share options), adjusted for any expected changes to future volatility due to publicly available information. There are no market conditions associated with the share option grants. 9. Copies of this statement are available to the public on request from the Company's registered office at 81-82 Gracechurch Street, London EC3V 0AU and are available on the company's website: www.ashtonpenney.com Contact: Ashton Penney Holdings Plc Bruce Page Tel: +44 (0)20 7337 6900 Beaumont Cornish Limited Roland Cornish Tel: +44 (0)20 7628 3396. This information is provided by RNS The company news service from the London Stock Exchange END IR ILFEIFDIEFIT
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