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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Assetco Plc | LSE:ASTO | London | Ordinary Share | GB00BQ2K3557 | 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% | 33.00 | 32.00 | 34.00 | 34.00 | 33.00 | 33.00 | 94,535 | 08:00:05 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Offices-holdng Companies,nec | 16.72M | -26.7M | -3.1691 | -0.10 | 2.78M |
From Apr 2019 to Apr 2024
TIDMASTO
RNS Number : 8733H
AssetCo PLC
13 June 2017
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
Providers of management and resources to the fire and emergency services in the Middle East
Date: Tuesday, 13 June 2017 Immediate Release
AssetCo plc
("AssetCo" or the "Company")
2017 Half-year Report
for the six months ended 31 March 2017
Introduction
We are pleased to report the results for the six-month period ended 31 March 2017.
Results
The Income Statement for the six months shows an Operating Profit of GBP1.7m (2016; GBP2.1m) on Revenue of GBP13.3m (2016; GBP11.0m) and a Profit before and after Taxation of GBP1.7m (2016; GBP1.9m). Revenue increased principally due to the weakness of sterling versus the United Arab Emirates Dirham in which currency our Revenue is received, however profits reduced because of an increase in the costs of litigation against Grant Thornton.
Free cash (i.e. excluding cash balances held in respect of performance bonds) increased by GBP5.2m during the period to GBP20.7m (30 September 2016; GBP15.5m), partly due to GBP3.2m cash released in respect of a performance bond. In addition to free cash, there are restricted cash balances held in respect of performance bonds amounting to GBP0.3m (30 September 2016; GBP3.3m).
UAE Contract
Our business is based on the provision of an outsourced fire service to the Abu Dhabi government, a contract we have held for the past seven years and which was expected to be extended for a year until November 2017. We have continued to supply these services satisfactorily on the same basis and on similar terms. AssetCo has now received a contract for the first five months from 17 November 2016 to 17 April 2017, which facilitates payment for that period; it is also proposed that the contract then rolls forward on similar terms and payment on the same basis.
Claim against Grant Thornton
The Financial Reporting Council (FRC) concluded their investigations relating to the financial years ended 2009 and 2010 which are the focus of our claim for negligence against AssetCo plc's former auditors, Grant Thornton.
A press release from the FRC reported that Grant Thornton have admitted that their failings arose because of significant and widespread lack of professional competence and due care in the performance of their audits. Grant Thornton were fined GBP3.5m and received a severe reprimand, and the audit partner Mr Robert Napper was fined GBP200,000 and excluded from membership of the Institute of Chartered Accountants for three years. The full report by the FRC entitled Facts and Acts of Misconduct: Grant Thornton UK LLP and Mr Napper, is available on the FRC website www.frc.org.uk.
In the meantime, we are continuing our litigation against Grant Thornton where as previously reported we have issued formal Court proceedings, for a sum which with costs and interest is in the region of GBP40 million, although currently this case is not due to be heard until the summer of 2018.
Outlook
Trading continues to be in line with management's expectations; the Board will keep shareholders updated on any developments within our Abu Dhabi business and that of the Grant Thornton claim.
Tudor Davies, Chairman
AssetCo plc
13 June 2017
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AssetCo plc
Income Statement
for the six months ended 31 March 2017
Six months ended Year ended
Note 31 March 31 March 30 September
2017 2016 2016
GBP'000 GBP'000 GBP'000
--------- --------- -------------
Revenue 13,274 11,003 23,300
Cost of sales (9,333) (7,922) (16,550)
--------- --------- -------------
Gross profit 3,941 3,081 6,750
Administrative expenses (2,192) (968) (1,874)
--------- --------- -------------
Operating profit 1,749 2,113 4,876
Finance income 4 7 21
Finance costs (68) (178) (294)
Profit before taxation 1,685 1,942 4,603
Income tax expense - - -
--------- --------- -------------
Profit for the period 1,685 1,942 4,603
Earnings per share (EPS): 3
Basic - pence 13.80 15.90 37.70
Diluted - pence 13.80 15.90 37.70
AssetCo plc
Statement of Comprehensive Income
for the six months ended 31 March 2017
Six months ended Year ended
31 March 31 March 30 September
2017 2016 2016
GBP'000 GBP'000 GBP'000
--------- --------- -------------
Recognised profit for the
period 1,685 1,942 4,603
Other comprehensive income:
Exchange differences on
translating foreign operations 658 839 1,858
Other comprehensive income,
net of tax 658 839 1,858
--------- --------- -------------
Total comprehensive income
for the period 2,343 2,781 6,461
--------- --------- -------------
AssetCo plc
Statement of Financial Position
as at 31 March 2017
At 31 March At 30
September
2017 2016 2016
Notes GBP'000 GBP'000 GBP'000
--------- --------- -----------
Assets
Non-current assets
Property, plant and equipment - - -
Cash held in respect of
a bond 4 251 2,956 240
--------- --------- -----------
Total non-current assets 251 2,956 240
Current assets
Inventories - 90 -
Trade and other receivables 5 12,187 7,282 12,498
Cash and cash equivalents 4 20,708 15,494 15,470
Cash held in respect of
a bond 4 13 12 3,040
--------- --------- -----------
Total current assets 32,908 22,878 31,008
--------- --------- -----------
Total assets 33,159 25,834 31,248
--------- --------- -----------
Shareholders' equity
Share capital 25,474 25,474 25,474
Share premium 64,941 64,941 64,941
Profit and loss account (62,016) (68,039) (64,359)
--------- --------- -----------
Total equity 28,399 22,376 26,056
Liabilities
Current liabilities
Trade and other payables 6 4,760 3,458 5,192
--------- --------- -----------
Total current liabilities 4,760 3,458 5,192
--------- --------- -----------
Total liabilities 4,760 3,458 5,192
--------- --------- -----------
Total equity and liabilities 33,159 25,834 31,248
--------- --------- -----------
AssetCo plc
Statement of Changes in Equity
for the six months ended 31 March 2017
Share Share Profit Total
Capital premium and loss equity
reserve
GBP'000 GBP'000 GBP'000 GBP'000
--------- --------- ---------- --------
Balance at 30 September
2015 25,474 64,941 (70,820) 19,595
Profit for the period - - 1,942 1,942
Other comprehensive income:
Exchange differences on
translation - - 839 839
-----------------------------
Total comprehensive income
for the period - - 2,781 2,781
----------------------------- --------- --------- ---------- --------
Balance at 31 March 2016 25,474 64,941 (68,039) 22,376
----------------------------- --------- --------- ---------- --------
Profit for the period - - 2,661 2,661
Other comprehensive income:
Exchange differences on
translation - - 1,019 1,019
Total comprehensive income
for the period - - 3,680 3,680
----------------------------- --------- --------- ---------- --------
Balance at 30 September
2016 25,474 64,941 (64,359) 26,056
----------------------------- --------- --------- ---------- --------
Profit for the period - - 1,685 1,685
Other comprehensive income:
Exchange differences on
translation - - 658 658
----------------------------- --------- --------- ---------- --------
Total comprehensive income
for the period - - 2,343 2,343
----------------------------- --------- --------- ---------- --------
Balance as at 31 March
2017 25,474 64,941 (62,016) 28,399
----------------------------- --------- --------- ---------- --------
AssetCo plc
Statement of Cash Flows
for the six months ended 31 March 2017
Six months ended Year ended
31 March 31 March 30 September
2017 2016 2016
Note GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Cash generated from operations 7 1,811 2,410 2,151
Cash released in respect 3,232 - -
of a performance bond
Finance costs (68) (178) (294)
Net cash generated from
operating activities 4,975 2,232 1,857
--------- --------- -------------
Cash flows from investing
activities
Finance income 4 7 21
Net cash generated from
investing activities 4 7 21
--------- --------- -------------
Net change in cash and
cash equivalents 4,979 2,239 1,878
Cash and cash equivalents
at the beginning of the
period 15,470 12,836 12,836
Exchange differences on
translation 259 419 756
Cash and cash equivalents
at the end of the period 20,708 15,494 15,470
--------- --------- -------------
AssetCo plc
Notes to the Financial Statements
for the six months ended 31 March 2017
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
the United Arab Emirates (UAE) and its strategy
is to develop this business. As at period end,
the Company has no subsidiaries.
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 Company operates from one site in
UAE.
AssetCo plc shares are listed on the Alternative
Investment Market (AIM) of the London Stock Exchange
2. Basis of preparation
The financial information in the Half-year Report
has been prepared using the recognition and measurement
principles of International Accounting Standards,
International Financial Reporting Standards and
Interpretations adopted for use in the European
Union (collectively Adopted IFRSs). The principal
accounting policies used in preparing the Half-year
Report are those the Company expects to apply in
its financial statements for the year ending 30
September 2017 and are unchanged from those disclosed
in the Annual Report and Financial Statements for
the year ended 30 September 2016.
The financial information for the six months ended
31 March 2017 and the six months ended 31 March
2016 is unaudited and does not constitute the Company's
statutory financial statements for those periods.
The comparative financial information for the full
year ended 30 September 2016 has, however, been
derived from the audited statutory financial statements
for that period. A copy of those statutory financial
statements has been delivered to the Registrar
of Companies.
While the financial figures included in this Half-year
Report have been computed in accordance with IFRSs
applicable to interim periods, this Half-year Report
does not contain sufficient information to constitute
an interim financial report as that term is defined
in IAS 34.
The financial statements have been presented in
sterling to the nearest thousand pounds (GBP'000)
except where otherwise indicated.
3. Earnings per share
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.
Six months ended Year ended
31 March 31 March 30 September
2017 2016 2016
----------- ----------- -------------
GBP'000 GBP'000 GBP'000
Profit for the year 1,685 1,942 4,603
Weighted average number
of ordinary shares in issue 12,211,163 12,211,163 12,211,163
Basic earnings per share
(EPS) - pence 13.80 15.90 37.70
There are no dilutive potential ordinary shares
and, therefore, the calculation of diluted earnings
per share is the same as for basic earnings per
share.
4. Cash and cash equivalents
31 March 30 September
2017 2016 2016
GBP'000 GBP'000 GBP'000
-------- -------- -------------
Cash at bank and in hand 20,708 15,494 15,470
-------- -------- -------------
Cash and cash equivalents 20,708 15,494 15,470
-------- -------- -------------
UK sterling 8,343 4,839 9,840
UAE Dirhams 12,365 10,655 5,630
-------- -------- -------------
20,708 15,494 15,470
-------- -------- -------------
In addition to the above UAE Dirhams amounting to GBP264,000 (31 March 2016: GBP2,968,000 and 30 September 2016: GBP3,280,000) were held on deposit as security in respect of outstanding performance bonds - see note 8 Contingent liabilities.
5. Trade and other receivables
31 March 31 March 30 September
2017 2016 2016
GBP'000 GBP'000 GBP'000
--------- --------- -------------
Trade receivables 10,906 5,782 11,106
Other receivables 221 196 258
Prepayments and accrued
income 1,060 1,304 1,134
--------- --------- -------------
12,187 7,282 12,498
--------- --------- -------------
6. Trade and other payables
31 March 31 March 30 September
2017 2016 2016
GBP'000 GBP'000 GBP'000
--------- --------- -------------
Trade payables 1,077 312 580
Other payables 1,196 884 2,126
Other taxation and social
security 3 3 3
Accruals and deferred
income 2,484 2,259 2,483
--------- --------- -------------
4,760 3,458 5,192
--------- --------- -------------
7. Reconciliation of profit before taxation to net
cash generated from operations
Six months ended Year ended
31 March 30 September
2017 2016 2016
GBP'000 GBP'000 GBP'000
--------- -------- -------------
Profit for the period
before taxation 1,685 1,942 4,603
Depreciation and impairment - - -
Finance costs 68 178 294
Finance income (4) (7) (21)
(Increase) / decrease - (85) -
in inventories
Decrease / (increase)
in debtors 855 (283) (4,766)
(Decrease) / increase
in creditors (793) 665 2,041
Cash generated from operations 1,811 2,410 2,151
--------- -------- -------------
8. Contingent liabilities
Approximate maximum potential
liability
31 March 30 September
2017 2016 2016
--------- -------- -------------
Performance bond of AED14,461,000
related to a UAE based
contract, released in
full during the period. - 2,739 3,000
--------- -------- -------------
Performance bond of AED11,459,000
related to a UAE based
contract, expected to
reduce to AED5,730,000
in 2017 and to be released
in full in 2020, secured
by a cash deposit of AED1,146,000 2,500 2,170 2,400
--------- -------- -------------
Performance bond of AED636,000
related to a UAE based
contract, expected to
be released in full in
2017, secured by a cash
deposit of AED64,000 140 120 130
--------- -------- -------------
The cash deposits referred to above are the same
deposits as those referred to in note 4 Cash and
cash equivalents.
9. Electronic communications
The Company is not proposing to bulk print and distribute
hard copies of this Half-year Report for the six
months ended 31 March 2017 unless specifically requested
by individual shareholders; it can be downloaded
from the Company's website at www.assetco.com.
News updates, regulatory news, & financial statements
can be viewed and downloaded from the Company's
website, www.assetco.com Copies can also be requested,
in writing to, The Company Secretary, AssetCo plc,
Singleton Court Business Park, Wonastow Road, Monmouth,
Monmouthshire NP25 5JA.
Enquiries:
AssetCo plc
Tudor Davies, Chairman
Tel: +44 (0) 7785 703523
or +44 (0) 20 7614 5900
Arden Partners plc
Nominated adviser and broker
John Llewellyn-Lloyd/Ciaran Walsh
Tel: +44 (0) 20 7614 5900
TooleyStreet Communications
IR and media relations
Fiona Tooley
Mobile: +44 (0) 7785 703 523
fiona@tooleystreet.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FTMPTMBJBBIR
(END) Dow Jones Newswires
June 13, 2017 02:00 ET (06:00 GMT)
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