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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 | 33.00 | 33.00 | 33.00 | 112,566 | 08:00:26 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Offices-holdng Companies,nec | 16.72M | -26.7M | -3.1691 | -0.10 | 2.78M |
TIDMASTO
RNS Number : 6808A
AssetCo PLC
28 March 2017
Providers of management and resources to the fire and emergency services in the Middle East
Tuesday, 28 March 2017 Immediate Release
AssetCo plc
("AssetCo" or the "Company")
Preliminary results for the year to 30 September 2016
Statement by the Chairman, Tudor Davies
Introduction
We are pleased to report an improvement in profits and cash generation for the year ended 30 September 2016, principally all of which arises from a Fire Services contract in Abu Dhabi we have held since 2010 and which has been extended until November 2017 when it is due for renewal.
Results
The Income Statement for the year ended 30 September 2016 shows an Operating Profit of GBP4.9m (2015; GBP4.4m) on Revenue of GBP23.3m (2015; GBP21.7m) and a Profit before and after Taxation of GBP4.6m (2015; GBP4.0m). The year on year increase is principally due to the weakness of sterling versus the United Arab Emirates Dirham in which currency our business is conducted.
The cash position remains strong at GBP18.8m (2015; GBP15.6m) comprising free cash balances of GBP15.5m (2015; GBP12.8m) and restricted cash balances held in respect of bonds amounting to GBP3.3m (2015; GBP2.8m).
Claim against Grant Thornton
The litigation against the Company's former auditors, where we have issued formal Court proceedings and amounts to a sum in the region of GBP40m, continues but is not due to be heard until the summer of 2018.
UAE Contract
As announced on 31 January 2017, we agreed and signed a one year extension to our existing Abu Dhabi Fire Services contract, on similar terms, effective from November 2016 until November 2017 and are awaiting its final signature and return from Abu Dhabi.
Outlook
Trading continues to be in line with management's expectations and we will keep shareholders informed regarding further progress on extending the UAE contract and also any developments from the Grant Thornton claim.
Enquiries: AssetCo plc Arden Partners TooleyStreet Tudor Davies, Chairman plc Communications Tel: +44 (0) 7785 Nominated adviser Fiona Tooley 703523 and broker Email: fiona@tooleystreet.com +44 (0) 20 7614 John Llewellyn-Lloyd/ Mobile: +44 (0) 5900 Ciaran Walsh 7785 703523 Tel: +44 (0) 20 7614 5900 AssetCo is principally involved in the provision of management and resources to the fire and emergency services in the Middle East. For further details, visit the website, www.assetco.com Ticker: AIM: ASTO.L Market cap: GBP43.35m AssetCo plc Income Statement for the year to 30 September 2016 Year to 30 September 2016 2015 GBP'000 GBP'000 Revenue 23,300 21,660 Cost of sales (16,550) (15,564) ----------- ---------- Gross profit 6,750 6,096 Administrative expenses (1,874) (1,647) ----------- ---------- Operating profit 4,876 4,449 Finance income 21 23 Finance costs (294) (459) Profit before tax 4,603 4,013 Income tax - - ----------- ---------- Profit for the year 4,603 4,013 ----------- ---------- Earnings per share (EPS): Basic - pence 37.70 32.86 Diluted - pence 37.70 32.86 AssetCo plc Statement of Comprehensive Income for the year to 30 September 2016 Year to 30 September 2016 2015 GBP'000 GBP'000 Recognised profit for the year 4,603 4,013 Other comprehensive income Exchange differences on translating foreign operations 1,858 866 ----------- ---------- Other comprehensive income, net of tax 1,858 866 ----------- ---------- Total comprehensive income for the year 6,461 4,879 ----------- ---------- AssetCo plc Statement of Financial Position As at 30 September 2016 30 September 30 September 2016 2015 GBP'000 GBP'000 Assets Non-current assets Property, plant and equipment - - Cash held in respect of a bond 240 2,802 ------------- ------------- Total non-current assets 240 2,802 ------------- ------------- Current assets Inventories - - Trade and other receivables 12,498 6,629 Cash and cash equivalents 15,470 12,836 Cash held in respect of a bond 3,040 11 ------------- ------------- Total current assets 31,008 19,476 ------------- ------------- Total assets 31,248 22,278 ------------- ------------- Shareholders' equity Share capital 25,474 25,474 Share premium 64,941 64,941 Profit and loss account (64,359) (70,820) ------------- ------------- Total equity 26,056 19,595 ------------- ------------- Liabilities Current liabilities Trade and other payables 5,192 2,683 ------------- ------------- Total current liabilities 5,192 2,683 ------------- ------------- Total liabilities 5,192 2,683 ------------- ------------- Total equity and liabilities 31,248 22,278 ------------- -------------
The financial statements were authorised for issue by the board of directors on 28 March 2017 and were signed on its behalf by Tudor Davies.
AssetCo plc Statement of Changes in Equity for the year to 30 September 2016 Profit Share Share and Total capital premium loss equity reserve GBP'000 GBP'000 GBP'000 GBP'000 Balance at 30 September 2014 25,474 64,941 (75,699) 14,716 Profit for the year Other comprehensive income: - - 4,013 4,013 Exchange differences on translation - - 866 866 ---------- ---------- ---------- --------- Total comprehensive income for the year - - 4,879 4,879 ---------- ---------- ---------- --------- Balance at 30 September 2015 25,474 64,941 (70,820) 19,595 Profit for the year Other comprehensive income: - - 4,603 4,603 Exchange differences on translation - - 1,858 1,858 ---------- ---------- ---------- --------- Total comprehensive income for the year - - 6,461 6,461 ---------- ---------- ---------- --------- Balance at 30 September 2016 25,474 64,941 (64,359) 26,056 ---------- ---------- ---------- --------- AssetCo plc Statement of Cash Flows for the year to 30 September 2016 Year to 30 September 2016 2015 Note GBP'000 GBP'000 Cash flows from operating activities Cash generated from operations 5 2,151 4,758 Cash deposited in respect of a performance bond - (223) Cash released in respect of a performance bond - 2,814 Finance costs (294) (459) Net cash generated from operating
activities 1,857 6,890 -------- -------- Cash flows from investing activities Finance income 21 23 Net cash generated from investing activities 21 23 -------- -------- Net change in cash and cash equivalents 1,878 6,913 Cash, cash equivalents and bank overdrafts at beginning of year 12,836 5,787 Exchange differences on translation 756 136 -------- -------- Cash, cash equivalents and bank overdrafts at end of year 6 15,470 12,836 -------- -------- AssetCo plc Notes to the Financial Statements for the year to 30 September 2016 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 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. AssetCo plc shares are listed on the Alternative Investment Market ("AIM") of the London Stock Exchange. This preliminary announcement has been presented in sterling to the nearest thousand pounds (GBP'000) except where otherwise indicated, as are the financial statements, which were authorised for issue by the board of directors on 28 March 2017. 2. Basis of preparation The preliminary results for the period to 30 September 2016, which do not form the statutory accounts of the Company, are an abridged statement of the full Annual Report and Financial Statements, which have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union, and those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The preliminary results have been prepared on a going concern basis. The principal accounting policies are included in the financial statements and have been applied consistently in both periods presented. 3. Segmental reporting The core principle of IFRS 8 'Operating Segments' is to require an entity to disclose information that enables users of the financial statements to evaluate the nature and financial effects of the business activities in which the entity engages and the economic environments in which it operates. Segmental information is therefore presented in respect of the Company's geographical settlement. No secondary segmental information has been provided as, in the view of the directors, the Company operates in only one segment, being the provision of management and resources to fire and emergency services. The directors consider the chief operating decision maker is the board. The amounts provided to the board with respect to net assets are measured in a manner consistent with that of the financial statements. The Company is domiciled in the UK and operates a branch in UAE. Revenue by destination is not materially different from revenue by origin shown above. All revenue relates to services. Unallocated comprises the head office. Analysis of revenue and results by geographical settlement Continuing Year to 30 September 2016 UAE Unallocated operations GBP'000 GBP'000 GBP'000 Revenue Revenue to external customers 23,300 - 23,300 Total revenue 23,300 - 23,300 --------- ------------- ------------ Segment result EBITDA 6,050 (1,174) 4,876 Depreciation - - - --------- ------------- ------------ Operating profit 6,050 (1,174) 4,876 Finance income 7 14 21 Finance costs (294) - (294) Profit for the year 5,763 (1,160) 4,603 --------- ------------- ------------ Assets and liabilities Total segment assets 19,110 12,138 31,248 Total segment liabilities (4,414) (778) (5,192) --------- ------------- ------------ Total net assets 14,696 11,360 26,056 --------- ------------- ------------ Other segment information Total capital expenditure - - - --------- ------------- ------------ Analysis of revenue and results by geographical settlement ......continued Continuing Year to 30 September 2015 UAE Unallocated operations GBP'000 GBP'000 GBP'000 Revenue Revenue to external customers 21,660 - 21,660 ---------- -------------- ------------ Total revenue 21,660 - 21,660 ---------- -------------- ------------ Segment result EBITDA 5,383 (922) 4,461 Depreciation (12) - (12) ---------- -------------- ------------ Operating profit 5,371 (922) 4,449 Finance income 11 12 23 Finance costs (459) - (459) ---------- -------------- ------------ Profit for the year 4,923 (910) 4,013 ---------- -------------- ------------ Assets and liabilities Total segment assets 13,942 8,336 22,278 Total segment liabilities (2,294) (389) (2,683) ---------- -------------- ------------ Total net assets 11,648 7,947 19,595 ---------- -------------- ------------ Other segment information Total capital expenditure - - - ---------- -------------- ------------ 4. 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. Year to 30 September 2016 2015 GBP'000 GBP'000 Profit for the year 4,603 4,013 ----------- ----------- Weighted average number of shares in issue 12,211,163 12,211,163 Basic and diluted earnings per share (EPS) - pence 37.70 32.86 5. Reconciliation of profit before tax to cash generated from operations Year to 30 September 2016 2015 GBP'000 GBP'000 Profit for the year before tax 4,603 4,013 Depreciation and impairment - 12 Finance costs 294 459 Finance income (21) (23) Decrease in inventories - 333 (Increase)/decrease in debtors (4,766) 65 Increase/(decrease) in creditors 2,041 (101) Cash generated from operations 2,151 4,758 --------- -------- At 30 September 6. Analysis of net cash: 2016 2015 GBP'000 GBP'000 Cash at bank and in hand 15,470 12,836
15,470 12,836 ------------ ----------- There was cash of GBP15,470,000 as at 30 September 2016 (2015: GBP12,836,000) and cash held in respect of bonds of GBP3,280,000 (2015: GBP2,813,000). 7. Contingent liabilities Approximate maximum liability 2016 2015 GBP'000 GBP000 Performance bond related to a UAE contract, expected to be released in full in 2017 3,000 2,500 ----------- -------- Performance bond related to a UAE contract, expected to reduce to approximately GBP1m in 2017 and to be released in full in 2020 2,400 2,000 ----------- -------- Performance bond related to a UAE contract, expected to be released in full in 2017 130 100 ----------- -------- 8. Post balance sheet events There are no post balance sheet events to report. 9. Annual General Meeting The annual general meeting is to be held at 11.30 a.m. on Friday, 5 May 2017 at Harwood Capital, 6 Stratton Street, London, W1J 8LD. A Notice convening the annual general meeting will be posted to shareholders in due course. 10. Electronic communications This Preliminary Announcement is available on the Company's website www.assetco.com. News updates, regulatory news and financial statements can be viewed and downloaded from the Company's website, www.assetco.com. Copies can also be requested, in writing, from The Company Secretary, AssetCo plc, Singleton Court Business Park, Wonastow Road, Monmouth, Monmouthshire NP25 5JA. The Company is not proposing to bulk print and distribute hard copies of the Annual Report and Financial Statements for the year to 30 September 2016 unless specifically requested by individual shareholders; it can be downloaded from the Company's website.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR PGUMAWUPMPUM
(END) Dow Jones Newswires
March 28, 2017 02:01 ET (06:01 GMT)
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