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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Creative Educ | LSE:CEC | London | Ordinary Share | GB0032667916 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.10 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:7868V
Creative Education Corp Plc
30 April 2007
For immediate release: 30th April 2007
Creative Education Corporation PLC
("CEC" or the "Company")
Unaudited Interim Results
For the Six Months ended 31st January 2007
Creative Education Corporation (AIM: CEC), a leading UK educational services
company, today announces its preliminary results for the six months ended 31st
January 2007.
HIGHLIGHTS:
* 48% of nurseries (12 of 27) now achieving occupancy levels of above
60%
* 22% of nurseries (6 of 27) now achieving occupancy levels of above 70%
* Loss before tax decreasing 11% over the prior period
* Turnover for period #3.66m - down 5% on figure for the six months 31st
January 2006
* Majority of liabilities and directors loans converted to equity and
investment of up to #1.5m of #1 nominal value convertible unsecured loan stock
agreed
Chris Philips, Chairman of CEC, said:
"The Board is encouraged by the early progress made to date under the new
management team which has a clear objective for the Company over the next 12
months where it will continue to drive towards profitable growth, through
further efficiency gains, organic growth and where appropriate, through
acquisition. Our education product continues to improve, and importantly with
expected new funding, the management team will be in a position to drive the
business forward."
Further information:
Paul Ayres, CEC 020 8864 5147
Olly Cairns, Blue Oar Securities 020 7448 4400
Toby Hall / Jade Mamarbachi, gth media relations 020 7153 8035
CHAIRMAN'S STATEMENT
Turnover for the six months to 31 January 2007 decreased by 5 per cent to #3.66m
(#3.86m for the six months to 31 January 2006), reflecting the closure of loss
making facilities.
The loss before tax for the period decreased from #1.5m to #1.4m, a continued
reflection of the ongoing measures to improve the Company's commercial position
through cost reductions, although a significant proportion of these losses are
directly attributable to the re-organisation costs necessary to re-structure the
business.
The group currently operates 27 nurseries, of which 13 are now achieving
occupancy rates above 60 per cent., while six achieve occupancy of 70 per cent
or more.
During the period the Company announced that, following an extended period of
underperformance and adverse trading conditions at several sites within the
portfolio of childcare nurseries, it had agreed to issue up to #1.5m of #1
nominal value convertible unsecured loan stock to provide additional working
capital for the Company.
We also converted the majority of our liabilities including directors' loans and
loan stock to equity, thereby reducing our indebtedness. With this and the
expected new injection of cash we believe we can bring the company into
profitability.
Current Trading and prospects
While trading conditions in the sector remain testing, the new management team
has continued to reduce the level of losses in the business resulting in the
loss before tax decreasing by 11 per cent over the prior period. During this
period the new management team lead by Chief Executive Paul Ayres - and
including new non-executive Deputy Chairman Rhidian Llewellyn - has instigated a
number of rationalisation and cost cutting measures, which are now demonstrably
feeding through as we continue to see improvements in business processes across
the Company.
We are also encouraged by the recent successful marketing initiatives put in
place for the Primary Steps nurseries brand where we are seeing early signs of
higher levels of interest from potential new customers, although it is too early
to comment on the absolute conversion into occupancy. We have also been pleased
with the improvement to many of the nursery settings where we are seeing the
quality of the Company's 'product' improve markedly.
The Board is encouraged by the early progress made to date under the new
management team which has a clear objective for the Company over the next 12
months where it will continue to drive towards profitable growth, through
further efficiency gains, organic growth and where appropriate, through
acquisition. Our education product continues to improve, and importantly with
expected new funding, the management team will be in a position to drive the
business forward.
Chris Phillips, Chairman
30th April 2007
GROUP PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 31 JANUARY 2007
26 weeks to 26 weeks to 31 Year ended 31
31 January January 2006 July 2006
2007
(Unaudited) (Unaudited)
Notes # # #
Turnover 1 3,663,249 3,855,674 7,892,481
Administrative expenses (4,495,334) (5,073,986) (10,606,656)
Redundancy and reconstruction costs (161,678) - -
Lease surrender costs (26,006) - -
(4,683,018) (5,073,986) (10,606,656)
Operating loss (1,019,769) (1,218,312) (2,714,175)
Other income 1,974 2,942 23,119
Interest payable and similar charges (389,617) (303,873) (624,470)
Loss on ordinary activities (1,407,412) (1,519,243) (3,315,526)
before taxation
Tax on loss on ordinary
activities - - -
Loss on ordinary activities 2/5 (1,407,412) (1,519,243) (3,315,526)
after taxation
Loss per share 3
- Basic (0.43) p (0.49) p (1.06) p
- Diluted (0.43) p (0.49) p (1.06) p
The profit and loss account has been prepared on the basis that all operations are continuing
operations.
There are no recognised gains and losses other than those passing through the profit and loss
account.
GROUP BALANCE SHEET
AS AT 31 JANUARY 2007
As at 31 As at 31 As at 31 July
January 2007 January 2006 2006
(Unaudited) (Unaudited)
Notes # # #
Fixed assets
Intangible assets 7,932,339 8,655,129 8,169,888
Tangible assets 4 11,868,464 12,093,726 12,001,504
19,800,803 20,748,855 20,171,392
Current assets
Debtors 589,587 737,022 550,659
Cash at bank and in hand 24,972 10,209 23,463
614,559 747,231 574,122
Creditors: amounts falling due (4,785,175) (3,998,323) (5,167,744)
within one year
Net current assets / (4,170,616) (3,251,092) (4,593,622)
(liabilities)
Total assets less current 15,630,187 17,497,763 15,577,770
liabilities
Creditors: amounts falling due (10,912,793) (10,380,342) (10,319,264)
after more than one year
4,717,394 7,117,421 5,258,506
Capital and reserves
Share capital 5 3,417,818 3,116,160 3,116,160
Share premium account 6 8,159,174 7,613,414 7,594,532
Merger reserve 6 1,230,599 1,922,261 1,468,149
Profit and loss account 6 (8,046,447) (5,534,414) (6,876,585)
Own shares held as treasury 6 (43,750) (43,750)
Shareholders' funds - equity 4,717,394 7,117,421 5,258,506
interests
GROUP CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 JANUARY 2007
As at 31 January 2007 As at 31 January 2006 As at 31 July 2006
(Unaudited) (Unaudited)
# # # # # #
Net cash outflow from operating (966,270) (774,240) (923,660)
activities
Returns on investments and
servicing of finance
Interest paid (389,617) (303,873) (401,206)
Interest received 324 2,942 4,881
Rent received/Other 1,650 15,238
-
Net cash outflow from returns on (387,643) (300,931) (381,087)
investments and servicing of
finance
Corporation tax - (29,160) (29,160)
Capital expenditure and financial
investment
Payments to acquire tangible fixed (47,944) (286,332) (460,912)
assets
Receipts on disposal of tangible 15,710
fixed assets
Payments to acquire investments
- - -
Receipts from sale of tangible - - 3,000
fixed assets
Net cash inflow/(outflow) from (32,234) (286,332) (457,912)
Capital expenditure and financial
investment
Acquisitions and disposals
Purchase of subsidiary - (464,376) (431,643)
undertakings
Net cash acquired with - 656 656
subsidiaries
Net cash inflow/(outlfow) from (463,720) (430,987)
Acquisitions and disposals
Net cash outflow before financing (1,386,147) (1,854,383) (2,222,806)
Financing
Issue of ordinary share capital 995,470 - -
Cost of share issue (129,170) (21,982) (40,863)
New loans 995,160 490,896 488,932
Repurchase of loan notes (350,000) (150,000) (150,000)
Repayment of bank loans (38,370) (37,769) (32,092)
Net cash inflow from financing 1,473,091 281,145 265,977
Increase/(decrease) in cash 86,943 (1,573,238) (1,956,829)
NOTES TO THE GROUP ACCOUNTS
FOR THE SIX MONTHS ENDED 31 JANUARY 2007
1 Turnover
The total turnover of the group for the year has been derived from its principal activity wholly
undertaken in the United Kingdom.
2 Loss for the financial year
As permitted by section 230 of the Companies Act 1985, the holding company's profit and loss account
has not been included in these accounts. The loss for the financial year is made up as follows:
26 weeks 26 weeks Period ended
ended 31 ended 31 31 July 2006
January 2007 January 2006
# # #
Holding company's loss for the financial (1,378,565) (1,431,036) (3,688,758)
year
3 Loss per share
The calculation of the basic loss per share and the diluted loss per share is based on the loss
attributable to ordinary shareholders of #1,407,412 (2006 - #1,519,243), divided by the weighted
average number of shares in issue during the year.
The weighted average number of shares used on the calculations are set out below:
26 weeks 26 weeks Period ended
ended 31 ended 31 31 July 2006
January 2007 January 2006
Number of Number of Number of
shares Shares Shares
328,010,360 311,615,930 311,615,930
4 Tangible fixed assets
Group
Land and Fixtures, Motor Total
buildings fittings & vehicles
equipment
# # # #
Cost
At 1 August 2006 11,909,205 497,477 9,086 12,415,768
Acquired with subsidiaries
Additions 9,271 38,673 - 47,944
Disposals (43,470) (21,301) - (64,771)
At 31 January 2007 11,875,006 514,849 9,086 12,398,941
Depreciation
At 1 August 2006 256,188 153,281 4,795 414,264
On disposals (40,154) (8,905) (49,059)
-
Charge for the year 106,063 57,694 1,515 165,272
At 31 January 2007 322,097 202,070 6,310 530,477
Net book value
At 31 January 2007 11,552,909 312,779 2,776 11,868,464
At 31 July 2006 11,653,017 344,196 4,291 12,001,504
5 Share capital
26 weeks 26 weeks Period ended
ended 31 ended 31 31 July 2006
January 2007 January 2006
# # #
Authorised
2,000,000,000 Ordinary shares of 0.1p each 2,000,000 10,000,000 10,000,000
(2006:1,000,000,000 Ordinary shares of 1p
each)
2,000,000,000 Deferred shares of 0.9p each 18,000,000 - -
20,000,000 10,000,000 10,000,000
Issued
613,273,456 Ordinary shares of 0.1p each
(2006: - 311,615,930 Ordinary shares of 1p each) 613,274 3,116,160 3,116,160
311,615,930 (2006 - nil) Deferred shares of
0.9p each 2,804,544 - -
3,417,818 3,116,160 3,116,160
Following the Company's EGM held on 22 January 2007 the authorised share capital
of the Company was increased from #10,000,000 to #20,000,000 by the creation of
1,000,000,000 ordinary shares of 1p each. Furthermore each ordinary share of 1p
each was subdivided into 1 ordinary share of 0.1p each and 1 deferred share of
0.9p each.
The following transactions were also authorised by the directors following the
Company's EGM held on 22 January 2007:
* Solent Nominees Limited converted #605,469.84 nominal of Loan Stock
into 183,475,708 ordinary shares in CEC.
* Lightning Star Limited converted #350,000 nominal of Loan Stock into
106,060,606 ordinary shares in CEC.
* 12,121,212 ordinary shares in CEC were issued to Corporate Synergy plc
(now Blue Oar Securities) in lieu of payment of #40,000 in fees owed by the
Company.
6 Statement of movements on reserves
Profit & Loss Merger Share
Account reserve premium
account
# # #
Balance at 1 August 2006 (6,876,585) 1,468,149 7,594,532
Loss for period (1,407,412) - -
Share premium on issue of shares - - 693,812
Costs of issue of shares - - (129,170)
Transfer amortisation of goodwill to profit and 237,550 (237,550) -
loss account
Balance at 31 January 2007 (8,046,447) 1,230,599 8,159,174
7 Post balance sheet events
On 19 February 2007 150,000,000 ordinary shares of 0.1 pence each were issued at
a conversion price of 0.33 pence per share.
On 28 February 2007 a further 119,554,593 ordinary shares of 0.1 pence each were
issued at a conversion price of 0.33 pence per share.
Following the Company's EGM held on 12 April 2007, the directors approved the
issue and allotment of new ordinary shares as follows:
* 248,716,969 new ordinary shares pursuant to the conversion of #820,766
loan monies at a conversion price of 0.33p per share;
* 46,594,920 new ordinary shares pursuant to the conversion of
#2,329,746 loan stock issued at a conversion price of 5p per share.
8 Nature of financial Information
The interim figures for the six months ended 31 January 2007 and those for the six months to 31 January
2006 are unaudited.
The Interim Report has been prepared on the basis of the accounting policies set out in the most recent set
of annual financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SDUFLSSWSEIL
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