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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Leo Ins | LSE:LEO | London | Ordinary Share | GB00B0NN1H91 | 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% | 4.25 | 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:6469G
Leo Insurance Services PLC
31 October 2007
Leo Insurance Services plc (the "Company")
31 October 2007
Interim Results for the 6 months ending 31 July 2007
Leo Insurance Services plc today announces the Interim Results for the six
months to 31 July 2007.
CHAIRMAN'S STATEMENT
Dear Shareholders,
I have the pleasure of advising you that the profit before tax for the six
months ended July 31 2007 amounted to #17,324. This compares to a loss in the
corresponding period for 2006 of #176,725. This loss was, however, post an
exceptional item regarding share options in the sum of #169,912 which is not
repeated in the current figures. Accordingly, on a like for like basis, the six
months to July 2006 showed a loss of #6,813, compared to the profit of #17,324
as stated above.
This increase in operating profitability was possible despite a slight decrease
in revenues to #140,747 from #150,789 in the six months to July 2006. The major
driver in the increase in operating profitability was a reduction of the cost of
sales in the period to July 2007 to #74,998 from #112,775 in the corresponding
period for 2006.
In September 2007 Safeland Plc with whom Leo has a long term contract announced
that it had raised an additional #55m of equity to expand its Property Fund.
This equity when matched with bank funding will enable further property
purchases in excess of #200m to be made by the Fund.
Under the long term contract referred to above all of these buildings will be
insured by Leo's subsidiary Grafton Insurance Services Ltd which therefore gives
me confidence that profits will continue to rise.
LG Lipman
Chairman
Contacts:
Leo Insurance Services plc
Paul Davis
Tel: 020 8815 1600
Landsbanki Securities (UK) Limited
Thilo Hoffmann
Tel: 020 7426 9000
Leo Insurance Services Plc
CONSOLIDATED INCOME STATEMENT
for the six months ended 31 July 2007
Notes Restated Restated
6 months 6 months 12 months
ended ended ended
31 July 31 July 31 January
2007 2006 2007
(unaudited) (unaudited) (audited)
# # #
TURNOVER
Group and share of joint venture's 140,747 150,789 308,517
Cost of sales (74,998) (112,775) (226,287)
GROSS PROFIT 65,749 38,014 82,230
Administrative expenses:
- Exceptional - (169,912) (169,912)
- Other (47,963) (46,829) (73,137)
PROFIT/(LOSS) BEFORE INTEREST AND TAX 17,786 (178,727) (160,819)
Finance Income 1,471 2,002 5,648
Finance Cost (1,933) - (4,167)
PROFIT/(LOSS) BEFORE TAX 17,324 (176,725) (159,338)
Taxation 856 - (15,651)
PROFIT/(LOSS) FOR THE PERIOD 18,180 (176,725) (174,989)
EARNINGS/(LOSS) PER ORDINARY SHARE
Basic 4 0.25p (2.50p) (2.44p)
Diluted 4 0.18p (2.50p) (2.44p)
Leo Insurance Services Plc
CONSOLIDATED BALANCE SHEET
31 July 2007
Notes Restated Restated
31 July 31 July 31 January
2007 2006 2007
(unaudited) (unaudited) (audited)
# # #
CURRENT ASSETS
Trade and other receivables 142,529 103,605 339,346
Cash and cash equivalents 181,680 298,261 88,329
TOTAL CURRENT ASSETS 324,209 401,866 427,675
CURRENT LIABILITIES
Trade and other payable (287,312) (321,422) (408,958)
TOTAL CURRENT LIABILITIES (287,312) (321,422) (408,958)
NET CURRENT ASSETS 36,897 80,444 18,717
NON-CURRENT LIABILITIES
Trade and other payables - (65,000) -
NET ASSETS/(LIABILITIES) 36,897 15,444 18,717
EQUITY
Called up share capital 72,160 70,624 72,160
Share premium account 5,761 5,761 5,761
Accumulated losses (550,757) (570,674) (568,937)
Share based payment reserves 509,733 509,733 509,733
TOTAL EQUITY 36,897 15,444 18,717
Leo Insurance Services Plc
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 31 July 2007
Notes Restated Restated
6 months 6 months 12 months
ended ended ended
31 July 31 July 31 January
2007 2006 2007
(unaudited) (unaudited) (audited)
# # #
OPERATING ACTIVITIES
Net cash inflow/(outflow) from operating
activities 93,813 188,538 (22,409)
NET CASH INFLOW/(OUTFLOW) FROM OPERATING
ACTIVITIES 93,813 188,538 (22,409)
INVESTMENT ACTIVITIES
Interest received 1,471 2,002 5,648
NET CASH INFLOW FROM INVESTING ACTIVITIES 1,471 2,002 5,648
FINANCING ACTIVITIES
Proceeds from issue of share capital - - 1,536
Interest paid (1,933) - (4,167)
NET CASH (OUTFLOW) FROM FINANCING
ACTIVITIES (1,933) - (2,631)
NET INCREASE /(DECREASE) IN CASH AND CASH
EQUIVALENTS 93,351 190,540 (19,392)
Cash and equivalents at beginning of
period 88,329 107,721 107,721
CASH AND CASH EQUIVALENTS AT END OF PERIOD 181,680 298,261 88,329
Leo Insurance Services Plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 July 2007
Notes Restated Restated
6 months 6 months 12 months
ended ended ended
31 July 31 July 31 January
2007 2006 2007
(unaudited) (unaudited) (audited)
# # #
OPENING EQUITY (as previously stated) 18,717 22,258 22,258
Effect of adopting IFRS - - -
OPENING EQUITY (as restated) 18,717 22,258 22,258
Shares issued during the period - - 1,536
Share Option Charge - 169,911 169,912
Loss for the period 18,180 (176,725) (174,989)
CLOSING EQUITY 36,897 15,444 18,717
Leo Insurance Services Plc
NOTES TO THE INTERIM FINANCIAL INFORMATION
for the six months ended 31 July 2007
1 BASIS OF PREPARATION
The financial information contained in this interim report does not constitute
statutory accounts within the meaning of section 240 of the Companies Act 1985.
The figures for the period ended 31 January 2007 have been extracted from the
audited statutory accounts. The interim results, which have not been audited or
reviewed by the company's auditors, have been prepared in accordance with
applicable International Accounting Standards (IAS) and International Financial
Reporting Standards (IFRS) issued by the International Accounting Standards
Board (IASB). These standards are also collectively referred to as "IFRS".
Statutory accounts for year ending 31 January 2007 (prepared in accordance with
UK GAAP) were prepared and filed with the Registrar of Companies and received an
unqualified audit report.
The interim report was approved by the Board of Directors on 30 October 2007.
Copies of this statement are being sent to all shareholders and are available to
the public for collection at the company's Registered Office at 94-96 Great
North Road, London N2 0NL.
2 TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
All listed companies in the EU are required to present their consolidated
financial statements for accounting periods beginning on or after 1 January 2007
in accordance with IFRS as adopted by the EU. Therefore, the group's
consolidated financial statements for the year ending 31 January 2008 will be
presented on this basis with IFRS comparatives. These interim financial
statements have been prepared on the basis of the IFRS accounting policies
expected to be adopted in the year end consolidated financial statements.
Reconciliations have been provided to UK GAAP and these, together with an
explanation of the resulting changes in accounting policies, are set out in
notes 6 and 7.
Although there is a now a fairly stable platform, standards continue to evolve
and those currently in issue and endorsed by the EU are subject to
interpretation by the International Financial Reporting Interpretations
Committee (IFRIC) and further standards may be issued and endorsed by the EU
before 31 January 2008. These uncertainties could result in the need to change
the basis of accounting or presentation of financial information from that
applied in the preparation of this document.
The group is required to apply its IFRS accounting policies retrospectively to
determine the opening IFRS balance sheet at the transition date of 1 February
2006 and the comparative information for the year ended 31 January 2007.
The preparation of financial statements in conformity with IFRS requires the use
of estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Although these estimates are
based on management's best knowledge of the amount, event or actions, actual
results may ultimately differ from those estimates.
3 ACCOUNTING POLICY CHANGES
An explanation of the changes in accounting policies as a result of adopting
IFRS, together with a full list of the revised accounting policies are shown in
notes 6 and 7.
4 LOSS PER SHARE
The loss per share for the period is calculated based upon the following
information:
12 months
6 months ended 6 months ended ended
31 July 31 July 31 January
2007 2006 2007
(unaudited) (unaudited) (audited)
Weighted average number of shares in issue 7,215,956 7,062,381 7,177,247
during the period
Weighted average number of dilutive share
options in issue during the period 9,950,330 9,796,755 9,911,621
5 RECONCILIATION OF OPERATING TO NET
CASH FLOW FROM OPERATING ACTIVITIES 6 months ended 6 months ended 12 months ended
31 July 31 July 31 January
2007 2006 2007
(unaudited) (unaudited) (audited)
# # #
Company operating profit 17,786 (178,727) (160,819)
(Increase)/decrease in debtors 196,817 (102,341) (338,082)
(Decrease)/increase in creditors (120,790) 299,695 306,580
Share option charge - 169,911 169,912
Net cash flow from operating activities 93,813 188,538 (22,409)
6 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES UNDER IFRS
Basis of accounting
Prior to the introduction of IFRS, the group had prepared its financial
statements under United Kingdom accounting standards. As a result of adopting
IFRS it has been necessary to change some of the group's accounting policies and
these are detailed below.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of
Leo plc, its subsidiaries and the group's interest in jointly controlled
interest accounted for on a basis of proportionate consolidation, up to 31 July
2007.
Joint ventures
A joint venture is a contractual arrangement whereby the group and other parties
undertake an economic activity that is subject to joint control.
Where a group company undertakes its activities under joint venture arrangements
directly, the group's share of jointly controlled assets and any liabilities
incurred jointly with other ventures are recognised in the financial statements
of the group and classified according to their nature. Liabilities and expenses
incurred directly in respect of interests in jointly controlled assets are
accounted for on an accrual basis.
Joint venture arrangements which involve the establishment of a separate entity
in which each venturer has an interest are referred to as jointly controlled
entities. The group reports its interests in jointly controlled entities using
the proportionate consolidation method of accounting. The group combines its
share of the joint venture's individual income and expenses, assets and
liabilities and cash flows on a line by line basis with similar items in the
group's financial statements.
7 EXPLANATION OF TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS
This is the group's first interim report prepared in accordance with IFRS. The
only effect of the transition to IFRS is the method of consolidation of the
Joint Venture, which has proportionally consolidated the assets and liabilities
and income and expenses of the Joint Venture rather than showing the gross
assets and liabilities within non-current assets and the share of the Joint
Venture's operating profits. The reconciliations of balance sheets and equity at
31 January 2007 (date of last UK GAAP financial statements) and 31 July 2006
(date of last UK GAAP interim report) are set out overleaf. As there is no
effect on equity as a result of the transition, no reconciliation of the opening
position at 1 February 2006 (date of transition to IFRS) has been presented. In
addition, there is a reconciliation of profit for the six month period to 31
July 2006 and the year ended 31 July 2007.
These reconciliations will enable comparison of the 2007 interim figures under
IFRS with those published under UK GAAP in the 2006 interim report and the
annual report for the year ended 31 January 2007.
Reconciling
UK GAAP items IFRS
BALANCE SHEET AS AT 31 JULY 2006
Non-current assets 35,394 (35,394) -
Current assets
- Debtors 12,428 91,177 103,605
- Cash and cash equivalents 42,939 255,322 298,261
_______ _______ _______
55,367 346,499 401,866
Current liabilities (10,317) (311,105) (321,422)
_______ _______ _______
NET CURRENT ASSETS 45,050 35,394 80,444
Non-current liabilities (65,000) - (65,000)
_______ _______ _______
NET ASSETS 15,444 - 15,444
_______ _______ _______
INCOME STATEMENT AS AT 31 JULY 2006
TURNOVER - 150,789 150,789
Cost of sales - (112,775) (112,775)
_______ _______ _______
GROSS PROFIT - 38,014 38,014
Administrative expenses (212,939) (3,802) (216,741)
Share of JV operating profit 34,212 (34,212) -
_______ _______ _______
OPERATING LOSS (178,727) - (178,727)
Interest receivable 2,002 - 2,002
_______ _______ _______
LOSS ON ORDINARY ACTIVITES
BEFORE AND AFTER TAXATION (176,725) - (176,725)
_______ _______ _______
Reconciling
UK GAAP items IFRS
BALANCE SHEET AS AT 31 JANUARY 2007
Non-current assets 65,520 (65,520) -
Current assets
- Debtors 16,111 323,235 339,346
- Cash and cash equivalents 18,476 69,853 88,329
_______ _______ _______
34,587 393,088 427,675
Current liabilities (81,390) (327,568) (408,958)
_______ _______ _______
NET CURRENT (LIABILITIES)/ASSETS (46,803) 65,520 18,717
Non-current liabilities - - -
_______ _______ _______
NET ASSETS 18,717 - 18,717
_______ _______ _______
INCOME STATEMENT AS AT 31 JANUARY 2007
TURNOVER - 308,517 308,517
Cost of sales - (226,287) (226,287)
_______ _______ _______
GROSS PROFIT - 82,230 82,230
Administrative expenses (237,685) (5,354) (243,039)
Share of JV operating profit 76,866 (76,866) -
_______ _______ _______
OPERATING LOSS (160,819) - (160,819)
Interest receivable 1,481 - 1,481
_______ _______ _______
LOSS ON ORDINARY ACTIVITES
BEFORE TAXATION (159,338) - (159,338)
Taxation (15,651) (15,651)
_______ _______ _______
LOSS ON ORDINARY ACTIVITES
AFTER TAXATION (174,989) (174,989)
_______ _______ _______
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFFRISLIVID
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