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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 : 8864G
Leo Insurance Services PLC
29 October 2008
Leo Insurance Services Plc
CHAIRMAN'S STATEMENT
In the half year to July 31 2008 the Group made a consolidated loss of £15,078 (2007: profit of £18,180).
Leo's single investment is a 50% share in Grafton Insurance Services Limited a brokerage specialising in property insurance and whilst
there has been a small amount of organic growth the main asset continues to be its long term contract with Safeland Plc.
The board continues to search for growth both organically and via acquisitions.
LG Lipman
Chairman
29 October 2008
Leo Insurance Services Plc
CONSOLIDATED INCOME STATEMENT
for the six months ended 31 July 2008
Notes 6 months ended 6 months 12 months
31 July ended ended
2008 31 July 31 January
(unaudited) 2007 2008
restated (audited)
£ (unaudited)
£
£
Revenue - - -
Cost of sales - - -
GROSS PROFIT - - -
Administrative expenses (45,831) (41,802) (100,496)
OPERATING LOSS (45,831) (41,802) (100,496)
Share of results of joint 33,206 61,657 73,021
venture - post tax
(LOSS)/PROFIT BEFORE INTEREST (12,625) 19,855 (27,475)
Finance Income 462 258 709
Finance Costs (2,915) (1,933) (4,033)
(LOSS)/PROFIT BEFORE TAX (15,078) 18,180 (30,799)
Taxation - - -
(LOSS)/PROFIT FOR THE PERIOD (15,078) 18,180 (30,799)
(LOSS)/EARNINGS PER ORDINARY
SHARE
Basic 2 (0.21p) 0.25p (0.43p)
Diluted 2 (0.21p) 0.18p (0.43p)
All results in the current and preceding financial year derive from continuing operations.
Leo Insurance Services Plc
CONSOLIDATED BALANCE SHEET
31 July 2008
31 July 31 July 31 January
2008 2007 2008
(unaudited) (unaudited) (audited)
£ restated £
£
Notes
NON CURRENT ASSETS
Interest in joint ventures 4 49,247 69,677 16,041
CURRENT ASSETS
Trade and other receivables 20,239 21,989 3,759
Cash and cash equivalents 2,384 27,285 69,543
TOTAL CURRENT ASSETS 22,623 49,274 73,302
TOTAL ASSETS 71,870 118,951 89,343
CURRENT LIABILITIES
Redeemable preference shares (65,000) (65,000) (65,000)
Trade and other payable (34,030) (17,054) (36,425)
TOTAL CURRENT LIABILITIES (99,030) (82,054) (101,425)
NET (LIABILITIES)/ASSETS (27,160) 36,897 (12,082)
EQUITY
Share capital 72,160 72,160 72,160
Share premium account 5,761 5,761 5,761
Retained losses (105,081) (41,024) (90,003)
TOTAL EQUITY (27,160) 36,897 (12,082)
Leo Insurance Services Plc
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 31 July 2008
Notes 6 months ended 6 months 12 months
31 July ended ended
2008 31 July 31 January
(unaudited) 2007 2008
£ restated (audited)
(unaudited) £
£
OPERATING ACTIVITIES
Net cash out flow from 3 (67,621) (48,949) (72,142)
operations
Interest paid - - -
NET CASH OUTFLOW FROM (67,621) (48,949) (72,142)
OPERATING ACTIVITIES
INVESTING ACTIVITIES
Interest received 462 258 709
Dividends received from joint - 57,500 122,500
venture undertaking
NET CASH INFLOW FROM INVESTING 462 57,758 123,209
ACTIVITIES
NET (DECREASE)/INCREASE IN (67,159) 8,809 51,067
CASH AND CASH EQUIVALENTS
Cash and equivalents at 69,543 18,476 18,476
beginning of period
CASH AND CASH EQUIVALENTS AT
END OF PERIOD 2,384 27,285 69,543
Leo Insurance Services Plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 July 2008
Retained Losses Total
Share Capital Share Premium £ £
£ £
As at 31 January 2007 72,160 5,761 (59,204) 18,717
Profit for the period - - 18,180 18,180
As at 31 July 2007 72,160 5,761 (41,024) 36,897
Loss for the period - - (48,979) (48,979)
As at 31 January 2008 72,160 5,761 (90,003) (12,082)
Loss for the period - - (15,078) (15,078)
As at 31 July 2008 72,160 5,761 (105,081) (27,160)
* 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 2008 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".
The accounting policies and methods of computations used are consistent with those used in the Group Annual Report for the year ended 31
January 2008 and are expected to be used in the Group Annual Report for the year ended 31 January 2009.
The interim results for the six months ended 31 July 2007 have been restated to be consistent with the accounting policy for joint
ventures adopted in the 2008 statutory accounts. This change in presentation had no impact on profit for the period or net assets as at 31
July 2007.
Statutory accounts for the year ended 31 January 2008 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 28 October 2008.
As at 31 July 2008, the group had net current liabilities of £76,407. Included within current liabilities are redeemable preference
shares of £65,000 and accrued dividends on those shares of £11,115. These amounts are all due to Safeland plc, a related party, who has
given an undertaking to the group that these amounts will only be payable when there are adequate cash resources within the group so that
the group can continue to meet its liabilities as they fall due for the foreseeable future. On the basis of this commitment, and after
considering the group's cash flow forecasts, the directors have prepared these interim results on the going concern basis.
2 (LOSS)/EARNINGS per share
The (loss)/earnings per share for the period is calculated based upon the following information:
6 months ended 12 months
6 months ended 31 July ended
31 July 2007 31 January
2008 (unaudited) 2008
(unaudited) (audited)
Weighted average 7,215,956 7,215,956 7,215,956
number of shares for
basic
(loss)/earnings per
share
Weighted average
number of shares for 7,215,956 9,950,330 7,215,956
diluted
(loss)/earnings per
share
(Loss)/profit for (15,078) 18,180 (30,799)
the period
3 Reconciliation of operating (LOSS)/PROFIT 6 months ended 12 months
to net cash flow from operating activities 6 months ended 31 July ended
31 July 2007 31 January
2008 restated 2008
(unaudited) (unaudited) (audited)
£ £ £
(Loss)/profit for the period (15,078) 18,180 (30,799)
Adjustments for:
Finance income (462) (258) (709)
Finance costs 2,915 1,933 4,033
Share of results of joint venture - post (33,206) (61,657) (73,021)
tax
Operating cash flow before movements in (45,831) (41,802) (100,496)
working capital
(Increase)/decrease in debtors (16,480) (7,811) 8,319
(Decrease)/increase in creditors (5,310) 664 20,035
Net cash flow from operating activities (67,621) (48,949) (72,142)
4 INTERESTS IN JOINT VENTURE
The group holds a 50 per cent investment in Grafton Insurance Services Limited, a joint venture via the ownership of 100% of the "B"
ordinary shares. The principal activity of the joint venture is that of a property insurance
broker.
The group's share of the joint venture's results and net assets are set out below.
6 months ended
6 months ended 12 months
31 July
31 July ended
2008
2007 31 January
(unaudited)
restated 2008
(unaudited) (audited)
£
£
£
Revenue 100,667
140,747 197,029
Operating profit 40,751
59,588 88,350
Finance Income 1,276
1,213 2,478
Profit before tax 42,027
60,801 90,828
Tax (8,821)
856 (17,807)
Profit after tax 33,206
61,657 73,021
Interest in joint 16,041
65,520 65,520
venture at 1
February 2008
Share of profit for 33,206
61,657 73,021
the year
Dividends -
(57,500) (122,500)
Interest in joint 49,247
69,677 16,041
venture at 31 July
2008
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFIDIDLTFIT
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