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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Servoca | LSE:SVCA | London | Ordinary Share | GB00BF2VKD83 | 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% | 8.50 | 2.00 | 15.00 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSVCA
RNS Number : 7339H
Servoca PLC
12 June 2017
SERVOCA Plc
("Servoca" or the "Group")
Specialist Outsourcing and Recruitment Solutions Provider
Unaudited Interim Results
for the six months ended 31 March 2017
Highlights
-- Revenue GBP40.93m (2016: GBP34.44m), an increase of 18.8%
-- Gross profit GBP9.74m (2016: GBP8.95m), an increase of 8.8%
-- EBITDA* GBP1.95m (2016: GBP1.52m), an increase of 28.3%
-- Profit before taxation* up 28.6% to GBP1.71m (2016: GBP1.33m)
-- Increased revenues in all areas of Group markets
-- Basic EPS of 1.10p* (2016: 0.85p), an increase of 29.4%
* before amortisation (GBP0.03m), share based payments (GBP0.03m) and contingent consideration payments (GBP0.4m)
Andy Church, CEO, commented:-
As indicated in our recent trading update, we are pleased to report that results for the first half are significantly ahead of the same period last year. The Group continues to achieve substantial growth and our performance is benefitting from our diversified business mix. The Group operates in six distinct markets and revenues in each one were ahead of the corresponding period last year. Performance in the first half leaves the Group well placed to deliver against full-year expectations.
For further enquiries:
Servoca Plc
Andrew Church, CEO 020 7747 3030
finnCap Ltd
Geoff Nash/James Thompson 020 7220 0500
Camille Gochez (corporate broking)
Newgate Communications
Bob Huxford/James Browne 020 7653 9850
This document is available from the Company's website: www.servoca.com, on the "Shareholder Documents" page in the section headed "Investor Relations".
Unaudited Interim Results
SERVOCA Plc
Interim Statement
For the six months ended 31 March 2017
Introduction
We are pleased to report that for the six months ended 31 March 2017 we have delivered another period of significant improvement in the performance of the Group.
All areas of the Group achieved revenue growth and this helped ensure the Recruitment and Outsourcing operations both delivered improved profitability.
The improvement to profitability in our Recruitment operation was led by our Health and Social Care business (Private Sector focus) and our Criminal Justice division. Our Outsourcing operations delivered a substantial improvement in profits benefitting from both sales growth and action taken at the end of the prior year to reduce overheads.
It is particularly pleasing to see different parts of the Group coming to the fore and the first half performance reflects this. There have been some well publicised challenges in some of our markets but our diversified business mix has delivered a resilient performance. The business also continues to benefit from the experience and strength of its management team, which is proving important in attracting talent into the Group.
Financial review
During the six months to 31 March 2017 revenues were GBP40.93m (2016: GBP34.44m), an increase of 18.8%, which resulted in a gross profit of GBP9.74m (2016: GBP8.95m), an increase of 8.8%.
Administrative expenses (before amortisation, share based payments and contingent consideration) for the current period were GBP7.98m (2016: GBP7.58m), an increase of 5.3%.
EBITDA (before amortisation, share based payments and contingent consideration) increased to GBP1.95m (2016: GBP1.52m), an increase of 28.3%.
The profit before tax (before amortisation (GBP0.03m), share based payments (GBP0.03m) and contingent consideration payments (GBP0.4m)) increased to GBP1.71m (2016: GBP1.33m), an increase of 28.6%.
Basic earnings per share (before amortisation, share based payments and contingent consideration) for the period to 31 March 2017 were 1.10p (2016: 0.85p), an increase of 29.4%.
Net debt at 31 March 2017 was GBP2.95m (March 2016: GBP1.30m, September 2016: GBP2.40m) reflecting normal working capital increases from a higher level of turnover during the six month period.
The Company has and will continue its share buy-back program and at the date of this report, holds 1,920,138 shares in treasury.
Unaudited Interim Results
SERVOCA Plc
Interim statement (continued)
For the six months ended 31 March 2017
Operational highlights
Strategy and delivery
The focus during the period has remained the development of the Group's capabilities in those areas that the Board believes afford good growth opportunities.
Outsourcing
Our Outsourcing activities are primarily based in two areas; Domiciliary Care and Security.
Our Security business has delivered a substantially improved performance in the first half of this year compared to the same period last year. Revenue growth in our Manned Guarding and Electronic security offerings has been complimented by action to reduce overheads at the end of the prior year.
As referenced in our statement for the year ending 30 September 2016, both the Manned Guarding and Electronics divisions secured substantial additional work towards the end of the last financial year which has driven the growth during the first half of this year.
The growth in our Electronics division is largely attributable to the expanded deployment by an existing client of a unique software solution for loss prevention in the retail industry. The client is a major UK grocery retailer that has deployed the product for several years in a sizeable number of their stores. The results and return on investment during this period have helped secure an order for a considerable expansion into what is expected to be the majority of their estate over the next few years.
In our statement for the year-ended 30 September 2016 we reported that our Domiciliary Care business had endured a challenging year and that second half revenues had mirrored the first half and lagged behind prior year. We are pleased to report that during the first half of the current financial year this trend has been reversed and we have seen healthy sales and profitability growth over the corresponding period last year.
As mentioned in our statement for the previous financial year, we have managed costs tightly and retained a focus on only those supply arrangements that we believed were sustainable. This approach has given us a solid foundation for profitable growth.
During the first half of the current year we have seen recognition that the sector must receive additional funding as we enter the new tax year. Over recent years, providers have faced rising costs (predominantly associated with increases to the National Living Wage and other statutory costs) and static or declining charge rates. Increased flexibility for local authorities to generate additional funding through the adult social care precept is one step towards generating additional monies to meet the increased costs of provision. Our experience is that the majority of our commissioning authorities are now increasing fee rates in line with increases to statutory costs for the new budget year.
During the first half of the year the business tendered for several meaningful opportunities for new contracts and we have received positive news that two of these contracts have been secured and will commence in the second half of the year.
Unaudited Interim Results
SERVOCA Plc
Interim statement (continued)
For the six months ended 31 March 2017
Recruitment
Our recruitment businesses supply into the Education, Healthcare and Criminal Justice markets.
Our Healthcare recruitment division has enjoyed another period of significant growth over prior year.
We operate in two distinct markets in this area through separate subsidiary brands. Servoca Nursing and Care supplies temporary resource to the Health and Social Care market, which is almost exclusively within the Private Sector, whilst Firstpoint supplies Nursing and Care professionals into the NHS. This distinction is important as whilst revenues have increased in both areas, profitability growth is all from our Health and Social Care supply into the Private Sector.
As previously reported, the NHS supply has faced significant challenges, largely as a result of previously imposed agency price caps, the last of which came into force in April 2016. This has placed downward pressure on margins and therefore necessitates increased volumes of supply in an efficient manner if we are to protect profitability. We have restructured support operations in response to this requirement, including the establishment of a low cost offshore capability.
We are therefore pleased to report that during the first half of the year, we continued to take increased market share. Revenues were up 15% and the volume of weekly hours supplied was also up by just under 10%. The increase in sales volumes has maintained profitability in line with the prior year period despite a reduction in the gross margin achieved.
Our Servoca Nursing and Care business has enjoyed a great six months accounting for 62% of total operating profit generated by our healthcare recruitment activities. The weekly gross profit run rate has increased by over 16% during the first half of the year and the volume of weekly hours supplied is up by 17% over the period.
We reported in our full year results that our Education division experienced a tougher second half to the last financial year and that over the year, whilst revenues were up, gross profit was marginally down. The performance in the first half of the current year mirrors that of the last full year with revenues up but gross profit marginally down when compared to the first six months of last year.
However, demand continues to outstrip supply despite the budget pressures faced by schools and there remains an acute shortage of qualified teachers. We are making positive progress in our overseas candidate generation capabilities in response to this and have continued to invest in developing our branch network where we identify appropriate opportunity.
Our Criminal Justice business has continued its positive momentum from the previous financial year and enjoyed a very strong start to the year.
As reported in our statement for the year ended 30 September 2016 the business secured a significant contract for the supply of temporary probation staff in the final quarter of last year. Delivery into this contract has continued to build during the first half of the year and has helped contribute towards a significant improvement in revenues and profit over the same period last year.
Unaudited Interim Results
SERVOCA Plc
Interim statement (continued)
For the six months ended 31 March 2017
Outlook
The Group enters the second half with positive momentum on the back of a strong first half performance. The balanced and diversified nature of the Group continues to provide healthy growth opportunities.
Recent new contract wins, particularly in our Outsourcing businesses, bode well for prospects in the second half of the year.
The Group therefore remains confident in delivering its expectations for the full year.
John Foley Andrew Church
Chairman Chief Executive Officer
12 June 2017 12 June 2017
Unaudited Interim Results
SERVOCA Plc
Consolidated statement of comprehensive income
For the six months ended 31 March 2017
Six months ended Six months ended Year ended 31 March 2017 31 March 2016 30 September 2016 (unaudited) (unaudited) (audited) Before Amortisation, Before Before Amortisation, amortisation share amortisation Amortisation amortisation share and based and and and based share payments share share share payments based and Total based based Total based and Total payments contingent payments payments payments exceptional consideration costs Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ---------------- ----- -------------- --------------- --------- ---------------- -------------- --------- ------------------ --------------- --------- Continuing operations Revenue 40,927 - 40,927 34,435 - 34,435 69,234 - 69,234 Cost of sales (31,186) - (31,186) (25,489) - (25,489) (50,593) - (50,593) ---------------- ----- -------------- --------------- --------- ---------------- -------------- --------- ------------------ --------------- --------- Gross profit 9,741 - 9,741 8,946 - 8,946 18,641 - 18,641 Administrative expenses (7,983) (455) (8,438) (7,578) (55) (7,633) (15,026) (124) (15,150) Operating profit 1,758 (455) 1,303 1,368 (55) 1,313 3,615 (124) 3,491 Finance costs (46) - (46) (35) - (35) (77) - (77) ---------------- ----- ---------------- Profit before taxation 1,712 (455) 1,257 1,333 (55) 1,278 3,538 (124) 3,414 Tax charge (342) - (342) (271) - (271) (740) - (740) ---------------- ----- -------------- --------------- --------- ---------------- -------------- --------- ------------------ --------------- --------- Total comprehensive income for the period, net of tax, attributable to equity holders of the parent 1,370 (455) 915 1,062 (55) 1,007 2,798 (124) 2,674 ---------------- ----- -------------- --------------- --------- ---------------- -------------- --------- ------------------ --------------- --------- Earnings per Pence Pence Pence Pence Pence Pence Pence Pence Pence share: - Basic 6 1.10 (0.36) 0.74 0.85 (0.04) 0.81 2.25 (0.10) 2.15 - Diluted 6 1.09 (0.36) 0.73 0.84 (0.04) 0.80 2.22 (0.10) 2.12 ---------------- ----- -------------- --------------- --------- ---------------- -------------- --------- ------------------ --------------- ---------
Unaudited Interim Results
SERVOCA Plc
Consolidated statement of financial position
At 31 March 2017
31 March 31 March 30 September 2017 2016 2016 (unaudited) (unaudited) (audited) Note GBP'000 GBP'000 GBP'000 ----------------------------- ----- ------------- ------------- ------------- Assets Non-current assets Intangible assets 8,930 7,790 8,954 Property, plant and equipment 1,217 923 829 Deferred tax asset - 53 - Total non-current assets 10,147 8,766 9,783 Current assets Trade and other receivables 13,714 12,384 12,842 Inventories 195 137 222 Cash and cash equivalents 929 1,805 342 ----------------------------- ----- ------------- ------------- ------------- Total current assets 14,838 14,326 13,406 ----------------------------- ----- ------------- ------------- ------------- Total assets 24,985 23,092 23,189 ----------------------------- ----- ------------- ------------- ------------- Liabilities Current liabilities Trade and other payables (5,502) (6,541) (5,266) Corporation tax payable (1,149) (1,001) (1,127) Other financial liabilities and provisions 7 (3,879) (3,103) (2,745) Total current liabilities (10,530) (10,645) (9,138) Non current liabilities Deferred consideration - (37) - Total liabilities (10,530) (10,682) (9,138) Total net assets 14,455 12,410 14,051 ----------------------------- ----- ------------- ------------- ------------- Capital and reserves attributable to equity holders of the parent Called up share capital 8 1,256 1,256 1,256 Share premium account 202 202 202 Merger reserve 2,772 2,772 2,772 Reverse acquisition reserve (12,268) (12,268) (12,268) Retained earnings 22,493 20,448 22,089 ------------------------- --------- --------- --------- 14,455 12,410 14,051 ------------------------- --------- --------- ---------
Unaudited Interim Results
SERVOCA Plc
Consolidated statement of changes in equity
For the six months ended 31 March 2017
Unaudited Reverse Share Share Merger acquisition Retained Total capital premium reserve reserve earnings equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ----------------------- ---------- ---------- ---------- ------------- ----------- --------- Balance as at 1 October 2015 1,256 202 2,772 (12,268) 20,002 11,964 ----------------------- ---------- ---------- ---------- ------------- ----------- --------- Changes in equity for the period ended 31 March 2016 Profit for the period - - - - 1,007 1,007 Total comprehensive income for the period - - - - 1,007 1,007 ----------------------- ---------- ---------- ---------- ------------- ----------- --------- Share based payment transactions - - - - 31 31 Dividend paid - - - - (374) (374) Net purchase of treasury shares - - - - (218) (218) - - - - (561) (561) ---------- ---------- ---------- ------------- ----------- --------- Balance as at 31 March 2016 1,256 202 2,772 (12,268) 20,448 12,410 ----------------------- ---------- ---------- ---------- ------------- ----------- --------- Changes in equity for the period ended 30 September 2016 Profit for the period - - - - 1,667 1,667 ----------------------- ---------- ---------- ---------- ------------- ----------- --------- Total comprehensive income for the period - - - - 1,667 1,667 ----------------------- ---------- ---------- ---------- ------------- ----------- --------- Share based payment transactions - - - - 32 32 Purchase of treasury shares - - - - (58) (58) ----------------------- ---------- ---------- ---------- ------------- ----------- --------- - - - - (26) (26) ---------- ---------- ---------- ------------- ----------- --------- Balance as at 30 September 2016 1,256 202 2,772 (12,268) 22,089 14,051 ----------------------- ---------- ---------- ---------- ------------- ----------- --------- Changes in equity for the period ended 31 March 2017 Profit for the period - - - - 915 915 Total comprehensive income for the period - - - - 915 915 ----------------------- ---------- ---------- ---------- ------------- ----------- --------- Share based payment transactions - - - - 31 31 Dividend paid - - - - (435) (435) Purchase of treasury shares - - - - (107) (107) - - - - (511) (511) Balance as at 31 March 2017 1,256 202 2,772 (12,268) 22,493 14,455 ----------------------- ---------- ---------- ---------- ------------- ----------- ---------
Unaudited Interim Results
SERVOCA Plc
Consolidated statement of cash flows
For the six months ended 31 March 2017
Six months Six months ended ended Year ended 31 March 31 March 30 September 2017 2016 2016 Note (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 ------------------------------- ------ ------------- ------------- --------------- Operating activities Profit before tax 1,257 1,278 3,414 Non cash adjustment to reconcile profit before tax to net cash flows: Depreciation and amortisation 215 173 381 Contingent consideration 400 - - Share based payments 31 31 63 Finance costs 46 35 77 Decrease/(increase) in inventories 27 (34) (119) Increase in trade and other receivables (872) (759) (882) Increase/(decrease) in trade and other payables 269 912 (613) Cash generated from operations 1,373 1,636 2,321 Corporation tax paid (320) (21) (466) Cash flows from operating activities 1,053 1,615 1,855 ------------------------------- ------ ------------- ------------- --------------- Investing activities Acquisitions net of cash - (772) (1,123) Deferred/contingent consideration paid (433) - (805) Purchase of property, plant and equipment (579) (335) (424) Net cash flows used in investing activities (1,012) (1,107) (2,352) ------------------------------- ------ ------------- ------------- --------------- Cash flows from financing activities Interest paid (46) (35) (77) Dividend paid (435) (374) (374) Net purchase of shares held in treasury (107) (218) (276) Net cash flows used in financing activities (588) (627) (727) ------------------------------- ------ ------------- ------------- --------------- Decrease in cash and cash equivalents (547) (119) (1,224) Cash and cash equivalents at the beginning of the period (2,403) (1,179) (1,179) Cash and cash equivalents at the end of the period 9 (2,950) (1,298) (2,403) ------------------------------- ------ ------------- ------------- ---------------
Unaudited Interim Results
SERVOCA Plc
Notes forming part of the financial information
For the six months ended 31 March 2017
1 Accounting periods
The accounting reference date of the Group is 30 September. The current interim results are for the six months ended 31 March 2017. The comparative interim results are those for the six months ended 31 March 2016. The comparative year end's results are for the year ended 30 September 2016.
2 Going concern
The directors have prepared trading and cash flow forecasts for the period to 30 September 2018 which indicate adequate headroom in borrowing facilities. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.
3 Financial information
The interim financial information for the six months ended 31 March 2017 does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.
The financial information for the periods ended 31 March 2017 and 31 March 2016 are unaudited. The comparative figures for the year ended 30 September 2016 are not the full statutory accounts for the period. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditors have reported on those accounts; their reports were unqualified, did not contain an emphasis of matter paragraph and did not contain a statement under Section 498 of the Companies Act 2006.
4 Basis of preparation and accounting policies
The interim financial statements have been prepared using the recognition and measurement principles of IFRS as endorsed for use in the European Union.
The accounting policies adopted in the preparation of this interim financial information are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 30 September 2016 and no new standards or interpretations that have come into effect in the interim period has a material impact on the results of the business.
Unaudited Interim Results
SERVOCA Plc
Notes forming part of the financial information
For the six months ended 31 March 2017
5 Segmental information
The Group's format for reporting segment information is by business segment, being by type of service supplied. The operating divisions are organised and managed by reporting segment where applicable and by divisions within a reporting entity where necessary. The information presented is consistent with that used by the chief operating decision maker. All revenues are generated from external customers.
The Outsourcing segment provides services to the Domiciliary Care and Security sectors.
The Recruitment segment provides recruitment services to the Healthcare, Education and Police sectors.
Outsourcing Recruitment Unallocated1 Total Unaudited GBP'000 GBP'000 GBP'000 GBP'000 --------------------------- -------------- -------------- --------------- --------- For the six months ended 31 March 2017: Revenue 8,484 32,443 - 40,927 ---------------------------- -------------- -------------- --------------- --------- Segment expense (8,132) (30,206) (831) (39,169) Amortisation, share based payment and contingent consideration (26) (413) (16) (455) Operating profit/(loss) 326 1,824 (847) 1,303 Finance costs (16) (30) - (46) Profit/(loss) before tax 310 1,794 (847) 1,257 ---------------------------- -------------- -------------- --------------- --------- As at 31 March 2017: Assets 6,734 16,826 1,425 24,985 Liabilities (2,788) (6,978) (764) (10,530) ---------------------------- -------------- -------------- --------------- --------- Net assets 3,946 9,848 661 14,455 ---------------------------- -------------- -------------- --------------- ---------
[1] Unallocated includes holding company director costs, group legal costs, central share based payment charges and a share of central property costs.
Unaudited Interim Results
SERVOCA Plc
Notes forming part of the financial information
For the six months ended 31 March 2017
5 Segmental information (continued) Outsourcing Recruitment Unallocated1 Total Unaudited GBP'000 GBP'000 GBP'000 GBP'000 ------------------------- -------------- -------------- --------------- --------- For the six months ended 31 March 2016: Revenue 7,236 27,199 - 34,435 -------------------------- -------------- -------------- --------------- --------- Segment expense (7,158) (25,339) (570) (33,067) Amortisation and share based payment expense (27) (12) (16) (55) Operating profit/(loss) 51 1,848 (586) 1,313 Finance costs (10) (25) - (35) Profit/(loss) before tax 41 1,823 (586) 1,278 -------------------------- -------------- -------------- --------------- --------- As at 31 March 2016: Assets 5,960 15,850 1,282 23,092 Liabilities (2,530) (7,158) (994) (10,682) -------------------------- -------------- -------------- --------------- --------- Net assets 3,430 8,692 288 12,410 -------------------------- -------------- -------------- --------------- --------- Outsourcing Recruitment Unallocated1 Total GBP'000 GBP'000 GBP'000 GBP'000 ------------------------- -------------- -------------- --------------- --------- For the year ended 30 September 2016: Revenue 14,786 54,448 - 69,234 -------------- -------------- --------------- --------- Segment expense (14,646) (49,658) (1,315) (65,619) Amortisation, share based payment expense and exceptional costs (52) (40) (32) (124) -------------------------- -------------- -------------- --------------- --------- Operating profit/(loss) 88 4,750 (1,347) 3,491 Finance costs (23) (54) - (77) Profit/(loss) before tax 65 4,696 (1,347) 3,414 -------------------------- -------------- -------------- --------------- --------- As at 30 September 2016: Assets 5,904 16,478 807 23,189 Liabilities (2,907) (5,721) (510) (9,138) -------------------------- -------------- -------------- --------------- --------- Net assets 2,997 10,757 297 14,051 -------------------------- -------------- -------------- --------------- ---------
Unaudited Interim Results
SERVOCA Plc
Notes forming part of the financial information
For the six months ended 31 March 2017
6 Earnings per share
The calculation of earnings per share for the period ended 31 March 2017 is based on a weighted average number of ordinary shares in issue during the period of:
Dilutive effect of share options Basic and shares Diluted to be issued 31 March 2017 (unaudited) 124,146,387 1,455,150 125,601,537 31 March 2016 (unaudited) 124,635,643 1,856,358 126,492,001 30 September 2016 (audited) 124,509,189 1,834,340 126,343,529 ------------------ -------------- ---------------- --------------
The above number of shares is used in all of the earnings per share calculations below.
Additional disclosure is also given in respect of earnings per share before share based payments and amortisation as the directors believe this gives a more accurate presentation of maintainable earnings.
Six months Six months ended ended Year ended 31 March 31 March 30 September 2017 2016 2016 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 ---------------------------- ------------- ------------- --------------- Profit used for basic and diluted calculation 915 1,007 2,674 Share based payments, amortisation, exceptional costs and contingent consideration 455 55 124 --------------------------------- ------------- ------------- --------------- Profit before share based payments, amortisation, exceptional costs and contingent consideration 1,370 1,062 2,798 --------------------------------- ------------- ------------- ---------------
Unaudited Interim Results
SERVOCA Plc
Notes forming part of the financial information
For the six months ended 31 March 2017
6 Earnings per share (continued) Six months Six months ended ended Year ended 31 March 31 March 30 September 2017 2016 2016 (unaudited) (unaudited) (audited) Pence Pence Pence ------------------------------- --- ------------- ------------- --------------- Basic earnings per share 0.74 0.81 2.15 Share based payments, amortisation, exceptional costs and contingent consideration 0.36 0.04 0.10 ------------------------------------ ------------- ------------- --------------- Basic earnings per share before share based payments, amortisation. exceptional costs and contingent consideration 1.10 0.85 2.25 ------------------------------------ ------------- ------------- --------------- Diluted earnings per share 0.73 0.80 2.12 Share based payments, amortisation, exceptional costs and contingent consideration 0.36 0.04 0.10 ------------------------------------ ------------- ------------- --------------- Diluted earnings per share before share based payments, amortisation, exceptional costs and
contingent consideration 1.09 0.85 2.22 ------------------------------------ ------------- ------------- --------------- 7 Other financial liabilities and provisions 31 March 31 March 30 September 2017 2016 2016 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 -------------------------------- ------------- ------------- ------------- Invoice discounting facilities 3,879 3,103 2,745 ------------------------------------- ------------- ------------- ------------- 8 Share capital 30 31 March 31 March September 30 2017 31 March 2016 31 March 2016 September Number 2017 Number 2016 Number 2016 '000 GBP'000 '000 GBP'000 '000 GBP'000 (unaudited) (unaudited) (unaudited) (unaudited) (audited) (audited) -------------- -------------- Allotted, issued and fully paid: Ordinary shares of 1p each 125,575 1,256 125,575 1,256 125,575 1,256 ------------------- -------------- -------------- -------------- -------------- ----------- ------------
The Company acquired 471,000 of its own shares in the period (2016: 1,121,826). The number of shares held as 'treasury shares' at the period end was 1,830,138 (2016: 1,346,926). The company has the right to re-issue these shares at a later date.
Unaudited Interim Results
SERVOCA Plc
Notes forming part of the financial information
For the six months ended 31 March 2017
9 Cash and cash equivalents and net debt 30 September 2016 31 March 31 March GBP'000 2017 2016 (audited) GBP'000 GBP'000 (unaudited) (unaudited) ------------------------------ -------------- -------------- ------------- Cash at bank 929 1,805 342 Invoice discounting facility (3,879) (3,103) (2,745) ----------------------------------- -------------- -------------- ------------- Cash and cash equivalents and net debt (2,950) (1,298) (2,403) ----------------------------------- -------------- -------------- -------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FMGGVVLNGNZM
(END) Dow Jones Newswires
June 12, 2017 02:00 ET (06:00 GMT)
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