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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Snowline Gold Corp | CSE:SGD | CSE | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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| 0.24 | 4.70% | 5.35 | 5.30 | 5.38 | 5.35 | 5.30 | 5.30 | 700 | 19:57:06 |
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RNS Number:0815U
SectorGuard PLC
12 January 2004
SECTORGUARD PLC
Results for the Year Ended 30 September 2003
SectorGuard Plc, the AIM listed specialist manned security providers, announces
its results for the year ended 30 September 2003.
Highlights:
*Turnover up 73% to #12,752,659 (2002: #7,373,705)
*Operating profit before goodwill amortisation and impairment up 47% to
#1,010,519 (2002: #686,127)
*Cash at bank at year-end up 247% to #835,868 (2002: #241,096)
*Four successful acquisitions
*New contracts won within education sector
*Well positioned to take advantage of future opportunities
Chairman's Statement
It gives me great pleasure to present the accounts for the year ended 30
September 2003. It has been a good year for us with significant progress being
made in expanding the company both organically and through acquisition. This
success has been reflected not only in our strong figures, including a 47%
increase in profits, but also by the fact that we are now one of the fastest
growing companies in our sector. A significant proportion of our growth has been
derived through the acquisition of four new businesses, adding to the density of
our contract base in London, the Home Counties and the Midlands. We have also
broadened and strengthened our areas of activity. Our sales team has achieved
particular success in generating new contracts within the education sector where
we were awarded five new contracts in the year and a further two contracts since
the year end, to supply manned security to various colleges.
Results
The company's financial performance shows continuous year on year improvement
since floating on AIM two years ago. Results for the year ended 30 September
2003 show turnover up 73% to #12,752,659 (2002: #7,373,705) and pre-tax profits
up 48% to #741,621 (2002: #502,031). Operating profit before goodwill
amortisation and impairment is up 47% to #1,010,519 (2002: #686,127).
Following our successful fund raising in the first half of the year through a
placing with institutional and other investors, the company ended the year with
a strong cash position of #835,868 as at 30 September 2003, enabling us to be in
a position to take advantage of acquisition opportunities as and when they
arrive. The placing was particularly encouraging as we gained the support of
leading institutions specialising in the smaller company sector including ISIS
Asset Management, Northern AIM VCT, Artemis AIM VCT, Brewin Dolphin and Matrix
Securities.
The Future
Increasing regulation of the security sector will mean that quality providers
will thrive. There will undoubtedly be industry consolidation and we are well
positioned to take advantage of appropriate opportunities as they arise. With a
judicious mixture of organic expansion and acquisitions, your Board believes
that SectorGuard has considerable growth potential.
Finally I would like to take this opportunity to thank my fellow directors and
all our staff for their tireless efforts over the past year in making
SectorGuard the success it is.
P Gorty
Chairman
Chief Executive's Statement
We continue to enjoy strong trading and the healthy increase in turnover and
pre-tax profits reflects this. We have continued to build on our strong
foundations within the Midlands and the South East of England and further
improved our reputation as a leading manned guarding solutions provider in the
UK. Our new institutional backing, ongoing contract wins and solid financial
position have all helped in driving the business forward.
New Business
Over the course of the year we have won a number of new business contracts and
there has been a marked growth in the volume of services we provide to the
education sector. We now have contracts to secure more than 50 college and
school properties and have been appointed as the approved supplier of manned
security services for the London Universities Purchasing Consortium. Birkbeck
College, Brunel University, Henley College, Henley Management College, The
School of Oriental and African Studies and University College London are new to
our client list, and since the year end, we have won a further two contracts
with the College of North West London and the Merrist Wood Campus of Guildford
College.
London remains a key region for us and our presence here has grown enormously.
However we continue to extend our geographical coverage into the Midlands and
the South of England.
Acquisitions
During the year we acquired four businesses: the manned guarding contracts of
Gainsborough Events & Security Services Limited in January; the London division
of UK Guarding Services Limited in March; the manned guarding business of London
Alliance Contract Services Limited in April; and the manned guarding business of
First Response Security Services Limited in June. Growth through acquisition
remains a focal point in our strategy and we continue to explore a number of
acquisition opportunities, whilst still allowing the appropriate management time
to integrate the businesses fully and extract the maximum benefit from the
increased critical mass.
Staff
At the year end our staff numbered in excess of 700 and their commitment,
professionalism and loyalty is a fundamental driving force for the business. We
have instigated ongoing internal training programmes facilitating career
progression within the company and enabling all employees to deliver an even
better service to our clients. Share options are distributed to all employees as
we believe that making all employees stakeholders in the future of the business
closely aligns their approach to their work with the aims of the business. Also,
by rewarding staff loyalty we reduce our staff turnover leading to the
development of a strong and stable workforce to service our clients.
The Future
We believe that the security sector will continue to consolidate, largely as a
result of the increasing burden of new regulations and legislation. SectorGuard
is well positioned to continue to take advantage of this consolidation and we
look forward to the future with confidence.
D Marks
Chief Executive
Profit and Loss Account
For the year ended 30 September 2003
2003 2002
---------- ---------
# #
---------- ---------
Turnover 12,752,659 7,373,705
-------------------------- ---------- ---------
Cost of sales (10,303,167) (5,840,495)
-------------------------- ---------- ---------
Gross profit 2,449,492 1,533,210
-------------------------- ---------- ---------
Administrative expenses before goodwill (1,438,973) (847,083)
amortisation and impairment ---------- ---------
--------------------------
Operating profit before goodwill 1,010,519 686,127
amortisation and impairment ---------- ---------
--------------------------
Goodwill amortisation and impairment (177,260) (91,607)
-------------------------- ---------- ---------
Operating profit 833,259 594,520
-------------------------- ---------- ---------
Interest receivable and similar income 1,543 1,529
-------------------------- ---------- ---------
Interest payable and similar charges (93,181) (94,018)
-------------------------- ---------- ---------
Profit on ordinary activities before 741,621 502,031
taxation ---------- ---------
--------------------------
Tax on profit on ordinary activities (221,300) (163,169)
-------------------------- ---------- ---------
Retained profit for the financial year 520,321 338,862
-------------------------- ---------- ---------
---------- ---------
Earnings per ordinary share
-------------------------- ---------- ---------
Basic and diluted 0.29p 0.31p
-------------------------- ---------- ---------
Basic and diluted (based on pre 0.39p 0.39p
amortisation and impairment earnings ---------- ---------
figure)
--------------------------
All of the company's operations are classed as continuing. There were no gains
or losses in the year other than those included in the above Profit and Loss
Account.
Balance Sheet
As at 30 September 2003
2003 2002
---------- ----------
# #
---------- ----------
Fixed assets
----------------------- ---------- ----------
Intangible assets 3,685,695 2,549,969
----------------------- ---------- ----------
Tangible assets 231,789 178,504
----------------------- ---------- ----------
3,917,484 2,728,473
---------- ----------
Current assets
----------------------- ---------- ----------
Debtors 2,688,584 2,198,462
----------------------- ---------- ----------
Cash at bank and in hand 835,868 241,096
----------------------- ---------- ----------
3,524,452 2,439,558
Creditors: amounts falling due within (2,508,801) (1,867,696)
one year ---------- ----------
--------------------------
Net current assets 1,015,651 571,862
----------------------- ---------- ----------
Total assets less current 4,933,135 3,300,335
liabilities
-----------------------
Creditors: amounts falling due (694,952) (451,108)
after more than one year ---------- ----------
-----------------------
Provisions for liabilities and (191,232) (548,135)
charges ---------- ----------
-----------------------
Net assets 4,046,951 2,301,092
----------------------- ---------- ----------
---------- ----------
Capital and reserves
----------------------- ---------- ----------
Called up share capital 1,002,952 562,000
----------------------- ---------- ----------
Share premium account 1,969,772 1,185,186
----------------------- ---------- ----------
Profit and loss account 1,074,227 553,906
----------------------- ---------- ----------
Shareholders' funds 4,046,951 2,301,092
----------------------- ---------- ----------
The accounts were approved by the board of directors on 12 January 2004 and were
signed on its behalf by:
D Marks
Director
Cash Flow Statement
For the year ended 30 September 2003
2003 2002
--------- ---------
# #
--------- ---------
Net cash inflow/(outflow) from operating 1,254,035 (114,507)
activities --------- ---------
--------------------------
Returns on investment and servicing of
finance --------- ---------
--------------------------
Interest received 1,543 1,529
-------------------------- --------- ---------
Interest paid (94,384) (86,509)
-------------------------- --------- ---------
Finance lease interest paid (2,253) (5,546)
-------------------------- --------- ---------
(95,094) (90,526)
--------- ---------
Taxation
-------------------------- --------- ---------
Corporation tax paid (159,025) (39,539)
-------------------------- --------- ---------
Capital expenditure
-------------------------- --------- ---------
Payments to acquire intangible fixed assets (1,667,384) (700,975)
-------------------------- --------- ---------
Payments to acquire tangible fixed assets (156,522) (40,087)
-------------------------- --------- ---------
Proceeds from sale of tangible fixed assets - 18,232
-------------------------- --------- ---------
(1,823,906) (722,830)
--------- ---------
Net cash outflow before financing (823,990) (967,402)
-------------------------- --------- ---------
Financing
-------------------------- --------- ---------
Issue of ordinary share capital 1,280,000 1,497,000
-------------------------- --------- ---------
Expenses paid in connection with shares (54,462) (320,944)
issued --------- ---------
--------------------------
Repayment of loans (318,648) (196,620)
-------------------------- --------- ---------
New long term loans 500,000 300,000
-------------------------- --------- ---------
Capital element of finance lease payments (41,357) (72,849)
-------------------------- --------- ---------
New finance leases 53,229 -
-------------------------- --------- ---------
1,418,762 1,206,587
--------- ---------
Increase in cash in year 594,772 239,185
-------------------------- --------- ---------
Notes:
1. *The financial information set out above does not constitute the Company's
statutory accounts for the years ended 30 September 2002 or 30 September
2003 but is derived from these accounts. Statutory accounts for 2002 have
been delivered to the Registrar of Companies in England and Wales, and those
for 2003 will be delivered following the Company's annual general meeting.
The auditors have reported on the 2003 accounts; their report was
unqualified and did not contain statements under section 237 (2) or (3) of
the Companies Act 1985.
2. *The figures included in this announcement have been prepared on the basis of
the accounting policies set out in the 30 September 2002 financial
statements.
3. *Earnings per share
The earnings per share is based upon a profit of #520,321 (2002: #338,862)
and the weighted average number of shares ranking for dividend during the
year of 176,828,571 (2002: 107,808,333 as restated).
The fully diluted earnings per share is based upon the profit as disclosed
above and the weighted average number of shares ranking for dividend during
the year of 178,006,561 (2002: 109,641,667 as restated) adjusted for the
effects of all dilutive potential shares.
The earnings per share based on earnings before amortisation and impairment
of #697,581 (2002: #430,469) which reflects the weighted average number of
shares ranking for dividend during the year of 176,828,571 (2002:
107,808,333 as restated) is 0.39p (2002: 0.39p).
The fully diluted earnings per share is based upon the profit as disclosed
above and the weighted average number of shares ranking for dividend during
the year of 178,006,561 (2002: 109,641,667 as restated) adjusted for the
effects of all dilutive potential shares.
The earnings per share figure has reduced despite an increase in the profit
for the year, due to the increase in the number of shares in issue following
the placing of shares in February and March 2003.
The comparative weighted average number of shares has been restated to
reflect the bonus issue of ordinary shares made on 3 April 2003.
4. Copies of the published accounts of the Company will be sent to all
shareholders and will be available during normal business hours from the
offices of Seymour Pierce Limited at Bucklersbury House, 3 Queen Victoria
Street, London EC4N 8EL.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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