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Share Name | Share Symbol | Market | Type |
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Century Casinos Dl 01 | TG:CNT | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.12 | 5.00% | 2.52 | 2.46 | 2.56 | 0.00 | 22:50:15 |
RNS Number:2987L Connaught PLC 20 May 2003 CONNAUGHT PLC ("CONNAUGHT") INTERIM RESULTS FOR THE SIX MONTHS TO 28 FEBRUARY 2003 HIGHLIGHTS Six months Six months % Change ended 28 ended 28 February 2003 February 2002 # million # million Turnover 76.97 54.07 + 42.4 Operating profit* 2.57 1.48 + 73.7 Profit before tax 1.70 1.21 + 40.4 Headline fully diluted earnings per share* 9.4p 8.6p 9.3 Interim dividend per share 2.6p 2.5p 4.0 * Pre FRS10 * Order book currently stands at #610 million, up from #220 million one year ago. * Partnering orders - increased to #400 million from #150 million. * Two new partnering contracts won in the South East as per our strategy - #27 million contract for the London Borough of Hounslow and a #20 million contract for the London Borough of Hackney. * 75% of Livingspace's anticipated turnover for 2003/04 has now been secured. * Successful cross-selling of GasForce services into our core social housing market with a #4 million five-year contract for South Somerset Homes. * Huge opportunities for the further development of the growing gas servicing market. Commenting on the results, chairman, Tim Ross said: "The first half of this financial year has been another period of considerable progress for the Group. Our order book now stands at #610 million up from #220 million a year ago. This largely reflects the success we have achieved in winning long-term business based on partnership arrangements within the social housing market. Agreements of this nature considerably improve the visibility of our earnings and I am pleased to report that we have commenced the initial contracts announced to shareholders last year. "At the same time GasForce, the UK's leading commercial gas servicing business, which we purchased in August 2002 for #21.7 million, is on track to meet our expectations of a substantial increase in profit in the current year. "Turnover for the current year is largely secured and the order book for 2003/04 already stands at #150 million. With partnering in its infancy, the prospects within the social housing market are significant for Connaught. The development of our infrastructure in anticipation of growth will enable us to enhance margins and improve shareholder value. Together with the success of the GasForce acquisition, we have laid the foundation for the creation of a much larger support services business over the next five years." For further information please contact: Connaught plc Mark Tincknell, Chief Executive (On the Day) 020 7448 1000 David Pike, Finance Director (Thereafter) 01392 444 546 Biddicks Zoe Biddick/James Benjamin Tel: 020 7448 1000 Company website: www.connaught.plc.uk INTERIM RESULTS CHAIRMAN'S STATEMENT Introduction The first half of this financial year has been another period of considerable progress for the Group. Our order book now stands at #610 million up from #220 million a year ago. This largely reflects the success we have achieved in winning long-term business based on partnership arrangements within the social housing market. Agreements of this nature considerably improve the visibility of our earnings and I am pleased to report that we have commenced the initial contracts announced to shareholders last year. At the same time GasForce, the UK's leading commercial gas servicing business, which we purchased in August 2002 for #21.7 million, is on track to meet our expectations of a substantial increase in profit in the current year. Financial Results The financial results for the six months to 28th February 2003 show an increase in turnover of 42% over the comparable period to #77 million (2002: #54 million) and an increase in headline operating profit of 74% to #2.6 million (2002: #1.5 million). This includes the integration costs of both GasForce and bluu, the design and project management business, which was acquired in July 2002. Fully diluted earnings per share before goodwill amortisation rose by 9.3% to 9.4p (2002: 8.6p). This rise incorporates the substantial increase in the Group's share capital as a result of the GasForce acquisition. An interim dividend of 2.6p (2002: 2.5p) will be paid on 20th June 2003 to shareholders on the register on 30th May 2003. Cash Utilisation The significant increase in Group activity has inevitably had a short-term effect on operating cash which, in accordance with our forecasts, has seen a net outflow of #8.3 million in the period. We anticipate the working capital requirement to reduce substantially by the year-end as many of the contracts commenced in the half year begin to mature. In April, the net cash position had already improved by around #6 million. GasForce The integration of GasForce is almost complete. We were aware at the time of acquisition that investment was required to develop fully its capabilities. This includes new systems for financial, human resources and enhanced customer relationship management. We have appointed a new Managing Director, formerly with the Automobile Association, who has considerable experience of the business-to-business market. We are now implementing a marketing plan aimed at increasing our share of the gas servicing market. Cross-selling When we acquired GasForce we anticipated being able to cross-sell its services into our core social housing market. Our confidence has proved well founded and I am pleased to announce that we have been awarded a #4 million five-year contract for South Somerset Homes to service and maintain 7,500 gas appliances. We are now selling this service to the wider social housing market focussing initially on our existing partnering customers. GasForce has created cross-selling opportunities for other businesses within the Group. New contracts, which would not otherwise have arisen, include the provision of services to Hilton Hotels, HSBC and Land Securities. Cross selling is core to our sales strategy and I believe these new contract successes demonstrate the huge potential of this acquisition as well as the positive and co-operative culture that exists across the Group. Livingspace This division continues to take full advantage of its leading position within the buoyant social housing market. Our partnering order book has now risen to #400 million (2002: #150 million). Furthermore, at the end of last year we informed shareholders that we anticipated being able to develop the partnering market in the South East. I am pleased to report that the newly enlarged order book includes a #27 million contract for the London Borough of Hounslow and a #20 million contract for the London Borough of Hackney. We believe that partnering is at an early stage of development and will continue to provide a significant growth opportunity for the foreseeable future. The long-term nature of these contracts and the open book style in which they are undertaken reduces our risk and has greatly increased the Group's visibility and quality of earnings in the last two years. This is underpinned by the fact that 75% of this division's anticipated turnover for 2003/04 has now been secured. Workspace Our Workspace division provides services to the office and retail sectors. In the current economic climate, the commercial office sector has come under pressure. We anticipated this change and towards the end of the last financial year acquired bluu, with the aim of shifting the emphasis of our project based services towards facilities management. bluu's design and project management capabilities have provided us with an excellent platform for the development of the business in this area. New customers include Swiss Re, Fred Perry and Deutsche Bank. We anticipate this repositioning will result in significant growth and improved earnings visibility in future years. Our existing facilities services businesses operate primarily in the retail sector - and here we are experiencing positive growth. We continue to work with our key client, Arcadia and have recently secured an #8.5million per year contract for Tesco. The latter has been a long-term customer of the Group in the South East and we now clean stores throughout Kent, Gloucestershire, Bristol and South Wales. Economies of scale Connaught understands that fast growth must be managed effectively if it is to make a positive impact on the bottom line. For some years we have invested in our internal infrastructure to support the operational businesses. This is designed to support and manage a much larger organisation and I therefore expect to see the Group enjoying significant economies of scale in future years. Board changes It is with some regret that I report the departure from the board of my predecessor as Chairman, Bob Henry, at the end of March 2003, due to other commitments. He has been involved with the Group since 1996, through a period of great change. On behalf of the whole board, I would like to thank him for his contribution over this period. Outlook Turnover for the current year is largely secured and the order book for 2003/04 already stands at #150 million. With partnering in its infancy, the prospects within the social housing market are significant for Connaught. The development of our infrastructure in anticipation of growth will enable us to enhance margins and improve shareholder value. Together with the success of the GasForce acquisition, we have laid the foundation for the creation of a much larger support services business over the next five years. This growth will be aligned with our strategy of enhancing the quality of earnings to improve visibility, increase margins and reduce risk. The outlook for the Group is very positive and I look forward to advising you of further developments. Tim Ross Chairman Connaught plc Consolidated profit and loss account for the six months ended 28 February 2003 Unaudited Unaudited Audited 28 February 28 February 31 August 2003 2002 2002 #'000 #'000 #'000 Turnover 76,970 54,071 108,343 Cost of Sales (65,050) (47,124) (94,695) Gross Profit 11,920 6,947 13,648 Administrative expenses (10,021) (5,589) (10,235) Operating profit before goodwill amortisation 2,570 1,479 3,718 Goodwill amortisation (671) (121) (305) Operating Profit 1,899 1,358 3,413 Profit on disposal of discontinued operations - - 250 Profit on ordinary activities before interest 1,899 1,358 3,663 Interest Receivable 335 9 97 Interest Payable (539) (159) (428) Profit on ordinary activities before taxation 1,695 1,208 3,332 Taxation (600) (417) (1,079) Profit on ordinary activities after taxation 1,095 791 2,253 Dividends paid and proposed - equity (484) (260) (1,185) Retained profit for the financial period/year 611 531 1,068 Earnings per share Basic 5.9p 7.9p 21.7p Basic before goodwill amortisation 9.5p 9.1p 24.7p Diluted 5.8p 7.4p 21.2p Diluted before goodwill amortisation 9.4p 8.6p 24.1p Connaught plc Consolidated balance sheet as at 28 February 2003 Unaudited Unaudited Audited 28 February 28 February 31 August 2003 2002 2002 #'000 #'000 #'000 Fixed assets Intangible 25,367 4,656 25,976 Tangible 2,506 1,789 2,524 Investments 291 104 217 28,164 6,549 28,717 Current assets Stock 1,155 301 1,191 Debtors due within one year 45,206 27,912 33,899 Cash at bank and in hand 3,988 4,246 19,171 50,349 32,459 54,261 Creditors: amounts falling due within one year (43,097) (27,071) (47,732) Net current assets 7,252 5,388 6,529 Total assets less current liabilities 35,416 11,937 35,246 Creditors: amounts falling due after one year (6,816) (4,039) (7,350) Net assets 28,600 7,898 27,896 Capital and reserves Called up share capital 1,871 1,026 1,867 Share premium account 21,422 2,713 21,333 Capital redemption reserve 526 526 526 Profit and loss account 4,781 3,633 4,170 Shareholders' funds 28,600 7,898 27,896 Connaught plc Consolidated cash flow statement for the six months ended 28 February 2003 Unaudited Unaudited Audited 28 February 28 February 31 August 2003 2002 2002 #'000 #'000 #'000 Reconciliation of operating profit to net cash flow from operating activities Operating profit 1,899 1,358 3,413 Depreciation charge 403 253 556 Amortisation of goodwill 671 121 305 Loss on sale of fixed assets 16 6 7 Movement in stocks 35 - - Movement in debtors (11,308) (4,272) (5,979) Movement in creditors 15 1,908 2,213 Net cash flow from operating activities (8,269) (626) 515 Cash flow statement Net cash flow from operating activities (8,269) (626) 515 Returns on investment and servicing of finance (204) (150) (331) Taxation (909) (776) (1,281) Capital expenditure (24) (31) (327) Acquisitions (135) - (2,090) Equity dividends paid (926) (459) (716) Cash (outflow) before financing and management of liquid (10,467) (2,042) (4,230) resources Financing (4,716) 4,026 21,139 (Decrease)/increase in cash (15,183) 1,984 16,909 Reconciliation of net cash flow to movements in net funds (Decrease)/increase in cash (15,183) 1,984 16,909 Cash used to decrease debt and lease financing 4,809 (3,937) (8,164) Change in net funds resulting from cash flows (10,374) (1,953) 8,745 Finance lease and hire purchase contracts acquired with - - (63) subsidiary New finance leases (375) (282) (282) Loan notes issued on the acquisition of subsidiary undertakings - - (11,926) Liquid resources acquired with subsidiary - - - Movement in net debt in the period/year (10,749) (2,235) (3,526) Net funds at the beginning of the period/year (3,830) (304) (304) Net debt at the end of the period/year (14,579) (2,539) (3,830) Notes 1 The Interim Statement has been drawn up under the same accounting policies as those used for the Report and Accounts for the year ended 31 August 2002. The results for the six months ended 28 February 2003 and for the comparative period are not statutory accounts and have not been audited. The results for the year ended 31 August 2002 constitute non-statutory accounts extracted from the statutory accounts for that year which have been filed with the Registrar of Companies and on which the auditors gave an unqualified report under Section 235 of the Companies Act 1985. 2 The taxation charge is calculated by applying the directors' best estimate of the annual tax rate to the profit for the period. 3 Basic earnings per share of 5.9p (six months to 28 February 2002: 7.9p; year ended 31 August 2002: 21.7p) have been calculated on earnings of #1,095,000 (six months to 28 February 2002: #791,000; year ended 31 August 2002: #2,253,000) divided by the average number of ordinary shares in issue in the period (excluding those held by Connaught ESOP Trustee Limited) of 18,510,190 (six months to 28 February 2002: 10,075,615; year ended 31 August 2002: 10,376,870). Earnings per share before deduction of goodwill amortisation of 9.5p (six months to 28 February 2002: 9.1p; year ended 31 August 2002: 24.7p) are based upon earnings of #1,766,000 (six months to 28 February 2002: #912,000; year ended 31 August 2002: #2,558,000). Diluted earnings per share of 5.8p (six months to 28 February 2002: 7.4p; year ended 31 August 2002: 21.2p) have been calculated on earnings of #1,095,000 (six months to 28 February 2002: #791,000; and year ended 31 August 2002: #2,253,000) and after including the effects of all dilutive potential ordinary shares, which increases the average number of shares to 18,806,431 (six months to 28 February 2002 - 10,648,171; year ended 31 August 2002 - 10,617,609). Diluted earnings per share before goodwill amortisation of 9.4p (six months to 28 February 2002: 8.6p; year ended 31 August 2002: 24.1p) have been calculated on earnings of #1,766,000 (six months to 28 February 2002: #912,000; and year ended 31 August 2002: #2,558,000) and after including the effects of all dilutive potential ordinary shares, which increases the average number of shares to 18,806,431 (six months to 28 February 2002 - 10,648,171; year ended 31 August 2002 - 10,617,609). 4 Analysis of debt At 28 February At 31 August 2002 2001 #'000 #'000 Obligations under finance leases and hire purchase contracts In one year or less, or on demand 238 182 Between one and five years 512 304 750 486 Bank loans In one year or less, or on demand 1,483 1,483 Between one and five years 6,154 6,896 7,637 8,379 Loan notes In one year or less, or on demand 10,030 13,986 Between one and five years 150 150 10,180 14,136 5 A dividend of 2.6 pence per share will be paid on 20th June to holders on the register on 30th May 2003. 6 This interim statement is being sent to all shareholders. Copies may be obtained from the Company Secretary at the Registered Office of the Company: Connaught House, Pynes Hill, Rydon Lane, Exeter EX2 5TZ. This information is provided by RNS The company news service from the London Stock Exchange END IR GUUPGAUPWGBB
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