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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Adl | LSE:AD. | London | Ordinary Share | GB0005739999 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 50.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAD. RNS Number : 7855Z ADL PLC 29 September 2009 ADL plc Preliminary announcement of results for the year ended 31 March 2009 Operational and financial highlights Turnover decreased 10.1% to GBP5,430,255 from GBP6,043,335 Gross profit reduced by 27.8% to GBP1,646,502 from GBP2,278,913 Core operational profit before exceptional and property items reduced by 68.5% to GBP289,594 from GBP918,533 Total operating loss of GBP189,472 compared to GBP117,444 profit in 2008 Loss after interest and tax GBP743,569 compared to GBP462,898 in 2008 Group properties valued at GBP14.29m compared to GBP16.18m in 2008 For further information please contact: +--------------------------------------+--------------------------------------+ | ADL plc | | +--------------------------------------+--------------------------------------+ | Jeremy Davies, Managing Director | 07860 717458 | +--------------------------------------+--------------------------------------+ | | | +--------------------------------------+--------------------------------------+ | WH Ireland Limited | | +--------------------------------------+--------------------------------------+ | JN Wakefield, Director | 0117 9345 3470 | +--------------------------------------+--------------------------------------+ CHAIRMAN'S STATEMENT As reported at the time of our Interims, the past 12 months have been dominated by the Court case in respect of the allegations against management on Newsham House, Gloucester (the case was stayed by the judge in late November) and the closure of The Knoll in July 2008. Although the Newsham House judgement bought to an end a period of blight for the Company its cost in fees and management resources was considerable and this is fully reflected in the accounts to the 31st March 2009. Furthermore, The Knoll is still empty and as a consequence producing no income as the Regulatory Authority has still not heard the Company's appeal against the closure order. The resultant loss of income from both homes and exceptional costs of the Court case have meant that the Company's gross revenue for the 12 months to the 31st March 2009 was down at GBP5,430,000 (GBP613,000 less than 2008) and the loss after interest and tax was GBP743,000 (GBP280,000 more than 2008). Inevitably the significant loss made by the Company has had a seriously depleting effect on the Company's cash and although the Company has stayed within the financial requirements of its banking covenants there is little room for manoeuvre going forward. However I am pleased to say that the Company's other homes are all operating well and profitably. In addition the majority have had their CQC ratings improved during the last 12 months; the current situation as at the 1st August 2009 is that 5 homes are rated as good and 4 as adequate. The Company's firm intent is to ensure that all its homes are rated as good within the next 12 months. As I said in my Interim report the Company has been concentrating on stabilising the business since the outcome of the Court case, improving relationships with the Regulator and settling the future of The Knoll. I'm pleased to report that we are making good progress in respect of each of these objectives. Since the year end there have been two more positive moves, namely the Company has agreed and executed a lease on Newsham House to a 3rd party operator and the intention is to sell the resultant investment when market conditions improve. The annual valuation of the Company's properties has been completed and shows that there has been a significant downwards valuation as a result of the problems experienced at Newsham House and The Knoll as well as a general deterioration in market sentiment to commercial property investments. However notwithstanding this reduction in value the Company is still operating within the loan to property value requirements of its banking covenants, albeit with less head room than previously. Although there is a continuing and indeed an increasing demand for the care of the elderly the cases with which the Company is having to deal are becoming more complex and demanding whilst at the same time the squeeze on public expenditure is leading to resource constraint. As a consequence the future will be a challenging one with the need to carefully balance a quality service with the resources that the public sector have available to pay for the care. This will require the providers, the Regulator and Local Authorities to work closely together to ensure that the best care is achieved within the resource envelope available. The Company will continue to actively manage its homes in this more difficult climate and make every effort to settle the future of The Knoll whilst continuing to look for suitable opportunities to grow the business. We are very pleased to welcome Michael Chartres to the board as an additional non-executive director. Michael, who was until 2007 a partner of Littlejohn, our auditors, brings with him a wealth of knowledge and experience of the Company and the sector in which it operates. As explained in some detail in the Managing Directors Report the Directors are recommending, with significant Shareholder support, that the Company de-lists from the Alternative Investment Market as soon as possible. I strongly endorse this move and the Company has appointed its nominated adviser WH Ireland Limited, to advise on appropriate ways the Company may consider to enable the minority shareholders to realise their investments. It has been another difficult and uncertain year for the Company and I would like to thank all our staff for the way in which they have handled the situation and for their hard work and loyalty. Sir William Wells Chairman 24th September 2009 MANAGING DIRECTOR'S REPORT As outlined by the Chairman in his statement the performance of our company has been dramatically affected by the legal action taken by Gloucestershire Constabulary in September 2007 following the joint inspection by CSCI and police in July 2005 on Newsham House, Gloucester. The Company and its two Executive Directors were charged with wilful neglect. As previously reported this case was stayed by his Honour Judge Ticehurst in November 2008 at Bristol Crown Court. During the period September 2007 - November 2008, the Executive Directors were placed on the provisional Protection of Vulnerable Adults List following an application by CSCI officers, and their access to the homes was restricted to particular tasks. The Acting Manager at Newsham House, who had been retained in a medical/administrative capacity in order to maintain continuity, was ejected from the home by CSCI officers. This undermined the confidence of residents and their relatives. Morale and standards at the home fell as it was effectively unmanaged, culminating in the Regulator applying to the Care Standards Tribunal to de-register the home. As previously reported, Lifeline Homes Limited ("Lifeline") managed the home on our behalf until Lifeline obtained registration. Immediately thereafter we contracted into a 30 year lease of the premises to Lifeline. We are currently in advanced negotiations to sell Lifeline the freehold interest, albeit at a reduced price to the previous valuation. This year's valuation includes this reduction in value. I have made a formal complaint on behalf of the Company and Directors to Gloucestershire Constabulary in relation to the legality of the joint inspection and certain matters relating to evidence subsequently provided for the court case. During the period when access to our homes was restricted, as previously reported, Bradford City Council, with the support of CSCI, removed all the residents from The Knoll and CQC (the successor to CSCI) has served notice of de-registration. Again this has had a major impact on this year's property revaluation, earnings and cash flow of the Company. This action is very strongly contested but in the meantime your Board intends to sell this asset. The combined effect of lack of trading from these homes reduced our earnings; and had a considerable effect on our cash flow and potential profitability. In order to protect the Company, this has caused the Directors to have to seek a significant reduction in the central overheads. In view of the low interest rate environment, central overheads have in any event been significantly reduced, but any prudent borrower must expect interest rates to rise and for that reason further cost cutting measures are required. Your Board considers that, with reduction in the Company's scope of activities, the listing on the AIM market is both costly and unnecessary because, as the experience of the last two years has demonstrated, there is little liquidity in the market for the shares. For these reasons the Directors consider that it is in the best interests of the shareholders to de-list from AIM and as a consequence the relevant resolution is included in the enclosed agenda for the AGM. The Directors will work closely with the Company's nominated adviser, WH Ireland Limited, to consider ways in which the minority shareholders may realise the value of their shares and will prepare a circular at which shareholders' approval to this proposed course of action will be sought and advising them of the likely financial and other implications. At the time of writing the company secretary holds irrevocable undertakings in favour of the resolution to de-list in respect of 83.66% of the total stake holdings and thus the de-listing. Jeremy Davies Managing Director 24th September 2009 GROUP INCOME STATEMENT for the year ended 31 March 2009 +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | | | | | | Year to | | Year to | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | | | | | | 31 Mar 09 | | 31 Mar 08 | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | | | | | | GBP'000 | | GBP'000 | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | Revenue | | | | | | | | +------------------------+---------+----------------+--------+------------+---+------------+---+ | | | | | | | | | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | | Continuing operations | | | 5,430 | | 6,043 | | +---+------------------------------+----------------+--------+------------+---+------------+---+ | | | | | | 5,430 | | 6,043 | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | Cost of Sales | | | | | | | | +------------------------+---------+----------------+--------+------------+---+------------+---+ | | | | | | | | | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | | Continuing operations | | | (3,784) | | (3,764) | | +---+------------------------------+----------------+--------+------------+---+------------+---+ | | | | | | (3,784) | | (3,764) | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | | | | | | | | | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | Gross Profit | | | | 1,646 | | 2,279 | | +------------------------+---------+----------------+--------+------------+---+------------+---+ | | | | | | | | | +---+------------------------------+----------------+--------+------------+---+------------+---+ | | Administrative expenses | | | | | | | +---+------------------------------+----------------+--------+------------+---+------------+---+ | | - continuing operations | | (1,465) | | (1,497) | | +---+-----------------------------------------------+--------+------------+---+------------+---+ | | Other operating | | | | 108 | | 136 | | | | income | | | | | | | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | | | (1,357) | | (1,361) | | +---------------------------------------------------+--------+------------+---+------------+---+ | | | | | | | +---------------------------------------------------+--------+------------+---+------------+---+ | Operational profit before exceptional and other gains and | 289 | | 918 | | | losses | | | | | +------------------------------------------------------------+------------+---+------------+---+ | | | | | | | | | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | | Exceptional items | | | | (478) | | (651) | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | | Other gains or (losses) | | | - | | (150) | | +---+------------------------------+----------------+--------+------------+---+------------+---+ | | | | | | (478) | | (801) | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | | | | | | | | | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | (Loss)/Profit from | | | | (189) | | 117 | | | operations | | | | | | | | +------------------------+---------+----------------+--------+------------+---+------------+---+ | | | | | | | | | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | | | | | | | | | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | | Finance income | | | | 10 | | 20 | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | | Finance costs | | | | (555) | | (614) | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | | | | | | | | | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | (Loss) on ordinary activities before tax | | (734) | | (477) | | +---------------------------------------------------+--------+------------+---+------------+---+ | | | | | | | | | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | | Tax (expense)/credit | | (9) | | 14 | | +---+-----------------------------------------------+--------+------------+---+------------+---+ | | | | | | | | | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | (Loss) for the financial year | | | (743) | | (463) | | +----------------------------------+----------------+--------+------------+---+------------+---+ | | | | | | | | | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ | (Loss) per ordinary share attributable to the | | (7.52)p | | (4.68)p | | | equity holders of the Company- basic and diluted | | | | | | +---+--------------------+---------+----------------+--------+------------+---+------------+---+ GROUP BALANCE SHEET at 31 March 2009 +---+--------------------+---------+-------------------+--+------------+---+------------+ | | | | | | | | Restated | +---+--------------------+---------+-------------------+--+------------+---+------------+ | | | | | | 31 Mar 09 | | 31 Mar 08 | +---+--------------------+---------+-------------------+--+------------+---+------------+ | | | | | | GBP'000 | | GBP'000 | +---+--------------------+---------+-------------------+--+------------+---+------------+ | Non-current assets | | | | | | | +------------------------+---------+-------------------+--+------------+---+------------+ | | Intangible assets | | | | 617 | | 891 | +---+--------------------+---------+-------------------+--+------------+---+------------+ | | Property, plant and | | | 14,285 | | 16,180 | | | equipment | | | | | | +---+------------------------------+-------------------+--+------------+---+------------+ | | Investments | | | | 2 | | 2 | +---+--------------------+---------+-------------------+--+------------+---+------------+ | | Deferred tax | | | | 33 | | 37 | | | assets | | | | | | | +---+--------------------+---------+-------------------+--+------------+---+------------+ | | | | | | 14,937 | | 17,110 | +---+--------------------+---------+-------------------+--+------------+---+------------+ | | | | | | | | | +---+--------------------+---------+-------------------+--+------------+---+------------+ | Non-current assets held for sale | | | 400 | | 500 | +----------------------------------+-------------------+--+------------+---+------------+ | | | | | | | | +------------------------+---------+-------------------+--+------------+---+------------+ | Current assets | | | | | | | +------------------------+---------+-------------------+--+------------+---+------------+ | | | | | | | | | +---+--------------------+---------+-------------------+--+------------+---+------------+ | | Inventories | | | | 9 | | 9 | +---+--------------------+---------+-------------------+--+------------+---+------------+ | | Trade and other receivables | | | 870 | | 852 | +---+------------------------------+-------------------+--+------------+---+------------+ | | Cash and cash equivalents | | | 278 | | 567 | +---+------------------------------+-------------------+--+------------+---+------------+ | | | | | | 1,157 | | 1,428 | +---+--------------------+---------+-------------------+--+------------+---+------------+ | | | | | | | | | +---+--------------------+---------+-------------------+--+------------+---+------------+ | Total assets | | | | 16,494 | | 19,038 | +------------------------+---------+-------------------+--+------------+---+------------+ | | | | | | | | | +---+--------------------+---------+-------------------+--+------------+---+------------+ | Current liabilities | | | | | | | +------------------------+---------+-------------------+--+------------+---+------------+ | Trade and other payables | | | (1,156) | | (1,235) | +----------------------------------+-------------------+--+------------+---+------------+ | Corporation tax liabilities | | | (5) | | (5) | +----------------------------------+-------------------+--+------------+---+------------+ | | | | | (1,161) | | (1,240) | +------------------------+---------+-------------------+--+------------+---+------------+ | | | | | | | | +------------------------+---------+-------------------+--+------------+---+------------+ | Non-current | | | | | | | | liabilities | | | | | | | +------------------------+---------+-------------------+--+------------+---+------------+ | | Borrowings | | | | (8,363) | | (8,456) | +---+--------------------+---------+-------------------+--+------------+---+------------+ | | Deferred tax | | | | (634) | | (1,172) | +---+--------------------+---------+-------------------+--+------------+---+------------+ | | | | | (8,997) | | (9,628) | +------------------------+---------+-------------------+--+------------+---+------------+ | | | | | | | | +------------------------+---------+-------------------+--+------------+---+------------+ | Total liabilities | | | | (10,158) | | (10,868) | +------------------------+---------+-------------------+--+------------+---+------------+ | | | | | | | | | +---+--------------------+---------+-------------------+--+------------+---+------------+ | Net assets | | | | 6,336 | | 8,170 | +------------------------+---------+-------------------+--+------------+---+------------+ | | | | | | | | | +---+--------------------+---------+-------------------+--+------------+---+------------+ | Capital and Reserves attributable to Equity holders of the Company | | | +----------------------------------------------------------------------+---+------------+ | | | | | | | | | +---+--------------------+---------+-------------------+--+------------+---+------------+ | | Called-up share capital | | | 1,522 | | 1,522 | +---+------------------------------+-------------------+--+------------+---+------------+ | | Share premium | | | | 3,712 | | 3,712 | | | account | | | | | | | +---+--------------------+---------+-------------------+--+------------+---+------------+ | | Revaluation | | | | 2,588 | | 3,794 | | | reserve | | | | | | | +---+--------------------+---------+-------------------+--+------------+---+------------+ | | Retained earnings | | | | (1,486) | | (858) | +---+--------------------+---------+-------------------+--+------------+---+------------+ | | | | | | | | | +---+--------------------+---------+-------------------+--+------------+---+------------+ | Total equity | | | | 6,336 | | 8,170 | +------------------------+---------+-------------------+--+------------+---+------------+ | | | | | | | | | +---+--------------------+---------+-------------------+--+------------+---+------------+ | Net assets per ordinary share | | | 64.1p | | 82.6p | +---+--------------------+---------+-------------------+--+------------+---+------------+ GROUP CASH FLOW STATEMENT for the year ended 31 March 2009 +-----------+---------------------+----------+--+--+-------------+--------------+----+------------+--+ | | | | | | | Year to | | Year to | +-----------+---------------------+----------+--+--+-------------+--------------+----+------------+ | | | | | | | 31 Mar 09 | | 31 Mar 08 | +-----------+---------------------+----------+--+--+-------------+--------------+----+------------+ | | | | | | | GBP'000 | | GBP'000 | +-----------+---------------------+----------+--+--+-------------+--------------+----+------------+ | Cash flows from operating | | | | | | | | activities | | | | | | | +--------------------------------------------+--+--+-------------+--------------+----+------------+ | Loss before | | | (734) | | (477) | | | taxation | | | | | | | +-----------------------------------------------+--+-------------+--------------+----+------------+--+ | Amortisation of | | | 115 | | 115 | | intangible | | | | | | | assets | | | | | | +-----------------------------------------------+--+-------------+--------------+----+------------+ | Impairment of | | | 615 | | - | | fixed assets | | | | | | +-----------------------------------------------+--+-------------+--------------+----+------------+ | Impairment of | | | 159 | | - | | goodwill | | | | | | +-----------------------------------------------+--+-------------+--------------+----+------------+ | Amortisation of | | | 18 | | 19 | | finance costs | | | | | | +-----------------------------------------------+--+-------------+--------------+----+------------+ | Depreciation | | | - | | 2 | +-----------------------------------------------+--+-------------+--------------+----+------------+ | Interest | | | (10) | | (20) | | received | | | | | | +-----------------------------------------------+--+-------------+--------------+----+------------+ | Interest paid | | | 555 | | 614 | +-----------------------------------------------+--+-------------+--------------+----+------------+ | Loss on disposal | | | - | | 50 | | of fixed assets | | | | | | +-----------------------------------------------+--+-------------+--------------+----+------------+ | Fair value of non | | - | | 100 | | current assets | | | | | | held for sale | | | | | +--------------------------------------------------+-------------+--------------+----+------------+ | Decrease in | | | - | | 2 | | inventories | | | | | | +-----------------------------------------------+--+-------------+--------------+----+------------+ | (Increase) in trade and other | (18) | | (11) | | receivables | | | | +----------------------------------------------------------------+--------------+----+------------+ | Decrease / (increase) in trade | (290) | | 335 | | and other payables | | | | +----------------------------------------------------------------+--------------+----+------------+ | Transfer of deferred | (249) | | - | | consideration to property | | | | +----------------------------------------------------------------+--------------+----+------------+ | UK Corporation | | | (5) | | (9) | | tax paid | | | | | | +-----------------------------------------------+--+-------------+--------------+----+------------+ | Net Cash Inflow from Operating | | | 156 | | 720 | | Activities | | | | | | +-----------------------------------------------+--+-------------+--------------+----+------------+ | | | | | | | | | | +-----------+---------------------+----------+--+--+-------------+--------------+----+------------+ | Cash flows from investing activities | | | | | | +-----------------------------------------------+--+-------------+--------------+----+------------+ | | | | | | | | | +-----------+--------------------------------+--+--+-------------+--------------+----+------------+ | | | | | | | | | +-----------+--------------------------------+--+--+-------------+--------------+----+------------+ | | Interest received | | | | | 10 | | 20 | +-----------+---------------------+----------+--+--+-------------+--------------+----+------------+ | | Interest paid | | | | | (555) | | (614) | +-----------+---------------------+----------+--+--+-------------+--------------+----+------------+ | Net Cash (used in) investing | | | | (545) | | (594) | | activities | | | | | | | +--------------------------------------------+--+--+-------------+--------------+----+------------+ | | | | | | | | | | +-----------+---------------------+----------+--+--+-------------+--------------+----+------------+ | Cash flows from financing | | | | | | | | activities | | | | | | | +--------------------------------------------+--+--+-------------+--------------+----+------------+ | | | | | | | | | | +-----------+---------------------+----------+--+--+-------------+--------------+----+------------+ | Proceeds | | | | | 100 | | 100 | | from | | | | | | | | | borrowings | | | | | | | | +---------------------------------+----------+--+--+-------------+--------------+----+------------+ | Net Cash from financing activities | | | 100 | | 100 | +-----------------------------------------------+--+-------------+--------------+----+------------+ | | | | | | | | | | +-----------+---------------------+----------+--+--+-------------+--------------+----+------------+ | Net (Decrease)/increase in cash and cash equivalents | (289) | | 226 | +----------------------------------------------------------------+--------------+----+------------+ | Cash and cash equivalents at beginning of year | 567 | | 341 | +----------------------------------------------------------------+--------------+----+------------+ | Cash and cash equivalents at end of year | 278 | | 567 | +-----------+---------------------+----------+--+--+-------------+--------------+----+------------+--+ Notes To The Preliminary Announcement For the year ended 31 March 2009 1. Basis of preparation The financial information presented in this preliminary announcement is extracted from, and is consistent with, the Group's audited financial statements for the year ended 31 March 2009. The preliminary announcement for the year ended 31 March 2009 was approved by the Board of Directors on 24 September 2009. The financial information set out above does not constitute the Company's statutory financial statements for the year ended 31 March 2009 or 2008 but is derived from those financial statements. Statutory financial statements for 2009 will be delivered shareholders without delay and to the registrar of companies following the Company's annual general meeting. The financial statements for the year ended 31 March 2009 and 2008 were reported on by the auditors without qualification or an emphasis of matter reference and did not contain a statement under section 498(2) or (3) of the Companies Act 2006 (2008: a statement under section 237(2) or (3) of the Companies Act 1985). The Group's results have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. 2.Copies of this statement Copies of this statement are available from the Company Secretary at the Company's registered office at Corbie Steps, 89 Harehills Lane, Leeds LS7 4HA and from the Company's website at www.adlcare.com. This information is provided by RNS The company news service from the London Stock Exchange END FR LPMITMMITBJL
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