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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
AI Claims | LSE:ACS | London | Ordinary Share | GB0009374090 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMACS
RNS Number : 4921Y
AI Claims Solutions PLC
01 March 2012
The following amendment has been made to the announcement released on 1 March 2012 at 07:00 under RNS No 4308Y. In the Consolidated Statement of Cash Flow the decrease/(increase) in trade & other receivables should have been GBP202,000 instead of GBP5,913,000 and the (decrease)/increase in trade & other payables should have been GBP2,416,000 instead of -GBP3,295,000. These changes do not affect either the reported operational cash flow or the reported net cash flow. The full amended text is shown below.
Ai CLAIMS SOLUTIONS PLC
Interim Report for the 6 months ended 31 December 2011
6 Months 6 Months Year To To Dec To Dec Jun 11 11 10 Audited Unaudited Unaudited GBP'000 GBP'000 GBP'000 Revenue 47,500 60,139 117,621 Gross margin 21.1% 17.6% 18.5% Adjusted profit(1) 1,211 1,715 3,811 Profit before taxation 1,177 1,685 3,737 Taxation (319) (486) (1,084) Profit for the period 858 1,199 2,653 Dividends (256) (227) (428) Earnings per share (EPS): * Adjusted basic(2) 1.46p 2.01p 4.46p 1.41p 1.96p 3.34p * Basic Dividend per share 0.33p 0.33p 0.75p
Financial Highlights
0 Net debt reduced by GBP3.2m (to GBP19.1m) in the six month period to 31 Dec 11
0 Operating cash inflow of GBP4.0m (6M to Dec 10: outflow of GBP2.8m)
0 Revenue decreased by 21% to GBP47.5m from GBP60.1m
0 Gross margin increased to 21.1% (6M to Dec 10: 17.6%)
0 31% decrease in adjusted profits(1) to GBP1.2m (6M to Dec 10: GBP1.7m)
0 Earnings(2) before interest, taxation, depreciation & amortisation (EBITDA) reduced by 15% to GBP2.3m (6M to Dec 10: GBP2.7m)
0 Adjusted profit(1) margin of 2.5% (6M to Dec 10: 2.9%)
0 Adjusted basic EPS of 1.46p (6M to Dec 10: 2.01p)
0 Proposed interim dividend of 0.33p per share (6M to Dec 10: 0.33p per share)
(1) "Adjusted profit" represents profit before taxation excluding IFRS 2 share option charges (2) based on profit for the period excluding IFRS 2 share option charges
For further information, please contact:
Ai Claims Solutions plc David Sandhu 0844 571 3108 Peter Harrison 0844 571 3200 Shore Capital (Nomad) 020 7408 4090 Dru Danford Stephane Auton Bellingham Communications Ben Welsh 07740 499765
Chairman's Statement
Ai Claims has delivered a creditable first half performance in challenging market conditions. We had already flagged the likely impact on our revenues of warmer than average winter weather this year and the continuing reduction in accident frequency and repair cycle times. These impacts have caused revenue to reduce by 21% to GBP47.5m (6M to Dec 10: GBP60.1m), with hire income reducing by 25% and repair income by 14%. Adjusted profit(1) has declined to GBP1.2m (6M to Dec 10: GBP1.7m). Gross margin has increased by 3.5% to 21.1% (6M to Dec 10: 17.6%), as a result of an increase in GTA(3) rates and improvements in hire and repair operations. Administrative expenses and interest charges reduced by GBP0.1m but, as a % of turnover, increased by 3.9% to 18.6% (6M to Dec 10: 14.7%), resulting in a reduction in net margin of 0.4% from 2.9% to 2.5%.
We have reduced our net debt during the half-year by GBP3.2m. Work-in-progress days held steady at 22 days (30 Jun 11: 22 days). Debtor days were 163 days (30 Jun 11: 131 days). The calculation of these ratios reflects the impact of turnover that was significantly lower in the first half of 2011/12 than it was in the second half of 2010/11. In late 2011, Ai signed a block settlement with a leading insurer with no diminution in carrying value, and the team is in discussions with several other insurers to develop separate payment protocols, which we expect to reduce further outstanding debt.
At the end of 2011, we were delighted to announce the appointment of Simon Pook as Ai's chief operating officer (COO). Simon is already getting to grips with the challenges surrounding debtor days and re-alignment of cost base and has a wide brief to review and develop our operations expertise, building on our winning performance in the Call North West Awards, where Ai won Call Centre of the Year.
I'm pleased to announce that Ai has renewed its contract with ULR Additions, a major broker based partner, for a further period of three years with effect from 1 March 2012. We also retained the business of three vehicle manufacturers. We secured renewals with improved terms for our rental partnership agreements and also secured enhanced supply terms with Ai's repair network.
As we move into the next phase of our future strategy, we have successfully piloted our first full claims outsourcing (FCO) solution for a broker. We plan to extend FCO to other branches in the network, as well as going live with a new insurer in the early part of 2012.
We welcome Quindell Portfolio PLC as a major investor in the business, and look forward to working with them to develop new commercial opportunities.
The accident management market continues to operate in a tough trading environment, and the level of political and media scrutiny of our industry remains high, especially following the Prime Minister's recent insurance summit, designed to bring down motor premiums. As the ethical provider of accident solutions, we have played a leading role asserting our arguments in the media and among politicians, including the Transport Select Committee, Ministers and MPs. We also continue to co-operate fully with the OFT Inquiry into credit hire, which is due to report later this Spring.
As mentioned above, Ai Claims has delivered a creditable first half performance in challenging market conditions and continues to trade in line with management expectations. I remain confident that prudent financial management, a strong and experienced executive team and a continued focus on operational excellence will see Ai Claims Solutions emerge as one of the winners in the accident management market, ready to grasp the opportunities which change inevitably brings. The Board is pleased to announce an interim dividend of 0.33p per share (6M to Dec 10: 0.33p). The dividend will be paid on 16 July 2012 to shareholders on the register at 22 June 2012.
Finally I would like to thank our hard working and committed people for the great job they continue to do every day in delivering our promises we make to our customers.
Steve Broughton
Chairman
1 March 2012
(3) the Association of British Insurers' General Tariff Agreement
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 MONTHS TO 31 DECEMBER 2011
6 Months 6 Months Year To To Dec To Dec Jun 11 11 10 Audited Unaudited Unaudited GBP'000 Note GBP'000 GBP'000 Revenue 47,500 60,139 117,621 Cost of sales (37,489) (49,555) (95,902) ----------- ----------- --------- Gross profit 10,011 10,584 21,719 Administrative expenses (8,394) (8,515) (17,163) ----------- ----------- --------- Operating profit 1,617 2,069 4,556 Financial expenses (440) (384) (819) ----------- ----------- --------- Profit before taxation 1,177 1,685 3,737 Income tax 4 (319) (486) (1,084) ----------- ----------- --------- Profit for the period 858 1,199 2,653 ----------- ----------- --------- Basic earnings per ordinary share 3 1.41p 1.96p 4.34p ----------- ----------- --------- Diluted earnings per ordinary share 3 1.38p 1.95p 4.21p ----------- ----------- ---------
All income arises from continuing operations.
The profit and total comprehensive income for the period is fully attributable to the equity holders of the parent.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2011
31 Dec 31 Dec 30 Jun 11 10 11 Note GBP'000 GBP'000 GBP'000 Assets Non-current assets Goodwill 6,726 6,726 6,726 Other intangible assets 3,946 3,760 3,860 Property, plant & equipment 2,054 2,443 2,196 Deferred tax asset 128 111 128 --------- --------- --------- 12,854 13,040 12,910 --------- --------- --------- Current assets Trade & other receivables 5 63,480 64,368 63,682 Cash & cash equivalents 80 50 57 --------- --------- --------- 63,560 64,418 63,739 --------- --------- --------- Total assets 76,414 77,458 76,649 ========= ========= ========= Liabilities Current liabilities Interest bearing loans & borrowings 6 (18,414) (22,014) (21,506) Trade & other payables 7 (37,752) (36,602) (35,282) Income tax liability (453) (592) (533) --------- --------- --------- (56,619) (59,208) (57,321) --------- --------- --------- Non-current liabilities Interest bearing loans & borrowings 6 (794) (1,036) (871) --------- --------- --------- Total liabilities (57,413) (60,244) (58,192) ========= ========= ========= Total assets less total liabilities 19,001 17,214 18,457 --------- --------- --------- Shareholders' equity Share capital 6,142 6,142 6,142 Share premium account 1,579 1,579 1,579 Other reserves 270 201 238 Retained earnings 11,138 9,320 10,626 Treasury shares (128) (28) (128) --------- --------- --------- Total shareholders' equity 19,001 17,214 18,457 --------- --------- ---------
CONSOLIDATED STATEMENT OF CASH FLOW
6 MONTHS TO 31 DECEMBER 2011
6 Months 6 Months Year To To Dec To Dec Jun 11 11 10 Audited Unaudited Unaudited GBP'000 Note GBP'000 GBP'000 Cash flows from operating activities Profit for the period 858 1,199 2,653 Adjustments for: Depreciation of property, plant & equipment 253 287 544 Amortisation of other intangibles 394 300 634 Share compensation charge 34 30 74 Cash settled share options (91) (91) (98) Financial expense 440 384 819 Taxation 319 486 1,084 Decrease/(increase) in trade & other receivables 202 (8,370) (7,684) Increase in trade & other payables 2,416 3,729 2,435 Interest paid (440) (384) (819) Taxation paid (400) (373) (994) ----------- ----------- --------- Net cash inflow/(outflow) from operating activities 3,985 (2,803) (1,352) ----------- ----------- --------- Cash flows from investing activities Purchases of property, plant & equipment (11) (79) (84) Purchases of other intangible assets (443) (531) (964) ----------- ----------- --------- Net cash outflow from investing activities (454) (610) (1,048) ----------- ----------- --------- Cash flows from financing activities Purchase of treasury shares - - (100) Repayment of borrowings (44) (99) (81) Finance lease principal repayments (133) (16) (199) Dividends paid (202) - (227) ----------- ----------- --------- Net cash outflow from financing activities (379) (115) (607) ----------- ----------- --------- Net increase/(decrease) in cash & cash equivalents 3,152 (3,528) (3,007) Cash & cash equivalents at the start of the period (21,153) (18,146) (18,146) ----------- ----------- --------- Cash & cash equivalents at the end of the period (18,001) (21,674) (21,153) ----------- ----------- ---------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
6 MONTHS TO 31 DECEMBER 2011
Share Share Other Treasury Retained capital premium reserves shares earnings Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 January 2010 6,142 1,579 275 (54) 7,131 15,073 Profit & total comprehensive income for the period - - - - 1,328 1,328 Share based payments - - (6) 26 47 67 Tax on items charged to equity - - - - 12 12 Dividends to equity holders - - - - (177) (177) --------- -------- ---------- -------- --------- --------- At 30 June 2010 6,142 1,579 269 (28) 8,341 16,303 Profit & total comprehensive income for the period - - - - 1,199 1,199 Share based payments - - (68) - 7 (61) Dividends to equity holders - - - - (227) (227) --------- -------- ---------- -------- --------- --------- At 31 December 2010 6,142 1,579 201 (28) 9,320 17,214 Profit & total comprehensive income for the period - - - - 1,454 1,454 Share based payments - - 37 - 1 38 Purchase of treasury shares - - - (100) - (100) Tax on items charged to equity - - - - 52 52 Dividends to equity holders - - - - (201) (201) --------- -------- ---------- -------- --------- --------- At 30 June 2011 6,142 1,579 238 (128) 10,626 18,457 Profit & total comprehensive income for the period - - - - 858 858 Share based payments - - 32 - (90) (58) Dividends to equity holders - - - - (256) (256) --------- -------- ---------- -------- --------- --------- At 31 December 2011 6,142 1,579 270 (128) 11,138 19,001 --------- -------- ---------- -------- --------- ---------
NOTES TO THE INTERIM STATEMENT: 6 MONTHS TO 31 DECEMBER 2011
1. Basis Of Preparation
The results for the six months to 31 December 2011, which are unaudited, have been prepared on a basis consistent with the recognition and measurement principles of International Financial Reporting Standards (IFRS); this is consistent with the accounting policies set out in the audited annual accounts.
The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year to 30 June 2011 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain statements under Section 498(2) or Section 498(3) of the Companies Act 2006.
2. Segmental Reporting
The Group operates in one operating segment, being the delivery of accident management and other solutions to the automotive and insurance sectors, conducted wholly in the United Kingdom.
Accordingly no segmental information for operating segments is disclosed. Management information is provided to the chief operating decision maker on the type of service provided at a gross profit level being hire or repair. However, discrete financial information is not available and it is not possible to allocate costs to a sufficient level to allow this information to be used to make decisions about resources to be allocated or to assess performance.
3. Earnings Per Share
Basic Earnings Per Ordinary Share
The calculation of basic earnings per ordinary share at 31 December 2011 is based on the profit for the period attributable to equity holders of the parent and a weighted average number of ordinary shares outstanding during the period, calculated as follows:
6 Months 6 Months Year To To Dec To Dec Jun 11 11 10 Audited Unaudited Unaudited Profit for the period attributable GBP858,000 GBP1,199,000 GBP2,653,000 to ordinary shareholders Weighted average number of ordinary shares 60,944,522 61,274,522 61,165,454 Basic earnings per share 1.41p 1.96p 4.34p
Diluted Earnings Per Ordinary Share
The calculation of diluted earnings per ordinary share at 31 December 2011 is based on the profit for the period attributable to equity holders of the parent and a weighted average number of ordinary shares outstanding during the period including share options with a dilutive effect, calculated as follows:
6 Months 6 Months Year To To Dec To Dec Jun 11 11 10 Audited Unaudited Unaudited Profit for the period attributable GBP858,000 GBP1,199,000 GBP2,653,000 to ordinary shareholders Weighted average number of ordinary shares - diluted 61,974,814 61,515,091 63,055,833 Diluted earnings per share 1.38p 1.95p 4.21p
3. Earnings Per Share (continued)
Adjusted Basic Earnings Per Ordinary Share
The calculation of adjusted basic earnings per ordinary share at 31 December 2011 is based on the profit for the period attributable to equity holders of the parent(1) and a weighted average number of ordinary shares outstanding during the period, calculated as follows:
6 Months 6 Months Year To To Dec To Dec Jun 11 11 10 Audited Unaudited Unaudited Profit for the period attributable GBP892,000 GBP1,229,000 GBP2,727,000 to ordinary shareholders(1) Weighted average number of ordinary shares 60,944,522 61,274,522 61,165,454 Adjusted basic earnings per share 1.46p 2.01p 4.46p (1) excluding IFRS 2 share option charges
4. Taxation
6 Months 6 Months Year To To Dec To Dec Jun 11 11 10 Audited Unaudited Unaudited GBP'000 GBP'000 GBP'000 Current period tax charge 319 486 1,084 ---------- ---------- --------
The tax charge is based on the estimated expected tax rate for the period. The effective tax rate for the 6 months to 31 December 2011 is 27.1% (6M to 31 Dec 2010: 28.8%). The effective rate of tax for the year to 30 June 2011 was 29.0%. The basic rate of corporation tax for the 6 months to 31 December 2011 was 26.0% & for the 6 months to 31 December 2010 was 28.0%. The effective rate used varies from this due to non-deductible expenditure.
5. Trade & Other Receivables
31 Dec 31 Dec 30 Jun 11 10 11 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Trade receivables 54,016 48,812 52,497 Other receivables 1,239 1,514 1,725 Prepayments and accrued income 8,225 14,042 9,460 ---------- ---------- -------- 63,480 64,368 63,682 ---------- ---------- --------
6. Financial Liabilities - Borrowings
31 Dec 31 Dec 30 Jun 11 10 11 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Current liabilities Current portion of secured bank loans 97 99 84 Current portion of finance lease liabilities 236 191 212 Bank overdraft 18,081 21,724 21,210 ---------- ---------- -------- 18,414 22,014 21,506 ---------- ---------- -------- 31 Dec 31 Dec 30 Jun 11 10 11 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Non-current liabilities Bank loans 658 740 714 Finance lease liabilities 136 296 157 ---------- ---------- -------- 794 1,036 871 ---------- ---------- --------
7. Trade & Other Payables
31 Dec 31 Dec 30 Jun 11 10 11 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Current liabilities Trade payables 17,157 18,380 13,637 Other taxation and social security 11,228 8,098 10,445 Other payables 679 714 780 Dividend declared 256 227 201 Accruals and deferred income 8,432 9,813 10,219 ---------- ---------- -------- 37,752 36,602 35,282 ---------- ---------- --------
8. Interim Report
This interim report was approved by the Board on 1 March 2012.
INDEPENDENT REVIEW REPORT TO AI CLAIMS SOLUTIONS PLC
Introduction
We have been engaged by the Company to review the financial information in the half-yearly financial report for the six months to 31 December 2011 which comprises the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flow and the related Notes 1 to 8. We have read the other information contained in the half-yearly financial report which comprises the Group Financial Summary & Highlights and the Chairman's Statement and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the Company in accordance with guidance contained in ISRE (UK and Ireland) 2410, 'Review of Interim Financial Information performed by the Independent Auditor of the Entity'. Our review work has been undertaken so that we might state to the Company those matters we are required to state to them in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusion we have formed.
Directors' Responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The AIM rules of the London Stock Exchange require that the accounting policies and presentation applied to the financial information in the half-yearly financial report are consistent with those which will be adopted in the annual accounts having regard to the accounting standards applicable for such accounts. As disclosed in Note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The financial information in the half-yearly financial report has been prepared in accordance with the basis of preparation in Note 1.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the financial information in the half-yearly financial report based on our review.
Scope of Review
We conducted our review in accordance with ISRE (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial information in the half-yearly financial report for the six months to 31 December 2011 is not prepared, in all material respects, in accordance with the basis of preparation described in Note 1.
Grant Thornton UK LLP
Auditor, Manchester, United Kingdom
1 March 2012
This information is provided by RNS
The company news service from the London Stock Exchange
END
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