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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aquilo | LSE:AQL | London | Ordinary Share | GB00B1LJ8P37 | 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% | 3.35 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9838R Aquilo PLC 30 September 2005 Interim Results - for the period ended 30 June 2005 Aquilo Plc ("Aquilo") today announces its half year results for the period ended 30 June 2005. Financial and Trading Highlights Aquilo the support services business to the property and motor insurance sector, today announces interim results for the first half of its 2005 financial year. The first six months of 2005 was a transforming period for Aquilo. Foundations were laid for the rapid growth of the property claims business including the acquisition of HFC Select in March. ABS Bodyshop Services Ltd was acquired in February to strengthen the motor services division. The sale and leaseback of Meridian House was completed (ABS head office) and a new managing director was appointed to build and grow the motor services division (start date 1st September). Financial Highlights * Turnover up to #11.09m (2004: #1.83m). * Gross Profit up to #2.07m (2004: #0.88m). * Profit before interest #7,953 (2004: losses of #650,308). Trading Highlights * The strategic consultancy business has continued to build its' client base and has proved itself an important differentiator for the Group, especially post Spitzer. * The property claims business showed excellent growth across all its activities and will achieve in excess of #3m turnover by the end of 2005. * The motor services business saw the acquisition of ABS Bodyshop Services Ltd and the integration of services at Northwich. Delay in building the customer base has resulted in a weakness in volume in the first half; however, new contracts have already started in the second half. * The Colindale office in North London was closed. The sale and leaseback of Meridian House (Northwich) was completed so as to give a more flexible asset base to underpin the organic growth strategy of the Group. * Management's priorities are to achieve volume growth, continue to improve operational structures and processes and ensure maximum efficiency in the cost base of the Group. Chairman's Statement The first half of 2005 had a number of milestones; the acquisitions of ABS Bodyshop Services Ltd and HFC Select, the substantial growth of the property claims division, the closure of Colindale and the sale and leaseback of Meridian House in Northwich. This amount of change has only been possible with the continued commitment of key staff and advisors to the board. The directors would like to thank all those involved. At an operational level, the team has continued to make strides in developing the client base, has successfully established new businesses and integrated the acquisitions made during the period. The amount of new activity has been substantial and the team is to be commended for its considerable efforts. The transformation of the business during the first half of 2005 would not have been possible without new funding and we would like to thank the Bank of Scotland and our shareholders for their continued financial support. Results Turnover up to #11.09m (2004: #1.83m) as a result of organic growth and acquisitions. Gross profit up to #2.07m (2004: #0.88m) and profit before interest of #7,953 (2004: losses of #650,308). Exceptional costs due to restructuring post ABS acquisition in excess of #0.35m will give substantial benefits in 2005 and across future years. An exceptional profit of #0.8m was generated on the sale of Meridian House in Northwich. Interest payable rose to #0.10m (2004: #0.07m) as a result of funding the acquisitions. The property claims division has exceeded expectations and will be ahead of plan in the second half of 2005. The motor services division has been weak on volume of sales but new client business has started in September which will produce substantial, additional gross profit. Overall, the Group is being transformed and the investments made in the first half of 2005 are now starting to show returns. Aquilo Strategic Services This service is a highly valuable differentiator for the Group, especially post Spitzer. During 2005 new contracts have started and new opportunities have been delivered for the property and motor services divisions. This cross selling will increase in importance over the coming years. A growth plan has been developed which is now being executed to grow the resources of this business and corresponding revenues in 2006. Aquilo Business Solutions This business deals with property claims and it has achieved excellent growth in its three main areas of fraud management, claims validation and supply chain fulfilment. It has rapidly grown its client list and the directors have every confidence that the second half of 2005 will exceed plan and achieve profit across 2005 as a whole and revenues in excess of #3m. Demand for its fraud service, Rezolve, is very strong across a widening range of insurance categories and the division is growing its resource base to meet the available demand. Aquilo Motor Services The key focus for this division post the acquisition of ABS Bodyshop Service Ltd has been the integration of the various streams of activities in Meridian House, Northwich so as to enable the closure of Colindale and obtain significant financial savings. The first six months of 2005 saw weakness in demand and delayed success in obtaining new customers and contracts. A key issue in the period was to speed up the implementation of the new integrated claims (ICE) system which is a critical element in expanding the range of services available, especially first response. These investments are now paying dividends with new clients having been signed and further gains will be made given the arrival of the new managing director at the start of September. Accidentcare This business has maintained its position in the first half of 2005 through broadening its partnership with Broker Assistance post the closure of the Colindale premises in North London. This business is, however, not a key area of focus for Aquilo and the board has been considering a range of strategic options including disposal to a third party. Outlook The directors of Aquilo see a very positive outlook for 2006 building on all the activities of 2005. Furthermore, the second half of 2005 will be profitable in its own right through delivering new revenues and continuing to control the cost base of the company. A small number of very large strategic growth opportunities are being worked on; any one of which will reinforce Aquilo's position as an innovative industry leader and build sustainable financial returns for shareholders. For further information please contact: Alan Frame, Equity Development Limited, Tel: 0207 405 7777 Alasdair Robinson, Noble & Company Limited, Tel: 0131 225 9677 AQUILO PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT Notes Unaudited six Unaudited six months to 30 June months to 30 June 2005 2004 # # Turnover 11,085,342 1,827,405 Cost of Sales 9,011,109 944,080 _________ ________ Gross Profit 2,074,233 883,325 Operating/administrative expenses 2,535,374 1,433,431 _________ ________ Operating loss (461,141) (550,106) Exceptional items 469,094 (100,202) _________ ________ Profit/(loss) on ordinary activities before 7,953 (650,308) interest Interest Receivable 10,765 2,687 Interest Payable (102,950) (70,588) _________ ________ Loss on ordinary activities before taxation (84,232) (718,209) Tax on losses on ordinary activities 0 0 _________ ________ Retained loss for period (84,232) (718,209) _________ ________ Loss per share Basic 3 (0.03p) (0.5p) AQUILO PLC CONSOLIDATED BALANCE SHEET Notes Unaudited as at Unaudited as at 30 June 2005 30 June 2004 # # Fixed Assets Intangible assets - negative goodwill (8,201) 0 Intangible assets - other 1,139,770 249,800 Tangible assets 670,708 126,116 Investments 176,549 118,600 ________ ________ 1,978,826 494,516 ________ ________ Current Assets Stock and work in progress 144,301 0 Debtors 4 4,592,135 1,194,702 Cash at bank and in hand 1,033,142 487,512 ________ ________ 5,769,578 1,682,214 ________ ________ Total Assets 7,748,404 2,176,730 ________ ________ Creditors: Amounts falling due within one year 5 4,926,003 1,193,286 Creditors: Amounts falling due after more than one year 6 1,899,097 0 Provisions for liabilities and charges 48,256 36,000 ________ ________ 6,873,356 1,229,286 Capital and Reserves Called up share capital 3,219,646 2,907,531 Share premium account 1,133,581 1,150,328 Shares not yet issued 250,000 0 Profit and loss account (3,741,529) (3,110,415) Minority interest * 13,350 0 _______ ________ 875,048 947,444 ________ ________ Total Liabilities 7,748,404 2,176,730 ________ ________ * - Minority Interest - relates to 1.33% holding in ABS Bodyshop Services Limited by repairers. AQUILO PLC CONSOLIDATED CASH FLOW STATEMENT Notes Unaudited six Unaudited six months to 30 June months to 30 June 2005 2004 # # Cash Flow Statement Cash flow from operating activities 7 (966,213) (1,035,884) Returns on investment and servicing of finance (92,185) (76,267) Taxation 0 0 Capital expenditure and financial investment (634,869) (284,326) Equity dividends paid 0 0 _________ __________ Cash outflow before management of liquid (1,693,267) (1,396,477) resources and financing Financing 2,594,437 2,362,391 _________ __________ Increase in cash in the period 901,170 965,914 _________ __________ Reconciliation of net cash flow movement in net debt Increase in cash in the period 901,170 965,914 Cash outflow from changes in net debt 0 8,920 Loan stock converted into share capital 0 795,000 ________ _________ Movement in net funds in the period 901,170 1,769,834 Net funds/(debt) at the start of the period 9,101 (1,282,322) ________ __________ Net funds at the end of the period 910,271 487,512 ________ __________ AQUILO PLC RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS FUNDS Unaudited six Unaudited six months to 30 June months to 30 June 2005 2004 # # Loss for the financial period (84,232) (718,209) Shares issued 312,115 1,980,466 Share premium on shares issued 234,089 1,485,350 Costs set off against share premium account (227,375) (369,442) Disposal of Aquilo Technology Ltd 0 252,489 Dormant subsidiaries dissolved 0 (1,602) Minority interests 13,350 0 ________ _________ Net addition to shareholders funds 247,946 2,629,052 Opening shareholders funds 627,102 (1,681,608) ________ _________ Closing shareholders funds 875,048 947,444 ________ _________ AQUILO PLC NOTES TO THE ACCOUNTS 1. Basis of Preparation The financial information contained in these statements for the six months ended 30 June 2005 and 30 June 2004 is unaudited and does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The financial information for the year ended 31 December 2004 has been extracted from the statutory accounts for that period which carried an unqualified audit report and which have been filed with the Registrar of Companies. Copies of the Interim Report are available from the Company Secretary, Meridian House, Gadbrook Park, Northwich, Cheshire, CW9 7RA. 2. Taxation There is estimated to be no tax charge for the period. 3. Earnings per share The earnings per share is based on the loss for the period of #95,061 (30 June 2004: #718,209 loss) and the weighted average number of ordinary shares in issue for the six months ended 30 June 2005 of 319,409,422 (30 June 2004: 154,732,021). 4. Debtors Unaudited 30 June Unaudited 30 June 2005 2004 # # Trade debtors 3,346,272 650,964 Other debtors 730,422 380,726 Prepayments and accrued income 515,441 163,012 ________ ________ 4,592,135 1,194,702 ________ ________ The figure for trade debtors is unusually high as the balance includes #1.6 million net due in relation to the sale of Meridian House. 5. Creditors: amounts falling due within one year Unaudited 30 June Unaudited 30 June 2005 2004 # # Bank overdraft 122,871 0 Bank loan 265,000 0 Other loans 100,681 0 Trade creditors 3,128,434 690,395 Net obligations under finance lease and hire purchase contracts 10,837 0 Corporation tax 10,281 0 Taxation and social security 717,949 102,157 Other creditors 302,200 242,053 Accruals and deferred income 267,750 158,681 ________ ________ 4,926,003 1,193,286 ________ ________ The amount due for taxation and social security is unusually high as this includes #542,500 VAT payable in relation to the sale of Meridian House. 6. Creditors: amounts falling due after on year Unaudited 30 June Unaudited 30 June 2005 2004 # # Bank loan 993,750 0 Other loans 109,122 0 Loan notes 792,438 0 Net obligations under finance lease and hire purchase contracts 3,787 0 ________ ________ 1,899,097 0 ________ ________ 7. Reconciliation of operating loss to operating cash flows Unaudited 30 June Unaudited 30 June 2005 2004 # # Operating loss (461,141) (550,106) Depreciation, amortisation and impairment charges 106,693 41,173 Movement in debtors (3,480,990) (455,339) Movement in creditors 3,352,045 28,590 Movement in stock and work in progress (144,301) 0 Exceptional items (338,519) (100,202) _________ _________ Net cash outflow from operating activities (966,213) (1,035,884) _________ _________ This information is provided by RNS The company news service from the London Stock Exchange END IR DKLFLEKBBBBE
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