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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 |
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0 | 0 | N/A | 0 |
RNS Number:6721J Aquilo PLC 29 September 2006 AQUILO PLC INTERIM RESULTS FOR THE PERIOD ENDED 30 JUNE 2006 Aquilo Plc ("Aquilo") today announces its half year results for the period ended 30 June 2006. Financial and Trading Summary Financial Summary * Turnover #8m (2005: #11.09m). * Gross Profit #1.64m (2005: #2.07m). * Operating Loss before tax and exceptional items of #1.052m (2005: loss of #0.461m). * Exceptional items - Loss #0.02m (2005: profit #0.47m). Trading Summary * Motor Services - volume has reduced due to major client reducing outsourcing - revenue #6.1m (2005: #10.0m). * Business Services - volume has increased 137% - revenue #1.34m (2005: #0.57m). * IT Solutions acquired on 22 June 2006. 1 week's trading in these results produced #433K turnover and #133K gross profit. * AIRS (Aquilo Inspection and Reinstatement Services) - building repair start up commenced with cost to date of #0.11m. * Accidentcare business sold in 2005. Enquiries: Clive Nicholls - Chief Executive Officer - Tel: 07734 157841 Alan Frame - Equity Development - Tel: 0207 405 7777 Nairn Black, Alasdair Robinson - Noble & Company Limited - 0131 225 9677 INTERIM RESULTS FOR THE PERIOD ENDED 30 JUNE 2006 Chairman's Statement The results were below our expectations due mainly to the reduction in Motor Services volume as a result of our largest client taking more claims in-house and the delay of new client start-ups into the second half. Our property services business grew rapidly but again, new client start-ups were slower than anticipated which meant we were unable to compensate fully for the Motor Services short fall. We successfully concluded the acquisition of IT Solutions (GB) Ltd on 22 June 2006, which will have a positive impact on the Group's results from the second half. We have focused strongly on improving our cash management controls and cost reduction to deal with the impact of the reduced volume and operating losses. Aquilo Strategic Services The consulting activity of Aquilo Strategic Service continues to expand its range of clients and the scope of its projects. Its true value to the Group as a whole is that it provides us with a differentiated services offering that is an increasingly necessary part of decision making on risk. Aquilo Motor Services Revenue and gross profit were both lower than in 2005 due to a major customer reducing its outsourced volume as a result of revised internal strategies. We were also affected adversely by the need to re-negotiate certain supplier agreements to reflect external market realities. However, during the period our new ICE system has proved its worth and has enabled us to attract new customers which commenced in the second half of the year (as previously announced). Aquilo Business Solutions During the period both the claims handling and supply chain activities expanded their volume and client base. Our fraud management process, Resolve, continues to save considerable sums for our customers. Expansion of Resolve is dependent on growing our base of skilled personnel as it is critical that we maintain high standards of performance. We have expanded our validation/supply chain activities in specialist areas such as jewellery, hi-fi, by organic growth but to exploit fully the opportunity will require further acquisitions. IT Solutions is such an acquisition. Aquilo Inspection and Reinstatement Services (AIRS) The AIRS project, in the provision of building inspection and reinstatement services to the insurance industry, is proceeding well and we expect to commence trading with core customers in October 2006. The key element of the service is to provide both claims validation/valuation and repair management but through separate facilities so as to exercise tighter control and reduce claims costs. Start up costs will be higher during the second half as we approach launch. IT Solutions This acquisition was completed on 22nd June 2006 and full details of the company and purchase have been provided to shareholders. These interims include revenue (#433k) and gross profit (#133k) representing one week's trading. The balance sheet as at 30th June 2006 also includes the impact of the acquisition and the take-on position as at completion. Since completion revenue, gross profit and net profit all exceed the prior period due, in part, to the impact of new clients which Aquilo has assisted in securing. Finance Arrangements The company has entered into a new finance arrangement with Impact Funding (UK) Ltd. This has enabled Aquilo to repay its long term debt with Bank of Scotland and will provide additional invoice discounting facilities to support the growth of the business. Board Structure In order to provide enhanced operational focus the board is being restructured with Mike Dean (head of Aquilo Business Solutions) and John Ascroft (head of Aquilo Motor Services) coming off the plc board with effect from 2nd October, providing a clear distinction between operational management and plc strategy. Outlook The Board believes strongly that Aquilo plc has an exciting future in its chosen areas of activity. However, building the core businesses while dealing with lower business volume in the motor area is still a serious issue. Motor volumes and margins are now improving via new clients and improved business models but still require further expansion to be on a stronger footing. Our initial plan for 2007 indicates a rapidly improving trend based upon our current client base, the growth of the AIRS business and the impact of the acquisition of IT Solutions. AQUILO PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT Notes Unaudited six Unaudited six months to 30 June months to 30 June 2006 2005 # # Turnover 8,009,493 11,085,342 Cost of Sales 6,371,341 9,011,109 _________ _________ Gross Profit 1,638,152 2,074,233 Operating/administrative expenses 2,690,484 2,535,374 _________ _________ Operating loss (1,052,332) (461,141) Exceptional items (19,960) 469,094 _________ _________ Profit/(loss) on ordinary activities before (1,072,292) 7,953 interest Interest Receivable 5,760 10,765 Interest Payable (66,658) (102,950) _________ _________ Loss on ordinary activities before taxation (1,133,189) (84,232) Tax on losses on ordinary activities 0 _________ _________ Retained loss for period (1,133,189) (84,232) _________ _________ Loss per share Basic 3 (0.3p) (0.03p) Fully Diluted 3 (0.3p) (0.03p) AQUILO PLC CONSOLIDATED BALANCE SHEET Notes Unaudited as at Unaudited as at 30 June 2006 30 June 2005 # # Fixed Assets Intangible assets - negative goodwill (8,201) Intangible assets - other 3,166,885 1,139,770 Tangible assets 646,461 670,708 Investments 51,556 176,549 ________ ________ 3,864,903 1,978,826 ________ ________ Current Assets Stock and work in progress 218,321 144,301 Debtors 4 5,483,242 4,592,135 Cash at bank and in hand 667,400 1,033,142 ________ ________ 6,368,963 5,769,578 ________ ________ Total Assets 10,233,866 7,748,404 ________ ________ Creditors: Amounts falling due within one year 5 8,584,452 4,926,003 Creditors: Amounts falling due after more than one year 6 1,228,750 1,899,097 Provisions for liabilities and charges 0 48,256 ________ ________ 9,813,202 6,873,356 Capital and Reserves Called up share capital 4,374,700 3,219,646 Share premium account 2,182,790 1,133,581 Shares not yet issued 75,000 250,000 Profit and loss account (6,242,676) (3,741,529) Minority interest * 30,850 13,350 _______ _______ 420,664 875,048 ________ ________ Total Liabilities 10,233,866 7,748,404 ________ ________ * - 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 2006 2005 # # Cash Flow Statement Cash flow from operating activities 7 (1,771,633) (966,213) Returns on investment and servicing of finance (60,897) (92,185) Taxation 0 0 Capital expenditure and financial investment (2,607,258) (634,869) Equity dividends paid 0 0 _________ _________ Cash outflow before management of liquid (4,439,788) (1,693,267) resources and financing Financing 3,167,166 2,594,437 _________ _________ Increase in cash in the period (1,272,622) 901,170 _________ _________ Reconciliation of net cash flow movement in net debt Increase/(Decrease) in cash in the period (1,272,622) 901,170 Cash outflow from changes in net debt 0 0 Loan stock converted into share capital 0 0 ________ ________ Movement in net funds in the period (1,272,622) 901,170 Net funds/(debt) at the start of the period 824,356 9,101 ________ ________ Net funds at the end of the period (448,266) 910,271 ________ __________ AQUILO PLC RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS FUNDS Unaudited six Unaudited six months to 30 June months to 30 June 2006 2005 # # Loss for the financial period (1,133,189) (84,232) Shares issued 1,076,742 312,115 Share premium on shares issued 772,748 234,089 Costs set off against share premium account (0) (227,375) Disposal of Aquilo Technology Ltd 0 0 Movement in Deferred Consideration (175,000) 0 Minority interests 0 13,350 ________ ________ Net addition to shareholders funds 541,301 247,947 Opening shareholders funds (151,487) 627,102 ________ ________ Closing shareholders funds 389,814 875,049 ________ _________ AQUILO PLC NOTES TO THE ACCOUNTS 1. Basis of Preparation The financial information contained in these statements for the six months ended 30 June 2006 and 30 June 2005 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 2005 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. The Balance Sheet items include the IT Solutions acquisition in full and the P&L items only include 1 week's trading. 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 #1,142,096 (30 June 2005: #84,232 loss) and the weighted average number of ordinary shares in issue for the six months ended 30 June 2006 of 350,443,963 (30 June 2005: 319,409,422). Diluted earnings per share is calculated by increasing the weighted average number of ordinary shares to 394,186,867 (30 June 2005 330,409,422) in recognition of share options in existence at the period end. 4. Debtors Unaudited 30 June Unaudited 30 June 2006 2005 # # Trade debtors 3,647,300 3,346,272 Other debtors 779,868 730,422 Prepayments and accrued income 1,056,074 515,441 ________ ________ 5,483,242 4,592,135 ________ ________ The figure for trade debtors in 2005 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 2006 2005 # # Bank overdraft 0 122,871 Bank loan 265,000 265,000 Other loans 103,040 100,681 Trade creditors 4,923,747 3,128,434 Net obligations under finance lease and hire purchase contracts 2,411 10,837 Corporation tax 19,310 10,281 Taxation and social security 269,679 717,949 Other creditors 823,229 302,200 Accruals and deferred income 569,932 267,750 Loan Notes 792,438 CID Facility 815,666 ________ ________ 8,584,452 4,926,003 ________ ________ The amount due for taxation and social security in 2005 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 2006 2005 # # Bank loan 728,750 993,750 Other loans 0 109,122 Loan notes 500,000 792,438 Net obligations under finance lease and hire purchase contracts 0 3,787 ________ ________ 1,228,750 1,899,097 ________ ________ 7. Reconciliation of operating loss to operating cash flows Unaudited 30 June Unaudited 30 June 2006 2005 # # Operating loss (1,052,332) (461,141) Depreciation, amortisation and impairment charges 167,564 106,693 Movement in debtors (3,173,150) (3,480,990) Movement in creditors 2,420,669 3,352,045 Movement in stock and work in progress (114,424) (144,301) Exceptional items (19,960) (338,519) _________ _________ Net cash outflow from operating activities (1,771,633) (966,213) _________ _________ This information is provided by RNS The company news service from the London Stock Exchange END IR VVLFLQKBBBBV
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