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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Assetco Plc | LSE:ASTO | London | Ordinary Share | GB00BQ2K3557 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 36.50 | 36.00 | 37.00 | 36.50 | 36.50 | 36.50 | 53,682 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Offices-holdng Companies,nec | 16.72M | -26.7M | -3.1691 | -0.12 | 3.08M |
TIDMASTO
RNS Number : 8304K
AssetCo PLC
30 June 2014
Providers of management and resources to the fire and emergency services in the Middle East
Date: Monday, 30 June 2014 Immediate Release
AssetCo plc
("AssetCo" or the "Company")
Half-Yearly Financial Report
six months to 31 March 2014
Statement by the Chairman, Tudor Davies
Results
We are pleased to announce interim results that show a considerable improvement in operating profit from GBP0.3 million in 2013 to GBP1.1 million by March 2014. Revenue in the period was lower at GBP7.0 million compared to GBP8.6 million in 2013 reflecting a combination of the absence of a loss making equipment supply contract included in the corresponding period last year, and lower costs in connection with our claim against the former auditors.
As detailed in the 2013 Annual Report published on 28 March 2014 the Company has agreed the final form and specification for the continuation of the ongoing contract for the supply of Fire Services in Abu Dhabi. From our part, we have now completed and signed this contract and expect that the contract will be completed by the Abu Dhabi Government shortly and at that time, we will update shareholders accordingly.
Since the year end in September 2013, we have made progress in connection with the claim against the former auditors of the Group and a claim has been submitted in accordance with the Professional Negligence Pre-action Protocol, under which, the other side have an opportunity to respond. The claim is being made by AssetCo Plc for an amount of GBP50.8 million in respect of negligent audits of the AssetCo Group for the years ended 31 March 2010 and 31 March 2011.
The Company also received the gross amount of GBP2,420,900.00 on the exercise in December 2013 of 1,210,450 warrants. These warrants were issued at the time of the refinancing of the Company under a warrant instrument dated 9 September 2011.
Outlook
We continue to trade in line with management expectations and will keep shareholders updated on our progress during the year.
Tudor Davies
Chairman
30 June 2014
AssetCo plc Consolidated Income statement for the six month period to 31 March 2014 Six months to Year to 31 March 31 March 30 September 2014 2013 2013 GBP'000 GBP'000 GBP'000 Revenue 7,027 8,567 17,647 Cost of sales (5,101) (7,020) (13,714) ------------ ----------- ----------------- Gross profit 1,926 1,547 3,933 Administrative expenses (788) (1,233) (2,195) ------------ ----------- ----------------- Operating profit 1,138 314 1,738 Finance income 28 7 47 Finance costs (134) (283) (526) Profit before taxation 1,032 38 1,259 Income tax expense - - - ------------ ----------- ----------------- Profit for the period 1,032 38 1,259 Earnings per share (EPS): Restated Basic - pence 8.89 0.35 11.44 Diluted - pence 8.67 0.31 10.13 Diluted pence per share has been restated in the prior year to reflect the impact of share warrants within the weighted average number of shares in issue. AssetCo plc Consolidated Statement of Comprehensive Income for the six month period to 31 March 2014 Six months to Year to 31 March 31 March 30 September 2014 2013 2013 GBP'000 GBP'000 GBP'000 Recognised profit for the period 1,032 38 1,259 Other comprehensive income: Exchange differences on translating foreign operations (232) 233 (231) Other comprehensive income, net of tax (232) 233 (231) --------- --------- ------------- Total comprehensive income for the period 800 271 1,028 --------- --------- ------------- AssetCo plc Consolidated Statement of Financial Position As at 31 March 2014 31 March 31 March 30 September 2014 2013 2013 Notes GBP'000 GBP'000 GBP'000 ASSETS Non-current assets Property, plant and equipment 21 70 54 Cash held in respect of a bond 2,430 2,221 2,489 --------------------------------------- ------ --------- --------- ------------- Total non-current assets 2,451 2,291 2,543 Current assets Inventories - 684 29 Trade and other receivables 3 5,724 5,607 4,515 Cash and cash equivalents (excluding bank overdrafts) 5,058 4,118 4,134 Cash held as security against letters - 525 - of credit Cash held in respect of bond 2,430 2,221 2,489 --------------------------------------- ------ --------- --------- ------------- Total current assets 13,212 13,155 11,167 --------------------------------------- ------ --------- --------- ------------- TOTAL ASSETS 15,663 15,446 13,710 --------------------------------------- ------ --------- --------- ------------- Shareholders' equity Share capital 25,474 25,353 25,353 Share premium 64,941 62,645 62,645 Foreign currency translation reserve (345) 351 (113) Profit and loss account (76,944) (79,197) (77,976) --------------------------------------- ------ --------- --------- ------------- TOTAL EQUITY 13,126 9,152 9,909 LIABILITIES Current liabilities Trade and other payables 4 2,537 6,294 3,801 TOTAL CURRENT LIABILITIES 2,537 6,294 3,801 --------------------------------------- ------ --------- --------- ------------- Total liabilities 2,537 6,294 3,801 --------------------------------------- ------ --------- --------- ------------- TOTAL EQUITY AND LIABILITIES 15,663 15,446 13,710 --------------------------------------- ------ --------- --------- ------------- AssetCo plc Consolidated Statement of Changes in Equity for the six month period to 31 March 2014 Share Foreign Profit Share premium Total Capital currency and equity translation loss reserve reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 30 September 2012 25,353 118 (79,235) 62,645 8,881 Profit for the period - - 38 - 38 Other comprehensive income: Exchange differences on translation - 233 - - 233 Total comprehensive income for the period - 233 38 - 271 -------------------------------------- --------- ------------- -------------- -------------- -------- Balance at 31 March 2013 25,353 351 (79,197) 62,645 9,152 -------------------------------------- --------- ------------- -------------- -------------- -------- Profit for the period - - 1,221 - 1,221 Other comprehensive income: Exchange differences on translation - (464) - - (464) Total comprehensive income for the period - (464) 1,221 - 757 -------------------------------------- --------- ------------- -------------- -------------- -------- Balance at 30 September 2013 25,353 (113) (77,976) 62,645 9,909 -------------------------------------- --------- ------------- -------------- -------------- -------- Transactions with owners: Issue of shares 121 - - 2,296 2,417 -------------------------------------- --------- ------------- -------------- -------------- -------- Transactions with owners for the period 121 - - 2,296 2,417 -------------------------------------- --------- ------------- -------------- -------------- -------- Profit for the period - - 1,032 - 1,032 Other comprehensive income: Exchange differences on translation - (232) - - (232) -------------------------------------- --------- ------------- -------------- -------------- -------- Total comprehensive income for the period - (232) 1,032 - 800 -------------------------------------- --------- ------------- -------------- -------------- -------- Balance as at 31 March 2014 25,474 (345) (76,944) 64,941 13,126 -------------------------------------- --------- ------------- -------------- -------------- -------- AssetCo plc Consolidated Statement of Cash Flows for the six month period to 31 March 2014 Six months to Year to 31 March 31 March 30 September 2014 2013 2013 Note GBP'000 GBP'000 GBP'000 Cash flows from operating activities Cash used in operations 5 (1,324) (1,489) (849) Cash deposited in respect of a performance bond - - (894) Interest paid (134) (283) (526) Income taxes received - 1,104 1,096 -------------------------------------- ----- --------- --------- ------------- Net cash outflows from operating activities (1,458) (668) (1,173) -------------------------------------- ----- --------- --------- ------------- Cash flows from investing activities Finance income 28 7 47 Purchase of property, plant and equipment - - (6) Cash deposited in respect of - (525) - letters of credit -------------------------------------- ----- --------- --------- ------------- Net cash generated/(used) in investing activities 28 (518) 41 -------------------------------------- ----- --------- --------- ------------- Cash flows from financing activities Issue of shares (net of costs) 2,417 - - Net cash generated from financing 2,417 - - activities -------------------------------------- ----- --------- --------- ------------- Net change in cash and cash equivalents 987 (1,186) (1,132) Cash, cash equivalents and bank overdrafts at the beginning of the period 4,134 5,266 5,266 Exchange differences on translation (63) 38 - Cash, cash equivalents and bank overdrafts at the end of the period 5,058 4,118 4,134 -------------------------------------- ----- --------- --------- ------------- AssetCo plc Notes to the Financial Statements for the six month period to 31 March 2014 1. Legal status and activities AssetCo plc (the "Company") is principally involved in the provision of management and resources to the fire and rescue emergency services in international markets. It currently trades through a branch in UAE and its strategy is to develop this business. As at period end, the company has no trading subsidiaries and therefore the principal activities of the Group are restricted to those of the company detailed above. AssetCo plc is a public limited liability company incorporated and domiciled in England and Wales. The address of its registered office is Singleton Court Business Park, Wonastow Road, Monmouth, Monmouthshire NP25 5JA. The Group operates from one site in UAE. AssetCo plc shares are listed on the Alternative Investment Market ("AIM") of the London Stock Exchange. 2. Basis of preparation The financial information in the half-yearly report has been prepared using the recognition and measurement principles of International Accounting Standards, International Financial Reporting Standards and Interpretations adopted for use in the European Union (collectively Adopted IFRSs). The principal accounting policies used in preparing the half-year report are those the Group expects to apply in its financial statements for the year ending 30 September 2014 and are unchanged from those disclosed in the Annual Report and Consolidated Financial Statements for the year [ended or to]30 September 2013. The financial information for the six months to 31 March 2014 and the six months to 31 March 2013 is unaudited and does not constitute the Group's statutory financial statements for those periods. The comparative financial information for the full year [ended or to] 30 September 2013 has, however, been derived from the audited statutory financial statements for that period. A copy of those statutory financial statements has been delivered to the Registrar of Companies. While the financial figures included in this half-yearly report have been computed in accordance with IFRSs applicable to interim periods, this half-yearly report does not contain sufficient information to constitute an interim financial report as that term is defined in IAS 34. The financial statements have been presented in Sterling to the nearest thousand pounds (GBP'000) except where otherwise indicated. 3. Trade and Other Receivables 31 March 31 March 30 September 2014 2013 2013 GBP'000 GBP'000 GBP'000 Trade receivables 4,959 3,363 3,676 Other receivables 71 427 67 Prepayments and accrued income 694 1,817 772 ----------- -------------- -------------- 5,724 5,607 4,515 ----------- -------------- -------------- 4. Trade and Other Payables 31 March 31 March 30 September 2014 2013 2013 GBP'000 GBP'000 GBP'000 Trade and other payables 859 1,977 908 Other payables 992 2,428 2,213 Other taxation and social security 7 3 4 Accruals and deferred income 679 1,886 676 --------- --------- ------------- 2,537 6,294 3,801 --------- --------- ------------- 5. Reconciliation of profit before taxation to net cash used in operations 31 March 31 March 30 September 2014 2013 2013 GBP'000 GBP'000 GBP'000 Profit for the period 1,032 38 1,259 Depreciation and impairment 12 7 26 Loss on sale of property, plant and 19 - - equipment Interest expense 134 283 526 Interest received (28) (7) (47) Decrease / (increase) in inventories 28 (283) 348 (Increase) / decrease in debtors (1,332) (576) 227 Decrease in creditors (1,189) (951) (3,188) Cash used in operations (1,324) (1,489) (849) ---------- --------- ------------- 6. Contingent liabilities During the period to 30 September 2011 the Group entered into a Performance Bond relating to a UAE based contract that would determine a potential liability of 10% of the total contract value upon failure to fulfil all the terms of the contract. This liability would equate to a maximum of approximately GBP4m but has subsequently been increased to a maximum of approximately GBP5m as a result of a contract extension. The Bond will remain in place in full until 90 days after the customer has confirmed that all contractual terms have been met and it is expected that the confirmation will occur in the second half of this financial year. At completion of the 90 day period the potential liability under this Bond will reduce to 5% of the contract value and then reduce to 0% upon expiration of associated warranty periods and this is expected to be in approximately April 2017. The Group has also provided an "Advanced Payment Guarantee" in connection to a UAE based contract. The guarantee provides for the repayment in part or full of payments received from the customer in advance of contractual service delivery. The guarantee was originally for approximately GBP8m but has been released down to a maximum liability of approximately GBP1million. The guarantee is expected to be released in full in the second half of this financial year ending September 2014. 7. Electronic Communications The Company is not proposing to bulk print and distribute hard copies of this Half-yearly Financial Report for the six month period to 31 March 2014 unless specifically requested by individual shareholders; it can be downloaded from the Company's website at www.assetco.com. News updates, Regulatory news, & Financial statements, can be viewed and downloaded from the Group's website, www.assetco.com. Copies can also be requested, in writing to, The Company Secretary, AssetCo plc, Singleton Court Business Park, Wonastow Road, Monmouth, Monmouthshire NP25 5JA. Enquiries: AssetCo plc Arden Partners plc TooleyStreet Communications Tudor Davies, Chairman Richard Day/ James Fiona Tooley Felix Tel: +44 (0) 7785 703523 Tel:+44 (0) 20 7614 Mobile: +44 (0) 7785 or +44 (0) 20 7614 5900 5900 703 523 fiona@tooleystreet.com AssetCo, is principally involved in the provision of management and resources to the fire and emergency services in the Middle East. For further details, visit the website, www.assetco.com. Ticker: AIM: ASTO.L. Market-cap GBP32.6m
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGUPUQUPCGUR
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