We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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% | 33.00 | 32.00 | 34.00 | 33.00 | 33.00 | 33.00 | 2,790 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Offices-holdng Companies,nec | 8.18M | -8.44M | -1.0018 | -0.33 | 2.78M |
TIDMASTO
RNS Number : 1539J
AssetCo PLC
28 March 2018
Providers of management and resources to the fire and emergency services in the Middle East
Date: 28 March 2018 Immediate Release
AssetCo plc
("AssetCo" or the "Company")
Preliminary results for the year to 30 September 2017
Statement by the Chairman, Tudor Davies
Introduction
We are pleased to report the results for the year to 30 September 2017.
Results
Profit after taxation in the period under review was GBP2.2m (2016: GBP4.6m) on revenue of GBP24.9m (2017: GBP23.3m) with the reduction in profitability being an increase in the litigation costs incurred in our claim for negligence against Grant Thornton.
The cash position remains strong with free cash balances of GBP21.5m (2016: GBP15.5m).
Our business is based on the provision of an outsourced fire service agreement with the Abu Dhabi government, which commenced in April 2010, but since November 2016, has continued satisfactorily on the same basis and on similar terms but with a contract entered into on an arrears basis every five or six months, whilst a longer-term arrangement is considered by the Abu Dhabi government.
Claim against Grant Thornton
The claim for negligence against AssetCo's former auditors, Grant Thornton, which with interest amounts to approximately GBP40.0m, is now scheduled to be concluded at a trial in June 2018.
As previously reported by the Financial Reporting Council ("FRC") on conclusion of their investigations in relation to the audits in 2009 and 2010, Grant Thornton were fined GBP3.5m and given a severe reprimand. Separately, the audit partner Mr Robert Napper was fined GBP200,000 and excluded from membership of the Institute of Chartered Accountants for three years.
The FRC report on AssetCo entitled Particulars of Facts and Acts of Misconduct: Grant Thornton UK LLP and Robert Napper, is available on the FRC website www.frc.org.uk.
Outlook
Trading continues to be in line with management's expectations and we will keep shareholders informed on any developments in relation to the Grant Thornton claim and our Abu Dhabi business.
Enquiries: AssetCo plc Arden Partners plc TooleyStreet Communications Tudor Davies, Chairman Nominated adviser and Fiona Tooley Tel: +44 (0) 7785 703523 broker Email: fiona@tooleystreet.com +44 (0) 20 7614 5900 John Llewellyn-Lloyd/ Mobile: +44 (0) 7785 Ciaran Walsh 703523 Tel: +44 (0) 20 7614 5900 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: GBP33.6m AssetCo plc Income Statement for the year to 30 September 2017 Year ended Year ended 30 September 30 September 2017 2016 Notes GBP000 GBP000 Revenue 24,881 23,300 Cost of sales (17,738) (16,550) ---- ---- Gross profit 7,143 6,750 Administrative expenses (4,891) (1,874) ---- ---- Operating profit 2,252 4,876 Finance income 8 21 Finance costs (87) (294) ---- ---- Profit before tax 2,173 4,603 Income tax expense - - ---- ---- Profit for the year 2,173 4,603 Earnings per share Basic - pence 4 17.80 37.70 Diluted - pence 4 17.80 37.70 AssetCo plc Statement of Comprehensive Income for the year to 30 September 2017 Year ended Year ended 30 September 30 September 2017 2016 GBP000 GBP000 Recognised profit for the year 2,173 4,603 Other comprehensive (expense)/income Exchange differences on translating foreign operations (438) 1,858 ---- ---- Other comprehensive (expense)/income, net of tax (438) 1,858 ---- ---- Total comprehensive income for the year 1,735 6,461 AssetCo plc Statement of Financial Position As at 30 September 2017 At At 30 September 30 September 2017 2016 Notes GBP000 GBP000 Assets Non-current assets Property, plant and equipment - - Cash held in respect of a bond 233 240 ---- ---- Total non-current assets 233 240 ---- ---- Current assets Inventories - - Trade and other receivables 10,685 12,498 Cash and cash equivalents 6 21,530 15,470 Cash held in respect of bonds 102 3,040 ---- ---- Total current assets 32,317 31,008 ---- ---- Total assets 32,550 31,248 Liabilities Current liabilities Trade and other payables 4,759 5,192 ---- ---- Total current liabilities 4,759 5,192 ---- ---- Total liabilities 4,759 5,192 ---- ---- Shareholders' equity Share capital 25,474 25,474 Share premium 64,941 64,941 Profit and loss account (62,624) (64,359) ---- ---- Total equity 27,791 26,056 ---- ---- Total equity and liabilities 32,550 31,248
The financial statements were authorised for issue by the board of directors on 27 March 2018 and were signed on its behalf by Tudor Davies.
AssetCo plc Statement of Changes in Equity for the year to 30 September 2017 Profit Share Share and loss Total capital premium account Equity GBP000 GBP000 GBP000 GBP000 Balance at 30 September 2015 25,474 64,941 (70,820) 19,595 Profit for the year - - 4,603 4,603 Other comprehensive income: Exchange differences on translation - - 1,858 1,858 ---- ---- ---- ---- Total comprehensive income for the year - - 6,461 6,461 ---- ---- ---- ---- Balance at 30 September 2016 25,474 64,941 (64,359) 26,056 Profit for the year - - 2,173 2,173 Other comprehensive expense: Exchange differences on translation - - (438) (438) ---- ---- ---- ---- Total comprehensive income for the year - - 1,735 1,735 ---- ---- ---- ---- Balance at 30 September 2017 25,474 64,941 (62,624) 27,791 AssetCo plc Statement of Cash Flows for the year to 30 September 2017 Year ended Year ended 30 September 30 September 2017 2016
Notes GBP000 GBP000 Cash flows from operating activities Cash generated from operations 5 3,094 2,151 Cash deposited in respect of a bond (104) - Cash released in respect of bonds 3,246 - Finance costs (87) (294) ---- ---- Net cash generated from operating activities 6,149 1,857 ---- ---- Cash flows from investing activities Finance income 8 21 ---- ---- Net cash generated from investing activities 8 21 ---- ---- Net change in cash and cash equivalents 6,157 1,878 Cash and cash equivalents at beginning of year 15,470 12,836 Exchange differences on translation (97) 756 ---- ---- Cash and cash equivalents at end of year 21,530 15,470 AssetCo plc Notes to the Financial Statements for the year to 30 September 2017 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 subsidiaries. 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. AssetCo plc shares are listed on the Alternative Investment Market ("AIM") of the London Stock Exchange. This preliminary announcement has been presented in sterling to the nearest thousand pounds (GBP'000) except where otherwise indicated, as are the financial statements, which were authorised for issue by the board of directors on 27 March 2018. 2. Basis of preparation The preliminary results for the year to 30 September 2017, which do not form the statutory accounts of the Company, are an abridged statement of the full Annual Report and Financial Statements, which have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union, and those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The preliminary results have been prepared on a going concern basis. The principal accounting policies are included in the financial statements and have been applied consistently in both periods presented. 3. Segmental reporting The core principle of IFRS 8 'Operating Segments' is to require an entity to disclose information that enables users of the financial statements to evaluate the nature and financial effects of the business activities in which the entity engages and the economic environments in which it operates. Segmental information is therefore presented in respect of the Company's geographical settlement. No secondary segmental information has been provided as, in the view of the directors, the Company operates in only one segment, being the provision of management and resources to fire and emergency services. The directors consider the chief operating decision maker is the board. The amounts provided to the board with respect to net assets are measured in a manner consistent with that of the financial statements. The Company is domiciled in the UK and operates a branch in the United Arab Emirates. Revenue by destination is not materially different from revenue by origin shown above. All revenue relates to services. Unallocated comprises the head office. Analysis of revenue and results by geographical settlement Year ended 30 September 2017 Continuing UAE Unallocated Operations GBP000 GBP000 GBP000 Revenue Revenue to external customers 24,881 - 24,881 ---- ---- ---- Total revenue 24,881 - 24,881 Segment result EBITDA and operating profit 6,450 (4,198) 2,252 Finance income - 8 8 Finance costs (87) - (87) ---- ---- ---- Profit before tax 6,363 (4,190) 2,173 Income tax - - - ---- ---- ---- Profit for the year 6,363 (4,190) 2,173 Segment assets and liabilities Total assets 18,669 13,881 32,550 Total liabilities (3,348) (1,411) (4,759) ---- ---- ---- Total net assets 15,321 12,470 27,791 Other segment information Total capital expenditure - - - Year ended 30 September 2016 Continuing UAE Unallocated Operations GBP000 GBP000 GBP000 Revenue Revenue to external customers 23,300 - 23,300 ---- ---- ---- Total revenue 23,300 - 23,300 Segment result EBITDA and operating profit 6,050 (1,174) 4,876 Finance income 7 14 21 Finance costs (294) - (294) ---- ---- ---- Profit before tax 5,763 (1,160) 4,603 Income tax - - - ---- ---- ---- Profit for the year 5,763 (1,160) 4,603 Segment assets and liabilities Total assets 19,110 12,138 31,248 Total liabilities (4,414) (778) (5,192) ---- ---- ---- Total net assets 14,696 11,360 26,056 Other segment information Total capital expenditure - - - 4. Earnings per share Basic earnings per share is calculated by dividing the profit attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the period. 2017 2016 GBP000 GBP000 Profit for the year 2,173 4,603 ---- ---- Weighted average number of ordinary shares in issue 12,211,163 12,211,163 Basic and diluted earnings per share - pence 17.80 37.70 5. Reconciliation of profit before tax to cash generated from operations 2017 2016 GBP000 GBP000 Profit for the year before taxation 2,173 4,603 Finance costs 87 294 Finance income (8) (21) Decrease/(increase) in receivables 1,191 (4,766) (Decrease)/increase in payables (349) 2,041 ---- ---- 3,094 2,151 6. Analysis of net cash At 30 September 2017 2016 GBP000 GBP000 Cash at bank and in hand 21,530 15,470 ---- ----
Cash and cash equivalents 21,530 15,470
In addition to the above GBP335,000 (2016: GBP3,280,000) was held on deposit as security in respect of outstanding performance bonds.
7. Contingent liabilities Approximate maximum liability at 30 September 2017 2016 GBP000 GBP000 Performance bond related to a UAE based contract, released in full in 2017 - 3,000 ---- ---- Performance bond related to a UAE based contract, expected to reduce to approximately GBP1.2 million in 2018 and to be released in full in 2020 2,400 2,400 ---- ---- Performance bond related to a UAE based contract, released in full in 2017 - 130 ---- ---- Performance bond related to a UAE based contract, 105 - expected to be released in full in 2018 8. Post balance sheet events The performance bond referred to in note 7 and expected to be released in 2018 was released towards the end of December 2017. In February 2018, the company entered into a new performance bond of similar value to that released in December 2017. It is expected that this will be released in full later in 2018. There are no other post balance sheet events to report. 9. Annual general meeting A notice convening the annual general meeting will be posted to shareholders in due course. 10. Electronic communications This Preliminary Announcement is available on the Company's website www.assetco.com . News updates, regulatory news and financial statements can be viewed and downloaded from the Company's website, www.assetco.com . Copies can also be requested, in writing, from The Company Secretary, AssetCo plc, Singleton Court Business Park, Wonastow Road, Monmouth, Monmouthshire NP25 5JA. The Company is not proposing to bulk print and distribute hard copies of the Annual Report and Financial Statements for the year to 30 September 2017 unless specifically requested by individual shareholders; it can be downloaded from the Company's website.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR PGUGWWUPRGMM
(END) Dow Jones Newswires
March 28, 2018 02:00 ET (06:00 GMT)
1 Year Assetco Chart |
1 Month Assetco Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions