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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% | 33.00 | 32.00 | 34.00 | 33.00 | 33.00 | 33.00 | 30,204 | 08:00:09 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Offices-holdng Companies,nec | 16.72M | -26.7M | -3.1691 | -0.10 | 2.78M |
TIDMASTO
RNS Number : 2640E
AssetCo PLC
27 February 2020
Thursday, 27 February 2020 Immediate Release
AssetCo plc
Providers of management and resources to the fire and emergency services in the Middle East
("AssetCo" or the "company")
Preliminary results for the year ended 30 September 2019
Statement by the Chairman, Tudor Davies
Trading results
The results for the year to 30 September 2019 reflect the loss, as previously announced in the final quarter of 2018, of the Abu Dhabi contract and consequently show sharply reduced revenues of GBP5.3m (2018:GBP22.9m) and a loss after taxation of GBP0.8m (2018: profit GBP1.4m).
The net assets at 30 September 2019 were GBP29.9m (2018: GBP30.0m), with a strong liquidity position represented by cash balances of GBP17.1m (2018: GBP16.8m), and cash held in respect of bonds of GBP3.5m (2018: GBP2.1m).
Since the year end the receipt of the outstanding trade receivables of GBP11.1m has significantly improved the company's cash balances and we expect the cash position to improve further during the course of this year as we recover additional bonds.
During the year the headcount was reduced from 229 to 5. The remaining staff are senior Fire Service and administration staff who have been dealing with the receivables, bonds, and tendering for new business. There are a number of opportunities we are pursuing which may take several months to realise and we shall keep shareholders informed of any material developments as and when they come to fruition.
Claim against Grant Thornton
The claim for negligence against AssetCo Plc's former auditors, Grant Thornton, culminated in a trial in June 2018, for which a judgment in AssetCo's favour was handed down. The damages awarded were GBP22.4m plus interest of approximately GBP6.5m plus GBP5m on account of costs. On 29 March 2019 Grant Thornton paid GBP34.3m into Court on which interest is accruing at the rate of 8% per annum. An appeal by Grant Thornton was lodged and later heard by the Court of Appeal at the end of January 2020 and the Court of Appeal's decision is expected to be handed down before the summer of 2020.
Outlook
We shall keep shareholders informed on any material developments regarding future business and the litigation against Grant Thornton.
Hot Features
Premium
Enquiries:
AssetCo plc Arden Partners plc Tooley Street Communications
Tudor Davies, Chairman Nominated adviser and broker Fiona Tooley
Tel: +44 (0) 7785 703523 John Llewellyn-Lloyd/ Ciaran Email: fiona@tooleystreet.com
+44 (0) 20 7614 5900 Walsh Mobile: +44 (0) 7785 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 : GBP44.4m
AssetCo plc
Income Statement
for the year ended 30 September 2019
Year ended Year ended
30 September 30 September
2019 2018
Notes GBP000 GBP000
Revenue 5,345 22,888
Cost of sales (4,237) (16,645)
---- ----
Gross profit 1,108 6,243
Administrative expenses (1,810) (4,746)
---- ----
Operating (loss)/profit (702) 1,497
Finance income 9 5
Finance costs (70) (83)
---- ----
(Loss)/Profit before tax (763) 1,419
Income tax expense - -
---- ----
(Loss)/Profit for the year (763) 1,419
(Loss)/Earnings per share
Basic - pence 4 (6.25) 11.62
Diluted - pence 4 (6.25) 11.62
AssetCo plc
Statement of Comprehensive Income
for the year ended 30 September 2019
Year ended Year ended
30 September 30 September
2019 2018
GBP000 GBP000
(Loss)/Profit for the year (763) 1,419
Other comprehensive income
Exchange differences on translating foreign
operations 648 760
---- ----
Other comprehensive income, net of tax 648 760
---- ----
Total comprehensive (loss)/income for
the year (115) 2,179
AssetCo plc
Statement of Financial Position
As at 30 September 2019
At At
30 September 30 September
2019 2018
Notes GBP000 GBP000
Assets
Non-current assets
Property, plant and equipment - 26
Cash held in respect of bonds - 1,199
---- ----
Total non-current assets - 1,225
---- ----
Current assets
Trade and other receivables 11,222 15,997
Cash and cash equivalents 5 17,101 16,800
Cash held in respect of bonds 3,487 941
---- ----
Total current assets 31,810 33,738
---- ----
Total assets 31,810 34,963
Liabilities
Current liabilities
Trade and other payables 1,955 4,993
---- ----
Total current liabilities 1,955 4,993
---- ----
Total liabilities 1,955 4,993
---- ----
Shareholders' equity
Share capital 25,474 25,474
Share premium 64,941 64,941
Profit and loss account (60,560) (60,445)
---- ----
Total equity 29,855 29,970
---- ----
Total equity and liabilities 31,810 34,963
AssetCo plc
Statement of Changes in Equity
for the year ended 30 September 2019
Profit
Share Share and loss Total
capital premium account Equity
GBP000 GBP000 GBP000 GBP000
Balance at 1 October 2017 25,474 64,941 (62,624) 27,791
Profit for the year - - 1,419 1,419
Other comprehensive income:
Exchange differences on translation - - 760 760
---- ---- ---- ----
Total comprehensive income for the
year - - 2,179 2,179
---- ---- ---- ----
Balance at 30 September 2018 25,474 64,941 (60,445) 29,970
Loss for the year - - (763) (763)
Other comprehensive income:
Exchange differences on translation - - 648 648
---- ---- ---- ----
Total comprehensive loss for the year - - (115) (115)
---- ---- ---- ----
Balance at 30 September 2019 25,474 64,941 (60,560) 29,855
AssetCo plc
Statement of Cash Flows
for the year ended 30 September 2019
Year ended Year ended
30 September 30 September
2019 2018
Notes GBP000 GBP000
Cash flows from operating activities
Cash inflow/(outflow) from operations 6 1,709 (3,453)
Cash deposited in respect of bonds (2,470) (3,631)
Cash released in respect of bonds 1,123 2,028
Finance costs (70) (83)
---- ----
Net cash inflow/(outflow) from operating
activities 292 (5,139)
---- ----
Cash flows from investing activities
Finance income 9 5
Purchases of property, plant and equipment - (26)
---- ----
Net cash inflow/(outflow) from investing
activities 9 (21)
---- ----
Net change in cash and cash equivalents 301 (5,160)
Cash and cash equivalents at beginning
of year 16,800 21,530
Exchange differences on translation - 430
---- ----
Cash and cash equivalents at end of year 17,101 16,800
AssetCo plc
Notes to the Financial Statements
for the year ended 30 September 2019
1. Legal status and activities
AssetCo plc ("AssetCo or the "company") 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. As at period end, the company
has no subsidiaries. AssetCo plc shares are listed on the Alternative
Investment Market ("AIM") of the London Stock Exchange.
AssetCo 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 the United Arab Emirates
("UAE") and its strategy is to continue the development of this business
into new markets in the Middle East following the end of the contract
with the Abu Dhabi government on 17 December 2018.
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 26 February 2020.
2. Basis of preparation
The financial information for the years ended 30 September 2019 and
2018 contained in this document does not constitute statutory accounts
as defined in section 435 of the Companies Act 2006. The financial
information for the years ended 30 September 2019 and 2018 has been
extracted from the consolidated financial statements of AssetCo plc
for the year ended 30 September 2019 which have been approved by the
directors on 26 February 2020 and will be delivered to the Registrar
of Companies in due course. The auditor's report on those financial
statements was unqualified and did not contain a statement under section
498 of the Companies Act 2006.
The Group's financial statements have been prepared in accordance with
IFRS as adopted by the European Union, IFRIC interpretations and the
Companies Act 2006 applicable to companies reporting under IFRS, under
the historical cost convention. The same accounting policies, presentation
and methods of computation are followed in the preliminary financial
statements as were applied in the Group's financial statements for
the year ended 30 September 2019.
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 UAE. 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 2019
Continuing
UAE Unallocated Operations
GBP000 GBP000 GBP000
Revenue
Revenue to external customers 5,345 - 5,345
---- ---- ----
Total revenue 5,345 - 5,345
Segment result
Operating profit/(loss) 296 (998) (702)
Finance income - 9 9
Finance costs (70) - (70)
---- ---- ----
Loss before tax 226 (989) (763)
Income tax - - -
---- ---- ----
Loss for the year 226 (989) (763)
Segment assets and liabilities
Total assets 15,572 16,238 31,810
Total liabilities (1,665) (290) (1,955)
---- ---- ----
Total net assets 13,907 15,948 29,855
Other segment information
Total capital expenditure - - -
Year ended 30 September 2018
Continuing
UAE Unallocated Operations
GBP000 GBP000 GBP000
Revenue
Revenue to external customers 22,888 - 22,888
---- ---- ----
Total revenue 22,888 - 22,888
Segment result
Operating profit/(loss) 5,624 (4,127) 1,497
Finance income - 5 5
Finance costs (83) - (83)
---- ---- ----
Profit before tax 5,541 (4,122) 1,419
Income tax - - -
---- ---- ----
Profit for the year 5,541 (4,122) 1,419
Segment assets and liabilities
Total assets 27,597 7,366 34,963
Total liabilities (3,995) (998) (4,993)
---- ---- ----
Total net assets 23,602 6,368 29,970
Other segment information
Total capital expenditure 26 - 26
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. There was
no dilutive impact in either period therefore diluted earnings per
share is equal to basic (loss)/earnings per share.
2019 2018
GBP000 GBP000
(Loss)/Profit for the year (763) 1,419
---- ----
Weighted average number of ordinary shares in
issue 12,211,163 12,211,163
Basic and diluted (loss)/earnings per share -
pence (6.25) 11.62
5. Analysis of net cash
2019 2018
GBP000 GBP000
Cash at bank and in hand 17,101 16,800
---- ----
Cash and cash equivalents 17,101 16,800
In addition to the above UAE dirhams amounting to GBP3,487,000 (2018: GBP2,140,000) were held on deposit as security in respect of outstanding performance and warranty bonds.
6. Reconciliation of (loss)/profit before tax to net cash inflow/(outflow)from
operations
2019 2018
GBP000 GBP000
(Loss)/Profit for the year before taxation (763) 1,419
Depreciation and amortisation 26 -
Finance costs 70 83
Finance income (9) (5)
Decrease /(increase) in receivables 5,670 (5,085)
(Decrease)/increase in payables (3,285) 135
---- ----
Cash inflow/(outflow) from operations 1,709 (3,453)
7. Contingent liabilities
Approximate maximum
liability
at 30 September
2019 2018
GBP000 GBP000
Warranty bond related to a UAE based contract,
expected to be released in full in 2020 1,270 1,200
Performance bond related to a UAE based contract,
released in full in 2019 - 1,050
Performance bond related to a UAE based contract, 1,100 -
expected to be released in full in 2020
Performance bond related to a UAE based contract, 1,100 -
expected to be released in full in 2020
8. Post balance sheet events
Grant Thornton's appeal against the judgement handed down against them
on 31 January 2018 was heard at the Court of Appeal on 20 to 22 January
2020. The outcome of this hearing is expected before the summer of 2020.
There are no other post balance sheet events.
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 ended 30 September 2019 unless specifically requested by
individual shareholders; it can be downloaded from the company's website.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
FR UNVBRRBUUUAR
(END) Dow Jones Newswires
February 27, 2020 02:00 ET (07:00 GMT)
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