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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Begbies Traynor Group Plc | LSE:BEG | London | Ordinary Share | GB00B0305S97 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 104.50 | 104.50 | 105.00 | 106.00 | 104.50 | 104.50 | 230,499 | 16:35:16 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 121.83M | 2.91M | 0.0185 | 56.76 | 165.38M |
From Apr 2019 to Apr 2024
TIDMBEG
RNS Number : 0206Z
Begbies Traynor Group PLC
12 December 2017
12 December 2017
Begbies Traynor Group plc
Half year results
for the six months ended 31 October 2017
Begbies Traynor Group plc (the 'company' or the 'group'), the business recovery, financial advisory and property services consultancy, today announces its half year results for the six months ended 31 October 2017.
Financial overview
Hot Features
Premium
2017 2016*
GBPm GBPm
------------------------ ----- ------
Revenue 26.0 24.5
Adjusted profit before
tax** 2.9 2.5
Profit before tax 1.0 0.9
------------------------ ----- ------
Adjusted basic EPS***
(p) 2.0 1.8
Basic EPS (p) 0.3 0.5
Interim dividend (p) 0.7 0.6
------------------------ ----- ------
Net debt 6.9 12.2
------------------------ ----- ------
* Restated as detailed in note 1
** Profit before tax of GBP1.0m (2016: GBP0.9m) plus amortisation of intangible assets arising on acquisitions of GBP0.9m (2016: GBP1.3m) plus transaction costs of GBP1.0m (2016: GBP0.3m).
*** See reconciliation in note 5
Highlights:
-- A good first half performance, results in line with expectations -- Business recovery and advisory services improved its performance:
o increase in insolvency market activity levels over the last twelve months
o revenue growth and improved margins
-- Property services performed in line with expectations as we continued to invest in its service offering and geographical coverage
-- Strong cash generation drove a significant reduction in net debt and supports the board's decision to declare an increased interim dividend, the first increase since 2011
Outlook:
-- Well placed to deliver upon current market expectations for the full year
Commenting on the results, Ric Traynor, Executive Chairman of Begbies Traynor Group, said:
"I am pleased to report a good first half performance, in line with our expectations, reflecting a continuation of the improved performance in business recovery and advisory services experienced in the second half of last year, with property services performing as anticipated.
"Our good performance in the first half of the year leaves us well placed to deliver upon current market expectations for the full year; the delivery of which will enable the group to continue its recent track record of profit and earnings growth.
"The group is in its strongest position for many years, which enables us to execute our strategy and continue to invest in the growth of the business."
A meeting for analysts will be held today at 8:45am for 9.00am at the offices of MHP Communications, 6 Agar Street, London WC2N 4HN. Please contact Peter Lambie on 020 3128 8570 or via peter.lambie@mhpc.com if you would like to attend.
Enquiries please contact:
Begbies Traynor Group plc 0161 837 1700
Ric Traynor - Executive Chairman
Nick Taylor - Group Finance Director
Canaccord Genuity Limited 020 7523 4588
(Nominated Adviser and Joint Broker)
Sunil Duggal
Andrew Buchanan
Margarita Mitropoulou
Shore Capital 020 7408 4090
(Joint Broker)
Mark Percy / Anita Ghanekar
MHP Communications 020 3128 8100
Reg Hoare / Katie Hunt
Information on Begbies Traynor Group can be accessed via the Group's website at
www.begbies-traynorgroup.com
CHAIRMAN'S STATEMENT
INTRODUCTION
I am pleased to report a good first half performance, in line with our expectations, reflecting an improved performance in business recovery and advisory services, with property services performing as anticipated.
In the business recovery and advisory division, we were encouraged to see a continuation of the increase in activity levels experienced in the second half of the prior year, with a strong year on year improvement in results. We remain the leading UK corporate appointment taker by volume, leaving us well positioned to take advantage of any sustained increase in activity levels, which remain close to historically low levels.
Property services performed in line with our expectations. We have continued to invest in the division to develop both our service offering and our geographical coverage, which we anticipate will benefit future years.
This strong financial performance has enabled the group to remain strongly cash generative, leading to reduction in net debt to GBP6.9m as at 31 October 2017 (2016: GBP12.2m) and allowing continued investment in growth opportunities.
The group's financial performance and cash generation in the first half, combined with our improved confidence in sustaining our recent earnings growth, has led the board to declare a 17% increase in the interim dividend to 0.7p. This is the first dividend increase since 2011.
RESULTS
Group revenue from continuing operations in the half year ended 31 October 2017 was GBP26.0m (2016: GBP24.5m). Adjusted profit before tax* increased to GBP2.9m (2016: GBP2.5m). Profit before tax was GBP1.0m (2016: GBP0.9m). Profit for the period from continuing operations was GBP0.4m (2016: GBP0.5m).
Earnings per share from continuing operations**, adjusted for the net of tax impact of amortisation of intangible assets arising on acquisitions and transaction costs, were 2.0p (2016: 1.8p). Basic and fully diluted earnings per share from continuing operations were 0.3p (2016: 0.5p).
Net debt at 31 October 2017 was GBP6.9m (30 April 2017: GBP10.3m, 31 October 2016: GBP12.2m). Gearing stood at 12% (Apr 17: 18%, Oct 16: 21%) and the group retains significant headroom in its committed banking facilities. Interest cover*** was 12.2 times (2016: 6.3 times).
* Profit before tax from continuing operations of GBP1.0m (2016: GBP0.9m) plus amortisation of intangible assets arising on acquisitions of GBP0.9m (2016: GBP1.3m) plus transaction costs of GBP1.0m (2016: GBP0.3m)
** See reconciliation in note 5
*** Before amortisation and transaction costs
DIVID
The board is pleased to declare an increased interim dividend of 0.7p (2016: 0.6p), an increase of 17%.
The full year dividend will be set in line with our commitment to a long-term progressive dividend policy, with any dividend growth taking account of both the market outlook and earnings growth.
The interim dividend will be paid on 10 May 2018 to shareholders on the register as at 13 April 2018, with an ex-dividend date of 12 April 2018.
OUTLOOK
Our good performance in the first half of the year leaves us well placed to deliver upon current market expectations for the full year; the delivery of which will enable the group to continue its recent track record of profit and earnings growth.
The group is in its strongest position for many years, which enables us to execute our strategy and continue to invest in the growth of the business. We will provide an update on third quarter trading in early March 2018.
Ric Traynor
Executive chairman
12 December 2017
BUSINESS REVIEW
Begbies Traynor Group plc is a leading business recovery, financial advisory and property services consultancy, providing services nationally from a comprehensive network of UK locations through two complementary operating divisions.
Business recovery and financial advisory services
Begbies Traynor is the UK's leading independent business recovery practice, handling the largest number of corporate appointments, principally serving the mid-market and smaller companies.
BTG Advisory provides transactional support, valuations and advisory services.
We provide these services to businesses, professional advisors, other stakeholders, investors and financial institutions, working with all the major UK clearing banks.
Property services
Eddisons is a national firm of chartered surveyors, delivering advisory and transactional services to owners and occupiers of commercial property, investors and financial institutions. The division includes Pugh & Co, the largest regional firm of commercial property auctioneers by number of lots.
OPERATING REVIEW
Business recovery and financial advisory
Insolvency market
The number of corporate insolvencies (source: The Insolvency Service) increased by 8% in the twelve months ended 30 September 2017* to 15,572 (2016: 14,482). Corporate insolvencies in calendar years 2015 and 2016 were circa 14,700 per annum, representing the lowest level of corporate appointments since 2004.
*Source: The Insolvency Service quarterly insolvency statistics, excluding the one-off effect of 1,131 connected personal service companies which entered liquidation on the same date following changes to claimable expenses rules.
Financial performance
The increase in market activity levels (as noted above), combined with a success fee of GBP0.8m on a contingent insolvency case, increased revenue by 10% to GBP19.2m (2016: GBP17.4m). Segmental profits* increased to GBP4.1m (2016: GBP3.2m) with an improvement in operating margins to 21.4% (2016: 18.1%).
We have continued to develop our advisory services in the period and have recently launched BTG Advisory, which brings together our restructuring, financial advisory, corporate finance, forensic and investigation teams to operate as one national team.
The number of people employed in the division has increased to 342 as at 31 October 2017 from 337 at the start of the financial year. We retain the capacity to deliver growth in revenue and profits from our existing team in the event of a further increase in activity levels.
We have maintained our market share and remain the leading corporate appointment taker by volume. In the second half, we expect the division to perform broadly in line with the first half, excluding the benefit of the contingent fees.
* See note 2
Property services
Revenue decreased to GBP6.8m (2016: GBP7.1m) as anticipated, due to a one-off advisory fee of GBP0.4m which benefitted the comparative period. Operating costs increased to GBP5.5m (2016: GBP5.1m) due to the full year impact of prior year acquisitions, investment in new people and increased share-based payment charges.
Segmental profits* were GBP1.3m (2016: GBP2.0m) with operating margins of 19.7% (2016: 28.3%).
As noted above, we have continued to invest in the division and in the period have recruited a new team in Liverpool providing valuation and agency services operating from the group's existing office, which we anticipate will benefit future years. The number of people employed in the division has increased to 177 as at 31 October 2017 from 170 at the start of the financial year and 164 in October 2016.
We continue to seek opportunities to invest in the division through senior recruitment, in addition to seeking further acquisitions. These growth initiatives will develop both our service offering and geographical coverage. In the second half, we anticipate trading to continue at least at current levels.
* See note 2
FINANCE REVIEW
Financial summary
Restated
2017 2016
GBP'000 GBP'000
Revenue 26,016 24,454
------------------------------------- ------- --------
Operating profit (before transaction
costs and amortisation) 3,134 2,969
Interest costs (256) (472)
------------------------------------- ------- --------
Adjusted profit before tax 2,878 2,497
Transaction costs (1,029) (329)
Amortisation of intangible assets
arising on acquisitions (895) (1,291)
------------------------------------- ------- --------
Profit before tax 954 877
Tax (570) (346)
------------------------------------- ------- --------
Profit for the period 384 531
------------------------------------- ------- --------
Revenue
Revenue in the period was GBP26.0m (2016: GBP24.5m).
Business recovery and financial advisory revenue increased by GBP1.9m, partially offset by reduced property services revenue of GBP0.3m.
Operating profit (before transaction costs and amortisation)
Operating profit increased to GBP3.1m (2016: GBP3.0m) with margins of 12.0% (2016: 12.1%).
Interest costs
Interest costs reduced to GBP0.3m (2016: GBP0.5m), as a result of the group's reduced borrowing costs following the refinancing in November 2016.
Transaction costs
Transaction costs in the period were GBP1.0m (2016: GBP0.3m) comprising:
-- acquisition costs of GBPnil (2016: GBP0.1m); -- deemed remuneration charges of GBP0.7m (2016: GBP0.6m);
-- charge relating to the put and call option over Begbies Traynor (London) LLP of GBP0.3m (2016: GBPnil), offset by:
-- gain on acquisition of GBPnil (2016: GBP0.4m).
Amortisation of intangible assets arising on acquisitions
Amortisation costs decreased to GBP0.9m (2016: GBP1.3m).
Tax
The tax charge for the period was GBP0.6m (2016: GBP0.3m) based on the expected tax rate for the full year.
Earnings per share ('EPS')
EPS*, adjusted for the net of tax impact of amortisation and transaction costs were 2.0p (2016: 1.8p).
Basic and diluted earnings per share were 0.3p (2016: 0.5p).
* See reconciliation in note 5
Cash flows
Cash generated by operations (before interest and tax payments) in the period was GBP4.9m (2016: GBP2.2m). Tax payments in the period were GBP0.4m (2016: GBP0.7m). Interest payments were GBP0.2m (2016: GBP0.4m).
Cash outflows from investing activities were GBP0.3m (2016: GBP2.2m). Capital expenditure was GBP0.2m (2016: GBP0.1m). Deferred payments relating to prior year acquisitions were GBP0.1m (2016: GBP0.5m). Acquisition payments were GBPnil (2016: GBP1.6m, net of cash acquired).
Financing cash outflows were GBP2.6m (2016: GBP1.6m). During the period we reduced the level of drawn debt under our banking facilities by GBP2.0m (2016: GBP1.0m). Dividend payments were GBP0.6m (2016: GBP0.6m).
Financing
Net borrowings reduced to GBP6.9m at 31 October 2017 (Apr 2017: GBP10.3m, Oct 16: GBP12.2m), with gearing of 12% (Apr 17: 18%, Oct 16: 21%) and significant headroom within the committed banking facilities. During the period, all bank covenants were comfortably met and the group remains in a strong financial position. Interest cover* was 12.2 times (2016: 6.3 times).
The group's banking facilities are unsecured, mature on 31 August 2021 and comprise a GBP25m committed revolving credit facility and a GBP5m uncommitted acquisition facility.
* Before amortisation and transaction costs
Net assets
At 31 October 2017 net assets were GBP56.5m (2016: GBP58.6m) and are analysed as follows:
Restated
31 Oct 30 Apr 31 Oct
2017 2017 2016
GBPm GBPm GBPm
Non-current assets 58.9 60.0 61.3
Current assets 28.8 29.8 33.6
Net borrowings (6.9) (10.3) (12.2)
Current tax (1.2) (0.8) (1.0)
Other liabilities (23.1) (20.6) (23.1)
Net assets 56.5 58.1 58.6
======== ======== ========
Ric Traynor Nick Taylor
Executive chairman Group finance director
12 December 2017 12 December 2017
Statement of comprehensive
income
Restated
Six months Six months Year ended
ended ended
31 October 31 October 30 April
2017 2016 2017
(unaudited) (unaudited) (audited)
Note GBP'000 GBP'000 GBP'000
---------------------------------- ----- ------------- ------------ -------------
Revenue 26,016 24,454 49,685
Direct costs (14,659) (13,739) (28,130)
---------------------------------- ----- ------------- ------------ -------------
Gross profit 11,357 10,715 21,555
Other operating income 132 186 397
Administrative expenses (10,279) (9,552) (20,309)
---------------------------------- ----- ------------- ------------ -------------
Operating profit before
amortisation and transaction
costs 3,134 2,969 5,627
Transaction costs 4 (1,029) (329) (1,545)
Amortisation of intangible
assets arising on acquisitions (895) (1,291) (2,439)
---------------------------------- ----- ------------- ------------ -------------
Operating profit 1,210 1,349 1,643
Finance costs 3 (256) (472) (1,001)
Profit before tax 954 877 642
Tax (570) (346) (429)
---------------------------------- ----- ------------- ------------ -------------
Profit for the period
from continuing operations 384 531 213
---------------------------------- ----- ------------- ------------ -------------
Discontinued operations
Loss for the period from
discontinued operations - - (476)
---------------------------------- ----- ------------- ------------ -------------
Profit (loss) for the
period 384 531 (263)
---------------------------------- ----- ------------- ------------ -------------
Other comprehensive income
Exchange differences
on translation of foreign
operations - - 2
---------------------------------- ----- ------------- ------------ -------------
Total comprehensive income
for the period 384 531 (261)
Earnings per share
From continuing operations
Basic and diluted 0.3p 0.5p 0.2p
---------------------------------- ----- ------------- ------------ -------------
From continuing and discontinued
operations
Basic and diluted 5 0.3p 0.5p (0.2)p
---------------------------------- ----- ------------- ------------ -------------
All of the profit and comprehensive income for the period is attributable to equity holders of the parent
Consolidated statement of
changes in equity
For the six months ended Share Share Merger Translation Retained Total
31 October 2017 (unaudited)
capital premium reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------- -------- -------- -------- ------------ --------- --------
At 1 May 2017 5,640 23,258 17,584 - 11,618 58,100
Profit for the period - - - - 384 384
Other comprehensive income:
Exchange differences on translation - - - - - -
of foreign operations
------------------------------------- -------- -------- -------- ------------ --------- --------
Total comprehensive income
for the period - - - - 384 384
Dividends - - - - (2,356) (2,356)
Credit to equity for equity-settled
share-based payments - - - - 161 161
Shares issued 28 349 - - (212) 165
------------------------------------- -------- -------- -------- ------------ --------- --------
At 31 October 2017 5,668 23,607 17,584 - 9,595 56,454
------------------------------------- -------- -------- -------- ------------ --------- --------
For the six months ended Share Share Merger Translation Retained Total
31 October 2016 (unaudited)
capital premium reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 May 2016 as previously
reported 5,611 23,042 17,584 (2) 13,446 59,681
Restatement - - - - 549 549
------------------------------------- -------- -------- -------- ------------ --------- --------
At 1 May 2016 restated 5,611 23,042 17,584 (2) 13,995 60,230
Profit for the period as
restated - - - - 531 531
Other comprehensive income:
Exchange differences on translation - - - - - -
of foreign operations
------------------------------------- -------- -------- -------- ------------ --------- --------
Total comprehensive income
for the period - - - - 531 531
Dividends - - - - (2,335) (2,335)
Credit to equity for equity-settled
share-based payments - - - - 125 125
Shares issued 1 11 - - - 12
At 31 October 2016 5,612 23,053 17,584 (2) 12,316 58,563
------------------------------------- -------- -------- -------- ------------ --------- --------
For the year ended 30 April Share Share Merger Translation Retained Total
2017 (audited)
capital premium reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------- -------- -------- -------- ------------ --------- --------
At 1 May 2016 5,611 23,042 17,584 (2) 13,446 59,681
Restatement - - - - 549 549
------------------------------------- -------- -------- -------- ------------ --------- --------
At 1 May 2016 restated 5,611 23,042 17,584 (2) 13,995 60,230
Loss for the year - - - - (263) (263)
Other comprehensive income:
Exchange differences on translation
of foreign operations - - - 2 - 2
------------------------------------- -------- -------- -------- ------------ --------- --------
Total comprehensive income
for the year - - - 2 (263) (261)
Dividends - - - - (2,335) (2,335)
Credit to equity for equity-settled
share-based payments - - - - 431 431
Shares issued 29 216 - - (210) 35
At 30 April 2017 5,640 23,258 17,584 - 11,618 58,100
------------------------------------- -------- -------- -------- ------------ --------- --------
The merger reserve arose on the formation of the group in 2004.
Consolidated balance sheet
Restated
31 October 31 October 30 April
2017 (unaudited) 2016 2017
(audited)
(unaudited)
GBP'000 GBP'000 GBP'000
------------------------------- ------------------- ------------- ------------
Non-current assets
Intangible assets 57,548 59,591 58,471
Property, plant and equipment 1,397 1,677 1,498
------------------------------- ------------------- ------------- ------------
58,945 61,268 59,969
------------------------------- ------------------- ------------- ------------
Current assets
Trade and other receivables 28,818 33,642 29,761
Cash and cash equivalents 8,069 4,823 6,715
36,887 38,465 36,476
------------------------------- ------------------- ------------- ------------
Total assets 95,832 99,733 96,445
------------------------------- ------------------- ------------- ------------
Current liabilities
Trade and other payables (16,427) (15,797) (13,585)
Current tax liabilities (1,231) (997) (843)
Borrowings - (7,000) -
Provisions (458) (613) (755)
(18,116) (24,407) (15,183)
------------------------------- ------------------- ------------- ------------
Net current assets 18,771 14,058 21,293
------------------------------- ------------------- ------------- ------------
Non-current liabilities
Trade and other payables (671) - (335)
Borrowings (15,000) (10,000) (17,000)
Provisions (352) (711) (418)
Deferred tax (5,239) (6,052) (5,409)
------------------------------- ------------------- ------------- ------------
(21,262) (16,763) (23,162)
------------------------------- ------------------- ------------- ------------
Total liabilities (39,378) (41,170) (38,345)
------------------------------- ------------------- ------------- ------------
Net assets 56,454 58,563 58,100
------------------------------- ------------------- ------------- ------------
Equity
Share capital 5,668 5,612 5,640
Share premium 23,607 23,053 23,258
Merger reserve 17,584 17,584 17,584
Translation reserve - (2) -
Retained earnings 9,595 12,316 11,618
------------------------------- ------------------- ------------- ------------
Equity attributable to owners
of the company 56,454 58,563 58,100
------------------------------- ------------------- ------------- ------------
Consolidated cash flow statement
Six months Six months
ended ended Year
31 31 October ended
October 2016 30 April
2017 (unaudited) (unaudited) 2017
(audited)
Note GBP'000 GBP'000 GBP'000
------------------------------------ ----- ------------------ ------------- ------------
Cash flows from operating
activities
Cash generated by operations 7 4,912 2,190 7,974
Income taxes paid (352) (701) (1,462)
Interest paid (248) (429) (919)
------------------------------------ ----- ------------------ ------------- ------------
Net cash from operating activities 4,312 1,060 5,593
------------------------------------ ----- ------------------ ------------- ------------
Investing activities
Purchase of property, plant
and equipment (151) (72) (289)
Purchase of intangible fixed
assets (61) (8) (8)
Deferred consideration payments
in the period (122) (539) (1,144)
Acquisition of businesses - (1,627) (1,773)
------------------------------------ ----- ------------------ ------------- ------------
Net cash from investing activities (334) (2,246) (3,214)
------------------------------------ ----- ------------------ ------------- ------------
Financing activities
Dividends paid (640) (637) (2,335)
Proceeds on issue of shares 16 12 37
Repayment of loans (2,000) (1,000) (1,000)
Net cash from financing activities (2,624) (1,625) (3,298)
------------------------------------ ----- ------------------ ------------- ------------
Net increase (decrease) in
cash and cash equivalents 1,354 (2,811) (919)
Cash and cash equivalents
at beginning of period 6,715 7,634 7,634
------------------------------------ ----- ------------------ ------------- ------------
Cash and cash equivalents
at end of period 8,069 4,823 6,715
------------------------------------ ----- ------------------ ------------- ------------
1. Basis of preparation and accounting policies
(a) Basis of preparation
The half year condensed consolidated financial statements do not include all of the information and disclosures required for full annual financial statements and should be read in conjunction with the group's annual financial statements as at 30 April 2017, which have been prepared in accordance with IFRSs as adopted by the European Union.
This condensed consolidated half year financial information does not comprise statutory accounts within the meaning of Section 435 of the Companies Act 2006. Statutory accounts for the year ended 30 April 2017 were approved by the board of directors on 10 July 2017 and delivered to the Registrar of Companies. The report of the auditor on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and did not contain statements under section 498 (2) or (3) of the Companies Act 2006.
The directors have reviewed the financial resources available to the group and have concluded that the group is a going concern. This conclusion is based upon, amongst other matters, a review of the group's financial projections for a period of twelve months following the date of this announcement, together with a review of the cash and committed borrowing facilities available to the group. Accordingly, the going concern basis has been used in preparing these half year condensed consolidated financial statements.
The condensed consolidated financial statements for the six months ended 31 October 2017 have not been audited nor subject to an interim review by the auditors. IAS 34 'Interim financial reporting' is not applicable to these half year condensed consolidated financial statements and has therefore not been applied.
(b) Significant accounting policies
The accounting policies adopted in preparation of the half year condensed consolidated financial statements are consistent with those followed in the preparation of the group's annual financial statements for the year ended 30 April 2017.
(c) Prior period restatement
As disclosed in the group's statutory accounts for the year ended 30 April 2017, the group updated its accounting in respect of the acquisition of subsidiaries and businesses where the consideration payable requires post-acquisition service obligations to be performed by the selling shareholders.
The net impact of these adjustments was a GBP549,000 credit to opening reserves at 1 May 2016 and a GBP307,000 credit to the consolidated statement of comprehensive income in the six months to 31 October 2016. The group's KPI's of adjusted profit before tax and adjusted EPS were not impacted by this restatement. There were no restatements to reported cashflows.
The impact on each line item on the primary financial statements is shown in the table below:
As reported Adjustments Restated
31 October 31 October 31 October
2016 2016 2016
GBP'000 GBP'000 GBP'000
------------------------------------- ------------ ------------ ------------
Consolidated income statement
Transaction costs (692) 363 (329)
Finance costs (499) 27 (472)
Tax (263) (83) (346)
Profit for the year from continuing
operations 224 307 531
------------------------------------- ------------ ------------ ------------
Basic earnings per share
From continuing operations 0.2p 0.3p 0.5p
------------------------------------- ------------ ------------ ------------
Consolidated balance sheet
Total assets 100,946 (1,213) 99,733
Total liabilities (43,239) 2,069 (41,170)
Total shareholders funds 57,707 856 58,563
------------------------------------- ------------ ------------ ------------
2. Segmental analysis by class of business
Six months Six months
ended ended Year
31 October 31 October ended
2017 2016 30 April
(unaudited) (unaudited) 2017
(audited)
GBP'000 GBP'000 GBP'000
-------------------------------------- ------------- ------------- ------------
Revenue
Business recovery and advisory 19,246 17,360 36,231
Property 6,770 7,094 13,454
-------------------------------------- ------------- ------------- ------------
26,016 24,454 49,685
-------------------------------------- ------------- ------------- ------------
Operating profit before amortisation
and transaction costs
Business recovery and advisory 4,113 3,150 7,353
Property 1,337 2,006 2,900
Shared and central costs (2,316) (2,187) (4,626)
-------------------------------------- ------------- ------------- ------------
3,134 2,969 5,627
-------------------------------------- ------------- ------------- ------------
3. Finance costs
Restated
Six months Six months
ended ended Year
31 October 31 October ended
2017 2016 30 April
(unaudited) (unaudited) 2017
(audited)
GBP'000 GBP'000 GBP'000
--------------------------------------- -------------- ------------- ------------
Interest on bank loans and overdrafts 256 472 760
Unwinding of discount on deferred
consideration liabilities - - 16
--------------------------------------- -------------- ------------- ------------
Interest costs 256 472 776
Refinancing costs - - 225
--------------------------------------- -------------- ------------- ------------
256 472 1,001
--------------------------------------- -------------- ------------- ------------
4. Transaction costs
Restated
Six months Six months
ended ended Year
31 October 31 October ended
2017 2016 30 April
(unaudited) (unaudited) 2017
(audited)
GBP'000 GBP'000 GBP'000
--------------------------------------- -------------- ------------- ------------
Deemed remuneration 662 607 1,420
Acquisition costs 32 73 141
Gain on acquisition - (351) (351)
Charge relating to the put and call
option over Begbies Traynor (London)
LLP 335 - 335
1,029 329 1,545
--------------------------------------- -------------- ------------- ------------
5. Earnings per share
The calculation of the basic and diluted earnings per share is based on the following data:
Restated
Six months Six months
ended ended Year ended
31 October 31 October 30 April
2017 (unaudited) 2016 (unaudited) 2017 (audited)
GBP'000 GBP'000 GBP'000
------------------------------------------- ------------------- ------------------ -----------------
Earnings
Profit for the period from continuing
operations attributable to equity
holders 384 531 213
Loss from discontinued operations
attributable to equity holders - - (476)
------------------------------------------- ------------------- ------------------ -----------------
Profit (loss) for the period attributable
to equity holders 384 531 (263)
------------------------------------------- ------------------- ------------------ -----------------
31 October 31 October 30 April
2017 (unaudited) 2016 (unaudited) 2017 (audited)
Number number number
--------------------------------------- ------------------ ------------------ ----------------
Number of shares
Weighted average number of ordinary
shares for the purposes of basic
earnings per share 108,352,224 106,202,986 107,246,497
Effect of dilutive potential ordinary
shares:
Share options 3,169,599 2,125,437 1,688,849
Contingent shares 1,354,582 1,496,426 1,642,313
--------------------------------------- ------------------ ------------------ ----------------
Weighted average number of ordinary
shares for the purposes of diluted
earnings per share 112,876,405 109,824,849 110,577,659
--------------------------------------- ------------------ ------------------ ----------------
Six months Six months
ended ended Year ended
31 October 31 October 30 April
2017 (unaudited) 2016 (unaudited) 2017 (audited)
Basic earnings (loss) per share Pence pence pence
from
--------------------------------- ------------------ ------------------ -----------------
Continuing operations 0.3 0.5 0.2
Discontinued operations - - (0.4)
--------------------------------- ------------------ ------------------ -----------------
0.3 0.5 (0.2)
--------------------------------- ------------------ ------------------ -----------------
The following additional earnings per share figures are presented as the directors believe they provide a better understanding of the trading position of the group:
Restated
Six months Six months
ended ended Year ended
31 31 October 30 April
October 2016 (unaudited) 2017 (audited)
2017 (unaudited)
GBP'000 GBP'000 GBP'000
------------------------------------ ------------------- ------------------ -----------------
Earnings
Profit for the period attributable
to equity holders 384 531 213
Amortisation of intangible assets
arising on acquisitions 895 1,291 2,439
Transaction costs 1,029 329 1,545
Refinancing costs - - 225
Tax effect of above items (170) (370) (875)
------------------------------------ ------------------- ------------------ -----------------
Adjusted earnings 2,138 1,781 3,547
------------------------------------ ------------------- ------------------ -----------------
Six months Six months
ended ended Year ended
31 31 October 30 April
October 2016 (unaudited) 2017 (audited)
2017 (unaudited)
pence pence pence
----------------------------------- ------------------ ------------------ -----------------
Adjusted basic earnings per share 2.0 1.8 3.3
Adjusted diluted earnings per
share 1.9 1.7 3.2
----------------------------------- ------------------ ------------------ -----------------
6. Dividends
The interim dividend of 0.7p (2016: 0.6p) per share (not recognised as a liability at 31 October 2017) will be payable on 10 May 2018 to ordinary shareholders on the register at the close of business on 13 April 2018. The final dividend of 1.6p per share as proposed in the 30 April 2017 financial statements and approved at the group's AGM was paid on 8 November 2017 and was recognised as a liability at 31 October 2017.
7. Reconciliation to the cash flow statement
Restated
Six months Six months
ended ended Year
31 October 31 October ended
2017 2016 30 April
(unaudited) (unaudited) 2017
(audited)
GBP'000 GBP'000 GBP'000
--------------------------------------- -------------- ------------- ------------
Profit (loss) for the period 384 531 (263)
Adjustments for:
Tax 570 346 311
Finance costs 256 472 1,001
Amortisation of intangible assets 984 1,378 2,613
Depreciation of property, plant
and equipment 252 381 769
Deemed remuneration 662 607 1,420
Charge relating to the put and call
option over Begbies Traynor (London)
LLP 335 - 335
Gain on acquisition - (351) (351)
Loss on disposal of property, plant
and equipment - 5 13
Loss on disposal of discontinued
operations - - 594
Share-based payment expense 161 125 431 Decrease in provisions (364) (397) (549) --------------------------------------- -------------- ------------- ------------ Operating cash flows before movements in working capital 3,240 3,097 6,324 Decrease in receivables 918 452 3,179 Increase (decrease) in payables 754 (1,359) (1,529) Cash generated by operations 4,912 2,190 7,974 --------------------------------------- -------------- ------------- ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UAUWRBOAUAAA
(END) Dow Jones Newswires
December 12, 2017 02:00 ET (07:00 GMT)
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