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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Clarkson Hill | LSE:CLKH | London | Ordinary Share | GB0032390055 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCLKH The Clarkson Hill Group Plc (the "Group") Half-yearly report for the 6 months to 30 June 2010 HIGHLIGHTS * Revenues increased 12% to GBP9.6 million (2009: GBP8.5 million). * Gross profit increased by 8% to GBP1.78 million (2009: GBP1.65 million). * EBITDA* increased to GBP123,173 (2009: GBP20,226) * Operating efficiency improved to 17.3% (2009: 19.1%). Operating efficiency is calculated as being the operating costs as a percentage of revenue * Earnings before interest, tax, depreciation and amortisation. CHAIRMAN'S STATEMENT Trading Highlights Unaudited Unaudited 6 months to 6 months to 30 June 2010 30 June 2009 Revenue 9,605,204 8,558,381 Gross Profit 1,780,971 1,650,841 Net Operating Costs (1,657,798) (1,630,615) EBITDA* 123,173 20,226 Exceptional reorganisation costs - (129,320) Profit/(loss) before Tax 47,853 (178,479) * Earnings before interest, tax, depreciation and amortisation. Results Turnover increased by 12% to GBP9.6 million (2009: GBP8.5 million). The group EBITDA increased to GBP123,173 (2009: GBP20,226), reflecting the group's improvement during the six month period. Operating efficiency improved to 17.3 % (2009: 19.1%). The increase in turnover reflects an improvement in consumer confidence in the first six months of the year. Whilst operating costs were 1.6% higher than 2009 the restructuring programmes begun last year have resulted in an overall improvement in operating efficiency currently at 17.3% (2009: 19.1%). Profit before taxation for the period was GBP47,853 (2009: Loss GBP178,479) which demonstrates a significant turnround in the group's performance. Move to Assets under Management The group continues to increase its recurring revenue, by generating ongoing trail income from existing client investments to reflect the ongoing advice being given. Such recurring revenues currently represent over 20% of the half years income. This revenue stream continues to grow significantly. Retail Distribution Review (RDR) The group's advisers continue to pass the examinations leading up to the necessary qualifications post 1 January 2013. The company will continue to provide the necessary support and assistance to ensure as many of the advisers who wish to continue do so. Regulatory Capital Further to the announcement made by the Company 23 July 2010 the Board remain in discussions with the FSA about the regulatory capital requirement of the Company, and are seeking a number of ways in which to resolve this issue in a timely manner. Outlook Since June the group has continued to trade in line with the Board's expectations. RD Pritchard 29 September 2010 The Clarkson Hill Group Plc Consolidated Statement of Comprehensive Income Unaudited Interim Results to 30 June 2010 6 months to 6 months to year ended 30 June 2010 30 June 2009 31 December Unaudited Unaudited 2009 Audited GBP GBP GBP Revenue 9,605,204 8,558,381 17,551,520 Cost of sales (7,824,233) (6,907,540) (14,300,750 Gross profit 1,780,971 1,650,841 3,250,770 Net operating expenses (1,657,798) (1,630,615) (3,282,269) Earnings before interest, tax, 123,173 20,226 (31,499) depreciation and exceptional items Depreciation (41,200) (36,300) (73,500) Exceptional reorganisation costs - (129,320) (465,107) Group operating (loss)/profit 81,973 (145,394) (570,106) Finance revenues 14 1,699 1,962 Finance costs (34,134) (34,784) (68,555) (Loss)/profit on ordinary 47,853 (178,479) (636,699) activities before taxation Tax on (loss)/profit on 0 0 (68,000) ordinary activities (Loss)/retained profit for the 47,853 (178,479) (704,699) group Basic earnings/(loss) per share 0.2p (0.7)p (2.6)p There are no recognised gains or losses other than the profit or loss for the above financial periods. None of the group's activities were acquired or discontinued during the above financial periods. Consolidated Statement of Financial Position Unaudited Interim Results at 30 June 2010 30 June 2010 30 June 2009 31 December 2009 Unaudited Unaudited Audited GBP GBP GBP ASSETS Non current assets Intangible assets 120,055 120,055 120,055 Property, Plant & Equipment 100,300 156,021 133,733 Investments 7,000 7,000 7,000 Deferred Tax 435,919 503,919 435,919 663,274 786,995 696,707 Current Assets Trade and other receivables 4,831,974 3,523,126 3,509,013 Cash and cash equivalents 108,706 455,993 277,658 4,940,680 3,979,119 3,786,671 Total assets 5,603,954 4,766,114 4,483,378 Current Liabilities Trade and other payables 4,384,460 3,149,291 3,448,293 Short term borrowings 412,370 276,448 346,745 Current portion of long term 136,401 121,963 53,066 borrowings Current taxes payable 152,857 107,178 81,928 5,086,088 3,654,880 3,930,032 Non-current Liabilities Long term borrowings 375,000 530,000 458,333 Total liabilities 5,461,088 4,184,880 4,388,365 Net Assets 142,866 581,234 95,013 CAPITAL AND RESERVES Called up share capital 591,005 579,154 591,005 Share premium account 2,205,159 2,177,011 2,205,159 Merger reserve (99,000) (99,000) (99,000) Retained earnings (2,554,298) (2,075,931) (2,602,151) Total Equity 142,866 581,234 95,013 The interim financial information was approved by the Board of Directors on 29 September 2010, and was signed on its behalf by R Pritchard Director. Consolidated Statement of Cash Flows Unaudited Interim Results to 30 June 2010 6 months 6 months year ended ended ended 30 June 30 June 31 2010 2009 December 2009 Unaudited Unaudited Audited GBP GBP GBP Cash flows from operating activities Group Profit/(Loss) before taxation for the 47,853 (178,479) (636,699) period Depreciation 41,200 36,300 73,500 Net finance costs 34,120 33,085 66,593 Operating (loss)/profit before working 123,173 (109,094) (496,606) capital changes Decrease/(Increase) in trade and other (1,322,961) (333,769) (319,656) receivables Increase in trade and other payables 1,007,096 128,966 402,718 Cash generated from operations (192,692) (313,897) (413,544) Finance costs paid (34,134) (34,784) (68,555) Net cash outflow from operating activities (226,826) (348,681) (482,099) Cash flows from investing activities Purchase of property, plant and equipment (7,767) (38,343) (53,255) Interest received 14 1,699 1,962 (7,753) (36,644) (51,293) Cash flows from financing activities Share issue / Forfeiture of shares - 190,000 229,999 Proceeds from (repayment of) long term - (4,444) (4,444) borrowings Movement in short term borrowings 65,627 69,122 (1,145) 65,627 254,678 224,410 Net (decrease)/increase in cash and cash (168,952) (130,647) (308,982) equivalents Cash and cash equivalents at the beginning of 277,658 586,640 586,640 the period Cash and cash equivalents at the end of the 108,706 455,993 277,658 period Consolidated Statement of Changes in Equity Unaudited Interim Results to 30 June 2010 Share Share Merger Retained Total capital premium reserve earnings equity Balance at 1 January 2009 479,154 2,087,011 (99,000) (1,897,452) 569,713 Changes in equity for 2009 Share issue 111,851 118,148 - - 229,999 (Loss) for the period - - - (704,699) (704,699) Balance at 31 December 2009 591,005 2,205,159 (99,000) (2,602,151) 95,013 carried forward Changes in equity for 2010 Profit for the period - - - 47,853 47,853 Balance at 30 June 2010 591,005 2,205,159 (99,000) (2,554,298) 142,866 carried forward Basis of preparation The interim financial information has been prepared on the basis of the accounting policies set out in the group accounts for the year ended 31 December 2009. The interim financial information does not constitute statutory accounts within the meaning of the Companies Act 2006. A copy of the statutory accounts for the year ended 31 December 2009, which was prepared under International Accounting Standards, has been filed with the Registrar of Companies. The auditors' report on those accounts was unqualified. Earnings/(loss) per share The earnings per share is calculated on the profit attributable to ordinary shareholders of GBP47,853 (6 months to 30 June 2009: loss GBP178,479, year ended 31 December 2009: loss GBP704,699) divided by 29,550,270 (6 months to 30 June 2009: 24,107,677, year ended 31 December 2009: 27,115,161) being the weighted average number of ordinary shares in issue during the period. During 2010 and 2009, the share warrants and options were antidilutive and accordingly there is no dilution of loss per share. However, the share options could potentially dilute basic earnings per share in the future. Report and financial statements Copies of the Interim Report for the 6 months ended 30 June 2010 will be sent to shareholders shortly. Further copies will be available from the Company's registered office at Alexandra House, Alexandra Road, Wisbech, Cambridgeshire PE13 1HQ. The financial statements are also available on the Company's website www.theclarksonhillgroup.co.uk. Contact: The Clarkson Hill Group Plc Ron Pritchard, Director Tel: 01945 585721 Nominated Adviser Cairn Financial Advisers LLP Liam Murray Tel: 020 7148 7903 END
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