![](/cdn/assets/images/search/clock.png)
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 |
---|---|---|---|---|---|
Creative Educ | LSE:CEC | London | Ordinary Share | GB0032667916 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.10 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6963L Creative Education Corp Plc 29 April 2005 THE CREATIVE EDUCATION CORPORATION PLC CHAIRMANS STATEMENT FOR THE SIX MONTHS ENDED 31 JANUARY 2005 Review of the six months to 31 January 2005 Turnover for the period was #1.75 million, a 96% increase on the first half of last year. This reflects the change in year end from August to July. The results include one month of consolidated results from Academy Childcare Group Plc ("Academy") and 3 months from Happy House Educational Care ("Happy House"), both of which were acquired during the period. On a like for like basis turnover increased by 48%, reflecting the strong progress made by the seven Primary Steps nurseries which the group owned throughout the six months to January 2005 and the equivalent period in the prior year. Average occupancy at these units increased from 53% to 67%. The loss before tax increased from #642,000 to #1.04 million, reflecting the investment we have made to build an infrastructure capable of capitalising on the significant consolidation opportunity that exists in our sector. The group currently operates 34 nurseries and/or creches (up from 11 nurseries and 1 pre-prep school as at 31 January 2004) but has the infrastructure to manage a considerably larger number of units. During the period we acquired three Happy House nurseries and made an offer to acquire the entire issued share capital of Academy other than the shares that we already owned. At the same time we raised #4.32 million net of expenses by way of a placing. Academy operates 12 nurseries and 1 children's creche. All the nurseries we have acquired have been re-branded, or are in the process of being re-branded, under the Primary Steps name. The Happy House nurseries have progressed satisfactorily under CEC's ownership, although occupancy levels at the time the acquisition was completed were lower than we had hoped. The existing Primary Steps nurseries have made considerable progress over the last year although we believe that with the focus now on expansion of the Group, and the integration of these acquisitions, their full potential will take somewhat longer to realise. Current trading and prospects We were only able to take full operational responsibility of Academy at the end of the period under review, the offer officially closing on 28 January 2005. Since this time we have conducted a wide ranging strategic review of its business. Their findings indicated that the process of turning around Academy's performance would take longer than we had previously anticipated. However, we have moved quickly to implement measures to improve the performance. These include closing Academy's Head Office, reducing overheads and earmarking three nurseries to be reduced in size to 80 places or fewer, in accordance with our strategy of operating smaller units. We looked very carefully at two other larger Academy nurseries, at Bluewater and Guildford, but concluded there was no advantage to the group in retaining them, even at reduced capacity. On 13 April 2005 we announced an agreement to sell the Bluewater and Guildford nurseries for #1.7m in cash, subject to OFSTED approval. In addition, since the period end we have acquired the five-strong Head Start group of nurseries for #1.5m. This has taken our total portfolio to 32 units, offering a total of 1905 registered places (excluding the Bluewater and Guildford nurseries). Our overall occupancy rate is currently running at 63%, up from 58% at the end of January. Nine of our original Primary Steps nurseries and all of the Head Start nurseries currently have occupancy levels of at least 70% and the trend is continuing to improve. In accordance with our strategy of being a leading consolidator in the highly fragmented nursery sector we continue to evaluate potential acquisition opportunities. We have agreed a new #20m facility with Bank of Scotland, including an #18m revolving credit facility for acquisitions. We continue to believe our strategy of focusing on 50-80 place units is the way forward. In summary, occupancy rates are rising, prices have been increased and margins are improving and we believe we are in a strong position to remain a leading consolidator in this sector. We are therefore confident about the group's prospects for the future. C Philips Chairman 29 April 2005 Group Profit & Loss Account As at 31 January 2005 26 weeks to 26 weeks to Year ended 31 January 29 February 31 July 2005 2004 2004 (Unaudited) (Unaudited) # # # Turnover 1,752,261 895,506 1,927,096 Administrative expenses (2,620,492) (1,530,306) (2,963,672) Operating loss (868,231) (634,800) (1,036,576) Share of operating loss in associated undertaking (159,018) - (299,076) Other income 13,706 - 2,542 Interest payable and similar charges (27,891) (7,097) (5,445) Loss on ordinary activities before taxation (1,041,434) (641,897) (1,338,555) Tax on loss on ordinary activities - - - Loss on ordinary activities after taxation (1,041,434) (641,897) (1,338,555) Loss per share - Basic (0.54) p (0.39) p (0.85) p - Diluted (0.54) p (0.39) p (0.85) p The profit and loss account has been prepared on the basis that all operations are continuing operations. There are no recognised gains and losses other than those passing through the profit and loss account. GROUP BALANCE SHEET As at 31 January 2005 As at As at As at 31 January 29 February 31 July 2005 2004 2004 (Unaudited) (Unaudited) # # # Fixed assets Intangible assets 7,982,336 4,141,043 4,050,204 Tangible assets 3,516,845 614,360 682,430 Investments Investments in associate - - 78,160 Trade investments - 290,656 - 11,499,181 5,046,059 4,810,794 Debtors 648,416 122,918 313,773 2,668,084 631,721 145,247 3,316,500 754,639 459,020 Creditors: amounts falling due within one year (2,245,210) 331,135) (495,236) Net current assets 1,071,290 423,504 (36,216) Total assets less current liabilities 12,570,471 5,469,563 4,774,578 Creditors: amounts falling due after more than one year (2376,880) - - 10,193,591 5,469,563 4,774,578 Capital and reserves Called up share capital 3,036,078 1,658,000 1,659,762 Share premium account 7,349,477 2,265,434 2,265,346 Merger reserve 2,377,314 2,800,000 2,510,771 Profit and loss account (2,569,278) (1,253,872) (1,661,301) Shareholders' funds - equity interests 10,193,591 5,469,563 4,774,578 The interim accounts were approved by the board of The Creative Corporation PLC on 28 April 2005. GROUP CASH FLOW STATEMENT For the six months ended 31 January 2005 26 weeks to 31 26 weeks to 29 Period ended 31 July January 2005 February 2004 2004 (Unaudited) (Unaudited) # # # # # # Net cash outflow from operating 236,062 (1,018,101) (1,382,507) activities Returns on investments and servicing of finance Interest paid (27,891) (7,097) (5,445) Interest received 13,706 - 2,542 Net cash outflow from returns (14,185) (7,097) (2,903) on investments and servicing of finance Capital expenditure and financial investment Payments to acquire tangible (71,337) (180,224) (281,667) fixed assets Payments to acquire (6,874,084) - - subsidiaries Payments to acquire associated (80,858) - (377,236) undertaking Payments to acquire trade - (290,656) investments (7,026,279) (470,880) (658,903) Net cash outflow before (6,804,402) (1,496,078) (2,044,313) financing Financing Issue of ordinary share capital 6,885,610 2,431,170 2,439,980 Cost of share issue (425,163) (86,008) (93,145) Debt due after 1 year: Bank loan 2,376,880 - - Other loan 150,000 - - Debenture loans 400,000 - - Net cash inflow from financing 9,387,327 2,345,162 2,346,835 Increase in cash 2,582,925 849,084 302,522 NOTES TO THE GROUP ACCOUNTS FOR THE SIX MONTHS ENDED 31 JANUARY 2005 1 Turnover The total turnover of the group for the period has been derived from its principal activity wholly undertaken in the United Kingdom. 2 Loss for the financial period As permitted by section 230 of the Companies Act 1985, the holding company's profit and loss account has not been included in these accounts. The loss for the financial period is made up as follows: 26 weeks ended 26 weeks ended 29 Period ended 31 January 2005 February 2004 31 July 2004 (Unaudited) (Unaudited) # # # Holding company's loss for the financial period (782,448) (641,897) (1,039,479) Loss in Subsidiaries (99,968) - Share of loss in associate (159,018) - (299,076) (1,041,434) (641,897) (1,338,555) 3 Earnings per share The calculation of the basic earnings per share and diluted earnings per share is based on the loss attributable to ordinary shareholders of #1,041,434 (2004: Loss #1,338,555), divided by the weighted average number of shares in issue during the period. The weighted average number of shares used on the calculations are set out below: 26 weeks ended 26 weeks 31 January 2005 ended 29 (Unaudited) February 2004 (Unaudited) Period ended 31 July 2004 Number of Number of Number of Shares Shares shares 192,743,887 165,799,910 156,773,501 4 Nature of financial information The interim figures for the six months ended 31 January 2005 and those for the six months ended 29 February 2004, are unaudited. The financial information set out herein does not comprise full accounts within the meaning of section 240 of the Companies Act 1985. The comparative figures for the year ended 31 July 2004 are extracted from the audited accounts for that year, which have been filed with the Registrar of Companies. The auditors' report on those audited accounts was unqualified and did not contain any statement under section 237(2) or (3) of the Companies Act 1985. The Interim Report has been prepared on the basis of the accounting policies set out in the most recent set of annual financial statements. 5. Copies of the interim report can be requested from the Company's registered office: Aston House, Cornwall Avenue, London N3 1LF during normal business hours. Enquiries: David Alexander, CEO - Creative Education 020 8864 5147 Olly Cairns - Corporate Synergy Plc 020 7626 2244 This information is provided by RNS The company news service from the London Stock Exchange END IR SEIFAASISEFL
1 Year Creative Education Chart |
1 Month Creative Education 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