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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 |
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0 | 0 | N/A | 0 |
RNS Number:1108C Creative Education Corp Plc 27 April 2006 27 April 2006 Creative Education Corporation Plc Unaudited interim results for the six months ending 31 January 2006 Chairman's review of the six months to 31 January 2006 Turnover for the six months to 31 January 2006 increased by 120 per cent. to #3.86m (#1.75m for the six months to 31 January 2005), reflecting the full six month contribution from the Academy and Head start acquisitions. The loss before tax for the period rose from #1.04m to #1.5m, a continued reflection of the ongoing investments made to develop four of our own 'new build' nurseries as well as investing in infrastructure required to enable the Company to continue to take advantage of what is an increasingly fragmented market place. The group currently operates 29 nurseries, of which 20 are now achieving occupancy rates above 60 per cent. During the period the company acquired the entire issued share capital of Conduit Square Limited which contains eight freehold premises which were leased by the company and the freehold interest in the Primary Steps nursery at East Sheen from Iron Founders and Allied Trade Nominees Limited. Current Trading and prospects While sector trading conditions remain difficult, recent performance has seen an upturn, with a 1.5 per cent. growth in turnover over the first six month period in the current financial year. During this period the board have instigated a number of rationalisation and cost cutting measures allied to improvements in business processes. Furthermore, the board are reviewing a possible fundraising in the near future. The Directors believe that these measures will stabilise the business and enable it to become profitable and cash generative. In concluding, the Board of Directors feel that the business is starting to achieve its potential. Our confidence in our market growth strategy for the future remains strong, our education product continues to improve, and importantly, with new recent additions to the senior management, the quality and experience of our management team continues to grow. C Phillips Chairman Dated: 26th April 2006 GROUP PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 31 JANUARY 2006 26 weeks to 26 weeks to Year 31 January 31 January ended 31 July 2006 2005 2005 (Unaudited) (Unaudited) Notes # # # Turnover 1 3,855,674 1,752,261 6,076,000 Administrative expenses (5,073,986) (2,620,492) (8,875,636) ----------- ----------- ----------- Operating loss (1,218,312) (868,231) (2,799,636) Exceptional item Profit on disposal of fixed Assets - - 106,762 Share of operating loss in associated undertaking - (159,018) (159,018) Other income 2,942 13,706 47,822 Interest payable and similar charges (303,873) (27,891) (138,310) ----------- ----------- ----------- Loss on ordinary activities before taxation (1,519,243) (1,041,434) (2,942,380) Tax on loss on ordinary activities - - - ----------- ----------- ----------- Loss on ordinary activities after taxation 2/5 (1,519,243) (1,041,434) (2,942,380) ----------- ----------- ----------- Loss per share 3 - Basic (0.49) p (0.54) p (1.17) p ----------- ----------- ----------- - Diluted (0.49) p (0.54) p (1.17) 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 2006 As at 31 As at 31 As at January January 31 July 2006 2005 2005 (Unaudited) (Unaudited) Notes # # # Fixed assets Intangible assets 8,655,129 7,982,336 8,844,989 Tangible assets 4 12,093,726 3,516,845 2,906,396 ----------- ----------- ----------- 20,748,855 11,499,181 11,751,385 ----------- ----------- ----------- Current assets Debtors 737,022 648,416 951,262 Cash at bank and in hand 10,209 2,668,084 507,100 ----------- ----------- ----------- 747,231 3,316,500 1,458,362 Creditors: amounts falling due within one year (3,998,323) (2,245,210) (3,439,995) ----------- ----------- ----------- Net current assets /(liabilities) (3,251,092) 1,071,290 (1,981,633) ----------- ----------- ----------- Total assets less current liabilities 17,497,763 12,570,471 9,769,752 ----------- ----------- ----------- Creditors: amounts falling due after more than one year (10,380,342) (2,376,880) (1,111,106) ----------- ----------- ----------- 7,117,421 10,193,591 8,658,646 ----------- ----------- ----------- Capital and reserves Called up share capital 3,116,160 3,036,078 3,116,160 Share premium account 5 7,613,414 7,349,477 7,635,396 Merger reserve 5 1,922,261 2,377,314 2,143,250 Profit and loss account 5 (5,534,414) (2,569,278) (4,236,160) ----------- ----------- ----------- Shareholders' funds - equity interests 7,117,421 10,193,591 8,658,646 ----------- ----------- ----------- The accounts were approved by the board on 26th April 2006 D Alexander J Macaulay Director Director GROUP CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 JANUARY 2006 26 weeks to 31 26 weeks to 31 Period ended 31 July January 2006 January 2005 2005 (Unaudited) (Unaudited) Note # # # # # # Net cash outflow from operating activities (774,240) (584,955) (1,898,716) Returns on investments and servicing of finance Interest paid (303,873) (27,891) (138,310) Interest received 2,942 13,706 38,128 Rent received/Other - - 9,694 ----- ----- ----- Net cash outflow from returns on investments and servicing of finance (300,931) (14,185) (90,488) Corporation tax (29,160) - - Capital expenditure and financial investment Payments to acquire tangible fixed assets (286,332) (71,137) (498,920) Payments to acquire investments - (799,105) (799,105) Receipts from sale of tangible Fixed assets - - 1,618,945 ----- ----- ----- Net cash inflow/(outflow) from Capital expenditure and financial investment (286,332) (870,242) 320,920 Acquisitions and disposals Purchase of subsidiary undertakings (464,376) (986,685) (2,424,326) Net cash acquired with subsidiaries 656 18,162 70,507 ----- ----- ----- Net cash inflow/(outflow)from Acquisitions and disposals (463,720) (968,523) (2,353,819) ----- ----- ----- Net cash outflow before financing (1,854,383) (2,437,905) (4,022,103) Financing Issue of ordinary share capital - 5,000,000 5,050,000 Cost of share issue (21,982) (379,170) (423,674) New loan notes - 400,000 400,000 New bank loans 490,896 - 573,750 Repurchase of loan notes (150,000) - (50,000) Repayment of bank loans (37,769) - (1,311,435) ----- ----- ----- Net cash inflow from financing 281,145 5,020,830 4,238,641 ----- ----- ----- Increase/(decrease) in cash (1,573,238) 2,582,925 216,538 ----- ----- ----- THE CREATIVE EDUCATION CORPORATION PLC NOTES TO THE GROUP ACCOUNTS FOR THE SIX MONTHS ENDED 31 JANUARY 2006 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 year 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 year is made up as follows: 26 weeks 26 weeks Period ended 31 ended 31 ended 31 January January July 2005 2006 2005 (Unaudited) (Unaudited) # # # Holding company's loss for the financial (1,431,036) (782,448) (2,686,453) year ----- ----- ----- 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 #1,519,243 (2005: Loss #1,041,434), divided by the weighted average number of shares in issue during the year. The weighted average number of shares used on the calculations are set out below: 26 weeks 26 weeks ended Period ended 31 ended 31 31 January 2005 July 2005 January 2006 (Unaudited) (Unaudited) Number of Number of Number of Shares Shares Shares 311,615,930 192,743,887 250,560,104 ------ ------ ------ NOTES TO THE GROUP ACCOUNTS FOR THE SIX MONTHS ENDED 31 JANUARY 2006 4 Tangible fixed assets Land and Fixtures, Motor Total Buildings fittings Vehicles & equipment # # # # At 1 August 2005 2,694,397 391,601 13,127 3,099,125 Acquired with 8,187,307 - - 8,187,307 subsidiary Additions 1,014,416 107,092 - 1,121,508 Disposals - - (4,042) (4,042) ----- ----- ----- ----- At 31 January 2006 11,896,120 498,693 9,085 12,403,898 ----- ----- ----- ----- At 1 August 2005 98,278 91,898 2,553 192,729 Charge for the 70,104 46,611 1,851 118,566 period Disposals - (1,123) (1,123) ----- ----- ----- ----- At 31 January 2006 168,382 138,509 3,281 310,172 ----- ----- ----- ----- At 31 January 2006 11,727,738 360,184 5,804 12,093,726 ----- ----- ----- ----- At 31 July 2005 2,596,119 299,703 10,574 2,906,396 ----- ----- ----- ----- The additions arising on the acquisition of subsidiary relate to Conduit Square Limited which was acquired on 10 October 2005. Included in Land and Buildings additions is an amount of #835,176 relating to the freehold interest in the Primary Steps Nursery, East Sheen acquired from Iron Founders and Allied Trade Nominees Limited. NOTES TO THE GROUP ACCOUNTS FOR THE SIX MONTHS ENDED 31 JANUARY 2006 5 Statement of movements on reserves Profit & Loss Merger Share Account reserve premium account # # # Balance at 1 August 2005 (4,236,160) 2,143,250 7,635,396 Loss for period (1,519,243) - - Costs of issue of shares - - (21,982) - - - Transfer of amortisation of goodwill to 220,989 (220,989) - profit and loss account ----- ----- ----- Balance at 31 January 2006 (5,534,414) 1,922,261 7,613,414 ----- ----- ----- 6 Nature of financial Information The interim figures for the six months ended 31 January 2006 and those for the six months to 31 January 2005 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 2005 are extracted from the audited accounts for that year, which have been filed with the Registrar of Companies. The auditors report on those accounts were 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. Contact Paul Ayers Creative Education Corporation Plc 020 8864 5147 Oliver Cairns Corporate Synergy Plc 020 7448 4417 END This information is provided by RNS The company news service from the London Stock Exchange END IR SEIFEWSMSEIL
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