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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Dipford Grp | LSE:DIP | London | Ordinary Share | GB0031318883 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 5.50 | 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:4050N Dipford Group PLC 07 December 2006 DIPFORD GROUP PLC Dipford stabilises after tough first half Dipford Group plc, a consolidator in the business broking market, today announces its interim results for the six-month period ended 31 October 2006. Highlights: Financial (compared to 6 months ended 31 October 2005): * Adjusted profit (before tax and goodwill amortisation of #230,332) #166,389 (2005: #254,744) * Loss before tax #(63,943) (2005: profit of #104,512) * Adjusted EPS (before goodwill amortisation) was 1.3p per share (2005: 2.01p) Business * Business sales and businesses are operating against a tougher market environment * Redwoods Dowling Kerr disappointed with lower than forecast sales * Recent acquisitions Kings Business Transfer and Bruce & Co have both performed well * Significantly higher levels of bad debt write offs Jonathan Custance Baker, Executive Chairman, said: "The set of results is closely in line with the revised expectations indicated at our AGM in September. Our two most recent acquisitions - Kings Business Transfer and Bruce & Company Limited - have performed ahead of expectation with a consequent impact on their earn-out. Turnover at Redwoods Dowling Kerr, staying at levels achieved earlier this calendar year, was lower than anticipated. The business has also been carrying a higher level of costs in expectation of future growth. From this platform, we expect an improved level of earnings going forward. The company has no immediate plans for a further acquisition." - ends - For further information please call: Jonathan Custance Baker - Executive Chairman Tel: 01392 256800 Miles MacEacharn - Finance Director Tel: 01392 256800 Barrie Newton - Corporate Synergy/Rowan Dartington Tel: 01179 330011 Interim Results for the Period ended 31 October 2006 The Board is pleased to present the six months results for the period to 31 October 2006. Trading Results Following the loss of two recent cases for recovery of our fees we have conducted an extensive debtor review which has resulted in significantly higher bad debt provisioning which we expect will continue albeit it at a reduced level. Redwoods Dowling Kerr (RDK) As anticipated in the AGM statement, sales have stabilised at levels achieved earlier in the calendar year and costs have continued to rise. Delays in subletting part of our Huddersfield office have resulted in higher than budgeted costs. Following a disappointing six months, and to bring it into line with our other operating divisions, we will be recruiting a full-time Chief Executive for RDK. Pending this appointment, Jonathan Custance Baker has been seconded full-time to the Yorkshire office of RDK. It is expected that both the interim and long term measures will have a positive impact on the growth prospects for this important area of our business as the cost of recruiting and training key staff is matched by future growth. Kings Business Transfer (Kings) This has been another successful period which included the completion of the acquisition earn-out. Under the leadership of one of the original owners, the division is growing steadily. Bruce & Company Limited (Bruce) This is the first full six-month period since we acquired Bruce in January. The company is performing ahead of expectations. Using the expertise of the rest of the Group in certain specialist areas e.g. day nurseries, Bruce is developing these sectors in Scotland as well. Systems Both Kings and Bruce will shortly be migrating onto Unite, the Group's bespoke web-based customer relationship management system. Whilst each business will remain autonomous, this will bring the major advantage of being able to share buyer databases, thus improving the service to vendors and speeding up potential sales. It will also enhance our management reporting capabilities. Marketing Under the Director of Marketing, the centralised service provision is ensuring a more cost-effective use of our resources. We have, in addition, taken in house the PR of our main operating divisions with a consequent uplift in coverage in the relevant trade publications. Marketing environment It has been noticeable that bank lending to prospective purchasers has become more cautious over the recent past. This slows down prospective sales as vendors adjust their expectations to a less rapidly growing climate. Balance Sheet The balance sheet at 31 October 2006 showed net assets of #5.8m (2005: #5.3m). Goodwill of #8.9m, arising on acquisitions, is being written off over twenty years. The Group had an overdraft of #46,473 at 31 October 2006 (2005: cash at bank and on hand of #152,834). These balances exclude deposit monies held on behalf of clients. Dividends While it is the intention of the Board in due course to ensure that shareholders benefit from the success of the Group with a progressive dividend policy, the need to balance this with continuing investment in the business means that the Board is not recommending an interim dividend for the period. Outlook This has been a difficult period for the Group with our largest division performing below expectation. We have been working actively to ensure that future revenues rise from their present levels. Jonathan Custance Baker Executive Chairman 7th December 2006 Dipford Group plc - Interim results for 6 months to 31 October 2006 Consolidated Profit and Loss Account 6 months to 31 6 months to 31 Year ended 30 October 2006 October 2005 April 2006 (Unaudited) (Unaudited) (Audited) # # # Turnover Continuing operations 2,921,381 2,198,413 5,040,384 Discontinued operations - - 46,340 2,921,381 2,198,413 5,086,724 Cost of sales Continuing operations (587,105) (441,001) (845,523) Discontinued operations - - (40,230) (587,105) (441,001) (885,753) Gross profit 2,334,276 1,757,412 4,200,971 Net operating expenses Continuing operations (2,318,449) (1,611,470) (3,514,740) Other operating income - - 11,950 Operating profit Continuing Operations 15,827 145,942 692,071 Discontinued operations - - 6,110 15,827 145,942 698,181 Interest receivable 9,900 5,416 14,651 Interest payable (89,670) (46,846) (122,728) (Loss)/profit on ordinary activities (63,943) 104,512 590,104 before taxation Tax on (loss)/profit on ordinary (14,850) (53,000) (200,000) activities (Loss)/profit for the financial year (78,793) 51,512 390,104 (Loss)/earnings per share (0.68p) 0.51p 3.63p Adjusted earnings per share after 1.30p 2.01p 6.96p adding back amortisation of goodwill Consolidated Balance Sheet 31 October 2006 31 October 2005 30 April 2006 (Unaudited) (Unaudited) (Audited) # # # Fixed assets Intangible assets 8,498,691 6,639,891 8,772,915 Tangible assets 204,480 168,612 239,082 8,703,171 6,808,503 9,011,997 Current assets Debtors 1,098,424 673,587 1,037,380 Cash at bank and in hand 500,300 811,332 762,472 1,598,724 1,484,919 1,799,852 Creditors due within one year (2,713,822) (1,745,406) (2,574,184) Net current liabilities (1,115,098) (260,487) (774,332) Total assets less current liabilities 7,588,073 6,548,016 8,237,665 Creditors due after one year (1,756,808) (1,230,740) (2,327,607) Provisions - deferred taxation (4,190) - (4,190) Net assets 5,827,075 5,317,276 5,905,868 Capital and reserves Called up share capital 581,126 560,801 581,126 Share premium account 5,117,259 4,887,584 5,117,259 Profit and loss account 128,690 (131,109) 207,483 Shareholders' funds 5,827,075 5,317,276 5,905,868 Consolidated Cash Flow Statement 6 months to 31 6 months to 31 Year ended 30 October 2006 October 2005 April 2006 (Unaudited) (Unaudited) (Audited) # # # Net cash inflow from operating 247,366 584,678 999,216 activities (note 4) Returns on investments and servicing of finance Interest received 9,900 532 14,651 Interest paid (89,670) (41,962) (122,728) Net cash outflow from returns on investments (79,770) (41,430) (108,077) and servicing of finance Taxation (169,781) - (36,628) Capital expenditure and financial investment Payments to acquire tangible fixed assets (47,040) (17,311) (96,538) Payments to acquire intangible fixed assets (19,437) (77,608) (111,710) Receipts from sales of tangible fixed assets 23,947 - - Purchase of subsidiary undertaking - - (2,163,429) Payments to acquire businesses - (1,754,372) (1,755,146) Payment of deferred consideration (33,000) (176,038) (192,714) Cash acquired with subsidiary undertaking - - 768,535 Net cash outflow from investing activities (75,530) (2,025,329) (3,551,002) Net cash outflow before use of liquid (77,715) (1,482,081) (2,696,491) resources and financing Financing Issue of ordinary share capital - 1,511,190 1,511,190 New bank loan - 534,000 1,934,000 Repayment of bank loans (187,231) (42,926) (270,566) Repayment of finance leases (29,000) - - Capital element of finance lease rental (14,699) (9,745) (16,555) payments Net cash (outflow)/inflow from financing (230,930) 1,992,519 3,158,069 (Decrease)/increase in cash (note 5) (308,645) 510,438 461,578 Notes 1 Basis of reporting The interim financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards in the United Kingdom. The accounting policies adopted are consistent with those disclosed in the group's statutory accounts in the year ended 30 April 2006. The financial information contained in this interim statement does not constitute full accounts as defined in section 240 Companies Act 1985. The interim financial information in this statement has been neither audited nor reviewed by the company's auditors. The financial information for the preceding year is based on the statutory accounts for the financial year ended 30 April 2006. Those accounts, on which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. 2 Exceptional item Operating profit is arrived at after charging #275,739 in respect of bad debt write-offs and increases in the provision for bad debts. 3 Earnings per share The calculation of the basic earnings per share is based on the loss attributable to ordinary shareholders for the period of #78,793 (2005 interim profit: #51,512; 2006 final profit #390,104) divided by the average number of shares in issue during the period of 11,622,515 (2005 interim: 10,022,877; 2006 final: 10,741,502). 4 Reconciliation of operating profit to net cash inflow from operating activities 6 months to 31 6 months to 31 Year ended 30 October 2006 October 2005 April 2006 (Unaudited) (Unaudited) (Audited) # # # Operating profit 15,827 145,942 698,181 Depreciation 54,263 46,740 83,325 Amortisation 244,221 150,232 383,181 Loss on sale of fixed assets 3,432 - - Increase in debtors (105,902) (169,323) (491,245) Increase in creditors 35,525 411,087 325,774 Net cash inflow from operating 247,366 584,678 999,216 activities 5(a) Analysis of changes in net debt 6 months to 6 months to Year ended 31 October 2006 31 October 2005 30 April 2006 (Unaudited) (Unaudited) (Audited) # # # Increase/(decrease) in cash (308,645) 510,438 461,578 Repayment of bank loans and finance 230,930 52,671 287,121 leases New bank loans and finance leases - (534,000) (1,934,000) Change in net debt (77,715) 29,109 (1,185,301) resulting from cash flows Finance leases acquired - (35,148) (47,231) Net debt at beginning of period (1,718,556) (486,024) (486,024) Net debt at end of period (1,796,271) (492,063) (1,718,556) 5(b) Analysis of net debt At 1 May 2006 Cashflow At 31 (Audited) (Unaudited) October 2006 (Unaudited) # # # Cash at bank and in hand 762,472 (262,172) 500,300 Bank overdraft - (46,473) (46,473) 762,472 (308,645) 453,827 Debt: - due within one year (453,885) - (453,885) - due after one year (2,027,143) 230,930 (1,796,213) (1,718,556) (77,715) (1,796,271) 6 Client account balances 31 October 2006 31 October 2005 30 April 2006 (Unaudited) (Unaudited) (Audited) # # # Cash at bank and in hand includes client account balances of: 500,300 658,498 490,250 7 Interim report Copies of the interim report for the six months ended 31 October 2006 will be sent to shareholders on 11 December 2006. Further copies will be available from the Company Secretary, Dipford Group plc, Narrow Quay House, Narrow Quay, Bristol BS1 4AH and at the Group's website at www.dipford.com. This information is provided by RNS The company news service from the London Stock Exchange END IR AKAKQOBDDPBK
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