![](/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 |
---|---|---|---|---|---|
Hacas Grp. | LSE:HCS | London | Ordinary Share | GB0002259223 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8226W Hacas Group PLC 8 January 2001 HACAS GROUP PLC FOR RELEASE 7.00 AM 8 JANUARY 2001 HACAS Group PLC ("HACAS") (The leading UK social housing consultancy with offices in London, Coventry, Leeds, Edinburgh and Glasgow) PRELIMINARY RESULTS FOR THE YEAR 30 SEPTEMBER 2000 Highlights 2000 1999 Change Turnover #6.43m #4.74m +35% Profit before tax #1.45m #1.13m +28% Earnings per share (basic) 4.0p 2.90p +38% Dividend 1.2p 1.1p +9% Assets per share (basic) 23p 16p +43% * Core consultancy business shows substantial growth * Merger with Chapman Hendy Associates completed successfully * Work on 772 projects (600 in 1999) for 402 clients (275 in 1999) during the year - 46% housing associations - 39% local authorities - 15% other clients * HACAS Asset Management Services growing rapidly * First quarter turnover ahead of same period last year For further information: Julian Ashby (Chairman) 020 7609 9491 Derek Joseph (Managing Director) 020 7609 9491 Oliver Scott (Peel Hunt) 020 7418 8900 Background note: The Market HACAS Chapman Hendy Ltd The social housing sector is the Group's HACAS Chapman Hendy is the main primary operating market. The sector operating company providing a wide comprises housing associations, local range of consultancy and outsourcing authority and other public sector services to local authorities, housing housing providers together with the associations and other organisations related government departments, operating in the social housing regulators, trade bodies, suppliers and sector. funders. This sector owns over 25% of the UK housing stock. As a result of the merger with Chapman Hendy, the enlarged company is now Government policy encourages area organized into the following nine regeneration and substantial investment consultancy teams: in repairing and modernising local authority housing. This often involves * Local authority (finance, the transfer of the local authority's regeneration & transfers) housing stock to a new or existing * Housing association finance and housing association and substantial commercial funding from the commercial loans * Finance Director placements market. It is anticipated that some #13 * Best value and housing billion of such funding will be required association (general) over the next ten years. This is a key * North team (full range of area of the Group's work. services from Leeds base) * Asset management services The HACAS Group and its clients * Human Resources * Information Technology The HACAS Group comprises three main * Care operating companies of which HACAS Chapman Hendy Ltd is the largest. These Other Group subsidiaries companies advise over 120 local authorities including some of the HACAS Exchequer Services Ltd advises largest (such as Birmingham City housing associations and local Council). They also advise a majority of authorities on funding and treasury the largest housing associations. Our management. Exchequer Services 500 most regular housing association obtained SFA registration in June 200 clients hold assets ranging between #50 and is active in the growing stock million and #1.4 billion. Other clients transfer market and in advising on the include government departments, Housing refinancing of existing housing debt. Corporation, Scottish Homes, National Work is currently being undertaken Audit Office and the Audit Commission. with the National Housing Federation to provide treasury management The Group carries out research for training across the social housing government departments and regulators sector. and also advises financial institutions, commercial companies involved in the HCH Scotland Ltd operates from offices social housing sector, as well as in Glasgow and Edinburgh and provides Eastern European governments. a wide range of services to Scottish housing associations, local authorities and other clients. The Royal Borough of Kensington and Chelsea Assured Homes PLC was established under the Business Expansion Scheme in 1990. The Directors have taken advantage of the strong property market to sell most of the portfolio. The remaining properties are on assured short-hold tenancies and provide a good return on capital. Chairman's Statement We have now completed our second full year of operations since HACAS Group PLC was listed on AIM in July 1998. The most significant event of the year for us was the acquisition of Chapman Hendy Ltd in July 2000. Chapman Hendy is the market leader in local authority housing consultancy. Because of the significant level of overlap in services provided, Chapman Hendy has been merged with HACAS Consulting to form HACAS Chapman Hendy. The resulting company is market leader in the provision of housing related services to both local authorities and housing associations. Results We are happy to report excellent results for the year to 30 September 2000. All parts of the Group have performed well. The results reflect only two months of the merger with Chapman Hendy Ltd. Group turnover has increased by 35% to #6.43 million. Profits before tax increased by 28% to #1.45 million and earnings by 38% to 4.0p per share. In addition, The Royal Borough of Kensington and Chelsea Assured Homes PLC's property disposals programme contributed a further 'below the line' profit of #369,111. There has also been steady underlying growth in the core business. Dividends We declared an interim dividend of 0.55p per share in May 2000 and propose a final dividend of 0.65p per share payable on 12 April 2001 to shareholders in the register at ii January 2000. This will make a total dividend for the year of 1.2p per share, an increase of 9%. Growth, Acquisitions and New Ventures We continue to expand through organic growth and have welcomed a number of excellent consultants into the Group. The social housing and local authority sector (providing around 25% of UK housing) has many small consultancy and service company providers of which we are now one of the largest. Following completion of the merger with Chapman Hendy, the Group's strategy is to seek to acquire other consultancies that extend the work of the Group. We are currently at an advanced stage of negotiations with a smaller consultancy firm which has a strong reputation and client base and are hopeful of an early announcement. Staffing Consultancy is a people business and we value our staff highly. The HACAS and Chapman Hendy teams have coped well with the uncertainties and anxieties that any merger creates and have integrated successfully. The strong performance in the year has been due to the supporting efforts of all staff. Most of our staff are also shareholders and this long term interest in the Group's future is being strengthened by the operation of our existing share option scheme and the introduction of the new opportunities for employee share ownership announced by the government. We thank all members of the Group for their contribution. Outlook The government is continuing with an ambitious regeneration and Best Value agenda. Housing stock transfers and improvements requiring substantial private funding are expected to continue. Changes to the local authority financial framework and proposals for restructuring housing association rents have created a strong demand for our specialist services. We have also been undertaking some of the key research which is informing government policies in these areas. We are at the forefront of a range of regeneration, New Deal and PFI schemes and advise many authorities on the impact of resource accounting. In the first three months of the current financial year turnover is ahead of the same period last year and all parts of the Group are operating profitably. I am confident that we will be able to maintain good progress through the year. Julian Ashby Chairman Managing Director's Report This is my third review as Managing Director of HACAS Group PLC since the successful completion of the reverse takeover of General Industries PLC in July 1998 and the acquisition of The Royal Borough of Kensington and Chelsea Assured Homes PLC in August 1998. Operations Throughout 2000 we have achieved sustained growth in all our main operating areas. The merger of HACAS Consulting with Chapman Hendy to form HACAS Chapman Hendy has consolidated our position as market leaders with both local authority and housing association clients. Our research and policy development roles have been strengthened considerably. Both companies have successful and talented consultancy teams and the merger has increased our consulting capacity by over 80%. This is a key strength in a growing market. We have advised over 100 local authorities on housing stock reinvestment and transfer options during the year. We have continued to take a lead in the development of innovative approaches to regeneration. We are involved with New Deal for Communities schemes, 'pathfinder' PFI schemes and have helped to establish Urban Regeneration Companies and specialist key worker housing companies. We have also developed a number of innovative approaches to funding through special purpose vehicles. We have undertaken further flagship research work for the Department of Environment, Transport & the Regions on rent issues which has enhanced our status. We have also undertaken substantial 'Innovation & Good Practice' funded research leading to publications that have achieved considerable prominence in the social housing sector. Advice and services to commercial companies has seen significant growth during the year. We provide consultancy and director services to three companies and have undertaken two 'due diligence' studies. Where we consider the long term prospects are good, we have taken a strategic investment stake. Our decision in 1998 to acquire The Royal Borough of Kensington and Chelsea Assured Homes PLC has been beneficial. During the year we sold 11 properties which contributed a substantial (but non-recurring) contribution to 'below the line' profits of #369,111. We will dispose of the remainder of the portfolio as opportunities arise. Operating margins are being maintained or improved over all our areas of activity. Together with a broadening client base, this makes us well placed to increase turnover and profits. The business generates a strong cashflow and we now have available balances of around #3.3m. The Group has no borrowings and bad debts continue at minimal levels. Range of work The range of work we undertake within the social housing sector is continuing to broaden. While housing associations account for the largest percentage of our work, we have experienced growth in every sector shown. During the year we completed over 772 projects (600 in 1999) for 402 clients (275 in 1999). We consider that the diversity of clients within this niche sector is a source of strength to the Group. Many of the Group's clients that are not either housing associations or local authorities are high profile and include the Department of Environment, Transport and the Regions, Audit Commission, National Audit Office, Housing Corporation and major financial institutions. Information Technology Our information technology arrangements enable our consultants and admin staff to access our network from home or when they are on the move. This has contributed to increased productivity. We have also successfully upgraded our accounting and billing software during the year. We continue to develop our use of new technology and you are welcome to visit our web site at hch.eu.com. Marketing During the year we exhibited at the two main housing sector conferences and been guest speakers at many others. We continue to be in demand to provide articles for the trade press. Our expanding senior executive recruitment work places our name in front of the key decision makers on a regular basis and contributes to the 'hits' at our web site as applicants can browse for jobs, receive job details and send in applications 'on line'. We have authored a number of key specialist publications which have sold well and demonstrate our special expertise in the sector. These include Best Value for Housing staff, New Structures for Council Housing?, Sustaining success and Winning structures for the Chartered Institute of Housing, Rent arrears standard for the Housing Corporation, Living with risk for the National Housing Federation and Performance pay in RSLs which we publish ourselves. Derek Joseph Managing Director Acquisitions Continuing Total Total 2000 2000 2000 1999 # # # # TURNOVER Rental income - 47,542 47,542 140,015 Fees receivable 696,358 5,683,964 6,380,322 4,597,608 696,358 5,731,506 6,427,864 4,737,623 Other operating expenses 649,316 4,491,118 5,140,434 3,747,711 (net) OPERATING PROFIT 47,042 1,240,388 1,287,430 989,912 Profit on disposal of 5,521 43,890 investment properties Investment income 157,382 93,841 PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 1,450,333 1,127,643 Taxation (400,568) (378,241) Dividends (325,245) (283,926) RETAINED PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 724,520 465,476 EARNINGS PER SHARE - Basic 4.007p 2.908p - Diluted 3.917p 2.863p 2000 1999 # # Profit for the financial year 1,049,765 749,402 Unrealised surplus on revaluation of investment 47,700 498,131 properties Total recognised gains and losses relating to 1,097,465 1,247,533 the year NOTE OF HISTORICAL COST PROFITS AND LOSSES for the year ended 30 September 2000 2000 1999 # # Profit on ordinary activities before taxation 1,450,333 1,127,643 Realisation of property valuation gains of 369,111 - previous years Historical cost profit on ordinary activities 1,819,444 1,127,643 before taxation Historical cost profit for the year retained after taxation and dividends 1,093,631 465,476 2000 1999 # # FIXED ASSETS Goodwill 1,236,353 - Negative goodwill (604,846) (795,785) Tangible assets 886,800 1,971,785 Investments 530,004 50,004 2,048,311 1,226,004 CURRENT ASSETS Work in progress 1,004,202 293,376 Debtors 2,223,740 996,971 Cash at bank and in hand 3,333,743 2,828,580 6,561,685 4,118,927 CREDITORS: Amounts falling due within one 2,076,257 1,117,842 year NET CURRENT ASSETS 4,485,428 3,001,085 TOTAL ASSETS LESS CURRENT LIABILITIES 6,533,739 4,227,089 PROVISIONS FOR LIABILITIES AND CHARGES 10,000 72,000 6,523,739 4,155,089 CAPITAL AND RESERVES Called up share capital 2,822,345 2,582,493 Share premium account 1,840,031 483,453 Revaluation reserve 176,720 498,131 Profit and loss account 1,684,643 591,012 SHAREHOLDERS' FUNDS 6,523,739 4,155,089 2000 1999 # # Cash flow from operating activities 790,425 725,847 Returns on investments and servicing of (167,863) (34,775) finance Taxation (419,972) (165,156) Capital expenditure and servicing of finance 621,313 124,239 Acquisitions and disposals (393,740) (132,997) CASH INFLOW BEFORE FINANCING 430,163 517,158 Financing 75,000 28,215 INCREASE IN CASH IN THE PERIOD 505,163 545,373 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET CASH # Increase in cash in the period 505,163 MOVEMENT IN NET CASH IN PERIOD 505,163 NET CASH AT 1 OCTOBER 1999 2,828,580 NET CASH AT 30 SEPTEMBER 2000 3,333,743
1 Year Hacas Grp. Chart |
1 Month Hacas Grp. 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