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| 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 |
Hot Features
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RNS No 9310k
HACAS GROUP PLC
11th January 1998
HACAS Group PLC ("HACAS")
(The leading UK social housing consultancy with offices in
London and Edinburgh)
UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED
30 SEPTEMBER 1998
HIGHLIGHTS *
1998 1997 Change
Turnover #3.46m #3.18m 8.8%
Profit before tax** #640,407 #511,000 25.3%
Earnings per share 1.76p 1.44p 22.2%
* As HACAS Group PLC traded for less than three months before
its financial year end, the figures set out above are
annualised full year figures for the main operational company
HACAS Ltd combined with The Royal Borough of Kensington and
Chelsea Assured Homes PLC. The figures are taken from the
accounts of both companies for 1997 and 1998 respectively.
Earnings per share are based on shares in issue at 30
September 1998.
** The profit before tax figure in the table above is before
the operating expenses of #54,407 incurred by The Royal
Borough of Kensington and Chelsea Assured Homes PLC
attributable to the Offer from General Industries plc.
* First statement since HACAS reversed into General
Industries
* Sustained growth in all main operating areas
* Local authority and government work grows strongly
* HACAS Exchequer Services makes significant contribution
in its first year
* Operating margins being sustained
* Broadening client base
* Strong cash flow with cash balances of #2.3 million
* Trading in first quarter ahead of last year
* Confident that Group will be able to maintain good
progress
For further information:
Julian Ashby (Chairman) 0171 609 9491
Brian Coleman-Smith / Lisa Kramer 0171 786 9600
Binns & Co Public Relations
GROUP PROFILE AND MARKET
The Market
The social housing sector is the Group's operating market.
The sector comprises housing associations, local authority and
other public sector housing providers (including universities
and the NHS for students and key staff) together with the
related government departments, regulators, trade bodies,
suppliers and funders. This sector owns over 25% of the UK
housing stock.
We advise some of the largest local authorities (such as
Glasgow City Council) and a majority of the largest housing
associations. Our 500 most regular housing association
clients each have assets between #50 million and #2.4 billion.
Other clients include government departments, Housing
Corporations, Scottish Homes and the Audit Commission.
It is government policy to encourage substantial investment in
repairing and modernising local authority housing (the need
for over #10 billion has been acknowledged). This usually
involves the transfer of the stock from the local authority to
a housing association and substantial funding from the
commercial loans market. This is a key part of the Group's
work.
HACAS also carries out research for government departments and
regulators and also advises financial institutions, other
commercial companies involved in the social housing sector and
Eastern European governments.
There are three main operating divisions within the Group.
HACAS Consulting
HACAS Consulting is the main operating company in the Group.
It provides a wide range of consultancy and outsourcing
services to local authorities, housing associations and other
organisations operating in the social housing sector. These
services include advice on stock transfers, innovative forms
of finance, business planning, stand in management,
recruitment, financial modeling, IT, research, trouble
shooting etc.
HACAS Exchequer Treasury Services
HACAS Exchequer Treasury Services advises housing associations
and local authorities on funding. It is particularly active in
the growing stock transfer market and has helped to raise some
#700 million in its first year of operations. The company has
applied for SFA registration and believes that this will give
a further impetus to its growth.
The Royal Borough of Kensington and Chelsea Assured Homes PLC
This company was established under the Business Expansion
Scheme in 1992. It manages 21 properties in the London area a
majority of which are on assured short-hold tenancies. These
provide a good yield which can be converted to cash to
contribute to the Group's growth strategy.
HACAS Group PLC
UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED
30 SEPTEMBER 1998
CHAIRMAN'S STATEMENT
This is our first public statement since HACAS Ltd reversed
into General Industries to create HACAS Group PLC in July
1998. All three companies in the enlarged Group have altered
their year ends in order to achieve a common date of 30
September. As HACAS Group PLC only traded for a short period
before the start of the new financial year, a pro-forma
unaudited financial statement is included as though the Group
operated for the full twelve months. All figures included in
the statement are extracted for the published financial
statements. The comments on the full year results are based
on the pro-forma. This is consistent with the Prospectus
issued at the time of the offer.
We see the achievement of an AIM quotation as the first step
to consolidating other businesses within the Group and
achieving, in due course, a full quotation.
Results
The year to 30 September was very successful for the enlarged
Group, with the pro forma results for the 52 week period
(before costs relating to the offer written off to Share
Premium Account) showing turnover up 8.8% to #3.46 million,
profits before tax and operating costs relating to the offer
up 25.3% to #640,407 and earnings per share up 22.2% to 1.76p
per share. HACAS Exchequer Treasury Services made a
significant contribution to turnover and profits in its first
year and has established a leading position as a funding
adviser for stock transfers.
The offer for The Royal Borough of Kensington and Chelsea
Assured Homes PLC went unconditional in August and is now
completed. 30% accepted the share offer and 70% accepted
cash. The company had its best trading year (before the
exceptional costs of the takeover) and provides a good return
on its properties.
Dividends
In line with the Prospectus, we do not intend to pay a
dividend in respect of the six week period prior to the
financial year end but, subject to trading performance, it is
our intention to pay an interim dividend for the six months to
31 March 1999 in June 1999 as well as a final dividend for the
full year.
Acquisitions and New Ventures
The social housing sector (providing around 25% of UK housing)
has many small consultancy and service company providers of
which we are one of the largest. We are in discussions with a
number of smaller players which could lead to future
partnerships. The internet offers many opportunities in our
sector. We are currently negotiating a joint venture with a
trade body to provide information through a subscription
service. If these reach a satisfactory conclusion this could
be a platform for further growth.
Prospects
The government's twin objectives, of substantial investment in
older local authority housing while containing public
expenditure, mean that stock transfer and private funding will
continue and increase. This is a key area of growth for the
Group.
In the first three months of the current financial year
trading 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 this good progress through the year.
Julian Ashby
Chairman
11 January 1999
MANAGING DIRECTOR'S REPORT
This is my first review as Managing Director of HACAS Group
PLC since the successful completion of the reverse takeover of
General Industries PLC and the acquisition of the Royal
Borough of Kensington and Chelsea Assured Homes PLC in July
1998.
Operations
Throughout 1998 we have had sustained growth in all main
operating areas and consolidated our expansion with local
authority clients. We have continued to broaden our client
base and take on additional consultants with an established
track record and profile within the sector. We are delighted
to welcome over twenty staff as shareholders with a long term
commitment to the growth of the company.
The short trading period of the enlarged Group does not do
justice to the scale and success of our operations in 1998.
The change in accounting year has given us a 9 month year in
which we made pre-tax profits before operating costs relating
to the offer of #490,621.
It represents around a 28% increase in profits over the
equivalent period in 1997.
Annualised, this is equivalent to #654,161 in a full year.
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 cash
balances of around #2.3 million and a residential investment
portfolio of around #1.7 million. The Group has no borrowings
and bad debts continue at minimal levels.
Progress so far in the current year is in line with these
expectations. In November we were pleased to announce that we
had been selected as lead advisors to the Glasgow City Council
in connection with their housing stock transfer feasibility
study. This is the largest project of its type in the UK and
recognises our expertise in this growing sector.
Range of work
The range of work we undertake within the social housing
sector is continuing to broaden.
While housing associations account for around 52% of our work,
it is the local authority and government work that is growing
fastest - up from 17% in 1997 to 25% in 1998.
We consider 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
government departments, Audit Conmmission, Halifax PLC and
other major financial institutions.
Information Technology
We have completed the second phase of our major information
technology project. This enables our consultants and
administration staff to access our network from home or when
they are on the move. Further developments are planned that
will extend our intranet and internet capabilities.
Marketing
During the year we have held two major conferences and
exhibited at the two main housing sector conferences. We have
also opened our web site at hacas.co.uk
We have authored a number of key specialist publication which
have sold well and demonstrated our special expertise in this
sector. These include Local Housing Companies (second
edition) and Private Finance: Initiatives for affordable
rented housing for the Chartered Institute of Housing. A
viable proposition for the Housing Corporation and Effective
and protected housing investment for the Joseph Rowntree
Foundation.
Derek Joseph
Managing Director
11 January 1999
HACAS GROUP PLC
Pro Forma Unaudited Profit and Loss Account
for the 12 Months Ended 30 September 1998
HACAS Ltd The Royal HACAS Totals
Borough Group
of PLC
Kensington
&
Chelsea
Assured
Homes plc
Turnover -
Continuing 3,324,483 - - 3,324,483
Operations
Rental Income 141,718 - 141,718
Net Operating (2,855,565) (106,049) (12,239)(2,973,853)
Expenses
Expenses
Attributable to
Offer (not written - (54,407) - (54,407)
off to Share
Premium Account)
--------- --------- ------- ---------
Operating Profit/ 468,918 (18,738) (12,239) 437,941
(Loss)
Interest 87,013 10,028 50,908 147,949
Receivable
--------- --------- ------ ---------
Profit/(Loss) on
ordinary 555,931 (8,710) 38,669 585,890
activities before
taxation
Tax on ordinary (172,945) (9,349) (8,120) (190,414)
activities
--------- -------- ------- ---------
Profit / (Loss) on
ordinary 382,986 (18,059) 30,549 395,476
activities after
taxation
--------- ------- ------- --------
Earnings per share based on 25,542,782 shares in issue and
excluding operating expenses attributable to the offer 1.761p
Earnings per share (fully diluted) based on 26,842,782 shares
in issue and excluding operating expenses attributable to the
offer 1.728p
Notes:
1. The figures for HACAS Limited are based on audited
accounts for the 9 months to 30 September 1998 and for the
three months to 31 December 1997 pro rata from the audited
accounts for the 12 months to 31 December 1997.
2. The figures for the Royal Borough of Kensington & Chelsea
Assured Homes PLC are bases on the audited accounts for the 10
months ended 30 September 1998 and for the 2 months to 30
November 1997 pro rata from the audited accounts for the 12
months to 30 November 1997.
3. The figures for HACAS Group PLC are 12 months figures pro
rata taken from the audited accounts for the period of 14
months and 19 days ended 30 September 1998.
4. The figures for turnover - continuing operations and net
operations expenses - for HACAS Limited and the Royal Borough
of Kensington & Chelsea Assured Homes PLC include an amount of
inter - group turnover. In the opinion of the Directors of
HACAS Group PLC these amounts are not material and do not
affect the operating profit shown in the unaudited profit and
loss account for the 12 months ended 30 September 1998.
HACAS Group PLC
Group Balance Sheet
30 September 1998
1998
#
Fixed Assets
Investments 10,004
Tangible Assets 1,702,497
----------
1,712,501
----------
Current Assets
Work in progress 285,190
Debtors 751,080
Cash in bank and in hand 2,283,207
----------
3,319,477
Creditors: Amounts falling due 861,214
within one year
----------
Net Current Assets 2,458,263
----------
Total Assets Less Current 4,170,764
Liabilities
----------
Capital and Reserves
Called up share capital 2,554,278
Share premium account 483,453
Profit and loss account 125,536
Capital reserve 842,461
----------
Shareholders' funds 4,005,728
Minority interest 165,036
----------
6,368,054
----------
HACAS Group PLC
Cash Flow Statement
for the year ended 30 September 1998
1998
#
Cashflow from operating activities 655,150
Returns on investments and 84,831
servicing of finance
Taxation (46,711)
Acquisitions and disposals 501,683
----------
Cash inflow before financing 1,194,933
Financing 1,088,254
----------
Increase in cash in the period 2,283,207
----------
END
FR UBUUCGBGBGBR
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