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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
Premium
RNS No 8346f
HACAS GROUP PLC
26 May 1999
HACAS Group PLC ("HACAS")
(The leading UK social housing consultancy with offices in London and
Edinburgh)
INTERIM RESULTS FOR THE SIX MONTHS TO 31 MARCH 1999
HIGHLIGHTS
1998 1997 Change
Turnover #2.20m #1.66m 32.5%
Profit before tax #473,950 #320,149 48.0%
Earnings per share 1.27p 0.85p 49.4%
Dividend 0.5p -
* Significant increase in turnover, profit before tax and earnings per
share
* First dividend since reversing into General Industries
* Cash balances rise to #2.55 million
* 537 projects completed in the first half
* Mainstream consultancy work for housing associations, local authorities
and government agencies continues to grow
* HACAS Asset Management Services established
* HACAS Exchequer Services advises on over #700m funding
* Sale of the Group's property portfolio begins
* Operating margins sustained
* Second half begins well
* Confident that progress will be maintained for the full year
For further information:
Julian Ashby (Chairman) 0171 609 9491
Brian Coleman-Smith / Lisa Kramer 0171 786 9600
Binns & Co Public Relations
HACAS Group PLC ("HACAS")
(The leading UK social housing consultancy with offices in London and
Edinburgh)
INTERIM RESULTS FOR THE SIX MONTHS TO 31 MARCH 1999
Result
We are pleased to report interim results that show a significant increase on
the comparable period. In the first half of the year, we have completed 537
projects for 112 housing associations, 22 local authorities and 25 other
clients. Turnover is up 32%, profits before tax have increased by 48% and
earnings per share up by 49%.
Dividend
In the light of this good progress the Directors have declared an interim
dividend of 0.5p per share payable on 2 July to shareholders on the register
at 11 June.
Business Development
Our mainstream consultancy work for housing associations, local authorities
and government agencies has grown in each of these areas. We have
established HACAS Asset Management Services to extend our advice in the area
of housing stock condition management and forecasting for local authorities
and housing associations. This has been achieved by strengthening our
existing teams.
HACAS Exchequer Services has been lead adviser on over #700 million of
funding for housing associations in the last six months and is taking on
additional staff. This subsidiary is contributing strongly to both turnover
and profits.
Our property subsidiary is performing well as a result of implementing the
economies that were planned at the time of its acquisition. The Board is
converting this property portfolio into cash and the first disposals have
taken place.
Outlook
The second half has begun well. Partnerships between the private and public
sectors are developing further and the Company sees this as a source of
growth throughout the UK. We are confident that we can maintain good
progress for the full year. Our strategy of developing services and
broadening our client base continues on course.
Staffing
The significant strides we are making would not be possible without the skill
and commitment of our staff team. We are delighted that so many members of
the team have taken the opportunity to buy shares in the Group. This will be
broadened further by the operation of a share option scheme covering all
employees. We thank them for all their contribution.
Julian Ashby
Chairman
HACAS GROUP PLC
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months to 31 March 1999
Six Months Year to
to 31 March 30 September
1999 1998 1998
Turnover -
Continuing Operations 2,198,636 1,662,242 3,324,483
Rental Income 77,767 70,859 141,718
Net Operating Expenses (1,852,136) (1,486,927) (2,973,853)
Expenses Attributable to - - (54,407)
Offer
(not written off to share
premium account)
---------- ---------- ----------
Operating Profit/(Loss) 424,267 246,174 437,941
Interest Receivable 49,683 73,975 147,949
---------- ---------- ----------
Profit/(Loss) on ordinary
activities before taxation 473,950 320,149 585,890
Tax on ordinary activities (147,443) (104,048) (190,414)
Ordinary dividends (127,714) - -
---------- ---------- ----------
Retained profit for period 198,793 216,101 395,476
======= ======= =======
Earnings per share
(excluding expenses
attributable to the offer) 1.27p .85p 1.76p
Earnings per share
(excluding expenses
attributable to the offer)
Fully diluted 1.21p .81p 1.73p
Notes:
1 The figures for the year to 30 September 1998 are extracted from the
audited accounts for the three group companies pro rata for the period as
each of the audited accounts cover different periods.
2 The figures for the six months to 31 March 1998 are pro rata, from the
figures for the year to 30 September 1998.
3 The figures for turnover - continuing operations and net operating
expenses - 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.
4 Earnings per share are based on 25,542,782 shares in issue at 31 March and
30 September 1998 and 25,795,230 shares in issue at 31 March 1999.
Earnings per share fully diluted is based on 26,842,782 shares in issue at
31 March and 30 September 1998 and 27,009,523 shares at 31 March 1999.
5 Copies of this interim report are being sent to all shareholders and
further copies are available from the Company Secretary, HACAS Group plc,
United House, North Road, London N7 9DP.
HACAS GROUP PLC
GROUP BALANCE SHEET
at 31 March 1999
Unaudited at Audited at
31 March 1999 30 September
1998
Fixed assets:
Investments 10,004 10,004
Tangible Assets 1,659,380 1,702,497
---------- ----------
1,669,384 1,712,501
---------- ----------
Current Assets:
Work in progress 304,238 285,190
Debtors 773,120 751,080
Cash at bank and in hand 2,553,636 2,283,207
---------- ----------
3,630,994 3,319,477
Creditors falling due
within one year 1,032,744 861,214
---------- ----------
Net Current Assets 2,598,250 2,458,263
---------- ----------
Total Assets Less
Current Liabilities 4,267,634 4,170,764
---------- ----------
Capital and Reserves:
Called up Share Capital 2,579,523 2,554,278
Share Premium Account 521,321 483,453
Profit and Loss Account 324,329 125,536
Capital Reserve 842,461 842,461
---------- ----------
Shareholders' Funds 4,267,634 4,005,728
Minority Interest - 165,036
---------- ----------
4,267,634 4,170,764
======= =======
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 together with the related government departments,
regulators, trade bodies, suppliers and funders. This sector owns over 21% of
the UK housing stock.
HACAS advise some of the largest local authorities such as Glasgow City
Council and a majority of the largest housing associations. Of the 500 most
regular housing association clients each have assets between #50 million and
#2.4 billion. Other clients include government departments, Housing
Corporation, 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 Asset Management Services
HACAS Asset Management Services advises in the area of housing stock condition
management and forecasting
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.
END
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