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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 | |
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0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:5008D Hacas Group PLC 14 May 2001 HACAS GROUP PLC HACAS Group PLC ("HACAS") (The leading UK social housing consultancy with offices in London, Leeds, Glasgow, Edinburgh and Coventry) INTERIM RESULTS FOR THE PERIOD ENDED 31 MARCH 2001 Highlights Six months to 31 March: 2001 2000 Change Turnover #5.76m #2.91m +98% Profit before tax #1.16 #0.69m +67% Earnings per share (basic) 2.88p 1.83p +57% Dividend 0.60p 0.55p +9% * Integration of Chapman Hendy Associates proceeding well * Fee income from local authorities increased by 125% * Fee income from housing associations increased by 48% * Fee income from other clients increased by 56% * Lead advisers to the UK's three largest housing authorities 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 The social housing sector is the Group's primary 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 25% of the UK housing stock. Government policy encourages area regeneration and substantial investment in repairing and modernising local authority housing. This often involves the transfer of the local authority's housing stock to a new or existing housing association and substantial funding from the commercial loans market. It is anticipated that some #13 billion of such funding will be required over the next ten years. This is a key area of the Group's work. The HACAS Group and its clients The HACAS Group comprises three main operating companies of which HACAS Chapman Hendy Ltd is the largest. These companies advise over 120 local authorities including some of the largest (such as Glasgow and Birmingham). They also advise a majority of the largest housing associations. Our 500 most regular housing association clients hold assets ranging between #50 million and #1.4 billion. Other clients include government departments, Housing Corporation, Scottish Homes, National Audit Office and the Audit Commission. The Group carries out research for government departments and regulators and also advises financial institutions, commercial companies involved in the social housing sector, as well as Eastern European governments. HACAS Chapman Hendy Ltd HACAS Chapman Hendy is the main operating company providing a wide range of consultancy and outsourcing services to local authorities, housing associations and other organisations operating in the social housing and key worker housing sectors. As a result of the merger with Chapman Hendy, the enlarged company is now organized into the following nine consultancy teams: * Local authority (finance, regeneration & transfers) * Housing association finance and commercial * Finance Director placements * Best value and housing association (general) * North team (full range of services from Leeds base) * Asset management services * Human Resources * Information Technology * Care Other Group subsidiaries HACAS Exchequer Services Ltd advises housing associations and local authorities on funding and treasury management. Exchequer Services obtained SFA registration in June 2000 and is active in the growing stock transfer market and in advising on the refinancing of existing housing debt. Work is currently being undertaken with the National Housing Federation to provide treasury management training across the social housing sector. HCH Scotland Ltd operates from offices in Glasgow and Edinburgh and provides 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 Results We are pleased to report interim results that show a significant increase on the comparable period last year and reflect the benefits of the acquisition and integration of Chapman Hendy Associates. Turnover is up 98%, profits before tax have increased by 67% and earnings per share by 57%. Dividend In the light of the good progress, the Directors have declared an interim dividend of 0.6p per share (a 9% increase on last year) payable on 5 July to shareholders on the register at 25 May. Business Development Our mainstream consultancy work for housing associations, local authorities and government agencies has grown in each of these areas. Fee income from local authorities increased by 125%, from housing associations by 48% and from other clients by 56%. We are the lead advisers to the three largest housing authorities in the UK - Glasgow, Birmingham and Sheffield. We have also completed two substantial research projects for the Department of the Environment, Transport & the Regions and one for the Northern Ireland Housing Executive. This work exemplifies our leading role within the sector. Outlook The second half has begun well but includes the summer period where fee revenues are traditionally lower. We are confident of meeting our targets for the year. The publication of the government's White Paper on housing has confirmed the development of its housing strategies to which the company is well placed to contribute. We are advising the three local authorities who are furthest forward with the Government's new initiative of Arms Length Management Companies and this confirms our leading edge role. We have also won part of a long term contract with the Defence Housing Executive. At a time of rapid change, the demand for our broad range of services is increasing. We are focussing on organic growth while we secure the full benefits of our acquisition of Chapman Hendy Associates. At the same time, we continue to broaden our product range and increase our penetration of adjacent consultancy markets. From this position of strength we will continue to explore other opportunities for sustained growth including complementary acquisitions when appropriate. Staffing We are a people business and our continued success is due to the skill and commitment of our staff. They have coped with the uncertainties and changes resulting from the merger and generated our best ever results. We thank them all for their contribution to the company. Julian Ashby Chairman 14 May 2001 Unaudited Consolidated Profit and Loss Account for the 6 months to 31 March 2001 Six Months Year to 30 to 31 March September 2001 2000 2000 # # # Turnover Continuing Operations 5,763,702 2,914,707 6,380,322 Rental income 14,024 27,778 47,542 Net operating expenses -4,670,888 -2,310,846 -5,140,434 Profit/(loss) on property disposals -25,993 4,221* 5,521 Operating profit 1,080,845 635,860 1,292,951 Interest receivable 76,973 57,942 157,382 Profit on ordinary activities before taxation 1,157,818 693,802 1,450,333 Tax on ordinary activities -342,681 -219,415 -400,568 Ordinary dividends -169,806 -140,485 -325,245 Retained Profit for the period 645,331 333,902 724,520 Investment properties Unrealised surplus on revaluation 47,700 Realisation of valuation gains of previous years 101,498 282,229* 369,111 Earnings per share (basic) 2.880p 1.836p* 4.007p Earnings per share (fully diluted) 2.752p 1.737p* 3.917p * restated to reflect comparable treatment of realised gains from revaluation reserve Notes: 1. The figures for the year to 30 September 2000 are extracted from the audited accounts for the Group. 2. 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. 3. Earnings per share are based on the following number of shares in issue: Issued Fully Diluted 31 March 2001 28,300,950 29,616.061 30 September 2000 28,223,450 29,413,407 31 March 2000 25,824,932 27,314,789 4. Copies of this statement are being sent to shareholders. Further copies can be obtained from the Secretary at HACAS Group PLC, United House, North Road, London N7 9DP. Group Balance Sheet Unaudited at 31 Unaudited at 31 Audited at 30 March 2001 March 2000 September 2000 # # # Fixed assets Investments 530,004 50,004 530,004 Tangible assets 488,325 1,001,279 886,800 Intangible assets 618,971 (756,427) 631,507 1,637,300 294,856 2,048,311 Current assets Work in progress 1,240,166 384,992 1,004,202 Debtors 3,087,418 1,032,551 2,223,740 Cash at bank and in hand 3,759,563 4,403,039 3,333,743 8,087,147 5,820,582 6,561,685 Creditors: falling due within one year 2,479,114 1,576,464 2,076,257 Net current assets 5,608,001 4,244,118 4,485,428 Total assets less current liabilities 7,245,301 4,538,974 6,533,739 Provisions (10,000) (72,000) (10,000) Totals 7,235,333 4,466,974 6,523,739 Capital and reserves Called up share capital 2,830,095 2,582,493 2,822,345 Share premium account 1,898,544 483,453 1,840,031 Profit and loss account 2,431,472 1,207,413 1,684,643 Revaluation reserve 75,222 193,615 176,720 Shareholders' funds 7,235,333 4,466,974 6,523,739
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