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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Orbis | LSE:OBS | London | Ordinary Share | GB0033271601 | 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% | 0.56 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3949Z Orbis PLC 29 June 2007 Date: 29 June 2007 Contact: Michael Holmes, Chief Executive Orbis PLC 01895 465 500 ORBIS PLC (the "Company") UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2007 INTERIM STATEMENT Results The company reports unaudited results for the six month period to 31 March 2007 that show a 1.6% increase in turnover to #19.98m (2006: #19.67m) with stronger growth in the UK. Operating profit on continuing operations before other operating items and amortisation of goodwill and intangibles improved to #2.02m compared to #1.96m for the six months to 31 March 2006 (restated for changes made in the audited accounts for the eighteen months to 30 September 2006). The loss on ordinary activities before taxation reduced to #1.91m compared to a loss of #2.45m for the six months to 31 March 2006. The basic loss per share was 15.70 pence (2006: loss per share of 18.36 pence). Net cash flow from operating activities remained strong, with an inflow of #2.94m (2006: #4.13m). Interest payments of #1.50m, loan repayments of #0.55m and refinancing fee payments of #0.6m caused a decrease in cash of #0.83m (2006: increase in cash of #0.19m). Review of Operations UK Turnover in the UK grew 6.2% to #12.78m, as the benefits of contract wins during the period started to come through. This helped offset the continued decline in the traditional steel void property protection revenue of more than 10% compared with the prior year. This highlights the success in developing the newer regeneration and re-let services. Major contracts were won in Sheffield, Nottingham and Lambeth, but these have required the company to incur additional set-up and mobilisation costs in the six months to 31 March 2007, prior to commencement of the contracts. The sales and marketing function has been restructured, with a new sales and marketing director appointed in June 2007, together with a new dedicated regeneration manager and two national account managers. The new team will be responsible for accelerating the growth of services other than in the traditional steel market. In recent years the group has made significant investments in technology. The mobile job scheduling system is being rolled out across the branches to improve productivity and the development and improvement of alarm equipment has continued, with a significant reduction in the number of false alarms activated, reducing call-outs and associated service costs. Europe Turnover in Europe declined in the six months to 31 March 2007 to #7.21m from the prior year turnover of #7.64m. Industrial action in France in October 2006 caused some reduction in turnover and profit. This issue has now been resolved and has resulted in better working practices. Competition has continued in France and has resulted in the loss of a few small projects as well as causing downward pressure on prices. However, opportunities for future growth in France remain strong with more Agence Nationale pour le Renovation Urbaine (ANRU) projects announced. The French business has already been successful in winning ANRU tenders. In Germany, government spending limits restricted opportunities for traditional property protection services but the company has successfully developed its facilities management contracts and is continuing to look for new opportunities. A decision has been made to close the small Polish and Czech operations, which will allow more time to focus on better opportunities. Corporate Activity As previously announced, the group is currently in discussions regarding a capital restructuring prior to the expiry of the current finance arrangements in July 2008. To date, Orbis has operated within its debt facilities and has continued to receive support from its lenders to ensure that debt facilities are matched to existing cash-flows. Prospects The board believes that the group's management teams have repositioned the business to take advantage of outsourcing and private sector opportunities. They believe that the group is poised to achieve significant growth in the future. Approved by the Board 28 June 2007 Analysis of Unaudited Consolidated Profit & Loss Account For the six months ended 31 March 2007 Before other Other operating Amortisation of After other operating items items goodwill and operating items and amortisation (Note 3) intangibles and amortisation #000 #000 #000 #000 Turnover (note 2) Continuing operations 19,983 - - 19,983 19,983 - - 19,983 Operating profit/(loss) Continuing operations 2,023 (76) (2,062) (115) Profit/(loss) on ordinary activities before 2,023 (76) (2,062) (115) interest Interest payable (1,502) (297) - (1,799) Profit/(loss) on ordinary activities before 521 (373) (2,062) (1,914) taxation Taxation (note 4) (276) - - (276) Profit/(loss) on ordinary activities after 245 (373) (2,062) (2,190) taxation Summary of Unaudited Consolidated Profit & Loss Account Six months ended 31 March 2007 Six months Six months 18 months ended 31 ended 31 ended 30 March 2007 March 2006 September 2006 (unaudited) (restated) (audited) #000 #000 #000 Turnover (note 2) Continuing operations 19,983 19,672 59,280 19,983 19,672 59,280 Operating loss Continuing operations (115) (647) (1,951) (115) (647) (1,951) Loss on ordinary activities before interest (115) (647) (1,951) Interest payable (1,799) (1,802) (5,173) Loss on ordinary activities before taxation (1,914) (2,449) (7,124) Taxation (note 4) (276) (112) (782) Loss on ordinary activities after taxation (2,190) (2,561) (7,906) Loss per share (note 5) pence pence pence Basic loss per ordinary share (15.70) (18.36) (56.67) Diluted loss per ordinary shares (15.70) (18.36) (56.67) Basic loss per share from continuing operations (15.70) (18.36) (56.67) Diluted loss per share from continuing operations (15.70) (18.36) (56.67) Unaudited Consolidated Balance Sheet As at As at 31 March As at 31 March 30 September 2007 2006 2006 (unaudited) (restated) (audited) #000 #000 #000 Fixed assets Goodwill 48,281 52,613 50,339 Tangible assets 6,031 7,277 6,287 54,312 59,890 56,626 Current assets Stocks 212 220 233 Debtors 9,313 8,610 9,799 Cash at bank 1,361 1,236 1,566 10,886 10,066 11,598 Creditors - amounts falling due within one year (14,740) (12,826) (14,069) Net current liabilities (3,854) (2,760) (2,471) Total assets less current liabilities 50,458 57,130 54,155 Creditors - amounts falling due after more than (54,567) (56,088) (56,114) one year Provisions for liabilities and charges (307) (337) (268) (4,416) 705 (2,227) Capital and reserves Called up share capital 1,398 1,398 1,398 Share premium 31,524 31,772 31,648 Capital redemption reserve 16,084 16,084 16,084 Own shares reserve (182) (182) (182) Merger reserve 12,144 12,144 12,144 Profit and loss account (65,384) (60,511) (63,319) (4,416) 705 (2,227) Equity (4,416) 705 (2,227) Non-equity - - - Total shareholders' (deficit)/funds (4,416) 705 (2,227) Unaudited Consolidated Cash Flow Statement Six months Six months 18 months ended ended 31 March ended 31 March 30 September 2007 2006 2006 (unaudited) (restated) (audited) #000 #000 #000 Net cash inflow from operating activities 2,937 4,130 10,073 (note 6) Returns on investment and servicing of finance (1,496) (1,417) (4,907) Tax paid (216) (709) (1,216) Capital expenditure and financial investment (913) (1,062) (2,327) Acquisitions and disposals - - - Net cash inflow before financing 312 942 1,623 Net cash outflow from financing (1,145) (748) (1,703) (Decrease)/increase in cash (833) 194 (80) Unaudited Consolidated Statement of Total Recognised Gains and Losses Six months Six months 18 months ended ended 31 March ended 31 March 30 September 2007 2006 2006 (unaudited) (restated) (audited) #000 #000 #000 Loss for the financial period (2,190) (2,561) (7,906) Exchange difference on retranslation of 9 292 (162) subsidiary net assets Exchange difference on loan (8) (275) 146 Total recognised losses relating to the (2,189) (2,544) (7,922) financial period Unaudited Reconciliation of Movements in Shareholders' Funds Six months Six months 18 months ended ended 31 March ended 31 March 30 September 2007 2006 2006 (unaudited) (restated) (audited) #000 #000 #000 Total recognised losses for the period (2,189) (2,544) (7,922) Effect of adoption of FRS 25 on 1 April 2005 - - (14,172) Net reduction in shareholders' funds (2,189) (2,544) (22,094) Opening shareholders' (deficit)/funds (2,227) 3,249 19,867 Closing shareholders' (deficit)/funds (4,416) 705 (2,227) NOTES 1. BASIS OF PREPARATION The interim financial statement has been prepared on a basis consistent with the accounting policies disclosed in the Annual Report and Accounts for the period ended 30 September 2006. The interim accounts have been prepared on a going concern basis, which the directors believe to be appropriate for the following reasons. To the date of approval of the interim accounts, Orbis has operated within its debt facilities and has continued to receive support from its lenders to ensure that debt facilities are matched to existing cash-flows. It is appropriate for the interim accounts to be prepared on a going concern basis, as the directors believe that the lenders will continue to provide support on the same basis as heretofore, and the directors therefore expect the group to continue in operational existence for the foreseeable future. The interim accounts do not include any adjustments that would result should this basis not be appropriate. The debt facility is due to expire on 28 July 2008 and Orbis is continuing its discussions regarding a capital restructuring of the group prior to the expiry of the facility. FRS 25 Financial instruments: disclosure and presentation, which was issued by the ASB in 2006, defines equity interests as a residual interest in an entity after all obligations are paid. As a result, the #1 redeemable convertible preference shares previously presented as non-equity shareholders funds were classified as debt in respect of the period ending 30 September 2006. The consolidated results for the period ended 30 September 2006 have been extracted from the financial statements for that period and do not constitute full statutory accounts for the group. The group accounts for the period ended 30 September 2006 received an unqualified audit report and did not include a statement under section 237 (2) or (3) of the Companies Act 1985 and have been filed with the Registrar of Companies. 2. SEGMENTAL INFORMATION All turnover is derived from void property protection services. Turnover Six months ended Six months ended 18 months ended 30 31 March 2007 31 March 2006 September 2006 (unaudited) (restated) (audited) #000 #000 #000 Turnover by destination and origin United Kingdom 12,777 12,036 37,715 Continental Europe 7,206 7,636 21,565 19,983 19,672 59,280 3. OTHER OPERATING ITEMS The other operating charge of #76,000 relates principally to the cost of the reorganisation of the UK business and group restructuring. The item of #297,000 in interest payable relates to the amortisation of professional fees in respect of the negotiation of the company's banking arrangements in August 2003 which, in accordance with FRS4, are being charged to the profit and loss account over the period of the loan facility. 4. TAXATION The taxation charge of #276,000 for the period relates to the anticipated tax payable on earnings in Europe. No tax charge for the period is payable in the UK. 5. LOSS PER SHARE Basic loss per share has been calculated on the loss after tax for the period and the weighted average number of ordinary shares (excluding 35,555 ordinary shares owned by the company's share ownership trust) in issue during the period as follows: Six months Six months 18 months ended ended ended 31 March 31 March 30 September 2007 2006 2006 (unaudited) (restated) (audited) Loss #000 (2,190) (2,561) (7,906) Weighted average equity in issue (million) 13.95 13.95 13.95 Basic loss per ordinary share (pence) (15.70) (18.36) (56.67) Basic loss per share from continuing operations, diluted loss per share, as defined in FRS 22, and diluted loss per share from continuing operations, as defined in FRS 22, are the same as the basic loss per share as shown above. Earnings/(losses) per share from continuing operations before amortisation of goodwill and intangibles and before other operating items have been presented in addition to basic earnings per share as defined by FRS 14 since, in the opinion of the directors, this provides shareholders with a more appropriate representation of the earnings derived from the group's present businesses. It can be reconciled to basic loss per share as follows: Six months Six months 18 months ended ended ended 31 March 31 March 30 September 2007 2006 2006 (unaudited) (restated) (audited) Basic loss per ordinary share (15.70) (18.36) (56.67) Amortisation of goodwill and intangibles 14.78 14.99 44.55 Other operating items on continuing operations 2.67 5.85 25.19 Earnings per ordinary share from continuing 1.75 2.48 13.07 operations before the amortisation of goodwill and intangibles and other operating items 6. RECONCILIATION OF OPERATING LOSS TO NET CASH FLOW FROM OPERATING ACTIVITIES Six months Six months 18 months ended ended ended 31 March 31 March 30 September 2007 2006 2006 (unaudited) (restated) (audited) Operating loss (115) (647) (1,951) Depreciation and loss on disposal of fixed 1,247 1,298 3,967 assets Amortisation of goodwill and intangibles 2,062 2,091 6,214 EBITDA 3,194 2,742 8,230 Decrease in stocks 21 90 252 Decrease in debtors 412 825 18 (Decrease)/increase in creditors (690) 473 1,573 Net cash inflow from operating activities 2,937 4,130 10,073 7. ANALYSIS OF CHANGES IN NET DEBT As at Other As at 1 October Exchange non-cash 31 March 2006 Cash flow movement changes 2007 #000 #000 #000 #000 #000 Cash in hand and at bank 1,566 (205) - - 1,361 Bank overdrafts (2,210) (628) - - (2,838) (644) (833) - - (1,477) Bank loans (43,418) 545 (8) (173) (43,054) Net bank debt (44,062) (288) (8) (173) (44,531) Shares classified as liabilities (14,545) - - (124) (14,669) (58,607) (288) (8) (297) (59,200) This information is provided by RNS The company news service from the London Stock Exchange END IR ILFSDRLIAFID
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