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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Supporta | LSE:SOR | London | Ordinary Share | GB0032703059 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 30.50 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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TIDMSOR
RNS Number : 8891C
Supporta PLC
23 November 2009
Supporta plc
("Supporta" or the "Company")
Half-Yearly Report
for the six months ended 30 September 2009
Supporta Plc (AIM: SOR), the provider of domiciliary care services, announces
its Interim Results for the six months ended 30 September 2009.
Supporta derives 75% of income from the provision of domiciliary care services
(Supporta Care), with the remainder being business process outsourcing, land &
property consultancy (Supporta TerraQuest) and records management (Supporta
Datacare).
Financial Highlights
* Revenue from continuing operations increased by 1% to GBP26.13m (2008:
GBP25.91m)
* Operating profit* increased by 37% to GBP2.51m (2008: GBP1.83m)
* Operating profit margin* increased to 9.6% (2008: 7.0%)
* Profit before tax from continuing operations GBP1.17m (2008: loss of GBP0.57m)
* Earnings per share* improved by 116% to 1.60p (2008: 0.74p)
* Cash generated from operations reduced by 23% to GBP1.38m (2008:GBP1.79m)
* Order book increased by 8% to GBP93.0m (2008:GBP86.1m)
* before share based payment charge, amortisation and exceptional items.
Operational Highlights - Supporta Care
* 3,520 hours of new care contract wins
* Retention rate of 100% since March 2009
* Operating profit* shows organic growth of 6% on revenue growth of 2%
* Operating margin increased to 11.1% (2008: 10.7%)
Operational Highlights - Supporta TerraQuest & Supporta Datacare
* Excellent first six months for Supporta TerraQuest with operating profits* up
12% to GBP0.66m (2008: GBP0.59m)
* Supporta Datacare new management team in place. Profitability improved to
GBP0.04m in first six months (2008: GBP0.03m)
* Healthcare business now discontinued with a GBP0.60m charge recognised in the
period.
Commenting on the approach received on 29 October 2009, John Jasper, Group Chief
Executive said: "As at 22 November 2009 discussions with interested parties
remain on-going. Shareholders however should note that there can be no guarantee
that any offer for the Company will be forthcoming."
Enquiries:
+------------------------------------+------------------------------------------------+
| Supporta plc | Tel: 01527 556 573 |
+------------------------------------+------------------------------------------------+
| John Jasper, Group Chief Executive | |
+------------------------------------+------------------------------------------------+
| Darren Xiberras, Group Finance | |
| Director | |
+------------------------------------+------------------------------------------------+
| | |
+------------------------------------+------------------------------------------------+
| Brewin Dolphin Investment Banking | Tel: 0845 213 4852 |
+------------------------------------+------------------------------------------------+
| Matt Davis | |
+------------------------------------+------------------------------------------------+
| Sean Wyndham-Quin | |
+------------------------------------+------------------------------------------------+
| | |
+------------------------------------+------------------------------------------------+
| Walbrook PR Ltd | Tel: 020 7933 8787 |
+------------------------------------+------------------------------------------------+
| Paul McManus | Mob: 07980 541 893 or |
| | paul.mcmanus@walbrookpr.com |
+------------------------------------+------------------------------------------------+
| Louise Goodeve | Mob: 07823 530 346 or |
| | louise.goodeve@walbrookpr.com |
+------------------------------------+------------------------------------------------+
Group Chief Executive's Report
Supporta's businesses have continued to enhance their reputation for providing
excellent quality services to its customer base over the last six months. This
reputation for quality alongside providing excellent value for money has enabled
us to retain and expand our customer base during the first six months of the
year. Our continued focus on reducing overhead costs within the business has
allowed us to deliver a 37% increase in operating profits* compared to the same
period last year. This is an exceptional result in the current economic
environment and has been driven through the sometimes difficult cost-cutting and
restructuring decisions taken during the last financial year.
The continued focus of the public sector on delivering value for money services
puts us in a good position to improve our competitive position in the expected
squeeze on public sector spending during the next parliament.
Supporta Care
Supporta Care has delivered a good set of results showing a 6% organic increase
in operating profits* on organic revenue growth of 2%. Operating margins* held
steady at 11.1 % compared to 10.7% in the same period last year and 11.1% in the
year ended 31 March 2009.
The business secured 3,520 hours of new or enlarged care contracts as follows
with start dates in brackets:
+--------------------------------------------------+---------------+
| Cheshire Extra Care Scheme (January 2010) | 500 hrs |
| | |
+--------------------------------------------------+---------------+
| Rutland & Leicestershire (May 2009) | 270 hrs |
| | |
+--------------------------------------------------+---------------+
| Argyll and Bute (September 2009) | 200 hrs |
| | |
+--------------------------------------------------+---------------+
| West Lothian (TBC) | 250 hrs |
| | |
+--------------------------------------------------+---------------+
| London Borough of Richmond additional hours | 1,300 hrs |
| (September 2009) | |
+--------------------------------------------------+---------------+
| Stockton additional hours (December 2009) | 1,000 hrs |
| | |
+--------------------------------------------------+---------------+
| | 3,520 hrs |
+--------------------------------------------------+---------------+
| | |
+--------------------------------------------------+---------------+
The order book for Supporta Care stands at GBP84.9m as at 30 September 2009, an
increase of 11.3% over the position as at 30 September 2008.
Supporta TerraQuest
Supporta TerraQuest has had an excellent start to the year with operating
profits* increasing by 12% on the same period last year despite the more
difficult economic climate. Revenue in the business is slightly down on the same
period last year driven principally by the fall off in property transactions for
our contract servicing Land Registry Northern Ireland.
The order book for Supporta TerraQuest stands at GBP4.9m which is an 11%
decrease over the position as at 30 September 2008.
Supporta Datacare
Supporta Datacare has had a new management team with effect from the beginning
of the year. The management team has focused on growing the business's pipeline
of opportunities, reducing operating costs and managing the closure of the
Healthcare business. This has resulted in an increase in operating profit* to
GBP0.04m compared to a profit of GBP0.03m in the previous year.
The order book for Supporta Datacare stands at GBP3.2m which is a 15% decrease
over the position at 30 September 2008.
* before share based payment charge, amortisation and exceptional items.
Supporta Healthcare
During the course of the first six months of the year, following on from the
disposal of the Architecture and Engineering businesses, we have unbundled the
overhead that was previously reported within the Supporta Professional Services
(SPS) division. All employees previously reported as SPS central overhead have
now been transferred into one of the Group operating companies, Supporta
TerraQuest, Supporta Datacare or Supporta Healthcare. Following this exercise it
became apparent that the Healthcare business, which had been established to
support legacy NHS systems which are now largely either de-commissioned or being
de-commissioned, was loss making with limited prospect of generating new
revenues given the skill base of the employees. We therefore took the decision
on 1 September 2009 to close the business.
Possible Offer
On 29 October 2009, Supporta PLC announced that it had received an approach that
may or may not lead to an offer being made for the Company. As at 22 November
2009, being the latest practicable date prior to the publication of this
document, discussions with interested parties remain on-going. Shareholders
however should note that there can be no guarantee that any offer for the
Company will be forthcoming.
I would once again like to take the opportunity to thank all of our staff who
have contributed to the excellent performance of the business during the first
six months of the year.
John Jasper
Group Chief Executive
23 November 2009
FINANCE DIRECTOR'S REPORT
The Group's overall results for the period ended 30 September 2009 and
percentage change from the period ended 30 September 2008 are:
+--------------------------------------------+------------+----------+
| Revenue | GBP26.13m | +1% |
+--------------------------------------------+------------+----------+
| Operating Profit | GBP1.96m | +563% |
+--------------------------------------------+------------+----------+
| Operating Profit Margin | 7.5% | +558% |
+--------------------------------------------+------------+----------+
| Profit Before Tax From Continuing | GBP1.17m | |
| Operations | | |
+--------------------------------------------+------------+----------+
| Cash Generated From Operations | GBP1.38m | -23% |
+--------------------------------------------+------------+----------+
| Earnings Per Share from continuing | 0.98p | |
| operations | | |
+--------------------------------------------+------------+----------+
| | | |
+--------------------------------------------+------------+----------+
Segmental Analysis
+-----------------+--------+---------+-----------+---------+-----------+-----------+-----------+
| | | Unaudited 6 | Unaudited 6 | Year to 31 March |
| | | months to 30 | months to 30 | 2009 |
| | | September 2009 | September 2008 | |
+-----------------+--------+---------------------+---------------------+-----------------------+
| | | Revenue | Operating | Revenue | Operating | Revenue | Operating |
| | | | Profit* | | Profit* | | Profit* |
+-----------------+--------+---------+-----------+---------+-----------+-----------+-----------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------+--------+---------+-----------+---------+-----------+-----------+-----------+
| Care | | 21,330 | 2,357 | 20,828 | 2,224 | 41,949 | 4,670 |
+-----------------+--------+---------+-----------+---------+-----------+-----------+-----------+
| TerraQuest | | 3,920 | 663 | 4,160 | 589 | 8,727 | 1,411 |
+-----------------+--------+---------+-----------+---------+-----------+-----------+-----------+
| Datacare | | 905 | 42 | 1,258 | 31 | 2,168 | (130) |
+-----------------+--------+---------+-----------+---------+-----------+-----------+-----------+
| Corporate/Other | | (21) | (555) | (327) | (1,018) | (239) | (1,019) |
+-----------------+--------+---------+-----------+---------+-----------+-----------+-----------+
| | | 26,134 | 2,507 | 25,919 | 1,826 | 52,605 | 4,932 |
+-----------------+--------+---------+-----------+---------+-----------+-----------+-----------+
* before share based payment charge, amortisation and exceptional items.
In order to adjust the comparatives for the allocation of SPS central overhead
we made the following adjustments:
+-----------------+--------+---------+-----------+---------+-----------+---------+-----------+
| | | Unaudited 6 | Unaudited 6 | Year to 31 March |
| | | months to 30 | months to 30 | 2009 |
| | | September 2009 | September 2008 | |
+-----------------+--------+---------------------+---------------------+---------------------+
| | | Revenue | Operating | Revenue | Operating | Revenue | Operating |
| | | | Profit* | | Profit* | | Profit* |
+-----------------+--------+---------+-----------+---------+-----------+---------+-----------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------+--------+---------+-----------+---------+-----------+---------+-----------+
| TerraQuest | | - | - | 9 | (414) | - | (1,275) |
+-----------------+--------+---------+-----------+---------+-----------+---------+-----------+
| Datacare | | - | - | - | (125) | - | (317) |
+-----------------+--------+---------+-----------+---------+-----------+---------+-----------+
| SPS Overhead | | - | - | (9) | 780 | - | 1,718 |
+-----------------+--------+---------+-----------+---------+-----------+---------+-----------+
| Discontinued | | | | - | (241) | - | (126) |
+-----------------+--------+---------+-----------+---------+-----------+---------+-----------+
| | | - | - | - | - | - | - |
+-----------------+--------+---------+-----------+---------+-----------+---------+-----------+
The operating profit allocations for comparator years have been allocated
proportionate to revenue as a proxy for time spent supporting each of the SPS
businesses. It should be noted that the discontinued adjustment for September
2008 includes an allocation to the Architecture and Engineering businesses which
were still continuing at the time of publication of the September 2008 report
but had been treated as discontinued by the time we reported results for 31
March 2009.
We have incurred exceptional charges in the six months to 30 September 2009 of
GBP0.09m. These relate to Supporta TerraQuest redundancy costs of GBP0.07m
following on from a decision to close the TerraQuest consultancy division and
costs in relation to potential offers for the Group of GBP0.02m.
Group profit before tax in the six months to 2009 has improved principally as a
result of better underlying business performance contributing GBP0.22m;
Corporate overhead cost savings of GBP0.46m resulting principally from the
decision to close the Warwick offices in September 2008 and reduced exceptional
charges.
The Healthcare business is now treated as discontinued. A charge of GBP0.60m
representing GBP0.23m operating loss in the first six months plus a GBP0.37m
provision for closure costs is shown in the period ending 30 September 2009. Of
the provision we expect GBP0.30m to be the impact on cash, spent between now and
July 2010.
The balance of the discontinued business charge relates principally to the
disposal of the trade and assets of the Payroll business (GBP0.12m). This is in
the main a demand for a rent review dating back to 2007 for Payroll offices and
a further charge of GBP0.11m relating to intercompany balances with the
Architecture and Engineering businesses which are not recoverable under the
terms of the disposal agreement with the acquiror of the businesses. Resulting
from these charges we will expect a further cash impact of GBP0.09m in the
second half of the financial year.
Net debt decreased slightly at 30 September 2009 to GBP17.32m from GBP17.70m at
31 March 2008. Operating cashflow has been impacted in the first half of the
year principally by payment of bonuses amounting to GBP0.33m relating to the
year ending 31 March 2009. No bonus payments were made in the year ending 31
March 2009. Additionally in order to be compliant with IAS39 and prove effective
hedging we have had to align the interest payment periods of our term loans to
our interest rate swaps. This has resulted in a GBP0.08m reduction in operating
cashflow in comparison to the previous period as accrued interest has reduced.
The Directors are of the opinion that there are no material indicators of a
permanent diminution in the carrying value of Goodwill at the balance sheet
date. The planning decision in relation to Supporta Datacare's site has been
deferred again by the Secretary of State for Communities and Local Government
until January 2010. We will review the Supporta Datacare goodwill again at the
end of the year.
The actuarial loss of GBP1.96m on the defined benefit pension scheme recognised
in the statement of comprehensive income arises principally as a result of a
change in the discount rate for liabilities from 7.1% to 5.7% agreed with the
scheme trustees resulting from a deterioration in corporate bond yields over the
period, offset by an improvement in asset values resulting from recent global
equity performance.
After making enquiries, the Directors have a reasonable expectation that the
Group has adequate resources to continue in operational existence for the
foreseeable future. For this reason they continue to adopt the going concern
basis in preparing the financial statements.
Darren Xiberras
Group Finance Director
23 November 2009
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| CONDENSED CONSOLIDATED INCOME STATEMENT | | | | | |
+--------------------------------------------------------+-----------+--+-----------+--+----------+
| For the period ended 30 September 2009 | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | Notes | | Unaudited | | Unaudited | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | 6 months | | 6 months | | Year to |
| | | | to | | to | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | 30 | | 30 | | 31 March |
| | | | September | | September | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | 2009 | | 2008 | | 2009 |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | GBP' 000 | | GBP' 000 | | GBP' 000 |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| CONTINUING OPERATIONS | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| Revenue | | | 26,134 | | 25,919 | | 52,605 |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| Cost of sales | | | (19,458) | | (18,986) | | (38,345) |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| GROSS PROFIT | | | 6,676 | | 6,933 | | 14,260 |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| Administrative expenses before share based | | | (4,169) | | (5,107) | | (9,328) |
| payment charge, amortisation and | | | | | | | |
| exceptional items | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| OPERATING PROFIT BEFORE SHARE BASED PAYMENT | | | 2,507 | | 1,826 | | 4,932 |
| CHARGE, AMORTISATION AND | | | | | | | |
| EXCEPTIONAL ITEMS | | | | | | | |
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| Share based payment charge, amortisation | 1 | | (544) | | (1,530) | | (6,364) |
| and exceptional items | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| OPERATING PROFIT/(LOSS) | | | 1,963 | | 296 | | (1,432) |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| Finance income | | | 127 | | 279 | | 428 |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| Finance costs | | | (918) | | (1,140) | | (1,953) |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| PROFIT/(LOSS) BEFORE TAXATION | | | 1,172 | | (565) | | (2,957) |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| Taxation | | | (326) | | (16) | | 300 |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| PROFIT/(LOSS) FROM THE PERIOD FROM | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| CONTINUING OPERATIONS | | | 846 | | (581) | | (2,657) |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| DISCONTINUED OPERATIONS | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| (Loss)/profit for the period from | | | (828) | | 13 | | (10,778) |
| discontinued operations | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| PROFIT/(LOSS) LOSS FOR THE PERIOD ATTRIBUTABLE TO | | | | | | |
+-----------------------------------------------------+--+-----------+--+-----------+--+----------+
| THE EQUITY HOLDERS OF THE PARENT | | | 18 | | (568) | | (13,435) |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| EARNINGS/(LOSS) PER SHARE | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| From continuing and discontinued operations | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| -basic | | | 0.02p | | (0.67)p | | (15.70)p |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| -diluted | | | 0.02p | | (0.67)p | | (15.70)p |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| From continuing operations | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| -basic | | | 0.98p | | (0.69)p | | (3.10)p |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| -diluted | | | 0.98p | | (0.68)p | | (3.10)p |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------------+-------+--+-----------+--+-----------+--+----------+
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
+------------------------------------------------------------------------------------------------+
| For the period ended 30 September 2009 | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | Notes | | Unaudited | | Unaudited | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | 6 months | | 6 months | | Year to |
| | | | to | | to | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | 30 | | 30 | | 31 March |
| | | | September | | September | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | 2009 | | 2008 | | 2009 |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | GBP' 000 | | GBP' 000 | | GBP' 000 |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| PROFIT/(LOSS) FOR THE PERIOD | | | 18 | | (568) | | (13,435) |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| OTHER COMPREHENSIVE INCOME | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| Actuarial (loss)/gain on defined benefit | | | (1,965) | | 355 | | 510 |
| scheme | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| Deferred tax on actuarial loss/(gain) | | | 550 | | (99) | | (143) |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| Fair value gains/(losses) on cash flow | | | 124 | | (106) | | (1,128) |
| hedges | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| Recognised deferred tax on hedge | | | (35) | | 0 | | 316 |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| OTHER COMPREHENSIVE INCOME, NET OF TAX | | | (1,326) | | 150 | | (445) |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | | | (1,308) | | (418) | | (13,880) |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| ATTRIBUTABLE TO THE EQUITY HOLDERS | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| OF THE PARENT | | | (1,308) | | (418) | | (13,880) |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------+--+-----------+--+----------+
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
+------------------------------------------------------------------------------------+
| As at 30 September 2009 | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | Notes | | Unaudited | | Unaudited | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | 6 months | | 6 months | | Year to |
| | | | to | | to | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | 30 | | 30 | | 31 March |
| | | | September | | September | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | 2009 | | 2008 | | 2009 |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | GBP' 000 | | GBP' 000 | | GBP' 000 |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| NON-CURRENT ASSETS | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Goodwill | | | 31,992 | | 43,015 | | 31,992 |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Other intangible assets | | | 2,536 | | 2,801 | | 2,685 |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Property, plant and equipment | | | 708 | | 925 | | 857 |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Deferred tax asset | | | 1,637 | | 806 | | 1,147 |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | 36,873 | | 47,547 | | 36,681 |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| CURRENT ASSETS | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Trade and other receivables | | | 9,008 | | 12,312 | | 9,269 |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Cash and cash equivalents | | | 215 | | 245 | | 170 |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | 9,223 | | 12,557 | | 9,439 |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| TOTAL ASSETS | | | 46,096 | | 60,104 | | 46,120 |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| CURRENT LIABILITIES | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Financial liabilities | | | (2,215) | | (3,364) | | (1,810) |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Trade and other payables | | | (6,405) | | (7,065) | | (6,962) |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Current tax liabilities | | | (586) | | (928) | | (222) |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Provisions | | | (483) | | (1,082) | | (386) |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Derivative financial | | | (75) | | 0 | | (402) |
| instruments | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | (9,764) | | (12,439) | | (9,782) |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| NON-CURRENT LIABILITIES | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Financial liabilities | | | (15,321) | | (14,311) | | (16,064) |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Provisions | | | (54) | | (77) | | (53) |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Deferred tax liabilities | | | (422) | | (632) | | (485) |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Derivative financial | | | (907) | | (84) | | (704) |
| instruments | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Retirement benefit obligations | | | (4,597) | | (2,875) | | (2,721) |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | (21,301) | | (17,979) | | (20,027) |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| TOTAL LIABILITIES | | | (31,065) | | (30,418) | | (29,809) |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| NET ASSETS | | | 15,031 | | 29,686 | | 16,311 |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| EQUITY | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Share capital | | | 4,323 | | 4,322 | | 4,323 |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Share premium | | | 35,739 | | 35,738 | | 35,739 |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Share based payment reserve | | | 843 | | 730 | | 815 |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Retained losses | | | (24,892) | | (11,020) | | (23,460) |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| Hedging reserve | | | (982) | | (84) | | (1,106) |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| EQUITY ATTRIBUTABLE TO EQUITY | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| HOLDERS OF THE PARENT | | | 15,031 | | 29,686 | | 16,311 |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------+-------+--+-----------+--+-----------+--+----------+
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| CONSOLIDATED STATEMENT OF CASH FLOWS | | | | | |
+---------------------------------------------------+-----------+--+-----------+--+----------+
| For the period ended 30 September | | | | | | | |
| 2009 | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| | Notes | | Unaudited | | Unaudited | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| | | | 6 months | | 6 months | | Year to |
| | | | to | | to | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| | | | 30 | | 30 | | 31 March |
| | | | September | | September | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| | | | 2009 | | 2008 | | 2009 |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| | | | GBP' 000 | | GBP' 000 | | GBP' 000 |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| Cash generated from operations | 3 | | 1,379 | | 1,785 | | 3,388 |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| Finance income | | | 0 | | 103 | | 74 |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| Finance costs | | | (685) | | (871) | | (1,414) |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| Payment of income taxes | | | 0 | | 16 | | (898) |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| Receipt of income taxes | | | 0 | | 0 | | 324 |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| NET CASH IN FLOWS FROM OPERATING | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| ACTIVITIES | | | 694 | | 1,033 | | 1,474 |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| Acquisition of subsidiary net of cash | | | 0 | | (84) | | (84) |
| acquired | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| Purchase of property, plant and | | | | | | | |
| equipment and | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| intangibles | | | (311) | | (507) | | (1,236) |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| Proceeds from sale of subsidiary | | | 0 | | 172 | | 185 |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| Payments in respect of previous | | | 0 | | (1,615) | | (1,756) |
| acquisitions | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| NET CASH FLOWS FROM INVESTING | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| ACTIVITIES | | | (311) | | (2,034) | | (2,891) |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| Proceeds from issue of share capital | | | 0 | | 1,110 | | 1,112 |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| (Repayments)/proceeds of long-term | | | (914) | | 480 | | 2,226 |
| borrowings | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| Increase/(decrease) in overdraft | | | 587 | | (592) | | (1,999) |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| (Payment)/proceeds of finance lease | | | (11) | | 196 | | 196 |
| liabilities | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| NET CASH FLOWS FROM FINANCING | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| ACTIVITIES | | | (338) | | 1,194 | | 1,535 |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| NET INCREASE IN CASH AND CASH | | | 45 | | 193 | | 118 |
| EQUIVALENTS | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| CASH AND CASH EQUIVALENTS AT | | | 170 | | 52 | | 52 |
| BEGINNING OF YEAR | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| CASH AND CASH EQUIVALENTS AT END | | | 215 | | 245 | | 170 |
| OF YEAR | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+---------------------------------------+--------+--+-----------+--+-----------+--+----------+
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | | | | | | |
+--------------------------------------------------------------------+--+----------+--+----------+--+----------+
| For the period ended 30 September | | | | | | | | | | |
| 2009 | | | | | | | | | | |
+--------------------------------------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | Share | | Share | | Retained | | | | |
| | | | | | | | based | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | Share | | premium | | payment | | earnings | | Hedging | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | capital | | account | | reserves | | reserve | | reserve | | Total |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | GBP' | | GBP' | | GBP' | | GBP' | | GBP' 000 | | GBP' |
| | | | 000 | | 000 | | 000 | | 000 | | | | 000 |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| At 1 April 2008 | | 4,077 | | 34,873 | | 637 | | (10,708) | | 22 | | 28,901 |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Issue of shares in the | | 245 | | | | | | | | | | 245 |
| period | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Premium on allotment | | | | | | | | | | | | |
| during | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| the period | | | | 865 | | | | | | | | 865 |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Share based payment | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| reserves movement | | | | | | 93 | | | | | | 93 |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Transactions with | | 245 | | 865 | | 93 | | 0 | | 0 | | 1,203 |
| owners | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Loss for the period | | | | | | | | (568) | | | | (568) |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Other comprehensive | | | | | | | | | | | | |
| income: | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Fair value losses on | | | | | | | | | | | | |
| cash flow | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| hedging | | | | | | | | | | (106) | | (106) |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Actuarial gain on | | | | | | | | | | | | |
| defined | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| benefit pension scheme | | | | | | | | 355 | | | | 355 |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Income tax relating to | | | | | | | | | | | | |
| | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| components of other | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| comprehensive income | | | | | | | | (99) | | | | (99) |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Total comprehensive | | | | | | | | | | | | |
| income | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| for the period | | 0 | | 0 | | 0 | | (312) | | (106) | | (418) |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| At 30 September 2008 | | 4,322 | | 35,738 | | 730 | | (11,020) | | (84) | | 29,686 |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Issue of shares in the | | 1 | | | | | | | | | | 1 |
| period | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Premium on allotment | | | | | | | | | | | | |
| during | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| the period | | | | 1 | | | | | | | | 1 |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Share based payment | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| reserves movement | | | | | | 85 | | | | | | 85 |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Transactions with | | 1 | | 1 | | 85 | | 0 | | 0 | | 87 |
| owners | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Loss for the period | | | | | | | | (12,867) | | | | (12,867) |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Other comprehensive | | | | | | | | | | | | |
| income: | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Fair value losses on | | | | | | | | | | | | |
| cash flow | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| hedging | | | | | | | | | | (1,022) | | (1,022) |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Actuarial gain on | | | | | | | | | | | | |
| defined | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| benefit pension scheme | | | | | | | | 155 | | | | 155 |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Income tax relating to | | | | | | | | | | | | |
| | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| components of other | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| comprehensive income | | | | | | | | 272 | | | | 272 |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Total comprehensive | | | | | | | | | | | | |
| income | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| for the period | | 0 | | 0 | | 0 | | (12,440) | | (1,022) | | (13,462) |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| At 31 March 2009 | | 4,323 | | 35,739 | | 815 | | (23,460) | | (1,106) | | 16,311 |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | Share | | Share | | Retained | | | | |
| | | | | | | | based | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | Share | | premium | | payment | | earnings | | Hedging | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | capital | | account | | reserves | | reserve | | reserve | | Total |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | GBP' | | GBP' | | GBP' | | GBP' | | GBP' 000 | | GBP' |
| | | | 000 | | 000 | | 000 | | 000 | | | | 000 |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| At 31 March 2009 | | 4,323 | | 35,739 | | 815 | | (23,460) | | (1,106) | | 16,311 |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Issue of shares in the | | 0 | | | | | | | | | | 0 |
| period | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Premium on allotment | | | | | | | | | | | | |
| during | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| the period | | | | 0 | | | | | | | | 0 |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Share based payment | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| reserves movement | | | | | | 28 | | | | | | 28 |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Transactions with | | 0 | | 0 | | 28 | | 0 | | 0 | | 28 |
| owners | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Profit for the period | | | | | | | | 18 | | | | 18 |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Other comprehensive | | | | | | | | | | | | |
| income: | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Fair value gains on | | | | | | | | | | | | |
| cash flow | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| hedging | | | | | | | | | | 124 | | 124 |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Actuarial loss on | | | | | | | | | | | | |
| defined | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| benefit pension scheme | | | | | | | | (1,965) | | | | (1,965) |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Income tax relating to | | | | | | | | | | | | |
| | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| components of other | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| comprehensive income | | | | | | | | 515 | | | | 515 |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| Total comprehensive | | | | | | | | | | | | |
| income | | | | | | | | | | | | |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| for the period | | 0 | | 0 | | 0 | | (1,432) | | 124 | | (1,308) |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| At 30 September 2009 | | 4,323 | | 35,739 | | 843 | | (24,892) | | (982) | | 15,031 |
+------------------------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
| | | | | | | | | | | | | | |
+---------------+--------+---+---------+---+---------+----+----------+--+----------+--+----------+--+----------+
All of the amounts above are attributable to the shareholders of the parent.
Share capital
The share capital account includes the par value for all shares issued and
outstanding.
Share premium account
The share premium account comprises the premium over nominal value on issued
shares less related issue costs. The use of this reserve is restricted by the
Companies Act 1985.
Share based payment reserve
The share based payment represents the cumulative amount which has been
recognised directly in equity in connection with share based payments, less any
amount transferred to retained earnings in the exercise of share warrants.
Retained earnings
The retained earnings reserve includes the accumulated profit and losses arising
from the consolidated income statements and certain items from the statements of
recognised income and expense attributable to equity shareholders less
distributions to shareholders.
Hedging reserve
The hedging reserve represents the cumulative amount which has been recognised
in connection with interest rate swaps.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
for the period ended 30 September 2009
+----+----------------------------------+----+--+------------+--+-----------+--+----------+
| 1 | SHARE BASED PAYMENT CHARGE, | | | Unaudited | | Unaudited | | |
+----+----------------------------------+----+--+------------+--+-----------+--+----------+
| | AMORTISATION AND EXCEPTIONAL | | | 6 months | | 6 months | | Year to |
| | ITEMS | | | to | | to | | |
+----+----------------------------------+----+--+------------+--+-----------+--+----------+
| | | | | 30 | | 30 | | 31 March |
| | | | | September | | September | | |
+----+----------------------------------+----+--+------------+--+-----------+--+----------+
| | | | | 2009 | | 2008 | | 2009 |
+----+----------------------------------+----+--+------------+--+-----------+--+----------+
| | | | | GBP' 000 | | GBP' 000 | | GBP' 000 |
+----+----------------------------------+----+--+------------+--+-----------+--+----------+
| | | | | | | | | |
+----+----------------------------------+----+--+------------+--+-----------+--+----------+
| | Share based payment charge | | | 28 | | 93 | | 178 |
+----+----------------------------------+----+--+------------+--+-----------+--+----------+
| | Amortisation of other intangible | | | 424 | | 449 | | 988 |
| | assets | | | | | | | |
+----+----------------------------------+----+--+------------+--+-----------+--+----------+
| | Impairment provision | | | 0 | | 0 | | 3,652 |
+----+----------------------------------+----+--+------------+--+-----------+--+----------+
| | Exceptional items | | | 92 | | 988 | | 1,546 |
+----+----------------------------------+----+--+------------+--+-----------+--+----------+
| | | | | | | | | |
+----+----------------------------------+----+--+------------+--+-----------+--+----------+
| | | | | | | | | |
+----+----------------------------------+----+--+------------+--+-----------+--+----------+
| | | | | 544 | | 1,530 | | 6,364 |
+----+----------------------------------+----+--+------------+--+-----------+--+----------+
| | | | | | | | | |
+----+----------------------------------+----+--+------------+--+-----------+--+----------+
| | | | | | | | | |
+----+----------------------------------+----+--+------------+--+-----------+--+----------+
Exceptional items are defined as material items that the directors feel are
relevant to the understanding of the Group's performance
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| 2 | EARNINGS/(LOSS) PER SHARE AND | | | | | | | |
| | ADJUSTED | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | EARNINGS/(LOSS) PER SHARE | | | Unaudited | | Unaudited | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | 6 months | | 6 months | | Year to |
| | | | | to | | to | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | 30 | | 30 | | 31 |
| | | | | September | | September | | March |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | 2009 | | 2008 | | 2009 |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | GBP' 000 | | GBP' 000 | | GBP' 000 |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | For adjusted earnings per share: | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | Profit/(loss) for the financial | | | 18 | | (568) | | (13,435) |
| | period | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | Remove loss/(profit) for the period | | | 828 | | (13) | | 10,778 |
| | from discontinued operations | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | Add back share based payment charge | | | 28 | | 93 | | 178 |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | Add back amortisation of other | | | 424 | | 449 | | 988 |
| | intangible assets | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | Add back impairment provision | | | 0 | | 0 | | 3,652 |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | Add back exceptional items | | | 81 | | 663 | | 1,342 |
| | (adjusted for tax) | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | Adjusted profit for the financial | | | 1,379 | | 624 | | 3,503 |
| | period | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | Basic adjusted earnings per share | | | 1.60 | | 0.74 | | 4.09 |
| | | | | pence | | pence | | pence |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | Diluted adjusted earnings per share | | | 1.60 | | 0.73 | | 4.09 |
| | | | | pence | | pence | | pence |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | Discontinued operations: | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | Basic adjusted (loss)/earnings per | | | (0.96) | | 0.02 | | (12.59) |
| | share | | | pence | | pence | | pence |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | Diluted adjusted (loss)/earnings per | | | (0.96) | | 0.02 | | (12.59) |
| | share | | | pence | | pence | | pence |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | Weighted average number of shares | | | | | | | |
| | for basic earnings per | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | share (000's of shares) | | | 86,456 | | 84,659 | | 85,596 |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | Effect of dilutive potential | | | | | | | |
| | ordinary shares: | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | share options (000's of shares) | | | 0 | | 469 | | 0 |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | Weighted average number of shares | | | | | | | |
| | for diluted earnings per | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | share (000's of shares) | | | 86,456 | | 85,128 | | 85,596 |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
| | | | | | | | | |
+---+--------------------------------------+---+--+-----------+--+-----------+--+----------+
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| 3 | CASH GENERATED FROM OPERATIONS | | | | | | |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | | | Unaudited | | Unaudited | | |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | | | 6 months | | 6 months | | Year to |
| | | | to | | to | | |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | | | 30 | | 30 | | 31 March |
| | | | September | | September | | |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | | | 2009 | | 2008 | | 2009 |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | | | GBP' 000 | | GBP' 000 | | GBP' 000 |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | | | | | | | |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | Profit/(loss) before tax on continuing | | 1,172 | | (565) | | (2,957) |
| | operations | | | | | | |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | Loss before tax on discontinuing | | (828) | | 13 | | (10,778) |
| | operations | | | | | | |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | | | | | | | |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | | | | | | | |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | Profit/(loss) before tax | | 344 | | (552) | | (13,735) |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | Adjustments for: | | | | | | |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | Depreciation of property, plant and | | 186 | | 155 | | 272 |
| | equipment | | | | | | |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | Impairment of goodwill - continuing | | 0 | | 0 | | 3,652 |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | Amortisation of intangible assets | | 424 | | 449 | | 988 |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | Share based payment charge | | 28 | | 93 | | 178 |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | Loss on disposal of operation | | 0 | | 0 | | 9,544 |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | Finance costs | | 791 | | 861 | | 1,525 |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | | | | | | | |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | Operating cash flows before movements | | | | | | |
| | in working | | | | | | |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | capital | | 1,773 | | 1,006 | | 2,424 |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | | | | | | | |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | Decrease in receivables | | 261 | | 656 | | 541 |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | (Decrease)/increase in payables | | (655) | | 123 | | 423 |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | | | | | | | |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | | | | | | | |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | Cash generated by operations | | 1,379 | | 1,785 | | 3,388 |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | | | | | | | |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
| | | | | | | | |
+---+-----------------------------------------+--+-----------+--+------------+--+----------+
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| 4 | RECONCILIATION OF NET CASH FLOW TO | | | | | | |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | MOVEMENT IN NET DEBT | | Unaudited | | Unaudited | | |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | | | 6 months | | 6 months | | Year to |
| | | | to | | to | | |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | | | 30 | | 30 | | 31 March |
| | | | September | | September | | |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | | | 2009 | | 2008 | | 2009 |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | | | GBP' 000 | | GBP' 000 | | GBP' 000 |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | Increase in cash in the period | | 45 | | 193 | | 118 |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | Cash outflow/(inflow) from financing | | 914 | | (480) | | (2,226) |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | Cash outflow/(inflow) from finance | | 11 | | (196) | | (196) |
| | lease liabilities | | | | | | |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | (Increase)/decrease in overdraft | | (587) | | 592 | | 1,999 |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | Change in net debt resulting from | | 383 | | 109 | | (305) |
| | cashflows | | | | | | |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | Movement in net debt in the period | | 383 | | 109 | | (305) |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | Net debt at start of the period | | (17,704) | | (17,399) | | (17,399) |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | Net debt at the end of the period | | (17,321) | | (17,290) | | (17,704) |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
| | | | | | | | |
+----+----------------------------------------+--+-----------+--+-----------+--+----------+
5 SEGMENT REPORTING
Segments are identified as detailed in the "basis of preparation" section of the
accounting policies. Segment information can be analysed as follows for the
reporting periods under review:
+---------------------+----------+------------+----------+-----------+--+----------+
| Unaudited 6 months to 30 | | | | | |
| September 2009 | | | | | |
+--------------------------------+------------+----------+-----------+--+----------+
| | | | | | | |
+---------------------+----------+------------+----------+-----------+--+----------+
| | Care | TerraQuest | Datacare | Corporate | | Total |
+---------------------+----------+------------+----------+-----------+--+----------+
| | GBP' 000 | GBP' | GBP' | GBP' | | GBP' |
| | | 000 | 000 | 000 | | 000 |
+---------------------+----------+------------+----------+-----------+--+----------+
| Revenue | | | | | | |
+---------------------+----------+------------+----------+-----------+--+----------+
| From external | 21,330 | 3,920 | 884 | - | | 26,134 |
| customers | | | | | | |
+---------------------+----------+------------+----------+-----------+--+----------+
| From other segments | - | - | 21 | - | | 21 |
+---------------------+----------+------------+----------+-----------+--+----------+
| Segment revenues | 21,330 | 3,920 | 905 | - | | 26,155 |
+---------------------+----------+------------+----------+-----------+--+----------+
| Cost of sales | (16,982) | (2,236) | (261) | - | | (19,479) |
+---------------------+----------+------------+----------+-----------+--+----------+
| Overhead costs | (1,955) | (981) | (521) | (550) | | (4,007) |
+---------------------+----------+------------+----------+-----------+--+----------+
| Depreciation | (36) | (40) | (81) | (5) | | (162) |
+---------------------+----------+------------+----------+-----------+--+----------+
| Segment operating | 2,357 | 663 | 42 | (555) | | 2,507 |
| profit | | | | | | |
+---------------------+----------+------------+----------+-----------+--+----------+
| | | | | | | |
+---------------------+----------+------------+----------+-----------+--+----------+
| Segment assets | 43,438 | 4,654 | 1,290 | 42,484 | | 91,866 |
+---------------------+----------+------------+----------+-----------+--+----------+
| | | | | | | |
+---------------------+----------+------------+----------+-----------+--+----------+
| Unaudited 6 months to 30 | | | | | |
| September 2008 | | | | | |
+--------------------------------+------------+----------+-----------+--+----------+
| | | | | | | |
+---------------------+----------+------------+----------+-----------+--+----------+
| | Care | TerraQuest | Datacare | Corporate | | Total |
+---------------------+----------+------------+----------+-----------+--+----------+
| | GBP' 000 | GBP' | GBP' | GBP' | | GBP' |
| | | 000 | 000 | 000 | | 000 |
+---------------------+----------+------------+----------+-----------+--+----------+
| Revenue | | | | | | |
+---------------------+----------+------------+----------+-----------+--+----------+
| From external | 20,828 | 4,160 | 931 | - | | 25,919 |
| customers | | | | | | |
+---------------------+----------+------------+----------+-----------+--+----------+
| From other segments | - | - | 327 | - | | 327 |
+---------------------+----------+------------+----------+-----------+--+----------+
| Segment revenues | 20,828 | 4,160 | 1,258 | - | | 26,246 |
+---------------------+----------+------------+----------+-----------+--+----------+
| Cost of sales | (16,460) | (2,404) | (449) | - | | (19,313) |
+---------------------+----------+------------+----------+-----------+--+----------+
| Overhead costs | (2,118) | (1,130) | (674) | (984) | | (4,906) |
+---------------------+----------+------------+----------+-----------+--+----------+
| Depreciation | (26) | (37) | (104) | (34) | | (201) |
+---------------------+----------+------------+----------+-----------+--+----------+
| Segment operating | 2,224 | 589 | 31 | (1,018) | | 1,826 |
| profit | | | | | | |
+---------------------+----------+------------+----------+-----------+--+----------+
| | | | | | | |
+---------------------+----------+------------+----------+-----------+--+----------+
| Segment assets | 38,201 | 6,061 | 2,357 | 52,430 | | 99,049 |
+---------------------+----------+------------+----------+-----------+--+----------+
| | | | | | | |
+---------------------+----------+------------+----------+-----------+--+----------+
| Year to 31 March | | | | | | |
| 2009 | | | | | | |
+---------------------+----------+------------+----------+-----------+--+----------+
| | Care | TerraQuest | Datacare | Corporate | | Total |
+---------------------+----------+------------+----------+-----------+--+----------+
| | GBP' 000 | GBP' | GBP' | GBP' | | GBP' |
| | | 000 | 000 | 000 | | 000 |
+---------------------+----------+------------+----------+-----------+--+----------+
| Revenue | | | | | | |
+---------------------+----------+------------+----------+-----------+--+----------+
| From external | 41,949 | 8,727 | 1,929 | - | | 52,605 |
| customers | | | | | | |
+---------------------+----------+------------+----------+-----------+--+----------+
| From other segments | - | - | 239 | - | | 239 |
+---------------------+----------+------------+----------+-----------+--+----------+
| Segment revenues | 41,949 | 8,727 | 2,168 | - | | 52,844 |
+---------------------+----------+------------+----------+-----------+--+----------+
| Cost of sales | (33,218) | (4,632) | (797) | - | | (38,647) |
+---------------------+----------+------------+----------+-----------+--+----------+
| Overhead costs | (4,003) | (2,627) | (1,287) | (978) | | (8,895) |
+---------------------+----------+------------+----------+-----------+--+----------+
| Depreciation | (58) | (57) | (214) | (41) | | (370) |
+---------------------+----------+------------+----------+-----------+--+----------+
| Segment operating | 4,670 | 1,411 | (130) | (1,019) | | 4,932 |
| profit | | | | | | |
+---------------------+----------+------------+----------+-----------+--+----------+
| | | | | | | |
+---------------------+----------+------------+----------+-----------+--+----------+
| Segment assets | 40,517 | 5,361 | 2,363 | 41,619 | | 89,860 |
+---------------------+----------+------------+----------+-----------+--+----------+
| | | | | | | |
+---------------------+----------+------------+----------+-----------+--+----------+
+-------------------------------------+------------+----------+------------+----------+----------+
| The totals presented for the Group's operating segments reconcile to the entity's key |
| financial figures as presented in its financial statements as follows: |
+------------------------------------------------------------------------------------------------+
| | | | | | |
+-------------------------------------+------------+----------+------------+----------+----------+
| | Unaudited | | Unaudited | | |
+-------------------------------------+------------+----------+------------+----------+----------+
| | 6 months | | 6 months | | Year to |
| | to | | to | | |
+-------------------------------------+------------+----------+------------+----------+----------+
| | 30 | | 30 | | 31 |
| | September | | September | | March |
+-------------------------------------+------------+----------+------------+----------+----------+
| | 2009 | | 2008 | | 2009 |
+-------------------------------------+------------+----------+------------+----------+----------+
| | GBP' 000 | | GBP' 000 | | GBP' |
| | | | | | 000 |
+-------------------------------------+------------+----------+------------+----------+----------+
| | | | | | |
+-------------------------------------+------------+----------+------------+----------+----------+
| Segment revenues | | | | | |
+-------------------------------------+------------+----------+------------+----------+----------+
| Total segment revenues | 26,155 | | 26,246 | | 52,844 |
+-------------------------------------+------------+----------+------------+----------+----------+
| Elimination of intersegment | (21) | | (327) | | (239) |
| revenues | | | | | |
+-------------------------------------+------------+----------+------------+----------+----------+
| Group revenues | 26,134 | | 25,919 | | 52,605 |
+-------------------------------------+------------+----------+------------+----------+----------+
| | | | | | |
+-------------------------------------+------------+----------+------------+----------+----------+
| Segment profit | | | | | |
+-------------------------------------+------------+----------+------------+----------+----------+
| Segment operating profit | 2,507 | | 1,826 | | 4,932 |
+-------------------------------------+------------+----------+------------+----------+----------+
| Group operating profit | 2,507 | | 1,826 | | 4,932 |
+-------------------------------------+------------+----------+------------+----------+----------+
| Share based payment charge, | | | | | |
| amortisation | | | | | |
+-------------------------------------+------------+----------+------------+----------+----------+
| and exceptional items | (544) | | (1,530) | | (6,364) |
+-------------------------------------+------------+----------+------------+----------+----------+
| Finance income | 127 | | 279 | | 428 |
+-------------------------------------+------------+----------+------------+----------+----------+
| Finance costs | (918) | | (1,140) | | (1,953) |
+-------------------------------------+------------+----------+------------+----------+----------+
| Group profit/(loss) before tax | 1,172 | | (565) | | (2,957) |
+-------------------------------------+------------+----------+------------+----------+----------+
| | | | | | |
+-------------------------------------+------------+----------+------------+----------+----------+
| Segment assets | | | | | |
+-------------------------------------+------------+----------+------------+----------+----------+
| Total segment assets | 91,866 | | 99,049 | | 89,860 |
+-------------------------------------+------------+----------+------------+----------+----------+
| Discontinued operations | 562 | | 14,871 | | 469 |
+-------------------------------------+------------+----------+------------+----------+----------+
| Intercompany eliminations | (41,690) | | (45,934) | | (39,102) |
+-------------------------------------+------------+----------+------------+----------+----------+
| Other consolidation adjustments | (4,642) | | (7,882) | | (5,107) |
+-------------------------------------+------------+----------+------------+----------+----------+
| | 46,096 | | 60,104 | | 46,120 |
+-------------------------------------+------------+----------+------------+----------+----------+
| | | | | | |
+-------------------------------------+------------+----------+------------+----------+----------+
6 CONTINGENT LIABILITIES
The Group's contingent liabilities, full details of which are disclosed in note
31 of the 2009 Annual Report and Accounts, remain unchanged. However, the
planning decision in relation to Supporta Datacare's site has been deferred
again by the Secretary of State for Communities and Local Government until
January 2010
The unaudited interim financial statements were approved by the Board of
directors on 23 November 2009.
The financial information for the year ended 31 March 2009 set out in this
Interim Report does not constitute statutory accounts as defined in Section 240
of the Companies Act 1985. The Group's statutory financial statements for the
year ended 31 March 2009 have been filed with the Registrar of Companies. The
auditor's report on those financial statements was unqualified and did not
contain statements under Section 237(2) or Section 237(3) of the Companies Act
1985
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BTBMTMMTTTIL
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