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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Veris | LSE:VERI | London | Ordinary Share | IE00B0JT3T79 | ORD EUR0.002 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 42.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
TIDMVERI
RNS Number : 3149U
Veris PLC
23 June 2009
Veris plc
Results for the year ended 31 December 2008
23rd June 2009
Highlights
Veris plc ("Veris" or the "Group"), a leading provider of Integrated Support
Services, today announces its financial results for the 12 months ended 31
December 2008. These results include a full year's contribution from our Moving
and Storage Division which was sold in March 2009.
Financial highlights for the 12 months ended 31 December 2008 are as follows:
+--------------------------+--------------+--------------+----------------+
| | | | Change |
| Year ended 31 December | 2008 | 2007 | |
| | | | |
+--------------------------+--------------+--------------+----------------+
| | EUR'000 | EUR'000 | |
+--------------------------+--------------+--------------+----------------+
| Revenue | 84,303 | 65,366 | +29% |
+--------------------------+--------------+--------------+----------------+
| Divisional operating | 10,334 | 9,856 | +5% |
| profit* | | | |
+--------------------------+--------------+--------------+----------------+
| Operating | (3,717) | 7,320 | (151%) |
| (loss)/profit** | | | |
+--------------------------+--------------+--------------+----------------+
| (Loss)/Profit before tax | (6,036) | 5,618 | (207%) |
+--------------------------+--------------+--------------+----------------+
| Diluted earnings per | (26.0c) | 18.3c | (242%) |
| share | | | |
+--------------------------+--------------+--------------+----------------+
| Adjusted diluted | 21.5c | 22.7c | (5%) |
| earnings per share*** | | | |
+--------------------------+--------------+--------------+----------------+
* Divisional operating profit is operating profit before intangible
amortisation, goodwill and intangible impairment charges, share based payment
charges and Head Office costs.
** The operating loss for 2008 includes EUR13.0m comprising
goodwill/intangibles written off and trading losses associated with the Moving
and Storage Division.
*** The adjusted diluted eps calculation is based on profit attributable to
ordinary shareholders adjusted for amortisation of intangible assets, goodwill
and intangible impairment charges and share based payment charges.
Business highlights for the year included:
+----+------------------------------------------------------------------+
| - | Strong organic growth across FM and PM sectors resulting in a |
| | 45% growth in Operating profits within this division |
+----+------------------------------------------------------------------+
| - | Strengthening of senior management team within PM division |
+----+------------------------------------------------------------------+
| - | Strong balance sheet and cash flow management resulting in a 29% |
| | reduction in Net Debt at 31 December 2008 versus 31 December |
| | 2007 |
+----+------------------------------------------------------------------+
For further information please contact
+------------------------+------------------------+
| Veris plc | |
+------------------------+------------------------+
| Bernard Farrell, CEO | +353 1 294 7080 |
+------------------------+------------------------+
| | |
+------------------------+------------------------+
| Q4 | |
+------------------------+------------------------+
| Gerry O'Sullivan | +353 87 259 7644 |
+------------------------+------------------------+
| | |
+------------------------+------------------------+
| Davy Corporate Finance | |
+------------------------+------------------------+
| Des Carville, Director | +353 1 679 6363 |
+------------------------+------------------------+
Veris plc
Chairman's Report
I am pleased to present the results of Veris plc to its shareholders for the
year ended 31 December 2008.
Veris delivered a robust financial performance in 2008 with Group revenue
growing to EUR84.3 million which reflects 29% growth on the prior year.
This growth has been driven by solid organic growth within our Facility
Management/Property Management division (FM/PM) combined with the full year
impact of the Orange acquisition made in late 2007.
At a divisional operating level before intangible amortisation, goodwill and
intangible impairment charges, share based payment charges and Head Office costs
our profits grew strongly within the FM/PM division but increased by only 5% on
an overall basis as a consequence of the adverse performance within the Moving
and Storage Division (M&S).
As a result of the operating losses and write off of Goodwill and Intangible
assets within the M&S Division, the Group generated a loss before tax of EUR6.0
million (2007: profit of EUR5.6m).
On a continuing basis the Group net operating profit increased 45% year on year
from EUR6.4m to EUR9.3 million reflecting the strong growth in revenues within the
FM/PM division.
Fully diluted adjusted earnings per share decreased 5% to 21.5 cent which the
Board believes was a satisfactory performance given the circumstances.
The Group disposed of its M&S division to Capstar Limited, a company controlled
by Niall Doris, for EUR74,000 on 3 March 2009. This will now enable the Group to
focus on further developing its FM/PM division.
Organisation/Personnel
John O'Donoghue was appointed as Company Secretary.
The Property Management and Facility Management Divisions were integrated under
Martin McMahon's leadership.
In addition, within the PM division a number of senior appointments were made to
strengthen the management team.
Acquisitions/Integration
The year has seen the further development of Veris into a fully integrated
property services and facility management group focusing on the property and
facilities sectors.
In late 2007, we made our first overseas acquisition when we purchased the
Orange facilities management group in the UK and this business has now been
fully integrated into the combined FM/PM division.
With the continuing credit market difficulties, no further acquisitions are
envisaged in the short term and the Group is committed to focusing on organic
growth.
Post year end events
In March 2009, the Board announced that it was initiating a strategic review of
the business following the disposal of the loss making M&S Division. The purpose
of the strategic review is to ensure that Veris pursues a strategy which
maximises shareholder value over the medium term. The review includes
investigating the possibility of a disposal of the FM/PM Division on price and
terms acceptable to the Board. The review also incorporates a full review of the
cost structure of the Group and considers the necessity for certain head office
costs in an environment where the Group is focusing solely on its FM/PM business
which has a stand alone management team. Shareholders should not anticipate any
particular change in strategy at this stage. A further announcement will be made
when appropriate.
Outlook
Despite the difficult economic environment, the business is well placed to
continue to take advantage of the opportunities within the outsourced facility
and property management sectors in the Irish and UK markets. However, we
anticipate that any new business wins in the short term will be offset to a
greater degree by the effects of margin pressure in some areas and a
significantly slower client decision making process which is affecting our
pipeline conversion rate.
Niall McFadden
Chairman
Chief Executive's Report
2008 was a positive year of growth and development for the Group. The Orange
acquisition made during 2007 was integrated into the group whilst we also took
the opportunity to merge our FM and PM divisions under one combined management
team.
Operations Review
The Group provides a wide range of facility and property management services to
both owners and occupiers of property, primarily focused in Ireland and the
United Kingdom.
The Facilities Management division performed very strongly during 2008 driven by
a 51% growth in revenue to EUR63.5 million. This has resulted in EBITDA growing to
EUR7.7 million within this division which is a 28% increase year on year, of which
6% was organic and the balance driven by the full year impact of Orange.
The Property Management division grew revenues by 22% to EUR10.9 million and
delivered an EBITDA of EUR4.3 million which was a 58% divisional improvement year
on year.
The Moving and Storage division had a very difficult year with revenues falling
by EUR4.5 million to EUR9.9 million, a decrease of 31%, resulting in an EBITDA loss
of EUR0.9 million which contrasted with a EUR1.8 million EBITDA in 2007. This loss
was as a result of a sharp decline in the transaction volumes within the sector.
The decline would have been higher had we not embarked on a restructuring
programme in Q3 2008 which helped to mitigate the loss. Following an extensive
review during Q3/Q4 2008, it was decided to dispose of this division and this
disposal was completed in Q1 2009.
Principal Uncertainties and Risks
The Group is exposed to the economies of Ireland and the UK. With the slowdown
in economic growth continuing combined with the ongoing credit crisis in the
financial markets, the directors believe that the business should focus on
maintaining current revenue levels.
The main financial risks that could impact on the Group are;
* Interest rate movements
* Foreign exchange movements
* Liquidity
The Group manages these risks through a variety of methodologies. The Group
entered into interest rate swap transactions during 2008 to minimise exposure to
interest rate volatility. All such transactions were approved at Board level and
more details can be found in Note 21 of the financial statements.
Financial Review
Group consolidated turnover grew by 29% in the year to EUR84.3 million (2007:
EUR65.4 million) as a result of robust organic growth combined with the impact of
acquisitions.
Divisional operating profits (before group costs, intangible amortisation,
goodwill and intangible impairment charges and share based payment charges)
increased by 5% to EUR10.3 million (2007: EUR9.9 million).
The Group net operating profit fell from EUR7.3 million in 2007 to a loss of EUR3.7
million as a result of the EUR11.3m write off of Goodwill and Intangible assets
within the Moving and Storage division.
A loss before tax of EUR6.0 million was incurred. However, on a continuing basis
the Group operating profit increased 45% year on year from EUR6.4m to EUR9.3 million
reflecting the strong growth in revenues within the FM/PM divisions.
Fully diluted adjusted earnings per share (before amortisation of intangible
assets, impairment charges and share based payment charges) decreased slightly
by 5% to 21.5 cent (2007: 22.7 cent).
The Group delivered strong cash flow during the year with cash balances growing
from EUR3.9 million to EUR8.5 million. This combined with improved working capital
management and a favourable movement in the EUR/GBP exchange rate resulted in Net
Debt decreasing from EUR40.9 million to EUR29.2 million at year end 2008. The Group
remains within its banking covenants.
Outlook
2008 was a solid year overall for Veris. We remain confident of maintaining the
Group's market position in a tough environment. The Group performed in line with
budgets for the first five months of 2009. However, we are seeing a trend of
customers reducing their property management and facilities management
expenditure. This reduction in spend in conjunction with some delays in awarding
contracts is impacting revenue and profits. We expect this trend to continue and
accelerate into the second half of 2009 and accordingly we believe that 2009
will be a year of lower revenue and profitability than 2008.
We believe that this trend will decelerate and ultimately reverse in due course
and that the integration of the FM/PM division and disposal of the loss making
M&S division positions the company well for 2010 and beyond.
Bernard Farrell
Chief Executive Officer
Veris plc financial results
GROUP INCOME STATEMENT
YEAR ENDED 31 DECEMBER 2008
+----------------------------------+--------+------------+-----------+----------+---------+
| | Notes | 12 months | 12 | Movement | % |
| | | ended | months | EUR000's | |
| | | 31-Dec-08 | ended | | |
| | | EUR000's | 31-Dec-07 | | |
| | | | EUR000's | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| Revenue | | 84,303 | 65,366 | 18,937 | 29.0 |
+----------------------------------+--------+------------+-----------+----------+---------+
| | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| Cost of sales | | (59,204) | (42,602) | (16,602) | (39.0) |
+----------------------------------+--------+------------+-----------+----------+---------+
| Gross profit | | 25,099 | 22,764 | 2,335 | 10.3 |
+----------------------------------+--------+------------+-----------+----------+---------+
| | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| Operating costs | | (16,358) | (14,268) | (2,090) | (14.6) |
+----------------------------------+--------+------------+-----------+----------+---------+
| | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| Operating profit/(loss) before | 1 | 8,741 | 8,496 | 245 | 2.9 |
| intangible amortisation, | | | | | |
| impairment charges and share | | | | | |
| based payments expense | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| Share based payments | | (144) | (445) | 301 | 67.6 |
+----------------------------------+--------+------------+-----------+----------+---------+
| Intangible amortisation | | (1,058) | (731) | (327) | (44.7) |
+----------------------------------+--------+------------+-----------+----------+---------+
| Goodwill and intangible | | (11,256) | - | (11,256) | (100) |
| impairment charges | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| Operating (loss)/profit | | (3,717) | 7,320 | (11,037) | (150.8) |
+----------------------------------+--------+------------+-----------+----------+---------+
| | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| Finance income | | 885 | 566 | 319 | 56.4 |
+----------------------------------+--------+------------+-----------+----------+---------+
| Finance costs | | (3,204) | (2,268) | (936) | 41.3 |
+----------------------------------+--------+------------+-----------+----------+---------+
| | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| (Loss)/profit before taxation | | (6,036) | 5,618 | (11,654) | (207.4) |
+----------------------------------+--------+------------+-----------+----------+---------+
| | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| Income tax expense | | (724) | (750) | 26 | 3.5 |
+----------------------------------+--------+------------+-----------+----------+---------+
| | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| (Loss)/profit for the financial | | (6,760) | 4,868 | (11,628) | (238.9) |
| year | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| (Loss)/Earnings per share - | 2 | (26.0) | 18.9 | (44.9) | |
| basic (cent) | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| Diluted (Loss)/earnings per | 2 | (26.0) | 18.3 | (44.3) | |
| share (cent) | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| Adjusted (Loss)/earnings per | 2 | 21.9 | 23.5 | (1.6) | |
| share - basic (cent) | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| Adjusted diluted (Loss)/earnings | 2 | 21.5 | 22.7 | (1.2) | |
| per share (cent) | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
| | | | | | |
+----------------------------------+--------+------------+-----------+----------+---------+
GROUP STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE YEAR ENDED 31 DECEMBER 2008
+------------------------------------------+--+-----------+-----------+
| | | 12months | 12 |
| | | ended | months |
| | | 31-Dec-08 | ended |
| | | EUR000's | 31-Dec-07 |
| | | | EUR000's |
+------------------------------------------+--+-----------+-----------+
| Items of income and expense recognised | | | |
| directly in equity | | | |
+------------------------------------------+--+-----------+-----------+
| | | | |
+------------------------------------------+--+-----------+-----------+
| Foreign exchange translation adjustment | | 2,468 | (41) |
+------------------------------------------+--+-----------+-----------+
| Actuarial (loss)/gain on defined benefit | | (1,018) | 259 |
| pension | | | |
+------------------------------------------+--+-----------+-----------+
| Deferred tax effect of actuarial | | 127 | (32) |
| (loss)/gain | | | |
+------------------------------------------+--+-----------+-----------+
| (Loss) on cashflow hedge reserve | | (521) | - |
+------------------------------------------+--+-----------+-----------+
| Deferred tax effect of cashflow hedges | | 41 | - |
+------------------------------------------+--+-----------+-----------+
| | | | |
+------------------------------------------+--+-----------+-----------+
| Net income recognised directly in equity | | 1,097 | 186 |
+------------------------------------------+--+-----------+-----------+
| | | | |
+------------------------------------------+--+-----------+-----------+
| (Loss)/profit for the year | | (6,760) | 4,868 |
+------------------------------------------+--+-----------+-----------+
| Total recognised income and expense for | | (5,663) | 5,054 |
| the year, all attributable to equity | | | |
| shareholders | | | |
+------------------------------------------+--+-----------+-----------+
Veris plc
GROUP BALANCE SHEET
+------------------------------------------------+-----------+-----------+
| | 31-Dec-08 | 31-Dec-07 |
| | EUR000's | EUR000's |
+------------------------------------------------+-----------+-----------+
| ASSETS | | |
+------------------------------------------------+-----------+-----------+
| Non-current assets | | |
+------------------------------------------------+-----------+-----------+
| Goodwill | 58,203 | 67,823 |
+------------------------------------------------+-----------+-----------+
| Intangible assets | 4,770 | 9,625 |
+------------------------------------------------+-----------+-----------+
| Property, plant and equipment | 844 | 2,308 |
+------------------------------------------------+-----------+-----------+
| Deferred tax assets | 203 | 130 |
+------------------------------------------------+-----------+-----------+
| Total non-current assets | 64,020 | 79,886 |
+------------------------------------------------+-----------+-----------+
| Current Assets | | |
+------------------------------------------------+-----------+-----------+
| Inventories | 163 | 631 |
+------------------------------------------------+-----------+-----------+
| Trade and other receivables | 13,257 | 18,123 |
+------------------------------------------------+-----------+-----------+
| Other financial assets | 25,367 | 36,882 |
+------------------------------------------------+-----------+-----------+
| Cash and cash equivalents | 8,489 | 3,921 |
+------------------------------------------------+-----------+-----------+
| | 47,276 | 59,557 |
+------------------------------------------------+-----------+-----------+
| Assets classified as held for sale | 4,010 | - |
+------------------------------------------------+-----------+-----------+
| Total current assets | 51,286 | 59,557 |
+------------------------------------------------+-----------+-----------+
| Total assets | 115,306 | 139,443 |
+------------------------------------------------+-----------+-----------+
| | | |
+------------------------------------------------+-----------+-----------+
| EQUITY | | |
+------------------------------------------------+-----------+-----------+
| Share capital | 52 | 52 |
+------------------------------------------------+-----------+-----------+
| Share premium | 23,186 | 23,118 |
+------------------------------------------------+-----------+-----------+
| Cashflow hedge reserve | (624) | - |
+------------------------------------------------+-----------+-----------+
| Share based payment reserve | 1,015 | 1,154 |
+------------------------------------------------+-----------+-----------+
| Foreign currency translation reserve | 2,427 | (41) |
+------------------------------------------------+-----------+-----------+
| Retained earnings | 2,437 | 9,764 |
+------------------------------------------------+-----------+-----------+
| Total Equity | 28,493 | 34,047 |
+------------------------------------------------+-----------+-----------+
| LIABILITIES | | |
+------------------------------------------------+-----------+-----------+
| Non-current liabilities | | |
+------------------------------------------------+-----------+-----------+
| Interest-bearing liabilities | 33,309 | 40,450 |
+------------------------------------------------+-----------+-----------+
| Earn-out obligations | - | 784 |
+------------------------------------------------+-----------+-----------+
| Deferred tax | 1,342 | 1,960 |
+------------------------------------------------+-----------+-----------+
| Retirement benefit obligations | 1,296 | 267 |
+------------------------------------------------+-----------+-----------+
| Derivative Liability | 292 | - |
+------------------------------------------------+-----------+-----------+
| Total non-current liabilities | 36,239 | 43,461 |
+------------------------------------------------+-----------+-----------+
| Current liabilities | | |
+------------------------------------------------+-----------+-----------+
| Interest-bearing liabilities | 3,817 | 4,413 |
+------------------------------------------------+-----------+-----------+
| Service obligations | 25,367 | 36,882 |
+------------------------------------------------+-----------+-----------+
| Trade and other payables | 18,550 | 20,050 |
+------------------------------------------------+-----------+-----------+
| Current tax liabilities | 472 | 479 |
+------------------------------------------------+-----------+-----------+
| Earn-out obligations | - | 111 |
+------------------------------------------------+-----------+-----------+
| Derivative Liability | 332 | - |
+------------------------------------------------+-----------+-----------+
| | 48,538 | 61,935 |
+------------------------------------------------+-----------+-----------+
| Liabilities classified as held for sale | 2,036 | - |
+------------------------------------------------+-----------+-----------+
| Total current liabilities | 50,574 | 61,935 |
+------------------------------------------------+-----------+-----------+
| Total liabilities | 86,813 | 105,396 |
+------------------------------------------------+-----------+-----------+
| Total equity and liabilities | 115,306 | 139,443 |
+------------------------------------------------+-----------+-----------+
Veris plc
GROUP CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2008
+----------------------------------------------+---------------+----------------+
| | 12 months | 12 months |
| | ended | ended |
| | 31-Dec-08 | 31-Dec-07 |
| | EUR000's | EUR000's |
+----------------------------------------------+---------------+----------------+
| | | |
+----------------------------------------------+---------------+----------------+
| | | |
+----------------------------------------------+---------------+----------------+
| Cash flows from operating activities | | |
+----------------------------------------------+---------------+----------------+
| (Loss)/profit for the financial year | (6,760) | 4,868 |
+----------------------------------------------+---------------+----------------+
| Adjustments for: | | |
+----------------------------------------------+---------------+----------------+
| Depreciation of property, plant & equipment | 866 | 744 |
+----------------------------------------------+---------------+----------------+
| (Profit)/loss on disposal of property, plant | (27) | 25 |
| and equipment | | |
+----------------------------------------------+---------------+----------------+
| Amortisation of intangible assets | 1,058 | 731 |
+----------------------------------------------+---------------+----------------+
| Impairment of goodwill | 11,256 | - |
+----------------------------------------------+---------------+----------------+
| Finance income | (885) | (566) |
+----------------------------------------------+---------------+----------------+
| Finance expenses | 3,204 | 2,268 |
+----------------------------------------------+---------------+----------------+
| Income tax expense | 724 | 750 |
+----------------------------------------------+---------------+----------------+
| Pension charge | 571 | 512 |
+----------------------------------------------+---------------+----------------+
| Pension contributions made | (551) | (473) |
+----------------------------------------------+---------------+----------------+
| Charge in respect of share awards | 144 | 445 |
+----------------------------------------------+---------------+----------------+
| Cash flows from operating activities | | |
+----------------------------------------------+---------------+----------------+
| before charges in working capital | 9,600 | 9,304 |
+----------------------------------------------+---------------+----------------+
| Movement in receivables | 1,778 | (1,407) |
+----------------------------------------------+---------------+----------------+
| Movement in inventories | 242 | 143 |
+----------------------------------------------+---------------+----------------+
| Movement in payables | 1,272 | (30) |
+----------------------------------------------+---------------+----------------+
| Cash generated from operations | 12,892 | 8,010 |
+----------------------------------------------+---------------+----------------+
| Income taxes paid | (754) | (903) |
+----------------------------------------------+---------------+----------------+
| Net cash inflow from operating activities | 12,138 | 7,107 |
+----------------------------------------------+---------------+----------------+
| | | |
+----------------------------------------------+---------------+----------------+
| Cash flows from investing activities | | |
+----------------------------------------------+---------------+----------------+
| Interest received | 869 | 546 |
+----------------------------------------------+---------------+----------------+
| Acquisition of subsidiaries, net of cash | 439 | (16,009) |
| acquired | | |
+----------------------------------------------+---------------+----------------+
| Payment of earn-out obligations | - | (1,481) |
+----------------------------------------------+---------------+----------------+
| Purchase of property, plant and equipment | (454) | (352) |
+----------------------------------------------+---------------+----------------+
| Net cash inflow/ (outflow) from investing | 854 | (17,296) |
| activities | | |
+----------------------------------------------+---------------+----------------+
| | | |
+----------------------------------------------+---------------+----------------+
| Cash flows from financing activities | | |
+----------------------------------------------+---------------+----------------+
| Drawdown of interest-bearing loans | - | 14,213 |
+----------------------------------------------+---------------+----------------+
| Repayment of interest-bearing loans | (4,255) | (3,400) |
+----------------------------------------------+---------------+----------------+
| Interest paid | (3,847) | (1,989) |
+----------------------------------------------+---------------+----------------+
| Finance lease payments | (324) | (174) |
+----------------------------------------------+---------------+----------------+
| Proceeds from exercise of share options | 2 | 12 |
+----------------------------------------------+---------------+----------------+
| Net cash (outflow)/inflow from financing | (8,424) | 8,662 |
| activities | | |
+----------------------------------------------+---------------+----------------+
| Net increase/(decrease) in cash and cash | 4,568 | (1,527) |
| equivalents | | |
+----------------------------------------------+---------------+----------------+
| Cash & cash equivalents at beginning of year | 3,921 | 5,448 |
+----------------------------------------------+---------------+----------------+
| | | |
+----------------------------------------------+---------------+----------------+
| Cash & cash equivalents at end of year | 8,489 | 3,921 |
+----------------------------------------------+---------------+----------------+
Veris plc
Notes supporting financial information for the year ended 31 December 2008
1. Operating profit
+-----------------------------------------+--------------+--------------+
| | 12 months | 12 months |
| | ended | ended |
| | 31-Dec08 | 31-Dec-07 |
| | EUR000's | EUR000's |
+-----------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------+--------------+--------------+
| Operating (loss)/profit for the year is | | |
| stated after charging : | | |
+-----------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------+--------------+--------------+
| Goodwill and intangible impairment | 11,256 | - |
| charges | | |
+-----------------------------------------+--------------+--------------+
| Amortisation of intangible assets | 1,058 | 731 |
+-----------------------------------------+--------------+--------------+
| Share based payment charge | 144 | 445 |
+-----------------------------------------+--------------+--------------+
| Depreciation | 866 | 744 |
+-----------------------------------------+--------------+--------------+
2. Earnings per Share
+--------------------------------------+--+--------------+--------------+
| | | 12 months | 12 months |
| | | ended | ended |
| | | 31-Dec-08 | 31-Dec-07 |
| | | EUR000's | EUR000's |
+--------------------------------------+--+--------------+--------------+
| | | | |
+--------------------------------------+--+--------------+--------------+
| (Loss)/profit attributable to | | (6,760) | 4,868 |
| ordinary shareholders | | | |
+--------------------------------------+--+--------------+--------------+
| Weighted average number of ordinary | | 25,974,278 | 25,717,071 |
| shares in issue during the year | | | |
+--------------------------------------+--+--------------+--------------+
| | | | |
+--------------------------------------+--+--------------+--------------+
| Dilutive effect of share options | | 526,954 | 873,866 |
+--------------------------------------+--+--------------+--------------+
| Weighted average number of ordinary | | 26,501,232 | 26,590,937 |
| shares used for calculation of | | | |
| diluted earnings per share | | | |
+--------------------------------------+--+--------------+--------------+
| | | | |
+--------------------------------------+--+--------------+--------------+
| Adjusted earnings per share is | | | |
| calculated using the number of | | | |
| shares as set out above and using | | | |
| the following profit after tax: | | | |
+--------------------------------------+--+--------------+--------------+
| | | 12 months | 12 months |
| | | ended | ended |
| | | 31-Dec-08 | 31-Dec-07 |
| | | EUR000's | EUR000's |
+--------------------------------------+--+--------------+--------------+
| | | | |
+--------------------------------------+--+--------------+--------------+
| (Loss)/profit attributable to | | (6,760) | 4,868 |
| ordinary shareholders | | | |
+--------------------------------------+--+--------------+--------------+
| Goodwill and intangible impairment | | 11,256 | - |
| charges | | | |
+--------------------------------------+--+--------------+--------------+
| Amortisation of intangible assets | | 1,058 | 731 |
+--------------------------------------+--+--------------+--------------+
| Share based payment charge | | 144 | 445 |
+--------------------------------------+--+--------------+--------------+
| Adjusted profit after tax | | 5,698 | 6,044 |
+--------------------------------------+--+--------------+--------------+
| | | | |
+--------------------------------------+--+--------------+--------------+
| (Loss)/earnings per share - basic | | (26.0) | 18.9 |
| (cent) | | | |
+--------------------------------------+--+--------------+--------------+
| Diluted (loss)/earnings per share | | (26.0) | 18.3 |
| (cent) | | | |
+--------------------------------------+--+--------------+--------------+
| Adjusted (loss)/earnings per share - | | 21.9 | 23.5 |
| basic (cent) | | | |
+--------------------------------------+--+--------------+--------------+
| Adjusted diluted (loss)/earnings per | | 21.5 | 22.7 |
| share (cent) | | | |
+--------------------------------------+--+--------------+--------------+
(i) Basic (loss)/earnings per share is calculated by dividing the profit after
tax attributable to ordinary shareholders by the weighted average number of
ordinary shares in issue during the year.
(ii) Diluted (loss)/earnings per ordinary share is calculated by dividing the
profit after tax attributable to ordinary shareholders by the diluted weighted
average number of ordinary shares.
(iii) Adjusted basic (loss)/earnings per share is calculated by dividing the
adjusted profit after tax attributable to ordinary shareholders by the weighted
average number of ordinary shares in issue during the year.
(iv) Adjusted diluted (loss)/earnings per ordinary share is calculated by
dividing the adjusted profit after tax attributable to ordinary shareholders by
the diluted weighted average number of ordinary shares.
3. Statement of changes in shareholders' equity
+--------------------------+---------+---------+---------+-------------+----------+----------+---------+
| | Share | Share | Share | Foreign | Cashflow | Retained | Total |
| | capital | premium | based | currency | Hedge | earnings | EUR000's |
| | EUR000's | EUR000's | payment | translation | Reserve | EUR000's | |
| | | | reserve | reserve | EUR000's | | |
| | | | EUR000's | EUR000's | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+---------+
| Balance at 1 January | 52 | 23,118 | 1,154 | (41) | - | 9,764 | 34,047 |
| 2008 | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+---------+
| | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+---------+
| Shares issued | - | 68 | - | - | - | - | 68 |
+--------------------------+---------+---------+---------+-------------+----------+----------+---------+
| Share based payments | - | - | 144 | - | - | - | 144 |
| charge | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+---------+
| Transfer on exercise of | - | - | (283) | - | - | 283 | - |
| share options | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+---------+
| Actuarial (loss) on post | - | - | - | - | - | (1,018) | (1,018) |
| employment pension | | | | | | | |
| schemes | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+---------+
| Related deferred tax | - | - | - | - | - | 127 | 127 |
| asset | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+---------+
| (Loss) for the financial | - | - | - | - | - | (6,760) | (6,760) |
| year | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+---------+
| Translation adjustments | - | - | - | 2,468 | - | - | 2,468 |
+--------------------------+---------+---------+---------+-------------+----------+----------+---------+
| Loss on hedged | - | - | - | - | (624) | - | (624) |
| derivatives | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+---------+
| Related deferred tax | - | - | - | - | - | 41 | 41 |
| asset | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+---------+
| | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+---------+
| Balance at 31 December | 52 | 23,186 | 1,015 | 2,427 | (624) | 2,437 | 28.493 |
| 2008 | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+---------+
| | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+---------+
+--------------------------+---------+---------+---------+-------------+----------+----------+--------+
| | Share | Share | Share | Foreign | Cashflow | Retained | Total |
| | capital | premium | based | currency | Hedge | earnings | EUR000's |
| | EUR000's | EUR000's | payment | translation | reserve | EUR000's | |
| | | | reserve | reserve | EUR000's | | |
| | | | EUR000's | EUR000's | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+--------+
| Balance at 1 January | 51 | 22,559 | 709 | - | - | 4,669 | 27,988 |
| 2007 | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+--------+
| | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+--------+
| Shares issued | 1 | 559 | - | - | - | - | 560 |
+--------------------------+---------+---------+---------+-------------+----------+----------+--------+
| Share based payments | - | - | 445 | - | - | - | 445 |
| charge | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+--------+
| Actuarial gain on post | - | - | - | - | - | 259 | 259 |
| employment pension | | | | | | | |
| schemes | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+--------+
| Related deferred tax | - | - | - | - | - | (32) | (32) |
| (liability) | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+--------+
| Profit for the financial | - | - | - | - | - | 4,868 | 4,868 |
| year | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+--------+
| Translation adjustments | - | - | - | (41) | - | - | (41) |
+--------------------------+---------+---------+---------+-------------+----------+----------+--------+
| | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+--------+
| Balance at 31 December | 52 | 23,118 | 1,154 | (41) | - | 9,764 | 34,047 |
| 2007 | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+--------+
| | | | | | | | |
+--------------------------+---------+---------+---------+-------------+----------+----------+--------+
4. Accounting policies
The accounting policies applied throughout the year are consistent with those
applied for the year ended 31 December 2007, as set out in the 2007 Annual
Report.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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