LONDON (Thomson Financial) - Accident Exchange Group Plc. posted a lower
full-year profit, as higher finance costs more than offset a 41 percent rise in
sales, and said it is confident that the current year will be one of improving
cash flow and further growth.
For the year to Apr. 30 2008, the company's pretax profit fell to 12.1
million pounds from 13.6 million a year earlier while adjusted pretax -- before
amortisation of acquired intangible assets, costs of share based payments,
change in fair value of derivative financial liability and exceptional costs --
fell to 16.1 million pounds from 18.0 million.
"Enormous effort was expended dealing with the ramifications of and
defeating the legal challenge to our terms and conditions of hire which started
in late 2006 and which affected all aspects of the business, particularly our
cash flows," the company said.
It maintained its final dividend at 1.5 pence, thereby cutting the total
dividend to 2.5 pence from 3.0 pence.
Revenue rose to 165.1 million pounds from 116.9 million.
Finance costs soared to 13.8 million pounds from 6.1 million.
Chairman David Galloway said that "in spite of the uncertain global economic
outlook, we are looking to the future with renewed confidence. The demand for
the services we offer continues to grow."
tf.TFN-Europe_newsdesk@thomson.com
jro/ajb
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