TIDMAIR
RNS Number : 0294A
Air Partner PLC
24 September 2015
24 September 2015
Air Partner plc
Interim results for the six months ended 31 July 2015
Air Partner delivers a strong first half trading performance and
good strategic progress
Air Partner plc ("Air Partner" or "Group"), the global aviation
services group, today reports results for the six months to 31 July
2015.
July 2015 July 2014 Change
(%)
Gross transaction value* GBP110.2m GBP93.1m 18
Gross profit GBP12.1m GBP10.6m 13
Underlying PBT GBP2.2m GBP1.1m 100
Statutory PBT GBP1.9m GBP1.1m 70
Cash# GBP15.0m GBP18.0m (17)
Underlying basic EPS 17.1p 13.6p 26
Statutory basic EPS 14.4p 13.6p 6
Interim dividend 7.33p 6.66p 10
* following the change in revenue recognition (see note 1 to the
unaudited financial information), gross transaction value as
opposed to the statutory revenue amount of GBP22.2m (2014:
GBP18.8m) is stated
"underlying" profit is profit from continuing operations before
other items. Other items includes acquisition costs, amortisation
of intangible assets arising on acquisition and acquisition
consideration treated as employee costs under IFRS3 'Business
combinations'
# includes JetCard cash of GBP13.6m (2014: GBP11.9m)
Financial highlights:
-- Underlying PBT of GBP2.2m, a year-on-year increase of 100%
-- Underlying EPS of 17.1p, a year-on-year increase of 26%,
lower than the increase in underlying PBT due to the non-recurrence
of last year's tax credits
-- After GBP0.3m of other items, statutory PBT rose by 70% to GBP1.9m
-- Total cash balances including JetCard deposits of GBP15.0m (GBP18.0m)
-- Excluding JetCard deposits, cash balances decreased to
GBP1.4m from GBP6.1m due to working capital movements associated
with some of our largest credit customers and the acquisition of
Cabot Aviation Services Limited
-- Interim dividend of 7.33p, a year-on-year increase of 10%
-- The trading outlook for the full year remains in line with the Board's expectations
Operating highlights:
-- A strong performance in Commercial Jets, particularly in the
UK and Europe but the US was impacted by lower activity from a key
customer
-- Private Jets in the UK performed well, although Europe was
sluggish and the US was below expectations
-- JetCard utilisation up by 22% with a record number of JetCards in issue
Strategic highlights:
-- Implementation of our Customer First programme has begun
-- The successful acquisition and integration of Cabot Aviation
Services Limited, a leading Aircraft Remarketing company for a net
consideration of up to GBP1.1m
-- Acquisition of Baines Simmons Limited, a world leader in
Aviation Safety Consulting, announced on 19 August for a net
consideration of up to GBP6.0m
Mark Briffa, CEO of Air Partner, commented: 'Our first half
performance is a great testament to all of those who work at Air
Partner and shows that by putting customers at the heart of our
business we can differentiate ourselves from our competition and
deliver good trading momentum. The integration of Cabot Aviation
has gone well and we are seeing benefits from leveraging our
customer and supplier relationships, as well as new remarketing
opportunities arising as a result of being part of our Group. The
purchase of Baines Simmons in August is an exciting opportunity for
Air Partner to extend the Group's service and product capabilities
and should further strengthen our customer proposition. As well as
the benefits that the acquisitions should provide for our
customers, they are important steps in the Group's aim to build
wider and more stable revenue streams that sit alongside and
complement our broking activities.'
Air Partner 01293 844788
Mark Briffa, CEO
Justin Scarborough, Director of Corporate Development
and IR 01293 848570
Temple Bar Advisory (Financial PR advisor) 020 7002 1080
Tom Allison 07789 998 020
Ed Orlebar
Alycia MacAskill
CHAIRMAN'S STATEMENT
The Board is pleased to report an encouraging performance for
the six months to 31 July 2015. Gross profit rose by 13% to
GBP12.1m while underlying operating profit and underlying profit
before tax increased twofold to GBP2.2m. Reported pre-tax profit
rose by 70% to GBP1.9m after a charge GBP0.3m relating to
acquisitions.
The underlying performance resulted from improved trading in the
Commercial Jets division which increased its operating profit by
51% to GBP1.7m (2014: GBP1.1m), along with progress in both our
Private Jet and Freight divisions, which delivered operating profit
of GBP0.9m and GBP0.4m respectively. The Group's underlying basic
earnings per share has increased by 26% to 17.1p, lower than the
increase in underlying pre-tax profits due to non-recurrence of
last year's tax credits.
Non-JetCard cash has fallen by GBP4.7m to GBP1.4m. The two main
factors behind this relate to working capital movements as a result
of increased charter demand from some of our largest credit
customers, as well as acquisition investments and associated costs
in the period.
Our strategy is to build a world class aviation services group,
delivering tailored and comprehensive aviation solutions to our
customers globally. We will enable this through continuous
improvement, delivering high levels of service and an enhanced
customer experience and through the enhancement of existing
services. Where appropriate, this will also be achieved through the
acquisition and integration of complementary services that broaden
our customer offering and enhance the quality and visibility of our
earnings.
Our Customer First programme is a clear commitment to continuous
improvement. Customer First unequivocally puts our customers at the
heart of every decision that we make and with improved services and
efficiencies, it will enable us to differentiate ourselves from the
competition and build upon our already strong brand identity. The
programme will be rolled out across the whole of the business for
the start of the next financial year.
Since the year end we have added new capabilities and services
to our customer proposition. In May 2015, Air Partner announced the
acquisition of Cabot Aviation, a leading global Aircraft
Remarketing broker for a total net consideration of up to GBP1.1m
and, after the period end, we announced the acquisition of Baines
Simmons Limited, a world leading Aviation Safety consultant for a
total net cash consideration of up to GBP6.0m.
The Board remains confident in the Group's long-term prospects
and is pleased to announce an interim dividend of 7.33p (2014:
6.66p), an increase of 10% on last year, which is expected to be
paid on 28 October 2015 to those shareholders on the register at 2
October 2015.
Given the first half performance and good current trading, the
Board remains confident that its expectations for the remainder of
the financial year should be achieved.
Richard Everitt, Chairman
CHIEF EXECUTIVE'S REVIEW
The strong results in the first half are an encouraging start to
the current financial year and while all the Group's trading
divisions have contributed positively, our UK Commercial Jets
business performed exceptionally in the period, rebounding from the
weak first half performance of last year.
The Group's underlying profit before tax has increased to
GBP2.2m, which is a 100% increase on the same period in the prior
year and reflects the tremendous effort made by all our staff. We
can demonstrate that by putting our customers first, we can provide
an unrivalled and differentiated service, together with a value for
money proposition, a recipe which is good for all of those who fly
with us as well as for our shareholders.
I am delighted to welcome two new brands to the Air Partner
group: Cabot Aviation, a leading remarketer of commercial aircraft
and Baines Simmons, a world-leading consultancy and training
business in the aircraft safety regulation sector. Both companies
have outstanding reputations and exceptional expertise that bring
new services and capabilities to Air Partner. We believe that many
exciting opportunities lie ahead and that together, we are in a
stronger position than ever before to deliver a range of
customer-focused aviation solutions.
Customer First
Air Partner has embarked on an exciting 'Customer First'
programme, which should further grow and extend the differentiation
of our customer service proposition. We believe that Customer First
will be an enabler to providing our customers with an unrivalled
level of customer experience which in turn will enhance our brand
identity.
Following an extensive customer feedback exercise during 2014,
we identified certain components of our customer's journey that
were inconsistent and the programme was put in place to enable us
first, to understand these inconsistencies and then to put into
place an integrated approach to all of the component parts of the
customer journey. Our customers are vital to Air Partner's success
and we are committed to fully understanding their needs and
requirements in order to improve customer loyalty. In addition, our
Customer First sales and marketing strategy will enable us to
identify and attract new customers who, once on board, will benefit
from the experience and expertise of our most important assets, our
people.
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By being proactive rather than reactive and by listening to our
customer's needs we can provide an augmented customer journey
which, alongside developments and improvements in our operating
processes, should enable us to improve the efficiency of our
customer service delivery. Customer First will be an enabler
towards ensuring that our people, our processes and our systems
work in a true partnership with our customers.
The programme will be rolled out across the entire broking
business in readiness for the start of the new financial year.
Commercial Jets
Gross profit in the period increased by 16% to GBP6.8m and
underlying operating profit rose by 51% to GBP1.7m. The increase
has largely been driven by improved trading in the UK, which
performed below expectations in the prior year and in Europe, which
benefited from a larger tour operating programme compared to summer
2014.
Within the UK Commercial Jet team we increased our focus on
developing a clearer sales strategy, invested in key talent and
focused on improving the service levels we provide to our customer
base. Success stories for the UK include a strong contribution in
the Oil & Gas sector, sports, particularly with football teams,
along with continued government work.
Trading in Commercial Jets in Europe has been pleasing,
benefitting from a larger tour operating programme as well as a
strong performance in Germany, largely in the automotive sector.
Austria delivered a stable performance while results in Italy were
down year-on-year mostly due to Government related work in 2014
which has not been repeated this year. Despite some new customer
gains, the performance in the US has been behind our expectations
due to a lower number of one-off charters, as well as less activity
than expected from a key customer.
Cabot Aviation results are included within the Commercial Jets
division. Cabot's main business is acting as agent and broker to
airlines (flag carriers and regional) and other aircraft owners,
such as banks, operating lessors, manufacturers and insolvency
practitioners, to dispose of their surplus aircraft, either by
arranging a sale or lease of the aircraft. Cabot also advises
clients on the acquisition of aircraft and their fleet management
process.
Air Partner's existing Aircraft Remarketing operations are
predominantly in the short-term wet lease market. The acquisition
of Cabot Aviation adds significant aircraft sales and dry lease
expertise and knowledge, channels where Air Partner has previously
experienced demand from its existing client base. The integration
of Cabot has progressed well and the business is now located out of
our Gatwick head office.
Since acquisition, Cabot has been appointed as exclusive
marketing agent by China Airlines for two B747-400s as well as by
Kenya Airways for four B777-200ERs.
Private Jets
Our Private Jet division comprises two distinct product
offerings: JetCard, Air Partner's private jet card programme with
transparent pricing and no hidden charges, and ad hoc broking, our
on demand charter.
For the combined division, gross profit in the period increased
by 4% to GBP4.4m and underlying operating profit rose by 59% to
GBP0.9m. The increase was largely driven by a strong performance in
the UK, somewhat offset by a weaker than expected performance in
the US.
For JetCard, the targeted sales focus has seen deposits rise to
GBP13.6m from GBP11.9m as at 31 July 2014. Utilisations have
improved by 22% year-on-year, which helped JetCard deliver its
strongest performance since launch in 2004. The number of
cardholders now stands at a record high of 220, up by 45 cards on
the prior year, equivalent to an increase of 26%. This is a great
testament to our flexible card product which was verified by
Conklin and de Decker in an independent study in April 2015, to be
the most flexible product in the market.
The highest increase in JetCard numbers was seen in the US, with
23 new JetCards since the first half of last year, while the UK saw
an increase of 15 and Europe added 7 new cardholders.
Our ad hoc performance has been mixed. While the performance in
the UK has been strong, the US and European businesses have
experienced a decline in gross profit when compared to last year,
albeit a sharp focus on costs has minimised the impact at an
operating profit level.
Freight
Following its improved performance in the second half of last
year, it has been pleasing to see our Freight division making
continued progress in this period, delivering a 52% increase in
gross profit to GBP0.9m and an underlying operating profit of
GBP0.4m compared to a breakeven last year.
We have continued our work with government aid agencies to
assist in a number of geopolitical crises and in addition, good
growth has been seen in our UK, German and US businesses, albeit
from a small base. We have benefitted from our continued focus on
developing stronger relationships and a good reputation with
freight forwarders. In addition, our 'Red Track' technology has
contributed to the success of our AOG (aircraft on ground)
business. Freight remains a key component of Air Partner's aviation
service proposition and it is encouraging to see our focus and
investments delivering a continued and improved performance.
Strategy
Our aim is to build a world class aviation services group. We
have a strong business which we believe will be enhanced by
Customer First through the delivery of exceptional service levels.
The acquisition of Cabot Aviation and Baines Simmons will
significantly enhance our service and product capabilities.
Cabot is starting to gain leverage from Air Partner's existing
customer relationships and benefit from being part of a
fully-listed public limited company.
Subsequent to the half year end, Air Partner acquired Baines
Simmons, a world leading Aviation Safety consultant specialising in
aviation regulation, compliance and safety management. Aviation
Safety is an attractive market with a strong regulatory framework
which is experiencing increasingly changing and challenging
compliance needs.
Baines Simmons is a trusted advisor to more than 750 aviation
organisations and more than 40 aviation authorities and helps to
advance best practice, shape safety thinking and drive continuous
improvement to safety performance. The business has three service
offerings: consulting, training and outsourced services, all of
which have attractive growth characteristics.
The reaction to the transaction both from our employees and
customers has been extremely positive, as has the reaction of
Baines Simmons' employees and customers. Although it has only been
part of the Air Partner family for a matter of weeks, the first
joint collaboration has already taken place at the recent SPE
Offshore Europe conference and exhibition, with Baines Simmons
being able to offer its aircraft auditing services to Air Partner
charter customers.
The integration has begun in earnest and we will provide a
progress update at the time of our preliminary results in April
2016.
Outlook
This has been an encouraging first half performance and the
Board remains confident that its full year expectations for the
enlarged Air Partner group can be achieved. The successes behind
the improved trading, notably UK Commercial Jets and our tour
operations in Europe, should continue into the latter half of the
year. There are also many reasons to expect that the momentum
within Private Jets, namely with JetCard and the UK's ad hoc
division, can be maintained. Challenges remain, particularly the
performance in the US and the sluggishness of Private Jets in
Europe and we are cognisant of the need to deliver improvements in
these areas.
I would like to express my sincere thanks to all of my Air
Partner colleagues, including the new additions to our team from
Cabot Aviation and Baines Simmons, for the hard work, dedication
and commitment that they have shown throughout the year so far. I
am proud of our people and the standards of excellent service that
they deliver to our customers day in and day out.
Mark Briffa, Chief Executive Officer
FINANCIAL REVIEW
Revenue Recognition
During the period the directors reviewed the Group's revenue
recognition methodology. Following this review, which was conducted
with reference to the contractual terms between the Group and its
customers, the directors determined that it was more appropriate to
recognise the majority of the Group's customer contracts on an
agency basis, rather than that of principal. Accordingly, revenue
for the half year to 31 July 2014 has been restated at GBP18.8m and
that for the year ended 31 January 2015 has been restated at
GBP37.6m, due to this change in methodology. The Group will
continue to present the former revenue amount, now called "Gross
transaction value" on the face of the income statement. Further
details of this change in methodology are provided in note 1.
There has been no impact on reported profit, net assets or cash
flows as a result of this change in methodology.
Cash
The total cash balance of GBP15.0m has decreased from the prior
year comparative of GBP18.0m. However, JetCard deposits have
increased by 14% over the same period to GBP13.6m reflecting the
strong sales of new cards. The reduction in non-JetCard cash of
GBP4.7m to GBP1.4m has largely been driven by adverse working
capital movements of GBP4.4m, in particular through the increase of
receivables to our larger credit clients as well as the acquisition
of Cabot Aviation.
Taxation
The prior year tax position benefited from two one-off
initiatives which resulted in the recognition of deferred tax
assets, namely a research and development claim and the impact of
changing the tax basis for JetCards in the US, which resulted in
the overall tax balance being a credit to income. In the current
period, the Group's effective tax rate is 23%. While this is higher
than the UK corporation tax rate, it is lower than the Group's
historic effective rate due to a change in geographic profit mix,
and in particular, the lower profitability of the US business
during the period.
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Foreign Exchange
Where possible the Group uses natural hedging to minimise its
foreign exchange exposure, for example matching JetCard deposits
denominated in Euro with the respective deferred income, or when
possible, using forward contracts to fix rates to pay its
suppliers.
Post balance sheet events
Following the balance sheet date, Air Partner acquired the
entire share capital of Baines Simmons Limited for a net
consideration of up to GBP6.0m, funded by the combination of a new
GBP3.6m banking facility and existing cash resources. Further
details of the acquisition are disclosed in note 12 to this
report.
Neil Morris, Chief Financial Officer
Forward-looking statements
Announcements issued by Air Partner plc may contain forward
looking statements, indicated by words such as "aims", "believes,"
"expects", "intends," and similar expressions. These statements
reflect current views and expectations up to the date of approval
of this statement and are made in good faith by the directors.
Unless otherwise required by laws, regulations or changes in
accounting standards, Air Partner accepts no obligation to update
these statements as a result of future events or new information
subsequently obtained. New announcements will be made to the market
as required under the Disclosure and Transparency Rules.
Trends and factors affecting the business
Air Partner's lead times for ad hoc bookings are measured in
days or weeks, rather than months and future revenues cannot be
predicted with any certainty. Forward bookings can be impacted very
suddenly by changes in financial markets, political instability and
natural events affecting the movement of people or cargo from one
country to another. Lead times in the remarketing business can be
up to one year and therefore forecasting when a particular contract
may be realised is not always easy to predict. Economic uncertainty
affects corporate, government and individual clients and affects
the quality of supply of aircraft as operators consolidate or leave
the market. These are trends outside the Group's control but the
strategy remains to diversify to address seasonality and broaden
the client mix.
Principal risks and uncertainties facing the Group
Aircraft charter broking and remarketing can be classed as a
relatively low financial risk business, in that the business sells
capacity on aircraft owned and operated by a third party and
contracts are normally placed as mirrored transactions, or
remarkets aircraft on behalf of a third party. The Group does not
have any contractual arrangements with any significant individual
or company which are essential to continuation of the business. The
Board reviews risks which may have a significant impact on the
Group, including operational aviation-related risks (quality and
quantity of supply, adverse weather conditions, competitive pricing
pressure and regulatory changes) and financial risks such as
foreign exchange and interest rate fluctuations, credit risk and
liquidity and cash flow management. The profile of both financial
and operational risks varies from time to time but the current
level of risk is not substantially different from that as at 31
January 2015, as described in the principal risks and uncertainties
section of the annual report. The principal risk to the Group's
business remains the degree to which clients' available financial
resources and the general economic conditions in which they operate
affect their willingness to charter. The Group recognises that ad
hoc charters are likely to continue to be impacted by economic
instability in the major world markets for the foreseeable
future.
Related party transactions
There has been no significant change in the level of
transactions between Air Partner plc and its subsidiaries, since
that disclosed in the annual report for the period ended 31 January
2015, other than the addition of Cabot Aviation Services Limited.
Such transactions did not materially affect the financial position
or performance of the Group in the period under review. There are
no other related party transactions which are required to be
disclosed under DTR 4.2.8R.
Directors' Responsibility Statement
After making enquiries, the directors are satisfied that the
Group and Company have adequate resources to continue in business
for the foreseeable future. The directors have therefore continued
to adopt the going concern basis in the preparation of these
financial statements. The directors confirm that, to the best of
their knowledge:
a) The condensed set of financial statements, which has been
prepared in accordance with the applicable set of accounting
standards, gives a true and fair view of the assets, liabilities,
financial position and profit or loss of the issuer, or the
undertakings included in the consolidation as a whole as required
by DTR 4.2.4R;
b) The interim report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the
first six months and description of principal risks and
uncertainties for the remaining six months of the year); and
c) The interim report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties transactions
and changes therein).
Mark Briffa Neil Morris
Chief Executive Officer Chief Financial
Officer
23 September 2015 23 September 2015
The directors of Air Partner plc are listed in the Group's
Annual Report and Accounts for the year ended 31 January 2015 and
on our website at www.airpartner.com.
See more at: http://www.airpartner.com/en/investors.
Enquiries
Air Partner 01293 844788
Mark Briffa, CEO
Justin Scarborough, Director of Corporate Development
and IR 01293 848570
Temple Bar Advisory (Financial PR advisor) 020 7002 1080
Tom Allison 07789 998 020
Ed Orlebar
Alycia MacAskill
About Air Partner:
Founded in 1961, Air Partner is a global aviation services group
that provides worldwide solutions to industry, commerce,
governments and private individuals. The Group is structured into
four reporting divisions: Commercial Jets, Private Jets, Freight
and Baines Simmons. The Commercial Jet division charters large
airliners to move groups of any size. Cabot Aviation, which is
formed within the Commercial Jet division, provides comprehensive
remarketing programmes for all types of commercial and corporate
aircraft to a wide range of international clients. Private Jets
offers the company's unique pre-paid JetCard scheme and on-demand
charter. Air Partner Freight charters aircraft of every size to fly
almost any cargo anywhere, at any time. Baines Simmons is a world
leader in Aviation Safety Consulting which specialises in aviation
regulation, compliance and safety management. Air Partner is
headquartered alongside Gatwick airport in the UK. Air Partner
operates 24/7 year-round and has 20 offices globally. Air Partner
is listed on the London Stock Exchange (AIR) and is also ISO
9001:2008 compliant for commercial airline and private jet
solutions worldwide. www.airpartner.com
Condensed consolidated income statement
for the half year ended 31 July 2015 (unaudited)
Half year ended 31 July Year ended 31 January
2014 2015
Half year ended 31 July (as restated - see note (as restated - see note
2015 1) 1)
Other Other Other
Underlying* items Total Underlying* items Total Underlying* items Total
Continuing GBP GBP
operations Note GBP '000 '000 GBP '000 GBP '000 '000 GBP '000 GBP '000 GBP '000 GBP '000
--------------- ---- ----------- ------- -------- ----------- ------- -------- ----------- -------- --------
Gross
transaction
value ("GTV") 1 110,226 - 110,226 93,130 - 93,130 192,100 - 192,100
=============== ==== =========== ======= ======== =========== ======= ======== =========== ======== ========
Revenue 1 22,150 - 22,150 18,835 - 18,835 37,585 - 37,585
=============== ==== =========== ======= ======== =========== ======= ======== =========== ======== ========
Gross profit 12,066 - 12,066 10,643 - 10,643 22,025 - 22,025
Administrative
expenses 3 (9,825) (342) (10,167) (9,529) - (9,529) (19,393) - (19,393)
--------------- ---- ----------- ------- -------- ----------- ------- -------- ----------- -------- --------
Operating
profit 2,241 (342) 1,899 1,114 - 1,114 2,632 - 2,632
Finance income 3 - 3 10 - 10 25 - 25
Finance expense (8) - (8) (8) - (8) (21) - (21)
--------------- ---- ----------- ------- -------- ----------- ------- -------- ----------- -------- --------
Profit before
tax 2,236 (342) 1,894 1,116 - 1,116 2.636 - 2.636
Taxation 7 (511) 67 (444) 280 - 280 151 - 151
--------------- ---- ----------- ------- -------- ----------- ------- -------- ----------- -------- --------
Profit for the
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period from
continuing
operations 1,725 (275) 1,450 1,396 - 1,396 2,787 - 2,787
Discontinued
operations
Loss for the
period from
discontinued
operations - - - (4) - (4) (7) - (7)
--------------- ---- ----------- ------- -------- ----------- ------- -------- ----------- -------- --------
Profit for the
period 1,725 (275) 1,450 1,392 - 1,392 2,780 - 2,780
=============== ==== =========== ======= ======== =========== ======= ======== =========== ======== ========
Attributable
to:
Owners of the
parent company 1,725 (275) 1,450 1,392 - 1,392 2,780 - 2,780
=============== ==== =========== ======= ======== =========== ======= ======== =========== ======== ========
Earnings per
share:
Continuing
operations
(2.7)
Basic 5 17.1 p p 14.4 p 13.6 p - 13.6 p 27.7 p - 27.7 p
(2.7)
Diluted 5 17.0 p p 14.3 p 13.1 p - 13.1 p 27.5 p - 27.5 p
=============== ==== =========== ======= ======== =========== ======= ======== =========== ======== ========
Discontinued
operations
Basic 5 - - - - - - (0.1)p - (0.1)p
Diluted 5 - - - - - - (0.1)p - (0.1)p
=============== ==== =========== ======= ======== =========== ======= ======== =========== ======== ========
Continuing and discontinued
operations
(2.7)
Basic 5 17.1 p p 14.4 p 13.6 p - 13.6 p 27.6 p - 27.6 p
(2.7)
Diluted 5 17.0 p p 14.3 p 13.1 p - 13.1 p 27.4 p - 27.4 p
=============== ==== =========== ======= ======== =========== ======= ======== =========== ======== ========
* Other items includes acquisition costs, amortisation of
intangible assets arising on acquisition and acquisition
consideration treated as employee costs under IFRS3 'Business
combinations'
Condensed consolidated statement of comprehensive income
for the half year ended 31 July 2015 (unaudited)
Half year Half year Year
ended ended ended
31 July 31 July 31 January
2015 2014 2015
GBP '000 GBP '000 GBP '000
------------------------------------ --------- --------- -----------
Profit for the period 1,450 1,392 2,780
Exchange differences on translation
of foreign operations (231) (63) (8)
-------------------------------------- --------- --------- -----------
Total comprehensive income for
the period 1,219 1,329 2,772
====================================== ========= ========= ===========
Attributable to:
Owners of the parent company 1,219 1,329 2,772
====================================== ========= ========= ===========
Condensed consolidated statement of changes in equity
for the half year ended 31 July 2015 (unaudited)
Share Share
Share premium Merger Translation option Retained Total
capital account reserve Own shares reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ --------- --------- ---------- ----------- ------------ --------- ---------- --------
Opening equity as at 1
February
2014 513 4,518 - (1,154) 1,101 1,430 6,105 12,513
Profit for the period - - - - - - 1,392 1,392
Exchange differences on
translation
of foreign operations - - - - (63) - - (63)
------------------------ --------- --------- ---------- ----------- ------------ --------- ---------- --------
Total comprehensive
income for
the period - - - - (63) - 1,392 1,329
Share option movement
for the
period - - - - - (31) - (31)
Deferred tax on share
based payment
transactions - - - - - - (14) (14)
Share options exercised
during
the period - - - 103 - - (22) 81
Dividends paid - - - - - - (1,406) (1,406)
------------------------ --------- --------- ---------- ----------- ------------ --------- ---------- --------
Closing equity at 31
July 2014 513 4,518 - (1,051) 1,038 1,399 6,055 12,472
======================== ========= ========= ========== =========== ============ ========= ========== ========
Share Share
Share premium Merger Translation option Retained Total
capital account reserve Own shares reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ --------- --------- ---------- ----------- ------------ --------- ---------- --------
Opening equity as at 1
February
2015 513 4,518 - (1,051) 1,093 1,485 6,753 13,311
Profit for the period - - - - - - 1,450 1,450
Exchange differences on
translation
of foreign operations - - - - (231) - - (231)
------------------------ --------- --------- ---------- ----------- ------------ --------- ---------- --------
Total comprehensive
income for
the period - - - - (231) - 1,450 1,219
Issue of shares 9 296 295 (300) - - - 300
Share option movement
for the
period - - - - - 52 - 52
Share options exercised
during
the period - - - 152 - - (67) 85
Dividends paid - - - - - - (1,578) (1,578)
------------------------ --------- --------- ---------- ----------- ------------ --------- ---------- --------
Closing equity at 31
July 2015 522 4,814 295 (1,199) 862 1,537 6,558 13,389
======================== ========= ========= ========== =========== ============ ========= ========== ========
Condensed consolidated statement of financial position
as at 31 July 2015
31 July 31 July 31 January
2015 2014 2015
(unaudited) (unaudited) (audited)
Note GBP'000 GBP'000 GBP'000
--------------------------------- ---- ------------ ------------ ----------
Non-current assets
Goodwill 1,500 917 838
Other intangible assets 8 1,361 660 1,066
Property, plant and equipment 1,155 1,387 1,273
Deferred tax assets 256 1,019 299
--------------------------------- ---- ------------ ------------ ----------
4,272 3,983 3,476
================================= ==== ============ ============ ==========
Current assets
Trade and other receivables 41,829 37,194 21,029
Current tax assets 985 376 1,157
--------------------------------- ---- ------------ ------------ ----------
Restricted bank balances 2,454 - 1,842
Other cash and cash equivalents 12,500 17,968 16,952
--------------------------------- ---- ------------ ------------ ----------
Cash and cash equivalents 14,954 17,968 18,794
57,768 55,538 40,980
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--------------------------------- ---- ------------ ------------ ----------
Total assets 62,040 59,521 44,456
--------------------------------- ---- ------------ ------------ ----------
Current liabilities
Trade and other payables (8,744) (8,716) (2,660)
Current tax liabilities (199) (85) (87)
Other liabilities (5,400) (4,395) (4,067)
Deferred income (33,509) (33,224) (23,669)
Provisions 10 (507) (510) (512)
Derivative financial instruments (292) (119) (150)
--------------------------------- ---- ------------ ------------ ----------
(48,651) (47,049) (31,145)
--------------------------------- ---- ------------ ------------ ----------
Net current assets 9,117 8,489 9,835
================================= ==== ============ ============ ==========
Total liabilities (48,651) (47,049) (31,145)
================================= ==== ============ ============ ==========
Net assets 13,389 12,472 13,311
================================= ==== ============ ============ ==========
Equity
Share capital 522 513 513
Share premium account 4,814 4,518 4,518
Merger reserve 295 - -
Own shares (1,199) (1,051) (1,051)
Translation reserve 862 1,038 1,093
Share option reserve 1,537 1,399 1,485
Retained earnings 6,558 6,055 6,753
--------------------------------- ---- ------------ ------------ ----------
Total equity 13,389 12,472 13,311
================================= ==== ============ ============ ==========
Condensed consolidated statement of cash flows
for the half year ended 31 July 2015 (unaudited)
Half year Half year
ended ended
31 July 31 July
2015 2014
Note GBP'000 GBP'000
---------------------------------------------------- ---- --------- ---------
Net cash (outflow)/inflow from operating activities 6 (1,216) 1,981
---------------------------------------------------- ---- --------- ---------
Investing activities
Interest received 3 10
Net cash outflow on acquisition of subsidiary 11 (524) -
Purchases of property, plant and equipment (35) (777)
Purchases of intangible assets 8 (114) (276)
Net cash used in investing activities (670) (1,043)
---------------------------------------------------- ---- --------- ---------
Financing activities
Dividends paid (1,578) (1,406)
Proceeds on exercise of share options 85 81
---------------------------------------------------- ---- --------- ---------
Net cash used in financing activities (1,493) (1,325)
---------------------------------------------------- ---- --------- ---------
Net decrease in cash and cash equivalents (3,379) (387)
Opening cash and cash equivalents 18,794 18,419
Effect of foreign exchange rate changes (461) (64)
---------------------------------------------------- ---- --------- ---------
Cash and cash equivalents at end of year 14,954 17,968
==================================================== ==== ========= =========
The closing cash and cash equivalents balance can be further
analysed into 'JetCard cash' (being restricted and unrestricted
cash received by the Group in respect of its JetCard product) and
'non-JetCard cash' as follows:
31 July 31 July
2015 2014
GBP'000 GBP'000
------------------------------------- -------- --------
JetCard cash restricted in its use 2,454 -
JetCard cash unrestricted in its use 11,110 11,859
--------------------------------------- -------- --------
Total JetCard cash 13,564 11,859
Non-JetCard cash 1,390 6,109
--------------------------------------- -------- --------
Cash and cash equivalents 14,954 17,968
======================================= ======== ========
Notes to the unaudited financial information
for the half year ended 31 July 2015
1. ACCOUNTING POLICIES
Basis of preparation
This condensed financial information for the half year ended 31
July 2015 has been prepared in accordance with the Disclosure and
Transparency Rules of the Financial Conduct Authority and
International Accounting Standard ("IAS") 34 "Interim Financial
Reporting" as adopted by the European Union. It was authorised for
issue by the Board on 23 September 2015. These interim condensed
financial statements are unaudited and should be read in
conjunction with the annual financial statements for the year ended
31 January 2015.
The financial information contained in this document does not
constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. The independent auditor, Deloitte LLP, issued
an unqualified opinion on the Group's statutory financial
statements under International Financial Reporting Standards
("IFRS") as adopted by the European Union for the year ended 31
January 2015. The auditor's report did not draw attention to any
matter of emphasis and did not contain any statement under section
498 (2) or (3) of the Companies Act 2006. The statutory accounts
for the year ended 31 January 2015 have been filed with the
Registrar of Companies.
The accounting policies adopted are consistent with those of the
annual financial statements for the year ended 31 January 2015,
with the exception of the change in accounting methodology in
relation to revenue recognition detailed below.
Restatement of prior period
During the period the directors reviewed the Group's revenue
recognition methodology. Following this review, which was conducted
with reference to the contractual terms between the Group and its
customers, the directors determined that it was more appropriate to
recognise the majority of the Group's customer contracts on an
agency basis, rather than that of principal. Accordingly, revenue
for the half year to 31 July 2014 has been restated at GBP18.8m and
that for the year ended 31 January 2015 has been restated at
GBP37.6m due to this change in methodology. The Group will continue
to present the former revenue amount, now called "Gross transaction
value" on the face of the income statement.
There has been no impact on reported profit, net assets or cash
flows as a result of this change in methodology.
The table below reconciles the income statement for the half
year ended 31 July 2014 as previously reported to the current
position:
Half year to 31 July 2014 As Change in
previously revenue
(Unaudited) stated methodology Total
Continuing operations GBP'000 GBP'000 GBP'000
--------------------------- ------------ ------------- --------
Revenue 93,130 (74,295) 18,835
--------------------------- ------------ ------------- --------
Gross profit 10,643 - 10,643
Administrative expenses 9,529 - 9,529
--------------------------- ------------ ------------- --------
Operating profit 1,114 - 1,114
=========================== ============ ============= ========
The table below reconciles the income statement for the year
ended 31 January 2015 as previously reported to the current
position:
Year ended 31 January 2015 As Change in
previously revenue
(Audited) stated methodology Total
Continuing operations GBP'000 GBP'000 GBP'000
---------------------------- ------------ ------------- ---------
Revenue 192,100 (154,515) 37,585
---------------------------- ------------ ------------- ---------
Gross profit 22,025 - 22,025
Administrative expenses (19,393) - (19,393)
---------------------------- ------------ ------------- ---------
Operating profit 2,632 - 2,632
============================ ============ ============= =========
Going concern
The Directors are, based on current financial projections
satisfied that the Group has sufficient resources to continue in
operation for the foreseeable future, that is a period of at least
12 months from the date of this report. Accordingly, they continue
to adopt the going concern basis in preparing the Interim
report.
Key accounting estimates and judgments
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The preparation of financial statements requires management to
make judgments, estimates and assumptions that affect the
application of policies and reported amounts of assets and
liabilities, income and expenses. These estimates and associated
assumptions are based on historical experience and various other
factors believed to be reasonable under the circumstances. Actual
results could differ from these estimates. These underlying
assumptions are reviewed on an on-going basis. Revisions to
accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period; or in
the period of the revision and future periods if these are also
affected.
2. SEGMENTAL ANALYSIS
The services provided by the Group consist of chartering
different types of aircraft and related aviation services.
The Group has 3 operating segments: Commercial Jet Broking,
Private Jet Broking and Freight. Overheads, with the exception of
Corporate costs, are allocated to the Group's operating segments in
relation to operating activities.
The segmental analysis for the half year ending 31 July 2014 and
for the year ending 31 January 2015 has been restated following the
change in accounting methodology referred to in note 1. All
results, assets and liabilities which are reviewed by the Board,
which is the chief operating decision maker, are prepared on a
basis consistent with those reported in the financial statements.
The Board does not review assets and liabilities at a segmental
level, therefore these items are not disclosed.
Transactions between operating segments are carried out on an
arm's length basis.
The segmental information, as provided to the Board for the
reportable segments on a monthly basis, is as follows:
Commercial
Half year to 31 July 2015 Jet Private Corporate
Jet
(Unaudited) Broking Broking Freight costs Total
Continuing operations GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- ----------- ---------- -------- ---------- --------
Segmental gross profit 6,763 4,361 942 - 12,066
================================ =========== ========== ======== ========== ========
Underlying depreciation and
amortisation 114 62 - - 176
Other amortisation 43 - - - 43
-------------------------------- ----------- ---------- -------- ---------- --------
157 62 - - 219
================================ =========== ========== ======== ========== ========
Underlying segmental operating
profit 1,717 939 394 (809) 2,241
Other items (72) - - (270) (342)
-------------------------------- ----------- ---------- -------- ---------- --------
Segmental operating profit 1,645 939 394 (1,079) 1,899
-------------------------------- ----------- ---------- -------- ---------- --------
Finance income 3
Finance expense (8)
-------------------------------- ----------- ---------- -------- ---------- --------
Profit before tax 1,894
Tax (444)
-------------------------------- ----------- ---------- -------- ---------- --------
Profit after tax 1,450
Discontinued operations -
-------------------------------- ----------- ---------- -------- ---------- --------
Profit for the year 1,450
================================ =========== ========== ======== ========== ========
Amortisation of GBP43,000 on acquisition related intangible
assets (31 July 2014 and 31 January 2015: GBPnil) is included in
other items (see note 3).
Commercial
Half year to 31 July 2014 Jet Private Corporate
Jet
(Unaudited) Broking Broking Freight costs Total
Continuing operations GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- ----------- ---------- -------- ---------- --------
Segmental gross profit 5,829 4,195 619 - 10,643
================================ =========== ========== ======== ========== ========
Depreciation and amortisation (60) (33) - - (93)
================================ =========== ========== ======== ========== ========
Underlying segmental operating
profit 1,136 590 - (612) 1,114
Other items - - - - -
-------------------------------- ----------- ---------- -------- ---------- --------
Segmental operating profit 1,136 590 - (612) 1,114
-------------------------------- ----------- ---------- -------- ---------- --------
Finance income 10
Finance expense (8)
-------------------------------- ----------- ---------- -------- ---------- --------
Profit before tax 1,116
Tax 280
-------------------------------- ----------- ---------- -------- ---------- --------
Profit after tax 1,396
Discontinued operations (4)
-------------------------------- ----------- ---------- -------- ---------- --------
Profit for the year 1,392
================================ =========== ========== ======== ========== ========
Commercial
Year ended 31 January 2015 Jet Private Corporate
Jet
(Unaudited) Broking Broking Freight costs Total
Continuing operations GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- ----------- ---------- -------- ---------- --------
Segmental gross profit 12,483 8,009 1,533 - 22,025
================================ =========== ========== ======== ========== ========
Depreciation and amortisation (177) (84) - - (261)
================================ =========== ========== ======== ========== ========
Underlying segmental operating
profit 2,693 791 368 (1,220) 2,632
Other items - - - - -
-------------------------------- ----------- ---------- -------- ---------- --------
Segmental operating profit 2,693 791 368 (1,220) 2,632
-------------------------------- ----------- ---------- -------- ---------- --------
Finance income 25
Finance expense (21)
-------------------------------- ----------- ---------- -------- ---------- --------
Profit before tax 2,636
Tax 151
-------------------------------- ----------- ---------- -------- ---------- --------
Profit after tax 2,787
Discontinued operations (7)
-------------------------------- ----------- ---------- -------- ---------- --------
Profit for the year 2,780
================================ =========== ========== ======== ========== ========
The Company is domiciled in the UK but due to the nature of the
Group's operations, a significant amount of gross profit is derived
from overseas countries. The Group reviews gross profit based upon
the location of the assets used to generate that gross profit.
Apart from the UK, no single country is deemed to have material
non-current asset levels other than goodwill in relation to the
French operation.
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The Board also reviews information on a geographical basis based
on the parts of the world which are considered to be key to
operational activities. As a result the following additional
information is provided showing a geographical split of the United
Kingdom, Europe, the United States of America and the Rest of the
world:
United Rest
United States of the
Kingdom Europe of America world Total
Continuing operations GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------------- --------- -------- ------------ -------- --------
Half year to 31 July 2015 (Unaudited)
--------------------------------------- --------- -------- ------------ -------- --------
Gross profit 6,551 3,747 1,718 50 12,066
Non-current assets (excluding
deferred tax assets) 3,009 948 53 6 4,016
======================================= ========= ======== ============ ======== ========
Half year to 31 July 2014 (Unaudited)
--------------------------------------- --------- -------- ------------ -------- --------
Gross profit 5,010 3,414 2,110 109 10,643
Non-current assets (excluding
deferred tax assets) 1,868 1,052 43 1 2,964
======================================= ========= ======== ============ ======== ========
Year ended 31 January 2015
(Unaudited)
Gross profit 10,951 7,136 3,741 197 22,025
Non-current assets (excluding
deferred tax assets) 2,094 1,017 66 - 3,177
======================================= ========= ======== ============ ======== ========
Europe can be further analysed as:
France Germany Italy Other Total
Continuing operations GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------------- -------- -------- -------- -------- --------
Half year to 31 July 2015 (Unaudited)
Gross profit 1,644 888 743 472 3,747
Non-current assets (excluding
deferred tax assets) 885 39 15 9 948
======================================= ======== ======== ======== ======== ========
Half year to 31 July 2014 (Unaudited)
Gross profit 1,253 746 897 518 3,414
Non-current assets (excluding
deferred tax assets) 1,013 22 12 5 1,052
Year ended 31 January 2015
(Unaudited)
Gross profit 2,474 2,048 1,818 796 7,136
Non-current assets (excluding
deferred tax assets) 942 46 19 10 1,017
======================================= ======== ======== ======== ======== ========
3. OTHER ITEMS
Half year
to
Half year
to 31 Year ended
31 July July 31 January
2015 2014 2015
(Unaudited) (Unaudited) (Audited)
Continuing operations GBP'000 GBP'000 GBP'000
----------------------------- ------------- ------------- ------------
Acquisition costs 270 - -
Non-cash acquisition related
costs 72 - -
----------------------------- ------------- ------------- ------------
342 - -
Tax effect of other items (67) - -
----------------------------- ------------- ------------- ------------
Other items after taxation 275 - -
============================= ============= ============= ============
Non-cash acquisition related costs in the current period include
amortisation of intangible assets recognised on acquisition of
GBP43,000 and acquisition consideration of GBP29,000 which has been
treated as an employee related share based payment cost under IFRS3
"Business Combinations".
4. DIVIDENDS
Half year
to
Half year
to 31
31 July July
2015 2014
(Unaudited) (Unaudited)
GBP'000 GBP'000
-------------- -------------- -------------- -------------- -------------- -------------
Amounts recognised as distributions to owners of
the parent company in the period
Final dividend for the year ended 31 January 2015
of 15.4 pence 1,578 -
(2014: final dividend for the eighteen month period
ended 31 January 2014 of 14.0 pence) per share - 1,406
============================================================== ============== =============
5. EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share is
based on the following data:
Half year Half year
to to
Year ended
31 July 31 July 31 January
2015 2014 2015
(Unaudited) (Unaudited) (Audited)
From continuing and discontinued
operations GBP'000 GBP'000 GBP'000
---------------------------------------- --- --- ------------- ------------- ------------
Earnings
Profit attributable to equity owners of
the parent company 1,450 1,392 2,780
Other items (note 3) 275 - -
-------------------------------------------------- ------------- ------------- ------------
Earnings for the calculation of underlying
basic and diluted earnings per share 1,725 1,392 2,780
================================================== ============= ============= ============
Number Number Number
--------------------------------------- ---- --- ------------- ------------- -------------
Number of shares
Weighted average number of ordinary shares
for the calculation of basic earnings
per share 10,065,430 10,274,929 10,056,276
Effect of dilutive potential ordinary
shares: share options 91,797 389,172 75,764
-------------------------------------------------- ------------- ------------- -------------
Weighted average number of ordinary shares
for the calculation of diluted earnings
per share 10,157,227 10,664,101 10,132,040
================================================== ============= ============= =============
Half year
to
Half year
to 31 Year ended
31 July July 31 January
2015 2014 2015
(Unaudited) (Unaudited) (Audited)
From continuing operations GBP'000 GBP'000 GBP'000
--------------------------------------- ---- --- ------------- ------------- -------------
Earnings
Profit attributable to equity owners of
the parent company 1,450 1,392 2,780
Adjustment to exclude loss for the period
from discontinued operations - 4 7
-------------------------------------------------- ------------- ------------- -------------
Earnings for the calculation of continuing
basic and diluted earnings per share 1,450 1,396 2,787
Other items 275 - -
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-------------------------------------------------- ------------- ------------- -------------
Earnings for the calculation of continuing
underlying basic and diluted earnings
per share 1,725 1,396 2,787
================================================== ============= ============= =============
Half year
to
Half year
to 31 Year ended
31 July July 31 January
2015 2014 2015
(Unaudited) (Unaudited) (Audited)
From discontinued operations GBP'000 GBP'000 GBP'000
------------------------------ --- --- -------------- ------------- ------------
Earnings
Basic - (4) (7)
======================================== ============== ============= ============
Diluted - (4) (7)
======================================== ============== ============= ============
The denominators used are the same as those above for both basic
and diluted earnings per share from continuing and discontinued
operations.
The calculation of underlying earnings per share (before other
items) is included as the directors believe it provides a better
understanding of the underlying performance of the Group. Other
items are disclosed in note 3.
6. NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES
Half year
to
Half year
to 31
31 July July
2015 2014
(Unaudited) (Unaudited)
GBP'000 GBP'000
--------------- --------------- -------------- -------------- ------------- -------------
Profit for the period
Continuing operations 1,450 1,396
Discontinued operations - (4)
---------------------------------------------------------------- ------------- -------------
1,450 1,392
Finance income (3) (10)
Finance expense 8 8
Income tax charge/(credit) 444 (281)
Depreciation and amortisation 219 93
Fair value losses on derivative financial instruments 142 73
Share option charge/(credit) for the period 52 (31)
Decrease in provisions - (224)
Foreign exchange differences 221 49
---------------------------------------------------------------- ------------- -------------
Operating cash flows before movements in working
capital 2,533 1,069
Increase in receivables (21,103) (16,442)
Increase in payables 17,620 17,631
---------------------------------------------------------------- ------------- -------------
Cash (used by)/generated from operations (950) 2,258
Income taxes paid (258) (269)
Interest paid (8) (8)
---------------------------------------------------------------- ------------- -------------
Net cash (outflow)/inflow from operating activities (1,216) 1,981
================================================================ ============= =============
7. TAXATION
Continuing operations Discontinued operations Total
Year ended Year ended Year ended
31 January 31 January 31 January
Half year Half year Half year Half year Half year Half year
to 31 July to 31 July to 31 July to 31 July to 31 July to 31 July
2015 2014 2015 2015 2014 2015 2015 2014 2015
(Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (Audited)
GBP '000 GBP '000 GBP '000 GBP '000 GBP '000 GBP '000 GBP '000 GBP '000 GBP '000
----------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
Current tax
UK corporation
tax 368 179 207 - (1) (2) 368 178 205
Foreign tax 68 337 513 - - - 68 337 513
Current tax
adjustments
in respect of
prior
years - - (788) - - - (788)
----------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
466 516 (68) - (1) (2) 466 515 (70)
Deferred tax (22) (796) (83) - - - (22) (796) (83)
----------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
Total tax
charge/(credit) 444 (280) (151) - (1) (2) 444 (281) (153)
================= ============= ============= ============= ============= ============= ============= ============= ============= =============
Of which:
Tax on
underlying
profit 511 (280) (151) - (1) (2) 511 (281) (153)
Tax on other
items
(see note 3) (67) - - - - - (67) - -
----------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
444 (280) (151) - (1) (2) 444 (281) (153)
================= ============= ============= ============= ============= ============= ============= ============= ============= =============
8. OTHER INTANGIBLE ASSETS
Order Customer
book relationships Software Total
Unaudited GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ -------- --------------- --------- --------
Cost
At 1 February 2014 - - 1,217 1,217
Additions - - 276 276
------------------------------ -------- --------------- --------- --------
At 31 July 2014 - - 1,493 1,493
============================== ======== =============== ========= ========
Amortisation and impairment
At 1 February 2014 - - 821 821
Charge for the period - - 12 12
------------------------------ -------- --------------- --------- --------
At 31 July 2014 - - 833 833
============================== ======== =============== ========= ========
Net book value
At 31 July 2014 - - 660 660
============================== ======== =============== ========= ========
Cost
At 31 January 2015 - - 1,921 1,921
Recognised on acquisition of
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