TIDMASTO
RNS Number : 6808A
AssetCo PLC
28 March 2017
Providers of management and resources to the fire and emergency
services in the Middle East
Tuesday, 28 March 2017 Immediate Release
AssetCo plc
("AssetCo" or the "Company")
Preliminary results for the year to 30 September 2016
Statement by the Chairman, Tudor Davies
Introduction
We are pleased to report an improvement in profits and cash
generation for the year ended 30 September 2016, principally all of
which arises from a Fire Services contract in Abu Dhabi we have
held since 2010 and which has been extended until November 2017
when it is due for renewal.
Results
The Income Statement for the year ended 30 September 2016 shows
an Operating Profit of GBP4.9m (2015; GBP4.4m) on Revenue of
GBP23.3m (2015; GBP21.7m) and a Profit before and after Taxation of
GBP4.6m (2015; GBP4.0m). The year on year increase is principally
due to the weakness of sterling versus the United Arab Emirates
Dirham in which currency our business is conducted.
The cash position remains strong at GBP18.8m (2015; GBP15.6m)
comprising free cash balances of GBP15.5m (2015; GBP12.8m) and
restricted cash balances held in respect of bonds amounting to
GBP3.3m (2015; GBP2.8m).
Claim against Grant Thornton
The litigation against the Company's former auditors, where we
have issued formal Court proceedings and amounts to a sum in the
region of GBP40m, continues but is not due to be heard until the
summer of 2018.
UAE Contract
As announced on 31 January 2017, we agreed and signed a one year
extension to our existing Abu Dhabi Fire Services contract, on
similar terms, effective from November 2016 until November 2017 and
are awaiting its final signature and return from Abu Dhabi.
Outlook
Trading continues to be in line with management's expectations
and we will keep shareholders informed regarding further progress
on extending the UAE contract and also any developments from the
Grant Thornton claim.
Enquiries:
AssetCo plc Arden Partners TooleyStreet
Tudor Davies, Chairman plc Communications
Tel: +44 (0) 7785 Nominated adviser Fiona Tooley
703523 and broker Email: fiona@tooleystreet.com
+44 (0) 20 7614 John Llewellyn-Lloyd/ Mobile: +44 (0)
5900 Ciaran Walsh 7785 703523
Tel: +44 (0) 20
7614 5900
AssetCo is principally involved in the provision
of management and resources to the fire and emergency
services in the Middle East.
For further details, visit the website, www.assetco.com
Ticker: AIM: ASTO.L
Market cap: GBP43.35m
AssetCo plc
Income Statement
for the year to 30 September 2016
Year to 30 September
2016 2015
GBP'000 GBP'000
Revenue 23,300 21,660
Cost of sales (16,550) (15,564)
----------- ----------
Gross profit 6,750 6,096
Administrative expenses (1,874) (1,647)
----------- ----------
Operating profit 4,876 4,449
Finance income 21 23
Finance costs (294) (459)
Profit before tax 4,603 4,013
Income tax - -
----------- ----------
Profit for the year 4,603 4,013
----------- ----------
Earnings per share (EPS):
Basic - pence 37.70 32.86
Diluted - pence 37.70 32.86
AssetCo plc
Statement of Comprehensive Income
for the year to 30 September 2016
Year to 30 September
2016 2015
GBP'000 GBP'000
Recognised profit for the
year 4,603 4,013
Other comprehensive income
Exchange differences on
translating foreign operations 1,858 866
----------- ----------
Other comprehensive income,
net of tax 1,858 866
----------- ----------
Total comprehensive income
for the year 6,461 4,879
----------- ----------
AssetCo plc
Statement of Financial Position
As at 30 September 2016
30 September 30 September
2016 2015
GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment - -
Cash held in respect of
a bond 240 2,802
------------- -------------
Total non-current assets 240 2,802
------------- -------------
Current assets
Inventories - -
Trade and other receivables 12,498 6,629
Cash and cash equivalents 15,470 12,836
Cash held in respect of
a bond 3,040 11
------------- -------------
Total current assets 31,008 19,476
------------- -------------
Total assets 31,248 22,278
------------- -------------
Shareholders' equity
Share capital 25,474 25,474
Share premium 64,941 64,941
Profit and loss account (64,359) (70,820)
------------- -------------
Total equity 26,056 19,595
------------- -------------
Liabilities
Current liabilities
Trade and other payables 5,192 2,683
------------- -------------
Total current liabilities 5,192 2,683
------------- -------------
Total liabilities 5,192 2,683
------------- -------------
Total equity and liabilities 31,248 22,278
------------- -------------
The financial statements were authorised for issue by the board
of directors on 28 March 2017 and were signed on its behalf by
Tudor Davies.
AssetCo plc
Statement of Changes in Equity
for the year to 30 September 2016
Profit
Share Share and Total
capital premium loss equity
reserve
GBP'000 GBP'000 GBP'000 GBP'000
Balance at 30 September
2014 25,474 64,941 (75,699) 14,716
Profit for the year
Other comprehensive income: - - 4,013 4,013
Exchange differences on
translation - - 866 866
---------- ---------- ---------- ---------
Total comprehensive income
for the year - - 4,879 4,879
---------- ---------- ---------- ---------
Balance at 30 September
2015 25,474 64,941 (70,820) 19,595
Profit for the year
Other comprehensive income: - - 4,603 4,603
Exchange differences on
translation - - 1,858 1,858
---------- ---------- ---------- ---------
Total comprehensive income
for the year - - 6,461 6,461
---------- ---------- ---------- ---------
Balance at 30 September
2016 25,474 64,941 (64,359) 26,056
---------- ---------- ---------- ---------
AssetCo plc
Statement of Cash Flows
for the year to 30 September 2016
Year to 30
September
2016 2015
Note GBP'000 GBP'000
Cash flows from operating activities
Cash generated from operations 5 2,151 4,758
Cash deposited in respect of a performance
bond - (223)
Cash released in respect of a performance
bond - 2,814
Finance costs (294) (459)
Net cash generated from operating
activities 1,857 6,890
-------- --------
Cash flows from investing activities
Finance income 21 23
Net cash generated from investing
activities 21 23
-------- --------
Net change in cash and cash equivalents 1,878 6,913
Cash, cash equivalents and bank overdrafts
at beginning of year 12,836 5,787
Exchange differences on translation 756 136
-------- --------
Cash, cash equivalents and bank overdrafts
at end of year 6 15,470 12,836
-------- --------
AssetCo plc
Notes to the Financial Statements
for the year to 30 September 2016
1. Legal status and activities
AssetCo plc (the "Company") is principally involved
in the provision of management and resources to the
fire and rescue emergency services in international
markets. It currently trades through a branch in
UAE and its strategy is to develop this business.
As at period end, the Company has no subsidiaries.
AssetCo plc is a public limited liability company
incorporated and domiciled in England and Wales.
The address of its registered office is Singleton
Court Business Park, Wonastow Road, Monmouth, Monmouthshire
NP25 5JA.
AssetCo plc shares are listed on the Alternative
Investment Market ("AIM") of the London Stock Exchange.
This preliminary announcement has been presented
in sterling to the nearest thousand pounds (GBP'000)
except where otherwise indicated, as are the financial
statements, which were authorised for issue by the
board of directors on 28 March 2017.
2. Basis of preparation
The preliminary results for the period to 30 September
2016, which do not form the statutory accounts of
the Company, are an abridged statement of the full
Annual Report and Financial Statements, which have
been prepared in accordance with International Financial
Reporting Standards (IFRS), as adopted by the European
Union, and those parts of the Companies Act 2006
applicable to companies reporting under IFRS.
The preliminary results have been prepared on a going
concern basis.
The principal accounting policies are included in
the financial statements and have been applied consistently
in both periods presented.
3. Segmental reporting
The core principle of IFRS 8 'Operating Segments'
is to require an entity to disclose information that
enables users of the financial statements to evaluate
the nature and financial effects of the business
activities in which the entity engages and the economic
environments in which it operates. Segmental information
is therefore presented in respect of the Company's
geographical settlement. No secondary segmental information
has been provided as, in the view of the directors,
the Company operates in only one segment, being the
provision of management and resources to fire and
emergency services. The directors consider the chief
operating decision maker is the board.
The amounts provided to the board with respect to
net assets are measured in a manner consistent with
that of the financial statements. The Company is
domiciled in the UK and operates a branch in UAE.
Revenue by destination is not materially different
from revenue by origin shown above. All revenue relates
to services. Unallocated comprises the head office.
Analysis of revenue and results by geographical
settlement
Continuing
Year to 30 September 2016 UAE Unallocated operations
GBP'000 GBP'000 GBP'000
Revenue
Revenue to external customers 23,300 - 23,300
Total revenue 23,300 - 23,300
--------- ------------- ------------
Segment result
EBITDA 6,050 (1,174) 4,876
Depreciation - - -
--------- ------------- ------------
Operating profit 6,050 (1,174) 4,876
Finance income 7 14 21
Finance costs (294) - (294)
Profit for the year 5,763 (1,160) 4,603
--------- ------------- ------------
Assets and liabilities
Total segment assets 19,110 12,138 31,248
Total segment liabilities (4,414) (778) (5,192)
--------- ------------- ------------
Total net assets 14,696 11,360 26,056
--------- ------------- ------------
Other segment information
Total capital expenditure - - -
--------- ------------- ------------
Analysis of revenue and results by geographical settlement
......continued
Continuing
Year to 30 September 2015 UAE Unallocated operations
GBP'000 GBP'000 GBP'000
Revenue
Revenue to external customers 21,660 - 21,660
---------- -------------- ------------
Total revenue 21,660 - 21,660
---------- -------------- ------------
Segment result
EBITDA 5,383 (922) 4,461
Depreciation (12) - (12)
---------- -------------- ------------
Operating profit 5,371 (922) 4,449
Finance income 11 12 23
Finance costs (459) - (459)
---------- -------------- ------------
Profit for the year 4,923 (910) 4,013
---------- -------------- ------------
Assets and liabilities
Total segment assets 13,942 8,336 22,278
Total segment liabilities (2,294) (389) (2,683)
---------- -------------- ------------
Total net assets 11,648 7,947 19,595
---------- -------------- ------------
Other segment information
Total capital expenditure - - -
---------- -------------- ------------
4. Earnings per share
Basic earnings per share is calculated by dividing
the profit attributable to ordinary equity holders
of the Company by the weighted average number of
ordinary shares outstanding during the period.
Year to 30
September
2016 2015
GBP'000 GBP'000
Profit for the year 4,603 4,013
----------- -----------
Weighted average number of shares in
issue 12,211,163 12,211,163
Basic and diluted earnings per share
(EPS) - pence 37.70 32.86
5. Reconciliation of profit before tax to cash generated
from operations
Year to 30
September
2016 2015
GBP'000 GBP'000
Profit for the year before tax 4,603 4,013
Depreciation and impairment - 12
Finance costs 294 459
Finance income (21) (23)
Decrease in inventories - 333
(Increase)/decrease in debtors (4,766) 65
Increase/(decrease) in creditors 2,041 (101)
Cash generated from operations 2,151 4,758
--------- --------
At 30 September
6. Analysis of net cash: 2016 2015
GBP'000 GBP'000
Cash at bank and in hand 15,470 12,836
15,470 12,836
------------ -----------
There was cash of GBP15,470,000 as at 30 September
2016 (2015: GBP12,836,000) and cash held in respect
of bonds of GBP3,280,000 (2015: GBP2,813,000).
7. Contingent liabilities
Approximate
maximum liability
2016 2015
GBP'000 GBP000
Performance bond related to a UAE contract,
expected to be released in full in
2017 3,000 2,500
----------- --------
Performance bond related to a UAE contract,
expected to reduce to approximately
GBP1m in 2017 and to be released in
full in 2020 2,400 2,000
----------- --------
Performance bond related to a UAE contract,
expected to be released in full in
2017 130 100
----------- --------
8. Post balance sheet events
There are no post balance sheet events to report.
9. Annual General Meeting
The annual general meeting is to be held at 11.30
a.m. on Friday, 5 May 2017 at Harwood Capital, 6 Stratton
Street, London, W1J 8LD.
A Notice convening the annual general meeting will
be posted to shareholders in due course.
10. Electronic communications
This Preliminary Announcement is available on the
Company's website www.assetco.com. News updates, regulatory
news and financial statements can be viewed and downloaded
from the Company's website, www.assetco.com. Copies
can also be requested, in writing, from The Company
Secretary, AssetCo plc, Singleton Court Business Park,
Wonastow Road, Monmouth, Monmouthshire NP25 5JA. The
Company is not proposing to bulk print and distribute
hard copies of the Annual Report and Financial Statements
for the year to 30 September 2016 unless specifically
requested by individual shareholders; it can be downloaded
from the Company's website.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR PGUMAWUPMPUM
(END) Dow Jones Newswires
March 28, 2017 02:01 ET (06:01 GMT)
Assetco (LSE:ASTO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Assetco (LSE:ASTO)
Historical Stock Chart
From Apr 2023 to Apr 2024
