TIDMEDD
RNS Number : 4003J
Education Development Intl PLC
30 June 2011
EDUCATION DEVELOPMENT INTERNATIONAL PLC
INTERIM RESULTS
Education Development International plc ('EDI' or the 'Group'),
the leading provider of accredited qualifications and assessment
services, announces its Interim Results for the six months ended 31
March 2011.
Overview
Revenue has increased by 4.7% with unaudited results for the six
month period to 31 March 2011 showing a turnover of GBP14.07m
(2010: GBP13.44m).
Operating profit for the period was GBP4.29m (2010: GBP3.89m).
Adjusted operating profit for the period increased by 4.7% to
GBP4.47m (2010: GBP4.27m). This comprises profit on ordinary
activities before taxation adjusted for the amortisation charge on
acquired intangible assets and costs associated with the
acquisition of EDI by Pearson plc ('Pearson').
Offer by Pearson to Acquire EDI
During the period the Board recommended an offer from Pearson
plc to acquire the issued and to be issued share capital of the
Group at 200p per share. On 10 June 2011 Pearson announced that all
of the conditions relating to the offer had been either satisfied
or waived and the offer was declared unconditional in all
respects.
For further information contact:
Education Development International Walbrook PR Limited
plc
Nigel Snook - Chief Executive Paul McManus/Paul Cornelius
Paul Bird - Finance Director Tel: 020 7933 8787
Tel: 024 7651 6510 paul.mcmanus@walbrookpr.com
paul.cornelius@walbrookir.com
http://www.ediplc.com
Brewin Dolphin Limited
Matt Davis
Tel: 0845 213 4217
matt.davis@brewin.co.uk
CONSOLIDATED INCOME STATEMENT
For the Period Ended 31 March 2011
31 March 31 March 30 Sept
2011 2010 2010
(6 months) (6 months) (12 months)
Note GBP'000 GBP'000 GBP'000
CONTINUING
OPERATIONS
Revenue 14,066 13,441 29,461
Cost of sales (3,276) (3,012) (7,574)
Gross profit 10,790 10,429 21,887
Administrative expenses (6,499) (6,537) (12,677)
Operating profit before
costs of acquisition 4,372 3,892 9,210
Costs of
acquisition (81) - -
----------------- ------ ----------- ----------- ------------
Operating profit 4,291 3,892 9,210
Finance income 43 84 128
Finance costs (2) (23) (24)
Net finance
income/(costs) 41 61 104
----------- ----------- ------------
Profit on ordinary
activities before
taxation 4,332 3,953 9,314
Tax charge on profit
on ordinary activities (1,118) (940) (2,039)
Profit for the period 3,214 3,013 7,275
=========== =========== ============
Attributable to:
- Equity holders of
the parent 3,205 3,011 7,256
- Non-controlling
interests 9 2 19
3,214 3,013 7,275
----------- ----------- ------------
Earnings per share
From continuing
operations
- Basic 6.13p 5.64p 13.72p
=========== =========== ============
- Diluted 5.89p 5.30p 12.98p
=========== =========== ============
CONSOLIDATED BALANCE SHEET
At 31 March 2011
31 March 31 March 30 Sept
Note 2011 2010 2010
GBP'000 GBP'000 GBP'000
Non-current assets
Goodwill 8,788 8,012 8,009
Other intangible assets 1,834 1,209 1,375
Property, plant and
equipment 2,939 514 482
Investments 278 615 450
Deferred tax assets 644 1,002 817
---------
14,483 11,352 11,133
--------- --------- --------
Current assets
Inventories 88 104 102
Trade and other receivables 4,494 3,946 3,817
Derivative financial
instruments 126 27 143
Cash and cash equivalents 9,174 7,434 10,232
13,882 11,511 14,294
--------- --------- --------
Total assets 28,365 22,863 25,427
--------- --------- --------
Current liabilities
Trade and other payables (4,251) (4,656) (3,900)
Derivative financial
instruments (188) (317) (163)
Current tax liabilities (1,262) (1,027) (1,054)
Provisions (14) (43) (23)
(5,715) (6,043) (5,140)
--------- --------- --------
Non-current liabilities
Retirement benefit obligations - (584) (1,021)
Deferred tax liabilities (122) (211) (140)
Other non-current liabilities (263) (116) (71)
(385) (911) (1,232)
--------- --------- --------
Total liabilities (6,100) (6,954) (6,372)
--------- --------- --------
Net assets 22,265 15,909 19,055
========= ========= ========
Equity
Share capital 564 568 568
Share premium account 3,024 3,024 3,024
Capital redemption reserve 12 8 8
Cash flow hedge reserve (62) (291) (20)
Own shares held (2,359) (2,570) (2,901)
Merger reserve 994 994 994
Other reserves 212 212 212
Retained earnings 19,839 13,950 17,138
Total shareholders'
equity 22,224 15,895 19,023
Non-controlling interest
in equity 41 14 32
Total equity 22,265 15,909 19,055
========= ========= ========
CONSOLIDATED CASH FLOW STATEMENT
For the Period Ended 31 March 2011
31 March 31 March 30 Sept
Note 2011 2010 2010
(6 months) (6 months) (12 months)
GBP'000 GBP'000 GBP'000
Cash flows from
operating activities
Net cash generated from
operations 4,295 3,083 8,517
Interest received 25 13 36
Tax paid - net (1,011) (724) (1,880)
Net cash generated from
operating activities 3,309 2,372 6,673
----------- ----------- ------------
Cash flows from
investing
activities
Acquisitions of
businesses:
- Consideration (608) (1,163) (1,313)
- Cash acquired 126 134 134
Purchase of intangible
assets (544) (319) (814)
Purchase of property,
plant and equipment (2,654) (271) (376)
Proceeds from sale of
property, plant and
equipment 19 - -
Net cash used in
investing activities (3,661) (1,619) (2,369)
----------- ----------- ------------
Cash flows from
financing
activities
Repurchase of own
shares - (2,302) (2,705)
Issue of shares by
Employee Benefit Trust 101 128 230
Dividend paid (801) (650) (1,070)
Net cash used in
financing activities (700) (2,824) (3,545)
----------- ----------- ------------
Net (decrease)/increase
in cash and cash
equivalents (1,052) (2,071) 759
Cash and cash
equivalents at
beginning of period 10,232 9,492 9,492
Exchange (losses)/gains
on cash and cash
equivalents (6) 13 (19)
Cash and cash
equivalents at end of
period 9,174 7,434 10,232
=========== =========== ============
NOTES TO THE INTERIM REPORT
31 March 2011
1. Basis of preparation
The accounting policies applied in the preparation of this
financial information are consistent with those adopted in the
statutory accounts for the year ended 30 September 2010.
The Group has designated certain forward currency contracts as
cash flow hedges. These arrangements have been entered into to
mitigate currency exchange risk arising from forecast sales
denominated in foreign currencies.
The financial information shown is unaudited and does not
constitute statutory accounts within the meaning of Section 434(1)
of the Companies Act 2006.
It should be noted that accounting estimates and assumptions are
used in preparation of the interim financial information. Although
these estimates are based on management's best knowledge and
judgement of current events and actions, actual results may
ultimately differ from those estimates.
The figures for the year ended 30 September 2010 were derived
from the statutory accounts for that period. The statutory accounts
for the year ended 30 September 2010 have been delivered to the
Registrar of Companies and received an audit report which was
unqualified and did not contain statements under Section 498(2) or
(3) of the Companies Act 2006.
This interim report was approved by the Board on 30 June
2011.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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