WYATT GROUP PLC
INTERIM REPORT AND ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2006
CHAIRMAN'S STATEMENT
I am delighted to report upon a period of significant progress for the Wyatt
Group. The Group achieved an operating profit before amortisation of goodwill
of #63,746 (2005: loss of #318,621). Turnover increased in the period to
#1,172,136 (2005:#519,058) an increase of 126%.
Shareholders have been very patient and I am genuinely delighted to report our
first period of making an operating profit.
The subsidiaries and investments performed as follows.
RISKSMART
The first investment made by the Group was in the provision of fire risk
assessments online. It was anticipated that the business which was formed to
benefit from the Workplace Regulations Act would show significant growth
following the Fire safety Order which was widely expected to become law in 2004.
After several delays the legislation was finally enacted in October 2006.
This legislation removes the responsibility to provide fire certification away
from the Fire Brigade Services and onto building occupiers. The Risksmart
product provides a cost effective option, particularly for small businesses, of
complying with this new legislation. A Government advertising campaign and our
partnership approach to the Regional Fire Services has resulted in a strong
improvement in the performance of this company.
AMS
At the time of the flotation the Group made a small investment in a regional
medical screening business based in the South West of England. The business is
still very small and we continue to review whether the Group will still look to
invest in this sector.
PES
The personnel consultancy business which was acquired by the Group in 2004 has
had a spectacular period providing a contribution to the Group of #176,140
(2005:loss #51,583). The general employment consultancy division continues to
build long term partnerships with a number of commercial organisations. Of
particular mention is the performance of the tax advisory division which has
secured a number of substantial contracts. The company has also entered into a
Joint Venture with an employee benefit provider which it is hoped will extend
the range of services provided.
BIOTEC/FINGERPRINT
Shareholders will recall that the Group made a modest investment in a drug
testing device from a USA inventor.
Sadly the device is still not ready for the UK market and we are in discussions
with the inventor to ascertain a likely date when all the modifications will be
complete. We are still hopeful of the product being available for trial by the
UK Home Office in early 2007.
SUMMARY
Overall I am delighted with the progress in the period.
Your Directors are confident of continued improvement in the Group's performance
for the current financial year.
The Group has been profitable on a month by month basis since September for
which I thank all employees for their loyalty and commitment during some
difficult periods.
I should like to wish all stakeholders compliments of the season.
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