TIDMTLT
RNS Number : 7138Q
Tolent PLC
17 April 2009
Press Release
17th April
2009
TOLENT PLC
("TOLENT" OR "THE GROUP")
Final Results
Tolent Plc (AIM: TLT), the AIM listed construction group, announces its final
results for the year ended 31 December 2008.
Financial Highlights
* Turnover of GBP154m in a difficult market
* Operating profits (before investment property revaluations and joint ventures)
are GBP2.0m
* Pre tax profit achieved of GBP1.3m
* The company has been working on a number of flagship projects during 2008 as
detailed in the Chief Executive's Review
* The company started 2009 with an order book of GBP72m
Commenting on the results, John Wood, Chief Executive of Tolent Plc said
" It has been a challenging year for us in terms of trading, but profits for
2008 have held up well in what continues to be a very difficult market.
We have started 2009 with a reasonable workload and have taken steps to reduce
our cost base and are confident of trading through the current turmoil in the
construction markets."
For further information please contact:
Tolent Plc
Peter Hems, Executive Chairman 0191 487 0505
John Wood, Chief Executive 0191 487 0505
Andy Clark, Finance Director 0191 487 0505
Brewin Dolphin Investment Banking
Andrew Emmott 0113 241 0136
CHAIRMAN'S STATEMENT
Introduction
I took over as Chairman from Mike Speakman at the beginning of January and would
firstly like to record my appreciation on behalf of the Board for the work Mike
has done since taking on the role in 2007. Mike has agreed to continue as a
non-executive director where his many years of experience in the construction
industry will prove invaluable in these difficult times.
The results for the year reflect the extremely challenging trading conditions in
our industry but are in line with the revised guidance we gave in October 2008.
Operating profits (before investment property revaluations and joint ventures)
are GBP2.0m on turnover of GBP154m compared with GBP4.6m on GBP180m in 2007.
Downwards property valuations are a feature of the year and have brought profit
before taxation down to GBP1.3m (2007: GBP5.5m).
The tax charge in 2008 is increased at an effective rate of 48% (2007: 31%) due
to a restriction to the deferred taxation credit available to offset the
investment property write down. As a result earnings per share are 5.4p compared
with 30.7p in 2007.
We suffered net cash outflow in the year, mainly due to reductions in working
capital balances in line with a reducing level of activity. At the year end the
Group had cash funds in hand of GBP12.9m compared with GBP20.2m at the end of
2007. It is worth noting that this figure represents part of the working capital
of the business and fluctuates throughout the year depending upon the type and
quantity of work in progress at any point in time. In addition to the above the
Group had borrowings at the year end of GBP2.8m relating to investment
properties held for resale. The comparable figure for 2007 was borrowings of
GBP8.3m, but the investment was then in a joint venture and disclosure was not
required.
Dividends
In light of the overall result for the year and the uncertainty in terms of the
general market conditions impacting current trading the Board does not consider
that it is appropriate to propose any further dividend in relation to the 2008
trading (2007 final - 10.5p). Therefore the total dividend based on the 2008
results is 4.0p, which compares with 15.5p for 2007.
Operational Highlights
The Chief Executive's review sets out details of projects completed in 2008
illustrating the wide variety of construction projects in which Tolent is
engaged. The results from the joint venture property development activities has
been disappointing and are impacted by market conditions, but new ventures
entered into during the year, which are at an early stage, provide interesting
opportunities for the future.
The group implemented a cost reduction programme during the latter part of the
year to ensure that as far as practical the overhead base of the Group was in
line with the reduced activity levels that were being experienced.
We went into 2009 with an order book of GBP72 million (2008 - GBP128 million).
Employees
On behalf of the board of directors I would like to thank the directors and all
of the Group's employees for their efforts during 2008.
Outlook for 2009
It has been a difficult year for the Construction Industry and the outlook
remains very challenging as the downturn in work translates to an increasingly
competitive market. There are fewer projects coming to market and margins are
tightening in general. We do not anticipate that there will be any improvement
in this situation in the course of the coming year.
As referred to above the Group started 2009 with an order book of GBP72m which
is substantially lower than in previous years, and in the light of that and
activity levels in terms of new orders achieved in the first quarter the
Directors are anticipating that the turnover for 2009 will be significantly
lower than for 2008. The cost reduction programme implemented in the latter part
of 2008 has continued into 2009 as workload has reduced.
The company has a number of ongoing projects which it is currently working on
and there are a number of new opportunities for work which are being actively
pursued such that the Directors are confident of achieving a satisfactory result
for 2009.
Peter Hems
Executive Chairman
16th April 2009
CHIEF EXECUTIVE'S REVIEW
Tolent operates across the construction sector providing services in building,
civil engineering and property development. Our objective is to continue to
achieve our maximum potential in each of these activities by maintaining our
focus on quality, value for money and delivering a service in a non-adversarial
customer friendly manner.
Our success has been brought about by the quality of the people involved in our
business together with subcontractors and suppliers who share our ethos of
providing a pro-active and responsive service that meets our customers' demands.
This policy has resulted in consistent repeat business on an ever expanding
customer base.
Our belief that people are our most precious asset is supported by our
commitment to training and personnel development. This will ensure that our long
term objectives can be delivered to customers on a consistent basis.
2008 has seen a drop in profits and turnover for the first time since in early
1990's as the "credit crunch" has impacted on the construction industry and the
world economy in general.
A lack of liquidity from the banks together with softening yields in the
property market has resulted in several major projects being cancelled or put on
hold until the economic climate improves.
To mitigate some of the effects of this downturn in work we are actively looking
to spread the range of activities/sectors in which we operate and where possible
we are assisting with funding packages on non speculative developments that
generate work for the construction company.
We continue to operate from five regional offices in Tyneside, Teesside, Leeds,
Manchester and London where our presence ensures we keep in close touch with
local market conditions and allows us to respond quickly to customer demand.
As in previous years we have completed several major projects. The variety can
be best demonstrated by projects completed during the year.
The Time Central Office building in Newcastle GBP13m.
The first phase of the refurbishment of the University of London Library GBP15m.
New Apartments, Beach Huts and Retail Units at Scarborough GBP15m.
A new Office Development at York GBP9m.
The New Music School for Huddersfield University GBP4m.
A Ramada Inn Hotel at Crewe GBP5m.
Health and Safety
A programme of continuous improvement in Health and Safety Management and staff
training has resulted in an excellent safety record. This has been recognised by
annual Gold Awards and the Prestigious President's Award from the Royal Society
for the Prevention of Accidents (RoSPA). The accident frequency rate was 0.227
per 100,000 hours for 2008 (2007 - 0.332). This rate compares favourably with
the national average for the construction industry according to the Health and
Safety Executive statistics of 2.5 per 100,000 hours. During 2008 we maintained
our in house City and Guilds accreditation at Gateshead which provides courses
for our employees, subcontractors and also provides training for third parties.
In 2008 in excess of 8,000 'off job' hours of health and safety training have
been delivered with a total of 732 site visits and audits being completed.
Checkhire Ltd - Joint Venture
Checkhire is a 50/50 joint venture company owned by Tolent and Amco Property
Investments Plc. The company own 15.5 acres of land adjacent to junction 46 on
the M1, known as Temple Point, and has planning permission to develop 166,000
sq. ft of office space.
The infrastructure and the first eight units (65,000 sq ft) have now been
completed with six units being sold in 2006 following the sale of the first two
in 2005.
Work is in progress on a new building for the D.V.L.A which will be completed in
the course of 2009.
Echo Buildings Ltd
Early in the year we bought out the interest of Glenrose from our Joint Venture,
and at the same time agreed the sale of the retail space on the ground floor of
the building to Glenrose.
We have retained 45 apartments which were unsold and we are pleased to report
that those are fully rented.
42nd Street (Haymarket Hub) Ltd - Joint Venture
42nd Street Haymarket Hub is a joint venture company owned 50% Tolent, 33% 42nd
Street Reality Ltd, 17% Closegate.
Tolent Construction Limited has been appointed as Contractor to construct a
mixed use development totalling 46,000 sq ft over the Haymarket Metro Station in
the centre of Newcastle. In addition, to the new building Tolent Construction
Ltd is to carry out refurbishment of the existing station platforms and
concourse the total value of both contracts being GBP19.6m.
The scheme is set to become a new focal point in the city and given its
excellent location has already attracted high quality Tenants. H.B.O.S has
leased premises on the ground floor. We have other interests for the remaining
Grade A offices space with the scheme looking set to be a great success.
Coolmore Estates Ltd
Coolmore Estates is a joint venture company owned 25% by Tolent Construction Ltd
with the remainder by Philip Moross and Alistair Ross.
Philip Moross has strong connections with the Film Industry and property
development and has identified the need for a state of the art film studio with
facilities and a cost base that is lower than that which is currently available
in the UK.
A site of 200 acres has been identified adjacent to the A19 in Seaham NE England
where we have achieved planning permission for a mixed development comprising of
Film Studios, Education, Industrial, Commercial, Residential and Leisure.
A unique feature of the development is the strong link with education, and
Sunderland University, East Durham Community College in association with the
Learning Skills Council are keen to participate. Students will be given the
opportunity to gain on the job experience in the film industry at various levels
from production through to NVQ training in the various trades associated with
set manufacture.
As a focal point the studios will attract local light industry that will be
required to support the film making together with a hotel and residential
accommodation for those involved in the various productions.
To progress the development Tolent has formed a 100% owned subsidiary Coolmore
Land Ltd that has purchased the land.
Ravensworth Properties Ltd
Ravensworth operates in the office letting market where office space is
continually being improved in terms of refurbished offices and new offices on
both city centre locations and out of town office parks. Ravensworth's
properties are all set in purpose built office parks. Ravensworth continually
reviews the standards being offered in the market place and makes improvements
where considered necessary to the property stock. The strategy is to secure
tenants with good covenant strength for lease periods in excess of three years.
Interest rate fluctuations have an impact in terms of interest payments on the
capital expenditure incurred and also on the market place relating to lessee
companies ability to move into new offices or to remain in their existing space.
In November 2007 Ravensworth purchased an office at Christie Fields in
Manchester which is occupied by the Manchester regional office of Tolent
Construction Limited. The office was fitted out and occupied in the first
quarter of 2008.
All premises are occupied with the exception of four units. Agents have been
appointed to secure tenants for these units. The addition of Christie Fields in
2007 increased the space available to let to 75,300 sq ft. The occupancy rate
for 2008 was 83% compared with 87% in 2007.
Ravensworth does not intend to expand/dispose of the property base
significantly. However, any opportunities to acquire or dispose of properties
will be considered in line with the Group's requirements.
The other companies within the Tolent Plc group occupy a number of the
properties. The continued success of these companies has a direct bearing on the
results of Ravensworth. The changes to the empty property relief for business
rates has had a minor impact in 2008. It is envisaged it will be a difficult
year in the 2009 property market following the turmoil in the banking industry
in 2008 and the subsequent tightening of the lending restrictions against
commercial properties. However, as noted above with the exception of the four
offices all other premises are 100% occupied which should result in another
steady performance for Ravensworth in 2009.
John G Wood
Chief Executive
16th April 2009
FINANCIAL DIRECTOR'S REPORT
Results
Total turnover decreased 14.7% in 2008 from GBP180m in 2007 to GBP153m.
The result before property revaluations and share of results from joint ventures
has reduced from GBP4.6m to GBP2.0m. This result is after making a GBP0.75m
provision, against the balance of amounts due under a contract for the
construction of apartments in Sheffield following the development company being
placed into administration. Excluding the effects of the property valuation
operating margins have decreased to 1.3% compared with 2.4% in 2007 reflecting
the tightening economic conditions, particularly in the second half of the year.
A downward movement of GBP1.2m on the valuation of the investment properties
reflecting the current depressed market in commercial property as compared with
an uplift of GBP0.4m in 2007 means that operating profits in 2008 are reduced to
GBP0.7m from GBP4.8m in 2007.
Net interest received declined from GBP0.8m in 2007 to GBP0.6m in 2008. The
reduction in the Bank of England base rate from 5.5% at the start of the year to
2% at the end of the year had an impact on the interest received which reduced
from GBP0.8m to GBP0.7m. Interest paid increased by GBP0.1m in the year
following the completion of the Echo Buildings project which was refinanced
following the purchase of the remaining 50% of the share capital of Echo
Buildings Limited. Interest from this date onwards has been charged to the
profit and loss account as opposed to being capitalised into work in progress.
The profit before tax decreased by GBP4.2m in the year to GBP1.3m from the
GBP5.5m profit in 2007.
Taxation and earnings per share
The tax charge in 2008 was GBP0.6m, which equates to 48% of pre-tax profits
compared to GBP1.7m (31.0%) in 2007. The tax rate is significantly higher than
the standard rate of corporation tax in the United Kingdom of 28.5% for the year
to 31 December 2008. The major reason for this is the lack of tax relief
available for the downward valuation of the properties. Earnings per share
decreased from 30.7p in 2007 to 5.4p in 2008.
Dividends
An interim dividend of 4p was paid during the year. This dividend is 1.35 times
covered in terms of earnings per share and compares with a total dividend of
15.5p paid in respect of 2007.
At the AGM a resolution will be put to shareholders to rectify a technical
breach of the Companies Acts in relation to certain interim and final dividends
paid in previous years. A detailed explanation of this will be provided in the
annual report and notice of the AGM.
Cashflow
The Group had net funds at the end of 2008 of GBP12.9m, which is an overall net
outflow of funds of GBP7.3m from the net funds position of GBP20.2m at the end
of 2007. The year end cash position can be a misleading figure as it only
represents the cash balances on one day during the year. However, the company
continues to make use of its cash position to participate through joint ventures
in development opportunities in situations where it has secured the construction
work. As part of one such transaction an amount of GBP4.3m included in the total
cash funds at the year end has been placed on deposit in an escrow account as
part of the bonding for one such transaction. This has subsequently been
released from the escrow account on 30th March 2009 back into the general cash
deposit.
Employee Share Ownership Plan
The Employee Share Ownership Plan owns 365,000 shares, bought at a cost of
GBP256,000, which had a market value at 31st December 2008 of GBP120,000.
International Financial Reporting Standards (IFRS)
The financial statements for the year ended 31st December 2007 were the first
the Group produced in accordance with IFRS. There have been no further
adjustments to the equity position over those explained in last year's financial
statements.
Andy Clark
Financial Director
16th April 2009
Consolidated Income Statement for the year ended 31st December 2008
+-------------------------------------+--------------------+--------------------+------------+-------------------+
| | 2008 | 2007 |
+-------------------------------------+-----------------------------------------+--------------------------------+
| | GBP000 | GBP000 | GBP000 | GBP000 |
+-------------------------------------+--------------------+--------------------+------------+-------------------+
| Group Revenue | | 153,510 | | 180,034 |
+-------------------------------------+--------------------+--------------------+------------+-------------------+
| Raw materials and consumables | 9,837 | | 11,642 | |
+-------------------------------------+--------------------+--------------------+------------+-------------------+
| Other external charges | 112,924 | | 137,354 | |
+-------------------------------------+--------------------+--------------------+------------+-------------------+
| | | (122,761) | | (148,996) |
+-------------------------------------+--------------------+--------------------+------------+-------------------+
| | | 30,749 | | 31,038 |
+-------------------------------------+--------------------+--------------------+------------+-------------------+
| Staff costs | 24,397 | | 22,563 | |
+-------------------------------------+--------------------+--------------------+------------+-------------------+
| Depreciation | 348 | | 302 | |
+-------------------------------------+--------------------+--------------------+------------+-------------------+
| Other operating charges | 3,989 | | 3,578 | |
+-------------------------------------+--------------------+--------------------+------------+-------------------+
| | | (28,734) | | (26,443) |
+-------------------------------------+--------------------+--------------------+------------+-------------------+
| | | 2,015 | | 4,595 |
+-------------------------------------+--------------------+--------------------+------------+-------------------+
| Result from investment property | | (1,287) | | 367 |
+-------------------------------------+--------------------+--------------------+------------+-------------------+
| Share of post tax (loss)/profit in | | 11 | | (204) |
| joint ventures and associates | | | | |
+-------------------------------------+--------------------+--------------------+------------+-------------------+
| Operating profit | | 739 | | 4,758 |
+-------------------------------------+--------------------+--------------------+------------+-------------------+
| Finance income | | 664 | | 799 |
+-------------------------------------+--------------------+--------------------+------------+-------------------+
| Finance cost | | (104) | | (14) |
+-------------------------------------+--------------------+--------------------+------------+-------------------+
| Profit before taxation | | 1,299 | | 5,543 |
+-------------------------------------+--------------------+--------------------+------------+-------------------+
| Taxation | | (626) | | (1,719) |
+-------------------------------------+--------------------+--------------------+------------+-------------------+
| Profit after taxation | | 673 | | 3,824 |
+-------------------------------------+--------------------+--------------------+------------+-------------------+
| Basic and diluted earnings per | | | | |
| share | | 5.40p | | 30.67p |
+-------------------------------------+--------------------+--------------------+------------+-------------------+
Consolidated balance sheet as at 31st December 2008
+------+----------------------------------------------+------------+--------------------+
| | | 2008 | 2007 |
+------+----------------------------------------------+------------+--------------------+
| | | GBP000 | GBP000 |
+------+----------------------------------------------+------------+--------------------+
| Assets | | |
+-----------------------------------------------------+------------+--------------------+
| | Non-Current Assets | | |
+------+----------------------------------------------+------------+--------------------+
| | Property, plant and equipment | 4,637 | 4,356 |
+------+----------------------------------------------+------------+--------------------+
| | Investments properties | 5,468 | 6,755 |
+------+----------------------------------------------+------------+--------------------+
| | Investments in joint ventures and associates | 333 | 877 |
+------+----------------------------------------------+------------+--------------------+
| | Investments - available for sale | 10 | 10 |
+------+----------------------------------------------+------------+--------------------+
| | Trade and other receivables | 0 | 1,159 |
+------+----------------------------------------------+------------+--------------------+
| | | 10,448 | 13,157 |
+------+----------------------------------------------+------------+--------------------+
| | Current assets | | |
+------+----------------------------------------------+------------+--------------------+
| | Amounts recoverable on contracts | 6,406 | 10,323 |
+------+----------------------------------------------+------------+--------------------+
| | Inventory | 12,002 | 0 |
+------+----------------------------------------------+------------+--------------------+
| | Trade and other receivables | 13,766 | 25,284 |
+------+----------------------------------------------+------------+--------------------+
| | Cash and cash equivalents | 12,887 | 20,188 |
+------+----------------------------------------------+------------+--------------------+
| | | 45,061 | 55,795 |
+------+----------------------------------------------+------------+--------------------+
| Total Assets | 55,509 | 68,952 |
+-----------------------------------------------------+------------+--------------------+
| Liabilities | | |
+-----------------------------------------------------+------------+--------------------+
| | Non-current liabilities | | |
+------+----------------------------------------------+------------+--------------------+
| | Trade and other payables | 226 | 0 |
+------+----------------------------------------------+------------+--------------------+
| | Provisions | 100 | 840 |
+------+----------------------------------------------+------------+--------------------+
| | Borrowings | 2,835 | 0 |
+------+----------------------------------------------+------------+--------------------+
| | Deferred tax liabilities | 620 | 822 |
+------+----------------------------------------------+------------+--------------------+
| | | 3,781 | 1,662 |
+------+----------------------------------------------+------------+--------------------+
| | Current liabilities | | |
+------+----------------------------------------------+------------+--------------------+
| | Trade and other payables | 39,530 | 53,170 |
+------+----------------------------------------------+------------+--------------------+
| | Provisions | 114 | 0 |
+------+----------------------------------------------+------------+--------------------+
| | Borrowings | 150 | 0 |
+------+----------------------------------------------+------------+--------------------+
| | Current tax payable | 393 | 889 |
+------+----------------------------------------------+------------+--------------------+
| | | 40,187 | 54,059 |
+------+----------------------------------------------+------------+--------------------+
| Total liabilities | 43,968 | 55,721 |
+-----------------------------------------------------+------------+--------------------+
| Net Assets | 11,541 | 13,231 |
+-----------------------------------------------------+------------+--------------------+
| Equity | | |
+-----------------------------------------------------+------------+--------------------+
| | Share capital | 1,283 | 1,283 |
+------+----------------------------------------------+------------+--------------------+
| | Other reserve | (256) | (256) |
+------+----------------------------------------------+------------+--------------------+
| | Cash flow hedge reserve | (555) | 0 |
+------+----------------------------------------------+------------+--------------------+
| | Profit and loss account | 11,069 | 12,204 |
+------+----------------------------------------------+------------+--------------------+
| | | 11,541 | 13,231 |
+------+----------------------------------------------+------------+--------------------+
Consolidated cashflow statement for the year ended 31st December 2008
+-----+------+----------------------------------------------+------------+-----------+
| | | 2008 | 2007 |
+------------+----------------------------------------------+------------+-----------+
| | | GBP000 | GBP000 |
+------------+----------------------------------------------+------------+-----------+
| Cash flows from operating activities | | |
+-----------------------------------------------------------+------------+-----------+
| | Profit after taxation | 673 | 3,824 |
+-----+-----------------------------------------------------+------------+-----------+
| | Depreciation on property, plant and equipment | 348 | 302 |
+-----+-----------------------------------------------------+------------+-----------+
| | Valuation decrease/(increase) in investments | 1,287 | (367) |
| | properties | | |
+-----+-----------------------------------------------------+------------+-----------+
| | Taxation expense recognised in income statement | 626 | 1,719 |
+-----+-----------------------------------------------------+------------+-----------+
| | Finance income and cost | (560) | (785) |
+-----+-----------------------------------------------------+------------+-----------+
| | Decrease/(increase) in trade and other receivables | 7,846 | (5,271) |
+-----+-----------------------------------------------------+------------+-----------+
| | Decrease/(increase) in amounts recoverable on | 3,917 | (1,658) |
| | contracts | | |
+-----+-----------------------------------------------------+------------+-----------+
| | (Increase) in inventory | (1,299) | 0 |
+-----+-----------------------------------------------------+------------+-----------+
| | (Decrease)/increase in trade and other payables | (14,065) | 7,977 |
+-----+-----------------------------------------------------+------------+-----------+
| | Movement in provisions | (626) | 490 |
+-----+-----------------------------------------------------+------------+-----------+
| | Share of loss/(profit) after tax from joint | (11) | 204 |
| | ventures and associates | | |
+-----+-----------------------------------------------------+------------+-----------+
| | Cash (used in)/generated from operations | (1,864) | 6,435 |
+-----+-----------------------------------------------------+------------+-----------+
| | Finance cost paid | (104) | (14) |
+-----+-----------------------------------------------------+------------+-----------+
| | Tax paid | (1,324) | (1,813) |
+-----+-----------------------------------------------------+------------+-----------+
| Net cash generated from operating activities | (3,292) | 4,608 |
+-----------------------------------------------------------+------------+-----------+
| Cash flows from investing activities | | |
+-----------------------------------------------------------+------------+-----------+
| | Purchase of property, plant and equipment | (263) | (1,121) |
+-----+-----------------------------------------------------+------------+-----------+
| | Purchase of investments - available for sale | 0 | (10) |
+-----+-----------------------------------------------------+------------+-----------+
| | Increase in investment in joint ventures and | 0 | (641) |
| | associates | | |
+-----+-----------------------------------------------------+------------+-----------+
| | Cash on acquisition | 329 | 0 |
+-----+-----------------------------------------------------+------------+-----------+
| | Finance income received | 664 | 799 |
+-----+-----------------------------------------------------+------------+-----------+
| Net cash used in investing activities | 730 | (973) |
+-----------------------------------------------------------+------------+-----------+
| Cash flows from financing activities | | |
+-----------------------------------------------------------+------------+-----------+
| | Dividends paid | (1,808) | (2,082) |
+-----+-----------------------------------------------------+------------+-----------+
| | Hire purchase financing - capital repayment | (18) | 0 |
+-----+-----------------------------------------------------+------------+-----------+
| | Repayment of borrowings | (2,913) | 0 |
+-----+-----------------------------------------------------+------------+-----------+
| Net cash used in financing activities | (4,739) | (2,082) |
+-----------------------------------------------------------+------------+-----------+
| Net increase in cash and cash equivalents | (7,301) | 1,553 |
+-----------------------------------------------------------+------------+-----------+
| Cash and cash equivalents at beginning of period | 20,188 | 18,635 |
+-----------------------------------------------------------+------------+-----------+
| Cash and cash equivalents at end of period | 12,887 | 20,188 |
+-----+------+----------------------------------------------+------------+-----------+
Consolidated statement of changes in equity for the year ended 31st December
2008
+---------------------------+-----------+----------+-----------+-----------+----------+
| | Share | Other | Cash flow | Profit | Total |
| | Capital | Reserve | hedge | and loss | equity |
| | | | | account | |
+---------------------------+-----------+----------+-----------+-----------+----------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+---------------------------+-----------+----------+-----------+-----------+----------+
| At 1st January 2007 | 1,283 | (256) | 0 | 10,462 | 11,489 |
+---------------------------+-----------+----------+-----------+-----------+----------+
| Profit after taxation for | 0 | 0 | 0 | 3,824 | 3,824 |
| the year | | | | | |
+---------------------------+-----------+----------+-----------+-----------+----------+
| Equity dividends paid | 0 | 0 | 0 | (2,082) | (2,082) |
+---------------------------+-----------+----------+-----------+-----------+----------+
| At 31st December 2007 | 1,283 | (256) | 0 | 12,204 | 13,231 |
+---------------------------+-----------+----------+-----------+-----------+----------+
| At 1st January 2008 | 1,283 | (256) | 0 | 12,204 | 13,231 |
+---------------------------+-----------+----------+-----------+-----------+----------+
|Profit after taxation for | 0 | 0 | 0 | 673 | 673 |
| the year | | | | | |
+---------------------------+-----------+----------+-----------+-----------+----------+
| Cash flow hedge - share | 0 | 0 | (771) | 0 | (771) |
| of current year loss in | | | | | |
| respect of joint venture | | | | | |
+---------------------------+-----------+----------+-----------+-----------+----------+
| -related deferred tax | 0 | 0 | 216 | 0 | 216 |
+---------------------------+-----------+----------+-----------+-----------+----------+
| Total recognised income | 0 | 0 | (555) | 673 | 118 |
| and expense for the | | | | | |
| period | | | | | |
+---------------------------+-----------+----------+-----------+-----------+----------+
| Equity dividends paid | 0 | 0 | 0 | (1,808) | (1,808) |
+---------------------------+-----------+----------+-----------+-----------+----------+
| At 31st December 2008 | 1,283 | (256) | (555) | 11,069 | 11,541 |
+---------------------------+-----------+----------+-----------+-----------+----------+
Notes:
1. Basis of preparation
The financial information in this preliminary announcement has been prepared in
accordance with the accounting policies set out in the financial statements of
Tolent Plc for the year ended 31st December 2008, which have remained unchanged
for the financial year ended 31st December 2008.
2. Accounts
The summary accounts set out above do not constitute statutory accounts as
defined by Section 240 of the UK Companies Act 1985. The summarised balance
sheet at 31 December 2008, the summarised consolidated income statement, the
summarised consolidated cash flow statement and the summarised statement of
changes in equity for the year then ended have been extracted from the Group's
2008 statutory financial statements upon which the auditors' opinion is
unqualified, and which did not contain a statement under either sections 237(2)
or 237(3) of the Companies Act 1985. The statutory financial statements for the
year ended 31 December 2008 were approved by the directors on 16th April 2009,
but have not yet been delivered to the Registrar of Companies.
3. Earnings per share
Earnings per ordinary share have been calculated on the basis of profit for the
period after tax, divided by the weighted average number of ordinary shares in
issue in the year of 12,467,626 (2007 - 12,467,626).
4. Preliminary announcement
Copies of the preliminary announcement are available from the company's
registered office at Ravensworth House, 5th Avenue Business Park, Team Valley,
Gateshead, Tyne and Wear, NE11 0HF. The Annual Report and Accounts for the year
ended 31st December 2008 will be posted to shareholders on or about 19th May
2009.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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