TIDMCCGP
RNS Number : 7269U
Claimar Care Group PLC
30 June 2009
FOR IMMEDIATE RELEASE: 30 JUNE 2009
CLAIMAR CARE GROUP PLC ("Claimar" or "the Group")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2009
Claimar Care Group PLC, one of the UK's leading providers of health and social
care solutions to people in receipt of care at home, announces its interim
results for the six months ended 31 March 2009.
Commenting on the results, Chairman John Crabtree, said:
"Much activity has been undertaken to strengthen the core operational
capabilities of the Group. In addition, the Group has delivered growth across
many financial measures when compared with the six months ended 31 March 2008."
HIGHLIGHTS OF THE PERIOD
+----------------------------------+-------------+-------------+-------------+
| | Unaudited | Unaudited | % increase/ |
| | Six months | Six months | (decrease) |
| | to | to | |
| | 31 Mar 2009 | 31 Mar 2008 | |
+----------------------------------+-------------+-------------+-------------+
| Revenue | GBP28.49m | GBP24.07m | +18.4% |
+----------------------------------+-------------+-------------+-------------+
| Gross profit | GBP9.26m | GBP7.60m | +21.9% |
+----------------------------------+-------------+-------------+-------------+
| Operating profit before | GBP1.63m | GBP1.59m | +2.4% |
| amortisation and acquisition | | | |
| related costs | | | |
+----------------------------------+-------------+-------------+-------------+
| Profit before taxation * | GBP0.79m | GBP0.98m | -19.5% |
+----------------------------------+-------------+-------------+-------------+
| Profit after taxation * | GBP0.77m | GBP0.72m | +7.0% |
+----------------------------------+-------------+-------------+-------------+
| Adjusted basic earnings per | 1.53p | 1.53p | 0.0% |
| share * | | | |
+----------------------------------+-------------+-------------+-------------+
| Basic loss per share | 1.16p | 0.20p | -480.0% |
+----------------------------------+-------------+-------------+-------------+
| Net cash flows from operating | GBP3.92m | GBP0.22m | +1,696.3% |
| activities | | | |
+----------------------------------+-------------+-------------+-------------+
| Underlying net debt | GBP19.33m | GBP20.08m | -3.7% |
| | | ** | |
+----------------------------------+-------------+-------------+-------------+
* Before share based payment charge, amortisation of intangible assets,
acquisition costs, exceptional finance costs, and fair value movements on
derivative financial instruments
** As at 30 September 2008
On current trading and prospects, Mr Crabtree added:
"Whilst organic growth has improved since the half year, which is reflected in
revenue in May 2009 being approximately 11% higher than in September 2008, the
slower than forecast growth in the first six months may lead to results for the
full year, before exceptional items, being below market expectation.
"Although this is disappointing, the Board believes that the structural and
operational improvements which have been made to the Group have positioned it
well for future growth.Against a market background of a growing customer base
and a trend among Local Authorities towards contracting with fewer, larger
suppliers, of which the Group is one, the Board remains convinced that the Group
has very good prospects."
Regarding the strategic review of the business, he concluded:
"The Board announced on 9 April 2009 that it had initiated a strategic review to
consider how best to take the business forward, as it felt that the Company's
share price did not fairly reflect its strong market position and future growth
prospects.
Since then, the Group has taken soundings from a number of trade parties and
potential private equity buyers, which indicate that there is an appetite to
purchase the whole Group. The review process has continued and the Board has to
date received a number of indicative conditional proposals to make an offer for
the entire issued share capital of the Company. This may or may not lead to such
an offer being made. The Board will inform shareholders of further progress when
appropriate."
Enquiries:
Mark Hales, Chief Executive
Nick Townend, Group Finance Director
Claimar Care Group plc Tel: 0121 410 4080
Chris Fielding, Director
Arden Partners plc Tel: 020 7398 1638
Tom Cooper/Paul Vann
Winningtons Financial Tel: 07768 807631/07971 221972
Chairman's Statement
Introduction
I am pleased to present the Group's results for the six months ended 31 March
2009.
Trading Performance
Following the trading statement issued in June 2008, much activity has been
undertaken to strengthen the core operational capabilities of the Group, as
described further in the Chief Executive's Review.
The Group has delivered growth across many financial measures when compared with
the six months ended 31 March 2008. Turnover increased by 18.4% to GBP28.49m
(2008: GBP24.07m), gross profit increased by 21.9% to GBP9.26m (2008: GBP7.60m)
and gross margins increased to 32.5% (2008: 31.6%). Operating profit before
amortisation and acquisition related costs increased by 2.4% to GBP1.63m (2008:
GBP1.59m). The increased investment in operations in order to deal with issues
identified in the trading statement issued in June 2008, combined with the start
up losses incurred in the launch of PharmAssured, our domiciliary pharmacy
business, contributed to the operating profit margin reducing to 5.7% (2008:
6.6%).
Whilst turnover and profits have increased, much of the increase has been
generated from acquisitions made in the six months ended 31 March 2008. Organic
growth during the six months ended 31 March 2009 was 4.8%; this was lower and
came later than forecast. As the business has become stronger operationally the
corresponding rate of organic growth has accelerated, which is reflected in
revenue in May 2009 being approximately 11% higher than in September 2008.
Strategic Review
The Board announced on 9 April 2009 that it had initiated a strategic review to
consider how best to take the business forward, as it felt that the Company's
share price did not fairly reflect its strong market position and future growth
prospects, and that it had appointed KPMG Corporate Finance to assist with the
review.
Since then, the Group has taken soundings from a number of trade parties and
potential private equity buyers, which indicate that there is an appetite to
purchase the whole Group. The review process has continued and the Board has to
date received a number of indicative conditional proposals to make an offer for
the entire issued share capital of the Company. This may or may not lead to such
an offer being made. The Board will inform shareholders of further progress when
appropriate.
Banking Facilities
The Group commenced discussions with its bankers, RBS, on refinancing in January
2009; however the start of the strategic review meant that it was no longer
sensible to conclude a refinancing, as the Group could not be reasonably certain
about the size, length or structure of the facilities required, given the
uncertainty over the future shape and ownership of the Group.
RBS has therefore agreed to defer conclusion of the refinancing until such time
as the likely outcome of the review has become clearer. As part of the
discussions, RBS agreed to reset the March, June and September 2009 covenants,
for a fee of GBP0.05m. The Board does not now anticipate any breach of the
Group's existing covenants during the remainder of the current financial year.
RBS remains very supportive of the Group and its prospects. Nonetheless, it is
clear that the Group is likely to continue to encounter difficulties in meeting
future years' covenant tests at the level at which they were set in November
2007. The Group has therefore agreed with RBS that, should the strategic review
not lead to a sale of the Group within a reasonable timeframe, the Group will
undertake a refinancing, either with RBS or another bank. This is therefore
likely to occur, if at all, in the next financial year.
Dividends
When the Board announced the Group's results for the year ended 30 September
2008, it indicated that it would not be declaring an interim dividend for the
current year (2008: nil).
Board Changes
On 8 April 2009, Nick Winks joined the Group as Non Executive Director. He has
joined both the Audit and Remuneration Committees.
Current Trading and Outlook
As previously mentioned, growth in turnover and gross profit for the period has
been slower than forecast. The Group as a whole is highly exposed to what may be
termed customer acquisition risk: customer take-ons generate recurring revenue
streams in the following months, meaning that once customers have been won, the
associated revenue streams should be fairly secure and consistent (unlike, say,
a retail environment, where a sale to a customer in one month is no guarantee
that another sale will be made to the same customer in the next month). However,
if customers are not won at the time (or for the value) forecast, there is a
two-fold loss of revenue: both in the month of forecast acquisition and in
subsequent months until the customer is finally won. This has a compounding
effect.
Whilst organic growth has improved since the half year, the slower than forecast
growth in the first six months may lead to results for the full year, before
exceptional items, being below market expectation.
Although this is disappointing, the Board believes that the structural and
operational improvements which have been made to the Group have positioned it
well for future growth. Against a market background of a growing customer base
and a trend among Local Authorities towards contracting with fewer, larger
suppliers, of which the Group is one, the Board remains convinced that the Group
has very good prospects.
John Crabtree
Chairman
Chief Executive's Review
Introduction
The first half of this year has seen a great deal of work carried out to
stabilise and consolidate the Group's activities. We have made significant
investments to improve the capacity and capability of the management team, and
also to improve the processes and systems used by the Group.
Whilst the business achieved good organic growth in the eight months ended 31
May 2009, with May 2009 revenues being approximately 11% higher than those for
September 2008, much of this growth came later than expected and therefore the
significant improvements made are not yet fully reflected in the reported
results for the half year.
Claimar Care
Claimar Care, our generic domiciliary care business, whose primary activity is
the supply of services contracted mostly to elderly people in their own homes,
has undergone significant change. In December 2008 the Board appointed Mark
Lavery to the new role of Managing Director to take over operational
responsibility from myself, and to continue the work carried out earlier in the
year to build a stronger and more sustainable business.
There have been many changes, including:
* Implementation of Webroster across all branches - a common rostering platform
which also provides detailed payroll and billing information
* Strengthening of the Finance team, which has led to improved controls, and a
significant improvement in the speed and quality of management information
* An improvement in recruitment processes, led by the newly appointed Group HR
Director, which is allowing the Group to capitalise on the increased
availability of staff as a result of the recession. Recruitment and retention
remain the Group's primary inhibitors to achieving growth
* An improvement in quality across the Group where we have seen key performance
indicators based around the regulatory requirements, and our ratings by the
regulator, rise by around 20%
Since the end of March we have restructured the senior management team and
commenced the merging of a number of our smaller branches. These activities will
deliver annual savings of GBP0.28m, but will result in the Group incurring
exceptional restructuring charges of approximately GBP0.20m in the year ended 30
September 2009. In addition, we have consolidated our carers' payrolls into one
weekly payroll; previously, as a result of acquisitions, there were 37 different
payrolls being operated.
Despite the current economic climate, demand for our service continues to
outstrip supply. We are seeing consolidation in the market as Local Authorities
seek to work with fewer, but larger, providers, and seek to generate savings by
caring for people in their own homes rather than placing them into residential
care which is typically more expensive. As Local Authority budgets become
increasingly squeezed we are also seeing more of the services they have
previously provided themselves transferred to the private sector, thereby
typically achieving savings of around 50%.
We have either won or commenced several new contracts during the period, most
notably in Hunstanton and Doncaster. There have also been some contract losses,
although these have generally been smaller contracts. The average number of
hours of care delivered each week has increased from 50,300 in October 2008 to
52,300 in March 2009.
Whilst the level of fee increases achieved from our Local Authority purchasers
has been inconsistent this year, we have achieved a higher than expected
weighted average increase of 3.23%. I believe this demonstrates a willingness of
purchasers to increase funding to domiciliary care in order to achieve greater
savings from other areas.
However, despite criticism in the media, we have also seen the introduction by
Local Authorities of reverse e-auctions, which encourage bidders to compete for
business based upon the lowest cost per hour, and also the introduction by a
small number of authorities of payment by the minute. Both of these initiatives
adversely impact the revenue to the business, and have a corresponding negative
impact on recruitment and retention due to the reduction in pay they cause for
care workers. While these developments generate savings for Local Authorities,
we firmly believe that they are counter-productive as they do not improve
outcomes for service users.
There is still a great deal of work to be carried out to continue to improve the
performance of the business. We are still experiencing operational difficulties
in a small number of our locations, either where the local employment market
remains strong and or where fee rates no longer support the level of activity
commissioned. These operational difficulties are slowing progress elsewhere, but
I believe that overall the group is in a more robust state than ever before.
From a financial perspective, turnover has increased by 8.4% to GBP15.83m (2008:
GBP14.63m) and gross profit of GBP5.18m (2008: GBP4.68m) also shows an increase
of 10.7%; this has been accompanied by a rise in the gross profit margin to
32.7% (2008: 32.0%). However, the increased investment, some of which is
non-recurring, in the operational capacity of the business has resulted in
operating profit before amortisation and acquisition related costs reducing to
GBP0.96m (2008: GBP1.06m).
Complete Care
Complete Care, our complex care business specialising in the provision of care
to people with an acquired brain injury or acquired spinal cord injury, has
improved significantly since the same time last year.
Following the difficulties identified soon after the acquisition in November
2007 Complete Care has undergone a turnaround. One of the key issues affecting
both the growth of the business and its profitability was the high dependency on
agency staff.
In August 2008 David Burton, the company's Finance Director, was promoted to
Managing Director and initiated a number of operational and cultural changes
which have led to improvements in the business, including:
* A substantial reduction in the use of agency staff achieved through better
recruitment, the creation of a rapid response team, and tighter controls. In the
11 months from acquisition to the end of the financial year on 30 September 2008
a total of GBP0.90m was spent on agency staff; in the six months ended 31 March
2009 Complete spent GBP0.17m.
* The creation of a more focussed sales function in the business to reduce its
dependency on a small number of purchasers and to roll out its business model
into new geographical territories.
* The business has moved its focus away from "standard" clients, where the average
revenue per client was around GBP72,000 per annum, and concentrated its new
business generation activity on the "complex" part of the market, where average
revenue per client is around GBP185,000. The impact of this change has seen
overall average revenue per client in March 2009 increase by 15.8% since
September 2008.
Whilst profitability has improved significantly since the six months ended 31
March 2008, this has largely been a function of better cost control, most
noticeably from a reduction in the use of agency staff. Growth in turnover as a
result of new client take on has been disappointing, although we are seeing
momentum build as a result of changes made in the first half of the year. The
forward pipeline of service users is stronger than previously experienced and
now represents around GBP92,000 of additional revenue opportunity per week. Our
ability to take on new service users is largely dependent on the successful
recruitment of additional care workers. Although our historical conversion rate
of service user opportunities to take on is around 68%, the timing of take on
can have a significant impact on forecasts as a delay in start dates impacts
revenue in the period.
The reductions in agency usage, combined with other improvements, have had a
beneficial financial impact. Operating profit before amortisation and
acquisition related costs has grown to GBP1.19m (2008: GBP0.79m), and the
operating profit margin has increased to 10.6% (2008: 9.43%).
Primary Care Training
Primary Care Training provides a wide range of social care and health care
training courses as well as NVQ's (National Vocational Qualifications), both for
the Group and for external purchasers. Training revenue is mostly funded by the
Learning Skills Council and Skills for Care, a Department of Health funded
organisation tasked with up-skilling the care workforce. Around 20% of revenue
is currently derived from sales to non Group companies (i.e. Local Authorities
and other care providers.)
Once again Primary Care Training has achieved significant growth in both revenue
and profit since the six months ended 31 March 2008. Most of the revenue is
derived from the delivery of NVQ's. The company currently has around 720
candidates undertaking an NVQ qualification. An NVQ level two, which is the
basic requirement for care workers, takes on average 8 months to complete. The
average fees paid throughout the completion period to the company to deliver an
NVQ are around GBP1,500 per candidate.
Having spent most of last year and the beginning of this year building the
infrastructure to deliver a high volume of training, the business is now signing
up around 100 new candidates per month which will support the continued growth
currently envisaged in the company's forecast.
SureCare
SureCare operates as a national franchisor of care services under the SureCare
brand name and is responsible for providing business support to franchises,
quality assurance to service users and building brand awareness. Franchises
offer domiciliary care to people in their own home, and in some cases temporary
staffing to the residential care sector.
In June last year we reported a decline in the sale of franchises due to a
decline in the economy and also tighter lending requirements from the banking
sector. In response to this decline our offering was modified to allow stage
payments for the purchase of franchises which has had a positive effect. In the
first six months of the year SureCare sold five franchises and is currently
benefitting from an increased pipeline of sales opportunities.
PharmAssured
PharmAssured is a provider of tailored domiciliary pharmacy services that meet
both patient and carer needs exactly. Its service is aimed primarily at people
in receipt of care services at home who typically have more complex medication
requirements than those that do not require care themselves.
PharmAssured commenced trading in the latter part of 2008 and has so far failed
to achieve its targeted level of new service user sign ups. As a result, the
sales model has been modified to focus on the primary purchasers of care in the
community, Local Authorities and Primary Care Trusts. These purchasers have the
ability to influence the manner in which medication for the service users is
managed by external providers on their behalf, and they recognise that existing
arrangements may not always provide an appropriate level of safety for their
service users. Pharmassured is now in discussions with a number of Local
Authorities about the possible adoption of the service to provide simpler, safer
and better services through their providers.
Summary and outlook
As stated earlier in my review there has been a considerable amount of activity
in the first half of the year to strengthen the operational capabilities of all
Group companies. Claimar Care, Complete Care, Primary Care Training and SureCare
have all delivered revenue growth against the comparative period.
We stated in April that we were undertaking a strategic review of the Group and
that this may lead to a sale of part or all of the Group. This review is
ongoing, and has had a significant impact on the activity of the Executive team.
I am pleased to report that it has not impacted at an operational level.
I recognise that a key concern for all shareholders is the current level of
indebtedness of the Group and the possibility of breaching our banking
covenants. Reducing debt is a priority for the Group. As well as undertaking the
strategic review, we have achieved, through the introduction of tighter
financial controls, a reduction in our debtor days and have also reduced our
levels of unbilled work from GBP2.43m at 30 September 2008 to GBP1.16m at 31
March 2009. RBS our bankers have been, and remain, supportive of the Group.
In the second half of the year we will see the benefit of fee increases, new
contract starts, savings generated as a result of restructuring, and improved
back office controls and systems. However, due to the timing of these benefits
coming through, the results for the full year, before exceptional items, may be
below market expectations.
Demand across our core business remains strong which, linked to improvements in
recruitment, will I believe continue to produce an improvement in both revenue
and operating profit.
Mark Hales
Chief Executive
Finance Director's Report
Strong cash conversion and cash flow management in the six months ended 31 March
2009 achieved a reduction of GBP0.75m (3.7%) in net debt, which decreased to
GBP19.33m (30 September 2008: GBP20.08m).
Revenue increased to GBP28.49m, an increase of 18.4% over the comparative period
to 31 March 2008 (2008: GBP24.07m). This was partly due to the current period
including a full six months' income contribution from Complete Care, which was
acquired in November 2007, Ravenscroft, which was acquired in January 2008, and
PharmAssured, which started trading in October 2008. Excluding the impact of
acquisitions, revenue was GBP1.2m higher than the previous period, equating to
organic revenue growth of 4.8%.
Gross profit increased by 21.9% to GBP9.26m (2008: GBP7.60m). As with the growth
in revenue, part of the increase is due to the impact of acquisitions. Organic
growth was 9.6%. Gross profit margins also increased, rising to 32.5% (2008:
31.6%).
Operating profit before amortisation and acquisition related costs was GBP1.63m
(GBP1.59m), an increase of only 2.4%. The operating profit margin reduced to
5.7% (2008: 6.6%). This was partly as a result of increasing the size and
calibre of the senior and middle management teams in the period after the
Group's trading statement in June 2008, in order to stabilise the business, to
improve systems, processes and controls, and to position the Group for future
growth. Part of the reduction in operating profit margin was due to PharmAssured
making an operating loss of GBP0.1m in the period. Excluding the impact of
PharmAssured's results, the Group's profit margin was 6.1%.
The charge for amortisation of intangible assets was GBP0.83m (2008: GBP0.68m).
The increase was caused by a full six months' amortisation of Complete's
customer related assets, acquired in November 2007.
Finance costs increased to GBP1.00m (2008: GBP0.64m), with bank interest of
GBP0.84m (2008: GBP0.64m) representing the bulk of these costs. The increase was
because the Group had, on average, more debt than in the comparative period, and
the cost of debt also increased. The Group had average gross debt of GBP20.14m
during the six month period to March 2009; the average for the six month period
to March 2008 was GBP16.41m, as long-term borrowings increased by GBP7.08m in
November 2007 and by a further GBP2.90m in January 2008, as additional
borrowings were obtained to part finance the two acquisitions made at those
dates. The margins paid by the Group increased from December 2008, as a result
of the agreement reached with RBS in November 2008 to reset the December 2008
interest cover covenant test. In addition to the higher margins, RBS charged the
Group fees of GBP0.13m for the covenant reset. The impact on the income
statement of these fees, which are effectively being recognised over the current
financial year, has been classified as an exceptional finance cost. The other
element within exceptional finance costs relates to an increased finance charge
in respect of loan arrangement fees incurred at the Group's previous refinancing
in November 2007.
As mentioned in the Chairman's statement, the Group has negotiated a further
change in its covenants at a cost of GBP0.05m. All of these refinancing costs
are now being recognised over an expected shorter loan term, reflecting the
anticipated RBS refinancing following the determination of the strategic review.
The Group incurred a charge of GBP0.64m relating to the fair value movement on
derivative financial instruments (2008: GBP0.15m). This charge represents the
movement in the break costs of the Group's two interest rate hedges. The
majority of the Group's long term borrowings were hedged (in November 2007 and
November 2008) to limit exposure to interest rate fluctuations. As interest
rates have decreased since those dates, the break costs of the hedges have
correspondingly increased.
Profit before taxation * was GBP0.79m, a decrease of 19.5% over the prior period
(2008: GBP0.98m). The decrease of GBP0.19m was caused by the GBP0.20m increase
in bank interest charges previously mentioned.
Adjusted basic earnings per share * remained unchanged at 1.53p (2008: 1.53p).
Although profit after taxation * (i.e. adjusted earnings) increased by 7.0% to
GBP0.77m (2008: GBP0.72m), the issuing of shares to part finance the two
acquisitions made during the comparative period had a dilutive effect. The
reported loss after taxation for the period was GBP0.58m (2008: GBP0.09m loss),
which equates to a basic loss per share for the period of 1.16p (2008: 0.20p
loss).
Operating cash flows before movements in working capital were GBP1.78m, an 11.6%
increase over the prior period (2008: GBP1.60m). Strong working capital
management resulted in a decrease in working capital of GBP3.30m (2008: increase
of GBP0.34m). Part of this decrease was achieved by deferring payment of three
months' PAYE liabilities, totalling GBP2.70m, under an application under HMRC's
Business Payment Support Service. The deferred amounts will be paid by the end
of August 2009. A further GBP0.33m decrease in working capital was achieved by
reducing trade debtors and accrued income (work-in-progress and unbilled work);
this resulted in a reduction in debtor days to 27 (2008: 40 days). The decrease
in working capital resulted in cash generated from operations of GBP5.08m (2008:
GBP1.26m). Increases in finance costs resulted in net cash inflows from
operating activities being GBP3.92m (2008: GBP0.22m). After net cash outflows
from investing activities (primarily the purchase of office fixtures and
fittings, office equipment and computer software) and financing activities
(primarily the first term loan repayment of GBP1.10m), the net effect of all
cash flows was an overall increase in cash and cash equivalents of GBP2.34m
(2008: GBP0.86m), leaving the Group with cash of GBP0.32m at the end of the
period (2008: GBP1.04m).
The consolidated balance sheet reflects the previously mentioned movements in
the period. Trade and other receivables reduced by GBP0.42m to GBP10.24m (30
September 2008: GBP10.67m). The net cash balance increased by GBP2.34m to
GBP0.32m (30 September 2008: net overdraft of GBP2.02m). Trade and other
payables increased by GBP2.88m to GBP7.37m (30 September 2008: GBP4.49m),
primarily as a result of the deferral of GBP2.70m of PAYE liabilities. The
liability in respect of derivative financial instruments increased by GBP0.64m
to GBP0.71m (30 September 2008: GBP0.08m) as the break costs increased.
Following the GBP1.10m loan repayment, non-current financial liabilities reduced
to GBP14.75m (30 September 2008: GBP15.85m).
Net debt at the end of the period stood at GBP16.63m (30 September 2008:
GBP20.08m); the composition of this is disclosed in note 11 to the financial
statements. Underlying net debt, taking into account the GBP2.70m of deferred
PAYE liabilities, was GBP19.33m (30 September 2008: GBP20.08m).
Nick Townend
Group Finance Director
* Before share based payment charge, amortisation of intangible assets,
acquisition costs, exceptional finance costs, and fair value movements on
derivative financial instruments
CONSOLIDATED INCOME STATEMENT
For the six months ended 31 March 2009
+---------------------------------------------+--------+-----------+-----------+----------+
| | | Unaudited | Unaudited | Audited |
+---------------------------------------------+--------+-----------+-----------+----------+
| | | Six | Six | Year |
| | | months | months | |
+---------------------------------------------+--------+-----------+-----------+----------+
| | | to 31 Mar | to 31 Mar | to 30 |
| | | | | Sept |
+---------------------------------------------+--------+-----------+-----------+----------+
| | | 2009 | 2008 | 2008 |
+---------------------------------------------+--------+-----------+-----------+----------+
| | Notes | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------------+--------+-----------+-----------+----------+
| Continuing operations | | | | |
+---------------------------------------------+--------+-----------+-----------+----------+
| Revenue | 3 | 28,486 | 24,068 | 52,617 |
+---------------------------------------------+--------+-----------+-----------+----------+
| Cost of sales | | (19,222) | (16,467) | (36,065) |
+---------------------------------------------+--------+-----------+-----------+----------+
| Gross profit | | 9,264 | 7,601 | 16,552 |
+---------------------------------------------+--------+-----------+-----------+----------+
| Administrative expenses | | (7,632) | (6,008) | (12,207) |
+---------------------------------------------+--------+-----------+-----------+----------+
| Operating profit before amortisation and | | 1,632 | 1,593 | 4,345 |
| acquisition related costs | | | | |
+---------------------------------------------+--------+-----------+-----------+----------+
| Amortisation of intangible assets | | (831) | (676) | (1,507) |
+---------------------------------------------+--------+-----------+-----------+----------+
| Reorganisation and restructuring costs | | - | (138) | (309) |
+---------------------------------------------+--------+-----------+-----------+----------+
| Professional fees related to aborted | | - | (75) | (76) |
| acquisitions | | | | |
+---------------------------------------------+--------+-----------+-----------+----------+
| IFRS conversion costs | | - | - | (33) |
+---------------------------------------------+--------+-----------+-----------+----------+
| Operating profit | | 801 | 704 | 2,420 |
+---------------------------------------------+--------+-----------+-----------+----------+
| Finance income | | 1 | 6 | 23 |
+---------------------------------------------+--------+-----------+-----------+----------+
| Finance costs | | | | |
+---------------------------------------------+--------+-----------+-----------+----------+
| Exceptional finance costs | 4 | (154) | - | - |
+---------------------------------------------+--------+-----------+-----------+----------+
| Other | 4 | (842) | (642) | (1,467) |
+---------------------------------------------+--------+-----------+-----------+----------+
| | | (996) | (642) | (1,467) |
+---------------------------------------------+--------+-----------+-----------+----------+
| Fair value movement on derivative financial | | (637) | (148) | (77) |
| instruments | | | | |
+---------------------------------------------+--------+-----------+-----------+----------+
| (Loss)/profit before taxation | | (831) | (80) | 899 |
+---------------------------------------------+--------+-----------+-----------+----------+
| Taxation | 5 | 252 | (13) | (346) |
+---------------------------------------------+--------+-----------+-----------+----------+
| (Loss)/profit for the period attributable | | | | |
| to the | | | | |
+---------------------------------------------+--------+-----------+-----------+----------+
| equity holders of the parent | | (579) | (93) | 553 |
+---------------------------------------------+--------+-----------+-----------+----------+
| Basic (loss)/earnings per share | 6 | (1.16)p | (0.20)p | 1.14p |
+---------------------------------------------+--------+-----------+-----------+----------+
| Fully diluted (loss)/earnings per share | 6 | (1.16)p | (0.20)p | 1.14p |
+---------------------------------------------+--------+-----------+-----------+----------+
| Adjusted basic earnings per share | 6 | 1.53p | 1.53p | 4.26p |
+---------------------------------------------+--------+-----------+-----------+----------+
| Adjusted fully diluted earnings per share | 6 | 1.53p | 1.52p | 4.25p |
+---------------------------------------------+--------+-----------+-----------+----------+
| | | | | |
+---------------------------------------------+--------+-----------+-----------+----------+
CONSOLIDATED BALANCE SHEET
At 31 March 2009
+----------------------------------------------+-------+-----------+-----------+----------+
| | | Unaudited | Unaudited | Audited |
+----------------------------------------------+-------+-----------+-----------+----------+
| | | at 31 | at 31 Mar | at 30 |
| | | Mar | | Sept |
+----------------------------------------------+-------+-----------+-----------+----------+
| | | 2009 | 2008 | 2008 |
+----------------------------------------------+-------+-----------+-----------+----------+
| | Notes | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------------+-------+-----------+-----------+----------+
| Non-current assets | | | | |
+----------------------------------------------+-------+-----------+-----------+----------+
| Goodwill | | 42,940 | 42,682 | 42,921 |
+----------------------------------------------+-------+-----------+-----------+----------+
| Other intangible assets | | 14,109 | 15,606 | 14,823 |
+----------------------------------------------+-------+-----------+-----------+----------+
| Property, plant and equipment | | 1,188 | 863 | 963 |
+----------------------------------------------+-------+-----------+-----------+----------+
| Deferred tax asset | | 95 | 32 | 84 |
+----------------------------------------------+-------+-----------+-----------+----------+
| | | 58,332 | 59,183 | 58,791 |
+----------------------------------------------+-------+-----------+-----------+----------+
| Current assets | | | | |
+----------------------------------------------+-------+-----------+-----------+----------+
| Inventory | | 12 | - | - |
+----------------------------------------------+-------+-----------+-----------+----------+
| Trade and other receivables | 7 | 10,243 | 9,214 | 10,666 |
+----------------------------------------------+-------+-----------+-----------+----------+
| Cash and cash equivalents | | 673 | 1,039 | 362 |
+----------------------------------------------+-------+-----------+-----------+----------+
| | | 10,928 | 10,253 | 11,028 |
+----------------------------------------------+-------+-----------+-----------+----------+
| Total assets | | 69,260 | 69,436 | 69,819 |
+----------------------------------------------+-------+-----------+-----------+----------+
| Current liabilities | | | | |
+----------------------------------------------+-------+-----------+-----------+----------+
| Financial liabilities | 9 | (2,549) | (987) | (4,592) |
+----------------------------------------------+-------+-----------+-----------+----------+
| Trade and other payables | 8 | (7,374) | (5,042) | (4,491) |
+----------------------------------------------+-------+-----------+-----------+----------+
| Current tax liabilities | | (595) | (502) | (717) |
+----------------------------------------------+-------+-----------+-----------+----------+
| Derivative financial instruments | | (714) | (148) | (77) |
+----------------------------------------------+-------+-----------+-----------+----------+
| | | (11,232) | (6,679) | (9,877) |
+----------------------------------------------+-------+-----------+-----------+----------+
| Non-current liabilities | | | | |
+----------------------------------------------+-------+-----------+-----------+----------+
| Financial liabilities | 10 | (14,750) | (19,100) | (15,850) |
+----------------------------------------------+-------+-----------+-----------+----------+
| Deferred tax liabilities | | (3,277) | (3,743) | (3,510) |
+----------------------------------------------+-------+-----------+-----------+----------+
| | | (18,027) | (22,843) | (19,360) |
+----------------------------------------------+-------+-----------+-----------+----------+
| Total liabilities | | (29,259) | (29,522) | (29,237) |
+----------------------------------------------+-------+-----------+-----------+----------+
| Net assets | | 40,001 | 39,914 | 40,582 |
+----------------------------------------------+-------+-----------+-----------+----------+
| Equity | | | | |
+----------------------------------------------+-------+-----------+-----------+----------+
| Share capital | | 4,999 | 4,999 | 4,999 |
+----------------------------------------------+-------+-----------+-----------+----------+
| Share premium account | | 34,793 | 34,793 | 34,793 |
+----------------------------------------------+-------+-----------+-----------+----------+
| Share-based payment reserve | | 90 | 70 | 92 |
+----------------------------------------------+-------+-----------+-----------+----------+
| Merger reserve | | (1,600) | (1,600) | (1,600) |
+----------------------------------------------+-------+-----------+-----------+----------+
| Retained earnings | | 1,719 | 1,652 | 2,298 |
+----------------------------------------------+-------+-----------+-----------+----------+
| Equity attributable to equity holders of the | | 40,001 | 39,914 | 40,582 |
| parent | | | | |
+----------------------------------------------+-------+-----------+-----------+----------+
| | | | | |
+----------------------------------------------+-------+-----------+-----------+----------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
At 31 March 2009
+---------------------------------+---------+---------+---------+---------+----------+---------+
| | | | Share- | | | |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| | | Share | based | | | |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| | Share | premium | payment | Merger | Retained | |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| | capital | account | reserve | reserve | earnings | Total |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| At 1 October 2007 | 3,011 | 10,533 | 47 | (1,600) | 1,995 | 13,986 |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| Total recognised income and | - | - | - | - | (93) | (93) |
| expense | | | | | | |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| Dividends paid | - | - | - | - | (250) | (250) |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| Share-based payment reserve | - | - | 23 | - | - | 23 |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| movement | | | | | | |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| Issue of shares in the period | 1,988 | - | - | - | - | 1,988 |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| Premium on allotment during the | - | 24,260 | - | - | - | 24,260 |
| period | | | | | | |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| At 31 March 2008 | 4,999 | 34,793 | 70 | (1,600) | 1,652 | 39,914 |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| Total recognised income and | - | - | - | - | 646 | 646 |
| expense | | | | | | |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| Dividends paid | - | - | - | - | - | - |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| Share-based payment reserve | - | - | 22 | - | - | 22 |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| movement | | | | | | |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| Issue of shares in the period | - | - | - | - | - | - |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| Premium on allotment during the | - | - | - | - | - | - |
| period | | | | | | |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| At 30 September 2008 | 4,999 | 34,793 | 92 | (1,600) | 2,298 | 40,582 |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| Total recognised income and | - | - | - | - | (579) | (579) |
| expense | | | | | | |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| Dividends paid | - | - | - | - | - | - |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| Share-based payment reserve | - | - | (2) | - | - | (2) |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| movement | | | | | | |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| Issue of shares in the period | - | - | - | - | - | - |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| Premium on allotment during the | - | - | - | - | - | - |
| period | | | | | | |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| At 31 March 2009 | 4,999 | 34,793 | 90 | (1,600) | 1,719 | 40,001 |
+---------------------------------+---------+---------+---------+---------+----------+---------+
| | | | | | | |
+---------------------------------+---------+---------+---------+---------+----------+---------+
CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 31 March 2009
+---------------------------------------------+-------+-----------+-----------+----------+
| | | Unaudited | Unaudited | Audited |
+---------------------------------------------+-------+-----------+-----------+----------+
| | | six | six | year |
| | | months | months | |
+---------------------------------------------+-------+-----------+-----------+----------+
| | | to 31 Mar | to 31 Mar | to 30 |
| | | | | Sept |
+---------------------------------------------+-------+-----------+-----------+----------+
| | | 2009 | 2008 | 2008 |
+---------------------------------------------+-------+-----------+-----------+----------+
| | Notes | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------------+-------+-----------+-----------+----------+
| Cash flows from operating activities | | | | |
+---------------------------------------------+-------+-----------+-----------+----------+
| Cash generated from operations | 12 | 5,076 | 1,256 | 2,312 |
+---------------------------------------------+-------+-----------+-----------+----------+
| Finance income | | 1 | 6 | 23 |
+---------------------------------------------+-------+-----------+-----------+----------+
| Finance costs | | | | |
+---------------------------------------------+-------+-----------+-----------+----------+
| Exceptional finance costs | | (128) | - | - |
+---------------------------------------------+-------+-----------+-----------+----------+
| Other | | (875) | (642) | (1,467) |
+---------------------------------------------+-------+-----------+-----------+----------+
| | | (1,003) | (642) | (1,467) |
+---------------------------------------------+-------+-----------+-----------+----------+
| Corporation tax | | (158) | (402) | (1,081) |
+---------------------------------------------+-------+-----------+-----------+----------+
| Net cash flows from/(used in) operating | | 3,916 | 218 | (213) |
| activities | | | | |
+---------------------------------------------+-------+-----------+-----------+----------+
| Cash flows used in investing activities | | | | |
+---------------------------------------------+-------+-----------+-----------+----------+
| Acquisition of subsidiaries net of cash | | - | (33,534) | (33,669) |
| acquired | | | | |
+---------------------------------------------+-------+-----------+-----------+----------+
| Purchase of property, plant and equipment | | (342) | (107) | (272) |
+---------------------------------------------+-------+-----------+-----------+----------+
| Purchase of intangible assets | | (117) | - | (65) |
+---------------------------------------------+-------+-----------+-----------+----------+
| Proceeds from sale of property, plant and | | 16 | - | - |
| equipment | | | | |
+---------------------------------------------+-------+-----------+-----------+----------+
| Payments in respect of previous | | (19) | (420) | (1,286) |
| acquisitions | | | | |
+---------------------------------------------+-------+-----------+-----------+----------+
| Net cash flows used in investing activities | | (462) | (34,061) | (35,292) |
+---------------------------------------------+-------+-----------+-----------+----------+
| Cash flows from financing activities | | | | |
+---------------------------------------------+-------+-----------+-----------+----------+
| Proceeds from issue of share capital | | - | 24,281 | 23,955 |
+---------------------------------------------+-------+-----------+-----------+----------+
| Proceeds of long-term borrowings | | - | 10,705 | 9,655 |
+---------------------------------------------+-------+-----------+-----------+----------+
| Repayment of long-term borrowings | | (1,100) | - | - |
+---------------------------------------------+-------+-----------+-----------+----------+
| Repayment of obligations under finance | | (12) | (31) | (50) |
| lease liabilities | | | | |
+---------------------------------------------+-------+-----------+-----------+----------+
| Payment of dividends | | - | (250) | (250) |
+---------------------------------------------+-------+-----------+-----------+----------+
| Net cash flows from financing activities | | (1,112) | 34,705 | 33,310 |
+---------------------------------------------+-------+-----------+-----------+----------+
| Net increase/(decrease) in cash and cash | | 2,342 | 862 | (2,195) |
| equivalents | | | | |
+---------------------------------------------+-------+-----------+-----------+----------+
| Cash and cash equivalents at beginning of | | (2,018) | 177 | 177 |
| period | | | | |
+---------------------------------------------+-------+-----------+-----------+----------+
| Cash and cash equivalents at end of period | | 324 | 1,039 | (2,018) |
+---------------------------------------------+-------+-----------+-----------+----------+
| | | | | |
+---------------------------------------------+-------+-----------+-----------+----------+
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
For the six months ended 31 March 2009
1GENERAL INFORMATION
These condensed consolidated financial statements for the six months ended 31
March 2009 were approved by the Board of Directors on 29 June 2009. They are
unaudited, and do not comprise statutory accounts within the meaning of section
434 of the Companies Act 2006.
The information for the year ended 30 September 2008 does not constitute
statutory accounts as defined in section 434 of the Companies Act 2006. A copy
of the statutory accounts for that period has been delivered to the Registrar of
Companies. The Auditors' report on those accounts was unqualified and did not
contain a statement under section 237 (2) or (3) of the Companies Act 1985.
2 ACCOUNTING POLICIES
These condensed consolidated financial statements should be read in conjunction
with the Group's financial statements for the year ended 30 September 2008,
which were prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted by the European Union.
The accounting policies and basis of consolidation of these condensed
consolidated financial statements are consistent with those applied and set out
on pages 26 to 30 of the Group's audited financial statements for the year ended
30 September 2008.
3 SEGMENTAL INFORMATION
For management purposes the Group is currently organised into three operating
divisions as follows:
Domiciliary Care - the provision of high volume services largely for older
people funded primarily by Local Authorities
Specialist Care - the provision of services to people with an acquired brain or
spinal cord injury
Other Activities - the provision of support to franchisees, Rapid Response alarm
services, training and pharmacy services
Corporate Services represents the provision of central management services to
the Group.
Those items of income or expense, asset or liability which arise from the
provision of central management services to the Group are not allocated to the
Group's operating divisions but are shown separately in Corporate Services.
All of the Group's operations are located in the United Kingdom.
3SEGMENTAL INFORMATION continued
Six months ended 31 March 2009
+----------------------------------+-------------+------------+------------+-----------+-----------+
| | Domiciliary | Specialist | Other | Corporate | Con- |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| | Care | Care | Activities | Services | solidated |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| Revenue | 15,830 | 11,226 | 1,430 | - | 28,486 |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| Cost of sales | (10,653) | (8,268) | (301) | - | (19,222) |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| Administrative expenses | (4,215) | (1,766) | (1,071) | (580) | (7,632) |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| Operating profit/(loss) before | | | | | |
| amortisation | | | | | |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| and acquisition related costs | 962 | 1,192 | 58 | (580) | 1,632 |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| Amortisation of intangible | (347) | (442) | (42) | - | (831) |
| assets | | | | | |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| Reorganisation and restructuring | - | - | - | - | - |
| costs | | | | | |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| Fees related to aborted | - | - | - | - | - |
| acquisitions | | | | | |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| IFRS conversion costs | - | - | - | - | - |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| Operating profit/(loss) | 615 | 750 | 16 | (580) | 801 |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| Finance income | - | - | - | 1 | 1 |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| Finance costs | | | | | |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| Exceptional finance costs | - | - | - | (154) | (154) |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| Other | - | - | - | (842) | (842) |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| | - | - | - | (996) | (996) |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| Fair value movement on | | | | | |
| derivative | | | | | |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| financial instruments | - | - | - | (637) | (637) |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| Profit/(loss) before tax | 615 | 750 | 16 | (2,212) | (831) |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| Taxation | - | - | - | 252 | 252 |
+----------------------------------+-------------+------------+------------+-----------+-----------+
| Profit/(loss) for the period | 615 | 750 | 16 | (1,960) | (579) |
+----------------------------------+-------------+------------+------------+-----------+-----------+
Six months ended 31 March 2008
+------------------------------------+-------------+------------+------------+-----------+-----------+
| | Domiciliary | Specialist | Other | Corporate | Con- |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| | Care | Care | Activities | Services | solidated |
| | | | | | |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| Revenue | 14,626 | 8,359 | 1,083 | - | 24,068 |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| Cost of sales | (9,943) | (6,122) | (402) | - | (16,467) |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| Administrative expenses | (3,628) | (1,449) | (466) | (465) | (6,008) |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| Operating profit/(loss) before | | | | | |
| amortisation | | | | | |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| and acquisition related costs | 1,055 | 788 | 215 | (465) | 1,593 |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| Amortisation of intangible assets | (266) | (368) | (42) | - | (676) |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| Reorganisation and restructuring | - | - | - | (138) | (138) |
| costs | | | | | |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| Fees related to aborted | - | - | - | (75) | (75) |
| acquisitions | | | | | |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| IFRS conversion costs | - | - | - | - | - |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| Operating profit/(loss) | 789 | 420 | 173 | (678) | 704 |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| Finance income | - | - | - | 6 | 6 |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| Finance costs | | | | | |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| Exceptional finance costs | - | - | - | - | - |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| Other | - | - | - | (642) | (642) |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| | - | - | - | (642) | (642) |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| Fair value movement on derivative | | | | | |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| financial instruments | - | - | - | (148) | (148) |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| Profit/(loss) before tax | 789 | 420 | 173 | (1,462) | (80) |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| Taxation | - | - | - | (13) | (13) |
+------------------------------------+-------------+------------+------------+-----------+-----------+
| Profit/(loss) for the period | 789 | 420 | 173 | (1,475) | (93) |
+------------------------------------+-------------+------------+------------+-----------+-----------+
3 SEGMENTAL INFORMATION continued
Year ended 30 September 2008
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| | Domiciliary | Specialist | Other | Corporate | Con- |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| | Care | Care | Activities | Services | solidated |
| | | | | | |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| Revenue | 30,964 | 19,177 | 2,476 | - | 52,617 |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| Cost of sales | (21,022) | (14,097) | (946) | - | (36,065) |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| Administrative expenses | (7,138) | (3,032) | (1,005) | (1,032) | (12,207) |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| Operating profit/(loss) before | | | | | |
| amortisation | | | | | |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| and acquisition related costs | 2,804 | 2,048 | 525 | (1,032) | 4,345 |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| Amortisation of intangible assets | (611) | (810) | (86) | - | (1,507) |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| Re-organisation and restructuring | - | - | - | (309) | (309) |
| costs | | | | | |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| Fees related to aborted | - | - | - | (76) | (76) |
| acquisitions | | | | | |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| IFRS conversion costs | - | - | - | (33) | (33) |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| Operating profit/(loss) | 2,193 | 1,238 | 439 | (1,450) | 2,420 |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| Finance income | - | - | - | 23 | 23 |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| Finance costs | | | | | |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| Exceptional finance costs | - | - | - | - | - |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| Other | - | - | - | (1,467) | (1,467) |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| | - | - | - | (1,467) | (1,467) |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| Fair value movement on derivative | | | | | |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| financial instruments | - | - | - | (77) | (77) |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| Profit/(loss) before tax | 2,193 | 1,238 | 439 | (2,971) | 899 |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| Taxation | - | - | - | (346) | (346) |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
| Profit/(loss) for the period | 2,193 | 1,238 | 439 | (3,317) | 553 |
+-------------------------------------+-------------+------------+------------+-----------+-----------+
4FINANCE COSTS
+----------------------------------------------+-------------+-------------+-----------+
| | Unaudited | Unaudited | Audited |
+----------------------------------------------+-------------+-------------+-----------+
| | six months | six months | year to |
| | to | to | |
+----------------------------------------------+-------------+-------------+-----------+
| | 31 Mar 09 | 31 Mar 08 | 30 Sept |
| | | | 08 |
+----------------------------------------------+-------------+-------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------------+-------------+-------------+-----------+
| Exceptional finance costs | 154 | - | - |
+----------------------------------------------+-------------+-------------+-----------+
| Hire purchase and finance lease interest | - | - | 3 |
+----------------------------------------------+-------------+-------------+-----------+
| Bank interest | 842 | 642 | 1,464 |
+----------------------------------------------+-------------+-------------+-----------+
| | 996 | 642 | 1,467 |
+----------------------------------------------+-------------+-------------+-----------+
Exceptional finance costs comprise bank fees in relation to the December 2008
covenant reset and accelerated amortisation of loan arrangement fees, both of
which are being amortised over the year to 30 September 2009.
5 TAXATION
+----------------------------------------------+-------------+------------+------------+
| | Unaudited | Unaudited | Audited |
+----------------------------------------------+-------------+------------+------------+
| | six months | six months | year to |
| | to | to | |
+----------------------------------------------+-------------+------------+------------+
| | 31 Mar 09 | 31 Mar 08 | 30 Sept 08 |
+----------------------------------------------+-------------+------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------------+-------------+------------+------------+
| Analysis of charge in period | | | |
+----------------------------------------------+-------------+------------+------------+
| Current tax: | | | |
+----------------------------------------------+-------------+------------+------------+
| UK corporation tax on profits of the period | (8) | 225 | 788 |
+----------------------------------------------+-------------+------------+------------+
| Adjustment in respect of previous period | - | - | 55 |
+----------------------------------------------+-------------+------------+------------+
| Total current tax | (8) | 225 | 843 |
+----------------------------------------------+-------------+------------+------------+
| Deferred tax: | | | |
+----------------------------------------------+-------------+------------+------------+
| Origination and reversal of timing | (244) | (212) | (512) |
| differences | | | |
+----------------------------------------------+-------------+------------+------------+
| Impact of change in UK tax rate | - | - | 15 |
+----------------------------------------------+-------------+------------+------------+
| Taxation on profit on ordinary activities | (252) | 13 | 346 |
+----------------------------------------------+-------------+------------+------------+
6 EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the result after tax for the
financial period by the weighted average number of shares in issue for the
period.
The weighted average number of shares in issue used in the basic earnings per
share calculation may be reconciled to the number used in the diluted earnings
per share calculation as follows:
+----------------------------------------------+-------------+------------+------------+
| | Unaudited | Unaudited | Audited |
+----------------------------------------------+-------------+------------+------------+
| | six months | six months | year to |
| | to | to | |
+----------------------------------------------+-------------+------------+------------+
| | 31 Mar 09 | 31 Mar 08 | 30 Sept 08 |
+----------------------------------------------+-------------+------------+------------+
| | Number | Number | Number |
+----------------------------------------------+-------------+------------+------------+
| Basic earnings per share denominator | 49,995,140 | 46,937,330 | 48,521,112 |
+----------------------------------------------+-------------+------------+------------+
| Issuable on conversion of options | - | 291,026 | 53,593 |
+----------------------------------------------+-------------+------------+------------+
| Diluted earnings per share denominator | 49,995,140 | 47,228,356 | 48,574,705 |
+----------------------------------------------+-------------+------------+------------+
To understand the underlying trading performance the Directors consider it
appropriate to disclose earnings both before and after share-based payment
charges, amortisation of intangible assets, acquisition and IFRS conversion
related costs, exceptional finance costs and fair value movements on derivative
financial instruments ("adjusted earnings"). This note also therefore presents
additional adjusted earnings per share information on that basis as follows:
+----------------------------------------------+-------------+------------+------------+
| | Unaudited | Unaudited | Audited |
+----------------------------------------------+-------------+------------+------------+
| | six months | six months | year to |
| | to | to | |
+----------------------------------------------+-------------+------------+------------+
| | 31 Mar 09 | 31 Mar 08 | 30 Sept 08 |
+----------------------------------------------+-------------+------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------------+-------------+------------+------------+
| Earnings attributable to shareholders | (579) | (93) | 553 |
+----------------------------------------------+-------------+------------+------------+
| Adjusting costs (net of taxation) | 1,345 | 809 | 1,513 |
+----------------------------------------------+-------------+------------+------------+
| Adjusted earnings attributable to | 766 | 716 | 2,066 |
| shareholders | | | |
+----------------------------------------------+-------------+------------+------------+
| Basic (loss)/earnings per share | (1.16p) | (0.20p) | 1.14p |
+----------------------------------------------+-------------+------------+------------+
| Adjusted basic earnings per share | 1.53p | 1.53p | 4.26p |
+----------------------------------------------+-------------+------------+------------+
| Fully diluted (loss)/earnings per share | (1.16p) | (0.20p) | 1.14p |
+----------------------------------------------+-------------+------------+------------+
| Adjusted fully diluted earnings per share | 1.53p | 1.52p | 4.25p |
+----------------------------------------------+-------------+------------+------------+
7 TRADE AND OTHER RECEIVABLES
+----------------------------------------------+-------------+------------+------------+
| | Unaudited | Unaudited | Audited |
+----------------------------------------------+-------------+------------+------------+
| | 31 Mar 09 | 31 Mar 08 | 30 Sept 08 |
+----------------------------------------------+-------------+------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------------+-------------+------------+------------+
| Trade receivables | 4,256 | 4,127 | 4,137 |
+----------------------------------------------+-------------+------------+------------+
| Accrued income | 5,081 | 4,122 | 5,526 |
+----------------------------------------------+-------------+------------+------------+
| Prepayments | 906 | 868 | 976 |
+----------------------------------------------+-------------+------------+------------+
| Other receivables | - | 97 | 27 |
+----------------------------------------------+-------------+------------+------------+
| | 10,243 | 9,214 | 10,666 |
+----------------------------------------------+-------------+------------+------------+
The average credit period taken is 27 days (31 March 2008: 40 days; 30 September
2008: 29 days). The Directors consider the carrying amount of trade and other
receivables approximate to their fair value.
The Group holds no collateral against these receivables at the balance sheet
date.
The following table provides an analysis of trade and other receivables that
were past due at the respective period ends but not impaired. The Directors
believe that the balances are ultimately recoverable based on a review of past
payment history and the current financial status of the customers.
+-----------------------------------------------+------------+------------+------------+
| | Unaudited | Unaudited | Audited |
+-----------------------------------------------+------------+------------+------------+
| | 31 Mar 09 | 31 Mar 08 | 30 Sept 08 |
+-----------------------------------------------+------------+------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------------+------------+------------+------------+
| Up to 30 days | 1,160 | 1,392 | 1,131 |
+-----------------------------------------------+------------+------------+------------+
| Between 30 and 60 days | 170 | 444 | 510 |
+-----------------------------------------------+------------+------------+------------+
| Between 60 and 90 days | 448 | 286 | 382 |
+-----------------------------------------------+------------+------------+------------+
| Over 90 days | 887 | 1,084 | 1,041 |
+-----------------------------------------------+------------+------------+------------+
| | 2,665 | 3,206 | 3,064 |
+-----------------------------------------------+------------+------------+------------+
8 TRADE AND OTHER PAYABLES
+----------------------------------------------+-------------+------------+------------+
| | Unaudited | Unaudited | Audited |
+----------------------------------------------+-------------+------------+------------+
| | 31 Mar 09 | 31 Mar 08 | 30 Sept 08 |
+----------------------------------------------+-------------+------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------------+-------------+------------+------------+
| Trade payables | 730 | 459 | 794 |
+----------------------------------------------+-------------+------------+------------+
| Tax and social security | 3,557 | 1,308 | 704 |
+----------------------------------------------+-------------+------------+------------+
| Accruals | 712 | 1,290 | 849 |
+----------------------------------------------+-------------+------------+------------+
| Other creditors | 2,189 | 1,721 | 1,872 |
+----------------------------------------------+-------------+------------+------------+
| Deferred consideration | 186 | 264 | 272 |
+----------------------------------------------+-------------+------------+------------+
| | 7,374 | 5,042 | 4,491 |
+----------------------------------------------+-------------+------------+------------+
The average payment period is 41 days (31 March 2008: 33 days; 30 September
2008: 60 days). The Directors consider the carrying amount of trade and other
payables approximate to their fair value.
9 CURRENT FINANCIAL LIABILITIES
+-----------------------------------------------+------------+------------+------------+
| | Unaudited | Unaudited | Audited |
+-----------------------------------------------+------------+------------+------------+
| | 31 Mar 09 | 31 Mar 08 | 30 Sept 08 |
+-----------------------------------------------+------------+------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------------+------------+------------+------------+
| Overdraft | 349 | - | 2,380 |
+-----------------------------------------------+------------+------------+------------+
| Bank loans | 2,200 | - | 2,200 |
+-----------------------------------------------+------------+------------+------------+
| Obligations under hire purchase and finance | - | 37 | 12 |
| leases | | | |
+-----------------------------------------------+------------+------------+------------+
| Loan notes | - | 950 | - |
+-----------------------------------------------+------------+------------+------------+
| | 2,549 | 987 | 4,592 |
+-----------------------------------------------+------------+------------+------------+
The bank loans and overdraft are secured by a fixed and floating charge over all
assets of the Group.
Amounts due under finance leases are secured on the assets to which they relate.
10 NON-CURRENT FINANCIAL LIABILITIES
+----------------------------------------------+-------------+------------+------------+
| | Unaudited | Unaudited | Audited |
+----------------------------------------------+-------------+------------+------------+
| | 31 Mar 09 | 31 Mar 08 | 30 Sept 08 |
+----------------------------------------------+-------------+------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------------+-------------+------------+------------+
| Bank loans | 14,750 | 19,100 | 15,850 |
+----------------------------------------------+-------------+------------+------------+
| | 14,750 | 19,100 | 15,850 |
+----------------------------------------------+-------------+------------+------------+
11FINANCIAL INSTRUMENTS
Financial risk management objectives and policies
The Group's principal financial instruments, other than derivatives, comprise
bank loans, finance leases and cash. The main purpose of these financial
instruments is to fund the Group's operations, including the management of
working capital and liquidity. The Group also has various other financial
instruments such as trade receivables and trade payables that arise directly
from its operations.
The Group also enters into derivative transactions, in the form of interest rate
swaps, to manage the interest rate risks arising from the Group's sources of
finance. It is, and has been throughout the period under review, the Group's
policy that no trading of financial instruments is undertaken.
Financial projections are prepared and capital requirements are estimated using
these projections, together with sensitivity analysis. The Group's banking
agreements require the Group to comply with covenants for senior debt to
normalised earnings before interest, tax, depreciation and amortisation, for
normalised earnings before interest, tax, depreciation and amortisation to
interest, and for cash flow to debt service payments.
The main risks arising from the Group's financial instruments are interest rate,
credit and liquidity risk. The Board reviews and agrees policies for managing
each of these risks, and they are summarised below.
Short-term receivables and payables
Short-term receivables and payables have been excluded from the following
disclosures.
11 FINANCIAL INSTRUMENTS continued
Interest rate risk
The Group finances its operations through a combination of cash and bank
borrowings. The book value of financial instruments held or issued to finance
the Group's operations approximate to the fair value of those instruments in the
current or prior year, because of their short maturities. The Group is exposed
to fluctuations in interest rates on its loans and cash deposits.
The Group's principal bank borrowings arise from its term loan arrangement and
from drawdowns on its revolving facility which have been used to finance the
acquisition of target businesses. The rate of interest on such borrowings is
typically fixed for a period of between one to six months from drawdown, with an
option on maturity to fix for future periods. The Board also reviews the
requirement to hedge its interest rate exposure on a regular basis.
The Group has entered into two hedging arrangements to hedge its exposure to
interest rate risk, by fixing an element of interest on a total of GBP16.28m of
its debt.
The swap arrangements cover:
+------------------------------------------------+-----------+------------+------------+
| Debt | Start | Fixed rate | Expiry |
+------------------------------------------------+-----------+------------+------------+
| GBP7.23m (re term loan) | 1 Nov 07 | 5.720% | 31 Dec 12 |
+------------------------------------------------+-----------+------------+------------+
| GBP9.05m (re revolving facility) | 4 Nov 08 | 3.895% | 4 Nov 09 |
+------------------------------------------------+-----------+------------+------------+
The swaps have the effect of fixing the LIBOR interest rate. The size of the
notional amount on which the term loan swap is based reduces every six months
pro rata with the term loan repayments.
11 FINANCIAL INSTRUMENTS continued
The interest rate exposure of the financial assets and liabilities of the Group
as at 31 March 2009, 31 March 2008 and 30 September 2008 was:
+-----------------------+----+-----+----+-----+----+-----+----+-----+----+----+-----+----+-----+----+
| | Fixed | Floating | Total | Fixed | Floating | Total |
+----------------------------+----------+----------+----------+---------------+----------+----------+
| | 31 Mar | 31 Mar | 31 Mar | 31 Mar | 31 Mar | 31 Mar |
+----------------------------+----------+----------+----------+---------------+----------+----------+
| | 2009 | 2009 | 2009 | 2008 | 2008 | 2008 |
+----------------------------+----------+----------+----------+---------------+----------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+----------+----------+----------+---------------+----------+----------+
| Financial assets | | | | | | |
+----------------------------+----------+----------+----------+---------------+----------+----------+
| Cash at bank | - | 673 | 673 | - | 1,039 | 1,039 |
+----------------------------+----------+----------+----------+---------------+----------+----------+
| | - | 673 | 673 | - | 1,039 | 1,039 |
+----------------------------+----------+----------+----------+---------------+----------+----------+
| Financial liabilities | | | | | | |
+----------------------------+----------+----------+----------+---------------+----------+----------+
| Bank overdraft | - | (349) | (349) | - | - | - |
+----------------------------+----------+----------+----------+---------------+----------+----------+
| Bank loans | (16,950) | - | (16,950) | (19,100) | - | (19,100) |
+----------------------------+----------+----------+----------+---------------+----------+----------+
| Hire purchase and finance | - | - | - | (37) | - | (37) |
| leases | | | | | | |
+----------------------------+----------+----------+----------+---------------+----------+----------+
| Loan notes | - | - | - | (950) | - | (950) |
+----------------------------+----------+----------+----------+---------------+----------+----------+
| | (16,950) | (349) | (17,299) | (20,087) | - | (20,087) |
+----------------------------+----------+----------+----------+---------------+----------+----------+
| Net (debt)/cash | (16,950) | 324 | (16,626) | (20,087) | 1,039 | (19,048) |
+----------------------------+----------+----------+----------+---------------+----------+----------+
| | | | | | | |
+-----------------------+----------+----------+----------+----------+---------------+----------+
| | Fixed | Floating | Total |
+-------------------------------------------------------------+----------+---------------+----------+
| | 30 Sept | 30 Sept | 30 Sept |
+-------------------------------------------------------------+----------+---------------+----------+
| | 2008 | 2008 | 2008 |
+-------------------------------------------------------------+----------+---------------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------------------------------+----------+---------------+----------+
| Financial assets | | | |
+-------------------------------------------------------------+----------+---------------+----------+
| Cash at bank | - | 362 | 362 |
+-------------------------------------------------------------+----------+---------------+----------+
| | - | 362 | 362 |
+-------------------------------------------------------------+----------+---------------+----------+
| Financial liabilities | | | |
+-------------------------------------------------------------+----------+---------------+----------+
| Bank overdraft | - | (2,380) | (2,380) |
+-------------------------------------------------------------+----------+---------------+----------+
| Bank loans | (18,050) | - | (18,050) |
+-------------------------------------------------------------+----------+---------------+----------+
| Hire purchase and finance leases | (12) | - | (12) |
+-------------------------------------------------------------+----------+---------------+----------+
| Loan notes | - | - | - |
+-------------------------------------------------------------+----------+---------------+----------+
| | (18,062) | (2,380) | (20,442) |
+-------------------------------------------------------------+----------+---------------+----------+
| Net (debt)/cash | (18,062) | (2,018) | (20,080) |
+-------------------------------------------------------------+----------+---------------+----------+
| | | | |
+-----------------------+----+-----+----+-----+----+-----+----+-----+----+----+-----+----+-----+----+
The weighted average fixed interest rate as at 31 March 2009 was 5.38%. The
weighted average period for which the rate was fixed from 31 March 2009 was 55
days.
The Group has performed a sensitivity analysis for floating interest rates to
determine annual impacts as set out below.
+------------------------------------------+--------------+------------+-------------+
| | Unaudited | Unaudited | Audited |
+------------------------------------------+--------------+------------+-------------+
| | 31 Mar 09 | 31 Mar 08 | 30 Sept 08 |
+------------------------------------------+--------------+------------+-------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------+--------------+------------+-------------+
| Increase/(decrease) in result | | | |
+------------------------------------------+--------------+------------+-------------+
| 1% increase in base rate of interest | (3) | - | (24) |
+------------------------------------------+--------------+------------+-------------+
| 1% decrease in base rate of interest | 3 | - | 24 |
+------------------------------------------+--------------+------------+-------------+
11 FINANCIAL INSTRUMENTS continued
The Group's banking facilities comprise a GBP9.9m term loan, a GBP12m revolving
credit facility, and a GBP2.5m overdraft facility.
The term loan is repayable in six-monthly instalments from 30 June 2009 to 31
December 2012. The loan carries an interest rate of 3% above LIBOR.
The revolving credit facility is available until 30 September 2010. The
facility carries an interest rate of 2.5% above LIBOR.
The overdraft facility is repayable on demand. The facility carries an interest
rate of 3% above Bank of England base rate.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial
obligations as they fall due. The Group seeks to manage risk by ensuring
sufficient liquidity is available to meet foreseeable cash requirements and to
invest cash assets safely. The Group keeps under review the maturity profile of
its borrowings in conjunction with its trading cash flow projections. The
GBP2.5m overdraft facility is designed to provide adequate liquidity for the
Group. In addition, there is headroom available within the revolving credit
facility.
Credit risk
Credit risk arises mainly from trade receivables and cash and cash equivalents.
The Group is exposed to credit risk should customers fail to meet all or part
of their obligations. The majority of the Group's sales are to United Kingdom
Local Authorities and NHS Primary Care Trusts. Customers are subject to credit
verification when appropriate and all outstanding balances are regularly
monitored. The Group mitigates its credit risk by ensuring that no customer
comprises an unduly large proportion of its total business.
The Group's maximum exposure to credit risk relating to such assets is as
follows:
+---------------------------------------------+------------+------------+-------------+
| | Unaudited | Unaudited | Audited |
+---------------------------------------------+------------+------------+-------------+
| | 31 Mar 09 | 31 Mar 08 | 30 Sept 08 |
+---------------------------------------------+------------+------------+-------------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------------+------------+------------+-------------+
| Trade receivables | 4,256 | 4,127 | 4,137 |
+---------------------------------------------+------------+------------+-------------+
| Cash and cash equivalents | 673 | 1,039 | 362 |
+---------------------------------------------+------------+------------+-------------+
| | 4,929 | 5,166 | 4,499 |
+---------------------------------------------+------------+------------+-------------+
The Group reviews aged debt on a regular basis and makes provision for those
debts which it considers doubtful.
Foreign currency risk
The Group has no material exposure to foreign currency risks.
11 FINANCIAL INSTRUMENTS continued
Capital management
The Group's objectives when managing capital are to safeguard the entity's
ability to continue as a going concern so that it can continue to provide
adequate returns to shareholders and benefits to other stakeholders, while
optimising return to shareholders through an appropriate balance of debt and
equity funding.
The Group manages its capital structure and makes adjustments to it in the light
of changes in economic conditions and the strategic objectives of the Group. To
maintain or adjust the capital structure, the Group may adjust the dividend
payment to shareholders, return capital to shareholders or issue new shares, if
required. Acquisitions may be funded by a combination of cash, additional debt
and the issue of equity to maintain an adequate capital structure for the Group.
The table below presents the quantitative data for the components the Group
manages as capital:
+----------------------------------------------+-----------+------------+-------------+
| | Unaudited | Unaudited | Audited |
+----------------------------------------------+-----------+------------+-------------+
| | 31 Mar 09 | 31 Mar 08 | 30 Sept 08 |
+----------------------------------------------+-----------+------------+-------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------------+-----------+------------+-------------+
| Shareholders' funds | 40,001 | 39,914 | 40,582 |
+----------------------------------------------+-----------+------------+-------------+
| Bank overdraft | 349 | - | 2,380 |
+----------------------------------------------+-----------+------------+-------------+
| Hire purchase and finance leases | - | 37 | 12 |
+----------------------------------------------+-----------+------------+-------------+
| Bank loans | 16,950 | 19,100 | 18,050 |
+----------------------------------------------+-----------+------------+-------------+
| Other interest bearing loans | - | 950 | - |
+----------------------------------------------+-----------+------------+-------------+
| | 57,300 | 60,001 | 61,024 |
+----------------------------------------------+-----------+------------+-------------+
12 CASH GENERATED FROM OPERATIONS
+----------------------------------------------+------------+------------+------------+
| | Unaudited | Unaudited | Audited |
+----------------------------------------------+------------+------------+------------+
| | six months | six months | year |
| | to | to | to |
+----------------------------------------------+------------+------------+------------+
| | 31 Mar 09 | 31 Mar 08 | 30 Sept 08 |
+----------------------------------------------+------------+------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------------+------------+------------+------------+
| (Loss)/profit before tax | (831) | (80) | 899 |
+----------------------------------------------+------------+------------+------------+
| Adjustments: | | | |
+----------------------------------------------+------------+------------+------------+
| Depreciation of property, plant and | 152 | 193 | 265 |
| equipment | | | |
+----------------------------------------------+------------+------------+------------+
| Amortisation of intangible assets | 831 | 676 | 1,517 |
+----------------------------------------------+------------+------------+------------+
| Gain on disposal of property, plant and | (1) | - | - |
| equipment | | | |
+----------------------------------------------+------------+------------+------------+
| Share-based payment (credit)/charge | (2) | 23 | 45 |
+----------------------------------------------+------------+------------+------------+
| Exceptional finance costs | 154 | - | - |
+----------------------------------------------+------------+------------+------------+
| Other bank interest costs | 842 | 642 | 1,467 |
+----------------------------------------------+------------+------------+------------+
| Finance revenue | (1) | (6) | (23) |
+----------------------------------------------+------------+------------+------------+
| Derivative financial instruments provision | 637 | 148 | 77 |
+----------------------------------------------+------------+------------+------------+
| Operating cash flows before movements in | 1,781 | 1,596 | 4,247 |
| working capital | | | |
+----------------------------------------------+------------+------------+------------+
| (Increase) in inventory | (12) | - | - |
+----------------------------------------------+------------+------------+------------+
| Decrease/(increase) in receivables | 397 | 91 | (1,375) |
+----------------------------------------------+------------+------------+------------+
| Increase/(decrease) in payables | 2,910 | (431) | (560) |
+----------------------------------------------+------------+------------+------------+
| Cash generated from operations | 5,076 | 1,256 | 2,312 |
+----------------------------------------------+------------+------------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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