TIDMHVX
RNS Number : 4297W
Huveaux PLC
29 July 2009
+------------------------------------+------------------------------------+
| 29 July 2009 | |
+------------------------------------+------------------------------------+
Huveaux PLC
Interim Results for the six months ended 30 June 2009
Financial Highlights
· Revenue at GBP11.3 m (2008: GBP21.7m)
· Revenue from retained business at GBP11.3m (2008: GBP13.3m) *
· EBITDA at GBP0.4m (2008: GBP1.8m)**
· EBITDA from retained business of GBP0.4m (2008: GBP1.1m)
· Normalised Loss before tax of GBP0.1m (2008: Profit of GBP0.8m)***
· Loss before tax of GBP1.8m (2008: loss of GBP0.9m)
· Operating cash inflow GBP1.6m (2008: GBP1.6m)
Operational Highlights
· Strong performance given difficult trading conditions
· Education affected by SATs abolition and recession in High Street
· Continued organic growth in revenue in Political Division
· Pick up in Education sales from GCSE curriculum change subjects
· Strong balance sheet with gearing and banking arrangements appropriate for the
ongoing business
· Continued strong cost control
· Civil Service Live, held in July and to be reported in second half of the
year, showed significant growth over 2008
+-----------------------------------------+---------------+---------------+
| Summary of Results | Six months to | Six months to |
| | 30 June 2009 | 30 June 2008 |
+-----------------------------------------+---------------+---------------+
| GBP'000 | Unaudited | Unaudited |
+-----------------------------------------+---------------+---------------+
| | | |
+-----------------------------------------+---------------+---------------+
| Total Revenue | 11,281 | 21,675 |
+-----------------------------------------+---------------+---------------+
| Revenue from Retained Business | 11,281 | 13,294 |
+-----------------------------------------+---------------+---------------+
| EBITDA** | 360 | 1,799 |
+-----------------------------------------+---------------+---------------+
| EBITDA from Retained Business | 360 | 1,148 |
+-----------------------------------------+---------------+---------------+
| Normalised (loss)/profit before tax*** | (139) | 803 |
+-----------------------------------------+---------------+---------------+
| Loss before tax | (1,777) | (907) |
+-----------------------------------------+---------------+---------------+
| Loss per share (basic) | (0.98)p | (3.01)p |
+-----------------------------------------+---------------+---------------+
* Retained business is excluding the sold French Healthcare and Epic businesses.
The results of Epic are included in continuing business for statutory purposes.
** EBITDA is calculated as earnings before interest, tax, depreciation,
amortisation of intangible assets acquired through business combinations, and
non-trading items.
*** Normalised pro?t is stated before amortisation of intangible assets acquired
through business combinations, share based payment charges and non-trading items
and related tax and discontinued operations.
The Group believes that these measures provide additional guidance to the
statutory measures of performance of the business. These measures are not de?ned
under adopted IFRS and therefore may not be directly comparable with other
companies' adjusted pro?t measures.
Non-trading items are items which, in management's judgement, need to be
disclosed by virtue of size, incidence or nature. Such items are included within
the income statement caption to which they relate and are separately disclosed
either in the notes to the consolidated ?nancial statements or on the face of
the consolidated income statement.
Gerry Murray, Chief Executive of Huveaux, commented:
"We are now a more focussed and resilient business than at any time in our
history. We have disposed of underperforming businesses, enabling us to
concentrate on Politics and Education. This has allowed us to deal more
effectively with the challenging trading conditions faced by all Media Companies
in 2009.
Huveaux has traded in line with expectations in the first half of the year. The
underlying growth within the Politics Division is clouded by timing differences
- after adjusting for these, the Division continues to show strong organic
growth. Within Education we have been able to mitigate significantly the effect
of the lost sales at KS3.
Within Politics, Civil Service Live moved from April in 2008 to July in 2009.
This has moved a significant amount of revenue (and profit) out of these Interim
results. Nevertheless, the year on year comparison of the event shows a 30%
growth in net revenue and this will be reflected in the full year numbers.
We have continued to show strong growth in the digital monitoring and
face-to-face businesses within the Division - further reducing the importance of
display advertising to the Group.
Our Education division has responded well following the abolition of KS3 SATs in
2008 and both the significant cost savings achieved and the highly variable cost
base, mean that the impact of the reduced revenue has been limited.
While the first half of the year is materially smaller than the second, the
visibility of the trading for the second half, especially in Politics, is good
and we remain confident of the full year results. In addition, we believe that
the market leading positions of our brands and the impending General Election in
the UK, result in significant potential for growth in 2010 and beyond. This
further enhances the underlying value of the Group."
For further information, please contact:
Huveaux
Gerry Murray, Chief Executive Officer 020 7245 0270
Rupert Levy, Group Finance Director
Kevin Hand, Non-Executive Chairman
An analyst presentation will be held at 9am at Brewin Dolphin, 12 Smithfield
Street, London EC1A 9BD.
OPERATING AND FINANCIAL REVIEW
Group Performance
The first half of 2009 saw revenue of GBP11.3m (2008: GBP21.7m). The 2008
numbers include 5 months' revenue from the businesses sold in June 2008.
Excluding these businesses, retained revenue moved from GBP13.3m in 2008 to
GBP11.3m in 2009. For statutory purposes only the French Healthcare business is
included in "discontinued operations", while the results of Epic are included in
continuing businesses within the Learning Division for 2008.
Within revenue from retained businesses, Education shows a GBP1.4m reduction,
reflecting the loss of KS3 SATs revenues and the effect of the recession on the
high street. Politics, on the other hand, after adjusting for Civil Service Live
(which moved from H1 to H2 in 2009) and the closed Monitor shows a 4% growth on
ongoing business. In addition, Civil Service Live will show a more than 30%
growth over 2008.
EBITDA decreased from GBP1.8m to GBP0.4m in aggregate, and from GBP1.1m to
GBP0.4m on the retained businesses. This reflects a significant movement of
profit into H2 within Politics, and the reduced revenues within Education.
The basic loss per share was 0.98 pence (2008: loss of 3.01 pence).
Operating Review
Political Division
Revenue in the Political Division fell from GBP7.8m to GBP7.2m and EBITDA was at
GBP0.6m (2008: GBP0.9m).
When analysing the results, it is important to allow for the significant timing
differences which understate the growth in the 2009 results. Civil Service Live
was held in April 2008 and contributed GBP0.7m net revenue. In 2009 this major
exhibition was held in the first week of July and will contribute GBP0.9m of net
revenue with a significant increase in EBITDA. The Monitor magazine was closed
in December 2008 - this magazine contributed GBP237k of revenue in the first
half of 2008, but a very small profit.
After adjusting for these material items, the underlying business showed organic
growth of 4% in terms of revenue and a flat performance in terms of EBITDA. The
reduction in the overall margin reflects the loss of the marginal display
advertising pages (with a very high margin) which were replaced with events
revenue.
The most dramatic performance in the first half of the year was in our Political
Knowledge business, incorporating Westminster Explained and Westminster
Briefing, which had a record half year. Growth has come across this portfolio,
where we continue to be successful in competitive pitches - securing long-term
relationships with Government departments. This portfolio delivered a 40% growth
in revenue and a tripling of EBITDA. The second half of the year contains some
of the larger events, and is on track to deliver a profit approximately twice
the size of that in 2008.
Within the core UK Politics division, we have been hit by the recessionary
effect on display advertising and the recent uncertainty in Parliament
concerning MPs' expenses, the future of the Prime Minister and the likely date
of the General Election. Despite these factors, and following the return to some
certainty regarding the timing of the General Election, the division is on track
to deliver significant organic growth in line with expectations for the full
year.
Display advertising has been hit - on average being 30% below prior years - but
our strategy of reducing its importance to the Group has resulted in this being
of less impact than in previous years. Offsetting this decline has been the
strong performance of Events and Data products.
The UK Monitoring business continues to grow well - with both new business and
renewal rates ahead of forecast, reflecting an increase in our market share. The
second half of the year will see an upgrade to Dodonline which will provide
increased functionality to the user and drive further revenue growth.
As well as the main Civil Service Live, we ran our first Regional Civil Service
Live event in Gateshead in March. This event, though smaller than the main
event, provided an additional communications forum for the Cabinet Office and
further cemented our relationship with them. There will be an additional similar
event held later in the year, in Manchester.
While The House magazine suffered from the reduced demand for display
advertising, the related Events business continues to grow. The Fringe Events at
the autumn party conferences are already ahead of prior years - and we are now
the leading provider of fringe events across the three major conferences. In
addition, 2009 has seen a steady increase in smaller events and we are planning
at least two larger Prospective Parliamentary Candidates events in the latter
part of the year.
Our European business was, as expected, affected by the hiatus in the run-up to
the European Elections in June. This, together with a market decline in
advertising spend, resulted in a reduced performance against 2008. At the same
time, the EU Monitoring business continued to grow rapidly - with revenue 60%
ahead of 2008.
Our French political business, Le Trombinoscope, is in a cyclical "down year"
due to the lack of any elections in France. This is reflected in the forecast
for the year which is approximately 10% lower than 2008.
Fenman has rationalised the DVD/Manual part of the business - resulting in a
more focussed business with lower overheads. Training Journal has suffered from
the effects of the recession, which are particularly severe in the training
sector.
The move towards greater transparency and the significant changes likely to
follow the next General Election will provide significant opportunities for this
Division in 2010 and beyond.The second half of 2009 will also see an increasing
number of events within the portfolio. Forward orders for these are good and
so we are confident that 2009 will show good revenue, profit and margin growth.
Since the end of the first half of the year, the second Civil Service Live was
held at Olympia in London. More than 8,000 senior civil servants attended over
the 3 days and speakers included the HRH The Prince of Wales, Alistair Campbell,
Baron Sugar and the Cabinet Secretary. Despite the economic conditions, the
second edition showed 30% top line growth and will again make a significant
contribution to the full year results. This exhibition is now established as a
key part of the internal communication plans of the Civil Service and will be
repeated in July 2010. Re-bookings for this event have started very strongly.
Education Division
The Education Division had first half revenues of GBP4.1m (2008: GBP5.5m) and
EBITDA of GBP0.2m (2008: GBP0.9m).
As reported in our Annual Report, 2008 saw significant changes in the market.
The most dramatic change resulted from the sudden abolition of KS3 SATs in
October 2008. This had a material effect on 2008 results and this has continued
into 2009. This change has the effect of removing GBP600k of revenue from the
first half of 2009.
A lesser change was that in the schools' financial year (April 2008 - March
2009) there was a move from GCSE spending to A-Levels. This resulted in a
reduction in spend of approximately GBP300k in the first half of 2009. This
shift is beginning to reverse as the spend moves towards the changed curriculum
subjects within GCSEs - where we are stronger.
In addition, the Education market has, in line with all retail industries,
suffered from reduced demand on the High Street. This has affected the Division
across the various retail outlets, albeit that we have worked with the larger
retailers to ensure that the reduction suffered is smaller than our competitors.
In Scotland, sales were also down from GBP0.9m to GBP0.8m, reflecting the
recession in the same way as in the remainder of the UK. In addition, Leckie &
Leckie have now moved from producing the "official SQA" past papers to producing
its "own brand" practice papers. The switch from the former to the latter
resulted in a GBP100k shortfall in revenue in the first half of the year. The
new publications will start to sell in the 3rd quarter of 2009 and early
indications are that the lower price point combined with additional
functionality will result in a significant market share. It should be noted that
these publications will be at a significantly higher margin than the previous
products.
As a result of the changes in the market, especially regarding KS3 SATs, a cost
reduction exercise was implemented at the start of 2009. This exercise
successfully reduced the costs of the Division by GBP600k in 2009. This,
together with the variable cost base, has meant that the EBITDA reduction has
been limited to GBP0.6m in the half year and will help to minimise the margin
fall in the full year.
Financial Review
Gross debt has fallen from GBP9.1m to GBP8.6m in the 6 months to 30th June 2009.
Net debt at 30 June 2009 of GBP8.6m is GBP0.5m improved from the year end.
During the first half we generated GBP1.6m of operating cash flows (2008:
GBP1.6m). The level of gearing for the Group, with net debt at approximately
twice run-rate EBITDA, provides a robust financial position going forward.
Outlook
The second half of 2009 will again be more important than the first half for
Huveaux, as it coincides with the start of the academic year in September, the
autumn Party Conferences and Civil Service Live which was held in early July.
The outlook for Huveaux in the second half of 2009 is encouraging across the
Group. The political market has got over the turmoil in early June, and the
visibility into the third quarter is very good. The Education Division is
performing more predictably, and the new GCSE publishing has been well received.
The economic climate continues to be hard for all Media Companies, however the
Board remains confident regarding the full year outcome - and believes that the
true value of the Group is evidenced by the strong market positions of both of
the Divisions and the potential growth in 2010 and beyond.
HUVEAUX PLC
CONSOLIDATED INCOME STATEMENT
+---------------------+--------+-----------+-----------+----------+
| | | For | For | For |
| | | the | the | the |
| | | six | six | year |
+---------------------+--------+-----------+-----------+----------+
| | | months | months | ended |
| | | ended | ended | |
+---------------------+--------+-----------+-----------+----------+
| | | 30 | 30 | 31 |
| | | June | June | December |
+---------------------+--------+-----------+-----------+----------+
| | | 2009 | 2008 | 2008 |
+---------------------+--------+-----------+-----------+----------+
| | | Unaudited | Unaudited | Audited |
+---------------------+--------+-----------+-----------+----------+
| | Note | GBP'000 | GBP'000 | GBP'000 |
+---------------------+--------+-----------+-----------+----------+
| | | | | |
+---------------------+--------+-----------+-----------+----------+
| Revenue | 3 | 11,281 | 16,111 | 30,759 |
+---------------------+--------+-----------+-----------+----------+
| Cost | | (7,367) | (9,615) | (17,866) |
| of | | | | |
| sales | | | | |
+---------------------+--------+-----------+-----------+----------+
| | | | | |
+---------------------+--------+-----------+-----------+----------+
| Gross | | 3,914 | 6,496 | 12,893 |
| profit | | | | |
+---------------------+--------+-----------+-----------+----------+
| | | | | |
+---------------------+--------+-----------+-----------+----------+
| Administrative | | | | |
| expenses: | | | | |
+---------------------+--------+-----------+-----------+----------+
| Non-trading | 4 | (358) | - | (190) |
| items | | | | |
+---------------------+--------+-----------+-----------+----------+
| (Loss)/profit | | - | (170) | 300 |
| on disposal | | | | |
| of subsidiary | | | | |
| undertaking | | | | |
+---------------------+--------+-----------+-----------+----------+
| Amortisation | | (1,281) | (1,465) | (2,757) |
| of | | | | |
| intangible | | | | |
| assets | | | | |
| acquired | | | | |
| through | | | | |
+---------------------+--------+-----------+-----------+----------+
| business | | | | |
| combinations | | | | |
+---------------------+--------+-----------+-----------+----------+
| Net | | (3,830) | (5,405) | (8,959) |
| administrative | | | | |
| expenses | | | | |
+---------------------+--------+-----------+-----------+----------+
| Total | | (5,469) | (7,040) | (11,606) |
| administrative | | | | |
| expenses | | | | |
+---------------------+--------+-----------+-----------+----------+
| | | | | |
+---------------------+--------+-----------+-----------+----------+
| Operating | | (1,555) | (544) | 1,287 |
| (loss)/profit | | | | |
+---------------------+--------+-----------+-----------+----------+
| | | | | |
+---------------------+--------+-----------+-----------+----------+
| Finance | | 113 | 62 | 276 |
| income | | | | |
+---------------------+--------+-----------+-----------+----------+
| Financing | | (335) | (425) | (1,058) |
| costs | | | | |
+---------------------+--------+-----------+-----------+----------+
| | | | | |
+---------------------+--------+-----------+-----------+----------+
| (Loss)/profit | | (1,777) | (907) | 505 |
| before tax | | | | |
+---------------------+--------+-----------+-----------+----------+
| | | | | |
+---------------------+--------+-----------+-----------+----------+
| Income | 5 | 284 | 656 | 891 |
| tax | | | | |
| credit | | | | |
+---------------------+--------+-----------+-----------+----------+
| | | | | |
+---------------------+--------+-----------+-----------+----------+
| (Loss)/profit after | | (1,493) | (251) | 1,396 |
| tax from continuing | | | | |
| operations | | | | |
+---------------------+--------+-----------+-----------+----------+
| | | | | |
+---------------------+--------+-----------+-----------+----------+
| Results | 9 | - | (4,330) | (5,380) |
| from | | | | |
| discontinued | | | | |
| operations | | | | |
| (net of tax) | | | | |
+---------------------+--------+-----------+-----------+----------+
| | | | | |
+---------------------+--------+-----------+-----------+----------+
| Loss | | (1,493) | (4,581) | (3,984) |
| for | | | | |
| the | | | | |
| period | | | | |
+---------------------+--------+-----------+-----------+----------+
| | | | | |
+---------------------+--------+-----------+-----------+----------+
| | | | | |
+---------------------+--------+-----------+-----------+----------+
| Earnings | | | | |
| per | | | | |
| share | | | | |
+---------------------+--------+-----------+-----------+----------+
| Basic | 6 | (0.98 | (3.01 | (2.62 |
| | | p) | p) | p) |
+---------------------+--------+-----------+-----------+----------+
| Diluted | 6 | (0.98 | (3.01 | (2.62 |
| | | p) | p) | p) |
+---------------------+--------+-----------+-----------+----------+
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
+----------------------------------------------+------------+------------+----------------+
| | For the | For the | For the year |
| | six | six | |
+----------------------------------------------+------------+------------+----------------+
| | months | months | ended |
| | ended | ended | |
+----------------------------------------------+------------+------------+----------------+
| | 30 June | 30 June | 31 December |
+----------------------------------------------+------------+------------+----------------+
| | 2009 | 2008 | 2008 |
+----------------------------------------------+------------+------------+----------------+
| | Unaudited | Unaudited | Audited |
+----------------------------------------------+------------+------------+----------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------------+------------+------------+----------------+
| | | | |
+----------------------------------------------+------------+------------+----------------+
| Exchange differences recognised on disposal | - | 565 | 565 |
| of discontinued operations | | | |
+----------------------------------------------+------------+------------+----------------+
| Exchange differences on translation of | 12 | 3 | 21 |
| foreign operations | | | |
+----------------------------------------------+------------+------------+----------------+
| Net income recognised directly in equity | 12 | 568 | 586 |
+----------------------------------------------+------------+------------+----------------+
| | | | |
+----------------------------------------------+------------+------------+----------------+
| Loss for the period | (1,493) | (4,581) | (3.984) |
+----------------------------------------------+------------+------------+----------------+
| | | | |
+----------------------------------------------+------------+------------+----------------+
| Total recognised income and expense for the | (1,481) | (4,013) | (3.398) |
| period attributable to equity holders of | | | |
| parent company | | | |
+----------------------------------------------+------------+------------+----------------+
HUVEAUX PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
+---------------+--------+-----------+-----------+-----------+
| | | As at | As at | As at |
+---------------+--------+-----------+-----------+-----------+
| | | 30 | 30 | 31 |
| | | June | June | December |
+---------------+--------+-----------+-----------+-----------+
| | | 2009 | 2008 | 2008 |
+---------------+--------+-----------+-----------+-----------+
| | | Unaudited | Unaudited | Unaudited |
+---------------+--------+-----------+-----------+-----------+
| | Note | GBP'000 | GBP'000 | GBP'000 |
+---------------+--------+-----------+-----------+-----------+
| | | | | |
+---------------+--------+-----------+-----------+-----------+
| | | | | |
+---------------+--------+-----------+-----------+-----------+
| Goodwill | 7 | 22,847 | 23,324 | 22,847 |
+---------------+--------+-----------+-----------+-----------+
| Intangible | 8 | 29,704 | 31,892 | 31,024 |
| assets | | | | |
+---------------+--------+-----------+-----------+-----------+
| Property, | | 307 | 420 | 378 |
| plant and | | | | |
| equipment | | | | |
+---------------+--------+-----------+-----------+-----------+
| Non-current | | 52,858 | 55,636 | 54,249 |
| assets | | | | |
+---------------+--------+-----------+-----------+-----------+
| | | | | |
+---------------+--------+-----------+-----------+-----------+
| Inventories | | 2,422 | 2,448 | 2,496 |
+---------------+--------+-----------+-----------+-----------+
| Trade | | 4,553 | 4,776 | 4,967 |
| and | | | | |
| other | | | | |
| receivables | | | | |
+---------------+--------+-----------+-----------+-----------+
| Derivative | | - | 50 | 45 |
| financial | | | | |
| instruments | | | | |
+---------------+--------+-----------+-----------+-----------+
| Cash | | 54 | 1,678 | 96 |
+---------------+--------+-----------+-----------+-----------+
| Current | | 7,029 | 8,952 | 7,604 |
| assets | | | | |
+---------------+--------+-----------+-----------+-----------+
| | | | | |
+---------------+--------+-----------+-----------+-----------+
| Interest | | (2,130) | (2,130) | (2,130) |
| bearing | | | | |
| loans | | | | |
| and | | | | |
| borrowings | | | | |
+---------------+--------+-----------+-----------+-----------+
| Income | | (81) | (15) | (240) |
| tax | | | | |
| payable | | | | |
+---------------+--------+-----------+-----------+-----------+
| Provisions | | - | (50) | - |
+---------------+--------+-----------+-----------+-----------+
| Trade | | (6,721) | (7,670) | (6,207) |
| and | | | | |
| other | | | | |
| payables | | | | |
+---------------+--------+-----------+-----------+-----------+
| Current | | (8,932) | (9,865) | (8,577) |
| liabilities | | | | |
+---------------+--------+-----------+-----------+-----------+
| | | | | |
+---------------+--------+-----------+-----------+-----------+
| Net | | (1,903) | (913) | (973) |
| current | | | | |
| liabilities | | | | |
+---------------+--------+-----------+-----------+-----------+
| | | | | |
+---------------+--------+-----------+-----------+-----------+
| Total | | 50,955 | 54,723 | 53,276 |
| assets | | | | |
| less | | | | |
| current | | | | |
| liabilities | | | | |
+---------------+--------+-----------+-----------+-----------+
| | | | | |
+---------------+--------+-----------+-----------+-----------+
| Interest | | (6,477) | (8,075) | (7,010) |
| bearing | | | | |
| loans | | | | |
| and | | | | |
| borrowings | | | | |
+---------------+--------+-----------+-----------+-----------+
| Deferred | | (4,654) | (5,326) | (4,937) |
| tax | | | | |
| liability | | | | |
+---------------+--------+-----------+-----------+-----------+
| Non | | (11,131) | (13,401) | (11,947) |
| current | | | | |
| liabilities | | | | |
+---------------+--------+-----------+-----------+-----------+
| | | | | |
+---------------+--------+-----------+-----------+-----------+
| Net | | 39,824 | 41,322 | 41,329 |
| assets | | | | |
+---------------+--------+-----------+-----------+-----------+
| | | | | |
+---------------+--------+-----------+-----------+-----------+
| Capital | | | | |
| and | | | | |
| reserves | | | | |
+---------------+--------+-----------+-----------+-----------+
| Issued | | 15,200 | 15,200 | 15,200 |
| capital | | | | |
+---------------+--------+-----------+-----------+-----------+
| Share | | 30,816 | 30,816 | 30,816 |
| premium | | | | |
+---------------+--------+-----------+-----------+-----------+
| Other | | 409 | 409 | 409 |
| reserves | | | | |
+---------------+--------+-----------+-----------+-----------+
| Retained | | (6,589) | (5,100) | (5,117) |
| loss | | | | |
+---------------+--------+-----------+-----------+-----------+
| Translation | | (12) | (3) | 21 |
| reserve | | | | |
+---------------+--------+-----------+-----------+-----------+
| | | | | |
+---------------+--------+-----------+-----------+-----------+
| Equity | | 39,824 | 41,322 | 41,329 |
| shareholders' | | | | |
| funds | | | | |
+---------------+--------+-----------+-----------+-----------+
+---------------+--------+-----------+-----------+----------+
| HUVEAUX | | For | For | For |
| PLC | | the | the | the |
| | | six | six | year |
+---------------+--------+-----------+-----------+----------+
| CONSOLIDATED | | months | months | ended |
| STATEMENT OF | | ended | ended | |
| CASH FLOWS | | | | |
+---------------+--------+-----------+-----------+----------+
| | | 30 | 30 | 31 |
| | | June | June | December |
+---------------+--------+-----------+-----------+----------+
| | | 2009 | 2008 | 2008 |
+---------------+--------+-----------+-----------+----------+
| | | Unaudited | Unaudited | Audited |
+---------------+--------+-----------+-----------+----------+
| | Note | GBP'000 | GBP'000 | GBP'000 |
+---------------+--------+-----------+-----------+----------+
| | | | | |
+---------------+--------+-----------+-----------+----------+
| Cash | | | | |
| flows | | | | |
| from | | | | |
| operating | | | | |
| activities | | | | |
+---------------+--------+-----------+-----------+----------+
| Loss | | (1,493) | (4,581) | (3,984) |
| for | | | | |
| the | | | | |
| period | | | | |
+---------------+--------+-----------+-----------+----------+
| | | | | |
+---------------+--------+-----------+-----------+----------+
| Depreciation | | 90 | 161 | 153 |
| of property, | | | | |
| plant and | | | | |
| equipment | | | | |
+---------------+--------+-----------+-----------+----------+
| Amortisation | | 1,281 | 1,465 | 2,757 |
| of | | | | |
| intangible | | | | |
| assets | | | | |
| acquired | | | | |
| through | | | | |
| business | | | | |
| combinations | | | | |
+---------------+--------+-----------+-----------+----------+
| Amortisation | | 660 | 586 | 1,069 |
| of other | | | | |
| intangible | | | | |
| assets | | | | |
+---------------+--------+-----------+-----------+----------+
| Results | | - | 4,330 | 5,380 |
| from | | | | |
| discontinued | | | | |
| operations | | | | |
+---------------+--------+-----------+-----------+----------+
| Loss/(profit) | | - | 170 | (300) |
| on sale of | | | | |
| subsidiary | | | | |
| undertaking | | | | |
+---------------+--------+-----------+-----------+----------+
| Share | | - | 75 | (18) |
| based | | | | |
| payments | | | | |
| charges | | | | |
+---------------+--------+-----------+-----------+----------+
| Net | | 222 | 363 | 782 |
| finance | | | | |
| costs | | | | |
+---------------+--------+-----------+-----------+----------+
| Income | | (284) | (701) | (891) |
| tax | | | | |
| credit | | | | |
+---------------+--------+-----------+-----------+----------+
| Cash | | - | (660) | (899) |
| flow | | | | |
| relating | | | | |
| to | | | | |
| restructuring | | | | |
| provisions | | | | |
+---------------+--------+-----------+-----------+----------+
| Operating | | 476 | 1,208 | 4,049 |
| cash | | | | |
| flows | | | | |
| before | | | | |
| movements | | | | |
| in | | | | |
| working | | | | |
| capital | | | | |
+---------------+--------+-----------+-----------+----------+
| | | | | |
+---------------+--------+-----------+-----------+----------+
| Change | | 73 | (422) | 714 |
| in | | | | |
| inventories | | | | |
+---------------+--------+-----------+-----------+----------+
| Change | | 487 | 616 | 6,612 |
| in | | | | |
| receivables | | | | |
+---------------+--------+-----------+-----------+----------+
| Change | | 716 | 240 | (8,059) |
| in | | | | |
| payables | | | | |
+---------------+--------+-----------+-----------+----------+
| Cash | | 1,752 | 1,642 | 3,316 |
| generated | | | | |
| by | | | | |
| operations | | | | |
+---------------+--------+-----------+-----------+----------+
| | | | | |
+---------------+--------+-----------+-----------+----------+
| Income | | (159) | (26) | (22) |
| tax | | | | |
| paid | | | | |
+---------------+--------+-----------+-----------+----------+
| Net | | 1,593 | 1,616 | 3,294 |
| cash | | | | |
| from | | | | |
| operating | | | | |
| activities | | | | |
+---------------+--------+-----------+-----------+----------+
| | | | | |
+---------------+--------+-----------+-----------+----------+
| Cash | | | | |
| flows | | | | |
| from | | | | |
| investing | | | | |
| activities | | | | |
+---------------+--------+-----------+-----------+----------+
| Interest | | 113 | 61 | 276 |
| and | | | | |
| similar | | | | |
| income | | | | |
| received | | | | |
+---------------+--------+-----------+-----------+----------+
| Proceeds | | - | - | 439 |
| from | | | | |
| sale of | | | | |
| property, | | | | |
| plant and | | | | |
| equipment | | | | |
+---------------+--------+-----------+-----------+----------+
| Proceeds | | - | 4,750 | 4,600 |
| from | | | | |
| sale of | | | | |
| subsidiary | | | | |
| undertaking | | | | |
+---------------+--------+-----------+-----------+----------+
| Cash | | - | (69) | (69) |
| divested | | | | |
| with | | | | |
| sale of | | | | |
| subsidiary | | | | |
| undertaking | | | | |
+---------------+--------+-----------+-----------+----------+
| Acquisition | | (14) | (120) | (124) |
| of | | | | |
| property, | | | | |
| plant and | | | | |
| equipment | | | | |
+---------------+--------+-----------+-----------+----------+
| Acquisition | | (624) | (586) | (1,468) |
| of other | | | | |
| intangible | | | | |
| assets | | | | |
+---------------+--------+-----------+-----------+----------+
| Net | | (525) | 4,037 | 3,654 |
| cash | | | | |
| used | | | | |
| in | | | | |
| investing | | | | |
| activities | | | | |
+---------------+--------+-----------+-----------+----------+
| | | | | |
+---------------+--------+-----------+-----------+----------+
| Cash | | | | |
| flows | | | | |
| from | | | | |
| financing | | | | |
| activities | | | | |
+---------------+--------+-----------+-----------+----------+
| Interest | | (663) | (764) | (958) |
| and | | | | |
| similar | | | | |
| expenses | | | | |
| paid | | | | |
+---------------+--------+-----------+-----------+----------+
| Repayment | | (533) | (10,460) | (11,525) |
| of | | | | |
| borrowings | | | | |
+---------------+--------+-----------+-----------+----------+
| Dividends | | - | - | (1,140) |
| paid | | | | |
+---------------+--------+-----------+-----------+----------+
| Net | | (1,196) | (11,224) | (13,623) |
| cash | | | | |
| used | | | | |
| in | | | | |
| financing | | | | |
| activities | | | | |
+---------------+--------+-----------+-----------+----------+
| | | | | |
+---------------+--------+-----------+-----------+----------+
| Net | | (128) | (5,571) | (6,675) |
| decrease | | | | |
| in cash | | | | |
| and cash | | | | |
| equivalents | | | | |
| in | | | | |
| continuing | | | | |
| operations | | | | |
+---------------+--------+-----------+-----------+----------+
| Opening | | 96 | 1,477 | 1,477 |
| cash | | | | |
| and | | | | |
| cash | | | | |
| equivalents | | | | |
+---------------+--------+-----------+-----------+----------+
| Effect | | 86 | (629) | (913) |
| of | | | | |
| exchange | | | | |
| rate | | | | |
| fluctuations | | | | |
| on cash held | | | | |
+---------------+--------+-----------+-----------+----------+
| Closing | | 54 | (4,723) | (6,111) |
| cash | | | | |
| and | | | | |
| cash | | | | |
| equivalents | | | | |
| in | | | | |
| continuing | | | | |
| operations | | | | |
+---------------+--------+-----------+-----------+----------+
| | | | | |
+---------------+--------+-----------+-----------+----------+
| Cash | | | | |
| flows | | | | |
| from | | | | |
| discontinued | | | | |
| operations | | | | |
+---------------+--------+-----------+-----------+----------+
| Net | | - | 573 | 679 |
| cash | | | | |
| increase | | | | |
| from | | | | |
| operating | | | | |
| activities | | | | |
+---------------+--------+-----------+-----------+----------+
| Net | | - | 5,303 | 5,149 |
| cash | | | | |
| used | | | | |
| in | | | | |
| investing | | | | |
| activities | | | | |
+---------------+--------+-----------+-----------+----------+
| Net | | - | (1) | (210) |
| cash | | | | |
| used | | | | |
| in | | | | |
| financing | | | | |
| activities | | | | |
+---------------+--------+-----------+-----------+----------+
| Net | | - | 5,875 | 5,618 |
| increase | | | | |
| in cash | | | | |
| and cash | | | | |
| equivalents | | | | |
+---------------+--------+-----------+-----------+----------+
| Opening | | - | 517 | 517 |
| cash | | | | |
| and | | | | |
| cash | | | | |
| equivalents | | | | |
+---------------+--------+-----------+-----------+----------+
| Effect | | - | 9 | 72 |
| of | | | | |
| exchange | | | | |
| rate | | | | |
| fluctuations | | | | |
| on cash held | | | | |
+---------------+--------+-----------+-----------+----------+
| Closing | | - | 6,401 | 6,207 |
| cash | | | | |
| and | | | | |
| cash | | | | |
| equivalents | | | | |
| in | | | | |
| discontinued | | | | |
| operations | | | | |
+---------------+--------+-----------+-----------+----------+
| | | | | |
+---------------+--------+-----------+-----------+----------+
| Total | 11 | 54 | 1,678 | 96 |
| cash | | | | |
| and | | | | |
| cash | | | | |
| equivalents | | | | |
| in the | | | | |
| Group | | | | |
+---------------+--------+-----------+-----------+----------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
+------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+
| | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited |
+------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+
| | Share | Share | Merger | Retained | Translation | |
+------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+
| | capital | premium | reserve | earnings | reserve | Total |
+------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+
| | | | | | | |
+------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+
| At 31 December 2008 | 15,200 | 30,816 | 409 | (5,117) | 21 | 41,329 |
+------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+
| Loss for the period | - | - | - | (1,493) | - | (1,493) |
+------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+
| Currency translation | - | - | - | 21 | (33) | (12) |
| differences | | | | | | |
+------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+
| | | | | | | |
+------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+
| At 30 June 2009 | 15,200 | 30,816 | 409 | (6,589) | (12) | 39,824 |
+------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+
HUVEAUX PLC
Notes to the Accounts
30 June 2009
1Statement of Accounting Policies
The interim financial statements have been prepared in accordance with the
recognition and measurement principles of IFRSs as adopted by the EU, applying
the accounting policies and presentation that were applied in the preparation of
the Company's published consolidated financial statements for the year ended 31
December 2008, except for the following change:
The Group has applied IFRS 8 "Operating Segments" as of 1 January 2009. IFRS 8
states that segment information should be based on management's internal
reporting structure and accounting principles. As disclosed in the financial
statements for the year ended 31 December 2008, Huveaux PLC's segment
information has already been based on the management reporting structure and
therefore the operating segments are the same as previously reported -
Political, Education and Learning. Although full disclosure has not been made in
accordance with IFRS 8 in these Interim Financial Statements, the Group will
fully comply with this standard in the 31 December 2009 financial statements.
Discontinued operations
A discontinued operation is a component of the Group's business that represents
a separate major line of business or geographical area of operations that has
been disposed of or that meets the criteria to be classified as held for sale.
Discontinued operations are presented in the income statement (including the
comparative period) analysing the post-tax profit or loss of the discontinued
operation.
2Nature of information
The interim accounts for the six months ended 30 June 2009 and the comparative
figures for the six months ended 30 June 2008 are not audited by the Company's
auditors. The financial statements for the twelve months ended 31 December 2008
have been reported on by the Company's auditors and delivered to the Registrar
of Companies. The report of the auditors on these accounts was unqualified and
did not contain any statement under Sections 237(2) or 237(3) of the Companies
Act 1985.
3Segment information
Segment information is presented in respect of the Group's operating segments.
The operating segments have been identified on the basis of internal reports
about the components of the Group that are regularly reviewed by the chief
operating decision maker to allocate resources to the segments and to assess
their performance.
+----------------+-----------+-----------+-----------+
| | Six | Six | Year |
| | months | months | ended |
| | ended | ended | |
+----------------+-----------+-----------+-----------+
| | 30 | 30 | 31 |
| | June | June | December |
+----------------+-----------+-----------+-----------+
| | 2009 | 2008 | 2008 |
+----------------+-----------+-----------+-----------+
| | Unaudited | Unaudited | Unaudited |
+----------------+-----------+-----------+-----------+
| Revenue | GBP'000 | GBP'000 | GBP'000 |
| | | | |
+----------------+-----------+-----------+-----------+
| | | | |
+----------------+-----------+-----------+-----------+
| Political | | | |
+----------------+-----------+-----------+-----------+
| | 4,465 | 5,530 | 15,960 |
| Political | | | |
+----------------+-----------+-----------+-----------+
| | 2,754 | 2,268 | 1,269 |
| Learning | | | |
+----------------+-----------+-----------+-----------+
| | 7,219 | 7,798 | 17,229 |
+----------------+-----------+-----------+-----------+
| | | | |
+----------------+-----------+-----------+-----------+
| Learning | - | 2,817 | 2,817 |
+----------------+-----------+-----------+-----------+
| Education | 4,062 | 5,496 | 10,713 |
+----------------+-----------+-----------+-----------+
| Revenue | 11,281 | 16,111 | 30,759 |
| from | | | |
| continuing | | | |
| operations | | | |
+----------------+-----------+-----------+-----------+
| | | | |
+----------------+-----------+-----------+-----------+
| Healthcare | - | 5,564 | 5,564 |
| (discontinued) | | | |
+----------------+-----------+-----------+-----------+
| | | | |
+----------------+-----------+-----------+-----------+
| Total | 11,281 | 21,675 | 36,323 |
| revenue | | | |
+----------------+-----------+-----------+-----------+
| | | | |
+----------------+-----------+-----------+-----------+
| Revenue | | | |
| | | | |
+----------------+-----------+-----------+-----------+
| | | | |
+----------------+-----------+-----------+-----------+
| United | 9,958 | 14,711 | 26,545 |
| Kingdom | | | |
+----------------+-----------+-----------+-----------+
| Continental | 1,323 | 6,964 | 9,778 |
| Europe and | | | |
| rest of the | | | |
| world | | | |
+----------------+-----------+-----------+-----------+
| | 11,281 | 21,675 | 36,323 |
+----------------+-----------+-----------+-----------+
| | | | |
+----------------+-----------+-----------+-----------+
+----------------+-----------+-----------+-----------+
| 3Segment | | | |
| information | | | |
| (continued) | | | |
+----------------+-----------+-----------+-----------+
| | Six | Six | Year |
| | months | months | ended |
| | ended | ended | |
+----------------+-----------+-----------+-----------+
| | 30 | 30 | 31 |
| | June | June | December |
+----------------+-----------+-----------+-----------+
| | 2009 | 2008 | 2008 |
+----------------+-----------+-----------+-----------+
| | Unaudited | Unaudited | Unaudited |
+----------------+-----------+-----------+-----------+
| EBITDA | GBP'000 | GBP'000 | GBP'000 |
| from | | | |
| operations* | | | |
+----------------+-----------+-----------+-----------+
| | | | |
+----------------+-----------+-----------+-----------+
| Political | | | |
+----------------+-----------+-----------+-----------+
| | 61 | 550 | 2,824 |
| Political | | | |
+----------------+-----------+-----------+-----------+
| | 547 | 353 | 239 |
| Learning | | | |
+----------------+-----------+-----------+-----------+
| | 608 | 903 | 3,063 |
+----------------+-----------+-----------+-----------+
| | | | |
+----------------+-----------+-----------+-----------+
| Learning | - | 249 | 194 |
+----------------+-----------+-----------+-----------+
| Education | 241 | 887 | 2,262 |
+----------------+-----------+-----------+-----------+
| Head | (489) | (642) | (1,038) |
| Office | | | |
+----------------+-----------+-----------+-----------+
| EBITDA | 360 | 1,397 | 4,481 |
| from | | | |
| continuing | | | |
| operations | | | |
+----------------+-----------+-----------+-----------+
| | | | |
+----------------+-----------+-----------+-----------+
| Healthcare | - | 402 | 364 |
| (discontinued) | | | |
+----------------+-----------+-----------+-----------+
| | | | |
+----------------+-----------+-----------+-----------+
| Total | 360 | 1,799 | 4,845 |
| EBITDA | | | |
+----------------+-----------+-----------+-----------+
*EBITDA is defined by the Directors as being earnings before interest, tax,
depreciation, amortisation of intangible assets acquired through business
combinations, and non-trading items.
A reconciliation between EBITDA and operating profit is shown in Schedule A.
4 Non-trading items
+------------+-----------+-----------+----------+
| | Six | Six | Year |
| | months | months | ended |
| | ended | ended | |
+------------+-----------+-----------+----------+
| | 30 | 30 | 31 |
| | June | June | December |
+------------+-----------+-----------+----------+
| | 2009 | 2008 | 2008 |
+------------+-----------+-----------+----------+
| | Unaudited | Unaudited | Audited |
+------------+-----------+-----------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------+-----------+-----------+----------+
| | | | |
+------------+-----------+-----------+----------+
| Redundancy | 358 | - | 151 |
| and people | | | |
| related | | | |
| costs | | | |
+------------+-----------+-----------+----------+
| Abortive | - | - | 39 |
| deal | | | |
| costs | | | |
+------------+-----------+-----------+----------+
| | 358 | - | 190 |
+------------+-----------+-----------+----------+
5Taxation
The taxation charge for the six months ended 30 June 2009 is based on the
expected annual tax rate.
6Earnings per Share
+-----------------+-----------+-----------+----------+
| | Six | Six | Year |
| | months | months | ended |
| | ended | ended | |
+-----------------+-----------+-----------+----------+
| | 30 | 30 | 31 |
| | June | June | December |
+-----------------+-----------+-----------+----------+
| | 2009 | 2008 | 2008 |
+-----------------+-----------+-----------+----------+
| | Unaudited | Unaudited | Audited |
+-----------------+-----------+-----------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+-----------------+-----------+-----------+----------+
| | | | |
+-----------------+-----------+-----------+----------+
| Loss | (1,493) | (4,581) | (3,984) |
| attributable | | | |
| to | | | |
| shareholders | | | |
+-----------------+-----------+-----------+----------+
| Add: | - | 170 | (300) |
| loss/(profit) | | | |
| on sale of | | | |
| subsidiary | | | |
| undertaking | | | |
+-----------------+-----------+-----------+----------+
| Add: | - | 4,330 | 5,380 |
| results | | | |
| of | | | |
| discontinued | | | |
| operations | | | |
+-----------------+-----------+-----------+----------+
| Add: | 358 | - | 190 |
| non-trading | | | |
| items | | | |
+-----------------+-----------+-----------+----------+
| Add: | 1,281 | 1,465 | 2,757 |
| amortisation | | | |
| of | | | |
| intangible | | | |
| assets | | | |
| acquired | | | |
| through | | | |
| business | | | |
| combinations | | | |
+-----------------+-----------+-----------+----------+
| Less: | - | 75 | (18) |
| share | | | |
| based | | | |
| payment | | | |
| charge/(credit) | | | |
+-----------------+-----------+-----------+----------+
| Adjusted | 146 | 1,459 | 4,025 |
| profit | | | |
| attributable | | | |
| to | | | |
| shareholders | | | |
+-----------------+-----------+-----------+----------+
| | | | |
+-----------------+-----------+-----------+----------+
+--------------+--------------+--------------+--------------+
| | Six | Six | Year |
| | months | months | ended |
| | ended | ended | |
+--------------+--------------+--------------+--------------+
| | 30 | 30 | 31 |
| | June | June | December |
+--------------+--------------+--------------+--------------+
| | 2009 | 2008 | 2008 |
+--------------+--------------+--------------+--------------+
| | Unaudited | Unaudited | Audited |
+--------------+--------------+--------------+--------------+
| | Shares | Shares | Shares |
+--------------+--------------+--------------+--------------+
| | | | |
+--------------+--------------+--------------+--------------+
| Weighted | | | |
| average | | | |
| number | | | |
| of | | | |
| shares | | | |
+--------------+--------------+--------------+--------------+
| In | 151,998,453 | 151,998,453 | 151,998,453 |
| issue | | | |
| during | | | |
| the | | | |
| year - | | | |
| basic | | | |
+--------------+--------------+--------------+--------------+
| Dilutive | - | 586,820 | 238,888 |
| potential | | | |
| ordinary | | | |
| shares | | | |
+--------------+--------------+--------------+--------------+
| Diluted | 151,998,453 | 152,585,273 | 152,237,341 |
+--------------+--------------+--------------+--------------+
| | | | |
+--------------+--------------+--------------+--------------+
| Loss | (0.98) | (3.01) | (2.62) |
| per | | | |
| share | | | |
| - | | | |
| basic | | | |
| (pence) | | | |
+--------------+--------------+--------------+--------------+
| Loss | (0.98) | (3.01) | (2.62) |
| per | | | |
| share | | | |
| - | | | |
| diluted | | | |
| (pence) | | | |
+--------------+--------------+--------------+--------------+
| Normalised | | | |
| earnings | | | |
| per share | | | |
| before | | | |
| non-trading | | | |
| items and | | | |
| amortisation | | | |
+--------------+--------------+--------------+--------------+
| of | 0.10 | 0.96 | 2.65 |
| intangible | | | |
| assets | | | |
| acquired | | | |
| through | | | |
| business | | | |
| combinations | | | |
| (pence) | | | |
+--------------+--------------+--------------+--------------+
7 Goodwill
+--------------+-----------+-----------+----------+
| | Six | Six | Year |
| | months | months | ended |
| | ended | ended | |
+--------------+-----------+-----------+----------+
| | 30 | 30 | 31 |
| | June | June | December |
+--------------+-----------+-----------+----------+
| | 2009 | 2008 | 2008 |
+--------------+-----------+-----------+----------+
| | Unaudited | Unaudited | Audited |
+--------------+-----------+-----------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------+-----------+-----------+----------+
| Cost & | | | |
| Net | | | |
| book | | | |
| value | | | |
+--------------+-----------+-----------+----------+
| Opening | 22,847 | 28,651 | 28,651 |
| balance | | | |
+--------------+-----------+-----------+----------+
| Revisions | - | 7 | 7 |
| to fair | | | |
| values of | | | |
| assets | | | |
| and | | | |
| liabilities | | | |
| on | | | |
| | | | |
| acquisitions | | | |
| made in the | | | |
| prior year | | | |
+--------------+-----------+-----------+----------+
| Effect | - | - | (707) |
| of | | | |
| change | | | |
| in tax | | | |
| rate | | | |
+--------------+-----------+-----------+----------+
| Disposals | - | (5,334) | (5,104) |
+--------------+-----------+-----------+----------+
| Closing | 22,847 | 23,324 | 22,847 |
| balance | | | |
+--------------+-----------+-----------+----------+
8 Intangible fixed assets
+--------------+-----------+-----------+----------+
| | Six | Six | Year |
| | months | months | ended |
| | ended | ended | |
+--------------+-----------+-----------+----------+
| | 30 | 30 | 31 |
| | June | June | December |
+--------------+-----------+-----------+----------+
| | 2009 | 2008 | 2008 |
+--------------+-----------+-----------+----------+
| | Unaudited | Unaudited | Audited |
+--------------+-----------+-----------+----------+
| Assets | GBP'000 | GBP'000 | GBP'000 |
| acquired | | | |
| through | | | |
| business | | | |
| combinations | | | |
+--------------+-----------+-----------+----------+
| | | | |
+--------------+-----------+-----------+----------+
| Cost | | | |
+--------------+-----------+-----------+----------+
| Opening | 37,129 | 47,633 | 47,633 |
| balance | | | |
+--------------+-----------+-----------+----------+
| Disposals | - | (10,504) | (10,504) |
+--------------+-----------+-----------+----------+
| Closing | 37,129 | 37,129 | 37,129 |
| balance | | | |
+--------------+-----------+-----------+----------+
| | | | |
+--------------+-----------+-----------+----------+
| Amortisation | | | |
+--------------+-----------+-----------+----------+
| Opening | 8,293 | 7,378 | 7,378 |
| balance | | | |
+--------------+-----------+-----------+----------+
| Charge | 1,281 | 1,603 | 2,895 |
| for | | | |
| the | | | |
| period | | | |
+--------------+-----------+-----------+----------+
| Disposals | - | (1,980) | (1,980) |
+--------------+-----------+-----------+----------+
| Closing | 9,574 | 7,001 | 8,293 |
| balance | | | |
+--------------+-----------+-----------+----------+
| | | | |
+--------------+-----------+-----------+----------+
| Net | | | |
| book | | | |
| value | | | |
+--------------+-----------+-----------+----------+
| Opening | 28,836 | 40,255 | 40,255 |
| balance | | | |
+--------------+-----------+-----------+----------+
| | | | |
+--------------+-----------+-----------+----------+
| Closing | 27,555 | 30,128 | 28,836 |
| balance | | | |
+--------------+-----------+-----------+----------+
| | | | |
+--------------+-----------+-----------+----------+
+------------+-----------+-----------+----------+
| | Six | Six | Year |
| | months | months | ended |
| | ended | ended | |
+------------+-----------+-----------+----------+
| | 30 | 30 | 31 |
| | June | June | December |
+------------+-----------+-----------+----------+
| | 2009 | 2008 | 2008 |
+------------+-----------+-----------+----------+
| | Unaudited | Unaudited | Audited |
+------------+-----------+-----------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------+-----------+-----------+----------+
| Other | | | |
| intangible | | | |
| assets | | | |
+------------+-----------+-----------+----------+
| | | | |
+------------+-----------+-----------+----------+
| Net | | | |
| book | | | |
| value | | | |
+------------+-----------+-----------+----------+
| Opening | 2,188 | 2,070 | 2,070 |
| balance | | | |
+------------+-----------+-----------+----------+
| | | | |
+------------+-----------+-----------+----------+
| Closing | 2,147 | 1,764 | 2,188 |
| balance | | | |
+------------+-----------+-----------+----------+
| | | | |
+------------+-----------+-----------+----------+
| | | | |
+------------+-----------+-----------+----------+
| Net | | | |
| intangible | | | |
| assets | | | |
+------------+-----------+-----------+----------+
| Opening | 31,024 | 42,325 | 42,325 |
| balance | | | |
+------------+-----------+-----------+----------+
| | | | |
+------------+-----------+-----------+----------+
| Closing | 29,702 | 31,892 | 31,024 |
| balance | | | |
+------------+-----------+-----------+----------+
Other intangible assets comprise IT software and plate costs for revision guide
materials.
9 Discontinued operations
Discontinued operations comprise the results of the French Healthcare
business, which was sold on 3 June 2008. Results attributable to this business
were as follows:
+----------------+-----------+-----------+---------------------------------------------+
| | Six | Six | Year |
| | months | months | ended |
| | ended | ended | |
+----------------+-----------+-----------+---------------------------------------------+
| | 30 | 30 | 31 |
| | June | June | December |
+----------------+-----------+-----------+---------------------------------------------+
| | 2009 | 2008 | 2008 |
+----------------+-----------+-----------+---------------------------------------------+
| | Unaudited | Unaudited | Unaudited |
+----------------+-----------+-----------+---------------------------------------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------+-----------+-----------+---------------------------------------------+
| | | | |
+----------------+-----------+-----------+---------------------------------------------+
| Revenue | | 5,564 | 5,564 |
+----------------+-----------+-----------+---------------------------------------------+
| Cost | | (4,077) | (4,077) |
| of | | | |
| sales | | | |
+----------------+-----------+-----------+---------------------------------------------+
| Gross | - | 1,487 | 1,487 |
| profit | | | |
+----------------+-----------+-----------+---------------------------------------------+
| Non-trading | | - | - |
| items | | | |
+----------------+-----------+-----------+---------------------------------------------+
| Amortisation | | (138) | (138) |
| of | | | |
| intangible | | | |
| assets | | | |
| acquired | | | |
| through | | | |
| business | | | |
| combinations | | | |
+----------------+-----------+-----------+---------------------------------------------+
| Other | | (1,147) | (1,123) |
| administrative | | | |
| expenses | | | |
+----------------+-----------+-----------+---------------------------------------------+
| Operating | - | 202 | 226 |
| profit | | | |
+----------------+-----------+-----------+---------------------------------------------+
| Net | | (202) | (202) |
| finance | | | |
| costs | | | |
+----------------+-----------+-----------+---------------------------------------------+
| Profit | - | - | 24 |
| before | | | |
| tax | | | |
+----------------+-----------+-----------+---------------------------------------------+
| Related | | 5 | - |
| income | | | |
| tax | | | |
+----------------+-----------+-----------+---------------------------------------------+
| Deferred | | 2,077 | 2,077 |
| tax | | | |
| credit | | | |
| arising | | | |
| from | | | |
| intangible | | | |
| assets | | | |
| disposed | | | |
+----------------+-----------+-----------+---------------------------------------------+
| Loss | | (6,412) | (7,481) |
| on | | | |
| sale | | | |
| of | | | |
| discontinued | | | |
| operations | | | |
+----------------+-----------+-----------+---------------------------------------------+
| Loss | - | (4,330) | (5,380) |
| for | | | |
| the | | | |
| year | | | |
+----------------+-----------+-----------+---------------------------------------------+
During June 2008 the Group also sold its investment in Epic Group PLC. This is
included within continuing operations as it did not constitute a material
business segment.
10Analysis of net debt
+-----------------------+-----------+---------+-----------+----------+---------+
| | At | | Non-cash | Exchange | At end |
| | beginning | | | | |
+-----------------------+-----------+---------+-----------+----------+---------+
| | of | Cash | movements | movement | of |
| | year | flow | | | period |
+-----------------------+-----------+---------+-----------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------------+-----------+---------+-----------+----------+---------+
| Cash | 96 | (128) | - | 86 | 54 |
| at | | | | | |
| bank | | | | | |
| and | | | | | |
| in | | | | | |
| hand | | | | | |
+-----------------------+-----------+---------+-----------+----------+---------+
| Debt | (2,130) | 533 | (533) | - | (2,130) |
| due | | | | | |
| within | | | | | |
| one | | | | | |
| year | | | | | |
+-----------------------+-----------+---------+-----------+----------+---------+
| Debt | (7,010) | - | 533 | - | (6,477) |
| due | | | | | |
| after | | | | | |
| one | | | | | |
| year | | | | | |
+-----------------------+-----------+---------+-----------+----------+---------+
| | (9,044) | 405 | - | 86 | (8,553) |
+-----------------------+-----------+---------+-----------+----------+---------+
Schedule A
Reconciliation between operating profit and non-statutory measure
The following tables reconcile operating profit as stated above to EBITDA, a
non-statutory measure which the Directors believe is the most appropriate
measure in assessing the performance of the Group. EBITDA is defined by the
Directors as being earnings before interest, tax, depreciation, amortisation of
assets acquired through business combinations, and non-trading items.
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Six months ended 30 June | Operating | Depreciation* | Amortisation | Non-trading | EBITDA |
| 2009 | (loss)/profit | | of | items** | |
| | | | intangible | | |
| | | | assets | | |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Political | | | | | |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Political | (804) | 210 | 627 | 28 | 61 |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Learning | 330 | 10 | 154 | 53 | 547 |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| | (474) | 220 | 781 | 81 | 608 |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| | | | | | |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Learning | - | - | - | - | - |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Education | (533) | 48 | 500 | 226 | 241 |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Head Office | (548) | 8 | - | 51 | (489) |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Result from continuing | (1,555) | 276 | 1,281 | 358 | 360 |
| operations | | | | | |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| | | | | | |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Healthcare | - | - | - | - | - |
| (discontinued) | | | | | |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Group total | (1,555) | 276 | 1,281 | 358 | 360 |
+--------------------------+---------------+---------------+--------------+-------------+---------+
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Year ended 31 December | Operating | Depreciation* | Amortisation | Non-trading | EBITDA |
| 2008 | profit/(loss) | | of | items** | |
| | | | intangible | | |
| | | | assets | | |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Political | | | | | |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Political | 1,155 | 354 | 1,262 | 53 | 2,824 |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Learning | (103) | 24 | 308 | 10 | 239 |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| | 1,052 | 378 | 1,570 | 63 | 3,063 |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| | | | | | |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Learning | (42) | 52 | 184 | - | 194 |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Education | 1,137 | 113 | 1,003 | 9 | 2,262 |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Head Office | (860) | 22 | - | (200) | (1,038) |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Result from continuing | 1,287 | 565 | 2,757 | (128) | 4,481 |
| operations | | | | | |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| | | | | | |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Healthcare | 226 | - | 138 | - | 364 |
| (discontinued) | | | | | |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Group total | 1,513 | 565 | 2,895 | (128) | 4,845 |
+--------------------------+---------------+---------------+--------------+-------------+---------+
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Six months ended 30 June | Operating | Depreciation* | Amortisation | Non-trading | EBITDA |
| 2008 | (loss)/profit | | of | items** | |
| | | | intangible | | |
| | | | assets | | |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Political | | | | | |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Political | (245) | 168 | 627 | - | 550 |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Learning | 187 | 12 | 154 | - | 353 |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| | (58) | 180 | 781 | - | 903 |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| | | | | | |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Learning | (162) | 57 | 184 | 170 | 249 |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Education | 330 | 57 | 500 | - | 887 |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Head Office | (654) | 12 | - | - | (642) |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Result from continuing | (544) | 306 | 1,465 | 170 | 1,397 |
| operations | | | | | |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| | | | | | |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Healthcare | 202 | 62 | 138 | - | 402 |
| (discontinued) | | | | | |
+--------------------------+---------------+---------------+--------------+-------------+---------+
| Group total | (342) | 368 | 1,603 | 170 | 1,799 |
+--------------------------+---------------+---------------+--------------+-------------+---------+
*including amortisation of software shown within intangibles.
**including losses on disposal of operations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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