Final Results
2009年9月29日 - 3:00PM
ＲＮＳを含む英国規制内ニュース （英語）
TIDMAD.
RNS Number : 7855Z
ADL PLC
29 September 2009
ADL plc
Preliminary announcement of results for the year ended 31 March 2009
Operational and financial highlights
Turnover decreased 10.1% to GBP5,430,255 from GBP6,043,335
Gross profit reduced by 27.8% to GBP1,646,502 from GBP2,278,913
Core operational profit before exceptional and property items reduced by 68.5%
to GBP289,594 from GBP918,533
Total operating loss of GBP189,472 compared to GBP117,444 profit in 2008
Loss after interest and tax GBP743,569 compared to GBP462,898 in 2008
Group properties valued at GBP14.29m compared to GBP16.18m in 2008
For further information please contact:
+--------------------------------------+--------------------------------------+
| ADL plc | |
+--------------------------------------+--------------------------------------+
| Jeremy Davies, Managing Director | 07860 717458 |
+--------------------------------------+--------------------------------------+
| | |
+--------------------------------------+--------------------------------------+
| WH Ireland Limited | |
+--------------------------------------+--------------------------------------+
| JN Wakefield, Director | 0117 9345 3470 |
+--------------------------------------+--------------------------------------+
CHAIRMAN'S STATEMENT
As reported at the time of our Interims, the past 12 months have been dominated
by the Court case in respect of the allegations against management on Newsham
House, Gloucester (the case was stayed by the judge in late November) and the
closure of The Knoll in July 2008.
Although the Newsham House judgement bought to an end a period of blight for the
Company its cost in fees and management resources was considerable and this is
fully reflected in the accounts to the 31st March 2009.
Furthermore, The Knoll is still empty and as a consequence producing no income
as the Regulatory Authority has still not heard the Company's appeal against the
closure order. The resultant loss of income from both homes and exceptional
costs of the Court case have meant that the Company's gross revenue for the 12
months to the 31st March 2009 was down at GBP5,430,000 (GBP613,000 less than
2008) and the loss after interest and tax was GBP743,000 (GBP280,000 more than
2008).
Inevitably the significant loss made by the Company has had a seriously
depleting effect on the Company's cash and although the Company has stayed
within the financial requirements of its banking covenants there is little room
for manoeuvre going forward.
However I am pleased to say that the Company's other homes are all operating
well and profitably. In addition the majority have had their CQC ratings
improved during the last 12 months; the current situation as at the 1st August
2009 is that 5 homes are rated as good and 4 as adequate. The Company's firm
intent is to ensure that all its homes are rated as good within the next 12
months.
As I said in my Interim report the Company has been concentrating on stabilising
the business since the outcome of the Court case, improving relationships with
the Regulator and settling the future of The Knoll. I'm pleased to report that
we are making good progress in respect of each of these objectives.
Since the year end there have been two more positive moves, namely the Company
has agreed and executed a lease on Newsham House to a 3rd party operator and the
intention is to sell the resultant investment when market conditions improve.
The annual valuation of the Company's properties has been completed and shows
that there has been a significant downwards valuation as a result of the
problems experienced at Newsham House and The Knoll as well as a general
deterioration in market sentiment to commercial property investments. However
notwithstanding this reduction in value the Company is still operating within
the loan to property value requirements of its banking covenants, albeit with
less head room than previously.
Although there is a continuing and indeed an increasing demand for the care of
the elderly the cases with which the Company is having to deal are becoming more
complex and demanding whilst at the same time the squeeze on public expenditure
is leading to resource constraint. As a consequence the future will be a
challenging one with the need to carefully balance a quality service with the
resources that the public sector have available to pay for the care. This will
require the providers, the Regulator and Local Authorities to work closely
together to ensure that the best care is achieved within the resource envelope
available.
The Company will continue to actively manage its homes in this more difficult
climate and make every effort to settle the future of The Knoll whilst
continuing to look for suitable opportunities to grow the business.
We are very pleased to welcome Michael Chartres to the board as an additional
non-executive director. Michael, who was until 2007 a partner of Littlejohn, our
auditors, brings with him a wealth of knowledge and experience of the Company
and the sector in which it operates.
As explained in some detail in the Managing Directors Report the Directors are
recommending, with significant Shareholder support, that the Company de-lists
from the Alternative Investment Market as soon as possible. I strongly endorse
this move and the Company has appointed its nominated adviser WH Ireland
Limited, to advise on appropriate ways the Company may consider to enable the
minority shareholders to realise their investments.
It has been another difficult and uncertain year for the Company and I would
like to thank all our staff for the way in which they have handled the situation
and for their hard work and loyalty.
Sir William Wells
Chairman
24th September 2009
MANAGING DIRECTOR'S REPORT
As outlined by the Chairman in his statement the performance of our company has
been dramatically affected by the legal action taken by Gloucestershire
Constabulary in September 2007 following the joint inspection by CSCI and police
in July 2005 on Newsham House, Gloucester. The Company and its two Executive
Directors were charged with wilful neglect. As previously reported this case was
stayed by his Honour Judge Ticehurst in November 2008 at Bristol Crown Court.
During the period September 2007 - November 2008, the Executive Directors were
placed on the provisional Protection of Vulnerable Adults List following an
application by CSCI officers, and their access to the homes was restricted to
particular tasks.
The Acting Manager at Newsham House, who had been retained in a
medical/administrative capacity in order to maintain continuity, was ejected
from the home by CSCI officers. This undermined the confidence of residents and
their relatives. Morale and standards at the home fell as it was effectively
unmanaged, culminating in the Regulator applying to the Care Standards Tribunal
to de-register the home. As previously reported, Lifeline Homes Limited
("Lifeline") managed the home on our behalf until Lifeline obtained
registration. Immediately thereafter we contracted into a 30 year lease of the
premises to Lifeline. We are currently in advanced negotiations to sell Lifeline
the freehold interest, albeit at a reduced price to the previous valuation. This
year's valuation includes this reduction in value.
I have made a formal complaint on behalf of the Company and Directors to
Gloucestershire Constabulary in relation to the legality of the joint inspection
and certain matters relating to evidence subsequently provided for the court
case.
During the period when access to our homes was restricted, as previously
reported, Bradford City Council, with the support of CSCI, removed all the
residents from The Knoll and CQC (the successor to CSCI) has served notice of
de-registration. Again this has had a major impact on this year's property
revaluation, earnings and cash flow of the Company. This action is very strongly
contested but in the meantime your Board intends to sell this asset.
The combined effect of lack of trading from these homes reduced our earnings;
and had a considerable effect on our cash flow and potential profitability.
In order to protect the Company, this has caused the Directors to have to seek a
significant reduction in the central overheads.
In view of the low interest rate environment, central overheads have in any
event been significantly reduced, but any prudent borrower must expect interest
rates to rise and for that reason further cost cutting measures are required.
Your Board considers that, with reduction in the Company's scope of activities,
the listing on the AIM market is both costly and unnecessary because, as the
experience of the last two years has demonstrated, there is little liquidity in
the market for the shares.
For these reasons the Directors consider that it is in the best interests of the
shareholders to de-list from AIM and as a consequence the relevant resolution is
included in the enclosed agenda for the AGM. The Directors will work closely
with the Company's nominated adviser, WH Ireland Limited, to consider ways in
which the minority shareholders may realise the value of their shares and will
prepare a circular at which shareholders' approval to this proposed course of
action will be sought and advising them of the likely financial and other
implications. At the time of writing the company secretary holds irrevocable
undertakings in favour of the resolution to de-list in respect of 83.66% of the
total stake holdings and thus the de-listing.
Jeremy Davies
Managing Director
24th September 2009
GROUP INCOME STATEMENT
for the year ended 31 March 2009
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| | | | | | Year to | | Year to | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| | | | | | 31 Mar 09 | | 31 Mar 08 | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| | | | | | GBP'000 | | GBP'000 | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| Revenue | | | | | | | |
+------------------------+---------+----------------+--------+------------+---+------------+---+
| | | | | | | | | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| | Continuing operations | | | 5,430 | | 6,043 | |
+---+------------------------------+----------------+--------+------------+---+------------+---+
| | | | | | 5,430 | | 6,043 | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| Cost of Sales | | | | | | | |
+------------------------+---------+----------------+--------+------------+---+------------+---+
| | | | | | | | | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| | Continuing operations | | | (3,784) | | (3,764) | |
+---+------------------------------+----------------+--------+------------+---+------------+---+
| | | | | | (3,784) | | (3,764) | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| | | | | | | | | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| Gross Profit | | | | 1,646 | | 2,279 | |
+------------------------+---------+----------------+--------+------------+---+------------+---+
| | | | | | | | |
+---+------------------------------+----------------+--------+------------+---+------------+---+
| | Administrative expenses | | | | | | |
+---+------------------------------+----------------+--------+------------+---+------------+---+
| | - continuing operations | | (1,465) | | (1,497) | |
+---+-----------------------------------------------+--------+------------+---+------------+---+
| | Other operating | | | | 108 | | 136 | |
| | income | | | | | | | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| | | (1,357) | | (1,361) | |
+---------------------------------------------------+--------+------------+---+------------+---+
| | | | | | |
+---------------------------------------------------+--------+------------+---+------------+---+
| Operational profit before exceptional and other gains and | 289 | | 918 | |
| losses | | | | |
+------------------------------------------------------------+------------+---+------------+---+
| | | | | | | | | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| | Exceptional items | | | | (478) | | (651) | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| | Other gains or (losses) | | | - | | (150) | |
+---+------------------------------+----------------+--------+------------+---+------------+---+
| | | | | | (478) | | (801) | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| | | | | | | | | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| (Loss)/Profit from | | | | (189) | | 117 | |
| operations | | | | | | | |
+------------------------+---------+----------------+--------+------------+---+------------+---+
| | | | | | | | | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| | | | | | | | | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| | Finance income | | | | 10 | | 20 | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| | Finance costs | | | | (555) | | (614) | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| | | | | | | | | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| (Loss) on ordinary activities before tax | | (734) | | (477) | |
+---------------------------------------------------+--------+------------+---+------------+---+
| | | | | | | | | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| | Tax (expense)/credit | | (9) | | 14 | |
+---+-----------------------------------------------+--------+------------+---+------------+---+
| | | | | | | | | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| (Loss) for the financial year | | | (743) | | (463) | |
+----------------------------------+----------------+--------+------------+---+------------+---+
| | | | | | | | | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
| (Loss) per ordinary share attributable to the | | (7.52)p | | (4.68)p | |
| equity holders of the Company- basic and diluted | | | | | |
+---+--------------------+---------+----------------+--------+------------+---+------------+---+
GROUP BALANCE SHEET
at 31 March 2009
+---+--------------------+---------+-------------------+--+------------+---+------------+
| | | | | | | | Restated |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| | | | | | 31 Mar 09 | | 31 Mar 08 |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| | | | | | GBP'000 | | GBP'000 |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| Non-current assets | | | | | | |
+------------------------+---------+-------------------+--+------------+---+------------+
| | Intangible assets | | | | 617 | | 891 |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| | Property, plant and | | | 14,285 | | 16,180 |
| | equipment | | | | | |
+---+------------------------------+-------------------+--+------------+---+------------+
| | Investments | | | | 2 | | 2 |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| | Deferred tax | | | | 33 | | 37 |
| | assets | | | | | | |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| | | | | | 14,937 | | 17,110 |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| | | | | | | | |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| Non-current assets held for sale | | | 400 | | 500 |
+----------------------------------+-------------------+--+------------+---+------------+
| | | | | | | |
+------------------------+---------+-------------------+--+------------+---+------------+
| Current assets | | | | | | |
+------------------------+---------+-------------------+--+------------+---+------------+
| | | | | | | | |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| | Inventories | | | | 9 | | 9 |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| | Trade and other receivables | | | 870 | | 852 |
+---+------------------------------+-------------------+--+------------+---+------------+
| | Cash and cash equivalents | | | 278 | | 567 |
+---+------------------------------+-------------------+--+------------+---+------------+
| | | | | | 1,157 | | 1,428 |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| | | | | | | | |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| Total assets | | | | 16,494 | | 19,038 |
+------------------------+---------+-------------------+--+------------+---+------------+
| | | | | | | | |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| Current liabilities | | | | | | |
+------------------------+---------+-------------------+--+------------+---+------------+
| Trade and other payables | | | (1,156) | | (1,235) |
+----------------------------------+-------------------+--+------------+---+------------+
| Corporation tax liabilities | | | (5) | | (5) |
+----------------------------------+-------------------+--+------------+---+------------+
| | | | | (1,161) | | (1,240) |
+------------------------+---------+-------------------+--+------------+---+------------+
| | | | | | | |
+------------------------+---------+-------------------+--+------------+---+------------+
| Non-current | | | | | | |
| liabilities | | | | | | |
+------------------------+---------+-------------------+--+------------+---+------------+
| | Borrowings | | | | (8,363) | | (8,456) |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| | Deferred tax | | | | (634) | | (1,172) |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| | | | | (8,997) | | (9,628) |
+------------------------+---------+-------------------+--+------------+---+------------+
| | | | | | | |
+------------------------+---------+-------------------+--+------------+---+------------+
| Total liabilities | | | | (10,158) | | (10,868) |
+------------------------+---------+-------------------+--+------------+---+------------+
| | | | | | | | |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| Net assets | | | | 6,336 | | 8,170 |
+------------------------+---------+-------------------+--+------------+---+------------+
| | | | | | | | |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| Capital and Reserves attributable to Equity holders of the Company | | |
+----------------------------------------------------------------------+---+------------+
| | | | | | | | |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| | Called-up share capital | | | 1,522 | | 1,522 |
+---+------------------------------+-------------------+--+------------+---+------------+
| | Share premium | | | | 3,712 | | 3,712 |
| | account | | | | | | |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| | Revaluation | | | | 2,588 | | 3,794 |
| | reserve | | | | | | |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| | Retained earnings | | | | (1,486) | | (858) |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| | | | | | | | |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| Total equity | | | | 6,336 | | 8,170 |
+------------------------+---------+-------------------+--+------------+---+------------+
| | | | | | | | |
+---+--------------------+---------+-------------------+--+------------+---+------------+
| Net assets per ordinary share | | | 64.1p | | 82.6p |
+---+--------------------+---------+-------------------+--+------------+---+------------+
GROUP CASH FLOW STATEMENT
for the year ended 31 March 2009
+-----------+---------------------+----------+--+--+-------------+--------------+----+------------+--+
| | | | | | | Year to | | Year to |
+-----------+---------------------+----------+--+--+-------------+--------------+----+------------+
| | | | | | | 31 Mar 09 | | 31 Mar 08 |
+-----------+---------------------+----------+--+--+-------------+--------------+----+------------+
| | | | | | | GBP'000 | | GBP'000 |
+-----------+---------------------+----------+--+--+-------------+--------------+----+------------+
| Cash flows from operating | | | | | | |
| activities | | | | | | |
+--------------------------------------------+--+--+-------------+--------------+----+------------+
| Loss before | | | (734) | | (477) | |
| taxation | | | | | | |
+-----------------------------------------------+--+-------------+--------------+----+------------+--+
| Amortisation of | | | 115 | | 115 |
| intangible | | | | | |
| assets | | | | | |
+-----------------------------------------------+--+-------------+--------------+----+------------+
| Impairment of | | | 615 | | - |
| fixed assets | | | | | |
+-----------------------------------------------+--+-------------+--------------+----+------------+
| Impairment of | | | 159 | | - |
| goodwill | | | | | |
+-----------------------------------------------+--+-------------+--------------+----+------------+
| Amortisation of | | | 18 | | 19 |
| finance costs | | | | | |
+-----------------------------------------------+--+-------------+--------------+----+------------+
| Depreciation | | | - | | 2 |
+-----------------------------------------------+--+-------------+--------------+----+------------+
| Interest | | | (10) | | (20) |
| received | | | | | |
+-----------------------------------------------+--+-------------+--------------+----+------------+
| Interest paid | | | 555 | | 614 |
+-----------------------------------------------+--+-------------+--------------+----+------------+
| Loss on disposal | | | - | | 50 |
| of fixed assets | | | | | |
+-----------------------------------------------+--+-------------+--------------+----+------------+
| Fair value of non | | - | | 100 |
| current assets | | | | |
| held for sale | | | | |
+--------------------------------------------------+-------------+--------------+----+------------+
| Decrease in | | | - | | 2 |
| inventories | | | | | |
+-----------------------------------------------+--+-------------+--------------+----+------------+
| (Increase) in trade and other | (18) | | (11) |
| receivables | | | |
+----------------------------------------------------------------+--------------+----+------------+
| Decrease / (increase) in trade | (290) | | 335 |
| and other payables | | | |
+----------------------------------------------------------------+--------------+----+------------+
| Transfer of deferred | (249) | | - |
| consideration to property | | | |
+----------------------------------------------------------------+--------------+----+------------+
| UK Corporation | | | (5) | | (9) |
| tax paid | | | | | |
+-----------------------------------------------+--+-------------+--------------+----+------------+
| Net Cash Inflow from Operating | | | 156 | | 720 |
| Activities | | | | | |
+-----------------------------------------------+--+-------------+--------------+----+------------+
| | | | | | | | | |
+-----------+---------------------+----------+--+--+-------------+--------------+----+------------+
| Cash flows from investing activities | | | | | |
+-----------------------------------------------+--+-------------+--------------+----+------------+
| | | | | | | | |
+-----------+--------------------------------+--+--+-------------+--------------+----+------------+
| | | | | | | | |
+-----------+--------------------------------+--+--+-------------+--------------+----+------------+
| | Interest received | | | | | 10 | | 20 |
+-----------+---------------------+----------+--+--+-------------+--------------+----+------------+
| | Interest paid | | | | | (555) | | (614) |
+-----------+---------------------+----------+--+--+-------------+--------------+----+------------+
| Net Cash (used in) investing | | | | (545) | | (594) |
| activities | | | | | | |
+--------------------------------------------+--+--+-------------+--------------+----+------------+
| | | | | | | | | |
+-----------+---------------------+----------+--+--+-------------+--------------+----+------------+
| Cash flows from financing | | | | | | |
| activities | | | | | | |
+--------------------------------------------+--+--+-------------+--------------+----+------------+
| | | | | | | | | |
+-----------+---------------------+----------+--+--+-------------+--------------+----+------------+
| Proceeds | | | | | 100 | | 100 |
| from | | | | | | | |
| borrowings | | | | | | | |
+---------------------------------+----------+--+--+-------------+--------------+----+------------+
| Net Cash from financing activities | | | 100 | | 100 |
+-----------------------------------------------+--+-------------+--------------+----+------------+
| | | | | | | | | |
+-----------+---------------------+----------+--+--+-------------+--------------+----+------------+
| Net (Decrease)/increase in cash and cash equivalents | (289) | | 226 |
+----------------------------------------------------------------+--------------+----+------------+
| Cash and cash equivalents at beginning of year | 567 | | 341 |
+----------------------------------------------------------------+--------------+----+------------+
| Cash and cash equivalents at end of year | 278 | | 567 |
+-----------+---------------------+----------+--+--+-------------+--------------+----+------------+--+
Notes To The Preliminary Announcement
For the year ended 31 March 2009
1. Basis of preparation
The financial information presented in this preliminary announcement is
extracted from, and is consistent with, the Group's audited financial statements
for the year ended 31 March 2009.
The preliminary announcement for the year ended 31 March 2009 was approved by
the Board of Directors on 24 September 2009. The financial information set out
above does not constitute the Company's statutory financial statements for the
year ended 31 March 2009 or 2008 but is derived from those financial statements.
Statutory financial statements for 2009 will be delivered shareholders without
delay and to the registrar of companies following the Company's annual general
meeting. The financial statements for the year ended 31 March 2009 and 2008 were
reported on by the auditors without qualification or an emphasis of matter
reference and did not contain a statement under section 498(2) or (3) of the
Companies Act 2006 (2008: a statement under section 237(2) or (3) of the
Companies Act 1985).
The Group's results have been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by the EU.
2.Copies of this statement
Copies of this statement are available from the Company Secretary at the
Company's registered office at Corbie Steps, 89 Harehills Lane, Leeds LS7
4HA and from the Company's website at www.adlcare.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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