TIDMCAMH
RNS Number : 5238Y
Consolidated Asset Mgmt (Hldgs) PLC
04 September 2009
CONSOLIDATED ASSET MANAGEMENT (HOLDINGS) PLC
("CAMH" or the "Company")
INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2009
CHAIRMAN'S STATEMENT
The challenging environment, in which your business is currently being
conducted, continued during the six months on which we are reporting. Our
revenues are directly linked to the performance of the financial markets and
investor confidence. Unfortunately this confidence, despite some recent
encouraging survey data, remains at a low level.However, good progress has been
made in repositioning the CAMH group (the "Group") to be well placed to take
advantage as and when the market improves.
The continuing difficult trading conditions, together with the further
rationalisation of the Group carried out during the period under review,
resulted in a loss for the Group of GBP521,530 (2008: GBP1,554,868).
At the start of the six month period under review, we announced the additional
investment of GBP1.75m by Mayfair Limited. This was completed in February 2009,
following approval by the Panel on Takeover and Mergers and independent
shareholders. Further finance was also provided by David Walton Masters and
City of London Group plc, who subscribed for loan notes with an aggregate value
of GBP150,000. David Walton Masters and James Thornton then joined the board of
directors (the "Board") as non-executive directors, bringing additional levels
of expertise to our wealth management business. I am pleased to announce that
today the Board has appointed Brian Aitchison as a non-executive director, who
has significant experience in the financial sector, specialising in wealth
management.
During the period under review, the Group has continued to progress the strategy
referred to in the 2008 Annual Report. Towards the end of the period, it became
clear that two of our IFA subsidiaries, Throgmorton Asset Management Limited
(TAM) and Throgmorton Financial Services Limited (TFS), did not fit into the
Group's future strategy. As a result the Board took the decision that the Group
should dispose of both these companies, and these transactions subsequently took
place in July 2009.
The disposals, which represent a further stage in the restructuring of the
Group, will assist the better deployment of our resources and leave a firm
foundation on which we intend to build.The Board continues to progress to align
the assets of the Group with the Board's strategy and vision, as detailed in the
2008 Annual Report.
We also continue to evaluate investment and acquisition opportunities as they
arise, where it is possible to combine an appropriate valuation with the right
fit for our strategic goals.In light of the Company's current share price, the
Board is considering the appropriate structure in order to facilitate the
implementation of their strategy. We are currently looking at a number of
opportunities and hope that we will continue to make progress in restoring the
Group to profitability.
Sir William Wells
Chairman
4 September 2009 CONDENSED CONSOLIDATED INCOME STATEMENT
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| | | Unaudited | Unaudited | Audited |
+------------------------------------+-------+------------------+--------------------+--------------------+
| | | 6 months ended | 6 months ended | Year ended |
+------------------------------------+-------+------------------+--------------------+--------------------+
| | | 30 June 2009 | 30 June 2008 | 31 December |
| | | | | 2008 |
+------------------------------------+-------+------------------+--------------------+--------------------+
| | Notes | | GBP | | | GBP | | | GBP | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| CONTINUING OPERATIONS | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Revenue | | | 1,076,516 | | | 987,366 | | | 2,327,530 | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Cost of sales | | | (575,488) | | | (620,034) | | | (1,285,982) | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| GROSS PROFIT | | | 501,028 | | | 367,332 | | | 1,041,548 | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Other gains and losses | | | - | | | 39,822 | | | (624,827) | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Administrative expenses | | | (861,580) | | | (678,424) | | | (1,846,999) | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Finance costs | | | (4,591) | | | - | | | - | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Finance income | | | 1,313 | | | 38,036 | | | 44,579 | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| TRADING PROFIT/(LOSS) | | | (363,830) | | | (233,234) | | | (1,385,699) | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Amortisation of intangible assets | | | (30,072) | | | (248,312) | | | (588,272) | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Provision for impairment of | | | - | | | - | | | (5,445,192) | |
| intangible assets | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Amortisation of goodwill | | | (268) | | | - | | | (800) | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Provision for impairment of | | | - | | | - | | | (1,109,133) | |
| goodwill | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Provision for disposal of | 4 | | (133,954) | | | - | | | - | |
| subsidiaries | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| LOSS BEFORE TAX | | | (528,124) | | | (481,546) | | | (8,529,096) | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Taxation | | | 6,594 | | | 17,682 | | | 1,704,578 | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| LOSS FOR THE PERIOD FROM CONTINUING | | (521,530) | | | (463,864) | | | (6,824,518) | |
| OPERATIONS | | | | | | | | | |
+--------------------------------------------+--+-----------+---+---+-------------+--+--+-------------+---+
| | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| DISCONTINUED OPERATIONS | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Loss from discontinued operations | | | - | | | (1,091,004) | | | (3,026,182) | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| LOSS FOR THE PERIOD | | | (521,530) | | | (1,554,868) | | | (9,850,700) | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Attributable to | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Equity holders of the parent | | | (521,530) | | | (1,554,868) | | | (9,850,700) | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Loss per share expressed in pence | 2 | | | | | | | | | |
| per share | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Continuing operations | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Basic | | | (0.20) | | | (0.35) | | | (4.64) | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Diluted | | | (0.20) | | | (0.34) | | | (4.62) | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Continuing and discontinued | | | | | | | | | | |
| operations | | | | | | | | | | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Basic | | | (0.20) | | | (1.16) | | | (6.70) | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
| Diluted | | | (0.20) | | | (1.15) | | | (6.67) | |
+------------------------------------+-------+--+-----------+---+---+-------------+--+--+-------------+---+
CONDENSED CONSOLIDATED BALANCE SHEET
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| | | | Unaudited | Unaudited | Audited |
+-------------+--------+--------+---------------------------------+--------------------------------+--------------------------------+
| | | Notes | 30 June 2009 | 30 June 2008 | 31 December 2008 |
+-------------+--------+--------+---------------------------------+--------------------------------+--------------------------------+
| | | | GBP | GBP | GBP |
+-------------+--------+--------+---------------------------------+--------------------------------+--------------------------------+
| ASSETS | | | | | | | | | | | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| NON-CURRENT | | | | | | | | | | |
| ASSETS | | | | | | | | | | |
+----------------------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| Goodwill | | | 2,332 | | | 1,161,199 | | | 2,600 | |
+----------------------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| Intangible | | | | 404,228 | | | 7,079,697 | | | 532,237 | |
| assets | | | | | | | | | | | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| Property, plant | | | 21,587 | | | 123,300 | | | 60,898 | |
| and equipment | | | | | | | | | | |
+----------------------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| | | | | 428,147 | | | 8,364,196 | | | 595,735 | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| CURRENT | | | | | | | | | | | |
| ASSETS | | | | | | | | | | | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| Trade and other | | | 278,566 | | | 689,766 | | | 128,720 | |
| receivables | | | | | | | | | | |
+----------------------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| Other financial | | | - | | | 1,079,469 | | | 46,500 | |
| assets | | | | | | | | | | |
+----------------------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| Cash and cash | | | 1,245,818 | | | 1,700,288 | | | 202,883 | |
| equivalents | | | | | | | | | | |
+----------------------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| | | | | 1,524,384 | | | 3,469,523 | | | 378,103 | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| | | | | | | | | | | | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| Disposal group | 4 | | - | | | - | | | - | |
| held for sale | | | | | | | | | | |
+----------------------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| | | | | | | | | | | | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| | | | | | | | | | | | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| TOTAL | | | | 1,952,531 | | | 11,833,719 | | | 973,838 | |
| ASSETS | | | | | | | | | | | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| | | | | | | | | | | | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| EQUITY | | | | | | | | | | |
+----------------------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| SHAREHOLDERS | | | | | | | | | | |
| EQUITY | | | | | | | | | | |
+----------------------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| Ordinary share | | | 1,499,508 | | | 724,186 | | | 865,579 | |
| capital | | | | | | | | | | |
+----------------------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| Share premium | | | 9,704,550 | | | 7,933,770 | | | 8,709,572 | |
+----------------------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| Other | | | | 94,616 | | | 86,536 | | | 88,316 | |
| reserve | | | | | | | | | | | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| Retained | | | | (10,004,899) | | | (1,187,537) | | | (9,483,369) | |
| earnings | | | | | | | | | | | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| TOTAL | | | | 1,293,775 | | | 7,556,955 | | | 180,098 | |
| EQUITY | | | | | | | | | | | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| | | | | | | | | | | | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| LIABILITIES | | | | | | | | | | | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| NON-CURRENT | | | | | | | | | | |
| LIABILITIES | | | | | | | | | | |
+----------------------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| Deferred tax | | | 115,317 | | | 1,659,312 | | | 122,227 | |
| liabilities | | | | | | | | | | |
+----------------------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| | | | | | | | | | | | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| CURRENT | | | | | | | | | | | |
| LIABILITIES | | | | | | | | | | | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| Trade and other | | | 543,439 | | | 2,332,737 | | | 666,088 | |
| payables | | | | | | | | | | |
+----------------------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| Tax payable | | | - | | | 284,715 | | | 5,425 | |
+----------------------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| | | | | 543,439 | | | 2,617,452 | | | 671,513 | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| | | | | | | | | | | | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| TOTAL | | | | 658,756 | | | 4,276,764 | | | 793,740 | |
| LIABILITIES | | | | | | | | | | | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| | | | | | | | | | | | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
| TOTAL EQUITY | | | 1,952,531 | | | 11,833,719 | | | 973,838 | |
| AND LIABILITIES | | | | | | | | | | |
+-------------+--------+--------+--------+---------------+--------+--------+--------------+--------+--------+--------------+--------+
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
+--------------------------------------+--+--+---+--------------+--+--+-------------+---+---+----+-------------+----+
| | | | Unaudited | | | Unaudited | | Audited |
+--------------------------------------+--+--+------------------+--+--+-----------------+---+-----------------------+
| | | 6 months ended | 6 months ended | Year ended |
+--------------------------------------+--+------------------------+------------------------+-----------------------+
| | | 30 June 2009 | 30 June 2008 | 31 December 2008 |
+--------------------------------------+--+------------------------+------------------------+-----------------------+
| | | GBP | GBP | | GBP | |
+--------------------------------------+--+------------------------+------------------------+----+-------------+----+
| Share capital | | | | | | | | | | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| At start of period | | | 865,579 | | | 618,181 | | | 618,181 | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| Shares issued in the period | | | 633,929 | | | 106,005 | | | 247,398 | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| | | | 1,499,508 | | | 724,186 | | | 865,579 | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| | | | | | | | | | | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| Share premium account | | | | | | | | | | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| At start of period | | | 8,709,572 | | | 6,239,777 | | | 6,239,777 | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| Premium on shares issued in the | | | 1,141,072 | | | 1,693,993 | | | 2,469,795 | |
| period | | | | | | | | | | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| Cost of share issues | | | (146,094) | | | - | | | - | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| | | | 9,704,550 | | | 7,933,770 | | | 8,709,572 | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| | | | | | | | | | | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| Other reserve | | | | | | | | | | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| At start of period | | | 88,316 | | | 79,663 | | | 79,663 | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| Employee share option charge | | | 6,300 | | | 6,873 | | | 8,653 | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| | | | 94,616 | | | 86,536 | | | 88,316 | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| | | | | | | | | | | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| Profit and loss account | | | | | | | | | | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| At start of period | | | (9,483,369) | | | 367,331 | | | 367,331 | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| Retained (loss) / profit for the | | | (521,530) | | | (1,554,868) | | | (9,850,700) | |
| period | | | | | | | | | | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| | | | (10,004,899) | | | (1,187,537) | | | (9,483,369) | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| | | | | | | | | | | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| | | | | | | | | | | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| Total equity | | | 1,293,775 | | | 7,556,955 | | | 180,098 | |
+--------------------------------------+--+------+--------------+--+--+-------------+-------+----+-------------+----+
| | | | | | | | | | | |
+--------------------------------------+--+--+---+--------------+--+--+-------------+---+---+----+-------------+----+
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
+--------------------------------+------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
| | | Unaudited | Unaudited | Audited |
+---------------------------------------+-------+-----------------+---------------------+---------------------+
| | | 6 months ended | 6 months ended | Year ended |
+---------------------------------------+-------+-----------------+---------------------+---------------------+
| | | 30 June 2009 | 30 June 2008 | 31 December 2008 |
+---------------------------------------+-------+-----------------+---------------------+---------------------+
| | Notes | | GBP | | | GBP | | | GBP | |
+---------------------------------------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
| Cash flows from operating activities | | | | | | | | | | |
+---------------------------------------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
| Cash used in operations | 3 | | (595,396) | | | (776,054) | | | (1,915,376) | |
+---------------------------------------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
| Tax paid | | | - | | | - | | | (169,773) | |
+---------------------------------------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
| Net cash used in operating activities | | | (595,396) | | | (776,054) | | | (2,085,149) | |
+---------------------------------------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
| | | | | | | | | | | |
+---------------------------------------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
| Cash flows from investing activities | | | | | | | | | | |
+---------------------------------------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
| Purchase of property plant and equipment | | (588) | | | (30,574) | | | (40,118) | |
+-----------------------------------------------+--+-----------+--+---+-------------+---+---+-------------+---+
| Acquisition of subsidiaries net of cash | | - | | | (1,404,170) | | | (1,540,268) | |
| acquired | | | | | | | | | |
+-----------------------------------------------+--+-----------+--+---+-------------+---+---+-------------+---+
| Disposal of subsidiaries | | | - | | | - | | | (864,840) | |
+---------------------------------------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
| Finance income | | | 1,313 | | | 201,739 | | | 273,707 | |
+---------------------------------------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
| Transfer to disposal group | | | (136,710) | | | - | | | - | |
+---------------------------------------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
| Net cash from investing activities | | | (135,985) | | | (1,233,005) | | | (2,171,519) | |
+---------------------------------------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
| | | | | | | | | | | |
+---------------------------------------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
| Cash flows from financing activity | | | | | | | | | | |
+---------------------------------------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
| New loans in year | | | 150,000 | | | - | | | 74,195 | |
+---------------------------------------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
| Share issue | | | 1,628,907 | | | - | | | 676,009 | |
+---------------------------------------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
| Finance costs | | | (4,591) | | | - | | | - | |
+---------------------------------------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
| | | | | | | | | | | |
+---------------------------------------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
| Net cash from financing activities | | | 1,774,316 | | | - | | | 750,204 | |
+---------------------------------------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
| | | | | | | | | | | |
+---------------------------------------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
| Net (decrease)/increase in cash and cash | 1,042,935 | | | (2,009,059) | | | (3,506,464) | |
| equivalents | | | | | | | | |
+--------------------------------------------------+-----------+--+---+-------------+---+---+-------------+---+
| | | | | | | | | | | |
+--------------------------------+--------------+--+-----------+--+---+-------------+---+---+-------------+---+
| Cash and cash equivalents at beginning of | | 202,883 | | | 3,709,347 | | | 3,709,347 | |
| period | | | | | | | | | |
+-----------------------------------------------+--+-----------+--+---+-------------+---+---+-------------+---+
| | | | | | | | | | | |
+--------------------------------+--------------+--+-----------+--+---+-------------+---+---+-------------+---+
| Cash and cash equivalents at end of period | | 1,245,818 | | | 1,700,288 | | | 202,883 | |
+-----------------------------------------------+--+-----------+--+---+-------------+---+---+-------------+---+
| | | | | | | | | | | |
+--------------------------------+--------------+--+-----------+--+---+-------------+---+---+-------------+---+
| | | | | | | | | | | |
+--------------------------------+--------------+--+-----------+--+---+-------------+---+---+-------------+---+
| | | | | | | | | | | |
+--------------------------------+--------------+--+-----------+--+---+-------------+---+---+-------------+---+
| | | | | | | | | | | |
+--------------------------------+------+-------+--+-----------+--+---+-------------+---+---+-------------+---+
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. BASIS OF PREPARATION
These consolidated interim financial statements have been prepared using the
recognition and measurement principles of International Financial Reporting
Standards (IFRSs and IFRIC interpretations) issued by the International
Accounting Standards Board (IASB), as adopted by the European Union, in
accordance with IAS 34 Interim Financial Reporting as adopted by the European
Union, and the requirements of the AIM rules. The interim financial statements
are unaudited and have not been reviewed by the Companys auditors.
These consolidated interim financial statements have been prepared on the basis
of the accounting policies set out in the Group's consolidated accounts for the
year ended 31 December 2008. These unaudited interim financial statements should
therefore be read in conjunction with the 2008 Annual Report and Financial
Statements.
The financial information set out in this interim report does not constitute
statutory accounts as defined in section 434 of the Companies Act 2006.
The comparative figures for the year ended 31 December 2008 are derived from the
Company's statutory accounts for that financial period. The accounts have been
reported on by the Company's auditors and delivered to the Registrar of
Companies. The report of the auditors was unqualified and did not contain a
statement under Section 237(2) or (3) of the Companies Act 1985.
Comparative figures have been restated from those published in the Group's
consolidated interim financial statements for the period ended 30 June 2008 to
reflect discontinued activities, as set out in the Group's statutory accounts
for the year ended 31 December 2008.
2. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of ordinary shares
outstanding during the period.
Diluted earnings per share is calculated using the weighted average number of
shares adjusted to assume the conversion of all dilutive potential ordinary
shares which were capable of conversion during the period. Share options have
been assumed to be capable of conversion where the option price is less than the
average share price of the Company during the period.
+---------------------------------+--+-------------+--+--+-------------+--+--+-------------+--+
| | | Unaudited | | | Unaudited | | | Audited | |
+---------------------------------+--+-------------+--+--+-------------+--+--+-------------+--+
| | 6 months ended | 6 months ended | | Year ended | |
+---------------------------------+-------------------+-------------------+--+-------------+--+
| | | 30 June | | | 30 June | | 31 December 2008 |
| | | 2009 | | | 2008 | | |
+---------------------------------+--+-------------+--+--+-------------+--+-------------------+
| | | GBP | | | GBP | | | GBP | |
+---------------------------------+--+-------------+--+--+-------------+--+--+-------------+--+
| Earnings attributable to | | | | | | | | | |
| ordinary shareholders | | | | | | | | | |
+---------------------------------+--+-------------+--+--+-------------+--+--+-------------+--+
| Continuing operations | | (521,530) | | | (463,864) | | | (6,824,518) | |
+---------------------------------+--+-------------+--+--+-------------+--+--+-------------+--+
| Continuing and discontinued | | (521,530) | | | (1,554,868) | | | (9,850,700) | |
| operations | | | | | | | | | |
+---------------------------------+--+-------------+--+--+-------------+--+--+-------------+--+
| | | | | | | | | | |
+---------------------------------+--+-------------+--+--+-------------+--+--+-------------+--+
| | | No. | | | No. | | | No. | |
+---------------------------------+--+-------------+--+--+-------------+--+--+-------------+--+
| Weighted average number of | | | | | | | | | |
| shares | | | | | | | | | |
+---------------------------------+--+-------------+--+--+-------------+--+--+-------------+--+
| Basic | | 260,674,925 | | | 134,268,094 | | | 147,117,892 | |
+---------------------------------+--+-------------+--+--+-------------+--+--+-------------+--+
| Diluted | | 261,353,278 | | | 135,596,657 | | | 147,579,155 | |
+---------------------------------+--+-------------+--+--+-------------+--+--+-------------+--+
3. NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| | Unaudited | Unaudited | Audited |
+---------------------+-----------------------------+-------------------------------+-------------------------------+
| | 6 months ended | 6 months ended | Year ended |
+---------------------+-----------------------------+-------------------------------+-------------------------------+
| | 30 June 2009 | 30 June 2008 | 31 December 2008 |
+---------------------+-----------------------------+-------------------------------+-------------------------------+
| | | GBP | | | GBP | | | GBP | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| | | | | | | | | | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| | | | | | | | | | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| Loss | | (528,124) | | | (481,546) | | | (8,529,096) | |
| before | | | | | | | | | |
| tax - | | | | | | | | | |
| continuing | | | | | | | | | |
| operations | | | | | | | | | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| Loss | | - | | | (1,281,212) | | | (3,100,630) | |
| before | | | | | | | | | |
| tax - | | | | | | | | | |
| discontinued | | | | | | | | | |
| operations | | | | | | | | | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| Depreciation | | 13,068 | | | 24,904 | | | 43,360 | |
| charges | | | | | | | | | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| Loss | | - | | | - | | | 5,915 | |
| on | | | | | | | | | |
| disposal | | | | | | | | | |
| of | | | | | | | | | |
| property | | | | | | | | | |
| plant | | | | | | | | | |
| and | | | | | | | | | |
| equipment | | | | | | | | | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| Loss | | 133,954 | | | - | | | 1,305,420 | |
| on | | | | | | | | | |
| disposal | | | | | | | | | |
| of | | | | | | | | | |
| subsidiaries | | | | | | | | | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| Client | | 30,072 | | | 351,782 | | | 743,477 | |
| relationships | | | | | | | | | |
| amortisation | | | | | | | | | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| Impairment | | - | | | - | | | 5,445,192 | |
| of client | | | | | | | | | |
| relationships | | | | | | | | | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| Goodwill | | 268 | | | - | | | 800 | |
| amortisation | | | | | | | | | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| Impairment | | - | | | - | | | 1,109,133 | |
| of | | | | | | | | | |
| goodwill | | | | | | | | | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| Equity | | 6,300 | | | 6,873 | | | 8,653 | |
| settled | | | | | | | | | |
| share | | | | | | | | | |
| based | | | | | | | | | |
| transactions | | | | | | | | | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| Fair | | - | | | 351,154 | | | 1,151,274 | |
| value | | | | | | | | | |
| adjustment | | | | | | | | | |
| to | | | | | | | | | |
| financial | | | | | | | | | |
| assets | | | | | | | | | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| Decrease/(increase) | | - | | | 241,789 | | | (81,583) | |
| in financial assets | | | | | | | | | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| Finance | | 4,591 | | | - | | | - | |
| costs | | | | | | | | | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| Finance | | (1,313) | | | (201,738) | | | (273,707) | |
| income | | | | | | | | | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| | | (341,184) | | | (987,994) | | | (2,171,792) | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| (Increase)/decrease | | (212,255) | | | 467,576 | | | 767,982 | |
| in trade and other | | | | | | | | | |
| receivables | | | | | | | | | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| Decrease | | (41,957) | | | (255,636) | | | (511,566) | |
| in trade | | | | | | | | | |
| and | | | | | | | | | |
| other | | | | | | | | | |
| payables | | | | | | | | | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| | | | | | | | | | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
| Cash | | (595,396) | | | (776,054) | | | (1,915,376) | |
| used | | | | | | | | | |
| in | | | | | | | | | |
| operations | | | | | | | | | |
+---------------------+--------+-----------+--------+--------+-------------+--------+--------+-------------+--------+
4. DISPOSAL OF SUBSIDIARIES
Since 30 June 2009, following the strategic review referred to in the 2008
annual report, the Company has announced the disposal of two subsidiaries, which
had been identified as not sufficiently aligned to the Group's ongoing
development.
The sale of Throgmorton Financial Services Limited (TFS) to its management team
was completed on 3 July 2009. The consideration for the sale comprises deferred
payments based on the turnover achieved by TFS in the one year period following
completion. In addition, deferred consideration still outstanding from the
acquisition of TFS will no longer be payable, and the warranty claims issued by
the Company have been terminated.
On completion, Mayfair Limited agreed to acquire from the TFS purchasers all of
the shares in the Company in which they had a beneficial interest. This included
shares held in trust under the agreement by which the Company acquired TFS. In
total, Mayfair Limited acquired 16,435,399 ordinary shares of 0.5p each in the
Company, for an aggregate consideration of GBP11,384.
On 10 July 2009, the Company entered an agreement to sell Throgmorton Asset
Management Limited (TAM) to Intelligent Financial Services Limited. Completion
of this agreement took place on 25 August 2009, following approval by the FSA of
change of control. The consideration for the sale comprises an amount up to a
maximum of GBP50,000 which will be payable depending on the level of profit
before interest and taxation achieved by TAM during the period of 12 months
following completion, and additional consideration based on a percentage of
turnover achieved by the business carried on by TAM as at completion for each
quarter during the subsequent five year period.
The decisions had been taken to sell the two subsidiaries before the period end,
and agreements entered into shortly after. At 30 June 2009, TAM and TFS are
therefore treated as a disposal group under the provisions of IFRS 5.
Accordingly, their value will be recovered through sale rather than through
continuing use, and the estimated costs of realising these disposals have been
provided. The combined net assets of TFS and TAM are disclosed as a disposal
group in the consolidated balance sheet at nil value after accounting for the
impairment charge detailed below.
The current estimates of consideration receivable for both TAM and TFS, less the
costs to sell, are lower than the value at which these investments were carried
in the books of the Company, and the net assets which the disposal group
represents. Accordingly, provisions have been made in these interim consolidated
financial statements as at 30 June 2009 to reflect this, as an impairment to the
value of the disposal group.
The overall impact in the interim financial statements is summarised as:
+--------------------------------------+-----------+
| | GBP |
+--------------------------------------+-----------+
| Estimated consideration receivable | 30,000 |
+--------------------------------------+-----------+
| Impairment of disposal group | (243,954) |
+--------------------------------------+-----------+
| Estimated disposal costs | (120,000) |
+--------------------------------------+-----------+
| Creditors not payable following | 200,000 |
| disposal | |
+--------------------------------------+-----------+
| | (133,954) |
+--------------------------------------+-----------+
The overall charge to the consolidated profit and loss account therefore
represents principally the estimated costs incurred in realising these
disposals.
Copies of this report are available from Consolidated Asset Management
(Holdings) plc's registered office at 58 Queen Anne Street, London W1G 8HW, or
from its website at www.consolidatedassetmanagement.co.uk
For further information please contact:
Consolidated Asset Management (Holdings) plc 0845 838 4756
Simon Banks-Cooper, Chief Executive Officer
Strand Partners Limited 020 7409 3494
Simon Raggett/ Paul Cocker
This information is provided by RNS
The company news service from the London Stock Exchange
END
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