TIDMCSU
RNS Number : 5699P
Castle Support Services PLC
26 March 2009
Issued by Citigate Dewe Rogerson Ltd, Birmingham
Date: Thursday, 26 March 2009
IMMEDIATE RELEASE
Castle Support Services plc
("Castle" or the "Company")
Interim Financial Statements
for the period ended 31 December 2008
Highlights:
+--------------------------------+--------------------+-------------+------------+
| | 2008 | 2007 | |
| | | | |
+--------------------------------+--------------------+-------------+------------+
| * Revenue | GBP63.9m | GBP55.4m | + 15% |
| | | | |
+--------------------------------+--------------------+-------------+------------+
| * EBITDA | GBP10.8m | GBP9.3m | + 16% |
| | | | |
+--------------------------------+--------------------+-------------+------------+
| * Operating profit | GBP9.6m | GBP8.0m | + 20% |
| | | | |
+--------------------------------+--------------------+-------------+------------+
| * Profit before tax | GBP9.6m | GBP9.2m | + 4% |
| | | | |
+--------------------------------+--------------------+-------------+------------+
| * Strong balance sheet; significant funds available for potential |
| investment and expansion opportunities |
| |
+--------------------------------------------------------------------------------+
| * Strategic review process concluded - Offer period now ended |
| |
+--------------------------------------------------------------------------------+
| * Group to focus on growing the business by capitalising on its |
| expertise and service offerings and extending its geographic reach |
| |
+--------------------------------+--------------------+-------------+------------+
"I am pleased to report on a continuing improvement in the group's trading
performance during the six months ended 31 December 2008 with significant
increases achieved in revenue, EBITDA and operating profit."
"Our trading results demonstrate further progress in our stated strategy of
growing the business in each of the three continents, namely Europe, USA and
Australia, where our principally owned subsidiary, DM Technical Services Limited
('DMTS') has been established for many years."
"The business is continuing to experience encouraging levels of activity despite
the current economic turmoil both in the UK and internationally and we expect to
continue to make good progress in the second half."
Christopher Mills, Non-Executive Chairman
FULL PRESS RELEASE ATTACHED
+---------------------------------------+--------------------------------------+
| Enquiries: | |
| | |
+---------------------------------------+--------------------------------------+
| Castle Support Services plc | |
+---------------------------------------+--------------------------------------+
| Tudor Davies, Executive Director | +44 (0) 121 766 6161 |
+---------------------------------------+--------------------------------------+
| | |
+---------------------------------------+--------------------------------------+
| www.castlesupportservices.com | |
+---------------------------------------+--------------------------------------+
| Ticker: AIM: CSU.L | |
+---------------------------------------+--------------------------------------+
| | |
+---------------------------------------+--------------------------------------+
| Citigate Dewe Rogerson | |
+---------------------------------------+--------------------------------------+
| Fiona Tooley | +44 (0) 121 455 8370 |
+---------------------------------------+--------------------------------------+
| Keith Gabriel | +44 (0) 7785 703523 |
+---------------------------------------+--------------------------------------+
| | |
+---------------------------------------+--------------------------------------+
| Strand Partners Limited | |
+---------------------------------------+--------------------------------------+
| Matthew Chandler | +44 (0) 207 409 3494 |
+---------------------------------------+--------------------------------------+
CHAIRMAN'S STATEMENT
Introduction
I am pleased to report on a continuing improvement in the group's trading
performance during the six months ended 31 December 2008 with significant
increases achieved in revenue, EBITDA and operating profit.
Results
The results for the six months to 31 December 2008 show a solid improvement in
revenue, increasing by approximately 15% to GBP63.9m (2007: GBP55.4m).
EBITDA increased by 16% to GBP10.8m (2007: GBP9.3m), and operating profit by 20%
to GBP9.6m (2007: GBP8.0m).
Profit before tax, which increased by 4% to GBP9.6m (2007: GBP9.2m), has been
impacted by a reduction in other finance income to GBP0.5m (2007: GBP1.8m)
reflecting the reduced market value of assets within the group's defined benefit
pension scheme.
In common with many other UK companies, our taxation charge has been impacted
adversely by a change in the treatment of Industrial Buildings Allowances
introduced in the 2008 Finance Act. This has increased the group's taxation
charge by GBP1.8m. If the impact of this one-time write-off is excluded, the tax
charge would have been approximately 33% instead of the reported 51% (2007:
31%).
Borrowings
Group borrowings at the end of the period were GBP6.9m (net of cash balances of
GBP16.7m) having reduced by GBP4.7m during the period (before a GBP1.0m movement
on interest rate swaps). The group also has unutilised borrowing facilities of
circa GBP6m, which together with the aforementioned cash balances represents
circa GBP23m available for potential investment and expansion opportunities.
Strategy
Our trading results demonstrate further progress in our stated strategy of
growing the business in each of the three Continents, namely Europe, USA and
Australia, where our principal subsidiary, DM Technical Services Limited
('DMTS') has been established for many years. DMTS also secures a regular flow
of business from outside these regions primarily based upon its longstanding
reputation and expertise for servicing the needs of key global sectors such as
energy generation, oil, gas, resources and shipping, but to date has not
proactively marketed its considerable capabilities.
Part of our plan going forward is to capitalise on our expertise through
targeting new regions such as the Far-East and other parts of the world as well
as developing our profile in the Middle-East where we can build on our presence
established in UAE last year. This growth is expected to be developed
organically through proactive marketing of our existing services for the repair
and maintenance of motors, generators and other rotating equipment, and through
complementary acquisitions. The Board consider that as a well established market
leader in a very fragmented marketplace and with very few competitors capable of
providing the group's scale and range of services, there is considerable scope
for consolidation and expansion.
During the course of the last year we undertook a strategic review to explore
all avenues to accelerate the group's considerable opportunities for
international growth. As announced previously (March 2008) this review has
included, but not been limited to, the consideration of possible alliances,
joint ventures, mergers and acquisitions which may or may not have led to an
Offer being made for the company. The Board has now concluded that at this time
in light of the current volatile market conditions, it is not in shareholders'
interests to consider options that may or may not have led to an offer for the
company and such a strategy is not being pursued. Accordingly, the company is
no longer in an "Offer" period and the Dealing Disclosure requirements of the
Takeover Code have now ceased.
The Board believes it more beneficial to focus on our strategic growth plans
outlined earlier in this statement, namely: proactively marketing our services
in key global market sectors, expansion into new regions both organically and
through targeted acquisitions and / or joint ventures, and development of trade
alliances.
Outlook
The business is continuing to experience encouraging levels of activity despite
the current economic turmoil both in the UK and internationally, and we expect
to continue to make good progress in the second half.
Christopher Mills
Non-executive Chairman
26 March 2009
Independent review report to Castle Support Services plc
Introduction
We have been engaged by the company to review the financial information in the
half-yearly financial report for the six months ended 31 December 2008 which
comprises the consolidated interim income statement, the consolidated interim
balance sheet, the consolidated interim statement of recognised income and
expense, the consolidated interim cash flow statement, and the related
explanatory notes to the interim financial statements. We have read the other
information contained in the half-yearly financial report which comprises only
the Chairman's statement and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the condensed
set of financial statements.
This report is made solely to the company in accordance with guidance contained
in ISRE (UK and Ireland) 2410, 'Review of Interim Financial Information
performed by the Independent Auditor of the Entity'. Our review work has been
undertaken so that we might state to the company those matters we are required
to state to them in a review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone
other than the company, for our review work, for this report, or for the
conclusion we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved
by, the directors. The AIM rules of the London Stock Exchange require that the
accounting policies and presentation applied to the financial information in the
half-yearly financial report are consistent with those which will be adopted in
the annual accounts having regard to the accounting standards applicable for
such accounts.
As disclosed in Note 1, the annual financial statements of the group are
prepared in accordance with IFRSs as adopted by the European Union. The
financial information in the half-yearly financial report has been prepared in
accordance with the basis of preparation in Note 1.
Our responsibility
Our responsibility is to express to the company a conclusion on the financial
information in the half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International ISRE (UK and Ireland)
2410, 'Review of Interim Financial Information Performed by the Independent
Auditor of the Entity' issued by the Auditing Practices Board for use in the
United Kingdom. A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with
International Standards on Auditing (UK and Ireland) and consequently does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an
audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the financial information in the half-yearly financial report for the six
months ended 31 December 2008 is not prepared, in all material respects, in
accordance with the basis of preparation described in Note 1.
GRANT THORNTON UK LLP
Registered Auditors
Chartered Accountants
Leicester
26 March 2009
Consolidated Interim Income Statement
For the period ended 31 December 2008
+-------------------------------------+----------+-----------+------------+
| | 6 months | 6 months | 12 months |
| | to | to | to |
| | 31 Dec | 31 Dec | 30 June |
| | 2008 | 2007 | 2008 |
+-------------------------------------+----------+-----------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
| | | | |
+-------------------------------------+----------+-----------+------------+
| Revenue | 63,887 | 55,403 | 116,270 |
| | | | |
+-------------------------------------+----------+-----------+------------+
| Cost of sales | (45,528) | (39,299) | (83,717) |
| | | | |
+-------------------------------------+----------+-----------+------------+
| Gross profit | 18,359 | 16,104 | 32,553 |
| | | | |
+-------------------------------------+----------+-----------+------------+
| Selling and distribution costs | (2,408) | (2,193) | (4,471) |
| | | | |
+-------------------------------------+----------+-----------+------------+
| Administration expenses | (6,342) | (6,330) | (12,704) |
| | | | |
+-------------------------------------+----------+-----------+------------+
| Operating profit before profit on | 9,609 | 7,581 | 15,378 |
| disposal | | | |
+-------------------------------------+----------+-----------+------------+
| Profit on disposal of property, | - | 451 | 454 |
| plant and equipment | | | |
+-------------------------------------+----------+-----------+------------+
| Operating profit | 9,609 | 8,032 | 15,832 |
| | | | |
+-------------------------------------+----------+-----------+------------+
| Net interest payable on bank | (790) | (1,098) | (1,948) |
| overdrafts and loans | | | |
+-------------------------------------+----------+-----------+------------+
| Net interest receivable on bank | 172 | 181 | 453 |
| balances | | | |
+-------------------------------------+----------+-----------+------------+
| Treasury management income | 111 | 329 | 787 |
| | | | |
+-------------------------------------+----------+-----------+------------+
| Other finance income | 525 | 1,775 | 3,371 |
| | | | |
+-------------------------------------+----------+-----------+------------+
| Profit before tax | 9,627 | 9,219 | 18,495 |
| | | | |
+-------------------------------------+----------+-----------+------------+
| Income tax expense | (4,916) | (2,877) | (5,643) |
| | | | |
+-------------------------------------+----------+-----------+------------+
| Profit for the period | 4,711 | 6,342 | 12,852 |
| | | | |
+-------------------------------------+----------+-----------+------------+
| Profit attributable to minority | 14 | - | 202 |
| interests | | | |
+-------------------------------------+----------+-----------+------------+
| Profit attributable to equity | 4,697 | 6,342 | 12,650 |
| shareholders | | | |
+-------------------------------------+----------+-----------+------------+
| | 4,711 | 6,342 | 12,852 |
| | | | |
+-------------------------------------+----------+-----------+------------+
| Earnings per share (EPS) - basic | 3.73 | 5.03 | 10.04 |
| and diluted - pence | | | |
+-------------------------------------+----------+-----------+------------+
Consolidated Interim Balance Sheet
As at 31 December 2008
+-----------------------------+---------------+---------------+------------+
| | 31 December | 31 December | 30 June |
| | 2008 | 2007 | 2008 |
+-----------------------------+---------------+---------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------+---------------+---------------+------------+
| Assets | | | |
+-----------------------------+---------------+---------------+------------+
| Non-current assets | | | |
+-----------------------------+---------------+---------------+------------+
| Goodwill | 17,030 | 15,114 | 17,032 |
+-----------------------------+---------------+---------------+------------+
| Other intangible assets | 57 | 79 | 67 |
+-----------------------------+---------------+---------------+------------+
| Property, plant and | 26,237 | 23,390 | 24,604 |
| equipment | | | |
+-----------------------------+---------------+---------------+------------+
| Retirement benefit assets | 8,655 | 14,369 | 7,306 |
+-----------------------------+---------------+---------------+------------+
| Total non-current assets | 51,979 | 52,952 | 49,009 |
+-----------------------------+---------------+---------------+------------+
| Current assets | | | |
+-----------------------------+---------------+---------------+------------+
| Inventories | 11,268 | 9,356 | 10,333 |
+-----------------------------+---------------+---------------+------------+
| Trade and other receivables | 24,912 | 22,406 | 22,657 |
+-----------------------------+---------------+---------------+------------+
| Cash and cash equivalents | 16,671 | 7,349 | 12,886 |
+-----------------------------+---------------+---------------+------------+
| Total current assets | 52,851 | 39,111 | 45,876 |
+-----------------------------+---------------+---------------+------------+
| Total assets | 104,830 | 92,063 | 94,885 |
+-----------------------------+---------------+---------------+------------+
| Liabilities | | | |
+-----------------------------+---------------+---------------+------------+
| Current liabilities | | | |
+-----------------------------+---------------+---------------+------------+
| Trade and other payables | (7,935) | (6,812) | (7,651) |
+-----------------------------+---------------+---------------+------------+
| Short term provisions and | (11,487) | (10,286) | (12,783) |
| liabilities | | | |
+-----------------------------+---------------+---------------+------------+
| Tax liabilities | (2,310) | (1,902) | (2,040) |
+-----------------------------+---------------+---------------+------------+
| Bank loans and short term | (1,607) | (872) | (1,612) |
| borrowings | | | |
+-----------------------------+---------------+---------------+------------+
| Total current liabilities | (23,339) | (19,872) | (24,086) |
+-----------------------------+---------------+---------------+------------+
| Non-current liabilities | | | |
+-----------------------------+---------------+---------------+------------+
| Long term borrowings | (21,056) | (23,834) | (21,770) |
+-----------------------------+---------------+---------------+------------+
| Derivative financial | (946) | - | (175) |
| instruments | | | |
+-----------------------------+---------------+---------------+------------+
| Long term provisions | (4,714) | (2,932) | (4,280) |
+-----------------------------+---------------+---------------+------------+
| Deferred tax liabilities | (4,687) | (4,231) | (2,483) |
+-----------------------------+---------------+---------------+------------+
| Total non-current | (31,403) | (30,997) | (28,708) |
| liabilities | | | |
+-----------------------------+---------------+---------------+------------+
| Total liabilities | (54,742) | (50,869) | (52,794) |
+-----------------------------+---------------+---------------+------------+
| Net assets | 50,088 | 41,194 | 42,091 |
+-----------------------------+---------------+---------------+------------+
| Shareholders' equity | | | |
+-----------------------------+---------------+---------------+------------+
| Share capital | 25,212 | 25,212 | 25,212 |
+-----------------------------+---------------+---------------+------------+
| Reverse acquisition reserve | (13,057) | (13,057) | (13,057) |
+-----------------------------+---------------+---------------+------------+
| Foreign currency | 5,342 | 754 | 2,117 |
| translation reserve | | | |
+-----------------------------+---------------+---------------+------------+
| Other reserves | (50) | - | (50) |
+-----------------------------+---------------+---------------+------------+
| Profit and loss account | 32,101 | 28,285 | 27,404 |
+-----------------------------+---------------+---------------+------------+
| Equity shareholders' funds | 49,548 | 41,194 | 41,626 |
+-----------------------------+---------------+---------------+------------+
| Minority interests - equity | 540 | - | 465 |
+-----------------------------+---------------+---------------+------------+
| Total equity | 50,088 | 41,194 | 42,091 |
+-----------------------------+---------------+---------------+------------+
Consolidated Interim Statement of Recognised Income and Expense
For the period ended 31 December 2008
+------------------------------------------------+-----------+----------+------------+
| | 6 months | 6 months | 12 months |
| | to | to | to |
| | 31 Dec | 31 Dec | 30 June |
| | 2008 | 2007 | 2008 |
+------------------------------------------------+-----------+----------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------------+-----------+----------+------------+
| Retained profit for the period | 4,711 | 6,342 | 12,852 |
+------------------------------------------------+-----------+----------+------------+
| Income/(expenses) recognised directly in | | | |
| equity: | | | |
+------------------------------------------------+-----------+----------+------------+
| Currency translation differences arising in | 3,225 | 511 | 1,874 |
| the period | | | |
+------------------------------------------------+-----------+----------+------------+
| Restriction on recognition of retirement | - | (2,915) | - |
| benefit surplus | | | |
+------------------------------------------------+-----------+----------+------------+
| Actuarial loss on retirement benefit plan | - | - | (12,345) |
+------------------------------------------------+-----------+----------+------------+
| Taxation on actuarial loss on retirement | - | - | 3,456 |
| benefit plan | | | |
+------------------------------------------------+-----------+----------+------------+
| Taxation on restriction on recognition of | - | 816 | - |
| retirement benefit surplus | | | |
+------------------------------------------------+-----------+----------+------------+
| Total recognised income and expense for the | 7,936 | 4,754 | 5,837 |
| period | | | |
+------------------------------------------------+-----------+----------+------------+
| Attributable to minority interests | 139 | - | 202 |
+------------------------------------------------+-----------+----------+------------+
| | - | - | |
+------------------------------------------------+-----------+----------+------------+
| Attributable to equity shareholders | 7,797 | 4,754 | 5,635 |
+------------------------------------------------+-----------+----------+------------+
| | 7,936 | 4,754 | 5,837 |
+------------------------------------------------+-----------+----------+------------+
Consolidated Interim Cash Flow Statement
For the period ended 31 December 2008
+-----------------------------------------+------------------+----------+------------+
| | 6 months to | 6 months | 12 months |
| | 31 Dec 2008 | to | to |
| | | 31 Dec | 30 June |
| | | 2007 | 2008 |
+-----------------------------------------+------------------+----------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------+------------------+----------+------------+
| Profit before tax | 9,627 | 9,219 | 18,495 |
+-----------------------------------------+------------------+----------+------------+
| Adjustments for: | | | |
+-----------------------------------------+------------------+----------+------------+
| Depreciation | 1,233 | 1,253 | 2,579 |
+-----------------------------------------+------------------+----------+------------+
| Loss / (profit) on sale of property, | 69 | (451) | (454) |
| plant and equipment | | | |
+-----------------------------------------+------------------+----------+------------+
| Interest payable on bank overdrafts and | 790 | 1,098 | 1,948 |
| loans | | | |
+-----------------------------------------+------------------+----------+------------+
| Interest receivable on bank balances | (172) | (181) | (453) |
+-----------------------------------------+------------------+----------+------------+
| Interest rate swaps | 771 | (329) | (787) |
+-----------------------------------------+------------------+----------+------------+
| Other finance income | (525) | (1,775) | (3,371) |
+-----------------------------------------+------------------+----------+------------+
| (Increase) in inventories | (554) | (746) | (1,133) |
+-----------------------------------------+------------------+----------+------------+
| (Increase) in trade and other | (1,530) | (2,335) | (1,783) |
| receivables | | | |
+-----------------------------------------+------------------+----------+------------+
| (Decrease) / increase in trade and | (1,319) | 1,743 | 3,327 |
| other payables | | | |
+-----------------------------------------+------------------+----------+------------+
| Increase in long term provisions and | 433 | 11 | 1,334 |
| liabilities | | | |
+-----------------------------------------+------------------+----------+------------+
| Contributions to pension schemes and | (824) | (861) | (1,630) |
| service cost | | | |
+-----------------------------------------+------------------+----------+------------+
| Cash generated from operations | 7,999 | 6,646 | 18,072 |
+-----------------------------------------+------------------+----------+------------+
| Interest paid | (790) | (1,095) | (1,948) |
+-----------------------------------------+------------------+----------+------------+
| Income taxes paid | (2,516) | (750) | (2,977) |
+-----------------------------------------+------------------+----------+------------+
| Net cash generated from operating | 4,693 | 4,801 | 13,147 |
| activities | | | |
+-----------------------------------------+------------------+----------+------------+
| Cash flows from investing activities | | | |
+-----------------------------------------+------------------+----------+------------+
| Acquisition of businesses | - | - | (1,826) |
+-----------------------------------------+------------------+----------+------------+
| Net cash and cash equivalents acquired | - | - | (8) |
| with businesses | | | |
+-----------------------------------------+------------------+----------+------------+
| Purchase of property, plant and | (1,171) | (1,131) | (2,213) |
| equipment | | | |
+-----------------------------------------+------------------+----------+------------+
| Sale of property, plant and equipment | 21 | 2,373 | 2,386 |
+-----------------------------------------+------------------+----------+------------+
| Interest received | 172 | 181 | 453 |
+-----------------------------------------+------------------+----------+------------+
| Dividends paid to minority interests | (68) | - | (8) |
+-----------------------------------------+------------------+----------+------------+
| Net cash (used in)/generated from | (1,046) | 1,423 | (1,216) |
| investing activities | | | |
+-----------------------------------------+------------------+----------+------------+
| Cash flows from financing activities | | | |
+-----------------------------------------+------------------+----------+------------+
| Buy-back of shares | - | - | (50) |
+-----------------------------------------+------------------+----------+------------+
| Repayments of amounts borrowed | (750) | (712) | (1,500) |
+-----------------------------------------+------------------+----------+------------+
| Net cash (used in)/generated from | (750) | (712) | (1,550) |
| financing activities | | | |
+-----------------------------------------+------------------+----------+------------+
| Increase in cash and cash equivalents | 2,897 | 5,512 | 10,381 |
+-----------------------------------------+------------------+----------+------------+
| Cash and cash equivalents at beginning | 12,864 | 1,644 | 1,644 |
| of period | | | |
+-----------------------------------------+------------------+----------+------------+
| Translation differences | 893 | 192 | 839 |
+-----------------------------------------+------------------+----------+------------+
| Cash and cash equivalents at end of | 16,654 | 7,348 | 12,864 |
| period | | | |
+-----------------------------------------+------------------+----------+------------+
Notes to the Interim Financial Statements
For the period ended 31 December 2008
Basis of preparation
These unaudited interim consolidated financial statements (the interim financial
statements) are for the six months ended 31 December 2008. They have been
prepared in accordance with all major aspects of IAS 34 "Interim Financial
Reporting". They do not include all of the information required for full annual
financial statements, and should be read in conjunction with the consolidated
financial statements of the group for the year ended 30 June 2008.
These financial statements have been prepared under the historical cost
convention, except for the revaluation of certain financial instruments.
The interim financial statements have been prepared in accordance with the
accounting policies set out in the consolidated financial statements of the
group for the year ended 30 June 2008 and are based on the recognition and
measurement principles of all IFRS and International Financial Reporting
Interpretations Committee interpretations ('IFRICs') issued, effective and
adopted for use in the European Union at 30 June 2009 or expected to be adopted
and effective at 30 June 2009. These IFRS and IFRICs are subject to ongoing
review and possible amendment. Further standards and/or interpretations may be
issued that could apply to the group's financial statements for the year ending
30 June 2009. If any such amendments, new standards or interpretations are
issued these may lead to the financial information provided in this report being
changed.
The accounting policies have been applied consistently throughout the group for
the purposes of preparation of these interim consolidated financial statements.
Castle Support Services plc is registered in England with company number
5351402. The registered office is Camp Hill, Birmingham, B12 0JJ.
Earnings per share
Basic earnings per share is calculated by dividing the retained profit
attributable to ordinary equity holders of the company by the weighted average
number of ordinary shares outstanding during the period.
+------------------------------------------+-------------+-------------+-------------+
| | 6 months | 6 months | 12 months |
| | to | to | to |
| | 31 Dec | 31 Dec | 30 June |
| | 2008 | 2007 | 2008 |
+------------------------------------------+-------------+-------------+-------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------+-------------+-------------+-------------+
| Profit for the period | 4,697 | 6,342 | 12,650 |
+------------------------------------------+-------------+-------------+-------------+
| | | | |
+------------------------------------------+-------------+-------------+-------------+
| Weighted average number of ordinary | 126,001,875 | 126,058,400 | 126,031,043 |
| shares in issue | | | |
+------------------------------------------+-------------+-------------+-------------+
| | | | |
+------------------------------------------+-------------+-------------+-------------+
| Basic and diluted earnings per share | 3.73 | 5.03 | 10.04 |
| (EPS) - pence | | | |
+------------------------------------------+-------------+-------------+-------------+
The weighted average number of ordinary shares in issue exclude treasury shares
acquired during the year ended 30 June 2008.
There are no dilutive share arrangements in place.
Reconciliation of movement in net debt
+-------------------------------------+-----------+-----------+-----------+
| | 6 months | 6 months | 12 months |
| | to | to | to |
| | 31 Dec | 31 Dec | 30 June |
| | 2008 | 2007 | 2008 |
+-------------------------------------+-----------+-----------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------+-----------+-----------+-----------+
| Increase in cash and cash | 2,897 | 5,512 | 10,381 |
| equivalents | | | |
+-------------------------------------+-----------+-----------+-----------+
| Cash flows from financing | 750 | 712 | 1,500 |
| activities | | | |
+-------------------------------------+-----------+-----------+-----------+
| Amortisation of facility fee | (36) | - | (75) |
+-------------------------------------+-----------+-----------+-----------+
| Translation differences | 893 | 192 | 839 |
+-------------------------------------+-----------+-----------+-----------+
| Movement in interest rate swaps | (771) | 329 | 787 |
+-------------------------------------+-----------+-----------+-----------+
| | 3,733 | 6,745 | 13,432 |
+-------------------------------------+-----------+-----------+-----------+
| Net debt at beginning of period | (10,671) | (24,103) | (24,103) |
+-------------------------------------+-----------+-----------+-----------+
| Net debt at end of period | (6,938) | (17,358) | (10,671) |
+-------------------------------------+-----------+-----------+-----------+
Availability of Interim Report
Copies of these results are being sent to shareholders and will also be
available from the company's registered office at Camp Hill, Birmingham, B12 0JJ
and can be downloaded from our website, www.castlesupportservices.com.
Castle Support Services plc is registered in England with company number
5351402.
Statutory Accounts
These unaudited interim consolidated financial statements do not constitute
statutory accounts under s240 of the Companies Act 1985.
The comparative amounts in these interim consolidated financial statements
include extracts from the company's consolidated financial statements for the
year ended 30 June 2008. The company's consolidated financial statements for the
year ended 30 June 2008 have been filed with the Registrar of Companies,
received an unqualified audit report and did not contain statements under
sections 237(2) and 237(3) of the Companies Act 1985.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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