TIDMLGNG
RNS Number : 1754D
Legion Group PLC
27 November 2009
27 November 2009
Legion group plc
('Legion Group' or the 'Group')
Interim Results for the six months ended 30 September 2009
HIGHLIGHTS
* Turnover of GBP31.2 million for six months ended 30 September 2009 (six months ended 30 September 2008: GBP15.3 million)
* Gross profit of GBP5.1 million for six months ended 30 September 2009 (six months ended 30 September 2008: GBP2.7 million)
* EBITDA of GBP1.4 million for six months ended 30 September 2009 (six months ended 30 September 2008: GBP0.6 million)
* Profit before taxation of GBP964,000 for six months ended 30 September 2009 (six months ended 30 September 2008: GBP129,000)
* Acquired and integrated the contracts of the Craft Services Group
* Non-recurring costs in period of GBP560,000
Enquiries:
+-----------+---------------+
| Legion | 01992 701972 |
| Group | |
+-----------+---------------+
| Mark | |
| Higgins, | |
| Chief | |
| Executive | |
+-----------+---------------+
| Charlie | |
| Cleverly, | |
| Managing | |
| Director | |
+-----------+---------------+
| | |
+-----------+---------------+
| Seymour | 020 7107 8000 |
| Pierce | |
+-----------+---------------+
| Jonathan | |
| Wright | |
+-----------+---------------+
| | |
+-----------+---------------+
| College | 020 7457 2020 |
| Hill | |
+-----------+---------------+
| Nick | |
| Elwes | |
+-----------+---------------+
Chairman's statement
Non Executive Chairman's Statement
These results represent the period during which the business has acquired the
contracts of CS Group Ltd (trading as Craft Services Group), integrated these
contracts with SectorGuard plc and Legion Group plc and rebranded as Legion
Group plc. The business is now firmly established as a major supplier in the
manned guarding sector supported by parking services and electronic security
systems divisions operating throughout the United Kingdom.
During this period management have concentrated on the integration of the two
businesses and the incorporation of the contracts of Craft Services Group into a
single entity. This has involved the successful migration of all control,
finance and HR functions into a single centralised location and formalising a
national network of field based operational management that meets and exceeds
our client's requirements.
We can now concentrate on delivering the quality service and continue looking at
ways in which we can fulfil and exceed our client's requirements. The company
has identified within its current client portfolio niche security sectors where
quality of service and specialisation are at the forefront of client
requirements and predict strong growth within these areas.
Operations
The field based operational management model is now firmly in place with all
reporting systems now fully centralised. There is an experienced management team
in place at all levels that are able to deliver the customer service that this
type of business demands, that is able to respond to changing client needs
effectively. We now have the ability to deliver a consistently high level of
service across the country.
Corporate and Social Responsibility
The business remains committed to training at all levels to develop our people
to meet and exceed their employment expectations. Recruitment, selection,
vetting and training are all done to a level beyond the prevailing British
Standards to ensure that we provide the best people available to our clients. We
have an ongoing commitment to ensure the working conditions of our people are of
the highest standards. We work closely with our clients to ensure that all
necessary steps are undertaken to promote this practice.
Financial
Turnover for the six month period to 30 September 2009 was GBP31.2 million (six
months ended 30 Sep 2008: GBP15.3 million) generating a gross profit of GBP5.1
million (six months ended 30 Sep 2008: GBP2.7 million). The EBITDA for the six
month period was GBP1.4 million (six months ended 30 Sep 2008: GBP0.6 million).
The profit before tax for the six month period was GBP964,000 (six months ended
30 Sep 2008: GBP129,000). The Legion Group business model and the strength of
the brand has resulted in benefits to all of our stakeholders be they
shareholders, clients or colleagues.
Outlook
The repositioning of the company as Legion Group plc has been seen as a very
positive change. Legion Group is trading and developing well which has been
underpinned by the continued support of its diverse client list and its strong
portfolio of long term public sector contracts. The Board believe that there may
be further opportunities arising from the current market conditions. We are well
placed to react to these.
We are pleased to announce these figures which show the transformation of the
company and we would like to take this opportunity to thank all our advisors,
our clients and our people who have contributed to this transformation.
Stephen Thomas
Non-executive Chairman
26th November 2009
Consolidated income statement
for the six months ended 30 September 2009
+-----------------------------------------+------+----+----------+---------------+-------------+
| | | Six | Six months | Year |
| | | months | | |
+-----------------------------------------+-----------+----------+---------------+-------------+
| | | ended | Ended | Ended |
+-----------------------------------------+-----------+----------+---------------+-------------+
| | 30 September 2009 | 30 September | 31 March |
| | | 2008 | 2009 |
+-----------------------------------------+----------------------+---------------+-------------+
| | | (unaudited) | (unaudited) | (audited) |
+-----------------------------------------+------+---------------+---------------+-------------+
| | Note | GBP000's | GBP000's | GBP000's |
+-----------------------------------------+------+---------------+---------------+-------------+
| Revenue | | 31,161 | 15,290 | 28,898 |
+-----------------------------------------+------+---------------+---------------+-------------+
| Cost of sales | | (26,058) | (12,631) | (24,846) |
+-----------------------------------------+------+---------------+---------------+-------------+
| Gross profit | | 5,103 | 2,659 | 4,052 |
+-----------------------------------------+------+---------------+---------------+-------------+
| Operating expenses | | (3,881) | (2,262) | (4,764) |
+-----------------------------------------+------+---------------+---------------+-------------+
| Operating profit/(loss) | 3 | 1,222 | 397 | (712) |
+-----------------------------------------+------+---------------+---------------+-------------+
| Finance income | | - | - | 3 |
+-----------------------------------------+------+---------------+---------------+-------------+
| Finance costs | | (258) | (268) | (651) |
+-----------------------------------------+------+---------------+---------------+-------------+
| Profit/(loss) before tax | | 964 | 129 | (1,360) |
+-----------------------------------------+------+---------------+---------------+-------------+
| Tax (expense)/credit | | (270) | (27) | 356 |
+-----------------------------------------+------+---------------+---------------+-------------+
| Profit/(loss) for the period | | 694 | 102 | (1,004) |
+-----------------------------------------+------+---------------+---------------+-------------+
| | | | | |
+-----------------------------------------+------+---------------+---------------+-------------+
| Profit/(loss) per share attributable to | | | | |
| the equity | | | | |
+-----------------------------------------+------+---------------+---------------+-------------+
| holders of the group during the period | 4 | | | |
| (pence) | | | | |
+-----------------------------------------+------+---------------+---------------+-------------+
| Basic | | 0.12 | 0.03 | (0.25) |
+-----------------------------------------+------+---------------+---------------+-------------+
| Diluted | | 0.12 | 0.03 | (0.25) |
+-----------------------------------------+------+----+----------+---------------+-------------+
Consolidated balance sheet
As at 30 September 2009
+----------------------------------------------+---+--------------+---------------+------------+
| | | As at | As at | As at |
+----------------------------------------------+---+--------------+---------------+------------+
| | 30 September | 30 September | 31 March |
| | 2009 | 2008 | 2009 |
+----------------------------------------------+------------------+---------------+------------+
| | | (unaudited) | (unaudited | (audited) |
| | | | and restated) | |
+----------------------------------------------+---+--------------+---------------+------------+
| | | GBP000's | GBP000's | GBP000's |
+----------------------------------------------+---+--------------+---------------+------------+
| Non-current assets | | | | |
+----------------------------------------------+---+--------------+---------------+------------+
| Intangible assets | | 15,450 | 10,510 | 14,732 |
+----------------------------------------------+---+--------------+---------------+------------+
| Property, plant and equipment | | 651 | 494 | 844 |
+----------------------------------------------+---+--------------+---------------+------------+
| | | 16,101 | 11,004 | 15,576 |
+----------------------------------------------+---+--------------+---------------+------------+
| Current assets | | | | |
+----------------------------------------------+---+--------------+---------------+------------+
| Inventories | | 220 | 274 | 123 |
+----------------------------------------------+---+--------------+---------------+------------+
| Trade and other receivables | | 11,838 | 7,028 | 9,337 |
+----------------------------------------------+---+--------------+---------------+------------+
| Current tax recoverable | | - | 274 | - |
+----------------------------------------------+---+--------------+---------------+------------+
| Cash and cash equivalents | | 506 | 174 | 988 |
+----------------------------------------------+---+--------------+---------------+------------+
| | | 12,564 | 7,750 | 10,448 |
+----------------------------------------------+---+--------------+---------------+------------+
| Total assets | | 28,665 | 18,754 | 26,024 |
+----------------------------------------------+---+--------------+---------------+------------+
| Current liabilities | | | | |
+----------------------------------------------+---+--------------+---------------+------------+
| Trade and other payables | | 10,041 | 4,495 | 10,494 |
+----------------------------------------------+---+--------------+---------------+------------+
| Current tax liabilities | | 13 | - | 13 |
+----------------------------------------------+---+--------------+---------------+------------+
| Loans and overdrafts | | 5,984 | 3,757 | 3,503 |
+----------------------------------------------+---+--------------+---------------+------------+
| Obligations under finance leases | | 41 | 48 | 56 |
+----------------------------------------------+---+--------------+---------------+------------+
| Provisions | | 2,228 | 1,456 | 1,118 |
+----------------------------------------------+---+--------------+---------------+------------+
| | | 18,307 | 9,756 | 15,184 |
+----------------------------------------------+---+--------------+---------------+------------+
| Non-current liabilities | | | | |
+----------------------------------------------+---+--------------+---------------+------------+
| Loans and overdrafts | | 2,180 | 2,768 | 2,376 |
+----------------------------------------------+---+--------------+---------------+------------+
| Deferred tax liabilities | | 1,844 | 544 | 1,401 |
+----------------------------------------------+---+--------------+---------------+------------+
| Obligations under finance leases | | - | 31 | 8 |
+----------------------------------------------+---+--------------+---------------+------------+
| Provisions | | 542 | 1,335 | 1,957 |
+----------------------------------------------+---+--------------+---------------+------------+
| | | 4,566 | 4,678 | 5,742 |
+----------------------------------------------+---+--------------+---------------+------------+
| Total liabilities | | 22,873 | 14,434 | 20,926 |
+----------------------------------------------+---+--------------+---------------+------------+
| | | | | |
+----------------------------------------------+---+--------------+---------------+------------+
| Equity | | | | |
+----------------------------------------------+---+--------------+---------------+------------+
| Share capital | | 2,969 | 1,979 | 2,969 |
+----------------------------------------------+---+--------------+---------------+------------+
| Share premium account | | 6,338 | 5,387 | 6,338 |
+----------------------------------------------+---+--------------+---------------+------------+
| Share-based payment reserve | | 99 | 157 | 99 |
+----------------------------------------------+---+--------------+---------------+------------+
| Merger reserve | | 1,274 | 1,274 | 1,274 |
+----------------------------------------------+---+--------------+---------------+------------+
| Own shares in employee trust | | (293) | (293) | (293) |
+----------------------------------------------+---+--------------+---------------+------------+
| Retained earnings | | (4,595) | (4,184) | (5,289) |
+----------------------------------------------+---+--------------+---------------+------------+
| Total equity | | 5,792 | 4,320 | 5,098 |
+----------------------------------------------+---+--------------+---------------+------------+
| Total liabilities and equity | | 28,665 | 18,754 | 26,024 |
+----------------------------------------------+---+--------------+---------------+------------+
Consolidated statement of changes in equity
for the six months ended 30 September 2009
+-------------------------+----------+----------+-------------+----------+----------+----------+----------+
| | | Share | Share-based | | Own | | |
| | | | | | shares | | |
+-------------------------+----------+----------+-------------+----------+----------+----------+----------+
| | Share | premium | payment | Merger | In | Retained | |
| | | | | | employee | | |
+-------------------------+----------+----------+-------------+----------+----------+----------+----------+
| | capital | account | reserve | reserve | trust | earnings | Total |
+-------------------------+----------+----------+-------------+----------+----------+----------+----------+
| | GBP000's | GBP000's | GBP000's | GBP000's | GBP000's | GBP000's | GBP000's |
+-------------------------+----------+----------+-------------+----------+----------+----------+----------+
| At 1 April 2008 | 1,779 | 4,787 | 157 | 1,274 | (293) | (4,285) | 3,419 |
+-------------------------+----------+----------+-------------+----------+----------+----------+----------+
| Loss for the year | - | - | - | - | - | (1,004) | (1,004) |
+-------------------------+----------+----------+-------------+----------+----------+----------+----------+
| Proceeds from shares | 1,190 | 1,589 | - | - | - | - | 2,779 |
| issued | | | | | | | |
+-------------------------+----------+----------+-------------+----------+----------+----------+----------+
| Costs associated with | - | (38) | - | - | - | - | (38) |
| share issue | | | | | | | |
+-------------------------+----------+----------+-------------+----------+----------+----------+----------+
| Share-based payment | - | - | (58) | - | - | - | (58) |
+-------------------------+----------+----------+-------------+----------+----------+----------+----------+
| At 1 April 2009 | 2,969 | 6,338 | 99 | 1,274 | (293) | (5,289) | 5,098 |
+-------------------------+----------+----------+-------------+----------+----------+----------+----------+
| Profit for the period | - | - | - | - | - | 694 | 694 |
+-------------------------+----------+----------+-------------+----------+----------+----------+----------+
| At 30 September 2009 | 2,969 | 6,338 | 99 | 1,274 | (293) | (4,595) | 5,792 |
+-------------------------+----------+----------+-------------+----------+----------+----------+----------+
Consolidated cash flow statement
for the six months ended 30 September 2009
+------------------------+-------+-----+----------------+---------------+-------------+
| | Six months | Six months | Year |
+--------------------------------------+----------------+---------------+-------------+
| | ended | ended | Ended |
+--------------------------------------+----------------+---------------+-------------+
| | 30 September | 30 September | 31 March |
| | 2009 | 2008 | 2009 |
+--------------------------------------+----------------+---------------+-------------+
| | (unaudited) | (unaudited | (audited) |
| | | and restated) | |
+--------------------------------------+----------------+---------------+-------------+
| | Note | GBP000's | GBP000's | GBP000's |
+------------------------+-------------+----------------+---------------+-------------+
| Operating activities | | | |
+--------------------------------------+----------------+---------------+-------------+
| Cash flow from operations | 5 | (2,000) | (1,795) | (312) |
+--------------------------------+-----+----------------+---------------+-------------+
| Taxation paid | - | - | 104 |
+--------------------------------------+----------------+---------------+-------------+
| Net cash (outflow) from operating | (2,000) | (1,795) | (208) |
| activities | | | |
+--------------------------------------+----------------+---------------+-------------+
| Investing activities | | | |
+--------------------------------------+----------------+---------------+-------------+
| Acquisition of businesses | (455) | - | - |
+--------------------------------------+----------------+---------------+-------------+
| Acquisition of subsidiaries net of | (45) | (13) | 722 |
| cash acquired | | | |
+--------------------------------------+----------------+---------------+-------------+
| Payments to acquire tangible fixed | (38) | (30) | (33) |
| assets | | | |
+--------------------------------------+----------------+---------------+-------------+
| Proceeds from disposal of tangible | 53 | 127 | 122 |
| fixed assets | | | |
+--------------------------------------+----------------+---------------+-------------+
| Net cash (outflow) / inflow from | (485) | 84 | 811 |
| investing | | | |
+--------------------------------------+----------------+---------------+-------------+
| Financing activities | | | |
+--------------------------------------+----------------+---------------+-------------+
| Interest received | - | - | 3 |
+--------------------------------------+----------------+---------------+-------------+
| Interest paid | (222) | (251) | (545) |
+--------------------------------------+----------------+---------------+-------------+
| Interest element of finance leases | - | (10) | (4) |
+--------------------------------------+----------------+---------------+-------------+
| Issue of equity share capital | - | 800 | 2,740 |
+--------------------------------------+----------------+---------------+-------------+
| Repayment of loans | (400) | (400) | (1,805) |
+--------------------------------------+----------------+---------------+-------------+
| Increase in loans and overdrafts | 2,649 | 2,989 | - |
+--------------------------------------+----------------+---------------+-------------+
| Repayment of capital element of | (24) | (69) | (84) |
| finance leases | | | |
+--------------------------------------+----------------+---------------+-------------+
| Net cash inflow from financing | 2,003 | 3,059 | 305 |
| activities | | | |
+--------------------------------------+----------------+---------------+-------------+
| (Decrease) / increase in cash and | (482) | 1,348 | 908 |
| cash equivalents | | | |
+--------------------------------------+----------------+---------------+-------------+
| Cash and cash equivalents at | 988 | (1,174) | 80 |
| beginning of period | | | |
+--------------------------------------+----------------+---------------+-------------+
| Cash and cash equivalents at end of | 506 | 174 | 988 |
| period | | | |
+--------------------------------------+----------------+---------------+-------------+
| Cash and cash equivalents at end of | | | |
| period comprise: | | | |
+--------------------------------------+----------------+---------------+-------------+
| Cash at bank | 506 | 174 | 988 |
+------------------------+-------+-----+----------------+---------------+-------------+
Notes to the interim statement
for the six months ended 30 September 2009
1 General information and accounting policies
This Interim Report for the period ended 30 September 2009 and the comparative
information for the periods ended 30 September 2008 and 31 March 2009 do not
constitute statutory accounts as defined in section 240 of the Companies Act
1985.
A copy of the statutory accounts for the year ended 31 March 2009 has been
delivered to the Registrar of Companies. The financial statements included two
emphases of matter paragraphs in respect of the completeness of the related
party transactions and in respect of the timings of the impairments of
intangibles assets and goodwill in the prior reporting periods. Both emphases of
matters related to historical events and transactions that have not recurred in
this accounting period.
The financial information for the six month periods ended 30 September 2009 and
30 September 2008 are unaudited. The financial information for the year ended 31
March 2009 is derived from the Group's audited Annual report and accounts. As a
result of misstatements identified and disclosed in note 33 of the audited
Annual report and accounts for March 2009 relating to March 2008, the balance
sheet and cash flow for six month to September 2008 have been adjusted as the
opening balances were impacted by these adjustments. No adjustments are however
necessary to the comparative consolidated income statement for September 2008.
The resultant changes are set out in note 7 of this Interim Report.
The annual financial statements of Legion Group plc are prepared in accordance
with IFRS as adopted by the European Union. The condensed set of financial
statements included in this interim financial report has been prepared in
accordance with International Accounting Standard 34 "Interim Financial
Reporting", as adopted by the European Union.
The same accounting policies, presentation and methods of computation are
followed in the condensed set of financial statements as were applied in the
Group's latest annual audited financial statements.
2 Segmental information
Primary reporting format - business segments
The Group is organised into three main business segments: security personnel,
parking services and electronic security systems.
The Group operates exclusively in the UK and therefore no geographical analysis
is presented.
The segment results for the six month period ended 30 September 2009 were as
follows:
+------------------+------------------+----------------+------------------+------------------+
| | Security | Parking | Electronic | |
+------------------+------------------+----------------+------------------+------------------+
| | Personnel | Services | security systems | Total |
+------------------+------------------+----------------+------------------+------------------+
| | GBP000's | GBP000's | GBP000's | GBP000's |
+------------------+------------------+----------------+------------------+------------------+
| Revenue | 28,558 | 1,846 | 757 | 31,161 |
+------------------+------------------+----------------+------------------+------------------+
| Operating | 1,172 | 201 | (151) | 1,222 |
| profit / (loss) | | | | |
+------------------+------------------+----------------+------------------+------------------+
The segment results for the six month period ended 30 September 2008 were as
follows:
+------------------+------------------+----------------+------------------+------------------+
| | Security | Parking | Electronic | |
+------------------+------------------+----------------+------------------+------------------+
| | Personnel | Services | security systems | Total |
+------------------+------------------+----------------+------------------+------------------+
| | GBP000's | GBP000's | GBP000's | GBP000's |
+------------------+------------------+----------------+------------------+------------------+
| Revenue | 14,231 | - | 1,059 | 15,290 |
+------------------+------------------+----------------+------------------+------------------+
| Operating profit | 392 | - | 5 | 397 |
+------------------+------------------+----------------+------------------+------------------+
The segment results for the year ended 31 March 2009 were as follows:
+------------------+------------------+-----------------+------------------+------------------+
| | Security | Parking | Electronic | |
+------------------+------------------+-----------------+------------------+------------------+
| | Personnel | Services | security systems | Total |
+------------------+------------------+-----------------+------------------+------------------+
| | GBP000's | GBP000's | GBP000's | GBP000's |
+------------------+------------------+-----------------+------------------+------------------+
| Revenue | 27,238 | - | 1,660 | 28,898 |
+------------------+------------------+-----------------+------------------+------------------+
| Operating (loss) | (372) | - | (340) | (712) |
+------------------+------------------+-----------------+------------------+------------------+
3 Operating Profit / (Loss)
Operating profit is stated after charging/(crediting):
+-----------------------------------------------+---------------+--------------+-------------+
| | Six months | Six months | Year |
+-----------------------------------------------+---------------+--------------+-------------+
| | ended | Ended | Ended |
+-----------------------------------------------+---------------+--------------+-------------+
| | 30 September | 30 September | 31 March |
| | 2009 | 2008 | 2009 |
+-----------------------------------------------+---------------+--------------+-------------+
| | GBP000's | GBP000's | GBP000's |
+-----------------------------------------------+---------------+--------------+-------------+
| Depreciation | 171 | 94 | 180 |
+-----------------------------------------------+---------------+--------------+-------------+
| Amortisation | 472 | 154 | 409 |
+-----------------------------------------------+---------------+--------------+-------------+
| Exceptional items | (477) | (77) | 405 |
+-----------------------------------------------+---------------+--------------+-------------+
Exceptional costs during the period consist of GBP518,000 profit arising on
recognition of intangible assets on acquisition of the Craft Services Group less
GBP41,000 for legal and professional costs in respect of the departure of the
previous directors.
Exceptional costs for the six months ended September 2008 and for the year ended
31 March 2009 consisted mainly of legal and professional costs in respect of the
departure of the previous directors.
4 Earnings per share
The basic earnings per ordinary share is calculated by dividing profit/ (loss)
for the period by the weighted average number of ordinary shares outstanding
during the period.
The diluted earnings per ordinary share is calculated by dividing profit/(loss)
for the period by the weighted average number of shares outstanding during the
period after adjusting both figures for the effect of dilutive potential
ordinary shares.
+-----------------------------------------------+---------------+--------------+-------------+
| | Six months | Six months | Year |
+-----------------------------------------------+---------------+--------------+-------------+
| | ended | Ended | Ended |
+-----------------------------------------------+---------------+--------------+-------------+
| | 30 September | 30 September | 31 March |
| | 2009 | 2008 | 2009 |
+-----------------------------------------------+---------------+--------------+-------------+
| | Number | Number | Number |
+-----------------------------------------------+---------------+--------------+-------------+
| Weighted average number of ordinary shares | 585,666,248 | 381,183,393 | 402,006,482 |
| for the purpose of basic EPS | | | |
+-----------------------------------------------+---------------+--------------+-------------+
| Effect of dilutive potential ordinary shares: | 598,436 | 598,436 | 598,436 |
| share options | | | |
+-----------------------------------------------+---------------+--------------+-------------+
| Weighted average number of ordinary shares | 586,264,684 | 381,781,829 | 402,604,918 |
| for the purpose of diluted EPS | | | |
+-----------------------------------------------+---------------+--------------+-------------+
| Basic EPS | | | |
+-----------------------------------------------+---------------+--------------+-------------+
| Profit/(loss) after taxation (GBP000's) | 694 | 102 | (1,004) |
+-----------------------------------------------+---------------+--------------+-------------+
| Earnings/(loss) per share (pence) | 0.12 | 0.03 | (0.25) |
+-----------------------------------------------+---------------+--------------+-------------+
| Diluted EPS | | | |
+-----------------------------------------------+---------------+--------------+-------------+
| Profit/(loss) after taxation (GBP000's) | 694 | 102 | (1,004) |
+-----------------------------------------------+---------------+--------------+-------------+
| Earnings/(loss) per share (pence) | 0.12 | 0.03 | (0.25) |
+-----------------------------------------------+---------------+--------------+-------------+
5 Cash flow statement
Reconciliation of operating profit/ (loss) to net cash (outflow)/inflow from
operating activities
+----------------------------------------------+---------------+---------------+-------------+
| | Six months | Six months | Year |
+----------------------------------------------+---------------+---------------+-------------+
| | Ended | ended | Ended |
+----------------------------------------------+---------------+---------------+-------------+
| | 30 September | 30 September | 31 March |
| | 2009 | 2008 | 2009 |
+----------------------------------------------+---------------+---------------+-------------+
| | (unaudited) | (unaudited) | (audited) |
+----------------------------------------------+---------------+---------------+-------------+
| | GBP000's | GBP000's | GBP000's |
+----------------------------------------------+---------------+---------------+-------------+
| Operating profit / (loss) for the period | 1,222 | 397 | (712) |
+----------------------------------------------+---------------+---------------+-------------+
| Depreciation of property, plant and | 171 | 94 | 180 |
| equipment | | | |
+----------------------------------------------+---------------+---------------+-------------+
| Amortisation of intangible assets | 472 | 154 | 409 |
+----------------------------------------------+---------------+---------------+-------------+
| Profit on goodwill recognition | (518) | - | - |
+----------------------------------------------+---------------+---------------+-------------+
| Movement in share-based payment reserve | - | - | (58) |
+----------------------------------------------+---------------+---------------+-------------+
| Loss / (profit) on disposal of property, | 6 | (6) | 3 |
| plant and equipment | | | |
+----------------------------------------------+---------------+---------------+-------------+
| (Increase) / decrease in inventories | (97) | (122) | 29 |
+----------------------------------------------+---------------+---------------+-------------+
| (Increase) / decrease in receivables | (2,500) | 181 | 2,061 |
+----------------------------------------------+---------------+---------------+-------------+
| (Decrease) in trade and other payables | (451) | (2,305) | (2,044) |
+----------------------------------------------+---------------+---------------+-------------+
| (Decrease) in provisions | (305) | (188) | (180) |
+----------------------------------------------+---------------+---------------+-------------+
| Cash generated by operations | (2,000) | (1,795) | (312) |
+----------------------------------------------+---------------+---------------+-------------+
| Corporation tax received | - | - | 104 |
+----------------------------------------------+---------------+---------------+-------------+
| Net cash (outflow) from operations | (2,000) | (1,795) | (208) |
+----------------------------------------------+---------------+---------------+-------------+
6 Significant Events
On 16 April 2009 the group acquired the customer contracts, work in progress and
goodwill from CS Group Ltd (in Administration), formerly trading as Craft
Services Group.
On 1 July 2009, Sectorguard plc company name was changed to Legion Group plc.
This followed the acquisition of Legion Group plc by Sectorguard plc on 20 March
2009. The former Legion Group plc changed its name to Legion FM Limited on 1
July 2009.
7 Adjustments to restate comparative financial information
The Group identified misstatements in the previous financial periods and these
adjustments affect the balance sheet reported for the six months ended 30
September 2008 due to the restatement of the opening balance sheet for the
period. The impact of these adjustments are shown below. A detailed analysis of
the adjustments to the balance sheet to 31st March 2008 can be found in the
audited Annual Reports and Accounts for the year ended 31st March 2009 at note
33.
(A) Balance sheet as at 30 September 2008
+-----------------------------------------------+----------------+---------------+--------------+
| | Previously | Adjustments | |
+-----------------------------------------------+----------------+---------------+--------------+
| | Reported in | for | Restated |
+-----------------------------------------------+----------------+---------------+--------------+
| | Interim Report | Misstatements | September |
| | 2008 | | 2008 |
+-----------------------------------------------+----------------+---------------+--------------+
| | (unaudited) | (unaudited) | (unaudited)* |
+-----------------------------------------------+----------------+---------------+--------------+
| | GBP000's | GBP000's | GBP000's |
+-----------------------------------------------+----------------+---------------+--------------+
| Non-current assets | | | |
+-----------------------------------------------+----------------+---------------+--------------+
| Intangible assets | 17,318 | (6,808) | 10,510 |
+-----------------------------------------------+----------------+---------------+--------------+
| Property, plant and equipment | 494 | - | 494 |
+-----------------------------------------------+----------------+---------------+--------------+
| Deferred tax recoverable | 37 | (37) | - |
+-----------------------------------------------+----------------+---------------+--------------+
| | 17,849 | (6,845) | 11,004 |
+-----------------------------------------------+----------------+---------------+--------------+
| Current assets | | | |
+-----------------------------------------------+----------------+---------------+--------------+
| Inventories | 274 | - | 274 |
+-----------------------------------------------+----------------+---------------+--------------+
| Trade and other receivables | 7,209 | (181) | 7,028 |
+-----------------------------------------------+----------------+---------------+--------------+
| Current tax recoverable | 66 | 208 | 274 |
+-----------------------------------------------+----------------+---------------+--------------+
| Cash and cash equivalents | 174 | - | 174 |
+-----------------------------------------------+----------------+---------------+--------------+
| | 7,723 | 27 | 7,750 |
+-----------------------------------------------+----------------+---------------+--------------+
| Total assets | 25,572 | (6,818) | 18,754 |
+-----------------------------------------------+----------------+---------------+--------------+
| Current liabilities | | | |
+-----------------------------------------------+----------------+---------------+--------------+
| Trade and other payables | 4,393 | 102 | 4,495 |
+-----------------------------------------------+----------------+---------------+--------------+
| Current tax liabilities | - | - | - |
+-----------------------------------------------+----------------+---------------+--------------+
| Loans and overdrafts | 3,757 | - | 3,757 |
+-----------------------------------------------+----------------+---------------+--------------+
| Obligations under finance leases | 48 | - | 48 |
+-----------------------------------------------+----------------+---------------+--------------+
| Provisions | 1,456 | - | 1,456 |
+-----------------------------------------------+----------------+---------------+--------------+
| | 9,654 | 102 | 9,756 |
+-----------------------------------------------+----------------+---------------+--------------+
| Non-current liabilities | | | |
+-----------------------------------------------+----------------+---------------+--------------+
| Loans and overdrafts | 2,768 | - | 2,768 |
+-----------------------------------------------+----------------+---------------+--------------+
| Deferred taxation | 804 | (260) | 544 |
+-----------------------------------------------+----------------+---------------+--------------+
| Obligations under finance leases | 31 | - | 31 |
+-----------------------------------------------+----------------+---------------+--------------+
| Provisions | 1,335 | - | 1,335 |
+-----------------------------------------------+----------------+---------------+--------------+
| | 4938 | (260) | 4,678 |
+-----------------------------------------------+----------------+---------------+--------------+
| Total liabilities | 14,592 | (158) | 14,434 |
+-----------------------------------------------+----------------+---------------+--------------+
| | | | |
+-----------------------------------------------+----------------+---------------+--------------+
| Equity | | | |
+-----------------------------------------------+----------------+---------------+--------------+
| Share capital | 1,979 | - | 1,979 |
+-----------------------------------------------+----------------+---------------+--------------+
| Share premium account | 5,387 | - | 5,387 |
+-----------------------------------------------+----------------+---------------+--------------+
| Share-based payment reserve | 157 | - | 157 |
+-----------------------------------------------+----------------+---------------+--------------+
| Merger reserve | 1,274 | - | 1,274 |
+-----------------------------------------------+----------------+---------------+--------------+
| Own shares in employee trust | (293) | - | (293) |
+-----------------------------------------------+----------------+---------------+--------------+
| Retained earnings | 2,476 | (6,660) | (4,184) |
+-----------------------------------------------+----------------+---------------+--------------+
| Total equity | 10,980 | (6,660) | 4,320 |
+-----------------------------------------------+----------------+---------------+--------------+
| Total liabilities and equity | 25,572 | (6,818) | 18,754 |
+-----------------------------------------------+----------------+---------------+--------------+
*Following a review of the financial statements for the 18 month period ended 31
March 2008, certain balances as at 31 March 2008 have been restated and this
impacted the balance sheet as at 30 September 2008 as above.
The consolidated income statement to 30 September 2008 is not affected as the
misstatements related to prior periods.
The Group identified misstatements in the previous financial periods and these
adjustments affect the cash flow reported for the six months ended 30 September
2008 due to the restatement of the opening balance sheet for the period. The
impact of these adjustments is shown below. A detailed analysis of the
adjustments can be found in the audited Annual Reports and Accounts for the year
ended 31st March 2009 at note 33.
(b) Consolidated Cash flow statement at 30 September 2008
+------------------------+-------+-----+----------------+---------------+-------------+
| | Previously | Adjustments | Restated |
| | | | for |
+--------------------------------------+----------------+---------------+-------------+
| | Reported in | For | six months |
| | | | ended |
+--------------------------------------+----------------+---------------+-------------+
| | Interim report | Misstatements | 30 |
| | 2008 | | September |
| | | | 2008 |
+--------------------------------------+----------------+---------------+-------------+
| | (unaudited) | (unaudited) | (unaudited) |
| | | | * |
+--------------------------------------+----------------+---------------+-------------+
| | Note | GBP000's | GBP000's | GBP000's |
+------------------------+-------------+----------------+---------------+-------------+
| Operating activities | | | |
+--------------------------------------+----------------+---------------+-------------+
| Cash flow from operations | 5 | (1,795) | - | (1,795) |
+--------------------------------+-----+----------------+---------------+-------------+
| Taxation paid | - | - | - |
+--------------------------------------+----------------+---------------+-------------+
| Net cash (outflow)/inflow from | (1,795) | - | (1,795) |
| operating activities | | | |
+--------------------------------------+----------------+---------------+-------------+
| Investing activities | | | |
+--------------------------------------+----------------+---------------+-------------+
| Acquisition of subsidiaries net of | (13) | - | (13) |
| cash acquired | | | |
+--------------------------------------+----------------+---------------+-------------+
| Payments to acquire tangible fixed | (30) | - | (30) |
| assets | | | |
+--------------------------------------+----------------+---------------+-------------+
| Proceeds from disposal of tangible | 127 | - | 127 |
| fixed assets | | | |
+--------------------------------------+----------------+---------------+-------------+
| Net cash inflow/(outflow) from | 84 | - | 84 |
| investing | | | |
+--------------------------------------+----------------+---------------+-------------+
| Financing activities | | | |
+--------------------------------------+----------------+---------------+-------------+
| Interest paid | (251) | - | (251) |
+--------------------------------------+----------------+---------------+-------------+
| Interest element of finance leases | (10) | - | (10) |
+--------------------------------------+----------------+---------------+-------------+
| Issue of equity share capital | 800 | - | 800 |
+--------------------------------------+----------------+---------------+-------------+
| Repayment of loans | (400) | - | (400) |
+--------------------------------------+----------------+---------------+-------------+
| Increase in loans and overdrafts | - | 2,989 | 2,989 |
+--------------------------------------+----------------+---------------+-------------+
| Repayment of capital element of | (69) | - | (69) |
| finance leases | | | |
+--------------------------------------+----------------+---------------+-------------+
| Net cash inflow from financing | 70 | 2,989 | 3,059 |
| activities | | | |
+--------------------------------------+----------------+---------------+-------------+
| Decrease in cash and cash | (1,641) | 2,989 | 1,348 |
| equivalents | | | |
+--------------------------------------+----------------+---------------+-------------+
| Cash and cash equivalents at | (1,174) | - | (1,174) |
| beginning of period | | | |
+--------------------------------------+----------------+---------------+-------------+
| Cash and cash equivalents at end of | (2,815) | 2,989 | 174 |
| period | | | |
+--------------------------------------+----------------+---------------+-------------+
| Cash and cash equivalents at end of | | | |
| period comprise: | | | |
+--------------------------------------+----------------+---------------+-------------+
| Cash at bank | 174 | - | 174 |
+--------------------------------------+----------------+---------------+-------------+
| Bank working capital facility | (2,989) | 2,989 | - |
+--------------------------------------+----------------+---------------+-------------+
| | (2,815) | 2,989 | 174 |
+------------------------+-------+-----+----------------+---------------+-------------+
*Following a review of the financial statements for the 18 month period ended 31
March 2008, certain balances as at 31 March 2008 have been restated and this
impacted the balance sheet as at 30 September 2008 as above.
The consolidated income statement to 30 September 2008 is not affected as the
misstatements related to prior periods.
8 Interim report
Copies of this Interim Report are being sent to all shareholders and will be
available to the public from the company's Head Office: Hanover House,
Queensgate, Britannia Road, Waltham Cross, Hertfordshire EN8 7TF.
The Report is also available to view on the Legion Group plc website,
www.legiongroup.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Legion Group (LSE:LGNG)
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