TIDMMVW
RNS Number : 0702O
Mavinwood PLC
23 June 2010
Mavinwood plc
("Mavinwood" or "The Company")
Preliminary Results for the 12 months ending 31 December 2009
FINANCIAL SUMMARY
+--------------------+------+--+-----------+-+-----------+----------+
| | | | 2009 | | Restated | |
| | | | | | 2008 | |
+--------------------+------+--+-----------+-+-----------+----------+
| Continuing | | | | | | |
| operations | | | | | | |
+--------------------+------+--+-----------+-+-----------+----------+
| | | | | | | |
+--------------------+------+--+-----------+-+-----------+----------+
| Revenue | | | GBP27.0m | | GBP31.5m | |
+--------------------+------+--+-----------+-+-----------+----------+
| | | | | | | |
+--------------------+------+--+-----------+-+-----------+----------+
| EBITA (#) | | | GBP1.5m | | GBP3.9m | |
+--------------------+------+--+-----------+-+-----------+----------+
| | | | | | | |
+--------------------+------+--+-----------+-+-----------+----------+
| Operating loss | | | GBP(3.8)m | | GBP(0.7)m | |
+--------------------+------+--+-----------+-+-----------+----------+
| | | | | | | |
+--------------------+------+--+-----------+-+-----------+----------+
| Loss before tax | | | GBP(7.8)m | | GBP(3.9)m | |
+--------------------+------+--+-----------+-+-----------+----------+
| | | | | | | |
+--------------------+------+--+-----------+-+-----------+----------+
| Basic loss per share from | | (1.64)p | | (0.86)p | |
| continuing operations | | | | | |
+---------------------------+--+-----------+-+-----------+----------+
| | | | (2.15)p | | (7.52)p | |
| Basic loss per | | | | | | |
| share | | | | | | |
+--------------------+------+--+-----------+-+-----------+----------+
| | | | | | | |
+--------------------+------+--+-----------+-+-----------+----------+
| Adjusted | | | GBP(0.4)m | | GBP0.7m | |
| (loss)/profit | | | | | | |
| after tax (*) | | | | | | |
+--------------------+------+--+-----------+-+-----------+----------+
| | | | | | | |
+--------------------+------+--+-----------+-+-----------+----------+
| Adjusted fully diluted | | (0.08)p | | 0.14p | |
| (loss)/earnings per share | | | | | |
| (*) | | | | | |
+---------------------------+--+-----------+-+-----------+----------+
| | | | | | | |
+--------------------+------+--+-----------+-+-----------+----------+
| Net bank debt(**) | | | GBP11.6m | | GBP35.1m | |
+--------------------+------+--+-----------+-+-----------+----------+
# Earnings before interest, tax, exceptional items, amortisation and impairment
of intangible assets and share based payments credit
* before discontinued operations, exceptional items, amortisation and impairment
of intangible assets, share based payments credit and notional interest on
contingent consideration
**Before subordinated loans of GBP10m of which GBP8m has been converted to
equity since the year-end
Key Corporate Developments
· New Board in place since June 2009
· Significant reduction in the net debt position of the Company through partial
debt to equity conversion and asset disposals
· Ansa Holdings and Independent Inspections Holdings sold
· Ansa Building Services closed
· Restore and Wansdyke merged
· Management changes at Document Control Services and Peter Cox
· Head office costs reduced by GBP1m pa
· GBP8m equity raising from Geraldton Services Inc
· Proposed name change from Mavinwood plc to Restore plc
Commenting on the results Charles Skinner, Chief Executive of Mavinwood, said:
"Over the last 12 months we have successfully disposed of three businesses,
significantly reduced debt and financially restructured the company to create a
more robust operating group for shareholders. The Group now includes document
storage, which falls under the Restore brand and has exceptional quality of
earnings, document scanning under the Document Control Services brand. The data
handling division has a strong customer base, with long term relationships built
up over many years. The third arm to the Group is Peter Cox, a leading UK
specialist in damp-proofing and timber treatment.
I believe that the company is now stable and presents shareholders with an
exciting growth platform in both data management and other business-to-business
support services. This growth is expected to be generated both organically and
by acquisitions."
A resolution will be tabled to shareholders at the Company's AGM which has been
called for 10:00am on 22 July 2010 at Marble Arch Tower, 55 Bryanston Street,
London W1H 7AA to change the Company's name to Restore plc in line with the
Group reorganisation. It is expected that this will become effective on or
around 28 July 2010 and the Company's ticker will be changed thereafter to RST.
The Notice of AGM also includes a proposal to consolidate the share capital of
the Company. The effect of the proposed share consolidation will be that
shareholders on the Register at the close of business on 22 July 2010 will, on
the implementation of the share consolidation, exchange 50 existing ordinary
shares in the capital of the Company for 1 new ordinary share in the capital of
the Company and in that proportion for any other number of existing ordinary
shares then held. The proportion of the issued share capital of the Company held
by each shareholder following the share consolidation will, save for fractional
entitlements, remain unchanged. Apart from having a different nominal value,
each new ordinary share will carry the same rights as set out in the Company's
articles of association that currently attach to an existing ordinary share.
Following the consolidation the Company will operate under a new ISIN,
GB00B5NR1S72.
For further information, please contact:
+------------------------------+--------------+
| Mavinwood | |
+------------------------------+--------------+
| Charles Skinner, Chief | Tel: 07966 |
| Executive | 234 075 |
+------------------------------+--------------+
| | |
| Cenkos Securities | |
+------------------------------+--------------+
| Nicholas Wells / Elizabeth | Tel: 020 |
| Bowman | 7397 8900 |
+------------------------------+--------------+
| | |
| Threadneedle Communications | |
+------------------------------+--------------+
| John Coles | Tel: 020 |
| | 7653 9848 |
+------------------------------+--------------+
CHAIRMAN'S STATEMENT
Background
All of the current board was appointed in June 2009 to reorganise the Group
which had been created through seven acquisitions of support services companies,
in Emergency Repair and Document Handling. Since our appointment, two companies
(Ansa Group and Independent Inspections) have been sold, one (Ansa Building
Services: 'ABS') has been closed, two have been operationally merged (Restore
and Wansdyke) and management changes have been made in the remaining two
(Document Control Services and Peter Cox). We now have a data handling division,
comprising document storage under the Restore brand, and document scanning under
the Document Control Services brand. We also have Peter Cox, the leading UK
specialist in damp-proofing and timber treatment.
Over the last 12 months, the company has been financially restructured with a
new bank facility put in place in July 2009, an equity investment of GBP8m
(converted from subordinated debt in April 2010) from Geraldton Services, our
majority shareholder, and a subordinated loan from Geraldton Services of
GBP2.3m. Head office has been downsized and relocated to Marble Arch from St
James's Square in London. It is proposed that the company's name is changed from
Mavinwood plc to Restore plc at the AGM.
I firmly believe that the company is now stable and represents an exciting
growth platform in both data management and other business-to-business support
services.
Results
The results set out in these accounts reflect the many changes undergone over
the last year. These have involved complex accounting treatments which do not
make these accounts easy to understand. Your board believes that the status of
our current trading businesses and our underlying strategic goals are more
important than the historic figures in understanding the prospects for your
company.
For the year to 31st December 2009, the Group recorded an operating loss of
GBP3.8m (2008: GBP0.7m) on revenue from continuing operations of GBP27.0m (2008:
GBP31.5m). The operating loss was after a GBP5.0m impairment charge on goodwill,
GBP1.2m of exceptional items, and a credit of GBP1.1m on the reduction in
share-based payment charges. There was GBP4.0m of finance costs of which GBP2.0m
were exceptional, producing a loss before tax of GBP7.8m (2008: GBP3.9m).
Trading
Our document handling division recorded an operating profit of GBP3.1m (2008:
GBP4.7m) on revenue of GBP12.8m (2008: GBP14.7m). Our document storage
businesses, Restore SE and SW, continued to perform robustly. Our document
scanning business experienced a sharp fall in revenue and profit as much of its
project-driven activities were postponed by customers looking to reduce
short-term cash outflow.
Peter Cox, the damp-proofing and timber treatment business, recorded an
operating loss of GBP0.3m (2008: profit GBP0.8m) reflecting the downturn in the
construction market and the weakness in housing transactions.
Head office costs were GBP1.3m (2008: GBP1.6m). The Business Review gives a
fuller assessment of our businesses' performance and prospects.
Corporate transactions
In June 2009, the company sold Ansa Group and Independent Inspections for
GBP18.1m which was applied to the reduction of group debt. The loss-making
insurance-related operations of Ansa Building Services were closed at the end of
the year.
Balance sheet
Net debt at the year-end was GBP21.6m (2008 restated: GBP35.1m). Debt has
reduced further since the year-end following the conversion into equity of
GBP8.0m of subordinated loans from Geraldton Services, our majority shareholder.
Board
The board in its entirety was changed between June and July 2009. Charles
Skinner, Andrew Wilson and I were appointed to the board at the beginning of
June. The previous non-executive directors, Philip Reid and Bob Guthrie,
resigned on our appointment. Steve Watkins resigned on the sale of Ansa at the
end of June. Kevin Mahoney and Mike Vincent resigned at the end of July.
People
The two years up to 31st December 2009 have been a difficult time for many of
the people working in our businesses. The poor performance of the Group over
this period did not reflect any lack of commitment or ability amongst them. I
thank them for their hard work and dedication and look forward to them sharing
in the future success of the companies.
Strategy
The bulk of our continuing business is in data management. This is a very
exciting area, particularly given the fact that the amount of electronic data in
the world has doubled in the last year. Our largest and most profitable business
is in hard copy storage, where we have many years of storing, organising and
retrieving documents for over 1,000 customers. This is undertaken by Restore,
with which we have merged our Wansdyke storage business. We also have scope to
increase our storage capacity through our secure, 70-acre underground facility
in Wiltshire, in addition to our above-ground facilities in Surrey, Kent and
Cornwall.
Through DCS, our scanning business, we have many years experience in turning
hard copy documents into electronic data. This business has sophisticated
technology and experience to organise and index data which our customers can
access in many different ways, including through Sapaview, our on-line browsing
facility. We also use optical character recognition and off-shore manual copying
to enable customers to manipulate and search scanned documents.
Our skill, experience and strong relationships with our customers' data
management teams puts us in an excellent position to help our customers manage
both their hard and soft copy data more efficiently. We will be developing this
capability aggressively over the next year, while still continuing to support
our customers in our existing, highly cash-generative current activities.
The Group's senior management has particular skills in the UK
business-to-business support services sector. We intend in due course to develop
the Group's activities in this space, beyond our current core business in data
management.
Outlook
Our Restore business has continued to perform strongly in the current year, with
both revenue and profit showing year-on-year improvement. DCS has continued to
struggle to convert much of its strong pipeline into orders but we are confident
that this will happen in due course. Peter Cox is showing year-on-year
improvement and can be expected to operate profitably this year.
Head Office costs will show a further sharp year-on-year decline. Interest
charges will fall steeply following the reduction in group debt, including the
conversion of most of the subordinated debt into equity completed in April of
this year. We still have several empty properties from discontinued activities
but these have been fully provided against. Accordingly, the company's current
year performance can be expected to bear little resemblance to the preceding two
years.
We currently have three well-positioned businesses with excellent products,
people and prospects. We have a sensible balance sheet and the strong support of
our majority shareholder. I am greatly looking forward to the exciting and
profitable development of our company.
Sir William Wells
Chairman
23rd June
2010
BUSINESS REVIEW
STRUCTURE
At the start of the year the Mavinwood Group comprised two divisions, Document
Handling and Emergency Repair. On 26 June 2009 the company sold two of its
Emergency Repair businesses, Ansa Holdings Limited and Independent Inspections
Limited; the results of those businesses have been shown as discontinued as well
as Ansa Building Services which ceased to trade on 31 December 2009. The
Document Handling division has been classified as continuing operations. The
continuing operation referred to in these results as Emergency Repair relates
only to Peter Cox Limited.
KEY PERFORMANCE FIGURES
+----------+----------+----------+------------+------------+-----------+
| | Revenue | Revenue | Operating* | Operating* | Capital |
| | 2009 | 2008 | Profit | Profit | Employed |
| | | | 2009 | 2008 | at 31st |
| | | | | | December |
| | | | | | 2009 |
+----------+----------+----------+------------+------------+-----------+
| Restore | GBP9.9m | GBP10.1m | GBP2.8m | GBP3.5m | GBP13.7m |
+----------+----------+----------+------------+------------+-----------+
| DCS | GBP2.9m | GBP4.6m | GBP0.3m | GBP1.2m | GBP1.7m |
+----------+----------+----------+------------+------------+-----------+
| Document | GBP12.8m | GBP14.7m | GBP3.1m | GBP4.7m | GBP15.4m |
| Handling | | | | | |
+----------+----------+----------+------------+------------+-----------+
| Peter | GBP14.2m | GBP16.8m | (GBP0.3m) | GBP0.8m | GBP2.3m |
| Cox | | | | | |
+----------+----------+----------+------------+------------+-----------+
| Head | - | - | (GBP1.3m) | (GBP1.6m) | |
| Office | | | | | |
| Costs | | | | | |
+----------+----------+----------+------------+------------+-----------+
| Total | GBP27.0m | GBP31.5m | GBP1.5m | GBP3.9m | |
+----------+----------+----------+------------+------------+-----------+
*before amortisation of intangible assets
These are the key results from the ongoing businesses which are included in the
fuller statement set out under 'Loss Before Tax' below.
DOCUMENT HANDLING
Restore
The activities of our two document storage activities, Restore and Wansdyke have
now been operationally merged and trade under the Restore brand.
The majority of Restore's sales are the storage and retrieval of hard copy
documents, typically stored in cardboard boxes at locations in Surrey, Kent,
Wiltshire and Cornwall. Restore also stores and retrieves individual files,
magnetic data (typically for emergency back-up), film and other materials. It
also offers retrieval of documents by scanning. It derives additional service
income from reorganisation of customer documents, document restoration, and the
shredding of documents no longer required by customers. Additional products
include file-tracking services enabling customers to locate documents within
their own buildings.
Restore services a broad range of customers, predominantly across Southern
England and South Wales reflecting the geographical location of its storage
sites. Our largest customer sector are law firms who are probably the most
demanding and sophisticated users of storage services; this ensures Restore is
at the cutting edge of developments in physical document storage and monitors
closely the developments in electronic data management. Most other commercial,
industrial and public sectors are represented amongst Restore's customer base,
with particular strengths in financial services, larger corporates, councils and
health trusts. These represent an excellent channel to market for other data
management services.
Restore operates from both freehold and leasehold sites. Our main freehold
property is our high-security underground facility near Bath, where we estimate
we have enough spare space available for development for the medium term
expansion of Restore through to 2014.
Trading at Restore was steady in 2009, despite the downturn in overall UK
economic activity. This reflects Restore's robust business model which combines
high visibility, excellent cash-flow and steadiness of income to produce
excellent quality of earnings. The small drop in year-on-year revenue reflected
lower retrieval activity and a reduction in the amount of project income (both
reflecting the tough economic environment), together with the Group's new
management's more prudent approach within our existing revenue recognition
policy to earnings recognition. This fed through to Restore's year-on-year
profitability but current trading indicates that Restore's long-term trajectory
of steadily increasing revenue and profit in its core business will continue for
the foreseeable future.
Document Control Services (DCS)
DCS is our Peterborough-based scanning business. Its main function is the
conversion of hard-copy documents into electronic data. As part of this service,
it organises and indexes the electronic versions, enabling its customers to
identify and locate their data more efficiently. Its optical character
recognition (OCR) technology enables scanned documents to be manipulated and
searched. It often uses off-shore technicians to facilitate this where OCR
technology is not sufficiently developed, typically on complex engineering
plans. It has developed its own online browser enabling customers to view their
data online.
DCS's origins lie in the engineering sector where it has many specialist
products such as Pipetracker, its own technology for tracking materials used in
the construction of oil pipelines. A large percentage of its customers are still
in the infrastructure sector, including Network Rail and the Highways Agency. It
is well-represented in the public sector with customers including The Crown
Estates, health and local authorities. Recent capital investment in a high-speed
scanner has enabled it to offer a high-volume service, particularly for
customers whose more complex needs can also be serviced.
DCS suffered in 2009 from the postponement of many large projects from customers
seeking to conserve cash in the short term. This is understandable as much of
DCS's activities are for project work which can be deferred. The impact of this
was a 37% decline in revenue. Costs have been cut, including the redundancy of
two of the four executive directors, enabling DCS to continue to operate
profitably. Both Group and DCS management are confident that DCS will recover
rapidly, particularly as it retains strong relationships with its customers who
have indicated that the deferred projects remain a medium-term requirement for
their operations.
DCS is in a particularly interesting space in the data management market as it
is at the cross-roads between the increasingly integrated hard and soft document
needs of organisations. Given the sophistication of its technology, its strong
customer relationships and its understanding of data movement within many
different types of customers, the Group views DCS as a business at an
interesting point of development, where its recent weak financial performance
can be expected to be reversed rapidly.
Document Handling Summary
These activities now form our Data Management division. We expect Restore and
DCS to work increasingly closely together. The financial dynamics of the
businesses are different: Restore's remarkable quality of earnings compares to
DCS's more project-driven and thus lumpier earnings streams. Nevertheless, they
share similar channels to market and give the Group a wealth of expertise and
experience in understanding the data management needs of customers. We believe
that their combined strengths will enable us to broaden our value-added data
management services for both our existing customers and the wider UK market.
EMERGENCY REPAIR
Peter Cox is the only company remaining in what was this division. Peter Cox
operates 12 branches nationwide and is the UK's leading provider of damp
control, timber preservation and masonry services to private, public sector and
commercial property, principally housing.
Unlike our Data Management activities, over a third of Peter Cox's business is
outside the business-to-business service sector. Indeed, it is probably
best-known for its services to home-owners for the last 50 years as the leading
supplier of damp-proofing and timber preservation services, often used at the
time of purchasing a new home. Nevertheless, the bulk of its work is providing
services to local authorities (often as a subcontractor to facilities managers
who rely on Peter Cox for its specialist skills) and commercial developers.
2009 was a difficult year for Peter Cox, with the slowdown in residential
property transactions reducing the need for surveys and subsequent remedial
work. The even sharper drop-off in commercial development compounded the
problems it faced. Further, Peter Cox's extrication from the rest of our
Emergency Recovery activities was complex and distracting for management.
Against this background, the 15% decline in revenue was understandable albeit
disappointing. The loss of GBP0.3m compared to a reported profit in 2008 of
GBP0.8m overstated the decline in profitability as the treatment of certain
internal charges flattered the 2008 performance.
Peter Cox provides an excellent service. It has a well-known brand and a great
reputation, as reflected in its gross margins which exceed 40%. Following the
recent appointment of a new Executive Chairman, we are confident that the
business will return to profitable performance. We also believe that its brand
and skilled technician base can be expanded into providing additional services
to those it currently supplies.
ABS
ABS operated an insurance building fabric contract in the North West. This
contract was terminated on 31 December 2009 and the company ceased to trade.
DEBT AND INTEREST
Net interest payable pre exceptional finance costs amounted to GBP1,984,000
(2008 restated: GBP3,119,000). Included within the finance cost is GBPnil (2008:
GBP121,000) representing the notional interest on contingent consideration due
on the acquisitions of Peter Cox and DCS in 2008. The discount rate applied in
this calculation was 7.9%.
Net debt at the year-end was GBP21.6m (2008: GBP35.1m). Debt has reduced further
since the year-end following the conversion into equity of GBP8.0m of
subordinated loans from Geraldton Services, our majority shareholder.
TAXATION
The amortisation and impairment of intangible assets, the notional interest on
the contingent consideration and the share based payments charge do not attract
any tax relief. However, the underlying tax rate during 2009 was 28.0%, as a
percentage of adjusted profit before taxation (2008: 28.5%).
LOSS BEFORE TAX
The loss before tax for the year ended 31 December 2009 for continuing
operations was GBP7,790,000 (2008 restated: GBP3,852,000). However, the
Directors believe that an adjusted measure of (loss)/profit before tax and
earnings per share provides shareholders with a more appropriate representation
of the underlying earnings derived from the Mavinwood Group's business. The
items adjusted for in arriving at that underlying level are as follows:
+---------------------------------+----------+----------+----------+
| | | | Restated |
| | 2009 | | 2008 |
+---------------------------------+----------+----------+----------+
| | GBP'000 | | GBP'000 |
+---------------------------------+----------+----------+----------+
| Continuing operations | | | |
+---------------------------------+----------+----------+----------+
| Emergency Repair | (345) | | 796 |
+---------------------------------+----------+----------+----------+
| Document Handling | 3,146 | | 4,736 |
+---------------------------------+----------+----------+----------+
| | 2,801 | | 5,532 |
+---------------------------------+----------+----------+----------+
| Central costs | (1,339) | | (1,671) |
+---------------------------------+----------+----------+----------+
| Share based payments credit | 1,147 | | 539 |
+---------------------------------+----------+----------+----------+
| Impairment of intangible assets | (5,000) | | (4,893) |
+---------------------------------+----------+----------+----------+
| Exceptional items | (1,183) | | - |
+---------------------------------+----------+----------+----------+
| Amortisation of intangible | (257) | | (240) |
| assets | | | |
+---------------------------------+----------+----------+----------+
| Operating (loss) | (3,831) | | (733) |
+---------------------------------+----------+----------+----------+
| Net finance costs | (1,984) | | (3,119) |
+---------------------------------+----------+----------+----------+
| Exceptional finance costs | (1,975) | | - |
+---------------------------------+----------+----------+----------+
| Loss before tax | (7,790) | | (3,852) |
| | | | |
+---------------------------------+----------+----------+----------+
| Share based payments | (1,147) | | (539) |
| (credit)/charge | | | |
+---------------------------------+----------+----------+----------+
| Impairment of intangible assets | 5,000 | | 4,893 |
| | | | |
+---------------------------------+----------+----------+----------+
| Exceptional items | 3,158 | | - |
+---------------------------------+----------+----------+----------+
| Amortisation of intangible | 257 | | 240 |
| assets | | | |
+---------------------------------+----------+----------+----------+
| Notional interest on contingent | - | | 121 |
| consideration | | | |
+---------------------------------+----------+----------+----------+
| Adjusted (loss)/profit before | (522) | | 863 |
| tax - continuing operations | | | |
+---------------------------------+----------+----------+----------+
The key performance indicators of the business which the board regularly reviews
are:
+---------------------------------+---------+----------+---------+
| | 2009 | | 2008 |
+---------------------------------+---------+----------+---------+
| | GBP'000 | | GBP'000 |
+---------------------------------+---------+----------+---------+
| | | | |
+---------------------------------+---------+----------+---------+
| Adjusted (loss)/profit before | (522) | | 863 |
| tax - continuing operations | | | |
+---------------------------------+---------+----------+---------+
| Operating cash flow | | | |
| generated before financing | 5,155 | | 6,634 |
| costs and tax | | | |
+---------------------------------+---------+----------+---------+
The non financial indicators that are monitored are customer satisfaction and
retention and staff turnover ratios.
EARNINGS PER SHARE (EPS)
+-----+----------------+-+-------+----------+----------+----------+----------+
| | | | | | | | Restated |
| | | | | | Year | | Year |
| | | | | | ended | | ended |
| | | | | | | | 31 |
| | | | | | 31 | | December |
| | | | | | December | | 2008 |
| | | | | | 2009 | | |
+-----+----------------+-+-------+----------+----------+----------+----------+
| Loss per share from | | | | | |
| continuing operations | | | | | |
| (pence) | | | | | |
+------------------------+-------+----------+----------+----------+----------+
| Basic | | | (1.64)p | | (0.86)p |
+------------------------+-------+----------+----------+----------+----------+
| Diluted | | | (1.64)p | | (0.86)p |
+------------------------+-------+----------+----------+----------+----------+
| | | | | | |
+------------------------+-------+----------+----------+----------+----------+
| Adjusted (loss) | | | | | |
| earnings per share | | | | | |
| from continuing | | | | | |
| operations (pence) | | | | | |
+------------------------+-------+----------+----------+----------+----------+
| Basic | | | (0.08)p | | 0.15p |
+------------------------+-------+----------+----------+----------+----------+
| Diluted | | | (0.08)p | | 0.14p |
+-----+----------------+-+-------+----------+----------+----------+----------+
Basic EPS is (2.15)p, which compares with (7.52)p in 2008. Basic EPS adjusted as
above was (0.08)p (2008: 0.15p). Assuming the exercise of all options and awards
under the LTIP in 2009 at an average price of 1.79p plus the conversion of the
convertible A shares (2008: 11.4p), the fully diluted adjusted EPS becomes
(0.08)p (2008:0.14p).
STATEMENT OF FINANCIAL POSITION
Net assets decreased to GBP4m mainly as a result of the disposal of Ansa and
Independent Inspections and impairment of Document Control services Limited as
described earlier and also reflecting the loss for the year. Goodwill and
intangibles on the retained business at 31 December 2009 was GBP18.6m (2008:
retained business GBP21.8m).
Property, plant and equipment totalled GBP11.5m (2008: GBP10.9m) principally
comprising the freehold underground storage facilities at Restore SW, but also
computer systems, storage racking and vehicles.
Operating working capital from continuing operations (excluding cash) amounted
to a net GBP5.2m at 31 December 2009. Net debt at 31 December 2009 totalled
GBP21.6m (2008: GBP35.1m) after deferred financing costs of GBPnil (2008:
GBP0.3m).
CASH FLOW
The net cash inflow from continuing operations before capital expenditure was
GBP5.2m (2008 restated: GBP6.6m). Capital expenditure on the continuing business
totalled GBP2.0m (2008 restated: GBP2.7m) compared to depreciation of GBP0.6m
(2008 restated: GBP0.5m). Significant expenditure comprised the fitting out of
empty space in the underground storage areas at Restore SW and installing new
racking at Restore SE and SW.
RISK MANAGEMENT
The significant financial risks the Group faces have been considered and
policies have been implemented to best deal with each risk. The three most
significant risks are considered to be liquidity risk, finance cost risk and
customer relationship risk. The Group is wholly based in the United Kingdom so
the direct exposure to exchange risk is considered to be small.
Liquidity risk
The year end net debt was GBP21.6 million, which consisted of GBP26.2 million of
interest bearing loans and borrowings less GBP4.6 million of cash and short term
deposits. This was reduced in April 2010 by the conversion into equity of GBP8
million of Geraldton Services subordinated debt.
Finance cost risk
The Group pays finance costs on its bank facilities and finance leases. The bank
facilities finance cost is a variable cost linked to LIBOR plus a margin. In
2009 an interest rate collar at between 2% and 4% on principal of GBP7 million
was taken for 3 years. The cap cost GBPnil and at 31 December 2009 GBP(75,000)
was charged to the Income Statement. The average finance cost for the Group in
2009 was 4.5% (2008: 7.7%).
Customer relationships
The Group has commercial relationships with over 1,000 business customers. The
largest of these accounts for less than 5% of Group revenue.
Charles Skinner
Chief Executive
23rd June
2010
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2009
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| | | | | Restated |
| | | Year ended 31 | | Year ended 31 |
| | | December 2009 | | December 2008 |
+------------------+--+-----------------------------------------+----------+-----------------------------------------+
| | | Before | | After | | Before | | After |
| | | exceptional | Exceptional | exceptional | | exceptional | Exceptional | exceptional |
| | | items | items | items | | items | items | items |
| | | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| | | | | | | | | |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| REVENUE | | 26,977 | - | 26,977 | | 31,478 | - | 31,478 |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| | | | | | | | | |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| Cost | | (14,523) | - | (14,523) | | (16,164) | - | (16,164) |
| of | | | | | | | | |
| sales | | | | | | | | |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| | | | | | | | | |
| Gross | | 12,454 | - | 12,454 | | 15,314 | - | 15,314 |
| profit | | | | | | | | |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| | | | | | | | | |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| Administrative | | | | | | | | |
| expenses | | (11,249) | (1,183) | (12,432) | | (11,693) | - | (11,693) |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| | | | | | | | | |
| Share | | | | | | | | |
| based | | - | 1,147 | 1,147 | | - | 539 | 539 |
| payments | | | | | | | | |
| credit | | | | | | | | |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| | | | | | | | | |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| Impairment | | | | | | | | |
| of | | - | (5,000) | (5,000) | | - | (4,893) | (4,893) |
| intangible | | | | | | | | |
| assets | | | | | | | | |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| | | | | | | | | |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| OPERATING | | | | | | | | |
| PROFIT/(LOSS) | | 1,205 | (5,036) | (3,831) | | 3,621 | (4,354) | (733) |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| | | | | | | | | |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| Finance | | 6 | - | 6 | | 6 | - | 6 |
| income | | | | | | | | |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| Finance | | (1,990) | (1,975) | (3,965) | | (3,125) | - | (3,125) |
| costs | | | | | | | | |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| (LOSS)/PROFIT | | | | | | | | |
| BEFORE TAX | | (779) | (7,011) | (7,790) | | 502 | (4,354) | (3,852) |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| Income | | | | | | | | |
| tax | | 49 | 115 | 164 | | (163) | - | (163) |
| credit/(expense) | | | | | | | | |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| (LOSS)/PROFIT | | | | | | | |
| FOR THE YEAR | (730) | (6,896) | (7,626) | | 339 | (4,354) | (4,015) |
+---------------------+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| | | | | | | | | |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| Loss | | | | | | | | |
| from | | | | | | | | |
| discontinued | | (2,405) | - | (2,405) | | (30,921) | - | (30,921) |
| operations | | | | | | | | |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| | | | | | | | | |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| Loss for | | | | | | | |
| the year | | | | | | | |
| attributable | (3,135) | (6,896) | (10,031) | | (30,582) | (4,354) | (34,936) |
| to owners | | | | | | | |
| of the | | | | | | | |
| parent | | | | | | | |
+---------------------+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| | | | | | | | | |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| Total | | | | | | | |
| Comprehensive | | | | | | | |
| income for | | | | | | | |
| the year | (3,135) | (6,896) | (10,031) | | (30,582) | (4,354) | (34,936) |
| attributable | | | | | | | |
| to owners | | | | | | | |
| of the | | | | | | | |
| parent | | | | | | | |
+---------------------+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| Loss | | | | | | | | |
| per | | | | | | | | |
| share | | | | | | | | |
| (pence) | | | | | | | | |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| Basic | | (0.67)p | (1.48)p | (2.15)p | | (6.58)p | (0.94)p | (7.52)p |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| Diluted | | (0.67)p | (1.48)p | (2.15)p | | (6.58)p | (0.94)p | (7.52)p |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| | | | | | | | | |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| (Loss)/earnings | | | | | | | | |
| per share from | | | | | | | | |
| continuing | | | | | | | | |
| operations | | | | | | | | |
| (pence) | | | | | | | | |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| Basic | | (0.16)p | (1.48)p | (1.64)p | | 0.07p | (0.93)p | (0.86)p |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
| Diluted | | (0.16)p | (1.48)p | (1.64)p | | 0.07p | (0.93)p | (0.86)p |
+------------------+--+-------------+-------------+-------------+----------+-------------+-------------+-------------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2009
Attributable to owners of the parent
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| | Share | | Share | | Share | | Retained | | Total |
| | capital | | premium | | based | | earnings/ | | Equity |
| | | | | | payments | | (deficit) | | |
| | | | | | reserve | | | | |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| | | | | | | | | | |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| Balance at 1 | 512 | | 41,951 | | 2,994 | | 5,156 | | 50,613 |
| January 2008 | | | | | | | | | |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| Loss for the | - | | - | | - | | (34,936) | | (34,936) |
| year | | | | | | | | | |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| Total | 512 | | 41,951 | | 2,994 | | (29,780) | | 15,677 |
| Comprehensive | | | | | | | | | |
| income for | | | | | | | | | |
| the year | | | | | | | | | |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| | 4 | | 483 | | - | | - | | 487 |
| Issue of | | | | | | | | | |
| shares during | | | | | | | | | |
| the year | | | | | | | | | |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| Issue costs | - | | (38) | | - | | - | | (38) |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| Transactions | 4 | | 445 | | - | | - | | 449 |
| with owners | | | | | | | | | |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| Share based | - | | - | | (839) | | - | | (839) |
| payments | | | | | | | | | |
| credit | | | | | | | | | |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| Awards under | - | | - | | (86) | | - | | (86) |
| the LTIP | | | | | | | | | |
| exercised | | | | | | | | | |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| Balance at 31 | 516 | | 42,396 | | 2,069 | | (29,780) | | 15,201 |
| December 2008 | | | | | | | | | |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| | | | | | | | | | |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| | | | | | | | | | |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| Balance at 1 | 516 | | 42,396 | | 2,069 | | (29,780) | | 15,201 |
| January 2009 | | | | | | | | | |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| Loss for the | - | | - | | - | | (10,031) | | (10,031) |
| year | | | | | | | | | |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| Total | 516 | | 42,396 | | 2,069 | | (39,811) | | 5,170 |
| Comprehensive | | | | | | | | | |
| income for | | | | | | | | | |
| the year | | | | | | | | | |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| Transactions | - | | - | | - | | - | | - |
| with owners | | | | | | | | | |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| Share based | - | | - | | (1,166) | | - | | (1,166) |
| payments | | | | | | | | | |
| credit | | | | | | | | | |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| Transfer in | - | | - | | (693) | | 693 | | - |
| respect of | | | | | | | | | |
| lapsed | | | | | | | | | |
| options | | | | | | | | | |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
| Balance at 31 | 516 | | 42,396 | | 210 | | (39,118) | | 4,004 |
| December 2009 | | | | | | | | | |
+---------------+---------+----------+---------+----------+----------+----------+-----------+----------+----------+
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 December 2009
+------------+-----------------------+--+----------+----------+----------+----------+
| | | | | 31 | | 31 |
| | | | | December | | December |
| | | | | 2009 | | 2008 |
+------------+-----------------------+--+----------+----------+----------+----------+
| | | | | GBP'000 | | GBP'000 |
+------------+-----------------------+--+----------+----------+----------+----------+
| ASSETS | | | | | |
+------------------------------------+--+----------+----------+----------+----------+
| NON-CURRENT ASSETS | | | | | |
+------------------------------------+--+----------+----------+----------+----------+
| Intangible assets | | | 18,637 | | 21,846 |
+------------------------------------+--+----------+----------+----------+----------+
| Property, plant and | | | 11,508 | | 10,864 |
| equipment | | | | | |
+------------------------------------+--+----------+----------+----------+----------+
| Investments | | | - | | - |
+------------------------------------+--+----------+----------+----------+----------+
| Deferred tax asset | | | 343 | | 21 |
+------------------------------------+--+----------+----------+----------+----------+
| | | | | 30,488 | | 32,731 |
+------------+-----------------------+--+----------+----------+----------+----------+
| CURRENT ASSETS | | | | | |
+------------------------------------+--+----------+----------+----------+----------+
| Inventories | | | 117 | | 131 |
+------------------------------------+--+----------+----------+----------+----------+
| Trade and other receivables | | | 7,756 | | 7,529 |
+------------------------------------+--+----------+----------+----------+----------+
| Cash and cash equivalents | | | 4,599 | | 575 |
+------------------------------------+--+----------+----------+----------+----------+
| | | | | 12,472 | | 8,235 |
+------------+-----------------------+--+----------+----------+----------+----------+
| Assets held for sale | | | - | | 35,115 |
+------------------------------------+--+----------+----------+----------+----------+
| TOTAL ASSETS | | | 42,960 | | 76,081 |
+------------------------------------+--+----------+----------+----------+----------+
| | | | | | | |
+------------+-----------------------+--+----------+----------+----------+----------+
| LIABILITIES | | | | | |
+------------------------------------+--+----------+----------+----------+----------+
| CURRENT LIABILITIES | | | | | |
+------------------------------------+--+----------+----------+----------+----------+
| Trade and other payables | | | (7,168) | | (4,939) |
+------------------------------------+--+----------+----------+----------+----------+
| Bank loans and overdrafts | | | (10,191) | | (11,006) |
+------------------------------------+--+----------+----------+----------+----------+
| Other financial liabilities | | | - | | (3) |
+------------------------------------+--+----------+----------+----------+----------+
| Current tax liabilities | | | - | | (20) |
+------------------------------------+--+----------+----------+----------+----------+
| Provisions | | | | (313) | | (171) |
+------------+-----------------------+--+----------+----------+----------+----------+
| | | | | (17,672) | | (16,139) |
+------------+-----------------------+--+----------+----------+----------+----------+
| Liabilities directly | | | - | | (15,981) |
| associated with assets | | | | | |
| classified as held for sale | | | | | |
+------------------------------------+--+----------+----------+----------+----------+
| | | | | | | |
+------------+-----------------------+--+----------+----------+----------+----------+
| NON-CURRENT LIABILITIES | | | | | |
+------------------------------------+--+----------+----------+----------+----------+
| Bank loans and overdrafts | | | (15,980) | | (24,708) |
+------------------------------------+--+----------+----------+----------+----------+
| Deferred tax liability | | | (3,750) | | (3,338) |
+------------------------------------+--+----------+----------+----------+----------+
| Provisions | | | (1,554) | | (714) |
+------------------------------------+--+----------+----------+----------+----------+
| | | | | (21,284) | | (28,760) |
+------------+-----------------------+--+----------+----------+----------+----------+
| TOTAL LIABILITIES | | | (38,956) | | (60,880) |
+------------------------------------+--+----------+----------+----------+----------+
| | | | 4,004 | | 15,201 |
| NET ASSETS | | | | | |
+------------------------------------+--+----------+----------+----------+----------+
| | | | | | | |
+------------+-----------------------+--+----------+----------+----------+----------+
| EQUITY | | | | | |
+------------------------------------+--+----------+----------+----------+----------+
| Share capital | | | 516 | | 516 |
+------------------------------------+--+----------+----------+----------+----------+
| Share premium account | | | 42,396 | | 42,396 |
+------------------------------------+--+----------+----------+----------+----------+
| Share based payments | | | 210 | | 2,069 |
| reserve | | | | | |
+------------------------------------+--+----------+----------+----------+----------+
| Retained deficit | | | (39,118) | | (29,780) |
+------------------------------------+--+----------+----------+----------+----------+
| CAPITAL AND RESERVES | | | 4,004 | | 15,201 |
| ATTRIBUTABLE | | | | | |
| TO OWNERS OF THE PARENT | | | | | |
+------------+-----------------------+--+----------+----------+----------+----------+
CONSOLIDATED STATEMENT OF CASHFLOWS
For the year ended 31 December 2009
+----------+-----------------------------+--+----------+----------+----------+----------+
| | | | Year | | Restated |
| | | | ended | | Year |
| | | | | | ended |
+----------------------------------------+--+----------+----------+----------+----------+
| | | | | 31 | | 31 |
| | | | | December | | December |
| | | | | 2009 | | 2008 |
+----------+-----------------------------+--+----------+----------+----------+----------+
| | | | | GBP'000 | | GBP'000 |
+----------+-----------------------------+--+----------+----------+----------+----------+
| | | | 5,155 | | 6,634 |
| NET CASH GENERATED FROM OPERATIONS | | | | | |
+----------------------------------------+--+----------+----------+----------+----------+
| | | | | | | |
| | Net finance costs | | | (2,538) | | (3,049) |
+----------+-----------------------------+--+----------+----------+----------+----------+
| | Income taxes refunded/( | | | 268 | | (1,547) |
| | paid) | | | | | |
+----------+-----------------------------+--+----------+----------+----------+----------+
| NET CASH GENERATED | | | 2,885 | | 2,038 |
| FROM OPERATING ACTIVITIES | | | | | |
+----------------------------------------+--+----------+----------+----------+----------+
| | | | | | |
+----------------------------------------+--+----------+----------+----------+----------+
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | | |
+----------------------------------------+--+----------+----------+----------+----------+
| | Purchases of property, | | | (1,977) | | (2,726) |
| | plant | | | | | |
| | and equipment and | | | | | |
| | applications software | | | | | |
+----------+-----------------------------+--+----------+----------+----------+----------+
| | Contingent consideration | | | (61) | | (3,102) |
+----------+-----------------------------+--+----------+----------+----------+----------+
| | Cash consideration | | | - | | (400) |
+----------+-----------------------------+--+----------+----------+----------+----------+
| | Loan note receipts | | | - | | 150 |
+----------+-----------------------------+--+----------+----------+----------+----------+
| | Disposal of subsidiary, net | | | 12,474 | | - |
| | of cash disposed and costs | | | | | |
+----------+-----------------------------+--+----------+----------+----------+----------+
| CASH FLOWS GENERATED | | | 10,436 | | (6,078) |
| /(USED) IN INVESTING ACTIVITIES | | | | | |
+----------------------------------------+--+----------+----------+----------+----------+
| | | | | | | |
+----------+-----------------------------+--+----------+----------+----------+----------+
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | | |
+----------------------------------------+--+----------+----------+----------+----------+
| | Proceeds from share issues | | | - | | 449 |
+----------+-----------------------------+--+----------+----------+----------+----------+
| | Repayment of borrowings | | | (19,456) | | (4,000) |
+----------+-----------------------------+--+----------+----------+----------+----------+
| | Drawdown of indebtedness | | | 10,000 | | 8,000 |
+----------+-----------------------------+--+----------+----------+----------+----------+
| | Deferred financing costs | | | (23) | | (106) |
+----------+-----------------------------+--+----------+----------+----------+----------+
| | Increase in bank overdrafts | | | 185 | | 138 |
+----------+-----------------------------+--+----------+----------+----------+----------+
| | Finance lease principal | | | (3) | | (102) |
| | repayments | | | | | |
+----------+-----------------------------+--+----------+----------+----------+----------+
| NET CASH (USED)/ | | | (9,297) | | 4,379 |
| GENERATED IN FINANCING ACTIVITIES | | | | | |
+----------------------------------------+--+----------+----------+----------+----------+
| | | | | | | |
+----------+-----------------------------+--+----------+----------+----------+----------+
| NET INCREASE IN CASH AND CASH | | | 4,024 | | 339 |
| EQUIVALENTS | | | | | |
+----------------------------------------+--+----------+----------+----------+----------+
| | CASH AND CASH EQUIVALENTS | | | 575 | | 1,108 |
| | AT START OF YEAR | | | | | |
+----------+-----------------------------+--+----------+----------+----------+----------+
| | Less: Net cash and cash | | | - | | (872) |
| | equivalents included in | | | | | |
| | discontinued operations | | | | | |
+----------+-----------------------------+--+----------+----------+----------+----------+
| | | | | | | |
+----------+-----------------------------+--+----------+----------+----------+----------+
| CASH AND CASH EQUIVALENTS AT THE END | | | 4,599 | | 575 |
| OF YEAR | | | | | |
+----------+-----------------------------+--+----------+----------+----------+----------+
Notes to the preliminary financial information for the year ended 31 December
2009
1 BASIS OF PREPARATION AND ACCOUNTING POLICIES
The financial information attached has been extracted from the audited financial
statements for the year ended 31 December 2009, and has been prepared in
accordance with international financial reporting standards (IFRS) as adopted by
the EU and international financial reporting interpretations committee (IFRIC)
interpretations issued and effective at the time of preparing those financial
statements.
The financial information for the years ended 31 December 2009 and 31
December 2008 does not constitute statutory financial information as defined in
Section 434 of the Companies Act 2006. The annual report and financial
statements for the year ended 31 December 2009 were approved by the Board of
Directors on 23 June 2010, together with this announcement, but have not yet
been delivered to the Registrar of Companies. The auditor's report on the
financial statements for both years was unqualified, and did not include
reference to any matters to which the auditors drew attention by way of emphasis
without qualifying their reports and did not contain a statement under either
Section 498 (2) or 498 (3) of the Companies Act 2006 or Section 237(2) or 237(3)
of the Companies Act 1985. The financial statements for the year ended 31
December 2008 have been delivered to the Registrar.
2 SEGMENTAL ANALYSIS
The Group is organised into two main operating segments, Emergency Repair and
Document Handling and operates one service per segment as described in the
business review. All trading of the Group is undertaken within the United
Kingdom and the Company has no foreign operations. Segment assets include
intangibles, property, plant and equipment, inventories, receivables and
operating cash. Central assets include investments, deferred tax and head office
assets. Segment liabilities comprise operating liabilities. Central liabilities
include income tax and deferred tax, corporate borrowings and head office
liabilities. Capital expenditure comprises additions to computer software,
property, plant and equipment and includes additions resulting from acquisitions
through business combinations. Segment assets and liabilities are allocated
between segments on an actual basis.
+---------------------+---------+----------+----------+----------+----------+
| | | | Year | | Year |
| | | | ended | | ended |
+---------------------+---------+----------+----------+----------+----------+
| | | | 31 | | 31 |
| | | | December | | December |
| | | | 2009 | | 2008 |
+---------------------+---------+----------+----------+----------+----------+
| | | | GBP'000 | | GBP'000 |
+---------------------+---------+----------+----------+----------+----------+
| REVENUE | | | | | |
+---------------------+---------+----------+----------+----------+----------+
| The revenue was derived from | | | | |
| the Group's principal | | | | |
| activities in the UK as | | | | |
| follows: | | | | |
+-------------------------------+----------+----------+----------+----------+
| Emergency Repair - | | | 14,217 | | 16,748 |
| Peter Cox | | | | | |
+---------------------+---------+----------+----------+----------+----------+
| Document Handling | | | 12,760 | | 14,730 |
+---------------------+---------+----------+----------+----------+----------+
| Segment revenue | | | 26,977 | | 31,478 |
| from external | | | | | |
| customers | | | | | |
| attributable to the | | | | | |
| country's country | | | | | |
| of domicile | | | | | |
+---------------------+---------+----------+----------+----------+----------+
| | | | | | |
+---------------------+---------+----------+----------+----------+----------+
| RESULTS | | | | |
+-------------------------------+----------+----------+----------+----------+
| Continuing operations | | | | |
+-------------------------------+----------+----------+----------+----------+
| The loss after tax was | | | | |
| derived from the Group's | | | | |
| principal activities in the | | | | |
| UK as follows: | | | | |
+-------------------------------+----------+----------+----------+----------+
| Emergency Repair | | | (345) | | 796 |
+---------------------+---------+----------+----------+----------+----------+
| Document Handling | | | 3,146 | | 4,736 |
+---------------------+---------+----------+----------+----------+----------+
| | | | 2,801 | | 5,532 |
+---------------------+---------+----------+----------+----------+----------+
| Central costs | | | (1,339) | | (1,671) |
+---------------------+---------+----------+----------+----------+----------+
| Share based | | | 1,147 | | 539 |
| payments credit | | | | | |
+---------------------+---------+----------+----------+----------+----------+
| Impairment of | | | (5,000) | | (4,893) |
| intangible fixed | | | | | |
| assets | | | | | |
+---------------------+---------+----------+----------+----------+----------+
| Exceptional items | | | (1,183) | | - |
+---------------------+---------+----------+----------+----------+----------+
| Amortisation of | | | (257) | | (240) |
| intangible assets | | | | | |
+---------------------+---------+----------+----------+----------+----------+
| Operating loss | | | (3,831) | | (733) |
+---------------------+---------+----------+----------+----------+----------+
| Net finance cost | | | (1,984) | | (3,119) |
+---------------------+---------+----------+----------+----------+----------+
| Exceptional | | | (1,975) | | - |
| financing costs | | | | | |
+---------------------+---------+----------+----------+----------+----------+
| Loss before tax | | | (7,790) | | (3,852) |
+---------------------+---------+----------+----------+----------+----------+
| Income tax | | | 164 | | (163) |
| credit/(expense) | | | | | |
+---------------------+---------+----------+----------+----------+----------+
| Loss after tax | | | (7,626) | | (4,015) |
+---------------------+---------+----------+----------+----------+----------+
| | | | | | |
+---------------------+---------+----------+----------+----------+----------+
In 2009, of the GBP1,147,000 share based payments credit shown above, a charge
of GBP4,000 (2008: GBP4,000) has been allocated to the Emergency Repair division
and a charge of GBP20,000 (2008: GBP13,000) has been allocated to the Document
Handling division, the remainder of this credit is allocated to central costs.
The exceptional items of GBP1,183,000 relate to costs of a strategic review of
GBP270,000 and redundancy costs of GBP763,000 following the sale of Ansa
Holdings Limited and Independent Inspections Limited. The impairment of
intangible assets is in respect of Document Control Services Limited and is
comprised of goodwill impairment of GBP5,000,000 (2008: GBP4,893,000 Peter Cox
Limited).
Major Customers
For the years ended 31 December 2009 and 2008 no customers accounted for more
than 10% of the Group's total revenue.
+---------------------+---------+----------+----------+----------+----------+
| | | | Year | | Year |
| | | | ended | | ended |
+---------------------+---------+----------+----------+----------+----------+
| | | | 31 | | 31 |
| | | | December | | December |
| | | | 2009 | | 2008 |
+---------------------+---------+----------+----------+----------+----------+
| RESULTS | | | GBP'000 | | GBP'000 |
+---------------------+---------+----------+----------+----------+----------+
| Discontinued | | | | | |
| operations | | | | | |
+---------------------+---------+----------+----------+----------+----------+
| Emergency Repair | | | (1,706) | | (9) |
+---------------------+---------+----------+----------+----------+----------+
| Share based | | | 19 | | 300 |
| payments credit | | | | | |
+---------------------+---------+----------+----------+----------+----------+
| Impairment of intangible | | - | | (29,493) |
| assets | | | | |
+-------------------------------+----------+----------+----------+----------+
| Exceptional items | | | - | | (824) |
+---------------------+---------+----------+----------+----------+----------+
| Amortisation of | | | (63) | | (78) |
| intangible assets | | | | | |
+---------------------+---------+----------+----------+----------+----------+
| Provision for loss on | | - | | (318) |
| disposal of operations | | | | |
+-------------------------------+----------+----------+----------+----------+
| Loss on disposal of | | (463) | | (1,563) |
| operations | | | | |
+-------------------------------+----------+----------+----------+----------+
| Operating loss | | | (2,213) | | (31,985) |
+---------------------+---------+----------+----------+----------+----------+
| Net finance | | | (192) | | 138 |
| (expense)/ income | | | | | |
+---------------------+---------+----------+----------+----------+----------+
| Loss before tax | | | (2,405) | | (31,847) |
+---------------------+---------+----------+----------+----------+----------+
| Income tax expense | | | - | | 926 |
+---------------------+---------+----------+----------+----------+----------+
| Loss for the year from | | (2,405) | | (30,921) |
| discontinued operations | | | | |
+---------------------+---------+----------+----------+----------+----------+
The exceptional item in 2008 relates to a provision for onerous lease costs.
+---------------------+---------+----------+----------+----------+----------+
| | | | 2009 | | 2008 |
+---------------------+---------+----------+----------+----------+----------+
| | | | GBP'000 | | GBP'000 |
+---------------------+---------+----------+----------+----------+----------+
| Segmental assets: | | | | | |
+---------------------+---------+----------+----------+----------+----------+
| Emergency Repair | | | 1,761 | | 3,163 |
+---------------------+---------+----------+----------+----------+----------+
| Document Handling | | | 26,975 | | 38,018 |
+---------------------+---------+----------+----------+----------+----------+
| Central | | | 16,252 | | (215) |
+---------------------+---------+----------+----------+----------+----------+
| Discontinued | | | (2,028) | | 35,115 |
| operations | | | | | |
+---------------------+---------+----------+----------+----------+----------+
| Total | | | 42,960 | | 76,081 |
+---------------------+---------+----------+----------+----------+----------+
| | | | | | |
+---------------------+---------+----------+----------+----------+----------+
| Segmental | | | | | |
| liabilities: | | | | | |
+---------------------+---------+----------+----------+----------+----------+
| Emergency Repair | | | (2,215) | | (3,307) |
+---------------------+---------+----------+----------+----------+----------+
| Document Handling | | | (6,692) | | (4,900) |
+---------------------+---------+----------+----------+----------+----------+
| Central | | | (29,855) | | (36,692) |
+---------------------+---------+----------+----------+----------+----------+
| Discontinued | | | (194) | | (15,981) |
| operations | | | | | |
+---------------------+---------+----------+----------+----------+----------+
| Total | | | (38,956) | | (60,880) |
+---------------------+---------+----------+----------+----------+----------+
| | | | | | |
+---------------------+---------+----------+----------+----------+----------+
| Property, plant and equipment | | | | |
| and software additions | | | | |
+-------------------------------+----------+----------+----------+----------+
| Emergency Repair | | 614 | | 1,670 |
+-------------------------------+----------+----------+----------+----------+
| Document Handling | | 1,363 | | 1,035 |
+-------------------------------+----------+----------+----------+----------+
| Depreciation of property, | | | | |
| plant and equipment | | | | |
+-------------------------------+----------+----------+----------+----------+
| Emergency Repair | | 134 | | 655 |
+-------------------------------+----------+----------+----------+----------+
| Document Handling | | 456 | | 436 |
+-------------------------------+----------+----------+----------+----------+
| Amortisation of intangible | | | | |
| assets | | | | |
+-------------------------------+----------+----------+----------+----------+
| Emergency Repair | | 30 | | 91 |
+-------------------------------+----------+----------+----------+----------+
| Document Handling | | 227 | | 227 |
+---------------------+---------+----------+----------+----------+----------+
All assets are located in the Company's country of domicile.
3 TAX
The underlying tax charge is based on the expected effective tax rate for the
full year to 31 December 2009 and is calculated as 28.0% on profit before tax.
4 EARNINGS PER ORDINARY SHARE
Basic earnings per share have been calculated on the (loss)/profit for the year
after taxation and the weighted average number of ordinary shares in issue
during the year.
Adjusted earnings per share which are before amortisation and impairment of
intangible assets, exceptional items, share based payments credit and notional
interest on contingent consideration have been presented in addition to the
basic earnings per share since, in the opinion of the directors, this provides
shareholders with a more appropriate representation of the underlying earnings
derived from the Group's businesses.
+----------------------------------+-------------+----------+-------------+
| | Year | | Year |
| | ended | | ended |
+----------------------------------+-------------+----------+-------------+
| | 31 | | 31 |
| | December | | December |
| | 2009 | | 2008 |
| | | | |
+----------------------------------+-------------+----------+-------------+
| | No. of | | No. |
| | shares | | of |
| | | | shares |
+----------------------------------+-------------+----------+-------------+
| Weighted average number of | 466,271,145 | | 464,794,897 |
| shares in issue | | | |
+----------------------------------+-------------+----------+-------------+
| | | | |
+----------------------------------+-------------+----------+-------------+
| | GBP'000 | | GBP'000 |
| | | | |
+----------------------------------+-------------+----------+-------------+
| Loss for the year | (10,031) | | (34,936) |
+----------------------------------+-------------+----------+-------------+
| Total basic loss per ordinary | (2.15)p | | (7.52)p |
| share | | | |
+----------------------------------+-------------+----------+-------------+
| | | | |
+----------------------------------+-------------+----------+-------------+
| Loss for the year - continuing | (7,626) | | (4,015) |
| operations | | | |
+----------------------------------+-------------+----------+-------------+
| | | | |
+----------------------------------+-------------+----------+-------------+
| Basic loss per ordinary share - | (1.64)p | | (0.86)p |
| continuing operations | | | |
+----------------------------------+-------------+----------+-------------+
| | | | |
+----------------------------------+-------------+----------+-------------+
| Adjustments | | | |
+----------------------------------+-------------+----------+-------------+
| Amortisation of intangible | 257 | | 240 |
| assets | | | |
+----------------------------------+-------------+----------+-------------+
| Impairment of intangible assets | 5,000 | | 4,893 |
+----------------------------------+-------------+----------+-------------+
| Exceptional items | 3,158 | | - |
+----------------------------------+-------------+----------+-------------+
| Share based payments credit | (1,147) | | (539) |
+----------------------------------+-------------+----------+-------------+
| Notional interest on contingent | - | | 121 |
| consideration | | | |
+----------------------------------+-------------+----------+-------------+
| | | | |
+----------------------------------+-------------+----------+-------------+
| Adjusted (loss)/profit - | (358) | | 700 |
| continuing operations | | | |
+----------------------------------+-------------+----------+-------------+
| | | | |
+----------------------------------+-------------+----------+-------------+
| Adjusted basic (loss)/earnings | (0.08)p | | 0.15p |
| per ordinary share (before | | | |
| amortisation | | | |
| and impairment of intangible | | | |
| assets, exceptional items, share | | | |
| based payments credit and | | | |
| notional interest on contingent | | | |
| consideration | | | |
+----------------------------------+-------------+----------+-------------+
| | (0.08)p | | 0.14p |
| Adjusted fully diluted | | | |
| (loss)/earnings per ordinary | | | |
| share (before amortisation and | | | |
| impairment of intangible assets, | | | |
| exceptional items, share based | | | |
| payments credit and notional | | | |
| interest on contingent | | | |
| consideration) | | | |
+----------------------------------+-------------+----------+-------------+
| | | | |
+----------------------------------+-------------+----------+-------------+
| | (2,405) | | (30,921) |
| Loss after taxation | | | |
| on ordinary activities - | | | |
| discontinuing operations | | | |
+----------------------------------+-------------+----------+-------------+
| | | | |
+----------------------------------+-------------+----------+-------------+
| Basic loss per ordinary share - | (0.52)p | | (6.65)p |
| discontinuing operations | | | |
+----------------------------------+-------------+----------+-------------+
| | | | |
+----------------------------------+-------------+----------+-------------+
| | No. of | | No. |
| | shares | | of |
| | | | shares |
+----------------------------------+-------------+----------+-------------+
| Weighted average number of | 466,271,145 | | 464,794,897 |
| shares in issue | | | |
+----------------------------------+-------------+----------+-------------+
| Convertible 'A' Shares | - | | 6,608,752 |
+----------------------------------+-------------+----------+-------------+
| Share options and awards under | 37,768 | | 44,254,618 |
| the LTIP | | | |
+----------------------------------+-------------+----------+-------------+
| Weighted average fully diluted | 466,308,913 | | 515,658,267 |
| number of shares in issue | | | |
+----------------------------------+-------------+----------+-------------+
| | | | |
+----------------------------------+-------------+----------+-------------+
| Total fully diluted loss per | (2.15)p | | (7.52)p |
| ordinary share from continuing | | | |
| and discontinuing operations | | | |
+----------------------------------+-------------+----------+-------------+
| Fully diluted loss per ordinary | (1.64)p | | (0.86)p |
| share - continuing operations | | | |
+----------------------------------+-------------+----------+-------------+
| Fully diluted loss per ordinary | (0.52)p | | (6.65)p |
| share - discontinuing operations | | | |
+----------------------------------+-------------+----------+-------------+
The diluted earnings per share are the basic earnings per share adjusted for the
dilutive effect of the conversion into fully paid shares of the outstanding
share options and awards under the LTIP. There is no dilution due to the loss in
the year.
5 PROVISIONS
+--------------+------+-----------+-----------+---------------+---------+
| | | | | |
| | Onerous | Remedial | Contingent | |
| | lease | provision | consideration | Total |
| | provision | | | |
+---------------------+-----------+-----------+---------------+---------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------+------+-----------+-----------+---------------+---------+
| | | | | | |
+--------------+------+-----------+-----------+---------------+---------+
| 1 January 2009 | 824 | - | 61 | 885 |
+---------------------+-----------+-----------+---------------+---------+
| Transferred | | 579 | - | 579 |
| from assets held | - | | | |
| for sale | | | | |
+---------------------+-----------+-----------+---------------+---------+
| New provisions | 952 | - | - | 952 |
+---------------------+-----------+-----------+---------------+---------+
| Charge/(credit) to | (476) | (12) | - | (488) |
| income for the year | | | | |
+---------------------+-----------+-----------+---------------+---------+
| Settlement of DCS | - | - | (61) | (61) |
| contingent | | | | |
| consideration | | | | |
+---------------------+-----------+-----------+---------------+---------+
| | | | | | |
+--------------+------+-----------+-----------+---------------+---------+
| 31 December | | 1,300 | 567 | - | 1,867 |
| 2009 | | | | | |
+--------------+------+-----------+-----------+---------------+---------+
The onerous leases provision relates to future payments on onerous leases as
required in the lease agreements. The movement during the year is in respect
leases of taken on as a result of the disposal of Ansa less property costs
incurred. GBP313k of costs are expected to be incurred within one year and the
balance over the next 7 years.
The remedial provision relates to 25 year guarantees that Peter Cox has issued
to its customers in respect of damp proofing work.
Provisions are analysed as follows:
+------------------------------+--+---------+-+---------+
| | | 2009 | | 2008 |
+------------------------------+--+---------+-+---------+
| | | GBP'000 | | GBP'000 |
+------------------------------+--+---------+-+---------+
| | | | | |
+------------------------------+--+---------+-+---------+
| Current | | 313 | | 171 |
+------------------------------+--+---------+-+---------+
| Non current | | 1,554 | | 714 |
+------------------------------+--+---------+-+---------+
| | | 1,867 | | 885 |
| Total | | | | |
+------------------------------+--+---------+-+---------+
6 CASH INFLOW FROM OPERATING ACTIVITIES
+----------+----------------------+--------+---------+----------+----------+----------+----------+------+-------+
| | | | Year | | Restated | |
| | | | ended | | Year | |
| | | | | | ended | |
+---------------------------------+------------------+----------+----------+----------+----------+--------------+
| | | | | 31 | | 31 | |
| | | | | December | | December | |
| | | | | 2009 | | 2008 | |
+----------+----------------------+------------------+----------+----------+----------+----------+--------------+
| | | | | GBP'000 | | GBP'000 | |
+----------+----------------------+------------------+----------+----------+----------+----------+--------------+
| Continuing operations | | | | | | |
+------------------------------------------+---------+----------+----------+----------+----------+--------------+
| | Loss for the year | | | (7,626) | | (4,015) | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Depreciation of property, | | | 590 | | 460 | |
| | plant and equipment | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Amortisation of intangible | | | 257 | | 240 | |
| | assets | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Impairment of intangible | | | 5,000 | | 4,893 | |
| | assets | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Finance costs recognised in | | | 3,959 | | 3,119 | |
| | profit and loss | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Income tax (credit)/expense | | | (164) | | 163 | |
| | recognised in profit and loss | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Share based payments credit | | | (1,147) | | (539) | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Exceptional items | | | 1,084 | | - | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Loss on sale of disposal of | | | 1 | | 1 | |
| | property, plant and equipment | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Movements in working capital | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Change in inventories | | | 83 | | (114) | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Change in trade and other | | | 3,909 | | (2,980) | |
| | receivables | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Change in trade and other | | | 1,149 | | 1,759 | |
| | payables | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| CASH GENERATED FROM CONTINUING OPERATIONS | | 7,095 | | 2,987 | | |
+----------------------------------------------------+----------+----------+----------+----------+------+-------+
| | | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| Discontinued operations | | | | | | | |
+------------------------------------------+---------+----------+----------+----------+----------+------+-------+
| | Loss for the year | | | (2,405) | | (30,921) | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Depreciation of property, | | | 34 | | 631 | |
| | plant and equipment | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Amortisation of intangible | | | 63 | | 78 | |
| | assets | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Impairment of intangible | | | - | | 29,493 | |
| | assets | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Finance costs recognised in | | | 192 | | (51) | |
| | profit and loss | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Income tax credit recognised | | | - | | (927) | |
| | in profit and loss | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Share based payments credit | | | (19) | | (312) | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Exceptional items | | | - | | 824 | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Loss on disposal of division | | | 463 | | 318 | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Gain on sale of disposal of | | | - | | (34) | |
| | property, plant and equipment | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Movement in working capital | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Change in inventories | | | 12 | | 142 | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Change in trade and other | | | (1,771) | | 1,315 | |
| | receivables | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | Change in trade and other | | | 1,491 | | 3,091 | |
| | payables | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | CASH (USED IN)/GENERATED FROM | | (1,940) | | 3,647 | |
| | DISCONTINUED OPERATIONS | | | | | |
+----------+-----------------------------------------+----------+----------+----------+----------+--------------+
| | | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | NET CASH GENERATED FROM | | | 5,155 | | 6,634 | |
| | OPERATIONS | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | | | | | | | |
+----------+-------------------------------+---------+----------+----------+----------+----------+--------------+
| | | | | | | | | | |
+----------+----------------------+--------+---------+----------+----------+----------+----------+------+-------+
7 DISCONTINUED OPERATIONS
The Group sold Ansa Group Limited and Independent Inspections on 26 June 2009
for GBP18.05 million. A further GBP1.5 million was paid into an escrow account,
but was not released to Mavinwood plc as the EBITA performance target of the
businesses sold for the year ended 31 December 2009 was not met. The results of
these businesses are also shown as discontinued operations.
The insurance related operations of Ansa Building Services Limited were
terminated on 31 December 2009 and have been shown as discontinuing operations.
Peter Cox Limited which was classified as assets held for sale at 31 December
2008, this business has been retained by the group and has been reclassified
from discontinued operations to continuing operations.
The results for the year attributable to discontinued operations were as
follows:
+---------------------+------------+----------+----------+----------+
| | | Year | | Year |
| | | ended | | ended |
+---------------------+------------+----------+----------+----------+
| | | 31 | | 31 |
| | | December | | December |
| | | 2009 | | 2008 |
+---------------------+------------+----------+----------+----------+
| | | GBP'000 | | GBP'000 |
+---------------------+------------+----------+----------+----------+
| | | | | |
+---------------------+------------+----------+----------+----------+
| Revenue | | 15,644 | | 38,278 |
+---------------------+------------+----------+----------+----------+
| | | | | |
+---------------------+------------+----------+----------+----------+
| Operating | | (2,194) | | 291 |
| (loss)/profit | | | | |
+---------------------+------------+----------+----------+----------+
| | | | | |
+---------------------+------------+----------+----------+----------+
| Loss before tax for | | (1,942) | | (473) |
| the year | | | | |
+---------------------+------------+----------+----------+----------+
| Taxation | | - | | 926 |
+---------------------+------------+----------+----------+----------+
| Provision for loss | | - | | (318) |
| on disposal of | | | | |
| division | | | | |
+---------------------+------------+----------+----------+----------+
| Loss on disposal of | | (463) | | - |
| division | | | | |
+---------------------+------------+----------+----------+----------+
| Impairment of | | - | | (29,493) |
| intangible assets | | | | |
+---------------------+------------+----------+----------+----------+
| Loss on disposal of Mono | | | |
| Services | - | | (1,563) |
| Limited (includes disposal of | | | |
| goodwill of GBP335,000) | | | |
+----------------------------------+----------+----------+----------+
| | | (2,405) | | (30,921) |
+---------------------+------------+----------+----------+----------+
During the year under review, Ansa Building Services Limited and the disposed
Emergency Repair division used cash flows from operating activities of GBP1.7
million, used cash flows from investing activities of GBP2.8 million and from
financing activities of GBP1.2 million.
An analysis of the net assets held for resale at 31 December 2008 is as follows:
+---------------------+---------+-+----------+
| | | | GBP'000 |
+---------------------+---------+-+----------+
| | | | |
+---------------------+---------+-+----------+
| Intangible assets | | | 13,374 |
| Property, plant and | | | 2,582 |
| equipment | | | |
+---------------------+---------+-+----------+
| Investments | | | 406 |
+---------------------+---------+-+----------+
| Deferred tax asset | | | 383 |
+---------------------+---------+-+----------+
| Inventories | | | 222 |
+---------------------+---------+-+----------+
| Trade and other | | | 17,276 |
| receivables | | | |
+---------------------+---------+-+----------+
| Cash and cash | | | 872 |
| equivalents | | | |
+---------------------+---------+-+----------+
| Assets held for | | | 35,115 |
| sale | | | |
+---------------------+---------+-+----------+
| | | | |
+---------------------+---------+-+----------+
| Trade and other | | | (10,491) |
| payables | | | |
+---------------------+---------+-+----------+
| Bank loans and | | | (193) |
| overdrafts | | | |
+---------------------+---------+-+----------+
| Current tax | | | 345 |
| liabilities | | | |
+---------------------+---------+-+----------+
| Provisions | | | (579) |
+---------------------+---------+-+----------+
| Long term | | | (3,887) |
| liabilities | | | |
+---------------------+---------+-+----------+
| Deferred tax | | | (1,176) |
| liabilities | | | |
+---------------------+---------+-+----------+
| Liabilities held | | | (15,981) |
| for sale | | | |
+---------------------+---------+-+----------+
| | | | |
+---------------------+---------+-+----------+
| Net assets | | | 19,134 |
| classified as held | | | |
| for resale | | | |
+---------------------+---------+-+----------+
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BLGDLXDDBGGD
Mavinwood (LSE:MVW)
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