Interim Results
25 Febbraio 2008 - 12:22PM
UK Regulatory
RNS Number:6493O
Ashton Penney Holdings PLC
25 February 2008
For Immediate Release
25 February 2008
ASHTON PENNEY HOLDINGS PLC ("the Company")
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2007
Chairman's Statement
I took over as Chairman at the beginning of 2008. In my predecessor's statement
for the Annual Report dated 28 November 2007 he reported that the restructuring
plan was complete and that the new financial year had started well. This
continues to be the case and the results for the six months ended 31 December
show an improvement over the previous period.
Results
The group's results for the six months ending 31 December 2007 show a loss
before tax of �30,000 (2006: profit �18,000). The loss for the period is after
charging legal fees of �28,000 in pursuing two debtors where we have only
recovered a small proportion of the costs incurred. In one case we have not
recovered the debt due but this was fully provided for in the year to 30 June
2007. In the other case we have recovered the full debt. �28,000 of this is
reflected in the current Interim results with the balance of �22,500 included in
the results for the full year ended 30 June 2007.
Revenue grew by 16% to �3,319,000 for the six months ended 31 December 2007
(2006: �2,871,000)
2007 2006 2007
6 months ended 6 months ended Year ended
31 December 31 December 30 June
Gross profit margins % 20% 29% 22%
% increase in number
of chargeable days 18% (3%) 19%
compared with similar
period
The gross margin variation is attributable to the differing mix of revenue
generated by employed consultants compared to consultants who are retained as
associates. In the latter case the gross profit margin is significantly less as
their share of revenue is included in cost of sales. In the case of employed
consultants the cost of their salaries and commission is included in operating
expenses. In the period to 31 December 2007 the revenue generated by associates
was higher than that generated by directly employed consultants.
The outlook for the economy in 2008 remains uncertain, however the nature of the
services we provide particularly in the area of turnaround management remain
active in times of economic slow down and we remain confident that we can grow
our share of this market.
Strategy & Outlook
Having now achieved the restructuring we are moving ahead to develop sales
growth and are continuing to seek opportunities to recruit consultants and
acquire businesses where their services and client base would enable us to
achieve growth in the short term.
The Directors will continue to pursue the strategy of growing the business
through providing a first class interim executive resourcing service for our
clients, increasing the number of fee earning consultants and seeking
opportunities to make synergistic acquisitions.
Having commenced our outsourcing contract running a panel of interim executives
for a major accountancy firm at the beginning of 2008 we will continue to seek
ways to develop compatible business activities that can exploit AshtonPenney's
strong brand, position in the market place and network of senior interim
executives.
As previously announced James Wheeler stepped down as CEO in March 2007 and with
the company's restructuring completed has decided to step down from the Board.
His resignation was effective from 31 December 2007. With effect from 1 January
2008 I took over as non executive Chairman from Graham Cole who remains a non
executive Director.
The 'pipeline' of current opportunities has reduced slightly when compared to
the position at the same time one year ago and has also dropped from the level
reported at the time of the preliminary announcement. This is normal at this
time of the year. In the climate of economic uncertainty that exists currently
and due to the nature of our business it is difficult to predict the longer term
position. However the Directors believe that there will continue to be good
opportunities for the provision of our services particularly in the area of
turnaround management.
The company is continuing to make progress and I am particularly grateful for
the continuing efforts of everyone working for AshtonPenney.
Colin Maitland
Chairman
Date: 25 February 2008
Condensed consolidated interim income statement for the six months ended 31
December 2007
6 Months to 6 Months to Year ended
31 December 31 December 30 June
2007 2006 2007
Unaudited Unaudited Audited
Note �'000 �'000 �'000
Revenue 4 3,319 2,871 6,179
Cost of (2,641) (2,034) (4,828)
sales
Gross 678 837 1,351
profit
----------------------- ----------------------- -----------------------
Operating expenses (665) (804) (1,888)
----------------------- ----------------------- -----------------------
Operating profit/ 13 33 (537)
(loss) before
financing costs
Financial income 3 - 1
Financial expenses (46) (15) (101)
----------------------- ----------------------- -----------------------
Net financing (43) (15) (100)
costs
Profit/(Loss) before (30) 18 (637)
tax
Taxation 4 - 10
----------------------- ----------------------- -----------------------
Profit/(Loss) for (a) (26) 18 (627)
the financial period
----------------------- ----------------------- -----------------------
Earnings per share 5
Basic (0.05p) 0.05p (1.86p)
Diluted (0.05p) 0.05p (1.86p)
The notes on pages 6 to 9 form an integral part of this condensed interim
financial information.
Note (a) The previously reported unaudited loss for the six months ending 31
December 2006 was �60k. Certain adjustments arose as a result of the final audit
totalling �78k giving rise to a revised figure of �18k profit. A corresponding
adjustment of �78k was made to the loss for the six months ending 30 June 2007.
Similarly the figure reported in the interim statement to 31 December 2006 'as
at 30 June 2006' was different by the same amount. This was subsequently
corrected in the annual audited accounts to 30 June 2007 and has therefore not
been restated in these financial statements.
Condensed consolidated statement of changes in equity as at 31 December 2007
Share Capital Share Capital Total Equity
Profit and Loss Share Premium Ordinary shares of Deferred shares of
account account �0.01 �0.001
�'000 �'000 �'000 �'000 �'000
Unaudited Unaudited Unaudited Unaudited Unaudited
As at 30 (3,894) 1,487 336 2,206 135
June
2006
(note a)
--------------------- ------------------- -------------------- ------------------- -------------
Profit 18 - - - 18
for the
6mth
period
to 31
December
2006
(note a)
Cost of 21 - - - 21
share
based
payments
Shares - 80 20 - 100
issued
--------------------- ------------------- -------------------- ------------------- -------------
As at 31 (3,855) 1,567 356 2,206 274
December
2006
--------------------- ------------------- -------------------- ------------------- -------------
Loss for (645) - - - (645)
the 6mth
period
to 30
June
2007
(note a)
Cost of (10) - - - (10)
share
based
payments
Shares - 338 225 - 563
issued
Less - (13) - - (13)
issue
costs
--------------------- ------------------- -------------------- ------------------- -------------
As at 30 (4,510) 1,892 581 2,206 169
June
2007
--------------------- ------------------- -------------------- ------------------- -------------
Loss for (26) - - - (26)
the 6mth
period
to 31
December
2007
Cost of 4 - - - 4
share
based
payments
--------------------- ------------------- -------------------- ------------------- -------------
As at 31 (4,532) 1,892 581 2,206 147
December
2007
--------------------- ------------------- -------------------- ------------------- -------------
Note (a) The previously reported unaudited loss for the six months ending 31
December 2006 was �60k. Certain adjustments arose as a result of the final audit
totalling �78k giving rise to a revised figure of �18k profit. A corresponding
adjustment of �78k was made to the loss for the six months ending 30 June 2007.
Similarly the figure reported in the interim statement to 31 December 2006 'as
at 30 June 2006' was different by the same amount. This was subsequently
corrected in the annual audited accounts to 30 June 2007 and has therefore not
been restated in these financial statements.
The notes on pages 6 to 9 form an integral part of this condensed interim
financial information.
Consolidated Interim Balance Sheet as at 31 December 2007
31 December 31 December 30 June
2007 2006 2007
Unaudited Unaudited Audited
Note �'000 �'000 �'000
Assets
Non - current
assets
Intangible assets 1,022 1,076 1,034
Property Plant 119 136 126
and equipment
Trade and other 30 30 30
receivables
------------------- ------------------- -------------------
Total non-current 1,171 1,242 1,190
assets
------------------- ------------------- -------------------
Trade receivables 857 1,001 939
Cash 53 49 279
------------------- ------------------- -------------------
Total current 910 1,050 1,218
assets
------------------- ------------------- -------------------
Total assets 2,081 2,292 2,408
------------------- ------------------- -------------------
Equity
Issued capital 6 2,787 2,562 2,787
Share premium 1,892 1,567 1,892
Retained earnings (4,532) (3,855) (4,510)
------------------- ------------------- -------------------
Total equity 147 274 169
------------------- ------------------- -------------------
Liabilities
Interest - 7 120 106 -
bearing loans
Finance leases 90 48 105
Deferred tax 37 - 40
------------------- ------------------- -------------------
Total non-current 247 154 145
liabilities
------------------- ------------------- -------------------
Bank loans 624 596 457
Trade payables 1,014 1,208 1,555
Finance Lease 28 - 25
liabilities
Other loans 21 60 57
------------------- ------------------- -------------------
Total current 1,687 1,864 2,094
liabilities
------------------- ------------------- -------------------
Total liabilities 1,934 2,018 2,239
------------------- ------------------- -------------------
Total equity and 2,081 2,292 2,408
liabilities
------------------- ------------------- -------------------
The notes on pages 6 to 9 form an integral part of this condensed interim
financial information.
Consolidated Interim statement of Cash Flows for the six months ended
31 December 2007.
6 Months to 6 Months to Year ended
31 December 31 December 30 June
2007 2006 2007
Unaudited Unaudited Audited
�'000 �'000 �'000
Cash flows from operating
activities
Cash receipts from customers 3,401 2,997 5,995
Cash paid to suppliers and (3,823) (3,070) (6,185)
employees
---------------- ---------------- ----------------
Cash generated from operations (422) (73) (190)
Interest Paid (46) (15) (89)
---------------- ---------------- ----------------
Net cash used in operating (468) (88) (279)
activities
Cash flows from investing
activities
Interest 3 - 1
received
Payments to acquire tangible - (25) (27)
fixed assets
Acquisition of shares in group - - -
undertakings
Net cash acquired with - - -
subsidiaries
---------------- ---------------- ----------------
Net cash used in investing 3 (25) (26)
activities
Cash flows from financing
activities
Issue of ordinary share capital - 100 510
Expenses paid in connection with - - (13)
share issues.
New long term loan received 120 - -
New short term loans received 131 60 76
Finance Lease repayments (25) - (22)
Capital element of finance lease 13 (9) 22
---------------- ---------------- ----------------
Net cash from financing 239 151 573
activities
Net increase in cash and cash (226) 38 268
equivalents
Cash and cash equivalents at 01 279 11 11
Jan/ 01 July
---------------- ---------------- ----------------
Cash and cash equivalents 53 49 279
at 31 December/30 June
---------------- ---------------- ----------------
The notes on pages 6 to 9 form an integral part of this condensed interim
financial information.
Notes to the condensed consolidated interim financial information for the six
months ended 31 December 2007
1. General information
Ashton Penney Holdings plc ('the Company') and its subsidiaries (together 'the
Group') is engaged in the provision of interim management solutions. The Company
operates mainly in the UK and Europe but also provides services to organisations
around the world.
The Company is a limited liability company incorporated and domiciled in the UK.
The address of its registered office and principal place of business is 81 - 82
Gracechurch Street, London, EC3V 0AU, United Kingdom.
The condensed consolidated interim financial information was authorised for
issue by the Board of Directors on 22 February 2008.
2. Basis of preparation
This condensed interim financial information for the half year ended 31 December
2007 has been prepared in accordance with IAS 34, 'Interim Financial Reporting'.
The interim financial report should be read in conjunction with the annual
financial statements for the year ended 30 June 2007.
The condensed consolidated interim financial statements do not constitute
statutory accounts as defined in section 240 of the Companies Act 1985. The
financial information for the year ended 30 June 2007 has been extracted from
the statutory accounts for that period. The auditors' report on these statutory
accounts was unqualified and did not contain a statement under section 237 of
the Companies Act 1985. A copy of these financial statements has been filed with
the Registrar of Companies.
3. Accounting policies
The accounting policies adopted are consistent with those of the annual
financial statements for the year ended 30 June 2007, as described in the annual
financial statements for the year ended 30 June 2007.
4. Segment reporting
The Group has a single business segment, being the provision of Interim
management services. Occasionally the Group will receive placement fees where
interim executives are employed on a permanent basis. However, this is not
considered to be a significant business segment as it arises directly as a
result of providing services in the core business segment and the Group has no
control over income arising in this way. The revenues, operating profits and net
assets of this segment are immaterial.
The Group operates from offices in London providing interim management services
to organisations based predominantly in the UK. A certain amount of work is
carried out on behalf of organisations based in the EU.
5. Earnings per share
Basic earnings per share
The calculation of basic earnings per share for the six months ended 31 December
2007 was based on the loss attributable to ordinary shareholders of �43,000 (six
months ended 31 December 2006 profit �18,000) and a weighted average number of
ordinary shares outstanding during the six months ended 31 December 2007 of
58,126,125 (six months ended 31 December 2006 : 33,899,602)
The employee share options are non dilutive as the current price is below the
exercise price.
6. Capital and reserves
Share capital and share premium
Number of shares Ordinary Number of shares Deferred Share premium Total
Shares shares
of 1p of 0.1p
'000 �'000 '000 �'000 �'000 �'000
As at 1 35,606 356 2,206,110 2,206 1,567 4,129
January
2007
Shares 22,520 225 - - 338 563
issued
29 June
2007
Issue - - - - (13) (13)
costs
-------------------- -------- ----------------- -------- -------------- ---------
As at 31 58,126 581 2,206,110 2,206 1,892 4,679
December
2007
-------------------- -------- ----------------- -------- -------------- ---------
The total authorised number of ordinary shares is 600 million shares (2006: 600
million shares) with a par value of 1p per share. All issued shares are fully
paid.
The total authorised number of deferred shares is 4,000 million shares (2006:
4,000 million shares) with a par value of 0.1 p each. All issued shares are
fully paid.
The deferred shares will receive a repayment equal to their nominal value after
repayment of the amount due on ordinary shares in the event of a winding up but
carry no other right to participate in the capital or income of the Company and
carry no right to vote.
7. Interest bearing loans
The interest bearing loans were made by the Directors and the Company Secretary
as follows:
As at 31 December As at 31 December As at 30 June
2007 2006
2007
(Unaudited) (Unaudited) (Audited)
'000 '000 '000
Colin Maitland �80 - -
Graham Cole �20 - -
Bruce Page �10 - -
Stephen Kittoe �10 - -
------------------ ------------------ -----------------
�120 - -
------------------ ------------------ -----------------
The loans carry interest at 8.5% per annum and are not repayable until 2 January
2011.
8. Share-based payments
At 1 January 2006, the Group had established a share option programme that
enabled key management personnel and senior employees to be granted shares in
the entity. The terms and conditions of the share option programme and grants
made from the date of commencement of the scheme up to the period ended 31
December 2006 are set out below. Exercise prices are based on the market price
of the shares at date of grant and are agreed with HM Revenue & Customs.
The terms and conditions of the grants made from the date of commencement of the
scheme up to the period ended 31 December 2006 are as follows; all option
exercises are settled by physical delivery of shares:
Average exercise Vesting
price in � per period and
share conditions
At 31 December 2006 960,000 0.0782
--------------------- ---------------------
Granted - -
--------------------- ---------------------
At 30 June 2007 960,000 0.0782
--------------------- ---------------------
Granted 2,000,000 0.0225 3 years of
service
--------------------- ---------------------
At 31 December 2007 2,960,000 0.0405
--------------------- ---------------------
All share options granted vest after 3 years and there are no conditions
applying other than the individual must still be in the Group's employment at
vesting date
The fair values of services received in return for share options granted to
employees are measured by reference to the fair value of share options granted.
The estimate of the fair value of the services received is measured based on a
binomial lattice model. The contractual life of the option (10 years) is used as
an input into this model. Expectations of early exercise are incorporated into
the binomial lattice model.
Fair value of share options and assumptions
For the six months ended 31 December 2007
2007
Fair value at 13p
measurement date
Share price at grant 4p
date
Exercise price 4p
Number of employees 3
Vesting period 3 years
Shares under option 2,960,000
Grant dates 2005/2006/2007
Expected volatility
(expressed as weighted
average volatility used
in the modelling under
binomial lattice model) 50%
Option life (expressed
as weighted average life
used in the modelling 4 years
under binomial lattice
model)
Expected dividends nil
Risk-free interest rate
(based on national
government bonds) 4.18
The expected volatility is based on the historic volatility (calculated based on
the weighted average remaining life of the share options), adjusted for any
expected changes to future volatility due to publicly available information.
There are no market conditions associated with the share option grants.
9. Copies of this statement are available to the public on request from the
Company's registered office at 81-82 Gracechurch Street, London EC3V 0AU and are
available on the company's website: www.ashtonpenney.com
Contact: Ashton Penney Holdings Plc
Bruce Page
Tel: +44 (0)20 7337 6900
Beaumont Cornish Limited
Roland Cornish
Tel: +44 (0)20 7628 3396.
This information is provided by RNS
The company news service from the London Stock Exchange
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