TIDMCMBN
RNS Number : 0854X
Cambian Group PLC
26 August 2015
Wednesday 26 August 2015
Cambian Group plc unaudited results for the 6 months ended 30
June 2015
Delivering on our growth plan
Overview of results H1 2015(1) H1 2014(1)
------------------------------------- ----------------- -----------------
Revenue GBP140.9m GBP116.0m
Adjusted EBITDA(2) (margin %) GBP26.6m (18.9%) GBP22.8m (19.7%)
Underlying EBITDA(3) (margin %) GBP28.7m (20.4%) GBP23.5m (20.3%)
Operating profit pre-exceptional and GBP15.9m GBP15.1m
M&A costs
Operating profit / (loss) GBP14.2m GBP(3.6m)
Pre-tax profit / (loss) GBP10.0m GBP(11.8m)
Adjusted basic earnings per share(4) 6.8 pence 3.5 pence
Statutory basic earnings per share 4.1 pence (12.6) pence
------------------------------------- ----------------- -----------------
(1) The basis of preparation is detailed in note 1 of the
condensed financial statements
(2) Adjusted EBITDA is Earnings before net finance costs, tax,
depreciation, amortisation, profit or loss on disposal of assets,
exceptional items, M&A costs, and the charge relating to
Continuation Option Plan shares awarded as part of the IPO
(3) Underlying EBITDA is Adjusted EBITDA adding back development
losses incurred in the period, defined as losses on assets which
are within 18 months of opening and are yet to reach a profitable
occupancy
(4) Adjusted basic EPS is defined as statutory basic EPS, adding
back the impact of amortisation of acquired intangible assets,
exceptional items, M&A costs, and the charge relating to
Continuation Option Plan shares awarded as part of the IPO, net of
the tax effect of these adjustments. 2014 EPS calculations reflect
the number of shares in issue post IPO, excluding shares held in
the Employee Benefit Trust, of 168,888,888
Highlights
Financial
-- 21% revenue growth in the period
-- Adjusted EBITDA(2) growth of 17% to GBP26.6m (2014: GBP22.8m),
after increased development losses of GBP2.1m (2014: GBP0.7m)
-- Underlying EBITDA(3) growth of 22% to GBP28.7m (2014: GBP23.5m)
-- Average occupancy of 79% (H1 2014: 81%), with 2,257 service
users at 30 June 2015 (31 December 2014: 1,947), plus 697 fostering
placements (31 December 2014: 197)
-- First interim dividend of 0.91 pence per share
Operational
-- 149 organic places opened in H1 (with 23 places re-provisioned
or closed). Total capacity at 30 June 2015 of 2,876 places
(31 December 2014: 2,750)
-- Acquisition of By the Bridge in line with strategy of growing
higher acuity fostering services
-- Successfully completed GBP25.4m equity placing in March 2015
to partially finance acquisition of By the Bridge
-- Key senior management hires to further enhance our capabilities
Saleem Asaria, CEO, commented "These results reflect a positive
first half to 2015. We have expanded our fostering offering
significantly with the acquisition of By the Bridge, and continue
to make excellent progress on our organic growth plan. We have also
taken advantage of opportunities presented to exceed our originally
planned openings in 2015. This positions us well to deliver on our
vision to be the highest quality provider of specialist behavioural
health services to children and adults".
Enquiries:
Cambian Group plc +44 (0) 208 Tulchan Communications+44 (0)
735 6150 20 7353 4200
Saleem Asaria, CEO Tom Buchanan
Andrew Griffith, CFO Camilla Cunningham
A results presentation will be held for investors and analysts
at 9.00am today at the offices of JP Morgan, 60 Victoria
Embankment, London EC4Y 0JP. A live audio webcast of the
presentation will be available at
http://edge.media-server.com/m/p/wazufnot, and the materials from
the presentation will be available on the investor relations pages
at http://www.cambiangroup.com from 9.00am.
Operating Review
Overview of the Period
We are pleased to report a positive first half for Cambian, with
revenue growth of 21% and an acceleration of our growth plan with
149 places opened in the period: 68 in Adult Services and 81 in
Children's Services, with 23 places re-provisioned or closed. We
have significantly expanded our fostering capabilities with the
acquisition of By the Bridge in order to increase focus on Children
with higher acuity needs. We have rolled out new service models in
both our Adult and Children's segments, and, by taking advantage of
opportunities presented, we are well positioned to exceed our
original plan for growth in capacity in the current year.
Overview of Business Performance
In the first half of 2015 we delivered revenue growth of 21% (H1
2014: 11%). The Group's Adjusted EBITDA margin was 19% (H1 2014:
20%), after incurring GBP2.1m development losses in the period (H1
2014: GBP0.7m). Adding back these development losses, which are due
to the accelerated execution of our growth plan, Underlying EBITDA
margin was 20% (H1 2014: 20%). Average occupancy was 79% (H1 2014:
81%) the change being due to the lag effect of new capacity added
in the period.
Organic Growth
Cambian is in a strong position to take advantage of significant
opportunities to grow the business organically. In our Adult
Services we opened two Personality Disorder Units with a total of
48 places. We now have 72 places serving personality disorders and
a good pipeline for further growth in this area. To complement our
existing Acquired Brain Injury services we opened a 20 bed hospital
in the period.
In our Children's Services we have identified Child and
Adolescent Mental Health Services (CAMHS) as a key area of growth
and we were pleased to open 21 places in the period with further
openings planned in the second half. In addition we opened 30
education places and 30 residential children's services places in a
number of smaller units. These include 20 places providing Learning
Disability care services to Young Adults.
The number of places we added to our capacity was 149, with
reduced capacity of 8 places in Adult services (currently being
re-provisioned as a CAMHS service), and of 15 places in Children's
services (representing units closing in our residential services)
giving a net change in capacity of 126 places.
Since 30 June to the date of this announcement, we have opened a
further 20 places in Adult services and 133 places in Children's
Services, giving a total of 302 places year to date. We also have a
good pipeline for further openings in the remainder of the year and
expect to open approximately 370 places for the full year.
Fostering
At our full year results, we had highlighted fostering as an
area that we wished to grow. To this end, we were pleased to
acquire By the Bridge in March. By the Bridge operates at the high
severity end of fostering and has built a reputation for providing
good quality, therapeutic fostering services and for being able to
place children with complex needs in a family environment. As such,
it occupies a niche position between traditional fostering and
residential care and now forms an integral part of our Children'
Services offering. Cambian's existing fostering operation is now
being integrated into By the Bridge: we expect this process to be
completed by the end of the year. We have a number of marketing
activities planned for the second half to increase foster carer
numbers. At 30 June 2015 the Group had 697 fostering placements (30
June 2014: 181), of which 509 related to By the Bridge.
Quality and Regulatory
Our ambition is to be the highest quality provider of
behavioural health services to Children and Adults. We are
regulated by the CQC and Ofsted for our English services, and HIW
and CSIW for our Welsh services. The sector is seeing an
increasingly stringent regulatory environment, both in the rigour
of inspections and the time taken in registering new sites and
services which continues to be extended.
In line with our commitment to high quality services, we have
appointed Philip King, who formerly worked at the CQC, as Director
of Quality and Risk. Philip's role is to ensure that, as we grow,
the Group has appropriate systems and processes to manage quality,
as well as to enable Cambian to navigate successfully through the
regulatory environment and build constructive relationships with
the regulators. Our regulatory scores remained strong throughout
the period; we underwent no embargoes and we currently have no
facilities with compliance notices. From a governance perspective,
in order to ensure an integrated approach to risk, we have now
merged the Audit Committee and the Quality and Risk Committee. The
re-named Audit & Risk Committee now directly oversees all
elements of risk in the business.
Acquisitions
Acquisitions are a key element of our strategy, enabling us to
reach new regions, or deliver new services, more quickly than we
could do organically. In March we completed the acquisition of By
the Bridge for a net cash consideration of GBP34.3m, initially
funded by debt and subsequently partially financed through an issue
of additional share capital raising GBP25.4m. Both By the Bridge
and Woodleigh (acquired in December 2014) are performing well.
Election and Budget Implications
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The May election result provides commissioning stability and the
Government has stated its intention to continue to selectively
outsource specialist services to private sector providers offering
value for money and high quality outcomes. In the July budget, NHS
spending was protected, an additional GBP10bn was committed to
health, and the NHS was tasked to deliver efficiency savings
through improvements in quality of care, staff productivity and
procurement. The national living wage was introduced with step
changes starting in 2016 and reaching GBP9 per hour by 2020. In
addition the rate of corporation tax will be reduced to 18% by
2020.
We are supportive of the introduction of the living wage, but we
recognise that the net implication of the budget will increase our
cost base. We have started a consultation exercise with our
customers and will seek to mitigate the net impact of the budget by
corresponding fee increases. We have a high level of confidence
that we will be able to demonstrate the value proposition of our
services such that that there will be no material impact to our
Group.
Management Team
We have further strengthened our senior management team during
the period with a number of key appointments. As previously
mentioned Philip King joined us as Director of Quality and Risk,
Nigel Toon has joined us as HR Director (previously at Allied
Bakeries and Pepsi Co), and Mark Fisher has joined us as Chief
Marketing Officer, having previously held a number of senior
marketing roles at Diageo.
Board Appointment
With Anne-Marie Carrie (previously an independent non-executive
director) becoming CEO of our Children's Services division, in July
we were pleased to announce the appointment of Dr Graham Rich as an
independent non-executive director. Graham, a medical doctor, has
held numerous clinical and management roles in the NHS, as well a
number of consulting and advisory roles in the private sector.
Graham will sit on the new combined Audit and Risk Committee.
Systems and Infrastructure
With Cambian having grown significantly in recent years, we
recognise the need to continue investing in our operating
infrastructure across the functions in the business, both in people
and systems. To this end, we have also begun a business
transformation programme covering Finance, HR and Marketing to
ensure we have the right systems and processes in these areas to
deliver the Group's growth. This programme is currently in the
design phase and will be delivered over a two year period.
Summary and Outlook
These results reflect a positive first half to 2015. We have
expanded our fostering offering significantly with the acquisition
of By the Bridge, and continue to make excellent progress on our
organic growth plan. We have also taken advantage of opportunities
presented to exceed our originally planned openings in 2015. This
positions us well to deliver on our vision to be the highest
quality provider of specialist behavioural health services to
children and adults.
Finance Review
Summary of Performance
Adult Services Children's Services Total
H1 2015 H1 2014 H1 2015 H1 2014 H1 2015 H1 2014
Revenue GBP59.5m GBP48.8m GBP81.4m GBP67.2m GBP140.9m GBP116.0m
Adjusted EBITDA(2) GBP14.0m GBP11.6m GBP12.6m GBP11.2m GBP26.6m GBP22.8m
Margin % 23.5% 23.8% 15.5% 16.7% 18.9% 19.7%
Underlying EBITDA(3) GBP14.9m GBP11.8m GBP13.8m GBP11.7m GBP28.7m GBP23.5m
Margin % 25.1% 24.2% 17.0% 17.4% 20.4% 20.3%
Average Capacity(5,6) 1,138 942 1,661 1,312 2,799 2,254
Average Occupancy(5) 989 838 1,224 995 2,213 1,833
Average Occupancy
% 87% 89% 74% 76% 79% 81%
Closing Capacity(5,6) 1,175 947 1,701 1,578 2,876 2,525
Closing Occupancy(5) 992 847 1,265 1,210 2,257 2,057
Closing Occupancy
% 84% 89% 74% 77% 78% 81%
Average fostering
placements 441 177 441 177
Fostering revenue GBP10.2m GBP3.2m GBP10.2m GBP3.2m
----------------------- --------- --------- ----------- ---------- ---------- ----------
(2) Adjusted EBITDA is Earnings before net finance costs, tax,
depreciation, amortisation, profit or loss on disposal of assets,
exceptional items, M&A costs, and the charge relating to
Continuation Option Plan shares awarded as part of the IPO
(3) Underlying EBITDA is Adjusted EBITDA adding back development
losses incurred in the period, defined as losses on sites which are
within 18 months of opening and are yet to reach a profitable
occupancy
(5) Fostering is not included in the capacity and occupancy
numbers, and instead is disclosed separately due to fostering's
business model being different from our residential and education
services
(6) Capacity is defined as the number of separate places
registered with a regulator to accept service users
Group performance
In the first half of 2015 we delivered revenue growth of 21% (H1
2014: 11%). Average occupancy was 79% (H1 2014: 81%) the change
largely being due to the places added in the period. The Group's
Adjusted EBITDA margin was 18.9% (H1 2014: 19.7%), with GBP2.1m
development losses being incurred in the period (H1 2014: GBP0.7m).
Adding back these development losses, which are aligned with the
accelerated execution of our growth plan, Underlying EBITDA margin
was 20.4% (H1 2014: 20.3%).
Cambian remains a key partner to the UK public service providers
as they continue the trend towards outsourcing services. We offer
excellent value for money both in terms of outcomes and as compared
to the cost of Government provision of equivalent services. From 1
April 2015, we increased prices on average by 2% for the majority
of new service users, and this positively impacts revenue as
service users are admitted at new price levels.
Divisional Performance
Adult Services revenue grew by 22% in the period including the
contribution of the acquisitions of Woodleigh and Ansel in the
second half of 2014. Average occupancy was 87% (H1 2014: 89%), the
reduction mainly being the impact of the new places opened in the
period at the start of their maturity profile. Average occupancy of
mature Adult units excluding acquisitions was 89% (H1 2014: 90%)
following a strong performance in H1 2014. Adjusted EBITDA margin
was 23.5% (H1 2014: 23.8%) and underlying EBITDA margin, adding
back the impact of development losses was 25.1% (H1 2014:
24.2%).
Children's Services revenue grew by 21% in the period, including
the contributions of the Mencap Colleges and the New Elizabethan
School both acquired in 2014, and the acquisition of By the Bridge
in 2015. Average occupancy in Children's Services was 74% (H1 2014:
76%), representing the same percentage for average occupancy as for
the full year 2014, and this reflects the relatively immature
nature of the Children's Services segment as compared to the Adult
Services segment. Adjusted EBITDA margin of Children's Services was
15.5% (H1 2014: 16.7%) and underlying EBITDA margin, adding back
the impact of development losses was 17.0% (H1 2014: 17.4%). The
reduction in the underlying EBITDA margin includes the costs of new
management team for the division. As we scale up in the future, we
expect the margin of Children's Services to rise.
Operating Profit
Adjusted EBITDA reconciles to Operating Profit as follows:
H1 2015 GBPm H1 2014 GBPm
=============================== ============== =============
Adjusted EBITDA(2) 26.6m 22.8m
Depreciation and amortisation (9.6m) (7.3m)
M&A costs (1.7m) -
Charge on IPO option plans (1.1m) (0.4m)
Exceptional items - (18.7m)
=============================== ============== =============
Operating profit / (loss) 14.2m (3.6m)
=============================== ============== =============
(2) Adjusted EBITDA is Earnings before net finance costs, tax,
depreciation, amortisation, profit or loss on disposal of assets,
exceptional items, M&A costs, and the charge relating to
Continuation Option Plan shares awarded as part of the IPO
M&A Costs
M&A costs represent advisory fees, stamp duty and other
direct costs in respect of acquisitions completed in the
period.
Charge on IPO option plans
The charge on IPO option plans arises on Continuation Option
Plan shares awarded as part of the IPO, the impact of which is
excluded from Adjusted EBITDA. Charges on future share based awards
will be included within Adjusted EBITDA.
Finance Charges
The Group incurred net finance costs of GBP4.2m in the period
(H1 2014: GBP8.3m).
Taxation
The Group's tax charge was GBP2.7m (H1 2014: GBP1.7m)
representing 23.38% of profit before tax and M&A costs. The
difference between the current statutory rate of 20.25% and the
effective tax rate is due to some expenses not being allowable for
Corporation Tax purposes.
Earnings per Share
Statutory basic EPS was 4.13 pence (H1 2014: loss of 12.6
pence), and statutory diluted EPS was 4.05 pence (H1 2014: loss of
12.6 pence). Adjusted diluted EPS is defined as statutory basic
EPS, adding back the impact of amortisation of acquired intangible
assets, M&A costs, and the charge relating to Continuation
Option Plan shares awarded as part of the IPO, net of the tax
effect of these items.
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Statutory basic EPS reconciles to Adjusted basic EPS as
follows:
H1 2015 H1 2014
pence pence
============================================ ========= ========
Statutory basic EPS 4.1 (12.6)
-------------------------------------------- --------- --------
Share count amended to reflect post IPO
number of shares throughout 2014 - 4.6
Amortisation of acquired intangible assets 1.2 0.5
Charge on IPO option plans 0.5 0.2
Exceptional items and M&A costs 1.0 10.8
============================================ ========= ========
Adjusted basic EPS 6.8 3.5
============================================ ========= ========
Acquisitions
During the period, the Group acquired By the Bridge for a net
cash consideration of GBP34.3m, initially funded by debt and
subsequently partially refinanced through an issue of additional
share capital raising GBP25.4m. In addition, the Group purchased
the share capital of Interact Care Limited, a portfolio of assets
providing Learning Disability services to Children, for a net cash
consideration of GBP3.4m. This is included within organic capital
expenditure for the purposes of the analysis in this press release
as the assets were acquired at rebuild cost and meet our organic
growth capital expenditure hurdle rates of return.
Capital Expenditure
The Group has incurred GBP25.4m (H1 2014: GBP9.9m) of capital
expenditure in the period, of which GBP21.4m has been spent on the
execution of our organic growth plan and GBP4.0m (H1 2014: GBP1.6m)
has been spent on the maintenance of our existing units and
investment in our IT infrastructure. Within our growth capital
expenditure, the most significant areas of investment in Adult
services were the Personality Disorder and Acquired Brain Injury
Units we opened in the period plus an Adult Learning Disability
unit opened in July. In our Children's Services, the growth capital
expenditure primarily related to our Education Services including
an Autism school opening in September and adding capacity to our
existing schools, first half and planned second half openings in
our Sexual Trauma and CAMHS services, and 20 places added in
Children's Learning Disability services.
Cash Flow
A reconciliation of cash flow from Adjusted EBITDA to the
movement in net debt is set out below.
H1 2015 H1 2014
GBPm GBPm
============================================ ========= =========
Adjusted EBITDA(2) 26.6 22.8
Movement in working capital (21.6) (6.1)
Cash interest paid (3.9) (4.6)
Tax paid (3.9) -
Cash exceptional items and M&A costs (1.7) (15.1)
Net cash from operating activities (4.5) (3.0)
Capital expenditure(7) (25.4) (9.9)
Acquisitions(7) (34.3) (7.9)
Movement in cash held on behalf of clients (0.1) (0.4)
-------------------------------------------- --------- ---------
Net cash flow before financing (64.3) (21.2)
Opening net debt (188.7) (215.7)
Issue of share capital 25.4 20.5
Dividends paid (3.3) -
Shareholder loans capitalised/other items - 84.7
============================================ ========= =========
Closing net debt (230.9) (131.7)
============================================ ========= =========
(2) Adjusted EBITDA is Earnings before net finance costs, tax,
depreciation, amortisation, profit or loss on disposal of assets,
exceptional items, M&A costs, and the charge relating to
Continuation Option Plan shares awarded as part of the IPO
(7) As outlined in this release, although presented in the IFRS
financial statements as an acquisition, the portfolio of assets
acquired through Interact Care Limited is being treated as capital
expenditure for the purpose of the analysis above.
The working capital outflow in the period of GBP21.6m is
comprised of a GBP16.6m outflow on debtors (H1 2014: GBP6.9m
outflow), a GBP3.0m outflow (H1 2014: GBP0.3m inflow) on M&A
and ACL integration costs accrued in 2014 but paid in early 2015
and a GBP2.0m outflow (H1 2014 GBP0.5m inflow) on trade creditors.
The movement on debtors relates to the cycle of stronger cash
collection in the second half compared to the first half
(particularly related to the timing of billing for our Education
services), and is expected to substantially reverse in the second
half of 2015.
During the period, the Group made tax payments of GBP3.9m which
all related to tax due on prior period taxable profits. In the
prior period, under a different corporate structure, no corporation
tax payments were due.
Debt Facilities
The Group extended its facilities agreement in March 2015 by
GBP35m initially to fund the acquisition of By the Bridge. The
facilities carried interest at between 2.50% and 2.75% during the
period. The principal covenants are net debt to Adjusted EBITDA set
at 4.95:1.00 and interest cover (calculated as the ratio of
Adjusted EBITDA to finance charges) of not less than 4.50:1.00. For
both covenants, Adjusted EBITDA is calculated after adding back
development losses of up to GBP3m per year.
Following the end of the period, the Group entered into GBP80m
of interest rate swaps until April 2019 at a blended rate of 1.6%
over LIBOR. The Board regularly reviews the mix of fixed and
floating rate debt for the Group.
At 30 June 2015, the total facilities available to the Group
were GBP290m of which GBP253.5m was utilised. Together with cash
and other debt like items on the balance sheet, net debt was
GBP230.9m (30 June 2014: GBP131.7m). Including the pre-acquisition
profits of acquisitions in the calculation (as prescribed under the
facilities agreement), the Group's net debt to Adjusted EBITDA was
3.77x and Adjusted EBITDA to interest payable was 8.42x at 30 June
2015.
Dividend
At the time of the IPO, the Board stated that it would adopt a
progressive dividend policy whilst maintaining an appropriate level
of dividend cover. For 2015 the Board expects to increase the
dividend by 10% on the full year equivalent of the 2014 dividend
declared. With this in mind the Board has declared an interim
dividend in respect of 2015 of 0.91 pence per ordinary share,
representing one third of the expected full year dividend. The
interim dividend will be paid in accordance with the following
timetable:
Ex dividend date 15 October 2015
Record date for dividend 16 October 2015
Payment date 4 November 2015
Principal risks and uncertainties
Since the publication of the annual report and accounts for the
year ended 31 December 2014, the Group has undertaken a thorough
review of its risk management framework, including a review of the
principal risks and uncertainties facing the business. The key
risks areas for the remainder of the current financial year are as
follows:
-- Quality of Service: failure to provide a high quality and
consistent level of care for the children and adults placed under
our charge.
-- Regulatory Breach: loss or suspension of operating licenses
due to major breach of statutory, regulatory or contractual
obligations.
-- Service Innovation: insufficient innovation in our business
model, service offerings or model of care reduces our
competitiveness in the market.
-- Incident Response: inability to effectively react and respond
to major incidents in a timely and controlled manner.
-- Relationships: failure to create and maintain strong
relationships with commissioners to ensure referrals.
-- Systems & Processes: immaturity of systems and processes
prevent effective business operations and sustainable future
growth.
-- Attraction & Retention: we fail to attract and maintain
an effective, high quality resource and talent base.
-- Strategy & Performance: failure to develop, execute and
operate a strategic plan that ensures continued growth.
-- Integration: failure to realise the benefits and synergies of
integrating new sites and acquisitions effectively.
-- Business Change: we fail to deliver key business change programmes
-- Policy risk: changes in Government policies in relation to
health and social care impact our business model and outlook
The work on the risk management framework and principal risks
and uncertainties is continuing and will be reported on fully in
the Cambian annual report for the year to 31 December 2015
Directors' responsibility statement
We confirm to the best of our knowledge that this unaudited
consolidated interim financial information has been prepared in
accordance with IAS 34 as adopted by the European Union and that
the interim management report includes a fair review of the
information required by DTR 4.2.7R and DTR 4.2.8R, namely:
-- an indication of important events that have occurred during
the first six months of the financial year and their impact on the
condensed set of financial statements and a description of the
principal risks and uncertainties for the remaining six months of
the financial year; and
-- material related-party transactions in the first six months
and any material changes in the related-party transactions
described in the last Annual Report.
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The current directors of Cambian are: Christopher Kemball
(Chairman), Christopher Brinsmead (Senior Independent Director),
Alison Halsey, (independent non-executive director) Dr Graham Rich,
(independent non-executive director), Alfred Foglio (non-executive
director), Saleem Asaria (CEO) and Andrew Griffith (CFO).
Biographical details for each of the directors, other than Dr Rich
are set out in the Cambian Annual Report and Accounts and of Dr
Rich in the regulatory announcement relating to his appointment,
both of which are available on the Company's website at
www.cambiangroup.com/investors.
By order of the Board
Saleem Asaria Andrew Griffith
Chief Executive Officer Chief Financial Officer
Cautionary Statement
Certain statements in this half yearly statement are
forward-looking. Although the Group believes that the expectations
reflected in these forward-looking statements are reasonable, we
can give no assurance that these expectations will prove to have
been correct. Because these statements contain risks and
uncertainties, actual results may differ materially from those
expressed or implied by these forward-looking statements. We
undertake no obligation to update any forward-looking statements
whether as a result of new information, future events or
otherwise.
Condensed Consolidated Statement of Comprehensive Income
Six months
ended
Six months
ended 30 June Year ended
30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
Notes (Unaudited) (Unaudited) (Audited)
Revenue 140,935 115,996 240,596
Cost of sales (85,446) (68,580) (142,917)
------------- ------------- -------------
Gross profit 55,489 47,416 97,679
Administrative expenses (41,333) (50,972) (90,582)
------------- ------------- -------------
Operating profit / (loss) 14,156 (3,556) 7,097
--------------------------------- ------ ------------- ------------- -------------
Exceptional items included
within administrative expenses - (18,700) (22,260)
Operating profit before
exceptional items 14,156 15,144 29,357
--------------------------------- ------ ------------- ------------- -------------
Finance income 29 16 22
Finance costs (4,217) (8,297) (11,359)
------------- ------------- -------------
Profit / (loss) before tax 9,968 (11,837) (4,240)
Tax 3 (2,739) (1,716) (4,146)
------------- ------------- -------------
Total comprehensive income
/ (expense) for the period 7,229 (13,553) (8,386)
============= ============= =============
Earnings per share
Basic 5 4.1p (12.6)p (6.1)p
Diluted 5 4.1p (12.6)p (6.1)p
============= ============= =============
Condensed Consolidated Statement of Financial Position
30 June 30 June
31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
Notes (Unaudited) (Unaudited) (Audited)
Non-current assets
Goodwill 116,042 62,114 101,516
Other intangible assets 74,800 24,346 49,245
Property, plant and equipment 6 371,927 334,332 354,738
------------- ------------- ------------
562,769 420,792 505,499
Current assets
Trade and other receivables 44,829 33,357 28,579
Cash and cash equivalents 21,997 26,978 27,399
Prepayments and accrued
income 4,110 4,973 4,523
------------- ------------- ------------
70,936 65,308 60,501
Total assets 633,705 486,100 566,000
------------- ------------- ------------
Current liabilities
Trade and other payables (29,744) (32,870) (32,230)
Deferred revenue (26,280) (22,691) (28,851)
Current tax liabilities (7,687) (4,914) (7,877)
Obligations under finance
leases - (21) (24)
Borrowings 7 (755) (564) (750)
(64,466) (61,060) (69,732)
Net current assets / (liabilities) 6,470 4,248 (9,231)
------------- ------------- ------------
Non-current liabilities
Borrowings 7 (251,122) (158,089) (214,200)
Deferred tax liabilities (54,283) (41,181) (48,842)
Obligations under finance
leases (1,006) - (1,094)
(306,411) (199,270) (264,136)
------------- ------------- ------------
Total liabilities (370,877) (260,330) (333,868)
------------- ------------- ------------
Net assets 262,828 225,770 232,132
============= ============= ============
Equity
Share capital 9 1,842 1,723 1,723
Share premium 386,653 386,653 386,653
Other reserves 9 (117,557) (145,353) (144,158)
Accumulated deficit (8,110) (17,253) (12,086)
------------- ------------- ------------
Total equity 262,828 225,770 232,132
============= ============= ============
Condensed consolidated statement of changes in equity
Equity attributable to equity owners
of the Company
Convertible
Share Share Equity Other Retained Non-controlling Total
Capital Premium Instrument Reserves Earnings Total interests(7) Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
January 2014 634 145,123 129,362 (145,756) (3,700) 125,663 2 125,665
Total
comprehensive
loss for
the period - - - - (13,553) (13,553) - (13,553)
Issue of share
capital 526 112,731 - - - 113,257 - 113,257
Purchase of
shares by
employee
benefit trust - - - (34) - (34) - (34)
Adjustment
arising from
change
in
non-controlling
interest - - - - - - (2) (2)
Conversion of
equity
instrument 563 128,799 (129,362) - - - - -
Credit to equity
for equity
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settled share
based payments - - - 437 - 437 - 437
-------- -------- ------------ ---------- --------- --------- ---------------- ---------
Balance at 30
June 2014(7) 1,723 386,653 - (145,353) (17,253) 225,770 - 225,770
-------- -------- ------------ ---------- --------- --------- ---------------- ---------
Total
comprehensive
income
for the period - - - - 5,167 5,167 - 5,167
Credit to equity
for equity
settled share
based payments - - - 1,195 - 1,195 - 1,195
-------- -------- ------------ ---------- --------- --------- ---------------- ---------
Balance at 31
December
2014(7) 1,723 386,653 - (144,158) (12,086) 232,132 - 232,132
-------- -------- ------------ ---------- --------- --------- ---------------- ---------
Total
comprehensive
profit
for the period - - - - 7,229 7,229 - 7,229
Issue of share
capital 119 - - 25,305 - 25,424 - 25,424
Purchase of -
shares by
employee
benefit trust - - - - - -
Credit to equity
for equity
settled share
based payments - - - 1,296 - 1,296 - 1,296
Dividends paid - - - - (3,254) (3,254) - (3,254)
Balance at 30
June 2015 1,842 386,653 - (117,557) (8,110) 262,828 - 262,828
-------- -------- ------------ ---------- --------- --------- ---------------- ---------
(7) Non-controlling interests relate to the equity held by
management and ex-employees in Cambian Holdings Limited, Cambian
Developments Limited, Care Aspirations Holdings Limited and
Advanced Childcare Holdings Limited prior to the IPO
Condensed Consolidated Statement of Cash Flows
Six months Six months Year ended
ended 30 ended 30 31 December
June 2015 June 2014 2014
GBP'000 GBP'000 GBP'000
Notes (Unaudited) (Unaudited) (Audited)
Net cash (outflow) / inflow from
operating activities 11 (4,549) (2,961) 18,933
Investing activities
Purchases of property, plant
and equipment (21,936) (9,932) (24,526)
Acquisition of subsidiaries,
net of cash acquired (37,681) (7,880) (73,400)
Net cash used in investing activities (59,617) (17,812) (97,926)
Financing activities
Repayments of borrowings - (155,078) (155,819)
New bank loans raised, net of
issue costs 36,630 158,000 215,241
Proceeds from sale and leaseback - - 1,094
Repayments of obligations under
finance leases (112) (108) (105)
Dividends paid (3,254) - -
Proceeds on issue of shares 25,424 20,504 20,945
Net cash from financing activities 58,688 23,318 81,356
Net (decrease) / increase in
cash and cash equivalents (5,477) 2,545 2,363
Net increase / (decrease) in
cash held on behalf of clients 75 (450) 153
Cash and cash equivalents at
beginning of period 27,399 24,883 24,883
Cash and cash equivalents at
end of period 21,997 26,978 27,399
Notes to the condensed set of financial statements
1. Accounting policies
General Information
Cambian Group plc. (the "Company") is a company incorporated in
the United Kingdom under the Companies Act 2006 and its registered
office is at 4(th) Floor, Waterfront Building, Chancellors Road,
Hammersmith Embankment, London W6 9RU. The Company is listed on the
London Stock Exchange. The principal activity of the Company and
its subsidiaries (collectively, the "Group") is the provision of
high quality behavioural health services to children and
adults.
Basis of Preparation
The financial information contained in this Half-Yearly
Financial Report does not constitute statutory accounts as defined
in section 434 of the Companies Act 2006. The results for the year
ended 31 December 2014 are an abridged version of the full accounts
for that year, which received an unqualified report from the
auditor, did not contain a statement under section 498(2) or (3) of
the Companies Act 2006 or include a reference to any matter to
which the auditor drew attention by way of emphasis without
qualifying the auditor's report, and have been filed with the
Registrar of Companies. The annual financial statements of Cambian
Group plc are prepared in accordance with IFRSs as adopted by the
European Union. The condensed set of financial statements included
in this Half-Yearly Financial Report has been prepared in
accordance with IAS 34 Interim Financial Reporting, as adopted by
the European Union. The same accounting policies, presentation and
methods of computation are followed in the condensed set of
financial statements as applied in the latest audited annual
financial statements.
For the period ending 31 December 2015, the Company plans to
transition to reporting under FRS 101 as issued by the Financial
Reporting Council, and therefore take advantage of the disclosure
exemptions permitted by the standard, unless an objection is served
by any shareholder or shareholders holding in aggregate 5% of more
of the allotted shares. Objections may be served in writing to the
Company Secretary at the registered office, 4(th) Floor, Waterfront
Building, Chancellors Road, Hammersmith Embankment, W6 9RU, no
later than 13 November 2015.
Going concern
The directors are satisfied that the Group has sufficient
resources to continue in operation for the foreseeable future, a
period of not less than 12 months from the date of this report.
Accordingly, they continue to adopt the going concern basis in
preparing the condensed financial statements.
Exceptional items
Exceptional items reflect items which individually or, if of a
similar type, in aggregate, need to be disclosed separately due to
their size or incidence in order to obtain clear and consistent
presentation of the Group's performance. Examples of items which
may give rise to disclosure as exceptional items include: the costs
associated with raising capital and restructuring costs. These
items are 'non-recurring'.
2. Segmental Analysis
Products and services from which reportable segments derive
their revenues
Management has determined the operating segments based on the
monthly management pack reviewed by the board of directors (the
"Board"), which is used to assess both the performance of the
business and to allocate resources within the Group. Management
have identified the Board as the chief operating decision maker
("CODM") in accordance with the requirements of IFRS 8 Operating
segments. The operating and reportable segments are in reference to
the category of customer:
Adult Services - Provision of specialist behavioural science
healthcare services for adults
Children's Services - Provision of specialist behavioural
science healthcare services for children
The following is an analysis of the Group's revenue and results
by reportable segment for the six months ended 30 June 2015, 30
June 2014 and year ended 31 December 2014:
Children's
Adult Services Services Total
Six Months Six Months Six Months
ended 30 ended 30 ended 30
June 2015 June 2015 June 2015
GBP'000 GBP'000 GBP'000
Revenue 59,519 81,416 140,935
Underlying EBITDA(3) 14,933 13,812 28,745
Development losses(8) (923) (1,211) (2,134)
Adjusted EBITDA(2) 14,010 12,601 26,611
Depreciation, amortisation and impairment (9,596)
Profit on disposal of assets 2
Charge on IPO option plans(9) (1,115)
M&A costs (1,747)
Operating profit 14,156
Net financing costs (4,188)
Profit before tax 9,968
Tax (2,739)
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Profit after tax 7,229
(2) Adjusted EBITDA is Earnings before net finance costs, tax,
depreciation, amortisation, profit or loss on disposal of assets,
exceptional items, M&A costs, and the charge relating to
Continuation Option Plan shares awarded as part of the IPO
(3) Underlying EBITDA is Adjusted EBITDA adding back development
losses incurred in the period, defined as losses on assets which
are within 18 months of opening and are yet to reach a profitable
occupancy
(8) Development losses are defined as losses on sites which are
within 18 months of opening and are yet to reach a profitable
occupancy
(9) The charge on IPO option plans arises on Continuation Option
Plan shares awarded as part of the IPO, the impact of which is
excluded from Adjusted EBITDA. Charges on future share based awards
will be included within Adjusted EBITDA
2. Segmental Analysis (continued)
Children's
Adult Services Services Total
Six Months Six Months Six Months
ended 30 ended 30 ended 30
June 2014 June 2014 June 2014
GBP'000 GBP'000 GBP'000
Revenue 48,754 67,242 115,996
Underlying EBITDA(3) 11,819 11,706 23,525
Development losses(8) (175) (525) (700)
Adjusted EBITDA(2) 11,644 11,181 22,825
Depreciation, amortisation and impairment (7,203)
Loss on disposal of assets (40)
Charge on IPO option plans(9) (438)
Exceptional items (18,289)
M&A costs (411)
Operating loss (3,556)
Net financing costs (8,281)
Loss before tax (11,837)
Tax (1,716)
Loss after tax (13,553)
2. Segmental Analysis (continued)
Children's
Adult Services Services Total
Year ended Year ended Year ended
31 December 31 December 31 December
2014 2014 2014
GBP'000 GBP'000 GBP'000
Revenue 100,636 139,636 240,596
Underlying EBITDA(3) 25,231 24,983 50,214
Development losses(8) (603) (1,258) (1,861)
Adjusted EBITDA(2) 24,628 23,725 48,353
Depreciation, amortisation and impairment (15,282)
Loss on disposal of assets (46)
Charge on IPO option plans(9) (1,632)
Exceptional items (22,260)
M&A costs (2,036)
Operating profit 7,097
Net financing costs (11,337)
Loss before tax (4,240)
Tax (4,146)
Loss after tax (8,386)
3. Tax
The effective income tax rate, on profit before tax and before
exceptional and M&A costs, for the six months ended 30 June
2015 is 23.38% (H1 2014: 25%), representing the best estimate of
the annual effective income tax rate expected for the full year,
applied to the profit before tax and exceptional and M&A costs
for the period.
In July 2015, the UK Government announced its intention to
reduce the corporation tax rate to 19% with effect from 1 April
2017 and 18% with effect from 1 April 2020. These changes were not
substantively enacted at the balance sheet date and therefore have
not been reflected in the deferred tax provisions. The reduction in
the rate is likely to reduce the value of deferred tax assets and
liabilities held by the Group. Further information in relation to
this will be included in the full year financial statements.
4. Dividends
A dividend of 1.8 pence per ordinary share was paid in April
2015 in respect of the period from IPO to 31 December 2014. This
represented a cash payment of GBP3.3m. The Board has declared an
interim dividend for 2015 of 0.91 pence per ordinary share (H1
2014: nil), representing one third of an expected full year
dividend. The interim dividend will be paid on 4 November 2015 to
shareholders on the register on 16 October 2015.
5. Earnings per Share
Basic earnings per ordinary share is based on the weighted
average of 174,853,478 ordinary shares in issue during the period
(H1 2014: 107,653,269 and year ended 31 December 2014 138,522,731)
and are calculated by reference to the profit attributable to
shareholders of GBP7.2m (H1 2014: loss of GBP13.6m: year ended 31
December 2014 loss of GBP8.4m).
Diluted earnings per ordinary share is based upon the weighted
average of 178,299,700 ordinary shares (H1 2014: 107,653,269 and 31
December 2014 138,522,731), which in H1 2015 includes the effect of
the weighted average of share options under the Continuation Option
Plans of 3,446,222. In 2014, the weighted average number of share
options under the Continuation Option Plans (H1 2014: 1,427,993 and
year ended 31 December 2014: 2,445,401) were anti-dilutive.
Diluted earnings per share is calculated by reference to the
profit attributable to shareholders of GBP7.2m (six months ended 30
June 2014: loss of GBP13.6m: year ended 31 December 2014 loss of
GBP8.4m).
Six Months Six Months Year ended
ended 30 June ended 30 June 31
2015 2014 December 2014
Pence Pence Pence
Basic earnings per share 4.13 (12.6) (6.1)
Diluted earnings per share 4.05 (12.6) (6.1)
6. Property, Plant and Equipment
During the period, the Group acquired plant, property and
equipment of GBP24.2m of which GBP0.4m was acquired with the
acquisition of By the Bridge and GBP1.9m with the acquisition of
Interact Care Limited. The depreciation charge for the period was
GBP7.0m (H1 2014: GBP6.2m).
7. Borrowings
30 30 31
June June December 2014
2015 2014 GBP'000
GBP'000 GBP'000
Secured borrowing at amortised
cost
Bank loans 251,877 158,653 214,950
Total borrowings 251,877 158,653 214,950
Amount due for settlement within
12 months 755 564 750
Amount due for settlement after
12 months 251,122 158,089 214,200
The Group extended its facilities agreement in March 2015 by
GBP35m initially to fund the acquisition of By the Bridge. The
facilities carried interest at between 2.50% and 2.75% during the
period. At 30 June 2015, the total facilities available to the
Group were GBP290m of which GBP253.5m was utilised.
8. Net Debt
30 30 31
June June December 2014
2015 2014 GBP'000
GBP'000 GBP'000
Cash at bank and in hand 21,997 26,978 27,399
Loan due:
In one year or less (755) (564) (750)
In more than one year (253,500) (160,000) (216,500)
Total Borrowings (254,255) (160,564) (217,250)
Unamortised issue costs 2,378 1,911 2,300
Amounts due under hire purchase
obligations (1,006) (21) (1,118)
Net Debt (230,886) (131,696) (188,669)
9. Called up share capital
Share Share Premium
Number of Shares Capital GBP'000
GBP'000
Issued ordinary shares at 30
June 2014 and 31 December 2014 172,335,110 1,723 386,653
Ordinary shares issued 11,863,636 119 -
Issued ordinary shares at 30
June 2015 184,198,746 1,842 386,653
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During the period, the Group underwent an issue of new share
capital through which net proceeds of GBP25.4m were raised.
Voting Rights
Following admission to the London Stock Exchange the ordinary
shares rank equally for voting purposes. On a show of hands each
Shareholder has one vote and on a poll each Shareholder has one
vote per ordinary share held. Each ordinary share ranks equally for
any dividend declared. Each ordinary share ranks equally for any
distributions made on a winding up of the Group. Each ordinary
share ranks equally in the right to receive a relative proportion
of shares in the event of a capitalisation of shares.
10. Acquisitions of subsidiaries
On the 25th March 2015 the Group acquired 100% of the share
capital of By The Bridge Holdings Limited and its subsidiaries ("By
the Bridge") and on the 9th June 2015 the Group acquired 100% of
the share capital of Interact Care Limited ("Interact"). The
transactions have been accounted for by the acquisition method of
accounting in accordance with IFRS 3 (2008). The provisional
information on the acquisitions are provided below:
By the Bridge Interact Total
GBP'000 GBP'000 GBP'000
Cash and cash equivalents 10,500 29 10,529
Trade and other receivables 2,096 184 2,280
Property, plant and equipment 382 1,910 2,293
Identifiable intangible assets 25,960 2,150 28,110
Trade and other payables (3,260) (390) (3,650)
Other non-current liabilities - (1,318) (1,318)
Deferred tax liabilities (5,204) (764) (5,968)
Total identifiable assets 30,474 1,801 32,276
Goodwill 14,289 238 14,526
Total consideration 44,763 2,039 46,802
Satisfied by:
Cash 44,763 2,039 46,802
The goodwill of GBP14.5m arising from the acquisitions consists
of the value of the assembled workforce, potential synergies gained
from combining the head office functions and expansion potential.
None of the goodwill is expected to be deductible for income tax
purposes.
Acquisition related costs (included in administrative expenses
in Cambian Group Plc. consolidated income statement for the period
ended 30 June 2015) amounted to GBP1.7m.
The acquisitions contributed revenue of GBP6.9m and GBP1.3m to
the Group's profit before tax for the period between the date of
acquisition and the balance sheet.
11. Notes to the cash flow statement
Six months Six months Year ended
ended 30 ended 30 31 December
June 2015 June 2014 2014
GBP'000 GBP'000 GBP'000
(Unaudited) (Unaudited) (Audited)
Profit / (loss) before tax 9,968 (11,837) (4,240)
Adjustments for:
Finance income (29) (16) (22)
Other gains and losses - (248) (248)
Finance costs 4,217 8,545 11,607
Depreciation of property, plant
and equipment 7,041 6,172 12,809
Amortisation of intangible assets 2,555 1,031 2,473
(Profit) / loss on disposal of
property, plant and equipment (2) 40 46
Other non-cash items 1,115 4,016 4,804
Operating cash flows before movements
in working capital 24,865 7,703 27,229
(Increase) / decrease in receivables (16,572) (6,866) (2,357)
(Decrease) / increase in payables (5,026) 747 2,920
Cash generated by operations 3,267 1,584 27,792
Income taxes paid (3,948) 3 (1,300)
Interest paid (3,868) (4,548) (7,559)
Net cash from operating activities (4,549) (2,961) 18,933
Other non-cash items relate to the charge to the income
statement on the IPO share option plans shares under Continuation
Option Plan 1 and Continuation Option Plan 2.
12. Share-based payments
The charge for share based payment relates to shares under
Continuation Option Plan 1 and Continuation Option Plan 2 awarded
as part of the IPO. On 15 April 2014, 3,446,222 shares were awarded
under these plans, at the then current market price of GBP2.25. The
total fair value charge of GBP7,754,000 will be expensed over the
vesting periods, ranging between 18 months and 5 years. The total
expense recognised in the six months ended 30 June 2015 was GBP1.1m
(30 June 2014: GBP0.4m and 31 December 2014: GBP1.6m).
13. Related party transactions
Balances and transactions between Group companies have been
eliminated on consolidation and are not disclosed in this note.
Other than remuneration of executive and non-executive directors
and members of the senior executive team, there were no related
party transactions except for:
-- Expenses paid to GI Partners (being a shareholder with
representation on the Board) of GBP41,000 (six months ended 30 June
2014: GBP58,000, year ended 31 December 2014 GBP130,000). There
were no balances outstanding at the period ends.
-- Rental payments of GBPnil (six months ended 30 June 2014:
GBP22,500) for a property owned by Riz Khan, a former key manager
who left the Group in the prior year. There were no balances
outstanding at the period ends.
All related party transactions are considered to be on an arm's
length basis, and in the ordinary course of business.
In addition to these related party transactions, the Group uses
the services of PHS Group Limited, a hygiene business chaired by
Christopher Kemball, our Chairman. The total cost of these services
amount to GBP163,950 in the period, and Mr Kemball took no part in
the contract negotiations.
Independent review report to Cambian Group PLC
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 June 2015 which comprises the condensed
consolidated statement of comprehensive income, the condensed
consolidated statement of changes in equity, the condensed
consolidated statement of financial position, the condensed
consolidated cash flow statement and related notes 1 to 13. We have
read the other information contained in the half-yearly financial
report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
This report is made solely to the company in accordance with
International Standard on Review Engagements (UK and Ireland) 2410
"Review of Interim Financial Information Performed by the
Independent Auditor of the Entity" issued by the Auditing Practices
Board. Our work has been undertaken so that we might state to the
company those matters we are required to state to it in an
independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the company, for our review work, for this
report, or for the conclusions we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the Disclosure and Transparency Rules of the United Kingdom's
Financial Conduct Authority.
As disclosed in note 1, the annual financial statements of the
group will be prepared in accordance with IFRSs as adopted by the
European Union. The condensed set of financial statements included
in this half-yearly financial report has been prepared in
accordance with International Accounting Standard 34 "Interim
Financial Reporting", as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of Review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
June 2015 is not prepared, in all material respects, in accordance
with International Accounting Standard 34 as adopted by the
European Union and the Disclosure and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
Deloitte LLP
Chartered Accountants and Statutory Auditor
London, United Kingdom
26 August 2015
This information is provided by RNS
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