TIDMMLO
RNS Number : 1617M
Melorio PLC
19 May 2010
19 May 2010
Melorio plc
("Melorio" or the "Group")
Preliminary Results
Melorio (AIM: MLO), the support services group providing training and assessment
services to the information technology, construction, logistics and healthcare
sectors, is pleased to announce its results for the year ended 31 March 2010.
Highlights
· Continued levels of strong growth:
- Revenue up 86% to GBP58.4m (2009: GBP31.4m)
- EBITDA* up 65% to GBP16.5m (2009: GBP10.0m)
- Basic earnings per share up 29% to 20.0p (2009: 15.5p)
- Diluted earnings per share up 27% to 19.0p (2009: 15.0p)
· 105% (2009: 93%) conversion of EBITDA to operating cash flow; net debt
increased to GBP15.0m (2009: GBP14.4m) reflecting the impact of the achievement
of the Zenos earn-out
· 13 new sites opened and a further six opened post the year end
· Board expects EBITDA of GBP25.1m for the financial year to 31 March 2011
· Recommended cash offer from Pearson plc of 225 pence per ordinary share
* EBITDA comprises operating profit (GBP13.6m) before depreciation, amortisation
of acquired intangible assets, restructuring costs and share-based payment
charge.
Hugh Aldous, Chairman of Melorio, said:
"Even after upgrades we have again finished the year to 31 March 2010 ahead of
market expectations. Our business has caught the tide of both the changing
government objectives on skills and training and the needs of the key sectors we
serve. Our success is built on the urgent need in the UK for really competent
training and assessment in key industry sectors, trends we expect to see
continuing this year.
"I am pleased to announce that we have reached agreement with Pearson plc on the
terms of a recommended cash offer of 225p per 10p ordinary share in Melorio
which values Melorio's issued and to be issued share capital at approximately
GBP99.3m. The offer has come at an early stage in Melorio's development and the
prospects for the year ahead are strong, however the offer price is a 31%
premium to Melorio's closing share price on 17 May 2010, the last business day
prior to the date that we announced we had received an approach that might lead
to an offer for Melorio. Pearson is an international education and information
company with world-leading businesses in education, business information and
consumer publishing. Pearson believes that the acquisition of Melorio will
support its vocational education strategy by combining Melorio's training
delivery skills with Pearson's complementary strengths in educational
publishing, technology and assessments. The Melorio board believes that
shareholders should have the opportunity to consider the offer and have
therefore agreed unanimously to recommend the offer."
Enquiries:
+------------------------------------------+--------------------+
| Melorio plc | Tel: 020 7389 6800 |
| Hugh Aldous, Chairman | |
| Alex Sheffield, Group Finance Director | |
| | |
+------------------------------------------+--------------------+
| Cenkos Securities plc (NOMAD and broker) | Tel: 020 7397 8900 |
| Stephen Keys / Beth McKiernan | |
| | |
+------------------------------------------+--------------------+
| Financial Dynamics (Financial public | Tel: 020 7831 3113 |
| relations) | |
| Billy Clegg / Caroline Stewart / Alex | |
| Beagley | |
+------------------------------------------+--------------------+
NOTES TO EDITORS
Melorio plc / http://www.melorio.com
Melorio is one of the UK's leading vocational training groups. Operating
nationwide, Melorio offers a flexible and responsive service which has been
developed to meet both the needs of employers, and the needs of learners.
Dedicated to maintaining a first class service, and high achievement rates,
Melorio delivers training and skills solutions across a number of major
industries - ICT, Construction, Logistics, and Health and Social Care - focusing
expertise and experience onto two main groups of learners: school leavers and
adult learners.
Aligned to the UK Commission for Employment and Skills' (UKCES) agenda, Melorio
delivers training and development to more than 15,000 people every year,
operating from 49 training centres across the United Kingdom. Melorio aims to
drive the constant up-skilling of the UK's workforce - which is vital for a
productive and growing economy. Melorio develops young people to equip them for
the transition from formal education to sustainable, rewarding careers and works
with hundreds of organisations to ensure they have the skills required for
successful businesses and are able to work in ever competitive markets.
Melorio's commitment, experience and high standards position it at the forefront
of the development of the UK's workforce.
Committed to developing the workforce of tomorrow, the Melorio group includes
Zenos (ICT) and Learning World Academies (Construction). These organisations
offer unequalled training and apprenticeships to young people, providing them
with the skills needed for a rewarding and sustainable career, and supporting
hundreds of businesses by developing accomplished and productive young
employees.
As part of our commitment to up-skilling the UK's workforce, Melorio includes
nationwide providers of adult learning - committed to on-site, high quality and
bespoke services. Passionate about lifelong learning, Melorio's businesses
include Construction Learning World, Logic4Training, Logistics Learning World
and Health and Social Care Learning World.
Chairman's statement
Even after upgrades we have again finished the year to 31 March 2010 ahead of
market expectations. Our business has caught the tide of both the changing
government objectives on skills and training and the needs of the key sectors we
serve. Our success is built on the urgent need in the UK for really competent
training and assessment in key industry sectors and is demonstrated by our
growth in revenue from GBP31.4m in the year to 31 March 2009 to GBP58.4m for the
year just ended. Profit before tax increased from GBP7.6m to GBP11.7m.
I am pleased to announce that we have reached agreement with Pearson on the
terms of a recommended cash offer of 225p per 10p ordinary share in Melorio
which values Melorio's issued and to be issued share capital at approximately
GBP99.3m. The offer has come at an early stage in Melorio's development and the
prospects for the year ahead are strong, however the offer price is a 31%
premium to Melorio's closing share price on 17 May 2010, the last business day
prior to the date that we announced we had received an approach that might lead
to an offer for Melorio. Pearson is an international education and information
company with world-leading businesses in education, business information and
consumer publishing. Pearson believes that the acquisition of Melorio will
support its vocational education strategy by combining Melorio's training
delivery skills with Pearson's complementary strengths in educational
publishing, technology and assessments. The Melorio board believes that
shareholders should have the opportunity to consider the offer and have
therefore agreed unanimously to recommend the offer.
The Board now expects that the EBITDA of Melorio for the financial year ending
31 March 2011 will be GBP25.1m.
There is a dire need for up-skilling workforces, not only in the UK but in many
countries around the world. In the UK there is a particular need in helping
school leavers become trained and properly ready for work and we do that very
well. In the forthcoming year we expect to help nearly 5,000 young people
become fully competent as IT and construction professionals. We will have
up-skilled adults in construction and logistics, made good progress in the
healthcare industry and launched businesses focused on other sectors. Any
country that overlooks the importance of anyone, young or adult, acquiring the
necessary skills or qualifications relevant to a growing economy will continue
to lose out to those countries which recognise their value.
We continue to deliver all our training and assessment with a relentless focus
on quality of delivery and achievement, a strong emphasis on employers and the
employability of our learners and constant regard to the calibre of our
management and trainers.
Young people
In the UK the apprenticeship system was once the envy of the world. It needs to
be so again. Through Zenos and Learning World Academies we have an
apprenticeship platform for the future and a model that can be further developed
and potentially exported.
The 2009 Apprenticeship Act has cross party support and received Royal Assent,
passing into statute at the end of last year. The Act creates a statutory
obligation on any government to provide funded Apprenticeship places for any
eligible 16-18 year old who wishes to undertake such training. Approximately 80%
of our service delivery now relates to providing apprenticeships to 16-18 year
olds and we intend to expand our activities to meet demand that we know exists
for our differentiated offering in light of this obligation. We have stayed
close to the development of cross-party thinking on apprenticeships and we
believe that we are one of the country's leading providers.
A major achievement to date has been, and continues to be, the high proportion
of our learners who not only succeed but take their qualification into new
careers: 94% of those young learners who start our demanding IT apprenticeship
courses complete them and gain their qualifications, with a high proportion
embarking on exciting careers in IT or moving into higher education.
We have responded to continued demand from learners, the IT industry and the
National Apprenticeship Service by opening four new IT academies in February and
four more in early April, post the year end. This has taken the total number of
IT academies to 31 and classes to 100. In the February 2010 intake, we
recruited 1,700 IT apprentices into our Zenos academies compared to 600 in the
previous February. Zenos was recently awarded Beacon status, an accolade only
received by a small number of providers judged to have outstanding leadership
and management and quality of provision.
In construction we have doubled the number of learners on programme to 600
compared to a year ago. We are very pleased with the development of the
business and see real opportunity to continue to build on the quality and
capacity that we are developing. We have significantly strengthened the senior
management team and have opened new academies in areas where there is
demonstrable demand for our offering.
We continue to invest heavily to improve the quality of teaching and the
experience for our young learners and, ultimately, to make them more successful
as they embark on their careers.
Adults
Our adult business principally comprises: (i) Construction Learning World in the
construction sector; (ii) Logistics Learning World in the logistics and allied
industries; and (iii) Gas Logic and Logic Certification in building services.
Demand for NVQ qualifications and our other training services was strong during
the period and we continued to partner with employers and other stakeholders
within industries that have a strategic importance to the UK economy and have a
strong requirement for training and qualifications.
Financial performance was constrained somewhat by the level and timing of
funding available from the Learning and Skills Council, which overspent its
budget for the 2008/2009 academic year and consequently came under severe
financial pressure in 2009/2010.
Since the year end, activity levels have increased as our funding contracts
support a higher volume of learners from 1 April. The development of our
non-government funded activities continues to progress well and we are expanding
both product offering and geographic coverage.
Achievement rates remain high, with 83% of adults starting on Learning World's
40 or so qualifications completing the process and gaining their NVQ or
equivalent.
New markets
The success of our model means that we have been able to develop a service for
the healthcare industry and in particular for the NHS where we have this year
embarked on training and assessment with delivery to 200 learners now underway.
Our people
Naturally I would like to thank all our people for their dedication, hard work
and the quality of what they do, all evidenced, among other things, by the high
quality awards we have received, such as the Beacon Award.
Financial
Reported revenue has grown to GBP58.4m (2009: GBP31.4m), EBITDA (EBITDA
represents operating profit before depreciation, amortisation of acquired
intangible assets, restructuring costs and share-based payment charge) was
GBP16.5m (2009: GBP10.0m) and profit before tax was GBP11.7m (2009: GBP7.6m).
Restructuring costs of GBP0.4m relating to redundancies and site closure costs
were incurred in the year.
Basic earnings per share were 20.0p (2009: 15.5p), diluted EPS 19.0p (2009:
15.0p) and adjusted diluted EPS were 23.3p (2009: 17.9p) before share-based
payment charge, restructuring costs and amortisation of intangible assets.
During the year, 105% (2009: 93%) of EBITDA was converted to operating cash
flow.
Net debt increased to GBP15.0m (2009: GBP14.4m) reflecting the impact of the
achievement of the Zenos earn-out and the acquisition of Gas Logic Limited and
Logic Certification Limited. Capital expenditure during the year was also higher
at GBP2.4m as a result of our continuing to invest heavily in expanding and
enhancing our facilities to ensure that we can provide the best possible service
to our clients and learners.
Our cash generation and the continued reduction in the levels of our debt
relative to earnings means that, were we not recommending the Pearson offer, we
would be taking steps to introduce a progressive dividend policy.
Outlook
Melorio is very well positioned to meet government objectives for skills and
training and has shown itself to be adept at responding to changes in both the
funding environment and the needs of the key markets that we serve.
Notwithstanding the recommended offer from Pearson, prospects for the year ahead
are strong.
Consolidated income statement
for the year ended 31 March 2010
+-------------------------------------------+------+--+--------+--+--------+----------+
| | | | | |
+-------------------------------------------+------+-----------+-----------+----------+
| | | Year | Year | |
| | | ended | ended | |
+-------------------------------------------+------+-----------+-----------+----------+
| | | 31 Mar-10 | 31 Mar-09 | |
+-------------------------------------------+------+-----------+-----------+----------+
| | Note | GBP'000 | GBP'000 | |
+-------------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-------------------------------------------+------+-----------+-----------+----------+
| Revenue | 2 | 58,387 | 31,420 | |
+-------------------------------------------+------+-----------+-----------+----------+
| Cost of sales | | (29,179) | (14,403) | |
+-------------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-------------------------------------------+------+-----------+-----------+----------+
| | | |
+-----------------------------------------------------+-----------+-------------------+
| Gross profit | | 29,208 | 17,017 | |
+-------------------------------------------+------+-----------+-----------+----------+
| Administrative expenses | | (15,623) | (8,376) | |
+-------------------------------------------+------+-----------+-----------+----------+
| | | |
+-----------------------------------------------------+-----------+-------------------+
| Operating profit analysed between: | | | | |
+-------------------------------------------+------+-----------+-----------+----------+
| Operating profit before amortisation of | | | | |
| acquired intangible assets, restructuring | | 15,626 | 9,790 | |
| costs and share-based payment charge | | | | |
+-------------------------------------------+------+-----------+-----------+----------+
| Amortisation of acquired intangible | | (990) | (663) | |
| assets | | | | |
+-------------------------------------------+------+-----------+-----------+----------+
| Restructuring costs | | (430) | - | |
+-------------------------------------------+------+-----------+-----------+----------+
| Share-based payments | | (621) | (486) | |
+-------------------------------------------+------+-----------+-----------+----------+
| | | |
+-----------------------------------------------------+-----------+-------------------+
| Operating profit | | 13,585 | 8,641 | |
+-------------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-------------------------------------------+------+-----------+-----------+----------+
| Finance income | | 3 | 69 | |
+-------------------------------------------+------+-----------+-----------+----------+
| Finance costs | | (1,907) | (1,086) | |
+-------------------------------------------+------+-----------+-----------+----------+
| | | |
+-----------------------------------------------------+-----------+-------------------+
| Profit before income tax analysed | | | | |
| between: | | | | |
+-------------------------------------------+------+-----------+-----------+----------+
| Profit before income tax before | | | | |
| amortisation of acquired intangible | | | | |
| assets, restructuring costs and | | 13,722 | 8,773 | |
| share-based payment charge | | | | |
+-------------------------------------------+------+-----------+-----------+----------+
| Amortisation of acquired intangible | | (990) | (663) | |
| assets | | | | |
+-------------------------------------------+------+-----------+-----------+----------+
| Restructuring costs | | (430) | - | |
+-------------------------------------------+------+-----------+-----------+----------+
| Share-based payments | | (621) | (486) | |
+-------------------------------------------+------+-----------+-----------+----------+
| | | |
+-----------------------------------------------------+-----------+-------------------+
| Profit before income tax | | 11,681 | 7,624 | |
+-------------------------------------------+------+-----------+-----------+----------+
| | | |
+-----------------------------------------------------+-----------+-------------------+
| Income tax expense | 3 | (3,945) | (2,376) | |
+-------------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-------------------------------------------+------+-----------+-----------+----------+
| | | |
+-----------------------------------------------------+-----------+-------------------+
| Profit for the year | | 7,736 | 5,248 | |
+-------------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-------------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-------------------------------------------+------+-----------+-----------+----------+
| Attributable to: | | | | |
+-------------------------------------------+------+-----------+-----------+----------+
| Equity holders of the parent | | 7,810 | 5,248 | |
+-------------------------------------------+------+-----------+-----------+----------+
| Minority interest | | (74) | - | |
+-------------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-------------------------------------------+------+-----------+-----------+----------+
| | | |
+-----------------------------------------------------+-----------+-------------------+
| Profit for the year | | 7,736 | 5,248 | |
+-------------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-------------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-------------------------------------------+------+-----------+-----------+----------+
| | | | | | | |
+-------------------------------------------+------+--+--------+--+--------+----------+
+---------------------------------------+---+---------+----------+
| Basic earnings per share (pence) | 4 | 20.0 | 15.5 |
+---------------------------------------+---+---------+----------+
| | | | |
+---------------------------------------+---+---------+----------+
| Diluted earnings per share (pence) | 4 | 19.0 | 15.0 |
+---------------------------------------+---+---------+----------+
Statement of financial position
as at 31 March 2010
+-----------------------------------------+------+--+----------+----------+
| | | 2010 | 2009 |
+-----------------------------------------+------+-------------+----------+
| | Note | GBP'000 | GBP'000 |
+-----------------------------------------+------+-------------+----------+
| Assets | | | |
+-----------------------------------------+------+-------------+----------+
| Non-current assets | | | |
+-----------------------------------------+------+-------------+----------+
| Property, plant and equipment | | 3,320 | 1,402 |
+-----------------------------------------+------+-------------+----------+
| Goodwill | 5 | 62,233 | 58,901 |
+-----------------------------------------+------+-------------+----------+
| Acquired intangible assets | 5 | 3,287 | 4,277 |
+-----------------------------------------+------+-------------+----------+
| Trade and other receivables | | 48 | - |
+-----------------------------------------+------+-------------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| | | 68,888 | 64,580 |
+-----------------------------------------+------+-------------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| | | | |
+-----------------------------------------+------+-------------+----------+
| Current assets | | | |
+-----------------------------------------+------+-------------+----------+
| Trade and other receivables | | 9,634 | 8,540 |
+-----------------------------------------+------+-------------+----------+
| Deferred income tax asset | | 144 | 311 |
+-----------------------------------------+------+-------------+----------+
| Cash and cash equivalents | 6 | 4,592 | 1,272 |
+-----------------------------------------+------+-------------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| | | 14,370 | 10,123 |
+-----------------------------------------+------+-------------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| Total assets | | 83,258 | 74,703 |
+-----------------------------------------+------+-------------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| Liabilities | | | |
+-----------------------------------------+------+-------------+----------+
| Current liabilities | | | |
+-----------------------------------------+------+-------------+----------+
| Financial liabilities - borrowings | 7 | (5,578) | (4,758) |
+-----------------------------------------+------+-------------+----------+
| Trade and other payables | | (6,732) | (4,897) |
+-----------------------------------------+------+-------------+----------+
| Current income tax liabilities | | (2,030) | (1,623) |
+-----------------------------------------+------+-------------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| | | (14,340) | (11,278) |
+-----------------------------------------+------+-------------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| Net current assets/(net current | | 30 | (1,155) |
| liabilities) | | | |
+-----------------------------------------+------+-------------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| Non-current liabilities | | | |
+-----------------------------------------+------+-------------+----------+
| Financial liabilities - borrowings | 7 | (14,050) | (10,945) |
+-----------------------------------------+------+-------------+----------+
| Other financial liabilities | 8 | (3,813) | (9,829) |
+-----------------------------------------+------+-------------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| | | (17,863) | (20,774) |
+-----------------------------------------+------+-------------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| Total liabilities | | (32,203) | (32,052) |
+-----------------------------------------+------+-------------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| Net assets | | 51,055 | 42,651 |
+-----------------------------------------+------+-------------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| Shareholders' equity | | | |
+-----------------------------------------+------+-------------+----------+
| Share capital | 9 | 3,911 | 3,910 |
+-----------------------------------------+------+-------------+----------+
| Share premium | | 32,119 | 32,113 |
+-----------------------------------------+------+-------------+----------+
| Hedging reserve | | (253) | (307) |
+-----------------------------------------+------+-------------+----------+
| Retained earnings | | 15,366 | 6,935 |
+-----------------------------------------+------+-------------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| | | 51,143 | 42,651 |
+-----------------------------------------+------+-------------+----------+
| Minority interest | (88) | - |
+---------------------------------------------------+----------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| Total equity | | 51,055 | 42,651 |
+-----------------------------------------+------+-------------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| | | |
+---------------------------------------------------+----------+----------+
| | | | | |
+-----------------------------------------+------+--+----------+----------+
Statement of cash flows
for the year ended 31 March 2010
+----------------------------------------+------+---------+----------+
| | | Year | Year |
| | | ended | ended |
+----------------------------------------+------+---------+----------+
| | | 31 | 31 |
| | | Mar-10 | Mar-09 |
+----------------------------------------+------+---------+----------+
| | Note | GBP'000 | GBP'000 |
+----------------------------------------+------+---------+----------+
| Cash flows from operating activities | | | |
+----------------------------------------+------+---------+----------+
| Cash generated from operations | 10 | 17,366 | 9,347 |
+----------------------------------------+------+---------+----------+
| Finance income received | | 3 | 69 |
+----------------------------------------+------+---------+----------+
| Finance costs on bank loans and | | (934) | (842) |
| overdrafts | | | |
+----------------------------------------+------+---------+----------+
| Income tax paid | | (3,423) | (2,488) |
+----------------------------------------+------+---------+----------+
| | | | |
+----------------------------------------+------+---------+----------+
| | | |
+-----------------------------------------------+---------+----------+
| Net cash inflow from operating | | 13,012 | 6,086 |
| activities | | | |
+----------------------------------------+------+---------+----------+
| | | | |
+----------------------------------------+------+---------+----------+
| Cash flows from investing activities | | | |
+----------------------------------------+------+---------+----------+
| Purchase of property, plant and | | (2,403) | (544) |
| equipment | | | |
+----------------------------------------+------+---------+----------+
| Proceeds from sale of property, plant | 10 | 14 | - |
| and equipment | | | |
+----------------------------------------+------+---------+----------+
| Acquisition of subsidiaries - net of | | (223) | (14,715) |
| cash acquired | | | |
+----------------------------------------+------+---------+----------+
| | | | |
+----------------------------------------+------+---------+----------+
| | | |
+-----------------------------------------------+---------+----------+
| Net cash outflow from investing | | (2,612) | (15,259) |
| activities | | | |
+----------------------------------------+------+---------+----------+
| | | | |
+----------------------------------------+------+---------+----------+
| Cash flows from financing activities | | | |
+----------------------------------------+------+---------+----------+
| Proceeds from issue of ordinary share | | 7 | 405 |
| capital | | | |
+----------------------------------------+------+---------+----------+
| Share issue costs | | - | (65) |
+----------------------------------------+------+---------+----------+
| Proceeds from borrowings | | 1,000 | 15,000 |
+----------------------------------------+------+---------+----------+
| Loan arrangement costs | | - | (855) |
+----------------------------------------+------+---------+----------+
| Repayment of borrowings | | (7,787) | (5,250) |
+----------------------------------------+------+---------+----------+
| Repayment of finance lease liabilities | | (300) | (104) |
+----------------------------------------+------+---------+----------+
| | | | |
+----------------------------------------+------+---------+----------+
| | | |
+-----------------------------------------------+---------+----------+
| Net cash (outflow)/inflow from | | (7,080) | 9,131 |
| financing activities | | | |
+----------------------------------------+------+---------+----------+
| | | | |
+----------------------------------------+------+---------+----------+
| | | |
+-----------------------------------------------+---------+----------+
| Net increase/(decrease) in cash and | | 3,320 | (42) |
| cash equivalents | | | |
+----------------------------------------+------+---------+----------+
| | | | |
+----------------------------------------+------+---------+----------+
| Cash and cash equivalents at beginning | | 1,272 | 1,314 |
| of the period | | | |
+----------------------------------------+------+---------+----------+
| | | | |
+----------------------------------------+------+---------+----------+
| | | |
+-----------------------------------------------+---------+----------+
| Cash and cash equivalents at end of | 6 | 4,592 | 1,272 |
| the period | | | |
+----------------------------------------+------+---------+----------+
| | | | |
+----------------------------------------+------+---------+----------+
Consolidated statement of changes in equity
As at 31 March 2009
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | Share | Share | Hedging | Retained | | Minority | Total |
| | capital | premium | reserve | earnings | Total | interest | equity |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| At 1 April 2008 | 3,145 | 26,311 | (34) | 1,201 | 30,623 | - | 30,623 |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Comprehensive income | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Profit for the year | - | - | - | 5,248 | 5,248 | - | 5,248 |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Other comprehensive income | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Loss on cash flow hedge | - | - | (379) | - | (379) | - | (379) |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Deferred income tax on loss on cash flow | - | - | 106 | - | 106 | - | 106 |
| hedge | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Other adjustments | - | 132 | - | - | 132 | - | 132 |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Total other comprehensive income | - | 132 | (273) | - | (141) | - | (141) |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Transactions with owners | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Issue of shares | 765 | 5,735 | - | - | 6,500 | - | 6,500 |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Costs of share issue | - | (65) | - | - | (65) | - | (65) |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Recognition of share-based payments | - | - | - | 486 | 486 | - | 486 |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Total transactions with owners | 765 | 5,670 | - | 486 | 6,921 | - | 6,921 |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| At 31 March 2009 | 3,910 | 32,113 | (307) | 6,935 | 42,651 | - | 42,651 |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
Consolidated statement of changes in equity(continued)
As at 31 March 2010
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | Share | Share | Hedging | Retained | | Minority | Total |
| | capital | premium | reserve | earnings | Total | interest | equity |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| At 1 April 2009 | 3,910 | 32,113 | (307) | 6,935 | 42,651 | - | 42,651 |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Comprehensive income | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Profit for the year | - | - | - | 7,810 | 7,810 | (74) | 7,736 |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Other comprehensive income | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Gain on cash flow hedge | - | - | 75 | - | 75 | - | 75 |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Deferred income tax on gain on cash flow | - | - | (21) | - | (21) | - | (21) |
| hedge | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Total other comprehensive income | - | - | 54 | - | 54 | - | 54 |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Transactions with owners | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Issue of shares | 1 | 6 | - | - | 7 | - | 7 |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Recognition of share-based payments | - | - | - | 621 | 621 | - | 621 |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Total contributions by and distributions | 1 | 6 | - | 621 | 628 | - | 628 |
| to owners | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Acquisition of interests in subsidiaries | | | | | | | |
| that do not result in complete control | | | | | | | |
| by the owners | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Minority interest arising on business | - | - | - | - | - | (14) | (14) |
| combination | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| Total transactions with owners | 1 | 6 | - | 621 | 628 | (14) | 614 |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| At 31 March 2010 | 3,911 | 32,119 | (253) | 15,366 | 51,143 | (88) | 51,055 |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
| | | | | | | | |
+------------------------------------------+---------+---------+---------+----------+---------+----------+---------+
Notes to the preliminary results for the year ended 31 March 2010
1. Basis of preparation
The financial information contained in this unaudited preliminary announcement
does not constitute accounts as defined by section 435 of the Companies Act
2006. The financial information for the year ended 31 March 2009 is derived
from the statutory accounts for that period which have been delivered to the
Registrar of Companies. The auditors reported on those accounts; their report
was unqualified and did not contain a statement under either section 498 (2) or
section 498 (3) of the Companies Act 2006. The statutory accounts for the year
ended 31 March 2010 will be finalised based on the information in this unaudited
preliminary announcement and will be delivered to the Registrar of Companies
following the annual general meeting to be held on 28 July 2010. The Group has
prepared its consolidated financial statements for the year ended 31 March 2010
in accordance with International Financial Reporting Standards ("IFRS") as
adopted by the European Union.
2. Segmental reporting
+---------------------------------+---------+---------+----------+
| 2010 | Young | Adults | Total |
| | people | | |
+---------------------------------+---------+---------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+---------+---------+----------+
| | | | |
+---------------------------------+---------+---------+----------+
| Revenue | 37,087 | 21,300 | 58,387 |
+---------------------------------+---------+---------+----------+
| | | | |
+---------------------------------+---------+---------+----------+
| Adjusted EBITDA | 13,085 | 3,403 | 16,488 |
+---------------------------------+---------+---------+----------+
| | | | |
+---------------------------------+---------+---------+----------+
+---------------------------------+---------+---------+----------+
| 2009 | Young | Adults | Total |
| | People | | |
+---------------------------------+---------+---------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+---------+---------+----------+
| | | | |
+---------------------------------+---------+---------+----------+
| Revenue | 9,857 | 21,563 | 31,420 |
+---------------------------------+---------+---------+----------+
| | | | |
+---------------------------------+---------+---------+----------+
| Adjusted EBITDA | 3,123 | 6,912 | 10,035 |
+---------------------------------+---------+---------+----------+
| | | | |
+---------------------------------+---------+---------+----------+
| | | | |
+---------------------------------+---------+---------+----------+
A reconciliation of adjusted EBITDA to profit before income tax is provided as
follows:
+-------------------------------+-------------------------+-----------+
| | 2010 | 2009 |
| | GBP'000 | GBP'000 |
+-------------------------------+-------------------------+-----------+
| | | |
+-------------------------------+-------------------------+-----------+
| Adjusted EBITDA | 16,488 | 10,035 |
+-------------------------------+-------------------------+-----------+
| Amortisation of acquired | (990) | (663) |
| intangible assets | | |
+-------------------------------+-------------------------+-----------+
| Depreciation | (862) | (245) |
+-------------------------------+-------------------------+-----------+
| Restructuring costs | (430) | - |
+-------------------------------+-------------------------+-----------+
| Share-based payment charge | (621) | (486) |
+-------------------------------+-------------------------+-----------+
| Finance income | 3 | 69 |
+-------------------------------+-------------------------+-----------+
| Finance costs | (1,907) | (1,086) |
+-------------------------------+-------------------------+-----------+
| | | |
+-------------------------------+-------------------------+-----------+
| | | |
+-------------------------------+-------------------------+-----------+
| Profit before income tax | 11,681 | 7,624 |
| expense | | |
+-------------------------------+-------------------------+-----------+
| | | |
+-------------------------------+-------------------------+-----------+
All income is derived from the United Kingdom.
Notes to the preliminary results for the year ended 31 March 2010 (continued)
3. Income tax expense
Tax charged in the income statement
+---------------------------------------------+---------+----------+
| | | |
+---------------------------------------------+---------+----------+
| | Year | Year |
| | ended | ended |
+---------------------------------------------+---------+----------+
| | 31 | 31 |
| | Mar-10 | Mar-09 |
+---------------------------------------------+---------+----------+
| | GBP'000 | GBP'000 |
+---------------------------------------------+---------+----------+
| | | |
+---------------------------------------------+---------+----------+
| Current income tax expense - UK corporation | 3,799 | 2,511 |
| tax | | |
+---------------------------------------------+---------+----------+
| Deferred income tax expense - | 146 | (135) |
| Charge/(credit) for the year | | |
+---------------------------------------------+---------+----------+
| | | |
+---------------------------------------------+---------+----------+
| | | |
+---------------------------------------------+---------+----------+
| Total income tax expense | 3,945 | 2,376 |
+---------------------------------------------+---------+----------+
| | | |
+---------------------------------------------+---------+----------+
The tax rate is higher than the standard UK corporation tax rate of 28%
principally as a result of expenses not deductible for tax purposes, the most
significant of which is the amortisation of intangible assets.
4. Earnings per share
The calculation of the basic earnings per share is based on the earnings
attributable to ordinary shareholders divided by the weighted average number of
shares in issue during the period.
Options and other instruments were in issue over 4,218,665 of the Company's
ordinary shares, and warrants were in issue over 3,774,000 of the Company's
ordinary shares as at 31 March 2010.
To understand the underlying trading performance, the Directors consider it
appropriate to disclose earnings per share before and after amortisation of
acquired intangible assets, restructuring costs and the costs of share-based
payments. The calculation of adjusted earnings per share is set out below:
+------------------------------------------------+-+---------------------------------------------+----+------------+
| | Year ended | Year |
| | | ended |
+ +--------------------------------------------------+------------+
| | 31 Mar-10 | 31 |
| | | Mar-09 |
+--------------------------------------------------+--------------------------------------------------+------------+
| | | |
+--------------------------------------------------+--------------------------------------------------+------------+
| Earnings attributable to ordinary shareholders | 7,810 | 5,248 |
| (GBP'000) | | |
+--------------------------------------------------+--------------------------------------------------+------------+
| Post-tax amortisation of acquired intangible | 990 | 663 |
| assets (GBP'000) | | |
+--------------------------------------------------+--------------------------------------------------+------------+
| Post-tax restructuring costs (GBP'000) | 310 | - |
+--------------------------------------------------+--------------------------------------------------+------------+
| Post-tax share-based payment charge (GBP'000) | 447 | 350 |
+--------------------------------------------------+--------------------------------------------------+------------+
| | | |
+--------------------------------------------------+--------------------------------------------------+------------+
| | | |
+------------------------------------------------+-----------------------------------------------+-----------------+
| Adjusted profit on ordinary activities after | 9,557 | 6,261 |
| income tax (GBP'000) | | |
+--------------------------------------------------+--------------------------------------------------+------------+
| | | |
+--------------------------------------------------+--------------------------------------------------+------------+
| Weighted average number of shares - basic | 39,098,664 | 33,922,202 |
+--------------------------------------------------+--------------------------------------------------+------------+
| Weighted average number of shares - diluted | 41,051,778 | 34,970,100 |
+--------------------------------------------------+--------------------------------------------------+------------+
| | | |
+--------------------------------------------------+--------------------------------------------------+------------+
| Basic earnings per share (pence) | 19.98 | 15.48 |
+--------------------------------------------------+--------------------------------------------------+------------+
| Amortisation of acquired intangible assets | 2.53 | 1.95 |
| (pence) | | |
+--------------------------------------------------+--------------------------------------------------+------------+
| Restructuring costs (pence) | 0.79 | - |
+--------------------------------------------------+--------------------------------------------------+------------+
| Cost of share-based payments (pence) | 1.14 | 1.03 |
+--------------------------------------------------+--------------------------------------------------+------------+
| | | |
+--------------------------------------------------+--------------------------------------------------+------------+
| | | |
+------------------------------------------------+-----------------------------------------------+-----------------+
| Adjusted basic earnings per share (pence) | 24.44 | 18.46 |
+--------------------------------------------------+--------------------------------------------------+------------+
| | | |
+--------------------------------------------------+--------------------------------------------------+------------+
| Diluted earnings per share (pence) | 19.03 | 15.01 |
+--------------------------------------------------+--------------------------------------------------+------------+
| Adjusted diluted earnings per share (pence) | 23.28 | 17.90 |
+--------------------------------------------------+--------------------------------------------------+------------+
| | | | | |
+------------------------------------------------+-+---------------------------------------------+----+------------+
Diluted earnings per share are calculated by adjusting for the weighted average
number of ordinary shares outstanding assuming conversion of all dilutive
potential ordinary shares.
Notes to the preliminary results for the year ended 31 March 2010 (continued)
5. Intangible assets
+----------------------------------+----------+----+-------+---+--------+---+
| | | Acquired | | |
| | | intangible | | |
| | Goodwill | assets | Total | |
+----------------------------------+----------+------------+------------+---+
| | GBP'000 | GBP'000 | GBP'000 | |
+----------------------------------+----------+------------+------------+---+
| Cost | | | | |
+----------------------------------+----------+------------+------------+---+
| At 1 April 2009 | 58,901 | 5,440 | 64,341 | |
+----------------------------------+----------+------------+------------+---+
| Additions | 3,332 | - | 3,332 | |
+----------------------------------+----------+------------+------------+---+
| | | | | |
+----------------------------------+----------+------------+------------+---+
| | | |
+--------------------------------------------------+-----------+------------+
| At 31 March 2010 | 62,233 | 5,440 | 67,673 | |
+----------------------------------+----------+------------+------------+---+
| | | | | |
+----------------------------------+----------+------------+------------+---+
| Amortisation | | | | |
+----------------------------------+----------+------------+------------+---+
| At 1 April 2009 | - | (1,163) | (1,163) | |
+----------------------------------+----------+------------+------------+---+
| Charge for the year | - | (990) | (990) | |
+----------------------------------+----------+------------+------------+---+
| | | | | |
+----------------------------------+----------+------------+------------+---+
| | | |
+--------------------------------------------------+-----------+------------+
| At 31 March 2010 | - | (2,153) | (2,153) | |
+----------------------------------+----------+------------+------------+---+
| | | | | |
+----------------------------------+----------+------------+------------+---+
| | | |
+--------------------------------------------------+-----------+------------+
| Net book amount at 31 March 2010 | 62,233 | 3,287 | 65,520 | |
+----------------------------------+----------+------------+------------+---+
| | | | | |
+----------------------------------+----------+------------+------------+---+
| | | |
+--------------------------------------------------+-----------+------------+
| Net book amount at 31 March 2009 | 58,901 | 4,277 | 63,178 | |
+----------------------------------+----------+------------+------------+---+
| | | | | |
+----------------------------------+----------+------------+------------+---+
| | | | | |
+----------------------------------+----------+------------+------------+---+
| | | | | | | |
+----------------------------------+----------+----+-------+---+--------+---+
Acquired intangible assets represent non-monetary assets separately identifiable
from goodwill and represent the value of customer relationships. They are
amortised over their useful economic lives, ranging from one to five years,
matching the amortisation to the expected generation of profit from the asset.
No impairment of goodwill or acquired intangible assets has taken place in the
year.
6. Reconciliation of cash and cash equivalents
+------------------------------------------------+----------+----------+---------+-+
| | 2010 | 2009 | |
+------------------------------------------------+----------+--------------------+-+
| | GBP'000 | GBP'000 | |
+------------------------------------------------+----------+--------------------+-+
| | | | |
+------------------------------------------------+----------+--------------------+-+
| Bank balances | 4,592 | 1,272 | |
+------------------------------------------------+----------+--------------------+-+
| | | | |
+------------------------------------------------+----------+--------------------+-+
| | | |
+------------------------------------------------+---------------------+-----------+
| Cash and cash equivalents | 4,592 | 1,272 | |
+------------------------------------------------+----------+--------------------+-+
| | | | |
+------------------------------------------------+----------+--------------------+-+
| | | | | |
+------------------------------------------------+----------+----------+---------+-+
Notes to the preliminary results for the year ended 31 March 2010 (continued)
7. Financial liabilities - borrowings
+------------------------------------------------+----------+----------+---------+-+
| | 2010 | 2009 | |
+------------------------------------------------+----------+--------------------+-+
| | GBP'000 | GBP'000 | |
+------------------------------------------------+----------+--------------------+-+
| Current | | | |
+------------------------------------------------+----------+--------------------+-+
| Bank loans | 5,426 | 4,522 | |
+------------------------------------------------+----------+--------------------+-+
| Other loans | 53 | - | |
+------------------------------------------------+----------+--------------------+-+
| Finance lease liabilities | 99 | 236 | |
+------------------------------------------------+----------+--------------------+-+
| | | | |
+------------------------------------------------+----------+--------------------+-+
| | | |
+------------------------------------------------+---------------------+-----------+
| | 5,578 | 4,758 | |
+------------------------------------------------+----------+--------------------+-+
| | | | |
+------------------------------------------------+----------+--------------------+-+
| Non-current | | | |
+------------------------------------------------+----------+--------------------+-+
| Bank loans | 6,708 | 10,848 | |
+------------------------------------------------+----------+--------------------+-+
| Other loans | 212 | - | |
+------------------------------------------------+----------+--------------------+-+
| Loan notes | 7,113 | - | |
+------------------------------------------------+----------+--------------------+-+
| Finance lease liabilities | 17 | 97 | |
+------------------------------------------------+----------+--------------------+-+
| | | | |
+------------------------------------------------+----------+--------------------+-+
| | | |
+------------------------------------------------+---------------------+-----------+
| | 14,050 | 10,945 | |
+------------------------------------------------+----------+--------------------+-+
| | | | |
+------------------------------------------------+----------+--------------------+-+
| | | |
+------------------------------------------------+---------------------+-----------+
| Total borrowings | 19,628 | 15,703 | |
+------------------------------------------------+----------+--------------------+-+
| | | | |
+------------------------------------------------+----------+--------------------+-+
| | | | | |
+------------------------------------------------+----------+----------+---------+-+
8. Other financial liabilities
Other financial liabilities include GBP2,941,000 (2009: GBP9,663,000) which
represents the present value of the deferred consideration for the acquisition
of Zenos Limited that was recognised at 31 March 2010.
9. Authorised and issued share capital
+---------------------------------------------+---------+---------+
| | 2010 | 2009 |
+---------------------------------------------+---------+---------+
| | GBP'000 | GBP'000 |
+---------------------------------------------+---------+---------+
| Authorised | | |
+---------------------------------------------+---------+---------+
| 1,000,000,000 ordinary shares of 10p | 100,000 | 100,000 |
+---------------------------------------------+---------+---------+
| | | |
+---------------------------------------------+---------+---------+
| | | |
+---------------------------------------------+---------+---------+
| Allotted, issued and fully paid | | |
+---------------------------------------------+---------+---------+
| 39,106,223 (2009: 39,097,061) ordinary | 3,911 | 3,910 |
| shares of 10p | | |
+---------------------------------------------+---------+---------+
| | | |
+---------------------------------------------+---------+---------+
| | | |
+---------------------------------------------+---------+---------+
| | 3,911 | 3,910 |
+---------------------------------------------+---------+---------+
| | | |
+---------------------------------------------+---------+---------+
The Company has one class of ordinary shares which carry equal voting rights,
and no right to fixed income.
Notes to the preliminary results for the year ended 31 March 2010 (continued)
10. Cash generated from operations
+----------------------------------------------+--+--------+--+--------+---+
| | Year | Year | |
| | ended | ended | |
| | 31 Mar-10 | 31 Mar-09 | |
+----------------------------------------------+-----------+-----------+---+
| | GBP'000 | GBP'000 | |
+----------------------------------------------+-----------+-----------+---+
| | | | |
+----------------------------------------------+-----------+-----------+---+
| Profit before income tax | 11,681 | 7,624 | |
+----------------------------------------------+-----------+-----------+---+
| Adjustments for: | | | |
+----------------------------------------------+-----------+-----------+---+
| - Depreciation | 862 | 245 | |
+----------------------------------------------+-----------+-----------+---+
| - Amortisation | 990 | 663 | |
+----------------------------------------------+-----------+-----------+---+
| - Loss on disposal of property, plant and | 3 | 2 | |
| equipment | | | |
+----------------------------------------------+-----------+-----------+---+
| - Share-based payments | 621 | 486 | |
+----------------------------------------------+-----------+-----------+---+
| - Finance costs (net) | 1,904 | 1,017 | |
+----------------------------------------------+-----------+-----------+---+
| Changes in working capital (excluding the | | | |
| effects of acquisition): | | | |
+----------------------------------------------+-----------+-----------+---+
| - Trade and other receivables | (470) | (1,551) | |
+----------------------------------------------+-----------+-----------+---+
| - Trade and other payables | 1,775 | 861 | |
+----------------------------------------------+-----------+-----------+---+
| | | | |
+----------------------------------------------+-----------+-----------+---+
| | | |
+-------------------------------------------------+-----------+------------+
| Cash generated from operations | 17,366 | 9,347 | |
+----------------------------------------------+-----------+-----------+---+
| | | | |
+----------------------------------------------+-----------+-----------+---+
| | | | |
+----------------------------------------------+-----------+-----------+---+
| | | | | | |
+----------------------------------------------+--+--------+--+--------+---+
In the statement of cash flows, proceeds from sale of property, plant and
equipment comprise:
+----------------------------------------------+--+--------+--+--------+---+
| | Year | Year | |
| | ended | ended | |
| | 31 Mar-10 | 31 Mar-09 | |
+----------------------------------------------+-----------+-----------+---+
| | GBP'000 | GBP'000 | |
+----------------------------------------------+-----------+-----------+---+
| | | | |
+----------------------------------------------+-----------+-----------+---+
| Net book amount | 17 | 2 | |
+----------------------------------------------+-----------+-----------+---+
| Loss on disposal of property, plant and | (3) | (2) | |
| equipment | | | |
+----------------------------------------------+-----------+-----------+---+
| | | | |
+----------------------------------------------+-----------+-----------+---+
| | | |
+-------------------------------------------------+-----------+------------+
| Proceeds from disposal of property, plant | 14 | - | |
| and equipment | | | |
+----------------------------------------------+-----------+-----------+---+
| | | | |
+----------------------------------------------+-----------+-----------+---+
| | | | |
+----------------------------------------------+-----------+-----------+---+
| | | | | | |
+----------------------------------------------+--+--------+--+--------+---+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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