TIDMJCR
RNS Number : 9742H
Just Car Clinics Group PLC
03 March 2010
+--------------------------------+---------------------------------+
| For immediate release | 3 March 2010 |
+--------------------------------+---------------------------------+
Preliminary Results
Just Car Clinics Group plc ("Just Car Clinics"), the independent collision
repair chain with 25 vehicle repair centres, today announces its preliminary
results for the year ended 31 December 2009.
Highlights:
+------+------------------------------------------------------------+
| ? | Turnover increased to GBP42.9 million (2008: GBP42.6 |
| | million) |
+------+------------------------------------------------------------+
| ? | Profit before taxation, excluding initial losses of |
| | businesses acquired, GBP1.22 million (2008: GBP1.30 |
| | million) a marginal decrease of GBP80,000. Overall profit |
| | before taxation was GBP1.15 million. |
+------+------------------------------------------------------------+
| ? | Underlying EPS* 5.6p (2008: 6.4p) |
+------+------------------------------------------------------------+
| ? | Operating cash flow up more than 50% to GBP1.90 million |
| | (2008: GBP1.24 million) |
+------+------------------------------------------------------------+
| ? | Gearing reduced significantly to 29% (2008: 49%) |
+------+------------------------------------------------------------+
| ? | Number of trading operations increased by 2, with new |
| | sites in Stourbridge and Redditch making a current total |
| | of 25 |
+------+------------------------------------------------------------+
| ? | Total dividend for 2009 up 2% to 1.63p per share (2008: |
| | 1.60p) |
+------+------------------------------------------------------------+
* Underlying results in 2008 exclude the increased deferred taxation charge due
to phasing out of industrial building allowances.
Commenting on the results, Barry Whittles, Chief Executive of Just Car Clinics,
said:
"2009 was a very difficult year for the UK economy and the accident repair
sector was not entirely unaffected. I believe that Just Car Clinics
demonstrated the underlying resilience of the industry and a proactive response
to the market conditions and in these circumstances I was pleased with the
financial results achieved. Much has been achieved in the last twelve months,
with the continued expansion of our network and broader retail offering, further
improvements in customer service and the award of BSI Kitemark accreditation at
all our locations (except for the recent acquisitions). I believe that we are in
a good position to meet the challenges of 2010 and make further progress this
year."
+-------------------------------------+------------------------+
| For further information, please | |
| contact: | |
+-------------------------------------+------------------------+
| | |
+-------------------------------------+------------------------+
| Just Car Clinics: | |
+-------------------------------------+------------------------+
| Barry Whittles, Chief Executive | 07850 268369 |
+-------------------------------------+------------------------+
| Chris Elton, Finance Director | 07702 598344 |
+-------------------------------------+------------------------+
| | |
+-------------------------------------+------------------------+
| Buchanan Communications: | |
+-------------------------------------+------------------------+
| Tim Thompson / Chris McMahon | 020 7466 5000 |
+-------------------------------------+------------------------+
chairman'S and chief executive's report
overview
Against a background of a difficult economic climate Just Car Clinics Group plc
("the Group") has been proactive in responding to market conditions and
relatively resilient to adverse macroeconomic factors. The Group has recorded an
improved operating cash flow and only a small fall in profitability during 2009.
This performance follows a period of sustained growth, in both profitability and
revenue, in each of the previous five years.
REvenue and customer service
Revenue for the year increased by 0.6% to GBP42.9 million (2008: GBP42.6
million). On a like for like basis, after adjusting for the impact of
acquisitions during the last two years, revenue decreased by 3.9%.
Whilst mandatory vehicle insurance reduces the impact of adverse economic
conditions on the accident repair market, the volume of repairs is affected by
both reduced road usage and the reluctance of retail customers to incur large
excess payments. Both of these factors undoubtedly reduced industry volumes in
2009. The Group responded to these challenges by adding additional business
from the fleet and local business sectors and has also extended its offering to
include mobile light cosmetic repairs, tyre fitting and mechanical servicing at
selected locations. These additional services had a positive impact during 2009
and the roll out will continue during the first six months of 2010. These
initiatives, together with utilising close working relationships with existing
corporate customers, enabled the Group to increase its market share and record
only a relatively small fall in like for like repair volumes.
Excellence in customer service continues to be an essential prerequisite to
increasing repair volumes and this remains a primary focus of the Group,
underpinned by a dedicated training program for customer facing employees, a
reward structure based on customer service and vigorous monitoring of customer
feedback. The success of this approach was again demonstrated in 2009 by a
continued improvement in the percentage of customers who are entirely satisfied
with the repair process to 94.6% (2008: 92.4%). Any result below 100% means
that further improvements are possible and this will continue to be a key focus.
This emphasis on customer service, together with a proactive relationship with
corporate clients and a genuine desire to minimise repair costs and find
solutions to the challenges facing our customers, are fundamental to the Just
Car Clinic brand and distinguish it from many of our competitors.
MARGINS
The variability of weekly repair volumes at many locations was an increased
factor during 2009 and that resulted in sites operating below optimum efficiency
during some periods. This inefficiency, coupled with the inability, in some
instances, to pass increased costs onto customers has resulted in some pressure
on margins. However, investment in equipment and an emphasis on further
technical training of employees, together with a flexible approach to working
practices, have minimised the margin reduction. In aggregate margins decreased
by 0.7% to 41.0% (2008: 41.7%).
OPERATING AND FINANCE COSTS
As noted in the Interim Statement, the Group responded to the difficult market
conditions by continuously reviewing structures and associated operating costs.
A combination of cost reductions at some locations and a flexible approach to
moving people and other resources in order to align capacity and available
volumes on a weekly basis, have together limited the effect of reduced repair
volumes. As a result, operating costs have been reduced from 38.5% of sales in
2008 to 38.2% of sales this year.
The net interest charge was GBP54,000 (2008: GBP59,000), representing an
interest cover of 22 times (2008: 23 times). The net interest charge was at a
similar level to the prior year, however, finance costs, which are primarily at
fixed rates, reduced by GBP25,000 year on year, reflecting tight working capital
control. Finance revenue earned on short term cash surpluses was reduced to nil
for the year (2008: GBP20,000) due to the reduction in underlying short term
interest rates.
EARNINGS AND TAXATION
Against an unfavourable economic background, the Group's underlying resilience
and proactive response have led to a relatively small 6.5% decrease in profit
before taxation to GBP1,222,000 (2008: GBP1,307,000), before including the
initial operating losses of the newly acquire sites. Overall profit before
taxation for the year was GBP1,153,000.
The tax rate for the year reduced to a normal level of 29.7% from 34.2% in 2008.
Last year's tax rate was increased by the non-recurring impact of the phased
abolition of capital allowances on industrial buildings.
Unadjusted earnings per share decreased by 5.1% to 5.6p (2008: 5.9p) and on an
underlying basis, excluding the impact of the increased tax rate in 2008,
earnings per share decreased by 12.5%.
dividends
In February 2010 the Board announced its decision to pay, before the start of
the new tax year, a second interim dividend of 1.10p per share in the place of a
final dividend. This represents an increase of 2.8% when compared to the 2008
final dividend of 1.07p and reflects both the Board's confidence in the future
of the Group and the underlying and growing strength of the balance sheet.
With the first interim dividend of 0.53p per share, paid during October 2009,
this represents a total dividend for 2009 of 1.63p per share (2008: 1.60p).
ACQUISITIONS
The Group continues its strategy of expansion by acquisition, but only where
potential opportunities meet stringent criteria in respect of location, quality
of team members, underlying culture, potential repair volumes and acquisition
cost.
A number of possible acquisitions were considered during 2009, but only two
sites, in Stourbridge and Redditch, located in one of the Group's target areas,
the West Midlands, were actually acquired at a combined cost of GBP90,000.
These sites, acquired at the end of October 2009, contributed additional sales
of GBP201,000 and made a combined loss during 2009 of GBP69,000. The initial
losses were anticipated and reflected the purchase out of administration, with
almost no work in progress at the time of acquisition.
Whilst the underlying market conditions have increased the period required for
new sites to reach optimum capacity and efficiency levels, the Board believes
that the medium term successful growth of the Group will be fuelled in part by
expansion of the site network and it is anticipated that additional sites will
be acquired during 2010, provided that suitable opportunities become available.
WORKING CAPITAL
Cash generated from operations increased significantly to GBP1,897,000 (2008:
GBP1,244,000), an increase of over 50% when compared to 2008. In the present
economic climate working capital control has been an increased priority for the
Group and as a result of this average monthly debt levels have reduced during
the year.
The Group balance sheet strengthened with net assets of GBP4,348,000 (2008:
GBP3,726,000) at the year end and reduced net borrowings of GBP1,275,000 (2008:
GBP1,824,000). The overall gearing level reduced substantially to 29% (2008:
49%).
The Group's core borrowings comprise a committed term loan facility of
GBP900,000 repayable in instalments over 2.2 years. The Group also has debtor
finance and overdraft facilities totalling GBP2.7 million to fund peaks in cash
flow and, potentially, future acquisition opportunities. The Group has no off
balance sheet financial liabilities, pension or similar obligations.
BSI KITEMARK ACCREDITATION
Following the agreement of a BSI Kitemark standard for the accident repair
industry, the Group has embarked on an in depth training program and review of
operating procedures and documentation at a cost of approximately GBP100,000.
All of the Group's operations, apart from the two most recently acquired sites,
have now achieved the Kitemark accreditation.
The Kitemark, which is internationally recognised, will give consumers
confidence in the quality and safety of repairs to their vehicles. In
recognition of the needs of the consumer and the importance of adopting a safe
repair methodology, many corporate customers have announced that Kitemark
accreditation will become mandatory for all approved sites during the next
twelve months. It is therefore inevitable that the achievement of the Kitemark
will become a significant distinguishing factor, with insurance company approved
networks increasingly being limited to well equipped accident repair facilities
with the Kitemark accreditation.
training and employees
The importance of team development and effective training remains a central
aspect of the Group's strategy and this has been recognised during 2009 by fully
integrating the responsibility for training into the Group's HR function.
Training, carried out at the Group's dedicated facility, has focused on
technical training, necessary to achieve BSI Kitemark accreditation, but has
also delivered apprenticeships, customer service and management development
courses. In 2009 a total of 245 courses have been delivered, accommodating
approximately 900 delegates.
The Group aims to establish a successful "team culture" based on a high level of
employee engagement. In addition to training and development, the emphasis is on
extensive internal communication and feedback, recruiting quality individuals
and, where possible, by promoting from within. The percentage of employees
leaving the Group during 2009 reduced to 12.5% (2008: 17.8%), significantly
below industry averages.
The Board recognises that our employees are fundamental to the growth and
success of our business and that the Group's most important asset is undoubtedly
the high quality of the employee team. The positive result achieved by the
Group in difficult economic conditions reflects the hard work, flexibility and
commitment of the team and the Board would like to thank everyone for their
valued contribution.
STRATEGY and prospects
The strategy of the Group continues to be one of expansion, organically from
existing locations by expanding the retail offering and through additional
sources of referral, and by acquisition where stringent criteria are achieved.
Trading during the early months of 2010 has been positively affected by the
adverse weather conditions, with repair volumes and profitability both ahead of
internal forecasts and the prior year. However, the winter period is always
relatively busy and, while encouraging, it is too early to assess the industry
trends for the full year.
Nonetheless, with a very strong balance sheet, a growing brand and retail
offering and an established and experienced management team, the Board believes
that Just Car Clinics is in a strong position to progress further during the
current year.
David Hickey
Barry Whittles
Chairman
Chief Executive
3 March 2010
GROUP INCOME STATEMENT
for the year ended 31 December 2009
+-----------------------------------------------+------------+------------+
| | 2009 | 2008 |
+-----------------------------------------------+------------+------------+
| | GBP'000 | GBP'000 |
+-----------------------------------------------+------------+------------+
| REVENUE | 42,858 | 42,617 |
+-----------------------------------------------+------------+------------+
| Cost of sales | (25,275) | (24,854) |
+-----------------------------------------------+------------+------------+
| | ---------- | ---------- |
+-----------------------------------------------+------------+------------+
| GROSS PROFIT | 17,583 | 17,763 |
+-----------------------------------------------+------------+------------+
| | | |
+-----------------------------------------------+------------+------------+
| Selling and distribution costs | (9,797) | (9,659) |
+-----------------------------------------------+------------+------------+
| Administrative expenses | (6,586) | (6,743) |
+-----------------------------------------------+------------+------------+
| Net gain on disposal of property, plant and | 7 | 5 |
| equipment | | |
+-----------------------------------------------+------------+------------+
| | ---------- | ---------- |
+-----------------------------------------------+------------+------------+
| OPERATING PROFIT | 1,207 | 1,366 |
+-----------------------------------------------+------------+------------+
| Finance revenue | - | 20 |
+-----------------------------------------------+------------+------------+
| Finance costs | (54) | (79) |
+-----------------------------------------------+------------+------------+
| | ---------- | ---------- |
+-----------------------------------------------+------------+------------+
| PROFIT BEFORE TAXATION | 1,153 | 1,307 |
+-----------------------------------------------+------------+------------+
| Income tax expense | (342) | (447) |
+-----------------------------------------------+------------+------------+
| | ---------- | ---------- |
+-----------------------------------------------+------------+------------+
| PROFIT FOR THE YEAR | 811 | 860 |
+-----------------------------------------------+------------+------------+
| | ---------- | ---------- |
+-----------------------------------------------+------------+------------+
| | | |
| Attributable to equity holders of parent | 811 | 860 |
| company | | |
+-----------------------------------------------+------------+------------+
| | ---------- | ---------- |
+-----------------------------------------------+------------+------------+
| earnings per share (note 2) | | |
+-----------------------------------------------+------------+------------+
| Basic earnings per share | 5.6p | 5.9p |
+-----------------------------------------------+------------+------------+
| Underlying earnings per share | 5.6p | 6.4p |
+-----------------------------------------------+------------+------------+
| Diluted earnings per share | 5.5p | 5.9p |
+-----------------------------------------------+------------+------------+
GROUP STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2009
+-----------------------------------------------+------------+------------+
| | 2009 | 2008 |
+-----------------------------------------------+------------+------------+
| | GBP'000 | GBP'000 |
+-----------------------------------------------+------------+------------+
| PROFIT FOR THE YEAR | 811 | 860 |
+-----------------------------------------------+------------+------------+
| | ---------- | ---------- |
+-----------------------------------------------+------------+------------+
| Gain / (loss) on interest rate hedge | 42 | (60) |
+-----------------------------------------------+------------+------------+
| Income tax relating to interest rate hedge | (12) | 26 |
+-----------------------------------------------+------------+------------+
| | ---------- | ---------- |
+-----------------------------------------------+------------+------------+
| other comprehensive income for the year | 30 | (34) |
+-----------------------------------------------+------------+------------+
| | ---------- | ---------- |
+-----------------------------------------------+------------+------------+
| total comprehensive income for the year | 841 | 826 |
+-----------------------------------------------+------------+------------+
| | ---------- | ---------- |
+-----------------------------------------------+------------+------------+
| | | |
| Attributable to equity holders of parent | 841 | 826 |
| company | | |
+-----------------------------------------------+------------+------------+
| | ---------- | ---------- |
+-----------------------------------------------+------------+------------+
The results for the year derive entirely from the continuing operations of the
Group.
GROUP STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2009
+------------------------+------------+-----------+-----------+------------+------------+
| | Equity | Share | Hedge | Retained | Total |
| | share | premium | reserve | earnings | equity |
| | capital | account | | | |
+------------------------+------------+-----------+-----------+------------+------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------+------------+-----------+-----------+------------+------------+
| At 1 January 2008 | 146 | 342 | (32) | 2,675 | 3,131 |
+------------------------+------------+-----------+-----------+------------+------------+
| Loss on interest rate | - | - | (60) | - | (60) |
| hedge | | | | | |
+------------------------+------------+-----------+-----------+------------+------------+
| Income tax on interest | - | - | 26 | - | 26 |
| rate hedge | | | | | |
+------------------------+------------+-----------+-----------+------------+------------+
| | ------ | ------ | ------- | -------- | --------- |
+------------------------+------------+-----------+-----------+------------+------------+
| Other comprehensive | - | - | (34) | - | (34) |
| income | | | | | |
+------------------------+------------+-----------+-----------+------------+------------+
| Profit for the year | - | - | - | 860 | 860 |
+------------------------+------------+-----------+-----------+------------+------------+
| | ------ | ------- | ------- | -------- | --------- |
+------------------------+------------+-----------+-----------+------------+------------+
| Total comprehensive | - | - | (34) | 860 | 826 |
| income | | | | | |
+------------------------+------------+-----------+-----------+------------+------------+
| Exercise of share | - | 2 | - | - | 2 |
| options | | | | | |
+------------------------+------------+-----------+-----------+------------+------------+
| Share based payments | - | - | - | 8 | 8 |
+------------------------+------------+-----------+-----------+------------+------------+
| Income tax - share | - | - | - | (18) | (18) |
| based payments | | | | | |
+------------------------+------------+-----------+-----------+------------+------------+
| Equity dividends paid | - | - | - | (223) | (223) |
+------------------------+------------+-----------+-----------+------------+------------+
| | ------- | ------- | -------- | -------- | -------- |
+------------------------+------------+-----------+-----------+------------+------------+
| At 31 December 2008 | 146 | 344 | (66) | 3,302 | 3,726 |
+------------------------+------------+-----------+-----------+------------+------------+
| Gain on interest rate | - | - | 42 | - | 42 |
| hedge | | | | | |
+------------------------+------------+-----------+-----------+------------+------------+
| Income tax on interest | - | - | (12) | - | (12) |
| rate hedge | | | | | |
+------------------------+------------+-----------+-----------+------------+------------+
| | ------- | ------- | -------- | -------- | --------- |
+------------------------+------------+-----------+-----------+------------+------------+
| Other comprehensive | - | - | 30 | - | 30 |
| income | | | | | |
+------------------------+------------+-----------+-----------+------------+------------+
| Profit for the year | - | - | - | 811 | 811 |
+------------------------+------------+-----------+-----------+------------+------------+
| | ------- | -------- | -------- | -------- | --------- |
+------------------------+------------+-----------+-----------+------------+------------+
| Total comprehensive | - | - | 30 | 811 | 841 |
| income | | | | | |
+------------------------+------------+-----------+-----------+------------+------------+
| Exercise of share | - | 1 | - | - | 1 |
| options | | | | | |
+------------------------+------------+-----------+-----------+------------+------------+
| Share based payments | - | - | - | 9 | 9 |
+------------------------+------------+-----------+-----------+------------+------------+
| Income tax - share | - | - | - | (1) | (1) |
| based payments | | | | | |
+------------------------+------------+-----------+-----------+------------+------------+
| Equity dividends paid | - | - | - | (228) | (228) |
+------------------------+------------+-----------+-----------+------------+------------+
| | -------- | -------- | -------- | --------- | ---------- |
+------------------------+------------+-----------+-----------+------------+------------+
| At 31 December 2009 | 146 | 345 | (36) | 3,893 | 4,348 |
+------------------------+------------+-----------+-----------+------------+------------+
| | ---------- | --------- | --------- | ---------- | --------- |
+------------------------+------------+-----------+-----------+------------+------------+
GROUP balance sheet
at 31 December 2009
+-----------------------------------------------+------------+-------------+
| | 2009 | 2008 |
+-----------------------------------------------+------------+-------------+
| | GBP'000 | GBP'000 |
+-----------------------------------------------+------------+-------------+
| ASSETS | | |
+-----------------------------------------------+------------+-------------+
| Non current assets | | |
+-----------------------------------------------+------------+-------------+
| Property, plant and equipment | 2,305 | 2,367 |
+-----------------------------------------------+------------+-------------+
| Intangible assets | 2,081 | 2,060 |
+-----------------------------------------------+------------+-------------+
| | --------- | --------- |
+-----------------------------------------------+------------+-------------+
| | 4,386 | 4,427 |
+-----------------------------------------------+------------+-------------+
| | --------- | --------- |
+-----------------------------------------------+------------+-------------+
| Current assets | | |
+-----------------------------------------------+------------+-------------+
| Inventories | 686 | 544 |
+-----------------------------------------------+------------+-------------+
| Trade and other receivables | 5,897 | 6,645 |
+-----------------------------------------------+------------+-------------+
| Cash and cash equivalents | 4 | 3 |
+-----------------------------------------------+------------+-------------+
| | ---------- | ----------- |
+-----------------------------------------------+------------+-------------+
| | 6,587 | 7,192 |
+-----------------------------------------------+------------+-------------+
| | ---------- | ----------- |
+-----------------------------------------------+------------+-------------+
| TOTAL ASSETS | 10,973 | 11,619 |
+-----------------------------------------------+------------+-------------+
| | ---------- | ----------- |
+-----------------------------------------------+------------+-------------+
| LIABILITIES | | |
+-----------------------------------------------+------------+-------------+
| Current liabilities | | |
+-----------------------------------------------+------------+-------------+
| Trade and other payables | 4,875 | 5,406 |
+-----------------------------------------------+------------+-------------+
| Financial liabilities | 779 | 927 |
+-----------------------------------------------+------------+-------------+
| Derivative financial instruments | 50 | 92 |
+-----------------------------------------------+------------+-------------+
| Income tax payable | 178 | 361 |
+-----------------------------------------------+------------+-------------+
| | --------- | --------- |
+-----------------------------------------------+------------+-------------+
| | 5,882 | 6,786 |
+-----------------------------------------------+------------+-------------+
| | -------- | --------- |
+-----------------------------------------------+------------+-------------+
| Non current liabilities | | |
+-----------------------------------------------+------------+-------------+
| Financial liabilities | 500 | 900 |
+-----------------------------------------------+------------+-------------+
| Deferred tax liability | 243 | 207 |
+-----------------------------------------------+------------+-------------+
| | ---------- | ---------- |
+-----------------------------------------------+------------+-------------+
| | 743 | 1,107 |
+-----------------------------------------------+------------+-------------+
| | ---------- | ---------- |
+-----------------------------------------------+------------+-------------+
| TOTAL LIABILITIES | 6,625 | 7,893 |
+-----------------------------------------------+------------+-------------+
| | ---------- | ---------- |
+-----------------------------------------------+------------+-------------+
| TOTAL NET ASSETS | 4,348 | 3,726 |
+-----------------------------------------------+------------+-------------+
| | --------- | --------- |
+-----------------------------------------------+------------+-------------+
| | | |
+-----------------------------------------------+------------+-------------+
| EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF | | |
| PARENT | | |
+-----------------------------------------------+------------+-------------+
| Issued equity share capital | 146 | 146 |
+-----------------------------------------------+------------+-------------+
| Share premium account | 345 | 344 |
+-----------------------------------------------+------------+-------------+
| Hedge reserve | (36) | (66) |
+-----------------------------------------------+------------+-------------+
| Retained earnings | 3,893 | 3,302 |
+-----------------------------------------------+------------+-------------+
| | --------- | --------- |
+-----------------------------------------------+------------+-------------+
| TOTAL EQUITY | 4,348 | 3,726 |
+-----------------------------------------------+------------+-------------+
| | --------- | --------- |
+-----------------------------------------------+------------+-------------+
GROUP CASH FLOW STATEMENT
for the year ended 31 December 2009
+-----------------------------------------------+--------------------+--------------------+
| | 2009 | 2008 |
+-----------------------------------------------+--------------------+--------------------+
| | GBP'000 | GBP'000 |
+-----------------------------------------------+--------------------+--------------------+
| Operating activities | | |
+-----------------------------------------------+--------------------+--------------------+
| Profit after taxation for the year | 811 | 860 |
+-----------------------------------------------+--------------------+--------------------+
| Adjustments to arrive at operating cash flow: | | |
+-----------------------------------------------+--------------------+--------------------+
| Income tax expense | 342 | 447 |
+-----------------------------------------------+--------------------+--------------------+
| Net finance costs | 54 | 59 |
+-----------------------------------------------+--------------------+--------------------+
| Depreciation and amortisation | 570 | 513 |
+-----------------------------------------------+--------------------+--------------------+
| Gain on sale of property, plant and equipment | (7) | (5) |
+-----------------------------------------------+--------------------+--------------------+
| Expense arising from share based payments | 9 | 8 |
+-----------------------------------------------+--------------------+--------------------+
| Changes in inventories | (119) | 160 |
+-----------------------------------------------+--------------------+--------------------+
| Changes in trade and other receivables | 748 | (1,719) |
+-----------------------------------------------+--------------------+--------------------+
| Changes in trade and other payables | (511) | 921 |
+-----------------------------------------------+--------------------+--------------------+
| | ---------- | ---------- |
+-----------------------------------------------+--------------------+--------------------+
| Cash generated from operations | 1,897 | 1,244 |
+-----------------------------------------------+--------------------+--------------------+
| Income tax paid | (502) | (293) |
+-----------------------------------------------+--------------------+--------------------+
| | ---------- | ---------- |
+-----------------------------------------------+--------------------+--------------------+
| Net cash flow from operating activities | 1,395 | 951 |
+-----------------------------------------------+--------------------+--------------------+
| | ---------- | ---------- |
+-----------------------------------------------+--------------------+--------------------+
| Investing activities | | |
+-----------------------------------------------+--------------------+--------------------+
| Sale of property, plant and equipment | 15 | 6 |
+-----------------------------------------------+--------------------+--------------------+
| Payments to acquire property, plant and | (447) | (463) |
| equipment | | |
+-----------------------------------------------+--------------------+--------------------+
| Payments to acquire computer software | (8) | (8) |
+-----------------------------------------------+--------------------+--------------------+
| Payments to acquire businesses | (90) | (354) |
+-----------------------------------------------+--------------------+--------------------+
| | ----------- | ----------- |
+-----------------------------------------------+--------------------+--------------------+
| Net cash flow from investing activities | (530) | (819) |
+-----------------------------------------------+--------------------+--------------------+
| | ---------- | ----------- |
+-----------------------------------------------+--------------------+--------------------+
| Financing activities | | |
+-----------------------------------------------+--------------------+--------------------+
| Interest paid | (89) | (115) |
+-----------------------------------------------+--------------------+--------------------+
| Interest received | - | 20 |
+-----------------------------------------------+--------------------+--------------------+
| Proceeds from shares issued on exercise of | 1 | 2 |
| options | | |
+-----------------------------------------------+--------------------+--------------------+
| Repayments of borrowings | (400) | (400) |
+-----------------------------------------------+--------------------+--------------------+
| Dividends paid to equity holders of Parent | (228) | (223) |
| Company | | |
+-----------------------------------------------+--------------------+--------------------+
| | ---- | ---- |
+-----------------------------------------------+--------------------+--------------------+
| Net cash flow from financing activities | (716) | (716) |
+-----------------------------------------------+--------------------+--------------------+
| | ---- | ---- |
+-----------------------------------------------+--------------------+--------------------+
| Change in cash and cash equivalents | 149 | (584) |
+-----------------------------------------------+--------------------+--------------------+
| Cash and cash equivalents at beginning of | (524) | 60 |
| year | | |
+-----------------------------------------------+--------------------+--------------------+
| | --------- | ---------- |
+-----------------------------------------------+--------------------+--------------------+
| Cash and cash equivalents at end of year | (375) | (524) |
+-----------------------------------------------+--------------------+--------------------+
| | --------- | --------- |
+-----------------------------------------------+--------------------+--------------------+
| Reconciliation to net debt | | |
+-----------------------------------------------+--------------------+--------------------+
| Net debt at beginning of year | (1,824) | (1,640) |
+-----------------------------------------------+--------------------+--------------------+
| Change in cash and cash equivalents | 149 | (584) |
+-----------------------------------------------+--------------------+--------------------+
| Repayments of borrowings during year | 400 | 400 |
+-----------------------------------------------+--------------------+--------------------+
| | ----------- | ----------- |
+-----------------------------------------------+--------------------+--------------------+
| Net debt at end of year | (1,275) | (1,824) |
+-----------------------------------------------+--------------------+--------------------+
| | ----------- | ----------- |
+-----------------------------------------------+--------------------+--------------------+
NOTES TO THE PRELIMINARY STATEMENT
1. Basis of preparation of the accounts
The results comprise those of Just Car Clinics Group plc and its subsidiary for
the year ended 31 December 2009. This preliminary announcement has been
prepared on the basis of accounting policies as set out in the statutory
accounts for 2008 and International Financial Reporting Standards and
interpretations issued by the International Accounting Standards Board as
adopted by the European Union ("IFRS") and does not constitute the Company's
statutory accounts within the meaning of Section 435 of the Companies Act 2006.
During 2009 the Group has adopted "IFRS 8 - Operating Segments" and the revised
standard "IAS 1 - Presentation of Financial Statements" which have only impacted
the disclosure and presentation of information and have not resulted in
restatement of comparative amounts. Other changes to IFRS, effective in 2009,
have resulted in no material changes to the Group's financial statements.
Statutory accounts for the years ended 31 December 2009 and 31 December 2008
have been reported on by the auditors who issued an unqualified opinion in
respect of both periods and the auditors' reports for 2009 and 2008 did not
contain statements under 498(2) or 498(3) of the Companies Act 2006 or 237(2) or
237(3) of the Companies Act 1985 respectively.
Statutory accounts for the year ended 31 December 2008 have been filed with the
Registrar of Companies. The statutory accounts for the year ended 31 December
2009, which were approved by the Board on 3 March 2010, will be delivered to the
Registrar of Companies following the Company's Annual General Meeting.
2. earnings per share
The calculation of earnings per share is based on the profit for the year
attributable to equity holders of the Parent Company of GBP811,000 (2008:
GBP860,000) and on 14,603,069 ordinary shares (2008: 14,574,085), being the
weighted average number of shares in issue during the year.
In order to reflect the underlying trading performance of the Group an
underlying earnings per share figure has also been presented which excludes
income and costs of one off non-trading items. The calculation of the
underlying earnings per share is based on the same number of shares as outlined
above with the profit in 2008 increased by GBP68,000 reflecting an estimate of
the additional deferred tax charge arising from the phasing out of capital
allowances on industrial buildings.
The calculation of diluted earnings per share is based on profit for the year
attributable to equity holders of the Parent Company of GBP811,000 (2008:
GBP860,000) and on 14,681,104 ordinary shares (2008: 14,674,559) after taking
account of the potentially dilutive effect of outstanding share options.
3. DIVIDENDS
In February 2010 the Board announced its decision to pay, before the start of
the new tax year, a second interim dividend of 1.10p per share in the place of a
final dividend.This will be paid on 1 April 2010 to shareholders on the register
at the close of business on 5 March 2010. With the interim dividend of 0.53p
per share paid during October 2009, this makes a total dividend for 2009 of
1.63p per share (2008: 1.60p).
4. ANNUAL Report
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAXDAEEKEEFF
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