Preliminary Results for the year ended 31 December 2007
Parkwood Holdings Plc, the public sector support services specialist, announces
its preliminary results for the year ended 31 December 2007.
Financial and business highlights:
* Revenue increased by 14% to �108.1 million (2006:�95.0 million)
* Operating profit before exceptionals increased by 73% to �4.2 million
(2006: �2.4 million)
* Profit before tax and exceptionals increased by 13% to �3.1 million (2006:
�2.7 million)
* Underlying earnings per share increased by 22% to 12.0 pence (2006: 9.8
pence)
* Proposed final dividend up 16% to 2.2 pence (2006: 1.9 pence). Total amount
paid and charged in the year 3.2 pence (2006: 2.6 pence)
* Order book increased by 29% to �532 million (2006: �412 million)
* Further strategic acquisitions by Glendale, the `green services' division,
in Scotland and the Southwest strengthen the division's Grounds Maintenance
and Countryside activities.
* Financial close on a leisure DBOM with Portsmouth City Council in December
2007.
* Refinancing of PFI projects in Bexley and Penzance generated �2.1 million
of cash for the Group.
Tony Hewitt, Executive Chairman commented: -
"Parkwood has a strong order book and has won sufficient new business for 2008.
A period of consolidation and a focus on the strategic objective of improving
net margins is now required, whilst the Group determines its strategy for the
years beyond 2009".
For further information, please contact Terry Bowman on 07825 607358.
Notes to editors:
About Parkwood Holdings plc:
Parkwood Holdings plc specialise in providing outsourced and support services,
predominantly to the public sector across England, Wales and Scotland under
long term contracts.
Its four main areas of operation are as follows:
Glendale
Provides amenity horticulture, grass cutting, arboriculture and care
of sports pitches, parks and open spaces. The division also includes golf
course management, recycling, environmental consultancy, tree moving and
horticulture.
Parkwood Leisure
Manages a diverse range of public and private leisure
facilities, including swimming pools, sports halls, gyms, health-suites and
catering operations.
Project Management
Undertake PFI, PPP and similar bids on behalf of joint
ventures and the Group. Parkwood Project Management is also responsible for
project management of contracts and the management of other funds such as
lifecycle funds associated with the project agreements.
Healthcare
A nursing agency and ambulance and patient transport business,
dealing both with the NHS and the private sector.
Preliminary Results for the year ended 31 December 2007
CHAIRMAN'S STATEMENT
Parkwood's revenue grew to �108 million in 2007 and, significantly, the Group's
order book increased to �532 million. The year was characterised by
acquisitions in Glendale the `green services' division, the award of
considerable new business in the Leisure Division and the refinancing of senior
debt and investment of further subordinated debt in our PFI/PPP ventures by the
Projects division. No buyer was found for the loss making patient transport
business of Parkwood Healthcare and the resultant onerous contract provision of
�0.66 million has led to a slight reduction in profit before tax to �2.50
million for the Group.
Results
Group revenue increased by 14% to �108 million (2006: �95.0 million) and profit
before exceptional items, amortisation and goodwill impairment charges rose 13%
to �3.10 million (2006: �2.73 million). Underlying earnings per share increased
22% to 12.0p (2006: 9.8p). Profit before tax was slightly down at �2.50 million
(2006: �2.53 million). However earnings per share increased slightly to 8.9p
(2006: 8.8p) as a result of the Company's policy of buying back shares under
the powers conferred at the last AGM.
Parkwood Leisure, despite continuing losses in the private sector health and
fitness business, performed in line with expectations generating operating
profits of �2.4 million. Glendale, although badly affected by the poor weather
in the summer, produced operating profits of �1.9 million. Parkwood Project
Management (PPM) had its best year ever, returning an operating profit of �0.3
million on sales of �2.7 million. The Healthcare division's operating losses
increased to �0.6 million (2006: �0.5 million), before the onerous contract
provision.
During the year the Group invested a further �1.7 million in subordinated debt
in PFI/PPP Special Purpose Companies (SPCs) and bought the remaining equity and
subordinated debt in the SPC responsible for the MOD Defence Animal Centre at
Melton Mowbray. Subordinated debt investments now total �4.5 million. Capital
raised and committed to the construction of new PFI/PPP facilities increased to
�78 million. Excluding this non-recourse debt, gearing at the year end was 96%
(2006: 82%). Cash balances at the year end increased to �5.1 million (2006: �
3.6 million).
Dividends
The underlying strength of the Group allows the Board to increase the proposed
dividend payable by 16% to 2.2p (2007: 1.9p). Payment will be made on 16 May
2008 to all shareholders on the register on 18 April 2008. Total dividends paid
and charged in 2007 were 3.2p (2006: 2.6p).
Strategy and Order Book
Parkwood is working to a three-year strategic plan for the years 2007-2009 and
revenues are already running ahead of the targets set. The challenge is to
increase margins to the target set in the strategic business plan. Banking
facilities are secured for 2008 and funds are in hand for over �8.0 million of
capital investment over the rest of the plan period.
The Board will reflect on its longer-term strategy in 2008 and consider its
options in what appear to be deteriorating macro-economic circumstances.
Parkwood's public sector order book increased by 29% to stand at �532 million
at the year end (2006: �412 million) and is calculated on the basis of revenue
arising in connection with existing contracts to a maximum ten-year horizon.
Including SPC revenue, �94 million of business is already secured for 2008.
Management and Board
I continue to serve as both Chairman and Chief Executive, although
consideration is being given to the appointment of a Chief Operating Officer
during the year. Brian May, a non executive director, resigned in September and
I express my thanks to him for his advice and support during his time with
Parkwood. A new non executive director will be recruited later in 2008. Terry
Bowman, who acted as Group Finance Director in an interim capacity in early
2007, was appointed to the Board in April. Sarah Kling and Richard Tolkien,
both reappointed during the year, are the two remaining non executive
directors; Sarah being the senior independent non executive director. Andrew
Holt continues as an executive director of the Group as well acting as the
Managing Director of Parkwood Leisure.
Staff
With staff costs amounting to 60% of Group revenues, a full review of human
capital within Parkwood was completed in November when staff numbers had risen
to 5,500 and the full time equivalent number to 3,400. Most of the increase
took place in the Leisure division and, as a result, a separate dedicated human
resources department was established for this business to focus on the
challenges created by the large number of seasonal and part-time staff.
Parkwood is a community based service business and our employees deal with day
to day issues that concern everyone: running health and fitness clubs and
cr�ches, teaching people to swim, maintaining parks and gardens, taking people
to hospital and providing care services. We once again congratulate staff for
the part they play in providing these important services to the communities in
which they live and work.
Outlook
Parkwood has a strong order book and has won sufficient new business for 2008.
A period of consolidation and a focus on the strategic objective of improving
net margins is now required, whilst the Group determines its strategy for the
years beyond 2009.
A W Hewitt
Executive Chairman
10 March 2008
Financial Review
Overview
The Group generated a profit before exceptional items and amortisation and
goodwill impairment charges of �3.10 million (2006: �2.73 million) on revenue
(including joint ventures) of �108.1 million (2006: �95.0 million); an
unchanged margin of 2.9%. After taking account of the exceptional charge for
future losses in Parkwood Healthcare's patient transport business (�0.66
million), amortisation and goodwill impairment charges of �0.24 million (2006:
�0.20 million) and curtailment of losses on the joint venture at Boxwood (�0.30
million profit), the Group recorded a pre-tax profit of �2.50 million (2006: �
2.53 million).
Trading Performance
In order to assist with understanding the overall performance of the Group, the
following trading summary has been prepared from information within the
financial statements:
2007 2006
�000 Revenue Adjusted� Revenue Adjusted�
Operating Operating
Profit Profit
Trading Group
Glendale 54,274 1,931 47,294 1,842
Leisure 42,549 2,423 37,589 2,068
Healthcare 6,002 (600) 5,761 (457)
PPM 2,281 311 1,702 175
Central Costs - (524) - (509)
Inter segment (4,141) - (851) -
elimination
External Revenue 100,965 3,541 91,495 3,119
SPC
Subsidiaries 4,843 885 1,250 (341)
Joint Ventures and 2,288 (202) 2,223 (329)
Associates
External Revenue 7,131 683 3,473 (670)
Total Group 108,096 4,224 94,968 2,449
� Operating Profit before amortisation, goodwill impairment and exceptional
costs
The Trading Group saw adjusted operating profit increase by �0.42 million on
revenues which rose �9.5 million. As a result, operating margins increased
slightly to 3.5% (2006: 3.4%). This improvement in performance came about
through the good results achieved by Leisure and PPM offsetting the increased
loss within the Healthcare Division.
The SPC Group saw a significant improvement in performance at the operating
level as the Breckland contract reached full operational state and Realm
Services (DAC) (Realm) became a wholly-owned subsidiary having previously been
accounted for as an associate.
Total Group adjusted operating margin increased to 3.9% (2006: 2.6%).
Finance Costs
Net finance costs increased to �1.13 million compared to net income of �0.28
million in 2006. This was due primarily to the increase in the non-recourse PFI
/PPP interest charge in the SPC Group, which rose to �0.94 million (2006: �0.20
million income) as a result of the expensing of interest at Breckland, which
became fully operational in the year; interest having been capitalised during
the construction period.
The Trading Group incurred finance costs of �0.19 million (2006: �0.09 million
income) as a result of the expensing of interest relating to the Parkwood
Health and Fitness club at Salisbury after a six month fit-out period in 2006
and the debt service costs of the acquisition of IMDAC Limited (the parent
company of Realm).
Interest cover on recourse borrowings was 24 times, whilst non-recourse SPC
borrowings cover was below one. This latter figure is in line with the
financial models of the individual SPC's. Overall, the Group's interest cover
was 3.8 times.
Exceptional Items
The Group recorded a net exceptional charge of �0.36 million. This comprises
the provision for future losses on a patient transport contract within the
Healthcare division (�0.66 million) and a benefit related to the refinancing of
the Boxwood PFI Project (�0.30 million).
Taxation
The Group's tax charge reduced to 32.9% (2006: 34.2%).
The Group does not expect to pay any corporation tax in respect of 2007
profits, the charge relates to deferred tax liabilities.
Funding and Gearing
To illustrate the impact of PFI/PPP ventures on the Group's balance sheet, the
following table, taken from information within the financial statements,
analyses assets and liabilities between the Trading Group and the non-recourse
SPC Group.
The Group is not liable for any debt which an SPC may be unable to service as
the senior debt providers secure their investment by way of charge over the
tangible assets of the SPC and its contract with the ultimate client. As such
the debt is referred to as non-recourse in the Report and Accounts.
Summary Group Recourse Recourse Non-recourse Non-recourse Total Total
Balance Sheet 2007 2006 2007 2006 2007 2006
At 31 December 2007
�000 �000 �000 �000 �000 �000
Non-current assets 22,135 12,385 29,842 15,184 51,977 27,569
Investments in joint
ventures
Subordinated debt held 826 1,177 - - 826 1,177
in Joint Ventures
Share of net - - (3,147) (1,119) (3,147) (1,119)
liabilities of Joint
Ventures
826 1,177 (3,147) (1,119) (2,321) 58
Investment in - - - 248 - 248
associate
Total non-current 22,961 13,562 26,695 14,313 49,656 27,875
assets
Current assets
Inventories and 17,880 14,021 2,219 656 20,099 14,677
debtors
Cash at bank and in 1,239 994 3,861 2,632 5,100 3,626
hand
Total current assets 19,119 15,015 6,080 3,288 25,199 18,303
Current liabilities (24,122) (17,267) (3,881) (3,620) (28,003) (20,887)
Net current (5,003) (2,252) 2,199 (332) (2,804) (2,584)
(liabilities)/assets
Non-current
liabilities
Bank loans (4,459) (1,103) (28,947) (15,014) (33,406) (16,117)
Other long term (5,550) (4,366) (1,186) - (6,736) (4,366)
liabilities
Net assets 7,949 5,841 (1,239) (1,033) 6,710 4,808
Net debt 7,632 4,778 27,086 12,387 34,718 17,165
Gearing 96% 82% 517% 357%
The increase in overall net debt of �17.55 million, after taking into account
of capital repayments of �0.65 million, principally comprised:
* further expenditure on PFI/PPP capital projects totalling �7.40 million;
* the recognition of �8.90 million of debt in Realm Services (DAC), which
having previously been accounted for as an associate, became a wholly-owned
subsidiary of the Group as a result of the acquisition of the majority
shareholder;
* �2.40 million of debt funding for the purchase of IMDAC Limited;
* �0.70 million of other recourse borrowing relating to capital expenditure,
and
* increased cash balances of �1.47 million.
Within the overall increase, the level of recourse debt rose by �2.85 million
and non-recourse debt by �14.70 million.
CONSOLIDATED INCOME STATEMENT
Year Ended 31 December 2007
Year Ended 31 December 2007 2007 2007 2006 2006 2006
Before Before
exceptional Exceptional exceptional Exceptional
items, items, items, items,
amortisation amortisation amortisation amortisation
& and & and
goodwill goodwill goodwill goodwill
impairment impairment Total impairment impairment Total
�000 �000 �000 �000 �000 �000
Revenue 108,096 - 108,096 94,968 - 94,968
Less: share of joint (2,288) - (2,288) (2,223) - (2,223)
ventures' revenue
Group revenue 105,808 - 105,808 92,745 - 92,745
Cost of sales (75,715) - (75,715) (65,927) - (65,927)
Gross profit 30,093 - 30,093 26,818 - 26,818
Administrative (25,667) (898) (26,565) (24,040) (203) (24,243)
expenses
4,426 (898) 3,528 2,778 (203) 2,575
Share of results of (16) - (16) 27 - 27
associate
Share of results of (186) 302 116 (356) - (356)
joint ventures
Operating profit 4,224 (596) 3,628 2,449 (203) 2,246
EBITDA 8,277 (358) 7,919 5,098 - 5,098
Depreciation (4,053) - (4,053) (2,649) - (2,649)
Amortisation - (174) (174) - (47) (47)
Impairment of - (64) (64) - (156) (156)
goodwill
Operating profit 4,224 (596) 3,628 2,449 (203) 2,246
Investment income 341 - 341 515 - 515
Finance costs (1,470) - (1,470) (231) - (231)
Profit before 3,095 (596) 2,499 2,733 (203) 2,530
taxation
Taxation (822) (865)
Profit for the year 1,677 1,665
attributable to
equity shareholders
Earnings per share
Basic 8.9p 8.8p
Diluted 8.8p 8.7p
CONSOLIDATED BALANCE SHEET
As at 31 December 2007
2007 2006
�000 �000
Non-current assets
Goodwill 2,521 708
Intangible asset 4,941 58
Property, plant and equipment 43,750 26,412
Interests in joint ventures 12 58
Interests in associate - 248
Derivative financial instruments 303 187
Trade and other receivables 142 273
Deferred tax asset 320 204
51,989 28,148
Current assets
Inventories 3,624 2,698
Trade and other receivables 16,475 11,706
Cash and cash equivalents 5,100 3,626
25,199 18,030
Total assets 77,188 46,178
Current liabilities
Trade and other payables 23,270 18,071
Current tax liabilities 371 75
Obligations under finance leases 1,982 1,077
Borrowings 2,380 1,491
28,003 20,714
Non-current liabilities
Borrowings 33,406 16,117
Retirement benefit obligations 788 1,435
Long-term provisions 1,105 998
Obligations under finance leases 2,050 2,106
Derivative financial instruments 230 -
Interests in joint ventures 2,333 -
Deferred tax liability 2,563 -
42,475 20,656
Total liabilities 70,478 41,370
Net assets 6,710 4,808
Equity
Share capital 193 196
Share premium account 2,227 2,227
Investment in own shares (350) (339)
Capital redemption reserve 404 401
Hedging reserve (82) -
Revaluation reserve 896 -
Retained earnings 3,420 2,321
Equity attributable to equity holders of the parent 6,708 4,806
Minority interest in equity 2 2
Total equity 6,710 4,808
CONSOLIDATED CASH FLOW STATEMENT
Year ended 31 December 2007
2007 2006
�000 �000
Net cash from operating activities 5,911 6,882
Cash flows from investing activities
Interest received 522 328
Dividends received from associate and joint ventures 482 -
Proceeds on disposal of property, plant and equipment 60 38
Purchases of property, plant and equipment (10,375) (17,499)
Subordinated debt repaid by joint ventures 351 -
Subordinated debt invested in subsidiary on (661) -
acquisition
Proceeds from refinancing 1,664 -
Sale of own shares by employee benefit trust 90 15
Acquisition of subsidiary (net of cash acquired) (1,500) (89)
Cash acquired with minority interest - 2
Net cash used in investing activities (9,367) (17,205)
Cash flows from financing activities
Interest paid (1,409) (231)
Dividends paid (605) (494)
Acquisition of shares by employee benefit trust (128) (94)
Acquisition of treasury shares (326) (103)
Repayments of obligations under finance leases (1,718) (1,397)
Proceeds from new recourse bank loans 2,400 2,386
Proceeds from new non-recourse bank loans 7,362 12,616
Repayments of recourse bank loans (287) (90)
Repayments of non-recourse bank loans (359) -
Net cash from financing activities 4,930 12,593
Net increase in cash and cash equivalents 1,474 2,270
Cash and cash equivalents at beginning of the year 3,626 1,356
Cash and cash equivalents at end of the year 5,100 3,626
Comprising:
Cash 5,100 3,626
RECONCILIATION OF NET CASHFLOW MOVEMENT TO NET DEBT
Year ended 31 December 2007
2007 2006
�000 �000
Increase in cash in the year 1,474 2,270
Cash outflow from reduction in debt and lease 1,718 1,397
financing
Movement on bank loans (18,178) (14,904)
Finance leases acquired with subsidiary (629) (13)
Change in net debt resulting from cashflows (15,615) (11,250)
New finance leases (1,938) (1,998)
Increase in net debt (17,553) (13,248)
Net debt at 1 January (17,165) (3,917)
Net debt at 31 December (34,718) (17,165)
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
Year ended 31 December 2007
2007 2006
�000 �000
Actuarial gains on defined benefit pension schemes 492 2,081
Deferred tax relating to actuarial gains and losses on (166) (624)
defined benefit pension schemes
Losses on cash flow hedges (114) -
Deferred tax relating to losses on cash flow hedges 32 -
Net income recognised directly in equity 244 1,457
Profit for the year 1,677 1,665
Total recognised income for the year attributable to 1,921 3,122
equity shareholders
Notes
1. Results and Accounting Policies
While the financial information included in this preliminary announcement has
been computed in accordance with International Financial Reporting Standards
("IFRS"), this announcement does not itself contain sufficient information to
comply with IFRS. The Group expects to publish full financial statements which
comply with IFRS on or before 4 April 2008. The accounting policies used in
preparation of this preliminary announcement have remained unchanged from those
set out in the Group's 2006 annual report and financial statements and are
consistent with those in the full financial statements which have yet to be
published. The preliminary results for the year ended 31 December 2007 were
approved by the board of directors on 10 March 2008.
The financial information set out above does not constitute the Group's
statutory accounts for the year ended 31 December 2007 or 2006 as detailed in
section 240 of the Companies Act 1985, but is derived from those accounts.
Statutory accounts for 2006 under IFRS have been delivered to the Registrar of
Companies and those for the year ended 31 December 2007, under IFRS, will be
delivered to the Registrar of Companies following the Company's annual general
meeting. The auditors have reported on these accounts; their report was
unqualified and did not contain a statement under s237(2) or (3) of the
Companies Act 1985.
2. Business Segments
Revenue, profit before tax and net assets all arose in the United Kingdom.
An analysis of the Group's revenue is as follows:
2007 2006
Continuing operations �000 �000
Provision of services to local authorities - Grounds 44,772 38,526
management and parks
Horticultural revenue 3,740 3,552
Tree moving revenue 1,056 693
Golf course management, including retail sales 4,706 4,523
Provision of services to local authorities - Leisure 40,834 36,905
facility management
Private health and fitness club revenue 1,714 684
Provision of patient transport services 4,393 4,329
Nursing agency revenue 1,609 1,432
Project and bid management fees 2,282 1,702
Service charges made by PFI companies 4,843 1,250
Inter-segment revenue (4,141) (851)
105,808 92,745
2. Business Segments (Continued)
Non-
recourse
Glendale Leisure Healthcare PPM SPCs Other Consolidated
Year ended
31 December 2007 �000 �000 �000 �000 �000 �000 �000
External revenue 52,716 40,782 6,002 1,465 4,843 - 105,808
Inter-segment revenue 1,558 1,767 - 816 (4,141) - -
Revenue 54,274 42,549 6,002 2,281 702 - 105,808
Segment result 1,931 2,423 (600) 311 885 (524) 4,426
Share of results of
associate - - - - (16) - (16)
Share of results of
joint ventures - - - - (186) - (186)
Operating profit/(loss)
before exceptional
items, amortisation and
goodwill impairment 1,931 2,423 (600) 311 683 (524) 4,224
Amortisation and
goodwill impairment (35) - (64) - (139) - (238)
Exceptional item - - (660) - 302 - (358)
Operating profit/(loss) 1,896 2,423 (1,324) 311 846 (524) 3,628
Net finance costs and
other income (455) (123) (182) 97 (935) 469 (1,129)
Profit / (loss) before
tax 1,441 2,300 (1,506) 408 (89) (55) 2,499
Taxation (822)
Profit for the year 1,677
Non-
recourse
Year ended Glendale Leisure Healthcare PPM SPCs Other Consolidated
31 December 2006 �000 �000 �000 �000 �000 �000 �000
External revenue 47,294 37,463 5,760 978 1,250 - 92,745
Inter-segment revenue - 126 1 724 (851) - -
Revenue 47,294 37,589 5,761 1,702 399 - 92,745
Segment result 1,842 2,068 (457) 175 (341) (509) 2,778
Share of results of
associate - - - - 27 - 27
Share of results of
joint ventures - - - - (356) - (356)
Operating profit/(loss)
before
exceptional items,
amortisation and
goodwill impairment 1,842 2,068 (457) 175 (670) (509) 2,449
Amortisation and
goodwill impairment 23 - (226) - - - (203)
Operating profit/(loss) 1,865 2,068 (683) 175 (670) (509) 2,246
Net finance costs and
other income (295) 143 (120) 173 191 192 284
Profit / (loss) before
tax 1,570 2,211 (803) 348 (479) (317) 2,530
Taxation (865)
Profit for the year 1,665
Non-
recourse
Year ended Glendale Leisure Healthcare PPM SPCs Other Consolidated
31 December 2007 �000 �000 �000 �000 �000 �000 �000
Segment assets 29,240 15,555 657 9,041 36,037 (13,354) 77,176
Investment in joint
ventures - - - - 12 - 12
Total assets 29,240 15,555 657 9,041 36,049 (13,354) 77,188
Segment liabilities (24,637) (12,136) (1,495) (7,047) (37,687) 14,857 (68,145)
Share of liabilities in
joint ventures - - - - (2,333) - (2,333)
Total liabilities (24,637) (12,136) (1,495) (7,047) (40,020) 14,857 (70,478)
Net assets 4,603 3,419 (838) 1,994 (3,971) 1,503 6,710
Capital additions 2,757 2,185 64 16 7,380 193 12,595
Amortisation of
intangible assets 35 - - - 139 - 174
Impairment of goodwill - - 64 - - - 64
Depreciation 2,198 925 165 18 654 93 4,053
Non-
recourse
Year ended Glendale Leisure Healthcare PPM SPCs Other Consolidated
31 December 2006 �000 �000 �000 �000 �000 �000 �000
Segment assets 18,605 14,048 1,496 3,074 17,033 (8,384) 45,872
Investment in joint
ventures - - - - 58 - 58
Investment in associate - - - - 248 - 248
Total Assets 18,605 14,048 1,496 3,074 17,339 (8,384) 46,178
Segment liabilities (14,906) (11,491) (4,338) (2,801) (18,635) 10,801 (41,370)
Total liabilities (14,906) (11,491) (4,338) (2,801) (18,635) 10,801 (41,370)
Net assets 3,699 2,557 (2,842) 273 (1,296) 2,417 4,808
Capital additions 2,525 3,420 347 16 12,962 106 19,376
Amortisation of
intangible assets 47 - - - - - 47
Impairment of goodwill (70) - 226 - - - 156
Depreciation 1,788 682 108 14 - 57 2,649
3. Taxation
The effective tax rate for the year was reduced to 32.9% (2006: 34.2%). The
current year charge was higher than the basic UK rate due to impact of goodwill
impairment and intangible asset amortisation and expenses not allowable for
taxation.
4. Statement of changes in Equity
Investment Capital
Share in own redemption Hedging Revaluation Retained
premium shares reserve reserve reserve earnings Total
�000 �000 �000 �000 �000 �000 �000
Group
Balance at 1 January 2006 2,227 (154) 401 - - (313) 2,161
Actuarial gains on defined
benefit pension schemes
(net of tax) - - - - - 1,457 1,457
Profit for the year - - - - - 1,665 1,665
Total recognised income
for the year - - - - - 3,122 3,122
Purchase of treasury
shares - (103) - - - - (103)
Purchase of employee
benefit trust shares - (94) - - - - (94)
Shares disposed of on
exercise of options - 12 - - - - 12
Share based payments - - - - - 6 6
Dividends - - - - - (494) (494)
Balance at 31 December
2006 2,227 (339) 401 - - 2,321 4,610
Actuarial gains on defined
benefit pension schemes
(net of tax) - - - - - 326 326
Fair value losses on cash
flow hedges (net of tax) - - - (82) - - (82)
Profit for the year - - - - - 1,677 1,677
Total recognised income
for the year - - - (82) - 2,003 1,921
Cancellation of treasury
shares - 353 3 - - (353) 3
Purchase of treasury
shares - (326) - - - - (326)
Purchase of employee
benefit trust shares - (128) - - - - (128)
Shares disposed of on
exercise of options - 90 - - - - 90
Share based payments - - - - - 7 7
Tax related to share based
payments - - - - - 22 22
Fair value of assets held
in previously equity
accounted investment - - - - 921 - 921
Transfer to retained
earnings - - - - (25) 25 -
Dividends - - - - - (605) (605)
Balance at 31 December
2007 2,227 (350) 404 (82) 896 3,420 6,515
5. Dividend
The final dividend is payable on 16 May 2008 to shareholders on the register as
at 18 April 2008.
6. Earnings per share
Earnings per share for the year to 31 December 2007 have been calculated on the
profit attributable to ordinary shareholders of �1,677,000 (2006: �1,665,000)
using the weighted average number of shares in issue during the period.
7. Annual Report
The Annual Report will be posted to shareholders on or around 4 April 2008.
Copies will also be available from the company's website (
www.parkwood-holdings.co.uk) and from:
The Company Secretary, Parkwood Holdings Plc, Parkwood House, Cuerden Park,
Berkeley Drive, Bamber Bridge, Preston, PR5 6BY.
The results will not be advertised in any newspaper
ENDS
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