TIDMSOR
RNS Number : 3158U
Supporta PLC
23 June 2009
Supporta plc ("Supporta" or the "Group")
Preliminary results for the year ended 31 March 2009|
Supporta Plc, the domiciliary care and white collar outsourced services provider
to the public sector, announces its preliminary results for the year ended 31
March 2009.
- Revenue increased by 16% to GBP53.47m (2008: GBP46.23m)
- Operating profit* increased by 41% to GBP5.06m. (2008: GBP3.60m)
- Operating loss of GBP1.30m (2008: profit of GBP1.66m) driven
principally by impairment of Parys Snowdon Group goodwill.
- Normalised profit before tax* increased by 62% to GBP3.54m (2008:
GBP2.19m)
- Loss before tax of GBP2.83m (2008: profit GBP0.25m)
- Adjusted basic earnings per share* increased by 58% to 4.25p (2008:
2.69p)
- Basic loss per share of 15.70p (2008: loss 2.24p)
- Cash generated from operations increased by 79% to GBP3.39m (2008:
GBP1.90m)
- Supporta Architecture and Engineering disposed of on 24 March 2009
- Loss on discontinued business of GBP10.91m, including GBP9.54m loss
on disposal of Architecture and Engineering Business
- Supporta Care Organic revenue growth of 19%
- Supporta Care Operating profit* increased 18% to GBP4.67m (2008:
GBP3.96m)
- Supporta Care Operating Margin of 11.1%
- Excellent year for Supporta TerraQuest with 10.7% operating profit*
growth
- Cost cutting initiative delivered in excess of GBP1.0m of savings on
an annualised basis.
* before share based payment charge, impairment, amortisation and exceptional
items
| All numbers quoted, except loss for year, in financial highlights represent
continuing operations
Chairman, Clive Grace, commented: "The Board is proud of the progress made in
the Care, TerraQuest and Datacare operating businesses during the past twelve
months. The progress in delivering significant revenue and underlying profit
growth is a testament to the management of these businesses in what has been a
year of challenges posed by difficult economic conditions and considerable
uncertainty relating to the offers made for the acquisition of the Group.
As announced on 4 September 2008, the Board of Supporta had received an approach
which may or may not have led to an offer to acquire the issued and to be issued
share capital of the Company. Supporta entered exclusive discussions following
this approach with two parties ("Joint Offerors"). Despite significant resource
and management time being applied to the process, in the board's opinion the
prevailing funding environment has made it difficult to progress matters
expeditiously.
Under the terms of an exclusivity agreement, the Joint Offerors were required to
on a specified date, that they were prepared to proceed at an agreed price. No
such reconfirmation was received. As a consequence the Group is no longer in an
exclusivity period and has now terminated discussions with the Joint Offerors
and all other prospective offerors for the Group.As a result of this, the
Company is no longer in an offer period."
Copies of the annual report and accounts will be posted to shareholders in mid
July and are also available from the Group's head office at Bartleet House, 165a
Birmingham Road, Bromsgrove, B61 0DJ. The report and accounts will also be
available on the Group's website: www.supportaplc.com.
Enquiries:
Contacts:
Supporta plc
01527 556 573
Clive Grace, Chairman
John Jasper, Chief Executive
Darren Xiberras, Group Finance Director
Brewin Dolphin Investment Banking 0845
213 4852
Matt Davis / Sean Wyndham-Quin
CHAIRMAN'S STATEMENT
Introduction
I am pleased to present the Group's results for the year ended 31 March 2009.
The Board is proud of the progress made in the Care, TerraQuest and Datacare
operating businesses during the past twelve months. The progress in delivering
significant revenue and underlying profit growth is a testament to the
management of these businesses in what has been a year of challenges posed by
difficult economic conditions and considerable uncertainty relating to the
offers made for the acquisition of the Group.
Group Strategy
During 2008/9 the Board has taken important steps to focus the business and
realise its core strategy. We disposed of the architecture and engineering
businesses which were acting as a drain on management and Board effort and which
were not meeting our business plan expectations. We also reduced Supporta
Professional Services central overhead and PLC costs substantially and
maintained a tight focus on cost across the business, whilst strengthening sales
and marketing activity.
The Group is now poised to take advantage of this improved cost base and
organisational focus.
Corporate Activity
As announced on 4 September 2008, the Board of Supporta had received an approach
which may or may not have led to an offer to acquire the issued and to be issued
share capital of the Company. Supporta entered exclusive discussions following
this approach with two parties ("Joint Offerors"). Despite significant resource
and management time being applied to the process, in the board's opinion the
prevailing funding environment has made it difficult to progress matters
expeditiously.
Under the terms of an exclusivity agreement, the Joint Offerors were required to
reconfirm, on a specified date, that they were prepared to proceed at the agreed
price. No such reconfirmation was received. As a consequence the Group has now
terminated discussions with the Joint Offerors and all other prospective
offerors for the Group. As a result of this, the Company is no longer in an
offer period.
The Board believes that during the offer period significant progress has been
made in restructuring and strengthening the Group's operations. As described
elsewhere in this report, organic growth in Supporta Care in the year of 19% has
been achieved, all loss making Supporta business services operations have been
successfully disposed of and central costs have been reduced by GBP1.1m on an
annualised basis.
Performance in 2008/09
The reported results for operating profit from continuing businesses before
exceptional items and share based payment charge are in line with management
expectations for the year.
Trading Outlook
Trading for the year to date is in line with management's expectations and the
Directors believe that the Group is well positioned to deliver underlying
organic growth in the year. Supporta Care continues to perform very positively
and the Directors believe that it has excellent opportunities for growth.
Supporta TerraQuest's growth this year will be impacted by the need to invest in
the new five year contract for Disclosure Scotland for which we are currently
preferred supplier. We are confident that 2009/10 will be a year of positive
growth for the Group overall.
Core Values
Supporta now has an impressive list of customers, predominantly in the public
sector. We provide a range of critical services which enhance peoples' lives on
a daily basis. We acknowledge this responsibility and the accountability that
comes with it. We strive to put in place quality controls to ensure that every
customer's experience of Supporta is positive. The Board regularly receives
reports on customer satisfaction and customer feedback, reflecting the
importance which it attaches to meeting and exceeding their expectations.
To continue this success we need a highly professional, trained and motivated
workforce. We aim to reward staff competitively for the roles they undertake. We
also realise that for many of our staff their roles are vocations rather than
simply jobs. We aim to enrich their work life through training and development
which helps them meet their aspirations and also improves the quality of our
services. We monitor feedback from staff and seek ways in which their working
lives can be even more rewarding.
Our staff continue to show exceptional dedication to their roles and make a huge
contribution to the quality of life of many thousands of people, often some of
the most vulnerable in the United Kingdom. On this note I would like to thank on
behalf of the Board all Supporta staff who have helped deliver these exceptional
outcomes both for our customers and the Group.
Changes to the Board
On the 31 December 2008 Michael Curran, Chief Executive Officer of the Supporta
Professional Services Division left his role on the Board. We would like to take
this opportunity to thank Michael formally for his contribution to the
management of the company over the past five years. The Managing Directors of
the remaining TerraQuest and Datacare business units now report directly to John
Jasper, Group Chief Executive.
Clive Grace
Chairman
22 June 2009
CHIEF EXECUTIVE'S REPORT
Supporta's underlying business has overall continued to deliver a robust
performance during the last year notwithstanding the turbulent economic
conditions. A number of initiatives are helping us achieve these results:
* 5,300 hours of new Care contracts implemented.
* 7,000 hours of Care contracts renewed.
* 15,000 hours of contract extensions secured.
* Corporate costs significantly reduced
* Warwick offices closed
* Excellent results for Supporta TerraQuest
Supporta Care
Supporta Care has delivered an exceptional set of results showing an 18%
increase in operating profits* on organic turnover growth of 19%. Operating
margins* have increased to 11.1% in the full year from 10.7% in the first six
months when implementation costs of new contracts were incurred.
The business has focused on implementing the new contracts we have recently won
and ensuring renewals of existing contracts. During the year the Care division
has won (w), renewed (r) or extended (e) the following contracts:
+--------------------------------------------+---------------------+--------------+
| Client | Type of Contract | Duration |
| | | years |
+--------------------------------------------+---------------------+--------------+
| | | |
+--------------------------------------------+---------------------+--------------+
| Hertfordshire (w) | Block | 7 |
+--------------------------------------------+---------------------+--------------+
| Cheshire Extra Care Scheme (w) | Block | 5 |
+--------------------------------------------+---------------------+--------------+
| Norfolk CC (w/r) | Block | 5 |
+--------------------------------------------+---------------------+--------------+
| LB Richmond (w/r) | Framework & Block | 4 |
+--------------------------------------------+---------------------+--------------+
| Brighton and Hove (r) | Spot | 3 |
+--------------------------------------------+---------------------+--------------+
| Brighton and Hove Extra Care Scheme (w) | Block | 3 |
+--------------------------------------------+---------------------+--------------+
| Bristol Extracare scheme (w) | Block | 3 |
+--------------------------------------------+---------------------+--------------+
| Dudley MBC (r) | Spot | 3 |
+--------------------------------------------+---------------------+--------------+
| Hammersmith & Fulham emergency support | Spot | 3 |
| service (w) | | |
+--------------------------------------------+---------------------+--------------+
| Hounslow (r) | Cost and Volume | 3 |
+--------------------------------------------+---------------------+--------------+
| Nottinghamshire extra care Scheme (w) | Block | 3 |
+--------------------------------------------+---------------------+--------------+
| Rutland (w) | Cost & Volume | 3 |
+--------------------------------------------+---------------------+--------------+
| Stockton-upon-tees (w) | Block | 3 |
+--------------------------------------------+---------------------+--------------+
| Surrey (w) | Spot | 3 |
+--------------------------------------------+---------------------+--------------+
| Sutton (r) | Cost and volume | 3 |
+--------------------------------------------+---------------------+--------------+
| Nottinghamshire (w) | Framework | 2 |
+--------------------------------------------+---------------------+--------------+
| Lambeth PCT (e) | Spot | 1 |
+--------------------------------------------+---------------------+--------------+
| Oxfordshire (e) | Block | 1 |
+--------------------------------------------+---------------------+--------------+
| Sunderland (e) | Spot | 1 |
+--------------------------------------------+---------------------+--------------+
| Hammersmith & Fulham (e) | Block | 6 months |
+--------------------------------------------+---------------------+--------------+
| Peterborough (e) | Block | 6 months |
+--------------------------------------------+---------------------+--------------+
| Islington (e) | Block | 1 month |
+--------------------------------------------+---------------------+--------------+
| Hackney (r) | Spot | open-ended |
+--------------------------------------------+---------------------+--------------+
| Hounslow Supporting People service (w) | Framework | open-ended |
+--------------------------------------------+---------------------+--------------+
The Order book for Supporta Care stands at GBP85.7m at the start of the year an
increase of 12.3% over the position at 30 September 2008.
Supporta Professional Services
Supporta TerraQuest has had an excellent year with operating profits* increasing
by 10.7% on the same period last year despite the more difficult economic
climate. The order book for Supporta TerraQuest improved by 22.3% to stand at
GBP6.97m (2008: GBP5.70m) currently and it is a focus for the business over the
coming year to improve its order book substantially. During the year the
business secured the following contracts:
+--------------------------+--------------------------+--------------------------+
| Customer | Duration | Services |
+--------------------------+--------------------------+--------------------------+
| Account NI (through BT) | 3 month rolling contract | Accounts payable |
| | | processing |
+--------------------------+--------------------------+--------------------------+
| Transport for London | 5 year framework | Property, Graphical |
| | agreement | Information Systems and |
| | | Land referencing |
+--------------------------+--------------------------+--------------------------+
| Crossrail | 5 year contract | Land referencing |
| | | services |
+--------------------------+--------------------------+--------------------------+
| Taylor Wimpey | 5 year contract | Strategic and Residual |
| | | Land Solution |
+--------------------------+--------------------------+--------------------------+
| Birmingham City Council | 5 year contract | Property Services |
| | | Process Review |
+--------------------------+--------------------------+--------------------------+
Additionally Supporta TerraQuest has been selected as preferred supplier by BT
for a five year contract to provide a managed registration and printing solution
for Disclosure Scotland.
Supporta's records management business, Datacare, has enhanced its capability
with the opening of a new storage facility at its Upper Heyford Site. The
business achieved gross margins during the year of 63%, however the additional
fixed cost of the new facility which is not yet at full capacity along with
investment in sales and marketing costs has depressed the profit contribution
from this business. During the year the business retained 98% of its client
base. The business's strong presence in the NHS, pharmaceutical and legal
sectors gives a good base from which to grow. During the year the business
secured renewals of contracts with the Oxford Radcliffe Hospitals NHS Trust for
controlled destruction of files and won a contract with London Borough of Merton
Social Services - for scanning and archiving of security controlled files.
Supporta Healthcare agreed a mutual termination of its contract with the Oxford
Radcliffe Hospitals NHS Trust in May 2008 for a fee of GBP0.2m equivalent to one
year's profits.The business continues to service NHS clients' legacy systems
though it is expected that this work will reduce over time as legacy systems are
closed down. As a result of this we have impaired the value of the goodwill on
the balance sheet by GBP3.65m.The combined order book for records management and
healthcare stands at GBP2.9m which is an 81% increase over the position at
31 March 2008.
The 2008/09 revenue and operating profit before share based payment charge,
impairment, amortisation and exceptional items for each of these continuing
units is set out in the following table:
+--------------+-----------+-----------+-----------+-----------+
| | 2009 | 2008 |
+--------------+-----------------------+-----------------------+
| | Revenue |Operating | Revenue |Operating |
| | | Profit* | | Profit* |
+--------------+-----------+-----------+-----------+-----------+
| Supporta | 8,727 | 2,686 | 8,398 | 2,426 |
| TerraQuest | | | | |
+--------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------+-----------+-----------+-----------+-----------+
| Supporta | | | | |
| Datacare | | | | |
+--------------+-----------+-----------+-----------+-----------+
| Records | 2,168 | 187 | 2,169 | 586 |
| Management | | | | |
+--------------+-----------+-----------+-----------+-----------+
| Healthcare | 864 | 258 | 1,813 | 380 |
+--------------+-----------+-----------+-----------+-----------+
| | 3,032 | 445 | 3,982 | 966 |
+--------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------+-----------+-----------+-----------+-----------+
| Overheads | - | (1,718) | - | (1,799) |
+--------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------+-----------+-----------+-----------+-----------+
| Supporta | 11,759 | 1,413 | 12,380 | 1,593 |
| Professional | | | | |
| Services | | | | |
+--------------+-----------+-----------+-----------+-----------+
* before share based payment charge, impairment, amortisation and exceptional
items
From 1 April 2009 the brand of Supporta Professional Services was
discontinued. Supporta TerraQuest will trade under its own brand and the
activities of the records management and healthcare businesses will be combined
under the Supporta Datacare brand. The overheads of Supporta Professional
Services will be transferred into the businesses and further savings are
expected to be generated in the 2009/10 financial year.
Corporate Development
We decided to close the Corporate headquarters office at the end of August 2008.
The lease for the building was surrendered in December 2008. The annual
running costs of the building were GBP350k with the first break not due until
February 2015. The unavoidable costs relating to the premises going forward
amounted GBP1.69m with additional staffing costs over the period to the lease
break amounting to GBP0.59m. The exceptional charge for the year represented a
GBP0.35m lease surrender premium to the landlord, GBP0.03m professional fees
relating to the lease surrender, GBP0.10m of building running costs from the
date the building was vacated to the surrender of the lease, GBP0.22m write down
of fixed assets and GBP0.14m provision for operating leases and other contracts
associated with the building.
On 24 March 2009 the Group disposed of the Architecture and Engineering
businesses. The cashflow profile, risk and cyclical nature of these businesses
had led us to conclude that they were not core to the strategic direction of the
Group going forward. We wish the staff in those businesses well in the future
and thank them for their efforts whilst part of the Supporta Group.
John Jasper
Group Chief Executive
22 June 2009
FINANCE DIRECTOR'S REPORT
The Group's overall results from continuing operations for the year ended
31 March 2009 and percentage change from year ended 31 March 2008 show:
Revenue GBP53.47m +16%
Operating Loss (GBP1.30m)
Loss Before Tax From Continuing operations (GBP2.83m)
Cash Generated From Operations GBP3.39m +79%
Loss Per Share from continuing operations(2.95p)
Revenue
In 2009 Group revenue from continuing operations increased by 16% to GBP53.47m
(2008: GBP46.23m). Growth has been generated both from the full year effect of
the Hallam Healthcare (East Midlands) Limited acquisition and from underlying
organic revenue growth of 13%.
The disposal of Supporta's Architecture and Engineering business completed on 24
March 2009 and consequently the results presented here do not include any
contribution from those businesses.
Operating profit
The Group's operating profit before share based payment charge, impairment,
amortisation and exceptional items from continuing operations increased by 41%
to GBP5.06m (2008: GBP3.60m).
An impairment charge of GBP3.65m was recognised in relation to the Parys Snowdon
Group goodwill. This impairment charge reflects management's perception of the
ongoing cashflow attributable to the Healthcare business following the mutually
agreed early termination of its Oxford Radcliffe Hospitals NHS Trust contract
for a fee of GBP0.2m in May 2008. Amortisation charges of GBP0.99m were
incurred in relation to software and customer related intangible assets.
As a result of the decision to close the Warwick head office premises we
incurred a charge of GBP0.84m as an exceptional item in the year. The remainder
of the amount charged as exceptional relates principally to costs incurred
resulting from the offers received by the Group (GBP0.14m), costs relating to
abortive disposals (GBP0.08m) and redundancies principally in Supporta
Professional Services (GBP0.49m).
Taxation
Corporation tax credit of GBP0.30m (2008: GBP0.27m charge) has been recognised,
which is equivalent to an effective tax rate of 10.6% (2008: 108%). This credit
is impacted by a number of disallowable items including share based payment
charge, amortisation and timing differences.
Earnings per share
Adjusted earnings per share* increased by 58% to 4.25p (2008: 2.69p).
The reported loss after taxation for the year from continuing operations was
GBP2.53m (2008: loss of GBP0.02m) which equates to a loss per share for the year
of 2.95p (2008: loss of 0.03p). Losses on discontinued operations amounted to
GBP10.91m which includes a GBP9.54m loss on the disposal of the architecture and
engineering businesses.
Cash flow
Net cash inflow for the Group in the year was GBP0.12m compared to an outflow in
2008 of GBP1.78m.Cash inflow from operating activities increased by 79% to
GBP3.39m in the year (2008: GBP1.90m inflow). This was driven by improved
underlying profitability in the year and better cash collection. Financing
activities raised GBP1.54m in the year (2008: GBP4.01m), of which GBP2.13m came
from the drawdown of banking facilities offset by loan repayments of GBP1.70m.
GBP1.11m of shares were issued as part of the final instalment of deferred
consideration due to the previous owners of TerraQuest. The net cash outflow
from investing activities was GBP2.89m (2008: GBP5.42m).
*before share based payment charge, impairment, amortisation and exceptional
items
Treasury management and financial instruments
Financial instruments include all assets and liabilities of a financial nature
such as cash, loans, finance leases, overdrafts and long term liabilities. All
such instruments play an important part in the operations of the Group to enable
it to operate smoothly and effectively and to pay its obligations as they fall
due. They also enable the Group to fulfill its investment strategy including
making appropriate acquisitions. The Group's objectives are twofold: to use
financial instruments to minimise the cost of capital at an acceptably low
financial risk; and to maximise flexibility to take advantage of investment and
acquisition opportunities as they arise.
The Group is primarily a UK provider of outsourced services to the public sector
and does not have significant foreign exchange risks.
At the end of the year the Group had net borrowings of GBP17.70m.
The Group's policy is, and has been throughout the year, that no trading in
financial instruments is undertaken.
The volatility in 3 month LIBOR was a determining factor in the Group entering
into a hedging arrangement in May 2008 to fix the remainder of the Group's
current term debt at a fixed rate of 5.445% for four years. The Group's current
margin applicable over and above the fixed rate is 2.5% reducing as the ratio of
net debt to earnings before interest, tax and amortisation falls.
Retirement Benefit Obligations
The liability recorded in relation to retirement benefit obligations has
improved over the accounting period to GBP2.72m (2008: GBP3.18m) largely as a
result of favourable changes in market conditions (a higher discount rate and
lower rate of price inflation leading to lower pension liabilities) and due to
the contributions paid to the defined benefit scheme by the Group in accordance
with the Recovery Plan dated 2 December 2008. This has been partially offset by
poor investment returns achieved by the defined benefit scheme over the year.
The current service cost has fallen mainly reflecting the reduced active
membership in the defined benefit scheme, however, a larger interest cost and
lower expected return on scheme assets item has resulted in the total profit and
loss charge remaining fairly stable from the previous year.
Going concern
The group meets its day to day working capital requirements through a working
capital facility that is due for renewal on 31 December 2011.
Due to the nature of the Group's operations a high proportion of Group revenues
are derived from the UK public sector under long term contracts. This gives the
Group a high visibility over future income streams and limited exposure to bad
debt risk.
However the current economic conditions create uncertainty particularly over (a)
the level of demand for the group's services as public sector finances are
likely to become more constrained; (b) the ability of customers to pay their
debts within normal payment terms; and (c) the availability of bank finance in
the foreseeable future.
Going concern (continued)
The group's forecasts and projections, taking account of reasonably possible
changes in trading performance, show that the group should be able to operate
within the level of its current facility. The group will open renewal
negotiations with the bank in due course and has at this stage not sought any
written commitment that the facility will be renewed. However, the group has
held discussion with its bankers about its future borrowing needs and no matters
have been drawn to its attention to suggest that renewal may not be forthcoming
on acceptable terms.
After making enquiries, the directors have a reasonable expectation that the
company and the group have adequate resources to continue in operational
existence for the foreseeable future. Accordingly, they continue to adopt the
going concern basis in preparing the annual report and financial statements.
Risks
Supporta has identified the three most significant operational risks faced by
the business - and measures to counterbalance them - as follows:
* Staff recruitment and retention - our business needs access to appropriately
skilled employees to enable us to grow in a sustainable fashion. We have
implemented our Employer of Choice initiative to mitigate this risk. We have
also recently been re-awarded Investors In People status for our Care business
for a further three years. In addition to progress already made on training and
development, we will continue to review our remuneration and employment policies
to ensure we can maintain good staff retention within our businesses.
* Quality failure - the business provides life critical services to many thousands
of people in the UK, in often complex and challenging situations. Within our
businesses, as part of our Supplier of Choice initiative we have implemented
best practice procedures and manuals, health and safety working practices,
customer service initiatives and relationship management procedures. These are
regularly reinforced through staff training and development. We have made
further significant investments in our Care operational IT systems to further
strengthen our commitment to quality. The operational management team meets
regularly to review operational quality issues and items of a significant nature
are reported to the Board on a regular basis.
* Exposure to UK property sector - a large part of TerraQuest's revenue is derived
from the UK property sector. Approximately 20% of TerraQuest's revenues are
derived from the private sector property industry. Additionally the contract for
servicing Land Registers of Northern Ireland is largely dependent upon property
transactions in Northern Ireland. Alongside this private sector exposure we also
run a significant element of work on behalf of the public sector and we aim to
shift resources into this sector as economic activity in the private sector
slows. However we will continue to monitor the resourcing levels of the business
and flex them appropriately.
Darren Xiberras
Group Finance Director
22 June 2009
CONSOLIDATED INCOME STATEMENT
For the year ended 31 March 2009
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | Notes | | 2009 | | 2008 | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | GBP' | | GBP' | |
| | | | 000 | | 000 | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| CONTINUING OPERATIONS | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| Revenue | | | 53,469 | | 46,233 | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| Cost of sales | | | (38,760) | | (33,882) | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| GROSS PROFIT | | | 14,709 | | 12,351 | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| Administrative expenses before share based | | | | | | |
| payment | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| charge, impairment, amortisation and | | | (9,645) | | (8,755) | |
| exceptional items | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| OPERATING PROFIT BEFORE SHARE BASED | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| PAYMENT CHARGE, IMPAIRMENT, AMORTISATION | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| AND EXCEPTIONAL ITEMS | | | 5,064 | | 3,596 | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| Share based payment charge, impairment, | 4 | | (6,364) | | (1,936) | |
| amortisation and exceptional items | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| OPERATING (LOSS)/PROFIT | 3 | | (1,300) | | 1,660 | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| Finance income | 5 | | 428 | | 471 | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| Finance costs | 5 | | (1,953) | | (1,880) | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| (LOSS)/PROFIT BEFORE TAXATION | | | (2,825) | | 251 | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| Taxation | 7 | | 300 | | (272) | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| LOSS FOR THE YEAR FROM | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| CONTINUING OPERATIONS | | | (2,525) | | (21) | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| DISCONTINUED OPERATIONS | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| Loss for the year from discontinued | 8 | | (10,910) | | (1,571) | |
| operations | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| LOSS FOR THE YEAR ATTRITUBATLE TO | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| THE EQUITY HOLDERS OF THE PARENT | | | (13,435) | | (1,592) | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| LOSS PER SHARE | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| From continuing and discontinued operations | 9 | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| -basic | | | (15.70) | p | (2.24) | p |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| -diluted | | | (15.70) | p | (2.24) | p |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| From continuing operations | 9 | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| -basic | | | (2.95) | p | (0.03) | p |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| -diluted | | | (2.95) | p | (0.03) | p |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| | | | | | | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
| The accompanying accounting policies and notes form an integral part of these | |
| financial statements. | |
+---------------------------------------------+--------+--+----------+---+----------+--------+
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
For the year ended
31 March 2009
+--------------------------------------------+--------+--+----------+--+---------+
| | | | 2009 | | 2008 |
+--------------------------------------------+--------+--+----------+--+---------+
| | | | GBP' | | GBP' |
| | | | 000 | | 000 |
+--------------------------------------------+--------+--+----------+--+---------+
| | | | | | |
+--------------------------------------------+--------+--+----------+--+---------+
| LOSS FOR THE YEAR | | | (13,435) | | (1,592) |
+--------------------------------------------+--------+--+----------+--+---------+
| | | | | | |
+--------------------------------------------+--------+--+----------+--+---------+
| Actuarial gain on defined benefit scheme | | | 510 | | 487 |
+--------------------------------------------+--------+--+----------+--+---------+
| | | | | | |
+--------------------------------------------+--------+--+----------+--+---------+
| Deferred tax on actuarial loss | | | (143) | | (143) |
+--------------------------------------------+--------+--+----------+--+---------+
| | | | | | |
+--------------------------------------------+--------+--+----------+--+---------+
| Fair Value losses on cash flow hedges | | | (1,128) | | (87) |
+--------------------------------------------+--------+--+----------+--+---------+
| | | | | | |
+--------------------------------------------+--------+--+----------+--+---------+
| Recognised deferred tax on hedge | | | 316 | | - |
+--------------------------------------------+--------+--+----------+--+---------+
| | | | | | |
+--------------------------------------------+--------+--+----------+--+---------+
| TOTAL RECOGNISED INCOME AND EXPENSE FOR | | | | | |
+--------------------------------------------+--------+--+----------+--+---------+
| THE YEAR | | | (13,880) | | (1,335) |
+--------------------------------------------+--------+--+----------+--+---------+
| | | | | | |
+--------------------------------------------+--------+--+----------+--+---------+
| | | | | | |
+--------------------------------------------+--------+--+----------+--+---------+
| ATTRIBUTABLE TO THE EQUITY HOLDERS OF | | | | | |
+--------------------------------------------+--------+--+----------+--+---------+
| THE PARENT | | | (13,880) | | (1,335) |
+--------------------------------------------+--------+--+----------+--+---------+
| | | | | | |
+--------------------------------------------+--------+--+----------+--+---------+
The accompanying accounting policies and notes form an integral part of these
financial statements.
CONSOLIDATED BALANCE SHEET
As at 31 March 2009
+-------------+--------+--------+----------+--------+----------+
| | Notes | | 2009 | | 2008 |
+-------------+--------+--------+----------+--------+----------+
| | | | GBP' | | GBP' |
| | | | 000 | | 000 |
+-------------+--------+--------+----------+--------+----------+
| NON-CURRENT | | | | | |
| ASSETS | | | | | |
+-------------+--------+--------+----------+--------+----------+
| Goodwill | | | 31,992 | | 43,852 |
+-------------+--------+--------+----------+--------+----------+
| Other | | | 2,685 | | 3,071 |
| intangible | | | | | |
| assets | | | | | |
+-------------+--------+--------+----------+--------+----------+
| Property, | | | 857 | | 975 |
| plant and | | | | | |
| equipment | | | | | |
+-------------+--------+--------+----------+--------+----------+
| Deferred | | | 1,147 | | 891 |
| tax | | | | | |
| asset | | | | | |
+-------------+--------+--------+----------+--------+----------+
| Derivative | | | - | | 22 |
| financial | | | | | |
| instruments | | | | | |
+-------------+--------+--------+----------+--------+----------+
| | | | 36,681 | | 48,811 |
+-------------+--------+--------+----------+--------+----------+
| CURRENT | | | | | |
| ASSETS | | | | | |
+-------------+--------+--------+----------+--------+----------+
| Trade | | | 9,269 | | 12,956 |
| and | | | | | |
| other | | | | | |
| receivables | | | | | |
+-------------+--------+--------+----------+--------+----------+
| Cash | | | 170 | | 52 |
| and | | | | | |
| cash | | | | | |
| equivalents | | | | | |
+-------------+--------+--------+----------+--------+----------+
| | | | 9,439 | | 13,008 |
+-------------+--------+--------+----------+--------+----------+
| | | | | | |
+-------------+--------+--------+----------+--------+----------+
| Non-current | 8 | | - | | 185 |
| assets | | | | | |
| classified | | | | | |
| as held for | | | | | |
| sale | | | | | |
+-------------+--------+--------+----------+--------+----------+
| TOTAL | | | 46,120 | | 62,004 |
| ASSETS | | | | | |
+-------------+--------+--------+----------+--------+----------+
| | | | | | |
+-------------+--------+--------+----------+--------+----------+
| | | | | | |
+-------------+--------+--------+----------+--------+----------+
| CURRENT | | | | | |
| LIABILITIES | | | | | |
+-------------+--------+--------+----------+--------+----------+
| Financial | | | (1,810) | | (7,795) |
| liabilities | | | | | |
+-------------+--------+--------+----------+--------+----------+
| Trade | | | (6,962) | | (8,012) |
| and | | | | | |
| other | | | | | |
| payables | | | | | |
+-------------+--------+--------+----------+--------+----------+
| Current | | | (222) | | (696) |
| tax | | | | | |
| liabilities | | | | | |
+-------------+--------+--------+----------+--------+----------+
| Provisions | | | (386) | | (150) |
+-------------+--------+--------+----------+--------+----------+
| Derivative | | | (402) | | - |
| financial | | | | | |
| instruments | | | | | |
+-------------+--------+--------+----------+--------+----------+
| | | | | | |
+-------------+--------+--------+----------+--------+----------+
| | | | (9,782) | | (16,653) |
+-------------+--------+--------+----------+--------+----------+
| | | | | | |
+-------------+--------+--------+----------+--------+----------+
| NON-CURRENT | | | | | |
| LIABILITIES | | | | | |
+-------------+--------+--------+----------+--------+----------+
| Financial | | | (16,064) | | (12,280) |
| liabilities | | | | | |
+-------------+--------+--------+----------+--------+----------+
| Provisions | | | (53) | | (172) |
+-------------+--------+--------+----------+--------+----------+
| Deferred | | | (485) | | (817) |
| tax | | | | | |
| liabilities | | | | | |
+-------------+--------+--------+----------+--------+----------+
| Retirement | | | (2,721) | | (3,181) |
| benefit | | | | | |
| obligations | | | | | |
+-------------+--------+--------+----------+--------+----------+
| Derivative | | | (704) | | - |
| financial | | | | | |
| instruments | | | | | |
+-------------+--------+--------+----------+--------+----------+
| | | | (20,027) | | (16,450) |
+-------------+--------+--------+----------+--------+----------+
| | | | | | |
+-------------+--------+--------+----------+--------+----------+
| TOTAL | | | (29,809) | | (33,103) |
| LIABILITIES | | | | | |
+-------------+--------+--------+----------+--------+----------+
| | | | | | |
+-------------+--------+--------+----------+--------+----------+
| NET | | | 16,311 | | 28,901 |
| ASSETS | | | | | |
+-------------+--------+--------+----------+--------+----------+
| | | | | | |
+-------------+--------+--------+----------+--------+----------+
| EQUITY | | | | | |
+-------------+--------+--------+----------+--------+----------+
| Share | | | 4,323 | | 4,077 |
| capital | | | | | |
+-------------+--------+--------+----------+--------+----------+
| Share | | | 35,739 | | 34,873 |
| premium | | | | | |
+-------------+--------+--------+----------+--------+----------+
| Share | | | 815 | | 637 |
| based | | | | | |
| payment | | | | | |
| reserve | | | | | |
+-------------+--------+--------+----------+--------+----------+
| Retained | | | (23,460) | | (10,708) |
| losses | | | | | |
+-------------+--------+--------+----------+--------+----------+
| Hedging | | | (1,106) | | 22 |
| reserve | | | | | |
+-------------+--------+--------+----------+--------+----------+
| | | | 16,311 | | 28,901 |
+-------------+--------+--------+----------+--------+----------+
| | | | | | |
+-------------+--------+--------+----------+--------+----------+
The financial statements were approved by the Board of directors on 22 June 2009
J Jasper D Xiberras
Director Director
The accompanying accounting policies and notes form an integral part of these
financial statements.
CONSOLIDATED CASHFLOW STATEMENT
For the year ended 31 March 2009
+--------------------------+--------+--------+----------+--------+---------+
| | Notes | | 2009 | | 2008 |
+--------------------------+--------+--------+----------+--------+---------+
| | | | GBP' | | GBP' |
| | | | 000 | | 000 |
+--------------------------+--------+--------+----------+--------+---------+
| CASH | | | | | |
| FLOWS | | | | | |
| FROM | | | | | |
| OPERATING | | | | | |
| ACTIVITIES | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| Cash | 15 | | 3,388 | | 1,898 |
| generated | | | | | |
| from | | | | | |
| operations | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| Finance | | | 74 | | 75 |
| income | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| Finance | | | (1,414) | | (1,383) |
| costs | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| Payment | | | (898) | | (952) |
| of | | | | | |
| income | | | | | |
| taxes | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| Receipt | | | 324 | | - |
| of | | | | | |
| income | | | | | |
| taxes | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| NET | | | | | |
| CASH IN/(OUT) | | | | | |
| FLOWS FROM | | | | | |
| OPERATING | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| ACTIVITIES | | | 1,474 | | (362) |
+--------------------------+--------+--------+----------+--------+---------+
| | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| CASH | | | | | |
| FLOWS | | | | | |
| FROM | | | | | |
| INVESTING | | | | | |
| ACTIVITIES | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| Acquisition | | | (84) | | (3,683) |
| of | | | | | |
| subsidiary | | | | | |
| net of cash | | | | | |
| acquired | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| Purchase | | | | | |
| of | | | | | |
| property, | | | | | |
| plant and | | | | | |
| equipment | | | | | |
| and | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| intangibles | | | (1,236) | | (887) |
+--------------------------+--------+--------+----------+--------+---------+
| Proceeds | | | - | | 97 |
| from | | | | | |
| sale of | | | | | |
| property, | | | | | |
| plant and | | | | | |
| equipment | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| Proceeds | | | 185 | | 3,515 |
| from | | | | | |
| sale of | | | | | |
| subsidiary | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| Payments | | | (1,756) | | (4,462) |
| in | | | | | |
| respect | | | | | |
| of | | | | | |
| previous | | | | | |
| acquisitions | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| NET | | | | | |
| CASH | | | | | |
| FLOWS | | | | | |
| FROM | | | | | |
| INVESTING | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| ACTIVITIES | | | (2,891) | | (5,420) |
+--------------------------+--------+--------+----------+--------+---------+
| | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| CASH | | | | | |
| FLOWS | | | | | |
| FROM | | | | | |
| FINANCING | | | | | |
| ACTIVITIES | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| Proceeds | | | 1,112 | | 5,260 |
| from | | | | | |
| issue of | | | | | |
| share | | | | | |
| capital | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| Proceeds/(repayments) of | | | 2,226 | | (335) |
| long-term borrowings | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| (Decrease)/Increase | | | (1,999) | | 4 |
| in working capital | | | | | |
| facility | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| Receipt | | | 196 | | (35) |
| /(Payment) | | | | | |
| of finance | | | | | |
| lease | | | | | |
| liabilities | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| Reduction | | | - | | (888) |
| in loan | | | | | |
| note | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| NET | | | | | |
| CASH | | | | | |
| FLOWS | | | | | |
| FROM | | | | | |
| FINANCING | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| ACTIVITIES | | | 1,535 | | 4,006 |
+--------------------------+--------+--------+----------+--------+---------+
| | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| NET | | | | | |
| INCREASE/(DECREASE) | | | | | |
| IN CASH AND CASH | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| EQUIVALENTS | | | 118 | | (1,776) |
+--------------------------+--------+--------+----------+--------+---------+
| | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| CASH | | | | | |
| AND | | | | | |
| CASH | | | | | |
| EQUIVALENTS | | | | | |
| AT | | | | | |
| BEGINNING | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| OF | | | 52 | | 1,828 |
| YEAR | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| CASH | | | | | |
| AND | | | | | |
| CASH | | | | | |
| EQUIVALENTS | | | | | |
| AT END OF | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
| YEAR | | | 170 | | 52 |
+--------------------------+--------+--------+----------+--------+---------+
| | | | | | |
+--------------------------+--------+--------+----------+--------+---------+
The accompanying accounting policies and notes form an integral part of these
financial statements.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 March 2009
1 BASIS OF PREPARATION
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985.
The consolidated balance sheet at 31 March 2008 and the consolidated income
statement, consolidated statement of changes in equity, consolidated balance
sheet, consolidated cash flow statement and associated notes for the year then
ended have been extracted from the Group's 2008 statutory financial statements
upon which the auditor's opinion is unqualified and does not include any
statement under section 237 of the Companies Act 1985.
Those financial statements have not yet been delivered to the Registrar of
Companies.
2 SEGMENTAL INFORMATION
Business segments
For management purposes the Group is currently organised into two operating
divisions - Supporta Care and Supporta Professional Services - and Corporate.
These divisions are the basis on which the Group reports its primary segment
information.
Principal activities are as follows:
Supporta Care: provision of home care services.
Supporta Professional Services: provision of planning, project management, land
management, business process outsourcing, system support, managed services,
consultancy, data archiving and scanning services.
Corporate: provision of central management services to the Group.
In prior years the Group was also involved in the provision of:
* Architectural and Engineering services to the private and public sectors - these
operations were discontinued from 24 March 2009.
* Payroll services to NHS organisations. That operation was discontinued from 4
May 2007.
2 SEGMENTAL INFORMATION (continued)
+------------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Year ended 31 | | Continuing Operations | | Discontinued Operations | | | | |
+---------------------+--------+-------------------------------------------------------+--------+----------------------------------+--------+--------------+--------+--------------+
| March 2009 | | GBP' 000 | | GBP' 000 | | | | |
+---------------------+--------+-------------------------------------------------------+--------+----------------------------------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+------------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | Supporta | | Supporta | | | | Architecture | | Payroll | | Eliminations | | Consolidated |
+------------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | Care | | Professional | | Corporate | | & | | Division | | GBP' | | GBP' |
| | | | | | Services | | | | Engineering | | | | 000 | | 000 |
+------------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| REVENUE | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| External sales | | 41,949 | | 11,520 | | - | | 3,167 | | - | | - | | 56,636 |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Inter-segment | | - | | 239 | | - | | 71 | | - | | (310) | | - |
| sales | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+------------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Total revenue | | 41,949 | | 11,759 | | - | | 3,238 | | - | | (310) | | 56,636 |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Operating | | | | | | | | | | | | | | |
| profit/(loss) | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| before share | | | | | | | | | | | | | | |
| based | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| payment charge, | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| impairment, | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| amortisation | | | | | | | | | | | | | | |
| and | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| exceptional | | 4,670 | | 1,413 | | (1,019) | | (621) | | - | | - | | 4,443 |
| items | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+------------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Operating | | 4,076 | | (3,191) | | (2,185) | | (1,366) | | - | | - | | (2,666) |
| (loss)/profit | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Net finance | | (2) | | (182) | | (1,341) | | - | | - | | - | | (1,525) |
| costs | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+------------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| (Loss)/profit | | 4,074 | | (3,373) | | (3,526) | | (1,366) | | - | | - | | (4,191) |
| before tax | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+------------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+------------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Corporation tax | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Expense | | - | | 300 | | - | | - | | - | | - | | 300 |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Loss on | | | | | | | | | | | | | | |
| disposal of | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Discontinued | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Operations | | - | | - | | - | | (9,544) | | - | | - | | (9,544) |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+------------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| (Loss)/profit after | | | | | | | | | | | | | | |
| tax on | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Discontinued | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Operations | | 4,074 | | (3,073) | | (3,526) | | (10,910) | | - | | - | | (13,435) |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+------------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| OTHER | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| INFORMATION | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+------------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Capital | | 452 | | 865 | | 3 | | 10 | | - | | - | | 1,330 |
| additions* | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Depreciation | | | | | | | | | | | | | | |
| and | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Amortisation | | 401 | | 813 | | 46 | | 72 | | - | | - | | 1,332 |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Impairment | | | | | | | | | | | | | | |
| losses | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| recognised in | | - | | 3,652 | | - | | - | | - | | - | | 3,652 |
| income | | | | | | | | | | | | | | |
+---------------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+------------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+------------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Inter segment sales are charged at prevailing market rates. | | | | | | | | |
+--------------------------------------------------------------------------------------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| * | Capital additions comprise additions to property, plant and equipment and intangible assets | | | | |
+------------+---------------------------------------------------------------------------------------------------------------------+--------+--------------+--------+--------------+
| | including additions resulting from acquisitions through business combinations. | | | | | | |
+------------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
2 SEGMENTAL INFORMATION (CONTINUED)
+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Year ended 31 | | Continuing Operations | | Discontinued Operations | | | | |
+-----------------+--------+-------------------------------------------------------+--------+----------------------------------+--------+--------------+--------+--------------+
| March 2008 | | GBP' 000 | | GBP' 000 | | | | |
+-----------------+--------+-------------------------------------------------------+--------+----------------------------------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | Supporta | | Supporta | | | | Architecture | | Payroll | | Eliminations | | Consolidated |
+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | Care | | Professional | | Corporate | | & | | Division | | GBP' | | GBP' |
| | | | | | Services | | | | Engineering | | | | 000 | | 000 |
+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| REVENUE | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| External sales | | 34,326 | | 11,907 | | - | | 4,530 | | 330 | | - | | 51,093 |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Inter-segment | | - | | 472 | | - | | 104 | | - | | (576) | | - |
| sales | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Total revenue | | 34,326 | | 12,379 | | - | | 4,634 | | 330 | | (576) | | 51,093 |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Operating | | | | | | | | | | | | | | |
| profit/(loss) | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| before share | | | | | | | | | | | | | | |
| based | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| payment charge, | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| impairment, | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| amortisation | | | | | | | | | | | | | | |
| and | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| exceptional | | 3,955 | | 2,358 | | (2,053) | | (233) | | 4 | | - | | 4,031 |
| items | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Operating | | 3,449 | | 1,055 | | (2,844) | | (637) | | (696) | | - | | 327 |
| profit/(Loss) | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Net finance | | (5) | | (94) | | (1,310) | | 13 | | - | | - | | (1,396) |
| costs | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| (Loss)/profit | | 3,444 | | 961 | | (4,154) | | (624) | | (696) | | - | | (1,069) |
| before tax | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Corporation tax | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Expense | | (252) | | (20) | | - | | (5) | | (413) | | - | | (690) |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Loss on | | | | | | | | | | | | | | |
| disposal of | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Discontinued | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Operations | | - | | - | | - | | - | | 167 | | - | | 167 |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| (Loss)/profit | | | | | | | | | | | | | | |
| after tax on | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Discontinued | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Operations | | 3,192 | | 941 | | (4,154) | | (629) | | (942) | | - | | (1,592) |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| OTHER | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| INFORMATION | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Capital | | 1,574 | | 106 | | 22 | | - | | - | | - | | 1,702 |
| additions* | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Depreciation | | | | | | | | | | | | | | |
| and | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Amortisation | | 471 | | 1,073 | | - | | 75 | | - | | - | | 1,619 |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Impairment | | | | | | | | | | | | | | |
| losses | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| recognised in | | - | | - | | - | | 218 | | - | | - | | 218 |
| income | | | | | | | | | | | | | | |
+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | |
+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| Inter segment sales are charged at prevailing market rates. | | | | | | | | |
+----------------------------------------------------------------------------------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| * | Capital additions comprise additions to property, plant and equipment and intangible assets | | | | |
+--------+---------------------------------------------------------------------------------------------------------------------+--------+--------------+--------+--------------+
| | including additions resulting from acquisitions through business combinations. | | | | | | |
+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
2 SEGMENTAL INFORMATION (CONTINUED)
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | Year ended 31 | | Continuing Operations | | Discontinued Operations | | | | |
+--------+-----------------+--------+-------------------------------------------------------+--------+----------------------------------+--------+--------------+--------+--------------+
| | March 2009 | | GBP' 000 | | GBP' 000 | | | | |
+--------+-----------------+--------+-------------------------------------------------------+--------+----------------------------------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | | |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | Supporta | | | | | | | | | | |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | Supporta | | Professional | | | | Architecture | | Payroll | | Eliminations | | Consolidated |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | Care | | Services | | Corporate | | & | | Division | | GBP' | | GBP' |
| | | | | | | | | | | Engineering | | | | 000 | | 000 |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | BALANCE SHEET | | | | | | | | | | | | | | |
+--------+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | | |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | Assets | | 40,517 | | 8,193 | | 41,619 | | - | | - | | (44,209) | | 46,120 |
+--------+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | | |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | | |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | Liabilities | | (26,515) | | (9,302) | | (31,130) | | - | | - | | 37,138 | | (29,809) |
+--------+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | | |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | | |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | Segment assets consist primarily of property, plant and equipment, intangible assets, financial assets | | |
+--------+------------------------------------------------------------------------------------------------------------------------------------------------------+--------+--------------+
| | investments and other operating assets. | | | | | | | | | | |
+--------+-------------------------------------------------------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | | |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | Segment liabilities consist primarily of operating liabilities. | | | | | | | | |
+--------+----------------------------------------------------------------------------------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | | |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | Year ended 31 | | Continuing Operations | | Discontinued Operations | | | | |
+--------+-----------------+--------+-------------------------------------------------------+--------+----------------------------------+--------+--------------+--------+--------------+
| | March 2008 | | GBP' 000 | | GBP' 000 | | | | |
+--------+-----------------+--------+-------------------------------------------------------+--------+----------------------------------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | | |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | Supporta | | | | | | | | | | |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | Supporta | | Professional | | | | Architecture | | Payroll | | Eliminations | | Consolidated |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | Care | | Services | | Corporate | | & | | Division | | GBP' | | GBP' |
| | | | | | | | | | | Engineering | | | | 000 | | 000 |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | BALANCE SHEET | | | | | | | | | | | | | | |
+--------+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | | |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | Assets | | 38,450 | | 17,065 | | 53,887 | | 5,907 | | 0 | | (53,305) | | 62,004 |
+--------+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | | |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | | |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | Liabilities | | (26,790) | | (11,284) | | (31,201) | | (5,625) | | 0 | | 41,797 | | (33,103) |
+--------+-----------------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | | |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | | |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | Segment assets consist primarily of property, plant and equipment, intangible assets, financial assets | | |
+--------+------------------------------------------------------------------------------------------------------------------------------------------------------+--------+--------------+
| | investments and other operating assets. | | | | | | | | | | |
+--------+-------------------------------------------------------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | | | | | | | | | | | | | | | | |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
| | Segment liabilities consist primarily of operating liabilities. | | | | | | | | |
+--------+--------+--------+--------+----------+--------+--------------+--------+-----------+--------+--------------+--------+----------+--------+--------------+--------+--------------+
+----+---------------------------------------------+--------+--+--------+--+--------+
| 3 | OPERATING (LOSS)/PROFIT | | | 2009 | | 2008 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | GBP' | | GBP' |
| | | | | 000 | | 000 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | Profit/(Loss) for the year has been arrived at after | | | | |
| | charging: | | | | |
+----+------------------------------------------------------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | Amortisation of other intangible assets | | | 988 | | 949 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | Impairment losses (see note 11) | | | 3,652 | | - |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | Depreciation | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | - owned assets | | | 249 | | 343 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | - leased assets | | | 23 | | 40 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | Rental under operating leases | | | 1,174 | | 1,275 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | Staff costs (see note 6) | | | 42,528 | | 46,426 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | Auditor's remuneration in respect of both | | | | | |
| | audit and non- | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | audit services: | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | Fees payable to the company's auditor for the audit | | | | |
| | of the company's | | | | |
+----+------------------------------------------------------+--+--------+--+--------+
| | annual accounts | | | 30 | | 52 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | Fees payable to the company's auditor and | | | | | |
| | its associates for other services: | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | - The audit of the company's subsidiaries pursuant | | 66 | | 82 |
| | to legislation | | | | |
+----+------------------------------------------------------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | - Other services pursuant to legislation | | | 3 | | 7 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | - Tax services | | | 38 | | 27 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | 137 | | 168 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
+----------+--------------+----------+----------+----------+----------+----------+
| 4 | SHARE | | | 2009 | | 2008 |
| | BASED | | | | | |
| | PAYMENT | | | | | |
| | CHARGE, | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | AMORTISATION | | | GBP' 000 | | GBP' 000 |
| | AND | | | | | |
| | EXCEPTIONAL | | | | | |
| | ITEMS | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | Share | | | 178 | | 262 |
| | based | | | | | |
| | payment | | | | | |
| | charge | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | Amortisation | | | 988 | | 949 |
| | of other | | | | | |
| | intangible | | | | | |
| | assets | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | Impairment | | | 3,652 | | - |
| | provision | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | Exceptional | | | 1,546 | | 725 |
| | items | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | 6,364 | | 1,936 |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | Exceptional | | | | | |
| | items | | | | | |
| | represent: | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | Redundancy | | | 491 | | 232 |
| | costs | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | Restructure | | | 840 | | 86 |
| | and | | | | | |
| | relocation | | | | | |
| | costs | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | Abortive | | | - | | 41 |
| | acquisitions | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | Abortive | | | 78 | | 80 |
| | disposals | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | Costs | | | 137 | | - |
| | incurred | | | | | |
| | in | | | | | |
| | relation | | | | | |
| | to the | | | | | |
| | acquisition | | | | | |
| | of the | | | | | |
| | entire | | | | | |
| | share | | | | | |
| | capital of | | | | | |
| | the Group | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | Cost of | | | - | | 102 |
| | preparing | | | | | |
| | IFRS | | | | | |
| | conversion | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | Refinance | | | - | | 157 |
| | costs | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | IAS 19 | | | - | | 27 |
| | pension | | | | | |
| | fund | | | | | |
| | curtailment | | | | | |
| | loss | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | 1,546 | | 725 |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| 5 | NET | | | 2009 | | 2008 |
| | FINANCE | | | | | |
| | COSTS | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | GBP' 000 | | GBP' 000 |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | Interest | | | 1,406 | | 1,367 |
| | on bank | | | | | |
| | loans | | | | | |
| | and | | | | | |
| | overdrafts | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | Other | | | 7 | | 14 |
| | interest | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | Finance | | | 1 | | 2 |
| | charges | | | | | |
| | in | | | | | |
| | respect | | | | | |
| | of | | | | | |
| | finance | | | | | |
| | leases | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | Interest | | | 539 | | 497 |
| | on | | | | | |
| | pension | | | | | |
| | scheme | | | | | |
| | liabilities | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | 1,953 | | 1,880 |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | Expected | | | (354) | | (409) |
| | return | | | | | |
| | on | | | | | |
| | pension | | | | | |
| | scheme | | | | | |
| | assets | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | Interest | | | | | |
| | receivable | | | | | |
| | and | | | | | |
| | similar | | | | | |
| | income: | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | Bank | | | (74) | | (62) |
| | interest | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | 1,525 | | 1,409 |
+----------+--------------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------+--------------+----------+----------+----------+----------+----------+
+----+---------------------------------------------+--------+--+--------+--+--------+
| 6 | STAFF COSTS | | | 2009 | | 2008 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | GBP' | | GBP' |
| | | | | 000 | | 000 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | Staff costs during the year were as | | | | | |
| | follows: | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | Wages and salaries | | | 38,686 | | 42,706 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | Social security costs | | | 3,022 | | 3,299 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | Redundancy | | | 491 | | 270 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | Pension costs | | | 329 | | 151 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | 42,528 | | 46,426 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | 2009 | | 2008 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | No. | | No. |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | The average number of employees of the | | | | | |
| | group during | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | the year was as follows: | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | Directors | | | 6 | | 7 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | Supporta Care - administration | | | 242 | | 198 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | Supporta Care - home care staff | | | 3,033 | | 1,968 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | Supporta Professional Services | | | 200 | | 287 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | Corporate | | | 7 | | 17 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | 3,488 | | 2,477 |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | 1 Director (2008:1) is accruing benefits under the money | | |
| | purchase scheme. | | |
+----+------------------------------------------------------------------+--+--------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | The highest paid director in the year received remuneration of GBP346,000 |
| | (2008: GBP175,000). |
+----+------------------------------------------------------------------------------+
| | | | | | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
| | The pension contributions of the highest paid director were | | |
| | GBPNIL (2008: GBPNIL) | | |
+----+---------------------------------------------+--------+--+--------+--+--------+
+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| 7 | TAXATION | | Continuing operations | Discontinuing operations | Total |
+--------+-----------------+--------+--------------------------+--------------------------------------------+--------------------------+
| | | | | | | | | | | | | | | |
+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | | | | 2009 | | 2008 | | 2009 | | 2008 | | 2009 | | 2008 |
+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | | | | GBP' | | GBP' | | GBP' | | GBP' | | GBP' | | GBP' |
| | | | | 000 | | 000 | | 000 | | 000 | | 000 | | 000 |
+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | Current tax: | | | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | UK Corporation | | | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | | | | | | | | | | | | | | |
+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | Tax on | | 290 | | 440 | | - | | 418 | | 290 | | 858 |
| | (loss)/profit | | | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | Adjustments in | | | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | respect of | | | | | | | | | | | | |
| | previous | | | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | Periods | | (175) | | (258) | | - | | - | | (175) | | (258) |
+--------+-----------------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | | | | | | | | | | | | | | |
+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | | | | | | | | | | | | | | |
+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | Total current | | 115 | | 182 | | - | | 418 | | 115 | | 600 |
| | tax | | | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | | | | | | | | | | | | | | |
+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | Deferred tax: | | | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | Originating and | | | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | reversal of | | | | | | | | | | | | |
| | temporary | | | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | differences | | (415) | | 90 | | - | | - | | (415) | | (90) |
+--------+-----------------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | | | | | | | | | | | | | | |
+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | | | | | | | | | | | | | | |
+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | Tax on | | (300) | | 272 | | - | | 418 | | (300) | | 690 |
| | (loss)/profit | | | | | | | | | | | | |
+--------+-----------------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
| | | | | | | | | | | | | | | |
+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+--------+
Corporation tax is calculated at 28 per cent (2008:28 percent) of the estimated
assessable profit for the year.
The total tax charge for the year can be reconciled to the (loss)/profit per the
income statement as follows:
+---------+--------+--------+--------+--------+--------+--------+---------+--------+--------+
| | | | | | | | 2009 | | 2008 |
+---------+--------+--------+--------+--------+--------+--------+---------+--------+--------+
| | | | | | | | GBP' | | GBP' |
| | | | | | | | 000 | | 000 |
+---------+--------+--------+--------+--------+--------+--------+---------+--------+--------+
| | | | | | | | | | |
+---------+--------+--------+--------+--------+--------+--------+---------+--------+--------+
| (Loss)/Profit before tax from continuing | | | (2,825) | | 251 |
| operations | | | | | |
+---------------------------------------------+--------+--------+---------+--------+--------+
| | | | | | | | | | |
+---------+--------+--------+--------+--------+--------+--------+---------+--------+--------+
| | | | | | | | | | |
+---------+--------+--------+--------+--------+--------+--------+---------+--------+--------+
| Tax at the UK corporation tax rate of 28% (2008: | | (791) | | 70 |
| 28%) | | | | |
+------------------------------------------------------+--------+---------+--------+--------+
| Tax effect of amortisation and impairment | | 1,299 | | 327 |
+------------------------------------------------------+--------+---------+--------+--------+
| Tax effect of expenses that are not deductible in | | | | |
+------------------------------------------------------+--------+---------+--------+--------+
| determining taxable | | | | | (218) | | 22 |
| profit | | | | | | | |
+---------------------------+--------+--------+--------+--------+---------+--------+--------+
| Tax effect of utilisation of tax | | | | | | |
| losses not | | | | | | |
+------------------------------------+--------+--------+--------+---------+--------+--------+
| previously | | | | | | - | | 1 |
| recognised | | | | | | | | |
+------------------+--------+--------+--------+--------+--------+---------+--------+--------+
| Decrease in opening deferred tax liability | | | | | |
+---------------------------------------------+--------+--------+---------+--------+--------+
| resulting from a reduction in tax | | | | - | | 20 |
| rates | | | | | | |
+------------------------------------+--------+--------+--------+---------+--------+--------+
| Adjustment to | | | | | | (175) | | (258) |
| tax charge in | | | | | | | | |
| respect of | | | | | | | | |
| prior periods | | | | | | | | |
+------------------+--------+--------+--------+--------+--------+---------+--------+--------+
| Deferred tax | | | | | | (415) | | 90 |
| movement | | | | | | | | |
+------------------+--------+--------+--------+--------+--------+---------+--------+--------+
| | | | | | | | | | |
+---------+--------+--------+--------+--------+--------+--------+---------+--------+--------+
| Tax | | | | | | (300) | | 272 |
| (credit)/expense | | | | | | | | |
+------------------+--------+--------+--------+--------+--------+---------+--------+--------+
| | | | | | | | | | |
+---------+--------+--------+--------+--------+--------+--------+---------+--------+--------+
8DISCONTINUED OPERATIONS
On 24 March 2009, the group entered into a sale agreement to dispose of Supporta
Professional Services Limited and Bay Associates Consulting Limited.
The disposal was completed on 24 March 2009, on which date control passed to the
acquirer.
On 2 May 2007, the Group entered into a sale agreement to dispose of the payroll
operation of Supporta Services Limited. The disposal was completed on 4 May
2007, on which date control passed to the acquirer.
The results of the discontinued operations which have been included in the
consolidated income statement, were as follows:
+--------+----------------+--------+--------+----------+--------+---------+
| | | | | 2009 | | 2008 |
+--------+----------------+--------+--------+----------+--------+---------+
| | | | | GBP' | | GBP' |
| | | | | 000 | | 000 |
+--------+----------------+--------+--------+----------+--------+---------+
| | | | | | | |
+--------+----------------+--------+--------+----------+--------+---------+
| | Revenue | | | 3,167 | | 4,860 |
+--------+----------------+--------+--------+----------+--------+---------+
| | Cost | | | (2,332) | | (3,205) |
| | of | | | | | |
| | sales | | | | | |
+--------+----------------+--------+--------+----------+--------+---------+
| | | | | | | |
+--------+----------------+--------+--------+----------+--------+---------+
| | | | | | | |
+--------+----------------+--------+--------+----------+--------+---------+
| | Gross | | | 835 | | 1,655 |
| | profit | | | | | |
+--------+----------------+--------+--------+----------+--------+---------+
| | | | | | | |
+--------+----------------+--------+--------+----------+--------+---------+
| | Administrative | | | (2,201) | | (2,590) |
| | expenses | | | | | |
+--------+----------------+--------+--------+----------+--------+---------+
| | Impairment | | | - | | (218) |
| | of | | | | | |
| | goodwill | | | | | |
+--------+----------------+--------+--------+----------+--------+---------+
| | Loss | | | (9,544) | | - |
| | on | | | | | |
| | disposal | | | | | |
+--------+----------------+--------+--------+----------+--------+---------+
| | | | | | | |
+--------+----------------+--------+--------+----------+--------+---------+
| | | | | | | |
+--------+----------------+--------+--------+----------+--------+---------+
| | Loss | | | (10,910) | | (1,153) |
| | before | | | | | |
| | tax | | | | | |
+--------+----------------+--------+--------+----------+--------+---------+
| | | | | | | |
+--------+----------------+--------+--------+----------+--------+---------+
| | Attributable | | | - | | (418) |
| | tax expense | | | | | |
+--------+----------------+--------+--------+----------+--------+---------+
| | | | | | | |
+--------+----------------+--------+--------+----------+--------+---------+
| | | | | | | |
+--------+----------------+--------+--------+----------+--------+---------+
| | Net | | | (10,910) | | (1,571) |
| | loss | | | | | |
| | attributable | | | | | |
| | to | | | | | |
| | discontinued | | | | | |
| | operations | | | | | |
+--------+----------------+--------+--------+----------+--------+---------+
| | | | | | | |
+--------+----------------+--------+--------+----------+--------+---------+
The attributable tax expenses in 2008 includes GBP0.58m relating solely to the
disposal of the Payroll trade of Supporta Services Limited.
Details of disposed of assets and liabilities is contained within note 14.
During the year the subsidiaries Supporta Professional Services Limited and Bay
Associates Consulting Limited expensed GBP1.80m (2008: contributed GBP0.84m) to
the group net operating cashflows, paid GBP0.41m (2008: GBP0.20m) in respect
of investing activities and received GBP2.40m (2008: paid GBP0.89m) in respect
of financing activities.
The effect of discontinued operations on segment results is disclosed in the
segmental results note.
The major classes of assets and liabilities comprising the operations classified
as held for sale are as follows:
+---------------------------------------+-----------+--+--------+--+--------+
| | | | 2009 | | 2008 |
+---------------------------------------+-----------+--+--------+--+--------+
| | | | GBP' | | GBP' |
| | | | 000 | | 000 |
+---------------------------------------+-----------+--+--------+--+--------+
| | | | | | |
+---------------------------------------+-----------+--+--------+--+--------+
| Goodwill | | | - | | 185 |
+---------------------------------------+-----------+--+--------+--+--------+
| | | | | | |
+---------------------------------------+-----------+--+--------+--+--------+
+--------+--------------+--------+--------+----------+--------+----------+--------+
| 9 | LOSS | | | 2009 | | 2008 | |
| | PER | | | | | | |
| | SHARE | | | | | | |
| | AND | | | | | | |
| | ADJUSTED | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | EARNINGS | | | 000 | | 000 | |
| | PER | | | | | | |
| | SHARE | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | Shares | | | 81,547 | | 67,402 | |
| | in | | | | | | |
| | issue | | | | | | |
| | at 1 | | | | | | |
| | April | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | Shares | | | - | | 2,602 | |
| | issued | | | | | | |
| | 4 | | | | | | |
| | December | | | | | | |
| | 2007 | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | Shares | | | - | | 11,543 | |
| | issued | | | | | | |
| | 2 | | | | | | |
| | January | | | | | | |
| | 2008 | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | Shares | | | 4,910 | | - | |
| | issued | | | | | | |
| | 3 June | | | | | | |
| | 2008 | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | Shares | | | 86,457 | | 81,547 | |
| | in | | | | | | |
| | issue | | | | | | |
| | at 31 | | | | | | |
| | March | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | Calculation | | | | | | |
| | of Weighted | | | | | | |
| | average | | | | | | |
| | number of | | | | | | |
| | shares | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | Opening | | | 81,547 | | 67,402 | |
| | number | | | | | | |
| | of | | | | | | |
| | shares | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | Shares | | | - | | 841 | |
| | issued | | | | | | |
| | 4 | | | | | | |
| | December | | | | | | |
| | 2007 - | | | | | | |
| | 2,602,000 | | | | | | |
| | x (118 | | | | | | |
| | days / | | | | | | |
| | 365 days) | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | Shares | | | - | | 2,846 | |
| | issued | | | | | | |
| | 2 | | | | | | |
| | January | | | | | | |
| | 2008 - | | | | | | |
| | 11,543,000 | | | | | | |
| | x (90 days | | | | | | |
| | / 365 | | | | | | |
| | days) | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | Shares | | | 4,049 | | - | |
| | issued | | | | | | |
| | 3 June | | | | | | |
| | 2008 - | | | | | | |
| | 4,910,000 | | | | | | |
| | x (301 | | | | | | |
| | days / | | | | | | |
| | 365 days) | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | | | | 85,596 | | 71,089 | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | Weighted | | | | | | |
| | average | | | | | | |
| | number | | | | | | |
| | of | | | | | | |
| | shares | | | | | | |
| | for | | | | | | |
| | basic | | | | | | |
| | earnings | | | | | | |
| | per | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | share | | | 85,596 | | 71,089 | |
| | (000's | | | | | | |
| | of | | | | | | |
| | shares) | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | Effect | | | | | | |
| | of | | | | | | |
| | dilutive | | | | | | |
| | potential | | | | | | |
| | ordinary | | | | | | |
| | shares: | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | share | | | - | | - | |
| | options | | | | | | |
| | (000's | | | | | | |
| | of | | | | | | |
| | shares) | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | Weighted | | | | | | |
| | average | | | | | | |
| | number | | | | | | |
| | of | | | | | | |
| | shares | | | | | | |
| | for | | | | | | |
| | diluted | | | | | | |
| | earnings | | | | | | |
| | per | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | share | | | 85,596 | | 71,089 | |
| | (000's | | | | | | |
| | of | | | | | | |
| | shares) | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | For | | | GBP' 000 | | GBP' 000 | |
| | basic | | | | | | |
| | earning | | | | | | |
| | per | | | | | | |
| | share: | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | Loss | | | (13,435) | | (1,592) | |
| | for | | | | | | |
| | the | | | | | | |
| | financial | | | | | | |
| | period | | | | | | |
| | from | | | | | | |
| | continuing | | | | | | |
| | and | | | | | | |
| | discontinued | | | | | | |
| | operations | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | Add | | | 10,910 | | 1,571 | |
| | back | | | | | | |
| | loss | | | | | | |
| | for | | | | | | |
| | the | | | | | | |
| | period | | | | | | |
| | from | | | | | | |
| | discontinued | | | | | | |
| | operations | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | Loss | | | (2,525) | | (21) | |
| | for | | | | | | |
| | the | | | | | | |
| | financial | | | | | | |
| | period | | | | | | |
| | from | | | | | | |
| | continuing | | | | | | |
| | operations | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | Loss | | | | | | |
| | per | | | | | | |
| | share | | | | | | |
| | from | | | | | | |
| | continuing | | | | | | |
| | and | | | | | | |
| | discontinued | | | | | | |
| | operations: | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | - | | | (15.70) | pence | (2.24) | pence |
| | basic | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | - | | | (15.70) | pence | (2.24) | pence |
| | diluted | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | Loss | | | | | | |
| | per | | | | | | |
| | share | | | | | | |
| | from | | | | | | |
| | continuing | | | | | | |
| | operations: | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | - | | | (2.95) | pence | (0.03) | pence |
| | basic | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | - | | | (2.95) | pence | (0.03) | pence |
| | diluted | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | Loss | | | | | | |
| | per | | | | | | |
| | share | | | | | | |
| | from | | | | | | |
| | discontinued | | | | | | |
| | operations: | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | - | | | (12.75) | pence | (2.21) | |
| | basic | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | - | | | (12.75) | pence | (2.21) | |
| | diluted | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+----------+--------+
+--------+--------------+--------+--------+----------+--------+---------+--------+
| 9 | LOSS | | | 2009 | | 2008 | |
| | PER | | | | | | |
| | SHARE | | | | | | |
| | AND | | | | | | |
| | ADJUSTED | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | EARNINGS | | | GBP' | | GBP' | |
| | PER | | | 000 | | 000 | |
| | SHARE | | | | | | |
| | (continued) | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | For | | | | | | |
| | adjusted | | | | | | |
| | earnings | | | | | | |
| | per | | | | | | |
| | share: | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | Loss | | | (13,435) | | (1,592) | |
| | for | | | | | | |
| | the | | | | | | |
| | financial | | | | | | |
| | period | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | Add | | | 10,910 | | 1,571 | |
| | back | | | | | | |
| | loss | | | | | | |
| | for | | | | | | |
| | the | | | | | | |
| | period | | | | | | |
| | from | | | | | | |
| | discontinued | | | | | | |
| | operations | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | Add | | | 178 | | 262 | |
| | back | | | | | | |
| | share | | | | | | |
| | based | | | | | | |
| | payment | | | | | | |
| | charge | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | Add | | | 988 | | 949 | |
| | back | | | | | | |
| | amortisation | | | | | | |
| | of other | | | | | | |
| | intangible | | | | | | |
| | assets | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | Add | | | 3,652 | | 218 | |
| | back | | | | | | |
| | impairment | | | | | | |
| | provision | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | Add | | | 1,342 | | 508 | |
| | back | | | | | | |
| | exceptional | | | | | | |
| | items | | | | | | |
| | (adjusted | | | | | | |
| | for tax) | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | Adjusted | | | 3,635 | | 1,916 | |
| | earnings | | | | | | |
| | for the | | | | | | |
| | financial | | | | | | |
| | period | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | Basic | | | 4.25 | pence | 2.69 | pence |
| | adjusted | | | | | | |
| | earnings | | | | | | |
| | per | | | | | | |
| | share | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | Diluted | | | 4.25 | pence | 2.69 | pence |
| | adjusted | | | | | | |
| | earnings | | | | | | |
| | per | | | | | | |
| | share | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
| | | | | | | | |
+--------+--------------+--------+--------+----------+--------+---------+--------+
10 DIVIDENDS
No dividend is proposed in respect of the year ending 31 March 2009 (2008:
GBPNil).
+-----+---------------------------------------------+--------+--+---------+--+---------+
| 11 | BANK OVERDRAFT AND LOANS | | | | | |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | 2009 | | 2008 |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | GBP' | | GBP' |
| | | | | 000 | | 000 |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | | | |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | Bank overdraft | | | - | | 1,999 |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | Bank loans | | | 17,678 | | 15,452 |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | | | |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | | | |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | 17,678 | | 17,451 |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | | | |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | | | |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | The borrowings are repayable as follows: | | | | | |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | | | |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | On demand or within 1 year | | | 1,750 | | 5,171 |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | In the second year | | | 5,081 | | 3,145 |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | In the third to fifth years inclusive | | | 10,847 | | 9,135 |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | | | |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | | | |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | 17,678 | | 17,451 |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | Less: Amounts due for settlement within 12 | | | | | |
| | months | | | | | |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | (shown under current liabilities) | | | (1,750) | | (5,171) |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | | | |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | | | |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | Amount due for settlement after 12 months | | | 15,928 | | 12,280 |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | | | |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | | | |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | 2009 | | 2008 |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | % | | % |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | | | |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | The weighted average interest rates paid | | | | | |
| | were as follows: | | | | | |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | | | |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | Working Capital facility | | | 5.88 | | 7.50 |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | | | | | | |
+-----+---------------------------------------------+--------+--+---------+--+---------+
| | Bank loans | | | 7.60 | | 7.62 |
+-----+---------------------------------------------+--------+--+---------+--+---------+
Bank loans of GBP15.14m (2008: GBP7.13m) have been hedged at fixed interest
rates and expose the Group to fair value interest rate risk. Other borrowings
are arranged at floating rates, thus exposing the Group to cash flow interest
rate risk.
The directors estimate the fair value of the Group's borrowings is not
significantly different to the carrying value.
11 BANK LOANS AND OVERDRAFTS (continued)
The other principal features of the group's borrowings are as follows:
(i)Working capital facilities of GBP2.00m (2008: GBP2.00m) have been secured by
a charge over the Group's assets. The average effective interest rate on the
bank overdraft approximates 5.88 per cent (2008: 5.0 per cent) per annum and is
determined based on 2.5 per cent plus prime rate.
(ii) The Group has three principal bank loans:
(a)a loan of GBP1.40m (2008:GBP1.55m). The loan was taken out in the year ending
31 March 2007. Repayments commenced on 31 December 2006 and will continue until
31 December 2011. The loan is secured by a fixed and floating charge over the
Group's assets. This loan carries interest rate at 2.5 per cent above 3-month
LIBOR.
(b) a loan of GBP5.07m (2008:GBP6.14m). The loan was taken out in the year
ending 31 March 2007. Repayments commenced on 31 December 2006 and will continue
until 31 December 2011. The loan is secured by a fixed and floating charge over
the Group's assets. This loan carries interest rate at 2.5 per cent above
3-month LIBOR.
(c) a loan of GBP8.57m (2008:GBP7.57m). The loan was taken out in the year
ending 31 March 2007. Repayments commenced on 31 December 2006 and will continue
until 31 December 2011. The loan is secured by a fixed and floating charge over
the Group's assets. This loan carries interest rate at 2.5 per cent above
3-month LIBOR.
At 31 March 2009 the Group had available GBP2.07m (2008: GBP9.43m) of undrawn
committed borrowing facilities in respect of which all conditions precedent had
been met.
12 SHARE BASED PAYMENTS
The Group plan provides for a grant price equal to the average quoted market
price of the Group shares for the three dealing days prior to the date of the
grant. There is no vesting period. If the options remain unexercised after a
period of 10 years from the date of grant, the options expire. Furthermore,
options are forfeited after the expiry of 30 days from the date the employee
leaves the Group.
+------------------------------+--+------------+--+-------------+--+----------+---+----------+
| | | | | | | 2009 | | 2008 |
+------------------------------+--+------------+--+-------------+--+----------+---+----------+
| | | | | | | weighted | | weighted |
+------------------------------+--+------------+--+-------------+--+----------+---+----------+
| | | 2009 | | 2008 | | average | | average |
+------------------------------+--+------------+--+-------------+--+----------+---+----------+
| | | options | | options | | exercise | | exercise |
| | | | | | | price | | price |
+------------------------------+--+------------+--+-------------+--+----------+---+----------+
| | | exercised | | exercised | | (pence) | | (pence) |
+------------------------------+--+------------+--+-------------+--+----------+---+----------+
| | | | | | | | | |
+------------------------------+--+------------+--+-------------+--+----------+---+----------+
| Outstanding at 1 April | | 5,300,372 | | 5,194,553 | | 61.1 | | 66.1 |
+------------------------------+--+------------+--+-------------+--+----------+---+----------+
| Grant during the year | | 1,560,000 | | 1,565,902 | | 26.0 | | 60.7 |
+------------------------------+--+------------+--+-------------+--+----------+---+----------+
| Forfeited during the year | | (692,999) | | (1,460,083) | | 52.3 | | 78.1 |
+------------------------------+--+------------+--+-------------+--+----------+---+----------+
| Exercised during the year | | - | | - | | - | | - |
+------------------------------+--+------------+--+-------------+--+----------+---+----------+
| Expired during the year | | - | | - | | - | | - |
+------------------------------+--+------------+--+-------------+--+----------+---+----------+
| | | | | | | | | |
+------------------------------+--+------------+--+-------------+--+----------+---+----------+
| | | | | | | | | |
+------------------------------+--+------------+--+-------------+--+----------+---+----------+
| Outstanding at 31 March | | 6,167,373 | | 5,300,372 | | 53.3 | | 61.1 |
+------------------------------+--+------------+--+-------------+--+----------+---+----------+
| | | | | | | | | |
+------------------------------+--+------------+--+-------------+--+----------+---+----------+
| | | | | | | | | |
+------------------------------+--+------------+--+-------------+--+----------+---+----------+
| Exercisable at 31 March | | 6,167,373 | | 5,300,372 | | 53.3 | | 61.1 |
+------------------------------+--+------------+--+-------------+--+----------+---+----------+
| | | | | | | | | |
+------------------------------+--+------------+--+-------------+--+----------+---+----------+
No share options were exercised in the year ended 31 March 2009 or 2008.The
options outstanding at 31 March 2009 had an exercise price between 26.0p and
89.5p (2008: 40.0p and 89.5p). The estimated fair value of options granted in
the year using the Black-Scholes method, was 2.4p per share (2008:2.0p per
share)
On 7 August 2008 1,560,000 share options were granted at 26 pence per share.
There is no vesting period. If the options remain unexercised after a period of
10 years from the date of grant, the options expire. Furthermore, options are
forfeited after the expiry of 30 days from the date the employee leaves the
group.
The inputs into the Black-Scholes valuation model for options granted during the
year were as follows:
+------------------------------+--+--+----------+---+----------+--------+
| | | | 2009 | | 2008 | |
+------------------------------+--+--+----------+---+----------+--------+
| | | | | | | |
+------------------------------+--+--+----------+---+----------+--------+
| Weighted average share price | | | 23.5 | p | 36.6 | p |
+------------------------------+--+--+----------+---+----------+--------+
| Weighted average exercise | | | 53.3 | p | 60.8 | p |
| price | | | | | | |
+------------------------------+--+--+----------+---+----------+--------+
| Expected volatility | | | 24.6 | % | 24.3 | % |
+------------------------------+--+--+----------+---+----------+--------+
| Expected life | | | 4 years | | 4 years | |
+------------------------------+--+--+----------+---+----------+--------+
| Risk free rate | | | 4.6 | % | 4.5 | % |
+------------------------------+--+--+----------+---+----------+--------+
| Expected dividend yield | | | 0 | % | 0 | % |
+------------------------------+--+--+----------+---+----------+--------+
The weighted average contractual life of the options is 8.57 years (2008: 8.51
years).
12 SHARE BASED PAYMENTS (continued)
Expected volatility was determined by calculating the historic volatility of the
group's share price over the previous 6 years. The expected life used in the
model has been adjusted, based on management's best estimate, for the effects of
non-transferability, exercise restrictions, and behavioural conditions.
The group recognised total expenses of GBP0.18m (2008: GBP0.26m) relating to
equity-settled share-based payment transactions in 2009.
13 ACQUISITION OF SUBSIDIARY
During the year the company purchased the private care contracts from a sole
trader trading as Helping Hands for GBP84,000. All of this cost was treated as
an addition to Customer related contracts and fully amortised in the year ending
31 March 2009.
14 DISPOSAL OF SUBSIDIARY
As referred to in note 8, on 24 March 2009 the Group disposed of its
subsidiaries Supporta Professional Services Limited and Bay Associates
Consulting Limited.
The net assets of the subsidiaries at the date of disposal and at 31 March
2009 were as follows:
+---------------+---------+--------+---------+
| | 24 | | 31 |
| | March | | March |
+---------------+---------+--------+---------+
| | 2009 | | 2008 |
+---------------+---------+--------+---------+
| | GBP' | | GBP' |
| | 000 | | 000 |
+---------------+---------+--------+---------+
| | | | |
+---------------+---------+--------+---------+
| Property, | 55 | | 138 |
| plant and | | | |
| equipment | | | |
+---------------+---------+--------+---------+
| Current | 2,319 | | 4,988 |
| assets | | | |
+---------------+---------+--------+---------+
| Current | (3,082) | | (5,521) |
| liabilities | | | |
+---------------+---------+--------+---------+
| Provisions | (94) | | (104) |
| and | | | |
| deferred | | | |
| tax | | | |
+---------------+---------+--------+---------+
| Attributable | 10,346 | | 8,166 |
| goodwill | | | |
+---------------+---------+--------+---------+
| | | | |
+---------------+---------+--------+---------+
| | | | |
+---------------+---------+--------+---------+
| | 9,544 | | 7,667 |
+---------------+---------+--------+---------+
| Loss | (9,544) | | |
| on | | | |
| disposal | | | |
+---------------+---------+--------+---------+
| | | | |
+---------------+---------+--------+---------+
| | | | |
+---------------+---------+--------+---------+
| Total | - | | |
| consideration | | | |
+---------------+---------+--------+---------+
| | | | |
+---------------+---------+--------+---------+
| | | | |
+---------------+---------+--------+---------+
| Net | | | |
| cash | | | |
| inflow | | | |
| arising | | | |
| on | | | |
| disposal: | | | |
+---------------+---------+--------+---------+
| Cash | - | | |
| consideration | | | |
+---------------+---------+--------+---------+
| | | | |
+---------------+---------+--------+---------+
| | | | |
+---------------+---------+--------+---------+
| | - | | |
+---------------+---------+--------+---------+
| | | | |
+---------------+---------+--------+---------+
On 4 May 2007 the Group discontinued its payroll operations when the business
was disposed of.
14. DISPOSAL OF SUBSIDIARY (continued)
The total consideration of GBP3.70m was received as follows:
+--------+--------+--------+--------+--------+
| | | Year | | Year |
| | | Ending | | Ending |
+--------+--------+--------+--------+--------+
| | | 31 Mar | | 31 Mar |
| | | 2009 | | 2008 |
+--------+--------+--------+--------+--------+
| | | | | |
+--------+--------+--------+--------+--------+
| | | 185 | | 3,515 |
+--------+--------+--------+--------+--------+
| | | | | |
+--------+--------+--------+--------+--------+
The impact of Supporta Professional Services Limited, Bay Associates Consulting
Limited and the payroll division on the Group's results and its' cashflows in
the current and prior year is disclosed in note 8.
The maximum consideration receivable in respect of the disposal of Supporta
Professional Services Limited and Bay Associates Consulting Limited is
GBP408,718, payable wholly in cash. In addition, under the terms of the
disposal agreement certain debts, amounting to approximately GBP349,000 will be
paid over to the Company if they are successfully recovered by the purchaser,
thereby potentially increasing the consideration receivable. Details of the
consideration structure are set out below:
* GBP100,000 payable six months after completion;
* GBP204,359 payable quarterly further to the collection of debts and subject to
the first GBP100,000 being paid into an escrow account from which the Purchaser
can fund dilapidations on the exercise of break clauses in leases and adjustment
further to completion accounts; and
* GBP104,359 payable on completion's first anniversary subject to adjustment
further to completion accounts.
All monies receivable are dependant upon completion net assets reaching certain
levels and therefore none of the proceeds described above are guaranteed.
Although the Group expects to receive the majority of the consideration it has
taken the prudent view that no money will be received. Any consideration
received will be disclosed as a profit on sale of subsidiaries in the year ended
31 March 2010.
The proceeds from the sale will be used to pay down the Company's debt.
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| 15 | CASH | | 2009 | | 2008 |
| | GENERATED | | | | |
| | FROM | | | | |
| | OPERATIONS | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | | | GBP' | | GBP' |
| | | | 000 | | 000 |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | (Loss)/profit | | (2,825) | | 251 |
| | before tax on | | | | |
| | continuing | | | | |
| | operations | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | Loss | | (10,910) | | (1,153) |
| | before | | | | |
| | tax on | | | | |
| | discontinuing | | | | |
| | operations | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | Loss | | (13,735) | | (902) |
| | before | | | | |
| | tax | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | Adjustments | | | | |
| | for: | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | Depreciation | | 272 | | 383 |
| | of property, | | | | |
| | plant and | | | | |
| | equipment | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | Impairment | | 3,652 | | - |
| | of | | | | |
| | goodwill - | | | | |
| | continuing | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | Impairment | | - | | 218 |
| | of | | | | |
| | goodwill - | | | | |
| | discontinuing | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | Amortisation | | 988 | | 983 |
| | of | | | | |
| | intangible | | | | |
| | assets | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | Share | | 178 | | 262 |
| | based | | | | |
| | payment | | | | |
| | charge | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | Gain | | 0 | | (19) |
| | on | | | | |
| | disposal | | | | |
| | of | | | | |
| | property, | | | | |
| | plant and | | | | |
| | equipment | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | Loss/(gain) | | 9,544 | | (167) |
| | on disposal | | | | |
| | of | | | | |
| | operation | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | Finance | | 1,525 | | 1,396 |
| | costs | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | Operating | | | | |
| | cash | | | | |
| | flows | | | | |
| | before | | | | |
| | movements | | | | |
| | in | | | | |
| | working | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | capital | | 2,424 | | 2,154 |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | Decrease/(increase) | | 541 | | (331) |
| | in receivables | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | Increase | | 423 | | 75 |
| | in | | | | |
| | payables | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | Cash | | 3,388 | | 1,898 |
| | generated | | | | |
| | by | | | | |
| | operations | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
| | | | | | |
+--------+---------------------+--------+---------------------------------------------------------------------------------------------------------------------------------------------------+--------+---------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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