TIDMSVCA
RNS Number : 7339H
Servoca PLC
12 June 2017
SERVOCA Plc
("Servoca" or the "Group")
Specialist Outsourcing and Recruitment Solutions Provider
Unaudited Interim Results
for the six months ended 31 March 2017
Highlights
-- Revenue GBP40.93m (2016: GBP34.44m), an increase of 18.8%
-- Gross profit GBP9.74m (2016: GBP8.95m), an increase of
8.8%
-- EBITDA* GBP1.95m (2016: GBP1.52m), an increase of 28.3%
-- Profit before taxation* up 28.6% to GBP1.71m (2016:
GBP1.33m)
-- Increased revenues in all areas of Group markets
-- Basic EPS of 1.10p* (2016: 0.85p), an increase of 29.4%
* before amortisation (GBP0.03m), share based payments
(GBP0.03m) and contingent consideration payments (GBP0.4m)
Andy Church, CEO, commented:-
As indicated in our recent trading update, we are pleased to
report that results for the first half are significantly ahead of
the same period last year. The Group continues to achieve
substantial growth and our performance is benefitting from our
diversified business mix. The Group operates in six distinct
markets and revenues in each one were ahead of the corresponding
period last year. Performance in the first half leaves the Group
well placed to deliver against full-year expectations.
For further enquiries:
Servoca Plc
Andrew Church, CEO 020 7747 3030
finnCap Ltd
Geoff Nash/James Thompson 020 7220 0500
Camille Gochez (corporate broking)
Newgate Communications
Bob Huxford/James Browne 020 7653 9850
This document is available from the Company's website:
www.servoca.com, on the "Shareholder Documents" page in the section
headed "Investor Relations".
Unaudited Interim Results
SERVOCA Plc
Interim Statement
For the six months ended 31 March 2017
Introduction
We are pleased to report that for the six months ended 31 March
2017 we have delivered another period of significant improvement in
the performance of the Group.
All areas of the Group achieved revenue growth and this helped
ensure the Recruitment and Outsourcing operations both delivered
improved profitability.
The improvement to profitability in our Recruitment operation
was led by our Health and Social Care business (Private Sector
focus) and our Criminal Justice division. Our Outsourcing
operations delivered a substantial improvement in profits
benefitting from both sales growth and action taken at the end of
the prior year to reduce overheads.
It is particularly pleasing to see different parts of the Group
coming to the fore and the first half performance reflects this.
There have been some well publicised challenges in some of our
markets but our diversified business mix has delivered a resilient
performance. The business also continues to benefit from the
experience and strength of its management team, which is proving
important in attracting talent into the Group.
Financial review
During the six months to 31 March 2017 revenues were GBP40.93m
(2016: GBP34.44m), an increase of 18.8%, which resulted in a gross
profit of GBP9.74m (2016: GBP8.95m), an increase of 8.8%.
Administrative expenses (before amortisation, share based
payments and contingent consideration) for the current period were
GBP7.98m (2016: GBP7.58m), an increase of 5.3%.
EBITDA (before amortisation, share based payments and contingent
consideration) increased to GBP1.95m (2016: GBP1.52m), an increase
of 28.3%.
The profit before tax (before amortisation (GBP0.03m), share
based payments (GBP0.03m) and contingent consideration payments
(GBP0.4m)) increased to GBP1.71m (2016: GBP1.33m), an increase of
28.6%.
Basic earnings per share (before amortisation, share based
payments and contingent consideration) for the period to 31 March
2017 were 1.10p (2016: 0.85p), an increase of 29.4%.
Net debt at 31 March 2017 was GBP2.95m (March 2016: GBP1.30m,
September 2016: GBP2.40m) reflecting normal working capital
increases from a higher level of turnover during the six month
period.
The Company has and will continue its share buy-back program and
at the date of this report, holds 1,920,138 shares in treasury.
Unaudited Interim Results
SERVOCA Plc
Interim statement (continued)
For the six months ended 31 March 2017
Operational highlights
Strategy and delivery
The focus during the period has remained the development of the
Group's capabilities in those areas that the Board believes afford
good growth opportunities.
Outsourcing
Our Outsourcing activities are primarily based in two areas;
Domiciliary Care and Security.
Our Security business has delivered a substantially improved
performance in the first half of this year compared to the same
period last year. Revenue growth in our Manned Guarding and
Electronic security offerings has been complimented by action to
reduce overheads at the end of the prior year.
As referenced in our statement for the year ending 30 September
2016, both the Manned Guarding and Electronics divisions secured
substantial additional work towards the end of the last financial
year which has driven the growth during the first half of this
year.
The growth in our Electronics division is largely attributable
to the expanded deployment by an existing client of a unique
software solution for loss prevention in the retail industry. The
client is a major UK grocery retailer that has deployed the product
for several years in a sizeable number of their stores. The results
and return on investment during this period have helped secure an
order for a considerable expansion into what is expected to be the
majority of their estate over the next few years.
In our statement for the year-ended 30 September 2016 we
reported that our Domiciliary Care business had endured a
challenging year and that second half revenues had mirrored the
first half and lagged behind prior year. We are pleased to report
that during the first half of the current financial year this trend
has been reversed and we have seen healthy sales and profitability
growth over the corresponding period last year.
As mentioned in our statement for the previous financial year,
we have managed costs tightly and retained a focus on only those
supply arrangements that we believed were sustainable. This
approach has given us a solid foundation for profitable growth.
During the first half of the current year we have seen
recognition that the sector must receive additional funding as we
enter the new tax year. Over recent years, providers have faced
rising costs (predominantly associated with increases to the
National Living Wage and other statutory costs) and static or
declining charge rates. Increased flexibility for local authorities
to generate additional funding through the adult social care
precept is one step towards generating additional monies to meet
the increased costs of provision. Our experience is that the
majority of our commissioning authorities are now increasing fee
rates in line with increases to statutory costs for the new budget
year.
During the first half of the year the business tendered for
several meaningful opportunities for new contracts and we have
received positive news that two of these contracts have been
secured and will commence in the second half of the year.
Unaudited Interim Results
SERVOCA Plc
Interim statement (continued)
For the six months ended 31 March 2017
Recruitment
Our recruitment businesses supply into the Education, Healthcare
and Criminal Justice markets.
Our Healthcare recruitment division has enjoyed another period
of significant growth over prior year.
We operate in two distinct markets in this area through separate
subsidiary brands. Servoca Nursing and Care supplies temporary
resource to the Health and Social Care market, which is almost
exclusively within the Private Sector, whilst Firstpoint supplies
Nursing and Care professionals into the NHS. This distinction is
important as whilst revenues have increased in both areas,
profitability growth is all from our Health and Social Care supply
into the Private Sector.
As previously reported, the NHS supply has faced significant
challenges, largely as a result of previously imposed agency price
caps, the last of which came into force in April 2016. This has
placed downward pressure on margins and therefore necessitates
increased volumes of supply in an efficient manner if we are to
protect profitability. We have restructured support operations in
response to this requirement, including the establishment of a low
cost offshore capability.
We are therefore pleased to report that during the first half of
the year, we continued to take increased market share. Revenues
were up 15% and the volume of weekly hours supplied was also up by
just under 10%. The increase in sales volumes has maintained
profitability in line with the prior year period despite a
reduction in the gross margin achieved.
Our Servoca Nursing and Care business has enjoyed a great six
months accounting for 62% of total operating profit generated by
our healthcare recruitment activities. The weekly gross profit run
rate has increased by over 16% during the first half of the year
and the volume of weekly hours supplied is up by 17% over the
period.
We reported in our full year results that our Education division
experienced a tougher second half to the last financial year and
that over the year, whilst revenues were up, gross profit was
marginally down. The performance in the first half of the current
year mirrors that of the last full year with revenues up but gross
profit marginally down when compared to the first six months of
last year.
However, demand continues to outstrip supply despite the budget
pressures faced by schools and there remains an acute shortage of
qualified teachers. We are making positive progress in our overseas
candidate generation capabilities in response to this and have
continued to invest in developing our branch network where we
identify appropriate opportunity.
Our Criminal Justice business has continued its positive
momentum from the previous financial year and enjoyed a very strong
start to the year.
As reported in our statement for the year ended 30 September
2016 the business secured a significant contract for the supply of
temporary probation staff in the final quarter of last year.
Delivery into this contract has continued to build during the first
half of the year and has helped contribute towards a significant
improvement in revenues and profit over the same period last
year.
Unaudited Interim Results
SERVOCA Plc
Interim statement (continued)
For the six months ended 31 March 2017
Outlook
The Group enters the second half with positive momentum on the
back of a strong first half performance. The balanced and
diversified nature of the Group continues to provide healthy growth
opportunities.
Recent new contract wins, particularly in our Outsourcing
businesses, bode well for prospects in the second half of the
year.
The Group therefore remains confident in delivering its
expectations for the full year.
John Foley Andrew Church
Chairman Chief Executive Officer
12 June 2017 12 June 2017
Unaudited Interim Results
SERVOCA Plc
Consolidated statement of comprehensive income
For the six months ended 31 March 2017
Six months ended Six months ended Year ended
31 March 2017 31 March 2016 30 September
2016
(unaudited) (unaudited) (audited)
Before Amortisation, Before Before Amortisation,
amortisation share amortisation Amortisation amortisation share
and based and and and based
share payments share share share payments
based and Total based based Total based and Total
payments contingent payments payments payments exceptional
consideration costs
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- ----- -------------- --------------- --------- ---------------- -------------- --------- ------------------ --------------- ---------
Continuing
operations
Revenue 40,927 - 40,927 34,435 - 34,435 69,234 - 69,234
Cost of sales (31,186) - (31,186) (25,489) - (25,489) (50,593) - (50,593)
---------------- ----- -------------- --------------- --------- ---------------- -------------- --------- ------------------ --------------- ---------
Gross profit 9,741 - 9,741 8,946 - 8,946 18,641 - 18,641
Administrative
expenses (7,983) (455) (8,438) (7,578) (55) (7,633) (15,026) (124) (15,150)
Operating
profit 1,758 (455) 1,303 1,368 (55) 1,313 3,615 (124) 3,491
Finance costs (46) - (46) (35) - (35) (77) - (77)
---------------- ----- ----------------
Profit before
taxation 1,712 (455) 1,257 1,333 (55) 1,278 3,538 (124) 3,414
Tax charge (342) - (342) (271) - (271) (740) - (740)
---------------- ----- -------------- --------------- --------- ---------------- -------------- --------- ------------------ --------------- ---------
Total
comprehensive
income for
the period,
net of tax,
attributable
to equity
holders of
the parent 1,370 (455) 915 1,062 (55) 1,007 2,798 (124) 2,674
---------------- ----- -------------- --------------- --------- ---------------- -------------- --------- ------------------ --------------- ---------
Earnings per Pence Pence Pence Pence Pence Pence Pence Pence Pence
share:
- Basic 6 1.10 (0.36) 0.74 0.85 (0.04) 0.81 2.25 (0.10) 2.15
- Diluted 6 1.09 (0.36) 0.73 0.84 (0.04) 0.80 2.22 (0.10) 2.12
---------------- ----- -------------- --------------- --------- ---------------- -------------- --------- ------------------ --------------- ---------
Unaudited Interim Results
SERVOCA Plc
Consolidated statement of financial position
At 31 March 2017
31 March 31 March 30 September
2017 2016 2016
(unaudited) (unaudited) (audited)
Note GBP'000 GBP'000 GBP'000
----------------------------- ----- ------------- ------------- -------------
Assets
Non-current assets
Intangible assets 8,930 7,790 8,954
Property, plant and
equipment 1,217 923 829
Deferred tax asset - 53 -
Total non-current assets 10,147 8,766 9,783
Current assets
Trade and other receivables 13,714 12,384 12,842
Inventories 195 137 222
Cash and cash equivalents 929 1,805 342
----------------------------- ----- ------------- ------------- -------------
Total current assets 14,838 14,326 13,406
----------------------------- ----- ------------- ------------- -------------
Total assets 24,985 23,092 23,189
----------------------------- ----- ------------- ------------- -------------
Liabilities
Current liabilities
Trade and other payables (5,502) (6,541) (5,266)
Corporation tax payable (1,149) (1,001) (1,127)
Other financial liabilities
and provisions 7 (3,879) (3,103) (2,745)
Total current liabilities (10,530) (10,645) (9,138)
Non current liabilities
Deferred consideration - (37) -
Total liabilities (10,530) (10,682) (9,138)
Total net assets 14,455 12,410 14,051
----------------------------- ----- ------------- ------------- -------------
Capital and reserves
attributable to equity
holders of the parent
Called up share capital 8 1,256 1,256 1,256
Share premium account 202 202 202
Merger reserve 2,772 2,772 2,772
Reverse acquisition
reserve (12,268) (12,268) (12,268)
Retained earnings 22,493 20,448 22,089
------------------------- --------- --------- ---------
14,455 12,410 14,051
------------------------- --------- --------- ---------
Unaudited Interim Results
SERVOCA Plc
Consolidated statement of changes in equity
For the six months ended 31 March 2017
Unaudited Reverse
Share Share Merger acquisition Retained Total
capital premium reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------- ---------- ---------- ---------- ------------- ----------- ---------
Balance as at
1 October 2015 1,256 202 2,772 (12,268) 20,002 11,964
----------------------- ---------- ---------- ---------- ------------- ----------- ---------
Changes in equity
for the period
ended 31 March
2016
Profit for the
period - - - - 1,007 1,007
Total comprehensive
income for the
period - - - - 1,007 1,007
----------------------- ---------- ---------- ---------- ------------- ----------- ---------
Share based payment
transactions - - - - 31 31
Dividend paid - - - - (374) (374)
Net purchase of
treasury shares - - - - (218) (218)
- - - - (561) (561)
---------- ---------- ---------- ------------- ----------- ---------
Balance as at
31 March 2016 1,256 202 2,772 (12,268) 20,448 12,410
----------------------- ---------- ---------- ---------- ------------- ----------- ---------
Changes in equity
for the period
ended 30 September
2016
Profit for the
period - - - - 1,667 1,667
----------------------- ---------- ---------- ---------- ------------- ----------- ---------
Total comprehensive
income for the
period - - - - 1,667 1,667
----------------------- ---------- ---------- ---------- ------------- ----------- ---------
Share based payment
transactions - - - - 32 32
Purchase of treasury
shares - - - - (58) (58)
----------------------- ---------- ---------- ---------- ------------- ----------- ---------
- - - - (26) (26)
---------- ---------- ---------- ------------- ----------- ---------
Balance as at
30 September 2016 1,256 202 2,772 (12,268) 22,089 14,051
----------------------- ---------- ---------- ---------- ------------- ----------- ---------
Changes in equity
for the period
ended 31 March
2017
Profit for the
period - - - - 915 915
Total comprehensive
income for the
period - - - - 915 915
----------------------- ---------- ---------- ---------- ------------- ----------- ---------
Share based payment
transactions - - - - 31 31
Dividend paid - - - - (435) (435)
Purchase of treasury
shares - - - - (107) (107)
- - - - (511) (511)
Balance as at
31 March 2017 1,256 202 2,772 (12,268) 22,493 14,455
----------------------- ---------- ---------- ---------- ------------- ----------- ---------
Unaudited Interim Results
SERVOCA Plc
Consolidated statement of cash flows
For the six months ended 31 March 2017
Six months Six months
ended ended Year ended
31 March 31 March 30 September
2017 2016 2016
Note (unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------------------- ------ ------------- ------------- ---------------
Operating activities
Profit before tax 1,257 1,278 3,414
Non cash adjustment
to reconcile profit
before tax to net cash
flows:
Depreciation and amortisation 215 173 381
Contingent consideration 400 - -
Share based payments 31 31 63
Finance costs 46 35 77
Decrease/(increase)
in inventories 27 (34) (119)
Increase in trade and
other receivables (872) (759) (882)
Increase/(decrease)
in trade and other
payables 269 912 (613)
Cash generated from
operations 1,373 1,636 2,321
Corporation tax paid (320) (21) (466)
Cash flows from operating
activities 1,053 1,615 1,855
------------------------------- ------ ------------- ------------- ---------------
Investing activities
Acquisitions net of
cash - (772) (1,123)
Deferred/contingent
consideration paid (433) - (805)
Purchase of property,
plant and equipment (579) (335) (424)
Net cash flows used
in investing activities (1,012) (1,107) (2,352)
------------------------------- ------ ------------- ------------- ---------------
Cash flows from financing
activities
Interest paid (46) (35) (77)
Dividend paid (435) (374) (374)
Net purchase of shares
held in treasury (107) (218) (276)
Net cash flows used
in financing activities (588) (627) (727)
------------------------------- ------ ------------- ------------- ---------------
Decrease in cash and
cash equivalents (547) (119) (1,224)
Cash and cash equivalents
at the beginning of
the period (2,403) (1,179) (1,179)
Cash and cash equivalents
at the end of the period 9 (2,950) (1,298) (2,403)
------------------------------- ------ ------------- ------------- ---------------
Unaudited Interim Results
SERVOCA Plc
Notes forming part of the financial information
For the six months ended 31 March 2017
1 Accounting periods
The accounting reference date of the Group is 30 September. The
current interim results are for the six months ended 31 March 2017.
The comparative interim results are those for the six months ended
31 March 2016. The comparative year end's results are for the year
ended 30 September 2016.
2 Going concern
The directors have prepared trading and cash flow forecasts for
the period to 30 September 2018 which indicate adequate headroom in
borrowing facilities. Accordingly, they continue to adopt the going
concern basis in preparing these financial statements.
3 Financial information
The interim financial information for the six months ended 31
March 2017 does not constitute statutory accounts as defined in
Section 434 of the Companies Act 2006.
The financial information for the periods ended 31 March 2017
and 31 March 2016 are unaudited. The comparative figures for the
year ended 30 September 2016 are not the full statutory accounts
for the period. A copy of the statutory accounts for that year has
been delivered to the Registrar of Companies. The auditors have
reported on those accounts; their reports were unqualified, did not
contain an emphasis of matter paragraph and did not contain a
statement under Section 498 of the Companies Act 2006.
4 Basis of preparation and accounting policies
The interim financial statements have been prepared using the
recognition and measurement principles of IFRS as endorsed for use
in the European Union.
The accounting policies adopted in the preparation of this
interim financial information are consistent with those followed in
the preparation of the Group's annual financial statements for the
year ended 30 September 2016 and no new standards or
interpretations that have come into effect in the interim period
has a material impact on the results of the business.
Unaudited Interim Results
SERVOCA Plc
Notes forming part of the financial information
For the six months ended 31 March 2017
5 Segmental information
The Group's format for reporting segment information is by
business segment, being by type of service supplied. The operating
divisions are organised and managed by reporting segment where
applicable and by divisions within a reporting entity where
necessary. The information presented is consistent with that used
by the chief operating decision maker. All revenues are generated
from external customers.
The Outsourcing segment provides services to the Domiciliary
Care and Security sectors.
The Recruitment segment provides recruitment services to the
Healthcare, Education and Police sectors.
Outsourcing Recruitment Unallocated1 Total
Unaudited GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- -------------- -------------- --------------- ---------
For the six months
ended 31 March 2017:
Revenue 8,484 32,443 - 40,927
---------------------------- -------------- -------------- --------------- ---------
Segment expense (8,132) (30,206) (831) (39,169)
Amortisation, share
based payment and
contingent consideration (26) (413) (16) (455)
Operating profit/(loss) 326 1,824 (847) 1,303
Finance costs (16) (30) - (46)
Profit/(loss) before
tax 310 1,794 (847) 1,257
---------------------------- -------------- -------------- --------------- ---------
As at 31 March 2017:
Assets 6,734 16,826 1,425 24,985
Liabilities (2,788) (6,978) (764) (10,530)
---------------------------- -------------- -------------- --------------- ---------
Net assets 3,946 9,848 661 14,455
---------------------------- -------------- -------------- --------------- ---------
[1] Unallocated includes holding company director costs, group
legal costs, central share based payment charges and a share of
central property costs.
Unaudited Interim Results
SERVOCA Plc
Notes forming part of the financial information
For the six months ended 31 March 2017
5 Segmental information (continued)
Outsourcing Recruitment Unallocated1 Total
Unaudited GBP'000 GBP'000 GBP'000 GBP'000
------------------------- -------------- -------------- --------------- ---------
For the six months
ended 31 March 2016:
Revenue 7,236 27,199 - 34,435
-------------------------- -------------- -------------- --------------- ---------
Segment expense (7,158) (25,339) (570) (33,067)
Amortisation and
share based payment
expense (27) (12) (16) (55)
Operating profit/(loss) 51 1,848 (586) 1,313
Finance costs (10) (25) - (35)
Profit/(loss) before
tax 41 1,823 (586) 1,278
-------------------------- -------------- -------------- --------------- ---------
As at 31 March 2016:
Assets 5,960 15,850 1,282 23,092
Liabilities (2,530) (7,158) (994) (10,682)
-------------------------- -------------- -------------- --------------- ---------
Net assets 3,430 8,692 288 12,410
-------------------------- -------------- -------------- --------------- ---------
Outsourcing Recruitment Unallocated1 Total
GBP'000 GBP'000 GBP'000 GBP'000
------------------------- -------------- -------------- --------------- ---------
For the year ended
30 September 2016:
Revenue 14,786 54,448 - 69,234
-------------- -------------- --------------- ---------
Segment expense (14,646) (49,658) (1,315) (65,619)
Amortisation, share
based payment expense
and exceptional
costs (52) (40) (32) (124)
-------------------------- -------------- -------------- --------------- ---------
Operating profit/(loss) 88 4,750 (1,347) 3,491
Finance costs (23) (54) - (77)
Profit/(loss) before
tax 65 4,696 (1,347) 3,414
-------------------------- -------------- -------------- --------------- ---------
As at 30 September
2016:
Assets 5,904 16,478 807 23,189
Liabilities (2,907) (5,721) (510) (9,138)
-------------------------- -------------- -------------- --------------- ---------
Net assets 2,997 10,757 297 14,051
-------------------------- -------------- -------------- --------------- ---------
Unaudited Interim Results
SERVOCA Plc
Notes forming part of the financial information
For the six months ended 31 March 2017
6 Earnings per share
The calculation of earnings per share for the period ended 31
March 2017 is based on a weighted average number of ordinary shares
in issue during the period of:
Dilutive effect
of
share options
Basic and shares Diluted
to be issued
31 March 2017
(unaudited) 124,146,387 1,455,150 125,601,537
31 March 2016
(unaudited) 124,635,643 1,856,358 126,492,001
30 September
2016 (audited) 124,509,189 1,834,340 126,343,529
------------------ -------------- ---------------- --------------
The above number of shares is used in all of the earnings per
share calculations below.
Additional disclosure is also given in respect of earnings per
share before share based payments and amortisation as the directors
believe this gives a more accurate presentation of maintainable
earnings.
Six months Six months
ended ended Year ended
31 March 31 March 30 September
2017 2016 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
---------------------------- ------------- ------------- ---------------
Profit used for basic
and diluted calculation 915 1,007 2,674
Share based payments,
amortisation, exceptional
costs and contingent
consideration 455 55 124
--------------------------------- ------------- ------------- ---------------
Profit before share based
payments, amortisation,
exceptional costs and
contingent consideration 1,370 1,062 2,798
--------------------------------- ------------- ------------- ---------------
Unaudited Interim Results
SERVOCA Plc
Notes forming part of the financial information
For the six months ended 31 March 2017
6 Earnings per share (continued)
Six months Six months
ended ended Year ended
31 March 31 March 30 September
2017 2016 2016
(unaudited) (unaudited) (audited)
Pence Pence Pence
------------------------------- --- ------------- ------------- ---------------
Basic earnings per share 0.74 0.81 2.15
Share based payments,
amortisation, exceptional
costs and contingent
consideration 0.36 0.04 0.10
------------------------------------ ------------- ------------- ---------------
Basic earnings per share
before share based payments,
amortisation. exceptional
costs and contingent
consideration 1.10 0.85 2.25
------------------------------------ ------------- ------------- ---------------
Diluted earnings per
share 0.73 0.80 2.12
Share based payments,
amortisation, exceptional
costs and contingent
consideration 0.36 0.04 0.10
------------------------------------ ------------- ------------- ---------------
Diluted earnings per
share before share based
payments, amortisation,
exceptional costs and
contingent consideration 1.09 0.85 2.22
------------------------------------ ------------- ------------- ---------------
7 Other financial liabilities and provisions
31 March 31 March 30 September
2017 2016 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
-------------------------------- ------------- ------------- -------------
Invoice discounting facilities 3,879 3,103 2,745
------------------------------------- ------------- ------------- -------------
8 Share capital
30
31 March 31 March September 30
2017 31 March 2016 31 March 2016 September
Number 2017 Number 2016 Number 2016
'000 GBP'000 '000 GBP'000 '000 GBP'000
(unaudited) (unaudited) (unaudited) (unaudited) (audited) (audited)
-------------- --------------
Allotted,
issued and
fully paid:
Ordinary
shares of
1p each 125,575 1,256 125,575 1,256 125,575 1,256
------------------- -------------- -------------- -------------- -------------- ----------- ------------
The Company acquired 471,000 of its own shares in the period
(2016: 1,121,826). The number of shares held as 'treasury shares'
at the period end was 1,830,138 (2016: 1,346,926). The company has
the right to re-issue these shares at a later date.
Unaudited Interim Results
SERVOCA Plc
Notes forming part of the financial information
For the six months ended 31 March 2017
9 Cash and cash equivalents and net debt
30 September
2016
31 March 31 March GBP'000
2017 2016 (audited)
GBP'000 GBP'000
(unaudited) (unaudited)
------------------------------ -------------- -------------- -------------
Cash at bank 929 1,805 342
Invoice discounting facility (3,879) (3,103) (2,745)
----------------------------------- -------------- -------------- -------------
Cash and cash equivalents
and net debt (2,950) (1,298) (2,403)
----------------------------------- -------------- -------------- -------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FMGGVVLNGNZM
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June 12, 2017 02:00 ET (06:00 GMT)
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