RNS Number : 0344E
AI Claims Solutions PLC
23 September 2008
Ai CLAIMS SOLUTIONS PLC
Preliminary Results for year ending 30 June 2008
Group Financial Summary and Highlights
2008 2007 2006
�'000 �'000 �'000
(see note)
Revenue 40,835 34,326 37,986
Adjusted profit before taxation and IFRS 2 charge 2,159 1,635 1,452
Profit before taxation 2,046 1,540 1,404
Taxation charge (657) (308) (416)
Profit transferred to reserves 1,389 1,232 988
Dividend (338) (295) (276)
Earnings per share
Basic before IFRS 2 charge 2.45p 2.16p 1.69p
Basic 2.26p 2.01p 1.61p
Dividend per share 0.55p 0.48p 0.45p
Note: The Group has adopted IFRS for the first time in the year ended 30 June 2008. The results for the year ended 30 June 2007 have
been restated within this announcement. The results for the year ended 30 June 2006 have also been restated and are unaudited.
Financial Highlights
� Adjusted PBT (before IFRS 2 charge) increased by 32 % to �2.159 m (2007: �1.635 m).
� Revenue increased by 19 %.
� Gross margin improved to 32.3 % (2007: 30 %).
� Operating cash flow of �0.8 m (2007: �3.7 m).
� After funding IT spend of �1.5 m, borrowings increased by �1.1 m to �3.0 m (2007: �1.9 m). The Group remains lowly geared (22 %
vs. 16 % in 2007).
� In line with continued growth in earnings, adjusted Basic EPS (before IFRS 2 charge) increased by 0.29 p, or 13 %, to 2.45 p
(2007: 2.16 p).
� Proposed final dividend increased by 17 % to 0.34 p per share (2007: 0.29 p per share). Interim and final dividend in respect of
2008 increased by 15 % to 0.60 p
(2007: 0.52 p).
Operational Highlights
� Implementation of an innovative major non-fault contract with a Top 3 Motor Insurer.
� During the year, Ai worked with 10 of the Top 20 motor insurers and all of the Top 5.
� Pilot with leading vehicle manufacturer commenced.
� The innovative *Defenda* product grew strongly, and was used by 9 of the Top 20 motor insurance companies.
� Signing of 2 year fixed price contracts with multiple vehicle suppliers gives Ai access to unprecedented levels of vehicles at
competitive prices which will enable us to
comfortably meet our growth plans whilst protecting against the risks of owning a fleet of vehicles.
� Debtor days of 82 continue to reflect Ai*s strong relationships with the insurance market (2007: 55 days) and outperform our
major quoted competitors.
� Expanded into a third building on Ai*s Blackpool campus.
� The Ai Repair network, the first UK network to mandate the new Industry Kitemark, continued to expand and now includes 170
repairers.
� Continued roll out of the Claims Administration and Recovery System.
For further information, please contact:-
David Sandhu - Ai Claims Solutions PLC 0870 889 0469
Peter Harrison - Ai Claims Solutions PLC 0870 701 0521
Dru Danford - Shore Capital and Corporate Limited (NOMAD to the Company) 0207 468 7905
Chairman's Statement
The Group has once again continued to improve its financial performance in terms of balance sheet strength, profits and margin, whilst
building capacity to continue to grow through investment in systems and people, process improvements and innovative commercial propositions
to partner the motor claims market.
Results
Adjusted profit before tax (before IFRS 2 charge) was �2.159 m (2007: �1.635 m). The result was, as expected, biased towards the second
half of the year.
Revenue increased 19 %, from �34.3 m to �40.8 m. Hire revenue increased to 60 % of total revenue from 53 % whilst repair income fell
from 37 % to 27 % over the same period. Gross margin increased from 30 % to 32 %.
During the second half of the year, Ai implemented a significant new contract with a major motor insurer. Fee based income rose by �2.2
m from �0.3 m to �2.5 m as a result of Defenda expansion and our contract to manage the repairs to Avis' UK fleet.
Our cash generation continued to be strong with �0.8 m generated from operating activities (2007: �3.7 m). Our debtor days, which we
calculate using the countback method, average 82 days (2007: 55 days), which remains substantially better than our quoted competitors. This
reflects the success of Ai's collaborative way of working with the insurance market, managing its own claim costs down and the emphasis
placed on cash collection to enable further expansion and development of Ai's business model. Debtor days were affected by the need to
transfer some claims settlement resource to support the rapid growth of the Defenda product during the period. This is a transitional
arrangement and we expect a reduction in debtor days going forward.
Borrowings increased by �1.1 m during the year, after absorbing �1.5 m of capital expenditure on IT and infra-structure development to
support the growth in headcount and the roll out (in October 2007) and ongoing development of the new Claims Administration and Recovery
System (CARS). Our gearing (debt as a proportion of shareholder funds) remains low at 22 % (2007: 16 %).
Strategy
Most insurance companies now offer like for like vehicle replacement to their not at fault customers utilising Credit Hire. At the same
time these companies are concerned with the total costs of credit hire and are actively seeking to manage claims cost leakage. Their
relationships with some of the more aggressive players in the credit hire market remains fractious. Ai has always had a participative, long
term approach to working with the insurance market and developing innovative products to manage claims costs effectively, and will continue
to do so. As such Ai continues to have excellent relationships with Insurers who are increasingly recognising our business model as being
different.
Ai has flexibility in its operational gearing, through running a cash efficient model, and outsourcing the provision of a vehicle fleet
- thereby avoiding the financing cost and residual value risk and providing greater flexibility in both range and volume of vehicles. The
current difficulties in the credit market do not restrict Ai's ambition of significant growth.
Ai has invested substantially over the last three years in both people and technology and we are now realising the benefits in terms of
both operating costs and flexibility.
Board Change
Charles Good retired as Chairman of the company with effect from 1 July 2008. On behalf of the board, I would like to express our
sincere thanks to Charles for his stewardship since the company floated at the end of 1999; I inherit as Chairman a company which is well
positioned for the future.
Ai continues to strengthen its management team to facilitate further growth and performance improvements. This is covered in more detail
in the Chief Executive's Review.
Several other changes at the operating company level have enhanced Ai's management strength and leave the business well poised to
continue its recent success.
Dividends
The Board is pleased to propose a final dividend of 0.34 p per share for the year to 30 June 2008 to be paid on 7 January 2009 to
shareholders on the register at 12 December 2008, an increase in the year of 17 %, taking total dividends in respect of 2007-08 to 0.60 p -
an increase of 15 % over the previous year.
Future Prospects
As the pressure on the insurance market increases to generate revenue and control costs, credit hire has moved up the agenda with
Insurance Company executives which means they are likely to be increasingly discerning as to who they work with in the future. We believe
this to be an encouraging development as our business model is more aligned to the needs of both brokers and insurers compared with many of
our competitors. The general financial climate is of course extremely hostile at the moment but we have no exposure to falling second hand
car values, we have low debt, significant borrowing headroom and can offer low cost outsourcing options to insurers looking to cut costs and
headcount.
We have increased our focus on the broker market and the manufacturing sector and have good prospects of building on recent successes in
these areas although the market remains highly competitive and we are not taking success for granted.
2006 was a turn-round year for the Company and 2007 enabled us to consolidate that position with further profit growth. 2008 has proved
the best year so far with good growth in revenues and even better growth in profits. Despite the hostile economic climate we believe we can
continue to make further progress in the coming year.
It is a testament to our people and the commitment shown by them across all levels of the business that this progress has been achieved
and I pass on my sincere thanks on behalf of the Board.
Steve Broughton
Chairman
Chief Executive's Review
Introduction
I am delighted to report that Ai has continued its strong financial performance, with a 19 % increase in revenue and a 32 % increase in
adjusted PBT. There have been a number of developments in the market this year which have given Ai the opportunity to introduce products and
take advantage of our innovative approach to claims management.
Market Developments
Motor insurance companies remain challenged in producing a profitable underwriting result. Whilst the frequency of accidents is
reducing, the cost per claim continues to rise above the rate of inflation. Although the frequency and cost of Personal Injury claims
continues to be a factor, credit hire is now firmly on the executive agenda.
With both the frequency and cost of credit hire claims continuing to rise, it is of no surprise that insurers will continue to seek
alternatives to the cost inflation they are seeing. Against the backdrop of a continuing soft market, claims cost inflation and insurers
desire to reduce expense, Ai is commercially and operationally well positioned to provide solutions, by continuing to work co-operatively
with the motor insurance market.
The GTA rate review was a tortuous process, with mediation failing to achieve an agreed result, but resulted in a rate improvement of
3.5 % from 1 June 2008, with an agreement to develop a better mechanism to manage future price increases and a more formal governance
process. Whilst the GTA is an established mechanism for the handling of credit hire claims, it is misleading to assume that there is a
standard approach to raising a credit hire claim against the insurance market.
Governance, interpretation, process and policy adherence remain sporadic which leads to a mistrust between traditional Credit Hire
Organisations and the insurers. This drives unproductive behaviours such as increased cost, conflict, litigation and mistrust - which we
have experienced whilst managing incoming Credit Hire claims on behalf of insurers through our Defenda product.
Business and Commercial Development
Ai continues to broaden its distribution strategy, and to develop the range of products it offers to the insurance and automotive
sectors. In highly competitive market conditions Ai is making solid progress and our brand awareness amongst insurance broker and the
automotive sectors is leading to an increase in invitations to tender and pre-tender dialogue.
It is a testament to this progress that Ai has won a contract with a Top 3 motor insurance company to provide accident management
services to their customers. This contract is innovative both operationally and financially, leading to a better customer journey than other
Credit Hire offerings.
I am especially proud of the success of our Defenda product. This leverages Ai's expertise in the credit hire market on behalf of our
referrer clients, to defend incoming credit hire claims on their behalf. This product was short listed as the 'Claims Initiative of the
Year' at the British Insurance Awards 2008 and the Insurance Times Awards 2008. This product has been used by 9 of the Top 20 insurers. The
demand for Defenda has been considerable and has placed operational challenges on us to manage the growth. We invested in our people and
systems to deliver a more robust service and we are continuing to enhance the proposition to include further value added components. Whilst
our customers buy for a variety of reasons, such as to provide additional capacity, benchmark in-house teams and strategic outsourcing, I
believe that our investment will enable us to yield valuable financial benefits for our customers at the same time as reducing the cost of
delivery.
The broker sector is largely already contracted to traditional Credit Hire Organisations however we are witnessing significant tender
activity as brokers look to achieve more favourable terms. Ai is enhancing its commercial offering, building upon its ethical reputation,
and offering competitive commission levels to develop this area.
We have strengthened our automotive sales team and are actively exploring the potential of this sector. We have also commenced a pilot
with a leading vehicle manufacturer to provide accident management services to their customers.
Ai was the first motor claims management company to mandate the new PAS 125 Kitemark accreditation for its repair network. The network
continues to deliver good service with a keen eye on cost control.
We have secured our rental requirements for the medium term through our partner Avis, supported by additional providers National/Guy
Salmon and Nexus in non-core fleet areas. This provides pricing certainty and favourable payment terms as well as securing the highest level
of service to our customers. In the current economic climate it is important that Ai is also protected from the risk of falling car values.
Our market leading Claims Administration and Recovery System (CARS) went live in October 2007 and is being rolled out on a customer by
customer basis. This system was built in house, specific to Ai's needs, around technologically advanced workflow software. The flexibility
of the system allows us to receive work electronically and drive process efficiencies.
People
Chris Shaw has been appointed Commercial Director of the Group's Operating company. Chris has worked at Ai for 7 years and was
previously Claims Director. Our Sales Director, Chris Brown, left the business in September 2008.
Replacing Chris as Claims Manager is Steve Hunter, previously Collections Manager at Albany, a subsidiary of Helphire. Steve worked at
Ai for 3 years up to 2006 and the fact that he has chosen to return to Ai demonstrates confidence in Ai's strategy and approach.
Jim Monteith, previously Technical Services Director, has become Automotive Director, responsible for managing the Groups vehicle supply
channels and repair network. Jim is also responsible for the Automotive sales channel. This enables the Group to maximise Jim's considerable
experience in these areas.
We have also strengthened our key support functions, with the appointment of Peter Taylor as IT Director. Peter joins from Deloitte
where he was a senior manager in the IT practice, having previously worked at Ernst & Young and ICI. Peter has extensive insurance sector
experience and his appointment is a key addition to the team as Ai develops as an innovative business partner to the insurance sector.
Lesley Heatley also joined the business as Head of HR. Lesley has worked in a number of HR roles at companies including O2 and Abbey
Santander.
Ai invests in the development of staff at all levels. The Talent Academy is an internal MBA type course managed and run by the senior
management of the business. This programme won the Best Training Award at the North West Call and Contact Centre Awards in 2007. A further
nine employees graduated from the Academy last year and the selection process for this years intake, which has been heavily oversubscribed
by our staff, has just been completed.
Operational Performance
Referral levels increased overall by 59 % during the year including the significant growth in the Defenda product. Specifically on non
fault, referrals increased by 11 % and the new insurer non fault contract continued to develop during the year. Hire conversion levels were
consistent with the previous year across the whole book.
We succeeded in reducing hire durations across both the Reserva and Mobilisa products from 18 days on both schemes during 2007 to 15
days and 16 days respectively during 2008. The reduction in Reserva durations was assisted by the strong repair network performance. On the
Mobilisa side, through innovative process design we have been able to deliver considerable cost savings to the general market whilst
improving the customer journey at the same time. The non fault hire duration is one of the lowest in the market place, at least a third
lower than the recorded durations of other credit hire operators in the sector.
The operational feedback from customers and referrers continues to be excellent and we again achieved over 95% satisfaction rating from
our own surveys.
Although our debtor days increased from 55 days to 82 days this was as expected as resources were transferred to our fast growing
Defenda team. Debt collection performance continues to be significantly better than most Credit Hire Organisations and this is down to Ai's
ethical approach to working in partnership with the insurance sector.
This year we have increased our average number of employees from 256 to 328 (28 %) in line with business growth, whilst maintaining sub
30% attrition and we currently employ 423 people. Efficiency savings will flow from the implementation of the workflow methodologies
embodied in the new CARS system. On the back of growth, we have taken on an additional building on our Blackpool campus to house several
support functions and enable core operational areas further room to grow.
We are striving to be the employer of choice on the Fylde coast and are proud to be in the Top 10 employers in this area. I am also
proud of our commitment to local charities; during the year Ai and its staff paid �5,000 to fund local good causes.
Outlook
I write this report at a time of considerable macro-economic instability. The effects of the credit crunch and ripple effects flowing
through the financial sector make it difficult to predict future market developments. However I believe there are significant commercial
opportunities for Ai which we are well positioned to exploit, through our commercial, financial and operating models and ethical way of
working with the insurance market.
I therefore look forward to Ai continuing to grow across our broader commercial footprint. Whilst the sector remains challenging it is
very enjoyable and I have a good, technically competent, dedicated team around me.
David Sandhu
Chief Executive
Finance Director's Review
Financial Overview
The Group generated a pre-tax profit of �2.046 m in the year (2007: �1.540 m) an increase of 33%. Profit before tax and IFRS2 charge was
�2.159 m (2007: �1.635 m).
Revenue of �40.8 m increased by 19 % over the previous year due to growth in Ai's core vehicle replacement services and the continued
expansion of the new Defenda product. Hire revenue increased by 36 % compared to the previous year and Defenda income amounted to �1.6 m.
These changes together with a reduction in the volume and proportion of lower margin repair business improved margins from 30 % to 32 %.
Administrative expenses of �11.1 m increased by 30 % over the previous year, in line with profit and a 28 % increase in FTE's. Expenses
also included amortisation of the new Claims and Recovery System (CARS) and growth related costs such as marketing and recruitment.
Financing
Net financing costs reduced by 58 % to �89,000 (from �213,000) due to tighter working capital management.
Taxation
The Group expects to make a corporation tax payment of �49,000 as brought forward losses were fully utilised. Due to profits made during
the year, the deferred tax asset of �744,000 has now fallen to �152,000 and represents deferred expenditure and timing differences on
capital allowances.
Earning Per Share
Basic Earnings Per Share (EPS) increased by 0.25 p to 2.26 p (2007: 2.01 p). Adjusted EPS, which measures EPS before IFRS 2 charge,
increased by 0.29 p to 2.45 p (2007: 2.16 p).
Dividends
The dividend charge of �338,000 is composed of the payment of a final dividend in relation to the year ended 31 June 2007 of 0.29 p and
declaration of an interim dividend in respect of the 6 months to 31 December 2007 of 0.26 p. The Board have proposed the payment of a final
dividend for the year of �289,000 (0.34 p per share), payable on 7 January 2009 to shareholders on the share register at 12 December 2008.
In line with accounting standards, only dividends declared in a financial period are reflected in the financial statements for that
period. Accordingly, the proposed payment of �289,000 is not reflected in these financial statements.
Cashflow and Working Capital
Net cash inflow from operating activities was �0.8 m (2007: �3.7 m). Cash collection was affected by a short term transfer of claims
resource to support the growth in the Defenda product. Accordingly debtor days increased from a low of 55 in June 2007 to 82 days in June
2008. These staff have now returned to their previous duties and the Defenda team is fully resourced. We would accordingly expect to be able
to reduce debtor days over the coming year
The Group's net working capital (trade and other receivables less trade and other payables) increased from �2.3 m in June 2007 to �4.4 m
in June 2008. This represents 39 days income (2007: 22 days income).
Intangible Assets
Intangible asset additions of �1.2 m relate to the ongoing development of Ai's in-house system, CARS, which went live as planned in
October 2007. A new software suite was built to enable Defenda to operate on the new platform from April 2008. Amortisation of the system
amounted to �0.2 m during the year.
Property, Plant and Equipment
In line with an increase in the average number of employees from 256 to 328, the Group has invested �0.3 m in enhanced office space,
including the refurbishment of an additional building on Ai's Blackpool campus, and IT equipment.
Capital Structure and Financing
Borrowings stand at �3.0 m (2007: �1.9 m). Borrowings consist of a bank overdraft of �1.8 m and structured finance in the form of a
property loan and computer leases. The Group has a revolving overdraft funding facility with Yorkshire Bank calculated as 80 % of sub 240
day trade receivables, capped at �10 m.
The business differentiates itself from Credit Hire Organisations by operating a lean financial model based around rapid collection and
strong management of debt, whilst avoiding the risks of maintaining a fleet of vehicles. Accordingly balance sheet gearing remains low, with
a ratio of debt to shareholders funds of 22 % (2007: 16 %).
Interest charges on the overdraft and property loan are variable, linked to Yorkshire Bank's base rate.
Financial Risk Management
The Group does not enter into derivative transactions and does not trade in financial instruments. The main risk arising from financial
instruments is interest rate risk, which is linked to movements in Yorkshire Bank's base rate.
The Group enters into contracts with customers, for which vehicle provision and repair labour prices may be prescribed for periods of up
to 12 months. The Group secures supply arrangements with rental companies and repairers to mitigate the impact of volatility in prices over
broadly similar periods. In relation to non-fault hires, the company is a subscriber to the ABI's General Terms of Agreement (GTA). GTA
rates are agreed between insurers and credit hire companies annually. When pricing contracts, the company takes account of key potential
sensitivities.
Interest Rate Risk
The Group finances its operations from a mixture of equity, bank borrowings and lease financing. The Group borrows at floating rates of
interest up to 1.5% above Yorkshire Bank base rate. No interest rate caps or swaps are used to manage exposure to interest rate
fluctuations.
Liquidity Risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Group
uses a mixture of short and long term debt finance.
Implementation of International Financial Reporting Standards
As an AIM listed company the Group has reported under International Financial Reporting Standards (IFRS) for the year ended 30 June
2008. The Group issued re-stated financial statements for the year ended 30 June 2007 during December 2007.
Peter Harrison
Group Finance Director
Consolidated Income Statement
for the year ended 30 June 2008
Note 2008 2007
�000 �000
Revenue 40,835 34,326
Cost of sales (27,629) (24,043)
Gross profit 13,206 10,283
Administrative expenses (11,071) (8,530)
Operating profit 2,135 1,753
Financial income 1 21 -
Financial expenses 1 (110) (213)
Net financing costs (89) (213)
Profit before tax 2,046 1,540
Taxation 2 (657) (308)
Profit for the year 1,389 1,232
Basic earnings per ordinary share 3 2.26p 2.01p
Diluted earnings per ordinary share 3 2.23p 2.00p
Consolidated Balance Sheet
at 30 June 2008
2008 2007
�000 �000
Assets
Non-current assets
Goodwill 6,726 6,726
Other Intangible assets 2,679 1,665
Property, plant and equipment 2,610 2,936
Deferred tax assets 152 745
12,167 12,072
Current assets
Trade and other receivables 17,446 13,161
Cash and cash equivalents 53 6
17,499 13,167
Total assets 29,666 25,239
Current liabilities
Financial liabilities - borrowings (1,956) (806)
Trade and other payables (13,011) (10,863)
Current tax liabilities (49) -
(15,016) (11,669)
Non-current liabilities
Financial liabilities - borrowings (1,027) (1,126)
(1,027) (1,126)
Total liabilities (16,043) (12,795)
Net assets 13,623 12,444
Shareholders' equity
Share capital 6,142 6,142
Share premium account 1,579 1,579
Other reserves 271 158
Retained earnings 5,631 4,565
Total shareholders' equity 13,623 12,444
Consolidated Cash Flow Statement
for the year ended 30 June 2008
Note 2008 2007
�000 �000
Cash flows from operating
activities
Profit for the year 1,389 1,232
Adjustments for:
Depreciation of property, plant and 621 632
equipment
Amortisation of other intangible 171
assets
Gain on sale of property, plant and - (2)
equipment
Share compensation charge 113 95
Financial income 1 (21) -
Financial expense 1 110 213
Taxation 2 657 308
Increase in trade and other (4,285) (772)
receivables
Increase in trade and other 2,148 2,244
payables
Interest paid 1 (110) (213)
Net cash from operating activities 793 3,737
Cash flows from investing
activities
Proceeds from sale of property, - 6
plant and equipment
Interest received 1 21 -
Purchases of property, plant and (295) (492)
equipment
Purchases of other intangible (1,185) (1,079)
assets
Net cash from investing activities (1,459) (1,565)
Cash flows from financing
activities
Proceeds from the issue of share - 12
capital
Proceeds of borrowings 1,278 -
Repayment of borrowings (48) (1,653)
Payment of finance lease (179) (234)
liabilities
Dividends paid (338) (295)
Net cash from financing activities 713 (2,170)
Net increase in cash and cash 47 2
equivalents
Cash and cash equivalents at 1 July 6 4
Cash and cash equivalents at 30 53 6
June
Consolidated Statement of Changes in Equity
for the year ended 30 June 2008
Share Share Other reserve Retained Total
capital premium earnings
�000 �000 �000 �000 �000
At 1 July 2006 6,136 1,573 63 3,628 11,400
Profit for the year - - - 1,232 1,232
Issue of ordinary share 6 6 - - 12
capital
Equity-settled share based - - 95 - 95
payment transactions
Dividends - - - (295) (295)
At 30 June 2007 6,142 1,579 158 4,565 12,444
At 1 July 2007 6,142 1,579 158 4,565 12,444
Profit for the year - - - 1,389 1,389
Equity-settled share based - - 113 - 113
payment transactions
Deferred tax on share options - - - 15 15
Dividends - - - (338) (338)
At 30 June 2008 6,142 1,579 271 5,631 13,623
Notes
1. Finance income and expense
2008 2007
�000 �000
Bank interest receivable 21 -
Financial income 21 -
Interest expense on bank loans and 98 181
overdrafts
Interest expense on obligations under 12 32
finance lease and similar hire purchase
contracts
Financial expenses 110 213
2. Taxation
Analysis of charge for the year
2007
2008
�000 �000
Current tax expense
Current year 49 -
Deferred tax expense
Origination and reversal of 608 308
temporary differences
657 308
Total tax in income statement 657 308
Reconciliation of effective tax rate
2008 2007
�000 �000
Profit for the period 1,389 1,232
Total tax expense (including
tax on discontinued operations 657 308
and equity accounted
investees)
Profit excluding taxation 2,046 1,540
Tax using the UK corporation 614 462
tax rate of 30 % (2007: 30 %)
Non-deductible expenses 69 67
Adjustments for tax rate 6 -
changes
Adjustments to deferred tax to (19) (221)
reflect changes to prior
charge
Marginal relief (13) -
Total tax expense 657 308
3. Earnings per share
Basic earning per ordinary share
The calculation of basic earnings per ordinary share at 30 June 2008 is based on the profit for the period attributable to equity
holders of the parent and a weighted average number of ordinary shares outstanding during the year, calculated as follows:
2007
2008
Profit for the year �1,389,000 �1,232,000
attributable to ordinary
shareholders
Weighted average number of 61,416,189 61,416,189
ordinary shares
Basic earnings per share 2.26p 2.01p
Diluted earnings per ordinary share
The calculation of diluted earnings per ordinary share at 30 June 2008 is based on the profit for the period attributable to equity
holders of the parent and a weighted average number of ordinary shares outstanding during the year including share options with a dilutive
effect, calculated as follows:
2007
2008
Profit for the year �1,389,000 �1,232,000
attributable to ordinary
shareholders
Weighted average number of 62,157,956 61,663,517
potential ordinary shares -
diluted
Basic earnings per share 2.23p 2.00p
4. Preliminary Announcement
The unaudited preliminary statement, which has been agreed with the auditors, was approved by the Board of Directors on 22 September
2008. It is not the Company's statutory accounts. Copies of the Group's audited statutory accounts for the year ended 30 June 2008 will be
despatched to shareholders and the AIM Team shortly. The auditors have not yet reported on these accounts. Copies will also be available to
the public at the Company's registered office; Indemnity House, Sir Frank Whittle Way, Blackpool Business Park, Blackpool, FY4 2FB.
The statutory accounts for the period ended 30 June 2007 received an unqualified audit report and did not contain statements under
Section 237 (2) or Section 237 (3) of the Companies Act 1985. The statutory accounts for the period ended 30 June 2007 have been delivered
to the Registrar of Companies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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