RNS Number:2722F
Invocas Group plc
28 June 2006
INVOCAS GROUP PLC
("Invocas" or the "Company")
RESULTS FOR THE PERIOD ENDED 17TH MARCH 2006*
Invocas, a leading provider of personal and corporate debt solutions in
Scotland, is pleased to announce the results of its forerunner Partnership
business, Haines Watts Business Recovery & Insolvency Scotland ("HWBRIS"), for
the period ended 17 March 2006.
Invocas is a market leader in debt solutions in Scotland. Their Personal
Insolvency Division is firmly established as the number one provider of
Protected Trust Deeds (Scottish equivalent of IVA). Their Corporate Solutions
Division has grown rapidly in recent years and already enjoys an excellent
reputation in the Scottish market place.
Highlights
Maiden unaudited results ahead of expectations:
* Admission to AIM on 17 March 2006 and placing of #9.5m
* Strong balance sheet with net cash of #2.3m
* Turnover increased 39% to #6.1m (2005: #4.4m)
* Operating profit increased 54% to #3.1m (2005: #2.0m)
* Strong growth in personal and corporate insolvency work won; total new work
won up 46% to #6.0m ( 2005: #4.1m)
* Annual market share of new Protected Trust Deed ("PTD") appointments 16.3%
(2005: 15%) yet still relatively low public awareness of the benefits of
PTDs. Market share of new Protected Trust Deed appointments in final
quarter to 31 March 2006 19.3%
* Strengthened senior management and investment in infrastructure to support
expansion
* Development of direct public offering via website and call centre for
indebted individuals
* Personal insolvency new work up 45% to #5.4m (2005: #3.7m)
* Corporate insolvency new work up 100% to #0.6m (2005: #0.3m)
* Significant opportunities to accelerate growth organically and through
acquisition
John Hall, Chief Executive of Invocas, commented:
"I am extremely pleased with our progress in the period up to admission. The
business achieved an eighth consecutive year of growth in turnover and
profitability and, following our flotation and fund raising, is now well placed
to take maximum advantage of what is a rapidly expanding market. All
indications are that the numbers of indebted consumers struggling to meet their
financial commitments is growing, and that this will feed through into rising
numbers of Trust Deeds and corporate insolvencies in the short to medium term.
With such positive market conditions, we are confident of reporting further
progress and growth for the Company."
* The 50 week period and unaudited financial information covers the trading of
HWBRIS for the period from 1 April 2005 to 17 March 2006, on which date the
trade and certain assets and liabilities of HWBRIS were acquired by Invocas
Group plc. The comparative numbers for 2005 are for 52 weeks.
Website: www.invocas.com
For further information:
Invocas Group plc Tel: 020 7839 4321 on Wednesday 28 June 2006 only
John Hall, Chief Executive Tel: 0131 225 4661 thereafter
Stephen Lightley, Finance Director
Fishburn Hedges Tel: 020 7839 4321 or 07747 113 930
James Benjamin james.benjamin@fishburn-hedges.co.uk
Charles Stanley Securities Tel: 020 7953 2000
Dugald Carlean
Henry Fitzgerald-O'Connor
Invocas Group plc
Unaudited results for the period ended 17 March 2006
Chairman's Statement
I am delighted to present to our shareholders my first statement as Chairman of
Invocas Group plc. It has been a very busy and successful year for the business.
We have delivered an excellent performance in all of our key business measures
including turnover and profit. We continue to grow our market share whilst
investing to support our expansion and our balance sheet is in excellent shape
with net cash of #2.3 million.
On 17 March, Invocas Group plc floated on AIM and on admission acquired the well
established and profitable business and certain assets of the former Scottish
insolvency practice of Haines Watts (Haines Watts Business Recovery and
Insolvency Scotland) from the partners of that business ("the Partners"). There
was considerable interest in the flotation and the issue was significantly
oversubscribed, successfully raising #9.5 million, #6.5 million of which was
paid as purchase consideration to the Partners. #2.1 million of these funds are
being utilised to invest in the Company's growth strategy including developing a
new direct offering to debtors, marketing, funding acquisitions and attracting
key staff.
The financial results in this announcement relate to the final period of
Partnership trading in the 50 weeks leading up to our flotation on 17 March this
year and the comparative numbers for 2005 were for 52 weeks to 31 March.
Turnover for the period to 17 March increased to #6.1 million, up by 39% from
that for the full year to 31 March 2005 of #4.4 million. The profit of the
Partnership for the 50 weeks was #3.1 million, an increase of 54% from the
profit for the full year to 31 March 2005 of #2.0 million.
The results show that we increased our market share of personal insolvency
appointments in Scotland, an area of work in which we are the pre-eminent
provider. The statistics for the quarter to 31 March 2006 indicate that we
continue to grow our market share, rising to 19.3% of the total number of new
Protected Trust Deed appointments in Scotland.
I am also pleased to report that we have achieved strong growth in our corporate
insolvency and advisory activities. We are investing in key staff in this area
and intend to significantly develop these services in the future.
Consumer debt levels remain at record levels and are growing, this at a time
when most commentators are predicting increases in UK interest rates. The impact
of rate rises on mortgage repayments, allied to significant increases in
household energy bills, is likely to put even more consumers into a position
where they find it difficult to meet their ongoing financial obligations. We are
ideally placed to take advantage of the strong and growing demand for both
personal and corporate debt services in Scotland and are benefiting from our
uniquely strong geographical spread which enables us to access work all over
Scotland. We also anticipate a significant increase in enquiries from indebted
consumers as public awareness of the benefits of a Trust Deed as a debt solution
tool increases, helped by the launch of our "Newtomorrow" offering.
We are cementing Invocas' position as the first choice provider of personal
debt solutions in Scotland and, concurrently, we continue to build a high
quality niche corporate insolvency business for the Scottish market. Significant
opportunities exist to grow the business organically and through acquisitions in
what is a fragmented Scottish market.
The Directors intend to increase Invocas' market share of the growing personal
and corporate debt solutions markets in Scotland by continuing to develop and
expand relationships with work referrers; developing referral flows from
consumer lenders where discussions are already underway with a number of such
institutions; the establishment of a direct offering to debtors by call centre
and website; and continuing to acquire quality, profitable Scottish based debt
solutions providers.
We continue to make good progress with all of these initiatives. Specifically,
we launched our new helpline and website on 19 June 2006 as a direct offering to
debtors under the brand "Newtomorrow". This service is available to debtors
looking for a truly professional, holistic and caring approach to finding the
appropriate solution to their financial problems. In turn, we are in the course
of promoting this service to lenders who wish to adopt a more responsible
approach towards their debtors and to assist them to deal with their financial
obligations in a way that provides a more sensible result for both creditor and
debtor.
As announced on 7 June, we completed the acquisition of Wilson & Co, an
Edinburgh based Insolvency Practice owned by Insolvency Practitioner, Derek
Wilson, which provides a specialised case closure service. This enhances our
offering, giving improved customer service and should lead to greater
efficiencies within the Company. It also strengthens our management team and
brings the full complement of licensed insolvency practitioners within the
Company to seven.
As a professional services business, it is no cliche to say that our staff are
our greatest asset. I would like to extend the thanks of the board and
shareholders to all our people whether in management, operational or support
functions who provide their skill, enthusiasm and commitment every single day to
ensure we provide an optimum service.
With favourable market conditions, ongoing investment in strengthening and
expanding the business, a strong financial platform and a first class team to
execute our plans, I look forward to reporting continued success in the year
ahead.
Howard Bell
Non Executive Chairman
27 June 2006
Invocas Group plc
Unaudited results for the period ended 17 March 2006
Chief Executive's Statement
Business
Following the flotation of Invocas Group plc on AIM in March 2006, I am pleased
to present an excellent set of results for the 50 weeks up to the date of
admission on 17 March 2006. The business earns turnover and profits as work is
done and, after allowance is made for the reduction of two weeks from the
figures for 12 months the equivalent annualised figures slightly exceed market
forecasts.
The results are those of the partnership of Haines Watts Business Recovery and
Insolvency Scotland, the business that was acquired by Invocas immediately after
our flotation and which has been cash generative and profitable for the past
eight years.
The business manages a mixed portfolio of both personal and corporate insolvency
cases and is the major provider of Protected Trust Deeds (Scottish equivalent of
IVA). Approximately 77% of the turnover of the business for the period was
derived from Protected Trust Deed work, with the remaining 23% made up of
administrations, receiverships, liquidations, sequestrations (the Scottish term
for bankruptcy) and advisory work.
The results for the period show a significant increase in turnover and profits
from the year to 31 March 2005. Turnover is up by 39% to #6.1 million and
profits are up by 54% to #3.1 million.
These excellent results are due to an increasingly positive market backdrop that
is helping to increase the need for our offering. We are also benefiting from
growing our head count by 12 in the period from 58 to 70. Our Dundee office,
which opened in June 2004, became fully established and achieved its target
staff complement during the period. We continue to strengthen our management and
information systems and efficiency savings contributed significantly to our
improved profitability.
Our network of work providers continues to expand on the back of excellent
service delivery and our unique geographical coverage of offices in Scotland,
which allows us to carry out mandatory home visits to debtors efficiently. In
spite of the small pool of licensed Insolvency Practitioners in Scotland, we
have increased the number in the Company to seven, including Derek Wilson who
joined on the acquisition of his practice and who will also strengthen the day
to day management of our Edinburgh office.
We continue to adopt an approach which is both caring and professional, and
which seeks to balance the interests of the debtors and their creditors. We are
selective about those cases we take on, operating minimum acceptance criteria
which are unique amongst our competitors. As a consequence, we continue to enjoy
low failure rates and pay substantial average dividends to creditors.
The business has achieved an increase in new Protected Trust Deed appointments
from 920 to 1168 for the period to 17 March 2006. This represents a year on year
increase in market share from 15% to 16.3%. It is particularly encouraging that
the business achieved 19.3% of all new appointments in the quarter ended 31
March 2006.
The business won total new work of some #6.0 million during the year to 31 March
2006 (2005: #4.1 million), representing a year on year increase of 46%. The
level of new work relating to personal insolvency mirrored this overall
increase, growing 45% to #5.4 million (2005: #3.7 million). Corporate work won
increased by 100% year on year rising from #0.3 million to #0.6 million.
The potential regulatory uncertainty posed by proposed changes to Trust Deeds
including the imposition of a statutory minimum dividend also appears to have
receded in the period since admission. As a result of the extremely vocal
response of the profession and other interested parties to the Scottish
Executive's consultation document, it now seems extremely unlikely that a
minimum dividend will be imposed by statute and The Executive has gone on record
as saying that Trust Deeds will remain a central plan of the personal debt
solutions available in Scotland.
Flotation
The AIM flotation in March 2006 proved very successful and was significantly
oversubscribed. We were delighted by the interest shown in our business by
institutional and private investors and I would like to take this opportunity to
welcome our new shareholders to the Company. I would also like to welcome
Howard Bell as Chairman. Howard's previous City and plc main board experience
has already proved extremely beneficial and he is a valuable addition to the
management team.
The flotation has provided the Company with a strong financial base, which
enables the Directors to take advantage of the significant opportunities for
expansion and acquisition and thereby delivering enhanced shareholder value to
our investors.
Strategy
We are taking advantage of the strong demand for both personal and corporate
debt services.
We continue to develop our network of work providers and to build on
relationships with our existing providers. These relationships are important to
us and we are always looking to add additional value to our work referrers and
to enhance the service that we provide to them and to the individuals who they
refer to us.
Our plans to develop a call centre and linked website are progressing well. The
website recently came on stream and we expect that our call centre will be
operational by August. These facilities are intended to provide a professional
source of advice to people in Scotland with debt problems. A full range of debt
solutions will be available to indebted individuals contacting us for
assistance. This offering, marketed using our "Newtomorrow" brand, will be test
marketed in Tayside after the Summer holiday period which traditionally
demonstrates a seasonal spike in debt solutions enquiries and will be rolled out
nationally during the remainder of the year.
As well as a direct public offering, we intend to promote the Newtomorrow
service to those lenders who wish to assist their customers who are experiencing
financial pressures and who are struggling to meet their repayment commitments.
Our preliminary discussions with lenders indicate that this offering will be
well received by those lenders looking to demonstrate a sense of social
responsibility towards their problem customers. We also intend to roll out the
Newtomorrow offering to trades unions, employers' HR departments and other
similar providers of employee welfare advice.
We are keen to develop the business further through strategic acquisitions of
insolvency practices and complementary businesses. In June, we completed our
first acquisition when Derek Wilson and his practice joined us. We are looking
to make further acquisitions throughout Scotland to underpin our growth and
which will complement the Company's business and enhance the services offered.
Invocas are one of the main consolidators of the debt solutions market and we
will continue to pursue this strategy as new opportunities arise. We look
forward to reporting on progress in the months ahead.
We are also looking to extend our income streams through joint venture alliances
with mortgage and loan brokers and by offering our customers a referral service
for appropriate personal financial planning products. To this end, trials are
currently running with a number of mortgage brokers with a view to more
permanent arrangements being put in place in due course.
People
Our people are our biggest asset and I would like to endorse my Chairman's
thanks for their efforts over the last year and for the enthusiastic way in
which they have all embraced the flotation. On a personal note, it is extremely
pleasing to see that many of our employees now hold shares and will be able to
benefit from the substantial increase in shareholder value which the Board is
committed to delivering. Our full time staff numbers have grown from 58 at 31
March 2005 to 70 at 31 March 2006, including Executive Directors. Since 31 March
2006, our full time headcount has grown to 75. We also took the opportunity on
flotation to establish a share option scheme, through which we were able to
reward and further motivate the majority of our staff. We continue to enjoy
extremely low staff turnover, and to receive testimonials from our debtors
praising the sensitive and empathetic way in which our staff deal with their
problems.
Key to the success of our growth plans is the number of licensed insolvency
practitioners in the Company. We have grown the number of licensed insolvency
practitioners from two at 31 March 2005 to three at the date of admission to
AIM. The number has subsequently increased to seven. In addition, we have one
employee who is a qualified insolvency practitioner and in the course of
applying for a licence. Two further employees require to only pass one paper in
this year's JIE exam in order to become fully qualified. We look forward to
building on these numbers.
During the last eighteen months we have recruited two senior employees and have
consequently been able to extend the range of corporate insolvency work that we
can provide.
Infrastructure
We have committed to taking 3,500 sq. feet of extra space which will
approximately double the size of our Glasgow office. This extra space will be
used to house our Newtomorrow call centre and associated debt advisory staff.
Fitting out work is currently underway in anticipation of formal occupation by 1
July. Our Edinburgh office is also planning to relocate to bigger premises and
heads of terms on appropriate space are currently being negotiated. We are also
committed to the necessary IT spend to ensure that the new call centre has a
state of the art call processing and management capability to facilitate its
efficient operation.
Outlook
The flotation has provided a sound financial platform for the Company which,
along with our enhanced credibility and reputation, will allow the Board to
continue to expand organically whilst also seeking new and profitable
consolidation opportunities in the extremely fragmented Scottish market.
The level of personal debt continues to grow and with it the need for
innovative, balanced and professional advice and solutions looks set to increase
significantly. The numbers of Protected Trust Deeds in Scotland increased by
some 17% in the year ended 31 March 2006. Sequestrations increased by some 53%
and Invocas continues to win market share. There is no sign that these rates of
growth will reduce. As consumer awareness of the benefits of Protected Trust
Deeds increases in Scotland, we expect the numbers of new appointments to mirror
the much higher rate of growth of IVAs seen in England and Wales. Additionally,
corporate insolvencies are likely to increase in number as the pressure from
personal debt problems filters through the economic chain.
With such positive market conditions, coupled with an experienced management
team, committed and extremely able staff, established and developing
relationships with referrers and an exemplary track record, the business has had
a successful year and has continued its growth and profitability since the
period end. Looking ahead to a new financial year, we are confident of reporting
further progress and growth.
John Hall
Chief Executive
27 June 2006
Invocas Group plc
Unaudited results for the period ended 17 March 2006
Profit and Loss Accounts
HWBRIS
Unaudited
Period ended Year ended
17 March 31 March
2006 2005
Notes #000's #000's
Turnover 2 6,077 4,379
Cost of sales (2,038) (1,634)
Gross Profit 4,039 2,745
Administrative expenses (968) (738)
Operating Profit 3,071 2,007
Interest receivable and similar income 5 3
Interest payable and similar charges (6) (21)
Profit on ordinary activities available for distribution to the
partners 3,070 1,989
The operations of HWBRIS were all discontinued on 17 March 2006 with the
transfer of the trade to Invocas Group plc.
There were no recognised gains or losses other than the profit for the period
Invocas Group plc
Unaudited results for the period ended 17 March 2006
Balance Sheets
HWBRIS Company
Unaudited As Opening net
at 17 March As at 31 assets at 17
2006 March 2005 March 2006
Notes #000's #000's #000's
Fixed assets
Intangible assets - - 3,995
Tangible assets 89 101 89
89 101 4,084
Current assets
Work in progress 32 16 32
Debtors 3,181 2,417 3,109
Cash at bank and in hand 182 735 2,265
3,395 3,168 5,406
Creditors: amounts falling due within one year (1,005) (660) (827)
Net current assets 2,390 2,508 4,579
Total assets less current liabilities 2,479 2,609 8,663
Creditors: amounts falling due after more than one - (204) -
year
Provisions for liabilities and charges - (36) -
Net assets 2,479 2,369 8,663
Capital and reserves
Partners' capital accounts 2,479 2,369
Called up share capital 6 71
Share premium account 7 8,592
Profit and loss account -
Total shareholders' funds 8,663
Invocas Group plc
Unaudited results for the period ended 17 March 2006
Cash Flow Statements
HWBRIS
Unaudited
Period
ended 17 Year ended
March 31 March
2006 2005
Notes #000's #000's
Net cash inflow from operating activities 8 2,256 1,502
Returns on investments and servicing of finance
Interest received 5 3
Interest paid (6) (21)
(1) (18)
Taxation - -
Capital expenditure
Payments to acquire tangible fixed assets (31) (79)
(31) (79)
Distribution to equity partners (2,960) (856)
Financing
Repayment of loans (317) (113)
Increase in bank loans 500 -
Capital introduced by Partners - 192
183 79
(Decrease)/Increase in cash (553) 628
Reconciliation of Net Cash Flow to Movement in Net Funds
Unaudited
Period ended
17 March Year ended
2006 31 March
2005
#000's #000's
(Decrease)/Increase in cash in the period (553) 628
Cash inflow from increase in loans (500) -
Repayment of long term loans 317 113
(736) 741
Change in net debt
Net funds/(debt) at start of the period 418 (323)
Net funds/(debt) at end of the period (318) 418
Invocas Group plc
Unaudited results for the period ended 17 March 2006
Notes to the Unaudited Financial Statements
1. Unaudited accounts
The unaudited financial information contained in this statement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. It has been prepared on the basis of the accounting policies which will be
adopted by the Company in its first full statutory accounts to be issued for the
period ending 31 March 2007.
The unaudited financial information covers the trading of the partnership of
Haines Watts Business Recovery and Insolvency Scotland ("HWBRIS"), for the
period from 1 April 2005 to 17 March 2006, on which date the trade and certain
assets and liabilities of HWBRIS were acquired by Invocas Group plc. To comply
with Rule 18 of the AIM rules concerning disclosure of financial information,
the company considers that presenting the financial information on this basis
will give the reader a better understanding of the results of the business.
The opening balance sheet for the Company reflects the acquisition of the trade
and certain assets and liabilities of HWBRIS and is unaudited. It is presented
for information only.
2. Turnover
Turnover in the profit and loss account represents amounts earned during the
period from the provision of financial solutions to individuals and companies
experiencing debt problems, inclusive of direct disbursements and subcontract
fees incurred on assignments but exclusive of value added tax.
The amounts taken to turnover are calculated on a time charged basis with due
provision made for cases for which the fee may not be recoverable.
Unbilled revenue is included in debtors as "Amounts recoverable on contracts".
3. Taxation
Under tax legislation, partners are responsible for income tax on their share of
profits made by a partnership. Accordingly, no provision for income tax or
deferred tax is made for the purposes of the financial information.
4. Illustrative retained profits
Unaudited
period ended
17 March Year ended
2006 31 March
2005
#000's #000's
Profit on ordinary activities available for
distribution to partners 3,070 1,989
Corporate costs including directors salaries and
compliance costs (650) (550)
Profit on ordinary activities before taxation 2,420 1,439
Taxation (726) (432)
Profit on ordinary activities after taxation 1,694 1,007
The above illustrates the effects on retained profit had HWBRIS been a corporate
entity for the last two periods including an estimate of directors' costs and
other corporate costs together with a notional rate for taxation.
5. Earnings per share
Unaudited
period ended
17 March 2006 Year ended 31
March 2005
#000's #000's
Illustrative profit for the period (note 4) 1,694 1,007
Weighted average number of shares in issue: No. No.
For basic earnings per share 28,566,585 28,566,585
For diluted earnings per share 28,566,585 28,566,585
Earnings per share:
Basic 5.93p 3.53p
The earnings per share disclosed within this financial information is for
illustrative purposes only and is calculated based on the shares at admission as
if they had been in issue during the last two periods.
6. Called up share capital
No #
Authorised
Ordinary shares of 0.25p each 39,000,000 97,500
Allocated, called up and full paid
Issued subscriber shares 2 2
Shares issued in period 49998 49998
Subdivision of ordinary shares 19,950,000 -
Issued on admission to AIM 8,566,585 21,416
At 17 March 2006 28,566,585 71,416
On incorporation, the authorised share capital of the Company was #1,000 divided
into 1,000 ordinary shares of #1 each, two of which were issued credited as
fully paid to the subscribers to the Memorandum of Association.
From the date of incorporation to 17 March 2006 the following transactions were
completed:
* On 9 March 2006, the authorised share capital of the Company was increased
to #50,000 by the creation of 49,000 ordinary shares of #1 each. On the
same day,49,998 ordinary shares of #1 each were issued as fully paid.
* On 14 March 2006, the authorised share capital of the Company was increased
to #97,500 by the creation of 47,500 ordinary shares of #1 each.
* On 14 March 2006, the ordinary shares of #1 each were sub-divided into 400
Ordinary Shares of 0.25 p each.
On 17 March 2006, a further 8,566,585 ordinary shares of 0.25p were issued on
admission of the Company to the Alternative Investment Market at 111p per
ordinary share.
7. Reconciliation of Shareholders' funds
Nominal Share Profit and
share premium loss
capital account account Total
# # # #
New equity share capital subscribed 71,416 9,487,493 - 9,558,909
Costs incurred - (895,475) - (895,475)
Net addition to shareholders' funds and
closing shareholders' funds 71,416 8,592,018 - 8,663,434
8. Reconciliation of operating profit to net cash inflow from operating
activities
Period ended 17 Year ended 31
March 2006 March 2005
#000's #000's
Operating profit 3,071 2,007
Depreciation on tangible fixed assets 38 37
Loss on disposal of tangible fixed assets 5 -
Increase in debtors (780) (819)
Increase/(decrease) in creditors (78) 277
Net cash inflow from operating activities 2,256 1,502
9. Post balance sheet events
On 17 March 2006 the Company acquired the trade and certain assets and
liabilities of HWBRIS.
On 7 June 2006 the Company acquired Wilson and Co, an Edinburgh based Insolvency
Practice, for a cash consideration of approximately #140,000 for goodwill
(#135,000) and fixed assets (#5,000) plus the value of work in progress which is
yet to be determined.
Invocas Group plc
Unaudited results for the period to 17 March 2006
INDEPENDENT REVIEW REPORT TO INVOCAS GROUP PLC
Introduction
We have been instructed by the Company to review the financial information for
the 50 week period ended 17 March 2006, which comprises the attached Profit and
Loss Account, Balance Sheet, Cash Flow Statement of HWBRIS and the related
notes and we have read the other information contained in the unaudited
statement and considered whether it contains any apparent misstatements or
material inconsistencies with the financial information.
This report, including the conclusion, has been prepared for and only for the
Company for the purpose of the announcement of the unaudited results of HWBRIS,
and for no other purpose. We do not, therefore, in producing this report,
accept or assume responsibility for any other purpose or to any other person to
whom this report is shown or into whose hands it may come save where expressly
agreed by our prior consent in writing.
Directors' Responsibilities
The unaudited statement, including the financial information contained therein,
is the responsibility of, and has been approved by the directors. The directors
are responsible for preparing the unaudited statement in accordance with the AIM
Market Rules which require that the accounting policies and presentation applied
to the unaudited figures must be consistent with those that will be adopted in
the Company's annual accounts.
Review Work Performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board as if that Bulletin applied. A review
consists principally of making enquiries of management and applying analytical
procedures to the financial information and underlying financial data and based
thereon, assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities and
transactions. It is substantially less in scope than an audit performed in
accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit. Accordingly we do not express an audit opinion on the
financial information.
Review Conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the 50 week period
ended 17 March 2006.
BAKER TILLY
Chartered Accountants
Brazennose House
Lincoln Square
Manchester
M2 5BL
27 June 2006
This information is provided by RNS
The company news service from the London Stock Exchange
END
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