TIDMPKW
RNS Number : 9025I
Parkwood Holdings PLC
22 March 2010
FOR RELEASE
22 MARCH 2010
Parkwood Holdings Plc
Preliminary Results for the year ended 31 December 2009
Parkwood Holdings Plc ("Parkwood" or "the Group"), the public sector support
services specialist, announces its preliminary results for the year ended 31
December 2009.
Highlights:
· Net cash proceeds of GBP4.2 million from the sale of subordinated debt and
equity in leisure related special purpose companies
· Profit after tax of GBP2.1 million (2008 restated: GBP0.4 million) including
GBP3.1 million profit from discontinued operations (2008 restated: GBP0.4
million loss)
· Basic earnings per share for the year of 11.5p (2008 restated: 2.0p)
· Revenues in Parkwood Leisure grew by 14% to GBP61.0 million (2008: GBP53.5
million) and operating profit increased to GBP4.3 million (2008: GBP3.9 million)
· Glendale incurred an adjusted operating loss of GBP1.3 million (2008: GBP0.5
million profit)
· Underlying increase in the cash balances of the continuing Group of GBP5.3
million (2008 restated: outflow GBP1.1 million)
· Total net debt reduced to GBP2.5 million (2008: GBP14.8 million)
· An interim dividend of 1.2p per share will be paid on 1 April 2010
For further information please contact:
Tony Hewitt - Executive Chairman
01772 627111
Mike Quayle - Group Finance Director
01772 627111
Neil Baldwin - Brewin Dolphin Investment Banking 0113
241 0126
Chairman's Statement
Parkwood ended 2009 on a positive note with the sale of subordinated debt and
equity in a number of leisure special purpose companies (SPCs) for a net
consideration of GBP4.2 million. Parkwood Leisure is now the largest division
in the Group and performed well. Glendale, the 'green services' division,
incurred a loss and the termination of a contract with the MoD for the
management of the Defence Animal Centre has led to the Group impairing its
investment in Realm. Despite these difficulties, I am pleased to be able to
announce a profit after tax of GBP2.1 million (2008 restated: GBP0.4 million).
Results
Group revenue from continuing operations amounted to GBP118.0 million (2008
restated: GBP116.6 million) on which a loss from continuing activities before
taxation of GBP0.9 million (2008 profit restated: GBP1.5 million) was incurred.
The net profit from the sale of the SPCs of GBP5.6 million was offset by a
GBP2.7 million impairment charge against Realm. Overall, net profit for the year
was GBP2.1 million (2008 restated: GBP0.4 million). Basic earnings per share
for the year was 11.5p (2008 restated: 2.0p).
Revenues in Parkwood Leisure grew by 14% to GBP61.0 million (2008: GBP53.5
million) and operating profit increased to GBP4.3 million (2008: GBP3.9 million)
despite an increase in utility costs. The fortunes of Glendale were mixed;
revenues declined by 8% to GBP53.5 million (2008: GBP58.2 million); profits in
Glendale's grounds management business were offset by losses in golf, recycling
and horticulture producing an overall operating loss before amortisation and
impairment charges of GBP1.3 million (2008: profit of 0.5 million). The
termination of the contract at the Defence Animal Centre has led to the
operational element of Glendale's business on this contract being classified as
discontinued. Parkwood Consultancy Services (PCS) did not close the leisure PFI
at Bristol before the year end, but the subordinated debt and equity in the
leisure SPCs were sold during the year by this division. Parkwood Healthcare's
revenues decreased to GBP3.8 million (2008: GBP4.8 million) as a result of the
expiration of a major loss-making ambulance contract in the Midlands. This
division generated an operating loss of GBP0.4 million (2008: GBP0.4 million
loss).
Dividends
The Board is able to recommend the payment of dividends in line with its
dividend policy. An interim dividend of 1.2p per share will be paid on the 1
April 2010 to all shareholders on the register on 19 March 2010. It is
anticipated that a further dividend will be paid in October 2010. No dividends
were paid or charged in 2009.
Strategy and Order Book
Parkwood has weathered the recession and the sale of assets has enabled it to
clear much of its debt. Difficulties remain in the smaller subsidiaries within
the Group but the strongly cash positive business of Parkwood Leisure underpins
the Group. The ten year order book with the public sector stands at GBP471
million. The impending election and measures to reduce the UK's burden of debt
will have an effect on the public sector, where economies in services are
inevitable. This will present opportunities for Parkwood where local
authorities may wish to involve the private sector to a greater extent than
previously, particularly in hard pressed metropolitan and unitary authorities
where services have largely been maintained in-house. At the same time pressure
on service delivery budgets will result in the loss of some discretionary
income. Parkwood will tread carefully and ensure that it retains the confidence
of its existing customers, presenting them with real value for money
alternatives that benefit local communities. Parkwood will continue to
predominantly provide services to the public sector.
Management and Board
I continue to serve as Chairman and Chief Executive, with Richard Tolkien and
Sarah Kling seeking re-election as non-executive directors at the AGM on 30
April 2010. Richard will become the senior independent director whilst Sarah
commences her last year as a main board director. A new non-executive director
will be recruited during the year. Andrew Holt, who is responsible for the
Group's leisure business continues as an executive director. Mike Quayle joined
the Group as Finance Director in July 2009, replacing Terry Bowman who resigned
on 31 March 2009. Carolyn Smith was reappointed as Company Secretary on 18
March 2009 after a period of maternity leave.
Staff
Staff numbers increased to 5,918, equal to a full time equivalent of 3,620, with
all of the recruitment taking place in the Leisure division. Morale remains
high and our staff take pride in what they do. I congratulate everyone in
Parkwood for the resilience they have shown in a difficult year.
Outlook
Parkwood has restored its profitability through the sale of assets and now has
to improve operational profitability in Glendale and Healthcare. Parkwood
Leisure is a considerable success and is a cash generative business. A year of
consolidation lies ahead with the interests of Parkwood's shareholders being the
Board's prime concern.
A W Hewitt
Executive Chairman
22 March 2010
Financial Review
Overview
The Group's results and balance sheet were both positively impacted by the sale
of the leisure related SPC investments in December 2009. The Group now has a
stronger and simpler balance sheet. The termination of the Realm contract, and
Administration of the associated SPC, have led to a restatement of the 2008
results to exclude Realm's trading results which are now classified as a
discontinued activity together, with the leisure related SPC investments which
had already been classified as discontinued.
Revenue from continuing operations increased by 1.2% to GBP118.0 million (2008
restated: GBP116.6 million). The Group suffered a loss from continuing
operations before tax of GBP0.9 million (2008 restated: GBP1.5 million profit).
The loss from continuing operations includes impairment charges of GBP0.7
million (2008: GBP0.2 million) and one off-costs within Glendale totalling GBP1
million relating to asset write downs and provisions. After a net profit from
discontinued operations of GBP3.1 million (2008 restated: GBP0.4 million loss),
the Group recorded a retained profit for the year of GBP2.1 million (2008
restated: GBP0.4 million).
Trading Performance
The following summary has been prepared from information contained within the
financial statements.
+-----------------+---------+---------------+---------+---------------+
| | 2009 | 2008 (restated) |
+-----------------+-------------------------+-------------------------+
| | Revenue | Adjusted¹ | Revenue | Adjusted¹ |
| | | operating | | operating |
| | | profit/(loss) | | profit/(loss) |
+-----------------+---------+---------------+---------+---------------+
| | GBP000 | GBP000 | GBP000 | GBP000 |
+-----------------+---------+---------------+---------+---------------+
| | | | | |
+-----------------+---------+---------------+---------+---------------+
| Leisure | 61,021 | 4,290 | 53,530 | 3,864 |
+-----------------+---------+---------------+---------+---------------+
| Glendale | 53,524 | (1,339) | 58,221 | 492 |
+-----------------+---------+---------------+---------+---------------+
| Healthcare | 3,792 | (337) | 4,763 | (363) |
+-----------------+---------+---------------+---------+---------------+
| PCS | 1,317 | (286) | 2,108 | 181 |
+-----------------+---------+---------------+---------+---------------+
| Other | 1,760 | (2,024) | 1,857 | (2,251) |
+-----------------+---------+---------------+---------+---------------+
| Inter segment | (3,451) | - | (3,908) | - |
| elimination | | | | |
+-----------------+---------+---------------+---------+---------------+
| | | | | |
+-----------------+---------+---------------+---------+---------------+
| | 117,963 | 304 | 116,571 | 1,923 |
+-----------------+---------+---------------+---------+---------------+
| | | | | |
+-----------------+---------+---------------+---------+---------------+
1 Adjusted operating profit/(loss) - profit/(loss) from continuing operations
before goodwill amortisation and impairment.
Parkwood Leisure continues to perform strongly with an 11% increase in adjusted
operating profit from GBP3.9 million to GBP4.3 million. Glendale's results
reflect challenging business conditions but also include one off, non-cash
charges of GBP1.0 million. These principally relate to a reassessment of
horticultural inventory following a review of the overhead absorption
methodology and net realisable value.
Healthcare's revenue reduced by GBP1.0 million following the end of the onerous
patient transport contract in the Midlands in July 2009. PCS saw revenue and
profits decline in 2009 due to the delay in closing the Bristol PFI project.
Within the "Other" row in the above table, revenue relates to the Design, Build,
Operate and Maintain (DBOM) contracts and costs relate to central group costs
which have been reduced by GBP0.2 million in the year.
Impairment charge
The Group incurred a GBP0.7 million impairment charge (2008: GBP0.2 million), of
which GBP0.5 million relates to goodwill following a review of the Eco Sci and
Countryside businesses. Additionally, a GBP0.2 million charge was taken against
the carrying value of fixed assets within the Golf business.
Finance Costs
Finance income has reduced to GBP0.2 million (2008 restated: GBP0.6 million) as
surplus funds have been used to reduce borrowings and income from the SPC
investments ceased.
Finance costs attributable to continuing operations have reduced to GBP0.6
million (2008 restated: GBP0.7 million) due to lower borrowings. Finance costs
have reduced significantly from those previously reported in 2008 since the
interest paid on the non-recourse loans used to finance the SPC investments has
been reclassified as discontinued.
Taxation
The Group's tax charge on continuing operations was GBP0.1 million (2008
restated: GBP0.8 million). This is higher than the expected charge based on the
loss from continuing operations mainly due to non allowable depreciation and
impairment charges.
The taxation charge resulting from discontinued operations is separately
disclosed within these activities. No tax was payable on the disposal profit
due to substantial shareholder relief.
Discontinued operations
The disposal of the SPC investments generated a profit of GBP5.6 million. This
was higher than the net cash proceeds of GBP4.2 million due to these investments
having net liabilities at the date of disposal.
Following the Administration of the Realm SPC, and subsequent termination of the
contract with Glendale Facilities Management by the MoD, both operations have
been classified as discontinued. The assets and liabilities of Realm have been
eliminated from the Group balance sheet and the carrying value of the intangible
asset relating to this contract has been fully impaired. The net impact of
these adjustments is a GBP2.7 million charge to the income statement.
The profit after tax of the SPC investments and the Realm contract up to the
date of disposal or elimination was GBP0.2 million (2008 restated: GBP0.4
million loss). This includes the interest payable on the non-recourse loans
used to fund these investments totalling GBP1.5 million (2008 restated: GBP1.8
million).
Cash flow
The net cash inflow generated by operating activities was GBP8.7 million (2008
restated: GBP9.7 million) reflecting the Group's strong EBITDA and a net inflow
from working capital of GBP1.8 million (2008 restated: GBP1.4 million). Net
cash inflow generated from operating activities includes GBP3.1 million (2008
restated: GBP3.4 million) from discontinued activities. The total cash inflow
from discontinued activities was GBP0.4 million (2008: GBP1.6 million outflow).
Within investing activities, the disposal of the leisure SPC investments
generated net proceeds of GBP4.2 million after payment for tax balances
previously group relieved and professional fees. The impact of these proceeds in
the cash flow statement is diluted by the elimination of cash balances held by
the leisure SPCs totalling GBP2.2 million. However, these cash balances were
not accessible by the Group and therefore the real underlying benefit of the
disposal on the Group's liquidity position is GBP4.2 million. The
deconsolidation of Realm's GBP0.8 million cash balance is also shown as a cash
outflow. In total, therefore, the cash flow for the year includes a GBP3.0
million outflow in relation to the disposal of SPC cash balances which were not
accessible by the continuing Group.
Capital expenditure funded by the Group was limited to replacement rather than
new investments and reduced to GBP2.6 million (2008 restated: GBP4.9 million)
which is significantly lower than the continuing depreciation charge of GBP4.3
million (2008 restated: GBP3.8 million). HP funding reduced the net cash
outflow from capital expenditure to GBP1.3 million (2008 restated: GBP4.0
million) before repayment of outstanding HP liabilities.
The Group acquired the remaining 50% shareholding in Verdia Horticulture Limited
from TEG Group plc resulting in a net cash outflow of GBP0.1 million. In
addition, the Group increased its investment in D4E to 25% resulting in a net
cash outflow of GBP0.4 million including costs.
Recourse bank loans and HP obligations of GBP2.9 million (2008 restated: GBP2.0
million) were repaid during the year.
In total, the Group generated a net cash inflow of GBP2.7 million (2008: GBP2.7
million outflow) resulting in a net cash balance of GBP5.1 million at 31
December 2009. The net cash inflow of GBP2.7 million is stated after inflows
from discontinued activities of GBP0.4 million and elimination of disposed cash
balances of GBP3.0 million. The underlying increase in the cash balances of
the continuing Group was therefore GBP5.3 million.
Pensions
The triennial valuation of the Citrus defined benefit pension scheme "the
Scheme" took place on 31 March 2009 and indicated a funding deficit of GBP4.4
million. The trustees have proposed a ten year recovery plan to address the
deficit. The IAS 19 accounting valuation at 31 December 2009 indicated a
deficit of GBP2.4 million (2008: GBP0.6 million). Of the increase in the IAS 19
deficit, GBP2.1 million related to changes in actuarial assumptions and has been
charged directly to equity in accordance with IAS 19.
The pension charge for the year in respect of the Scheme amounted to GBP0.5
million (2008: GBP0.7 million) and contributions amounted to GBP0.8 million
(2008: GBP0.9 million).
In addition to the defined benefit scheme, the Group makes contributions to a
defined contribution scheme and an Admitted Body Status scheme. In both cases,
the Group has no further responsibility to fund the scheme beyond the
contributions payable each year. In 2009 these contributions amounted to GBP1.2
million (2008: GBP0.8 million).
Balance sheet
Following the SPC disposal and Realm deconsolidation, the Group no longer has
any non-recourse borrowings. Total borrowings at 31 December 2009 were GBP7.6
million (2008: GBP16.0 million) comprising HP liabilities of GBP4.3 million
(2008: GBP3.3 million) and bank loans of GBP3.3 million (2008: GBP12.6 million).
Against these borrowings the Group held cash balances of GBP5.1 million at the
year end (2008: GBP1.1 million) which reduced the net level of indebtedness to
GBP2.5 million (2008: GBP14.8 million).
As disclosed in the 2009 Interim Report, the net assets previously reported at
31 December 2008 were restated to amend the values of certain derivative
contracts within the non-recourse SPCs. The amendment was required principally
due to an error in the valuation provided by the bank which issued the
derivatives. The net impact has been to reduce the net asset value at 31
December 2008 from GBP6.0 million to GBP1.6 million. This restatement has no
effect on the profits in the current or prior period since the derivatives
concerned were effective hedges and therefore changes in value were recognised
directly in equity. All of the hedges concerned have been eliminated from the
balance sheet at 31 December 2009 since they formed part of the discontinued
activities.
Net assets at 31 December 2009 stood at GBP5.9 million (2008 restated: GBP1.6
million). The Group's net assets do not include any values for the intangible
assets associated with the Group's GBP471 million ten year order book.
Going concern
The directors acknowledge the guidance on going concern and financial reporting
published by the Financial Reporting Council in October 2009. Given the broad
base of our contract portfolio with the public sector and high earnings
visibility, the Group is well placed to manage its business risks and has
adequate resources to continue in operational existence for the foreseeable
future.
In December 2009 the Group renewed its 12 month overdraft facility at GBP2.5
million and its forecasts and budgets for the next 12 months indicate that, if
Bristol closes as anticipated, there will be minimal utilisation of this
facility given the cash balance available to the Group.
During 2010, GBP2.6 million of the Group's term loans with Bank of Scotland fall
due for repayment. These repayments will be made from available cash resources.
Based on the information set out above, the Directors believe that it is
appropriate to prepare the financial statements on a going concern basis.
CONSOLIDATED INCOME STATEMENT
Year Ended 31 December 2009
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| | | | Restated |
| | Note | 2009 | |
| | | Total | 2008 |
| | | GBP000 | Total |
| | | | GBP000 |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Revenue | | 117,963 | 116,571 |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Cost of sales | | (79,942) | (78,124) |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Gross profit | | 38,021 | 38,447 |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Administrative expenses | | (38,430) | (36,793) |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Operating (loss)/profit | | (409) | 1,654 |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| EBITDA | | 4,561 | 5,730 |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Depreciation | | (4,257) | (3,807) |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Operating profit before amortisation and | | 304 | 1,923 |
| impairment | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Amortisation | | (62) | (85) |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Impairment charges | | (651) | (184) |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Operating (loss)/profit | | (409) | 1,654 |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Finance income | | 193 | 571 |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Finance costs | | (622) | (680) |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Share of results of joint venture | | (94) | - |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| (Loss)/profit before taxation from | | (932) | 1,545 |
| continuing operations | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Income tax expense | 6 | (85) | (768) |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| (Loss)/profit for the year from | | (1,017) | 777 |
| continuing operations | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Discontinued operations | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Gain on disposal of SPCs | 4 | 5,620 | - |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Loss on impairment of Realm | 4 | (2,700) | - |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Profit/(loss) for the year from | 4 | 176 | (408) |
| discontinued operations | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Total profit/(loss) from discontinued | | 3,096 | (408) |
| operations | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Profit for the year attributable to | | 2,079 | 369 |
| equity shareholders | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Basic and diluted (loss)/ earnings per | | | |
| share | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| From continuing operations | | (5.6p) | 4.2p |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| From discontinued operations | | 17.1p | (2.2p) |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| Total | 7 | 11.5p | 2.0p |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
| | | | |
+-------------------------------------------+-----------------------------------+-----------------------------------+----------+
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year Ended 31 December 2009
+---------------------------------------------+---------+----------+
| | | |
| | | Restated |
| | 2009 | 2008 |
| | Total | Total |
| | GBP000 | GBP000 |
+---------------------------------------------+---------+----------+
| | | |
+---------------------------------------------+---------+----------+
| Profit for the year | 2,079 | 369 |
+---------------------------------------------+---------+----------+
| | | |
+---------------------------------------------+---------+----------+
| Other comprehensive income/(losses) | | |
+---------------------------------------------+---------+----------+
| Continuing operations: | | |
+---------------------------------------------+---------+----------+
| Actuarial loss on defined benefit pension | (1,933) | (100) |
| scheme | | |
+---------------------------------------------+---------+----------+
| Change in derivative valuations - cash flow | 62 | (1,081) |
| hedges | | |
+---------------------------------------------+---------+----------+
| Income tax relating to components of other | 524 | 303 |
| comprehensive income | | |
+---------------------------------------------+---------+----------+
| Discontinued operations: | | |
+---------------------------------------------+---------+----------+
| Actuarial (loss)/gain on defined benefit | (200) | 9 |
| pension scheme | | |
+---------------------------------------------+---------+----------+
| Change in derivative valuations - cash flow | 441 | (1,409) |
| hedges | | |
+---------------------------------------------+---------+----------+
| Reclassification adjustment - disposal of | 3,442 | - |
| cash flow hedges (note 4) | | |
+---------------------------------------------+---------+----------+
| Income tax relating to components of other | (67) | 420 |
| comprehensive income | | |
+---------------------------------------------+---------+----------+
| | | |
+---------------------------------------------+---------+----------+
| Other comprehensive income/(losses) for the | 2,269 | (1,858) |
| year, net of tax | | |
+---------------------------------------------+---------+----------+
| | | |
+---------------------------------------------+---------+----------+
| Total comprehensive income/(losses) for the | 4,348 | (1,489) |
| year | | |
+---------------------------------------------+---------+----------+
| | | |
+---------------------------------------------+---------+----------+
| | | |
+---------------------------------------------+---------+----------+
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
+------------------------------------+---------+----------+----------+
| | | Restated | Restated |
+------------------------------------+---------+----------+----------+
| | 2009 | 2008 | 2007 |
| | GBP000 | GBP000 | GBP000 |
+------------------------------------+---------+----------+----------+
| Non-current assets | | | |
+------------------------------------+---------+----------+----------+
| Goodwill | 1,868 | 2,364 | 2,521 |
+------------------------------------+---------+----------+----------+
| Intangible asset | 185 | 4,752 | 4,941 |
+------------------------------------+---------+----------+----------+
| Property, plant and equipment | 14,082 | 21,940 | 43,750 |
+------------------------------------+---------+----------+----------+
| Investments | 439 | 46 | 46 |
+------------------------------------+---------+----------+----------+
| Interests in joint ventures | - | - | 12 |
+------------------------------------+---------+----------+----------+
| Derivative financial instruments | - | - | 303 |
+------------------------------------+---------+----------+----------+
| Trade and other receivables | 173 | 139 | 142 |
+------------------------------------+---------+----------+----------+
| Deferred tax asset | 1,264 | - | 320 |
+------------------------------------+---------+----------+----------+
| | | | |
+------------------------------------+---------+----------+----------+
| | 18,011 | 29,241 | 52,035 |
+------------------------------------+---------+----------+----------+
| | | | |
+------------------------------------+---------+----------+----------+
| Current assets | | | |
+------------------------------------+---------+----------+----------+
| Inventories | 2,878 | 3,750 | 3,624 |
+------------------------------------+---------+----------+----------+
| Trade and other receivables | 13,610 | 18,450 | 16,475 |
+------------------------------------+---------+----------+----------+
| Cash and cash equivalents | 5,094 | 1,109 | 5,100 |
+------------------------------------+---------+----------+----------+
| | | | |
+------------------------------------+---------+----------+----------+
| | 21,582 | 23,309 | 25,199 |
+------------------------------------+---------+----------+----------+
| Assets of disposal group | - | 25,068 | - |
| classified as held-for-sale | | | |
+------------------------------------+---------+----------+----------+
| | | | |
+------------------------------------+---------+----------+----------+
| Total current assets | 21,582 | 48,377 | 25,199 |
+------------------------------------+---------+----------+----------+
| | | | |
+------------------------------------+---------+----------+----------+
| Total assets | 39,593 | 77,618 | 77,234 |
+------------------------------------+---------+----------+----------+
| | | | |
+------------------------------------+---------+----------+----------+
| | | | |
| Current liabilities | | | |
+------------------------------------+---------+----------+----------+
| Trade and other payables | 23,228 | 26,747 | 23,270 |
+------------------------------------+---------+----------+----------+
| Income tax payable | 33 | 2,657 | 371 |
+------------------------------------+---------+----------+----------+
| Obligations under finance leases | 1,503 | 1,540 | 1,982 |
+------------------------------------+---------+----------+----------+
| Borrowings | 2,639 | 1,313 | 2,380 |
+------------------------------------+---------+----------+----------+
| | | | |
+------------------------------------+---------+----------+----------+
| | 27,403 | 32,257 | 28,003 |
+------------------------------------+---------+----------+----------+
| Liabilities of disposal group | - | 27,725 | - |
| classified as held-for-sale | | | |
+------------------------------------+---------+----------+----------+
| | | | |
+------------------------------------+---------+----------+----------+
| Total current liabilities | 27,403 | 59,982 | 28,003 |
+------------------------------------+---------+----------+----------+
| | | | |
+------------------------------------+---------+----------+----------+
| Non-current liabilities | | | |
+------------------------------------+---------+----------+----------+
| Borrowings | 705 | 11,302 | 33,406 |
+------------------------------------+---------+----------+----------+
| Retirement benefit obligations | 2,440 | 621 | 788 |
+------------------------------------+---------+----------+----------+
| Long-term provisions | 293 | 171 | 1,105 |
+------------------------------------+---------+----------+----------+
| Obligations under finance leases | 2,771 | 1,800 | 2,050 |
+------------------------------------+---------+----------+----------+
| Derivative financial instruments | 48 | 1,419 | 2,343 |
+------------------------------------+---------+----------+----------+
| Interests in joint ventures | - | - | 2,379 |
+------------------------------------+---------+----------+----------+
| Deferred tax liability | 26 | 744 | 2,024 |
+------------------------------------+---------+----------+----------+
| | | | |
+------------------------------------+---------+----------+----------+
| | 6,283 | 16,057 | 44,095 |
+------------------------------------+---------+----------+----------+
| | | | |
+------------------------------------+---------+----------+----------+
| Total liabilities | 33,686 | 76,039 | 72,098 |
+------------------------------------+---------+----------+----------+
| | | | |
+------------------------------------+---------+----------+----------+
| | 5,907 | 1,579 | 5,136 |
+------------------------------------+---------+----------+----------+
| Net assets | | | |
+------------------------------------+---------+----------+----------+
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2009
+----------------------------------------+---------+----------+----------+
| | | Restated | Restated |
| | | | |
+----------------------------------------+---------+----------+----------+
| Equity | 2009 | 2008 | 2007 |
| | GBP000 | GBP000 | GBP000 |
+----------------------------------------+---------+----------+----------+
| | | | |
+----------------------------------------+---------+----------+----------+
| Share capital | 187 | 189 | 193 |
+----------------------------------------+---------+----------+----------+
| Share premium account | 2,227 | 2,227 | 2,227 |
+----------------------------------------+---------+----------+----------+
| Investment in own shares | (417) | (729) | (350) |
+----------------------------------------+---------+----------+----------+
| Capital redemption reserve | 410 | 408 | 404 |
+----------------------------------------+---------+----------+----------+
| Hedging reserve | (34) | (1,022) | (1,470) |
+----------------------------------------+---------+----------+----------+
| Revaluation reserve | - | 819 | 896 |
+----------------------------------------+---------+----------+----------+
| Retained earnings | 3,532 | 2,502 | 3,234 |
+----------------------------------------+---------+----------+----------+
| | | | |
+----------------------------------------+---------+----------+----------+
| | 5,905 | 4,394 | 5,134 |
+----------------------------------------+---------+----------+----------+
| Amounts recognised directly in equity | - | (2,817) | - |
| relating to assets classified as | | | |
| held for sale - hedging reserve | | | |
+----------------------------------------+---------+----------+----------+
| | | | |
+----------------------------------------+---------+----------+----------+
| Equity attributable to equity holders | 5,905 | 1,577 | 5,134 |
| of the parent | | | |
+----------------------------------------+---------+----------+----------+
| Minority interest in equity | 2 | 2 | 2 |
+----------------------------------------+---------+----------+----------+
| | | | |
+----------------------------------------+---------+----------+----------+
| Total equity | 5,907 | 1,579 | 5,136 |
+----------------------------------------+---------+----------+----------+
| | | | |
+----------------------------------------+---------+----------+----------+
CONSOLIDATED STATEMENT OF CASH FLOWS
Year ended 31 December 2009
+---------------------------------------+----------+----------+
| | 2009 | 2008 |
| | GBP000 | GBP000 |
+---------------------------------------+----------+----------+
| | | |
+---------------------------------------+----------+----------+
| Net cash flow from operating | 8,745 | 9,720 |
| activities | | |
+---------------------------------------+----------+----------+
| | | |
+---------------------------------------+----------+----------+
| Cash flows from investing activities | | |
+---------------------------------------+----------+----------+
| Interest received | 195 | 646 |
+---------------------------------------+----------+----------+
| Dividends received from subsidiaries | - | 145 |
+---------------------------------------+----------+----------+
| Proceeds on disposal of property, | 108 | 25 |
| plant and equipment | | |
+---------------------------------------+----------+----------+
| Purchases of property, plant and | (910) | (3,859) |
| equipment | | |
+---------------------------------------+----------+----------+
| Lifecycle and client funded capital | (404) | (184) |
| expenditure | | |
+---------------------------------------+----------+----------+
| Lifecycle and client funding received | 609 | 317 |
| for capital expenditure | | |
+---------------------------------------+----------+----------+
| Subordinated debt repaid by joint | 9 | 6 |
| ventures | | |
+---------------------------------------+----------+----------+
| Subordinated debt invested in joint | - | (208) |
| ventures | | |
+---------------------------------------+----------+----------+
| Net proceeds from sale of SPCs | 4,154 | - |
+---------------------------------------+----------+----------+
| Cash disposed on sale of SPCs | (2,230) | - |
+---------------------------------------+----------+----------+
| Cash eliminated on Realm | (818) | - |
| deconsolidation | | |
+---------------------------------------+----------+----------+
| Sale of own shares by employee | - | 7 |
| benefit trust | | |
+---------------------------------------+----------+----------+
| Acquisition of subsidiary (net of | (104) | - |
| cash acquired) | | |
+---------------------------------------+----------+----------+
| Purchase of investment | (393) | - |
+---------------------------------------+----------+----------+
| Cash flows used in investing | (165) | (576) |
| activities (discontinued) | | |
+---------------------------------------+----------+----------+
| | | |
+---------------------------------------+----------+----------+
| | | |
+---------------------------------------+----------+----------+
| Net cash generated by/(used in) | 51 | (3,681) |
| investing activities | | |
+---------------------------------------+----------+----------+
| | | |
+---------------------------------------+----------+----------+
| Cash flows from financing activities | | |
+---------------------------------------+----------+----------+
| Interest paid | (641) | (776) |
+---------------------------------------+----------+----------+
| Dividends paid | - | (678) |
+---------------------------------------+----------+----------+
| Acquisition of shares by employee | - | (10) |
| benefit trust | | |
+---------------------------------------+----------+----------+
| Acquisition of treasury shares | - | (828) |
+---------------------------------------+----------+----------+
| Repayments of obligations under | (1,753) | (1,607) |
| finance leases | | |
+---------------------------------------+----------+----------+
| Repayments of recourse bank loans | (1,115) | (380) |
+---------------------------------------+----------+----------+
| Cash flows from financing activities | (2,561) | (4,492) |
| (discontinued) | | |
+---------------------------------------+----------+----------+
| | | |
+---------------------------------------+----------+----------+
| Net cash used in financing activities | (6,070) | (8,771) |
+---------------------------------------+----------+----------+
| | | |
+---------------------------------------+----------+----------+
| Net increase/(decrease) in cash and | 2,726 | (2,732) |
| cash equivalents | | |
+---------------------------------------+----------+----------+
| | | |
+---------------------------------------+----------+----------+
| Cash and cash equivalents at | 2,368 | 5,100 |
| beginning of the year | | |
+---------------------------------------+----------+----------+
| | | |
+---------------------------------------+----------+----------+
| | | |
+---------------------------------------+----------+----------+
| Cash and cash equivalents at end of | 5,094 | 2,368 |
| the year | | |
+---------------------------------------+----------+----------+
| | | |
+---------------------------------------+----------+----------+
| Comprising: | | |
+---------------------------------------+----------+----------+
| Cash - continuing | 5,094 | 1,109 |
+---------------------------------------+----------+----------+
| Cash - discontinued | - | 1,259 |
+---------------------------------------+----------+----------+
| | | |
+---------------------------------------+----------+----------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Year ended 31 December 2009
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| | Share | Share | Investment | Capital | Hedging | Revaluation | Retained | Total |
| | | premium | in own | redemption | reserve | reserve | earnings | |
| | Capital | account | shares | reserve | | | | |
| | | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
| | GBP000 | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Balance at 1 January | 193 | 2,227 | (350) | 404 | (82) | 896 | 3,420 | 6,708 |
| 2008 as originally | | | | | | | | |
| reported | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Prior period | - | - | - | - | (1,388) | - | (186) | (1,574) |
| adjustments (note 1) | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Balance at 1 January | 193 | 2,227 | (350) | 404 | (1,470) | 896 | 3,234 | 5,134 |
| 2008 as restated | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Profit for the year | - | - | - | - | - | - | 369 | 369 |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Other comprehensive | | | | | | | | |
| income: | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Actuarial losses on | - | - | - | - | - | - | (92) | (92) |
| defined benefit | | | | | | | | |
| pensions schemes | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Change in derivative | - | - | - | - | (783) | - | - | (783) |
| valuations - cash flow | | | | | | | | |
| hedges | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Change in derivative | - | - | - | - | (2,507) | - | - | (2,507) |
| valuations - cash flow | | | | | | | | |
| hedges held-for-sale | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Income tax relating to | - | - | - | - | 219 | - | 26 | 245 |
| components of other | | | | | | | | |
| comprehensive income | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Income tax relating to | - | - | - | - | 702 | - | - | 702 |
| components of other | | | | | | | | |
| comprehensive income | | | | | | | | |
| held-for-sale | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Total comprehensive | - | - | - | - | (2,369) | - | 303 | (2,066) |
| income for the year | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Cancellation of | (4) | - | 449 | 4 | - | - | (449) | - |
| treasury shares | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Purchase of treasury | - | - | (838) | - | - | - | - | (838) |
| shares | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Shares disposed of on | - | - | 10 | - | - | - | - | 10 |
| exercise of options | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Share based payments | - | - | - | - | - | - | 28 | 28 |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Tax related to share | - | - | - | - | - | - | (13) | (13) |
| based payments | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Transfer to retained | - | - | - | - | - | (77) | 77 | - |
| earnings | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Dividends | - | - | - | - | - | - | (678) | (678) |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Balance at 31 December | 189 | 2,227 | (729) | 408 | (3,839) | 819 | 2,502 | 1,577 |
| 2008 | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Balance at 1 January | 189 | 2,227 | (729) | 408 | 443 | 819 | 2,688 | 6,045 |
| 2009 as originally | | | | | | | | |
| reported | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Prior period | - | - | - | - | (4,282) | - | (186) | (4,468) |
| adjustments (note 1) | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Balance at 1 January | 189 | 2,227 | (729) | 408 | (3,839) | 819 | 2,502 | 1,577 |
| 2009 as restated | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Profit for the year | - | - | - | - | - | - | 2,079 | 2,079 |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Other comprehensive | | | | | | | | |
| income: | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Actuarial losses on | - | - | - | - | - | - | (1,933) | (1,933) |
| defined benefit | | | | | | | | |
| pensions schemes | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Actuarial losses on | - | - | - | - | - | - | (200) | (200) |
| defined benefit | | | | | | | | |
| pensions schemes | | | | | | | | |
| (discontinued) | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Change in derivative | - | - | - | - | 62 | - | - | 62 |
| valuations - cash flow | | | | | | | | |
| hedges | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Change in derivative | - | - | - | - | 441 | - | - | 441 |
| valuations - cash flow | | | | | | | | |
| hedges (discontinued) | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Reclassification | - | - | - | - | 3,442 | - | - | 3,442 |
| adjustment - disposal | | | | | | | | |
| of cash flow hedges | | | | | | | | |
| (note 4) | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Income tax relating to | - | - | - | - | (17) | - | 541 | 524 |
| components of other | | | | | | | | |
| comprehensive income | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Income tax relating to | - | - | - | - | (123) | - | 56 | (67) |
| components of other | | | | | | | | |
| comprehensive income | | | | | | | | |
| (discontinued) | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Total comprehensive | - | - | - | - | 3,805 | - | 543 | 4,348 |
| income for the year | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Cancellation of | (2) | - | 312 | 2 | - | - | (312) | - |
| treasury shares | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Share based payments | - | - | - | - | - | - | (8) | (8) |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Tax related to share | - | - | - | - | - | - | (12) | (12) |
| based payments | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Transfer to retained | - | - | - | - | - | (819) | 819 | - |
| earnings | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| Balance at 31 December | 187 | 2,227 | (417) | 410 | (34) | - | 3,532 | 5,905 |
| 2009 | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
| | | | | | | | | |
+-------------------------+---------+---------+------------+------------+---------+-------------+------------------+---------+
RECONCILIATION OF NET CASHFLOW MOVEMENT TO NET DEBT
Year ended 31 December 2009
+--------------------------------------+----------+----------+
| | 2009 | 2008 |
| | GBP000 | GBP000 |
+--------------------------------------+----------+----------+
| | | |
+--------------------------------------+----------+----------+
| Increase/(decrease) in cash in the | 2,726 | (2,732) |
| year | | |
+--------------------------------------+----------+----------+
| Cash eliminated on Realm | 818 | - |
| deconsolidation | | |
+--------------------------------------+----------+----------+
| Cash outflow in the year from SPC | 1,260 | - |
| disposal group | | |
+--------------------------------------+----------+----------+
| | | |
+--------------------------------------+----------+----------+
| | 4,804 | (2,732) |
+--------------------------------------+----------+----------+
| Cash outflow from reduction in debt | 1,753 | 1,595 |
| and lease financing | | |
+--------------------------------------+----------+----------+
| Repayment of bank loans | 1,320 | 2,471 |
+--------------------------------------+----------+----------+
| Reclassification to disposal group | - | 19,440 |
| held for sale | | |
+--------------------------------------+----------+----------+
| Net debt eliminated on Realm | 7,133 | - |
| deconsolidation | | |
+--------------------------------------+----------+----------+
| Finance leases acquired with Verdia | (1,408) | - |
+--------------------------------------+----------+----------+
| | | |
+--------------------------------------+----------+----------+
| Change in net debt resulting from | 13,602 | 20,774 |
| cashflows | | |
+--------------------------------------+----------+----------+
| New finance leases | (1,279) | (903) |
+--------------------------------------+----------+----------+
| | | |
+--------------------------------------+----------+----------+
| Decrease in net debt | 12,323 | 19,871 |
+--------------------------------------+----------+----------+
| | | |
+--------------------------------------+----------+----------+
| Net debt at 1 January | (14,847) | (34,718) |
+--------------------------------------+----------+----------+
| | | |
+--------------------------------------+----------+----------+
| Net debt at 31 December | (2,524) | (14,847) |
+--------------------------------------+----------+----------+
| | | |
+--------------------------------------+----------+----------+
Notes
1. Results and Accounting Policies
While the
financial information included in this preliminary announcement has been
computed in accordance with International Financial Reporting Standards
("IFRS"), this announcement does not itself contain sufficient information to
comply with IFRS. The Group expects to publish full financial statements, which
comply with IFRS on or before 7 April 2010.In accordance with IFRS 5 Non-current
Assets Held for Sale and Discontinued Operations and the Group's decision to
classify certain trade and assets as discontinued, the Group has restated its
comparatives and associated notes within its consolidated income statement and
Statement of changes in equity as required. In addition, due to the adoption of
IFRS 8 Operating Segments, the Group has restated its comparatives within note 5
to conform to the current year presentation. The accounting policies used in
preparation of this preliminary announcement have remained unchanged from those
set out in the Group's 2008 annual report, apart from those policy changes noted
above and the adoption of IAS 1 Presentation of Financial Statements (Revised
2007) and IFRS 7 Financial Instruments: Disclosures. They are also consistent
with those in the full financial statements which have yet to be published.The
preliminary results for the year ended 31 December 2009 were approved by the
board of directors on 22 March 2010.
Prior Period Adjustments
Net assets at 31 December 2008 and 31 December 2007
have been restated to amend the values of certain derivative contracts within
the non-recourse SPCs. The amendment was principally due to an error in the
valuation provided by the bank which issued the derivative. The net impact has
been to reduce the net asset value at 31 December 2008 from GBP6.0 million to
GBP1.6 million and at 31 December 2007 from GBP6.7 million to GBP5.1 million.
This restatement has no effect on the profits in the current or prior periods
since the derivatives concerned were effective hedges and therefore changes in
value were recognised directly in reserves. The derivative contracts concerned
have now all been sold or eliminated on deconsolidation of Realm.
The
financial information set out in this preliminary announcement does not
constitute the Group's statutory accounts for the years ended 31 December 2009,
2008 or 2007. The financial information for the year ended 31 December 2008 and
2007 is derived from the statutory accounts for those years which have been
delivered to the Registrar of Companies. The auditors reported on those
accounts; their report was unqualified and did not contain a statement under
s237(2) or (3) of the Companies Act 1985. The statutory accounts for the year
ended 31 December 2009 will be delivered to the Registrar of Companies following
the Company's annual general meeting.
2. Going Concern
The
Group meets its day-to-day working capital requirements through an overdraft
facility, which is due for renewal in December 2010. The current economic
conditions create uncertainty over the level of demand for the Group's services,
particularly outside its public sector client base, and the availability of bank
finance in the foreseeable future.
The Group's forecasts and projections, which have been prepared for the period
to 31 March 2011 and taking into account reasonably possible changes in
performance, show that the Group should be able to operate within the level of
its current facility. The Group has begun discussions with its bankers about
its future borrowing needs and has reason to believe that the appropriate
facilities will be available when required.
After making reasonable 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 reports and accounts.
3. Critical accounting estimates and judgements
The preparation of the Group financial statements in conformity with IFRS by the
European Union requires the use of certain critical accounting estimates. It
also requires management to exercise its judgement in the process of applying
the Group's accounting policies.
Estimates and judgements are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the present circumstances.
The areas involving a higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the Group Financial statements are
disclosed below:
Critical accounting estimates
(i) Discount rate on goodwill, intangible assets, property, plant and equipment
and onerous contract provisions
Management have exercised judgment in selecting the appropriate discount rate
for application against intangible assets and property, plant and equipment and
have selected 11% (2008: 11%) to represent the best estimate of the current
weighted average cost of capital to the Group.
(ii) Impairment of goodwill and intangible assets
Management have conducted an impairment review of goodwill and intangible assets
and have made judgments as to the quantum of future cash flows arising from the
Cash Generating Units to which they relate, the period over which those cash
flows will be received and what costs are attributable against them. The
recoverable amount is determined using the value in use calculation. The use of
this method requires the estimation of future cash flows and the selection of a
suitable discount rate in order to calculate the present value of these cash
flows. In support of the assumptions, management uses experience of historic
performance and expected contractual cash flows to arrive at future cash flows.
(iii) Impairment of property, plant and equipment
Management have conducted an impairment review of certain of the Group's
property, plant and equipment where there has been an indication of an
impairment trigger. Management have made judgments as to the quantum of their
associated future cash flows, the period over which those cash flows will be
received and what costs are attributable against them. In assessing the quantum
of the future cash flows, management have made judgements over future cash flows
arising from operational improvements and the level of forecast additional
income to be generated from development projects that are not yet completed.
The recoverable amount is determined using the value in use calculation. The
use of this method requires the estimation of future cash flows and the
selection of a suitable discount rate in order to calculate the present value
of these cash flows. In support of the assumptions in relation to forecast
additional income to be generated, management uses past experience from similar
projects including third party information and knowledge from discussions with
potential partners.
iv) Onerous contract provision
Management have made judgments over the future cash flows and discount rates
used in the estimation of onerous contract provisions. The carrying value of
the onerous contract provisions as 31 December 2009 amounts to GBP449,000 (2008:
GBP624,000).
v) Inventories
Inventories are measured at the lower of cost and net realisable value. In
estimating net realisable values, management takes into account the most
reliable evidence available at the time the estimate is made. Cost comprises
direct materials and, where applicable, direct labour costs and those overheads
that have been incurred in bringing the inventories to their present location
and condition. Cost is calculated using the weighted average method.
Critical accounting judgements
(i) Discontinued operations
Management have made a judgement that due to Realm being placed into
Administration prior to the year end and the Group having therefore lost control
of Realm, that the Realm and GFM businesses should be accounted for as
discontinued businesses. See note 4 for further details.
ii) Defined benefit liability
Management have made judgements over certain assumptions in relation to the
Group's IAS 19 pension liabilities.
4. Assets of disposal group classified as held-for-sale and discontinued
operations
Elimination of Realm Services (DAC) Limited
On 17 August 2009, the Group's wholly owned SPC, Realm Services (DAC) Limited
("Realm"), was placed into Administration by its senior debt provider and the
Group lost control of the investment at this point. The consequences of loss of
control of Realm are economically similar to abandonment as defined in IFRS 5.
The loss has been calculated as the carrying amounts of Realm's net assets,
including goodwill, at the point it went into Administration.
The carrying amount of Realm at the date of loss of control was as follows:
+-------------+---------+
| | |
+-------------+---------+
| | GBP000 |
+-------------+---------+
| | |
+-------------+---------+
| Property, | 7,015 |
| plant & | |
| equipment | |
+-------------+---------+
| Trade | 599 |
| and | |
| other | |
| receivables | |
+-------------+---------+
| Corporation | 5 |
| tax | |
+-------------+---------+
| Cash & | 818 |
| cash | |
| equivalents | |
+-------------+---------+
| Trade | (745) |
| and | |
| other | |
| payables | |
+-------------+---------+
| Borrowings | (7,951) |
+-------------+---------+
| Derivative | (1,089) |
| financial | |
| liabilities | |
+-------------+---------+
| Deferred | (157) |
| tax | |
| liabilities | |
+-------------+---------+
| | |
+-------------+---------+
| Total | (1,505) |
| net | |
| liabilities | |
+-------------+---------+
| Hedging | 784 |
| reserve | |
+-------------+---------+
| Goodwill | 348 |
+-------------+---------+
| Intangible | 4,263 |
| asset | |
+-------------+---------+
| Deferred | (1,190) |
| tax | |
| relating | |
| to | |
| intangible | |
| asset | |
+-------------+---------+
| | |
+-------------+---------+
| Total | 2,700 |
| carrying | |
| value | |
| written | |
| off to | |
| income | |
| statement | |
+-------------+---------+
| | |
+-------------+---------+
Whilst the carrying value of Realm has been reduced to GBPnil, the
Administrators of Realm are pursuing a compensation claim against the Ministry
of Defence in relation to the early termination of the contract. No recoverable
amount has been recognised due to the inherent uncertainty of this process.
Disposal of SPCs, Interest in Joint Venture undertakings and other investments
On 20 December 2009, the Group disposed of its wholly owned SPCs, Breckland
Leisure Limited and Rivendell Leisure Limited and its 50% holdings in joint
ventures Waterfront Leisure Limited, Boxwood Leisure Limited and Penzance
Leisure Limited. The subsidiaries and joint ventures were classified as held for
sale in the 2008 financial statements.
The carrying amount of the disposal group at the date of disposal was as
follows:
+---------------+----------+
| | GBP000 |
+---------------+----------+
| | |
+---------------+----------+
| Property, | 21,830 |
| plant & | |
| equipment | |
+---------------+----------+
| Trade | 1,596 |
| and | |
| other | |
| receivables | |
+---------------+----------+
| Cash & | 2,230 |
| cash | |
| equivalents | |
+---------------+----------+
| Trade | (441) |
| and | |
| other | |
| payables | |
+---------------+----------+
| Borrowings | (20,271) |
+---------------+----------+
| Corporation | (156) |
| tax | |
+---------------+----------+
| Interest | (2,195) |
| in joint | |
| ventures | |
+---------------+----------+
| Derivative | (3,692) |
| financial | |
| liabilities | |
+---------------+----------+
| Deferred | (627) |
| tax | |
| liabilities | |
+---------------+----------+
| | |
+---------------+----------+
| Total | (1,726) |
| net | |
| liabilities | |
+---------------+----------+
| Recycling | 2,658 |
| of | |
| hedging | |
| reserve | |
| within | |
| equity | |
+---------------+----------+
| Loss | (484) |
| on | |
| group | |
| tax | |
| relief | |
| debtor | |
+---------------+----------+
| | |
+---------------+----------+
| Net | 448 |
| assets | |
| disposed | |
+---------------+----------+
| | |
+---------------+----------+
| Total | 6,550 |
| consideration | |
| received in | |
| cash | |
+---------------+----------+
| Transaction | (482) |
| costs | |
+---------------+----------+
| | |
+---------------+----------+
| | 6,068 |
+---------------+----------+
| Net | (448) |
| assets | |
| disposed | |
+---------------+----------+
| | |
+---------------+----------+
| Profit | 5,620 |
| on | |
| disposal | |
+---------------+----------+
| | |
+---------------+----------+
| Consideration | 6,068 |
| received net | |
| of | |
| transaction | |
| costs | |
+---------------+----------+
| Cash | (1,914) |
| paid | |
| for | |
| tax | |
| losses | |
| group | |
| relieved | |
+---------------+----------+
| | |
+---------------+----------+
| Net | 4,154 |
| cash | |
| flow | |
| to | |
| recourse | |
| Group | |
+---------------+----------+
| Cash | (2,230) |
| and | |
| cash | |
| equivalents | |
| disposed | |
+---------------+----------+
| | |
+---------------+----------+
| Net | 1,924 |
| cash | |
| received | |
+---------------+----------+
| | |
| | |
+---------------+----------+
Analysis of profit for the year from discontinued operations
The results of Realm Services (DAC) Limited and Glendale Facilities Management
Limited together with the leisure related SPCs have been treated as discontinued
operations. The combined results of these operations have been summarised
below:
+------------------------------------------+----------+----------+
| | | Restated |
+------------------------------------------+----------+----------+
| | 2009 | 2008 |
+------------------------------------------+----------+----------+
| Profit for the year from discontinued | GBP000 | GBP000 |
| operations | | |
+------------------------------------------+----------+----------+
| | | |
+------------------------------------------+----------+----------+
| Revenue | 9,026 | 9,301 |
+------------------------------------------+----------+----------+
| Less: share of joint ventures revenue | (2,409) | (2,395) |
+------------------------------------------+----------+----------+
| | | |
+------------------------------------------+----------+----------+
| | 6,617 | 6,906 |
+------------------------------------------+----------+----------+
| Expenses | (4,690) | (5,328) |
+------------------------------------------+----------+----------+
| Finance income | (82) | (322) |
+------------------------------------------+----------+----------+
| Finance costs | (1,783) | (1,780) |
+------------------------------------------+----------+----------+
| Share of results of joint ventures | 68 | 78 |
+------------------------------------------+----------+----------+
| | | |
+------------------------------------------+----------+----------+
| Profit/(loss) before tax | 130 | (446) |
+------------------------------------------+----------+----------+
| Tax | 46 | 38 |
+------------------------------------------+----------+----------+
| | | |
+------------------------------------------+----------+----------+
| Profit/(loss) for the year from | 176 | (408) |
| discontinued operations | | |
+------------------------------------------+----------+----------+
| | | |
+------------------------------------------+----------+----------+
5. Business Segments
Operating segments have been determined based on the reports regularly reviewed
by the Board of Directors that are used to make strategic and operational
decisions. The Board is considered to be the CODM. The Board of Directors
reviews the business based on the nature of the services provided. Parkwood is
organised into four operating divisions: Leisure, Glendale, Healthcare and PCS.
Glendale's performance is further analysed by service being: Glendale Core,
Golf, Horticulture and Recycling.
The Board assesses performance of the operating segments primarily based on a
measure of adjusted operating profit being operating profit before amortisation
and impairment. The reportable segments derive their revenues as follows:
+--------------------+---------------------------------------+
| Leisure | provision of leisure facility |
| | management services to |
+--------------------+---------------------------------------+
| | local authorities, private health and |
| | fitness clubs |
+--------------------+---------------------------------------+
| Glendale core | grounds management, arboriculture, |
| | countryside |
+--------------------+---------------------------------------+
| | services and landscaping |
+--------------------+---------------------------------------+
| Golf | golf course management including |
| | retail sales |
+--------------------+---------------------------------------+
| Horticulture | plant production and sales |
+--------------------+---------------------------------------+
| Recycling | green waste recycling sites, animal |
| | waste |
+--------------------+---------------------------------------+
| Healthcare | nursing agency, LINk and patient |
| | transport services |
+--------------------+---------------------------------------+
| PCS | project and bid management fees |
+--------------------+---------------------------------------+
| | |
+--------------------+---------------------------------------+
Glendale Grounds Management and Glendale Countryside have been reported as one
reportable segment given the similar economic characteristics which exist in the
markets in which the two operating segments trade.
Although PCS does not meet the quantitative thresholds required by IFRS 8, it is
reported separately since its performance is monitored and reported to the Board
of Directors and it has different economic characteristics to other segments
reported. The Verdia and EcoSci businesses are now operated as a unified
Recycling business.
The Group does not have any major customers which represent more than 10% of the
Group's revenue. The measurement policies used for segment reporting reflect
those used for the Group's financial statements. Inter-segment sales are
charged at arms length prices. Segment assets comprise all assets allocated to
the segment excluding costs of investments and intercompany loans.
+--------------+---------+--------------+---------------+---------+---------------+
| | | | | | |
| | | | Adjusted | | Net |
| | Total | | operating | Gross | Assets/ |
| | revenue | Depreciation | profit/(loss) | Assets | (liabilities) |
+--------------+---------+--------------+---------------+---------+---------------+
| 2009 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+--------------+---------+--------------+---------------+---------+---------------+
| | | | | | |
+--------------+---------+--------------+---------------+---------+---------------+
| Leisure | 61,021 | 1,260 | 4,290 | 15,002 | 6,220 |
+--------------+---------+--------------+---------------+---------+---------------+
| Glendale | 45,431 | 2,120 | 938 | 13,897 | 651 |
| core | | | | | |
+--------------+---------+--------------+---------------+---------+---------------+
| Golf | 4,259 | 352 | (381) | 2,780 | (562) |
+--------------+---------+--------------+---------------+---------+---------------+
| Recycling | 830 | 127 | (632) | 2,773 | 415 |
+--------------+---------+--------------+---------------+---------+---------------+
| Horticulture | 3,004 | 140 | (1,264) | 2,021 | (1,091) |
+--------------+---------+--------------+---------------+---------+---------------+
| Healthcare | 3,792 | 108 | (337) | (1,185) | (964) |
+--------------+---------+--------------+---------------+---------+---------------+
| PCS | 1,317 | 23 | (286) | 1,506 | 380 |
+--------------+---------+--------------+---------------+---------+---------------+
| All | 1,760 | 127 | (2,024) | 2,799 | 858 |
| other | | | | | |
| segments | | | | | |
+--------------+---------+--------------+---------------+---------+---------------+
| | | | | | |
+--------------+---------+--------------+---------------+---------+---------------+
| Total | 121,414 | 4,257 | 304 | 39,593 | 5,907 |
| Group | | | | | |
| (continuing) | | | | | |
+--------------+---------+--------------+---------------+---------+---------------+
| | | | | | |
+--------------+---------+--------------+---------------+---------+---------------+
| Discontinued | 6,617 | 436 | 2,787 | | |
| operations | | | | | |
+--------------+---------+--------------+---------------+---------+---------------+
| | | | | | |
+--------------+---------+--------------+---------------+---------+---------------+
| | | | | | |
+--------------+---------+--------------+---------------+---------+---------------+
| | | | | | |
| | | | Adjusted | | Net |
| | Total | | operating | Gross | Assets/ |
| | revenue | Depreciation | profit/(loss) | Assets | (liabilities) |
+--------------+---------+--------------+---------------+---------+---------------+
| Restated | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
| 2008 | | | | | |
+--------------+---------+--------------+---------------+---------+---------------+
| | | | | | |
+--------------+---------+--------------+---------------+---------+---------------+
| Leisure | 53,530 | 1,076 | 3,864 | 15,420 | 5,131 |
+--------------+---------+--------------+---------------+---------+---------------+
| Glendale | 48,224 | 2,014 | 888 | 16,091 | 2,503 |
| core | | | | | |
+--------------+---------+--------------+---------------+---------+---------------+
| Golf | 4,485 | 226 | (292) | 3,151 | - |
+--------------+---------+--------------+---------------+---------+---------------+
| Recycling | 1,731 | 129 | 241 | 1,056 | 1,089 |
+--------------+---------+--------------+---------------+---------+---------------+
| Horticulture | 3,781 | 73 | (345) | 3,763 | (252) |
+--------------+---------+--------------+---------------+---------+---------------+
| Healthcare | 4,763 | 146 | (363) | 894 | (666) |
+--------------+---------+--------------+---------------+---------+---------------+
| PCS | 2,108 | 22 | 181 | 9,066 | 2,189 |
+--------------+---------+--------------+---------------+---------+---------------+
| All | 1,857 | 121 | (2,251) | (5,537) | (7,911) |
| other | | | | | |
| segments | | | | | |
+--------------+---------+--------------+---------------+---------+---------------+
| | | | | | |
+--------------+---------+--------------+---------------+---------+---------------+
| Total | 120,479 | 3,807 | 1,923 | 43,904 | 2,083 |
| Group | | | | | |
| (continuing) | | | | | |
+--------------+---------+--------------+---------------+---------+---------------+
| | | | | | |
+--------------+---------+--------------+---------------+---------+---------------+
| Discontinued | 9,279 | 1,400 | 2,000 | 33,714 | (504) |
| operations | | | | | |
+--------------+---------+--------------+---------------+---------+---------------+
| | | | | | |
+--------------+---------+--------------+---------------+---------+---------------+
| Total | | | | 77,618 | 1,579 |
| Group | | | | | |
+--------------+---------+--------------+---------------+---------+---------------+
| | | | | | |
+--------------+---------+--------------+---------------+---------+---------------+
During the year ended 31 December 2009, the Group adopted IFRS 8 "Operating
Segments". As a result, prior period disclosures have been amended to conform
to the current year presentation.
The "all other segments" includes the revenues generated by the Broadwater and
Cherwell DBOMs (design, build, operate and maintain) and Group's head office
function. These are not included within the reportable operating segments as
these are not reported to the Board and are below the IFRS 8 quantitative
disclosure threshold.
Funding for the DBOM companies is provided by the local authority so there is no
impact on the Group's debt and the underlying assets and related funding do not
appear on the Group's balance sheet as the authority retains ownership.
Included in the net assets of discontinued operations is GBPnil (2008:
liabilities of GBP2.0 million) in relation to investments in joint ventures.
All revenues and non current assets are within the United Kingdom. The revenue
from external customers reported to the Board is measured in a manner consistent
with that in the income statement. The totals presented for the Group's
operating segments
reconcile to Group revenues as follows:
+--------------+---------+----------+---------+----------+
| | Intercompany | External |
| | revenue | revenue |
+--------------+--------------------+--------------------+
| | | Restated | | Restated |
+--------------+---------+----------+---------+----------+
| | 2009 | 2008 | 2009 | 2008 |
+--------------+---------+----------+---------+----------+
| | GBP000 | GBP000 | GBP000 | GBP000 |
+--------------+---------+----------+---------+----------+
| | | | | |
+--------------+---------+----------+---------+----------+
| Leisure | 2,038 | 2,041 | 58,983 | 51,489 |
+--------------+---------+----------+---------+----------+
| Glendale | 189 | - | 45,242 | 48,224 |
| core | | | | |
+--------------+---------+----------+---------+----------+
| Golf | - | - | 4,259 | 4,485 |
+--------------+---------+----------+---------+----------+
| Recycling | 20 | - | 810 | 1,731 |
+--------------+---------+----------+---------+----------+
| Horticulture | 326 | 595 | 2,678 | 3,186 |
+--------------+---------+----------+---------+----------+
| Healthcare | - | - | 3,792 | 4,763 |
+--------------+---------+----------+---------+----------+
| PCS | 766 | 1,272 | 551 | 836 |
+--------------+---------+----------+---------+----------+
| All | 112 | - | 1,648 | 1,857 |
| other | | | | |
| segments | | | | |
+--------------+---------+----------+---------+----------+
| | | | | |
+--------------+---------+----------+---------+----------+
| Group | 3,451 | 3,908 | 117,963 | 116,571 |
| Revenues | | | | |
+--------------+---------+----------+---------+----------+
| | | | | |
+--------------+---------+----------+---------+----------+
During the year the Group entered into finance lease arrangements. The capital
value at the inception of the leases was GBP910,000 (2008: GBP862,000) in the
Glendale core business, GBP111,000 (2008: GBPnil) in Horticulture, GBP251,000
(2008: GBP41,000) in Golf and GBP7,000 (2008: GBPnil) in all other segments.
A reconciliation of adjusted operating profit (operating profit before
amortisation and goodwill impairment) to Group profit before taxation from
continuing operations per the financial statements is provided as follows:
+---------------+---------+----------+
| | | Restated |
+---------------+---------+----------+
| | 2009 | 2008 |
+---------------+---------+----------+
| | GBP000 | GBP000 |
+---------------+---------+----------+
| | | |
+---------------+---------+----------+
| Segment | | |
| profit | | |
+---------------+---------+----------+
| Adjusted | 304 | 1,923 |
| operating | | |
| profit | | |
| from | | |
| continuing | | |
| operations | | |
| (as above) | | |
+---------------+---------+----------+
| Amortisation | (713) | (269) |
| and | | |
| impairment | | |
+---------------+---------+----------+
| | | |
+---------------+---------+----------+
| Group | (409) | 1,654 |
| operating | | |
| (loss)/profit | | |
| from | | |
| continuing | | |
| operations | | |
+---------------+---------+----------+
| Investment | 111 | 249 |
| income | | |
+---------------+---------+----------+
| Elimination | 82 | 322 |
| of | | |
| investment | | |
| income of | | |
| discontinued | | |
| operations | | |
| net of sub | | |
| debt | | |
| interest | | |
+---------------+---------+----------+
| Finance | (2,405) | (2,460) |
| costs | | |
+---------------+---------+----------+
| Elimination | 1,783 | 1,780 |
| of finance | | |
| costs of | | |
| discontinued | | |
| operations | | |
+---------------+---------+----------+
| Share | (94) | - |
| of | | |
| results | | |
| of | | |
| joint | | |
| ventures | | |
+---------------+---------+----------+
| | | |
+---------------+---------+----------+
| (Loss)/Profit | (932) | 1,545 |
| from | | |
| continuing | | |
| operations | | |
| before | | |
| taxation | | |
+---------------+---------+----------+
| | | |
+---------------+---------+----------+
6. Taxation
The effective tax rate for the year was (9)% (2008: restated 50%). The current
year charge was higher than the basic UK rate due to the impact of goodwill
impairment, the release of a deferred tax asset and ineligible depreciation
associated with non-qualifying assets in the group.
7. (Loss)/earnings per ordinary share
The (loss)/earnings per share (EPS) has been calculated on the weighted average
number of ordinary shares in issue throughout the year of 18,034,443 shares
(2008: 18,286,948 shares). The diluted earnings include the effects of all
potentially dilutive ordinary shares, which increases the average number of
shares to 18,041,443 (2008: 18,357,948). Earnings, which are based on profits
on all activities after tax from continuing operations, amounted to a loss of
GBP1,017,000 (2008 restated: profit of GBP777,000). The weighted average number
of ordinary shares used to calculate diluted EPS has been adjusted for the
conversion of share options.
+----------------+--------+----------+----------+----------+----------+
| | | | 2009 | Restated | |
| | | 2009 | Earnings | 2008 | Restated |
| | | | per | | 2008 |
| | | Earnings | share | Earnings | Earnings |
| | | post tax | (Pence) | post tax | per |
| | | | | | share |
| | | | | | (Pence) |
+----------------+--------+----------+----------+----------+----------+
| | | GBP000 | GBP000 | GBP000 | GBP000 |
+----------------+--------+----------+----------+----------+----------+
| | | (1,017) | (5.6) | 777 | 4.2 |
| Basic earnings | | | | | |
| per share from | | | | | |
| continuing | | | | | |
| operations | | | | | |
| | | | | | |
+----------------+--------+----------+----------+----------+----------+
| Amortisation | | 62 | 0.3 | 85 | 0.5 |
| of | | | | | |
| intangible | | | | | |
| assets | | | | | |
+----------------+--------+----------+----------+----------+----------+
| Impairment | | 651 | 3.6 | 184 | 1.0 |
+----------------+--------+----------+----------+----------+----------+
| Net | | - | - | 360 | 2.0 |
| exceptional | | | | | |
| items | | | | | |
+----------------+--------+----------+----------+----------+----------+
| | | | | | |
+----------------+--------+----------+----------+----------+----------+
| Adjusted | | | | | |
| basic | | | | | |
| earnings | | | | | |
| per | | | | | |
| share | | | | | |
| from | | | | | |
| continuing | | | | | |
| operations | | | | | |
+ +--------+----------+----------+----------+----------+
| | | (304) | (1.7) | 1,406 | 7.7 |
+----------------+--------+----------+----------+----------+----------+
| | | | | | |
+----------------+--------+----------+----------+----------+----------+
| Diluted | | | | 777 | 4.2 |
| earnings | | | | | |
| per | | | | | |
| share | | | | | |
| from | | | | | |
| continuing | | | | | |
| operations | | | | | |
+----------------+--------+----------+----------+----------+----------+
| | | | | | |
+----------------+--------+----------+----------+----------+----------+
| Basic | | (1,017) | (5.6) | 777 | 4.2 |
| earnings | | | | | |
| per | | | | | |
| share | | | | | |
| from | | | | | |
| continuing | | | | | |
| operations | | | | | |
+----------------+--------+----------+----------+----------+----------+
| Basic | | 3,096 | 17.1 | (408) | (2.2) |
| earnings | | | | | |
| per | | | | | |
| share | | | | | |
| from | | | | | |
| discontinued | | | | | |
| operations | | | | | |
+----------------+--------+----------+----------+----------+----------+
| Total | | 2,079 | 11.5 | 369 | 2.0 |
| basic | | | | | |
| EPS | | | | | |
+----------------+--------+----------+----------+----------+----------+
| | | | | | |
+----------------+--------+----------+----------+----------+----------+
| Diluted | | 3,096 | 17.1 | (408) | (2.2) |
| earnings | | | | | |
| per | | | | | |
| share | | | | | |
| from | | | | | |
| discontinued | | | | | |
| operations | | | | | |
+----------------+--------+----------+----------+----------+----------+
8. Annual Report
The Annual Report will be posted to shareholders on or around 7 April 2010.
Copies will also be available from the company's website
(www.parkwood-holdings.co.uk) and from:
The Company Secretary, Parkwood Holdings Plc, Parkwood House, Cuerden Park,
Berkeley Drive, Bamber Bridge, Preston, PR5 6BY.
The results will not be advertised in any newspaper
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR JLMRTMBTBBMM
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