Final Results

RNS Number : 1593R
AEC Education plc
25 June 2015
 



AEC Education Plc
("AEC" or the "Company")

 

Final Results for the year ended 31 December 2014

 

 

Highlights:

 

·      Ireland demonstrated significant growth in sales and achieved a small operating profit but results in London and Singapore offset this success

 

·      Group revenue fell by 20% to £9.0 million (2013: £11.3 million) due largely to the reduction in business in Singapore

 

·      Losses before tax from continuing operations of £1.1 million (2013 (restated): loss before tax of £1.66 million)

 

·      Loss per share on continuing activities is 1.85p (2013 (restated): loss per share of 4.01p)

 

·      Net cash of £0.36 million (2013: £1.48 million)

 

·      Malaysia continued to recover lost ground following the Middle East crisis and returned a profit before brand amortisation

 

·      Cyprus returned a small loss driven by a slowdown in revenue from Russia

 

·      The Company exited operations in Oman in the year which had returned losses up to the sale of shares to a local company

 

·      2014 has been a difficult year, though the success in Ireland demonstrates the strength of the Malvern brand internationally.

 

 

Liam Swords, Chairman of AEC, commented,

 

"The London and Singaporean markets continue to be challenging but the Group implemented its strategy to centralise the European operations and to focus Singapore on the local market. This creates a new platform in Singapore from which we can build and helps to reduce costs in London. It is satisfying to see the continued growth in Ireland and the steady turnaround in Malaysia reflected in these accounts".

 

ENDS

 

 

For further information, please contact:

 

AEC Education Plc

Liam Swords

Tel: 07725 836811

 

WH Ireland Limited (NOMAD & Broker)

Andrew Kitchingman

Liam Gribben

Tel: 0113 394 6600

 

 

CHAIRMAN'S STATEMENT

 

Overview

 

The year under review continued to show mixed fortunes. Trading in London showed another downturn but by judicious cost reduction London returned a small operating loss. Cyprus was also affected by a slowing down in revenue from Russia, its largest summer school market and, whilst showing a reasonable operating result, the increased marketing costs to maintain revenue resulted in a small operating loss on our share of the joint venture. Oman declined further during the year to the point where the Board decided to transfer the operation to a local company for a price that will recover about one quarter of our original investment and advance. The residual impact from the loss of EduTrust meant that Singapore suffered a large operating loss but during the year made ground towards restructuring a new business targeting the local market. Ireland again grew substantially and showed an operating profit. Malaysia continued to recover the ground lost following the Middle East crisis and was again profitable before Malvern brand amortisation.

 

The market in the UK continued to be severely impacted by attitudes towards immigration and the withdrawal of the students' ability to support their costs by temporary work. However, the strategy to invest in Ireland to offset this has proven to be very successful. Additionally the positive signs in Malaysia continued during the year with strong gains in new markets and Singapore began to see some traction in the local market.

 

Financial results

 

Group revenues on continuing activities for the year to 31 December 2014 reduced by 20% to £9.0m (2013: £11.3m). The reduction was mainly due to the difficult trading conditions in London and the substantially reduced capacity in Singapore. Singapore's revenue decreased by 68% to £1.2m (2013: £3.8m) and London's revenue reduced by 11% to £3.3m (2013 £3.7m). The Group achieved significant reductions in operating costs during the year by implementing effective cost control strategies in all units. Because of this the Group's loss before tax from continuing operations was reduced to £1.10m (2013: £1.66m).

 

The London operation recorded an operating loss of £245k after brand impairment and amortisation of £395k which, after finance charges, resulted in a loss of £414k before tax. Ireland recorded turnover of £2.34m in 2014 (2013 - £1.41m), an operating profit of £49k. In Asia, the Singapore College recorded an operating loss of £420k and Malaysia returned an a profit of £23k before brand amortisation and an operating loss of £2k after brand amortisation. Additionally our share of the profit from our joint venture in Cyprus was £54k, which after central charges, was breakeven. Oman showed a loss of £81k (AEC's share £28k) until 31st July 2014, when the Group decided to exit the operations in Oman by selling the shares to an interested party. We expect that the initiatives we have taken in Singapore to reduce costs and to focus on the local market should return it to profit in 2015. Steps are also being taken to further reduce costs and to generate revenue from non-traditional sources to improve the results in London.

 

The loss per share was 1.40p (2013: Loss of 6.19p).

 

The net cash outflow from operating activities was £1.13m (2013: outflow of £1.51m). Net cash at the end of the year stood at £0.36m (2013: £1.48m).

 

Dividend

 

The Board does not propose the payment of a final dividend for the year ended 31 December 2014 (2013: 0.00p per share).

 

Business Review

 

In Asia, our operations in Singapore continued to be impacted by the withdrawal of EduTrust status. The revenue declined by 68% to £1.2m (2013: £3.8m) and a loss of £0.3m before tax. They have registered courses for diplomas / advanced diplomas in civil engineering / electrical engineering / mechanical engineering, higher diplomas in accounting and finance and Singapore Workforce Development Agency related safety short courses that are tailored and repositioned for the local market in 2015 and we expect will help to return it to profitability.

 

In Malaysia, revenue was lower than the previous year by 10% largely due to the fact that the contract with the University of Wales to recruit students expired in September 2014. Because of this decrease in revenue to £2.15m (2013: £2.40m), a small operating loss of £2k was returned (2013: loss £1k). However, a new contract with Leeds Beckett University will allow us to resume the recruitment of students for both undergraduate and post graduate programmes in the latter part of 2015. The introduction of new programmes ranging from post graduate to vocational studies combined with the focus on new markets should open up opportunities for growth next year.

 

As we have previously reported, our English language teaching operations in the UK have felt the significant effects of the changing legislation and regulations regarding visas and work permits for overseas students and the negative perception of this overseas continued during 2014. This has caused the market in the UK to drop significantly during the year with the result that revenue in our Kings Cross school was down year on year by 11% to £3.3m (2013: £3.7m). This and the consequent additional brand impairment charge of £350k resulted in an operating loss of £245k (2013: profit £45k). Steps have been taken to find new sources of revenue both from new products and areas of distribution which should stabilise London during 2015.

 

Ireland achieved revenue of £2.3m, a 66% increase on 2013 in its second full year of trading and produced an operating profit of £49k (2013: loss £48k). The strength of the summer school market combined with continuing strong growth in the core EFL business in Ireland leaves it with potential to show significantly improved results in 2015.

 

Our joint venture in Cyprus showed a reduction in revenue in the summer school mainly from Russia, its largest market. Operating profits were affected such that our share of the joint venture recorded a profit before tax of £54k and was breakeven before brand amortisation. The market in Russia continues to be depressed because of its political stance in Europe and the reduced value of the Rouble and we expect these conditions to remain during 2015.

 

Oman declined further during the year and impacted the Group results with a loss of £81k (AEC's share £28k). Due to earlier losses including the loss until 31 July 2014, we see no future for our investment in Oman. Consequently, the Board has decided to exit the operation and sold the investment to a local company for £41k which recovers approximately one quarter of our investment and advance given.

 

Staff

 

On behalf of the Board I would like to thank all staff for their hard work and efforts during what has been a very difficult period. Their support as we continue to implement the necessary changes to ensure the Group returns to sustainable profit is very much appreciated by the Board.

 

Prospects

 

2014 was another very difficult year in Singapore and the market in the UK remains constrained by visa restrictions and the negative perception by overseas students of UK Government policy. Our success in Ireland has demonstrated that the Malvern brand is still a major strength in international markets and we continue to pursue options to support further expansion overseas under the Malvern brand. The restructuring of the operations in Singapore and London is now almost complete and this combined with the return to profit in Malaysia and the withdrawal from Oman creates a platform from which AEC can begin to rebuild group profitability.

 

 

Liam Swords

Chairman  

24 June 2015

 

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

(Restated)

 

 

 

 

£

 

£

 

Revenue

 

 

 

 

 

 

Sale of services

 

 

8,520,196

 

10,989,755

 

Other income

 

 

457,972

 

314,123

 

 

 

 

8,978,168

 

11,303,878

 

 

 

 

 

 

 

 

Cost of services sold

 

 

5,136,220

 

6,906,791

 

Salaries and employees' benefits

 

 

2,059,555

 

2,770,010

 

Amortisation of brand, licences and  

   trademarks

 

 

 

166,050

 

 

144,957

 

Depreciation of plant and equipment

 

 

203,710

 

437,778

 

Impairment or write-down of property, plant and equipment

 

 

 

-

 

 

287,390

 

Other operating expenses

 

 

2,176,610

 

2,213,560

 

Brand impairment

 

 

350,000

 

150,000

 

Total operating costs and expenses

 

 

10,092,145

 

12,910,486

 

 

Operating loss

 

 

 

(1,113,977)

 

(1,606,608)

 

 

 

 

 

 

 

 

Share of results of associated companies and

   joint ventures

 

 

53,829

 

(4,320)

 

Finance costs

 

 

(41,201)

 

(45,875)

 

 

Loss before income tax

 

 

 

 (1,101,349)

 

 

   (1,656,803) 

 

Income tax charge

 

 

(28,986)

 

(235,459)

 

 

 

 

 

 

 

 

Loss for the year from continuing activities

 

 

 

(1,130,335)

 

 

   (1,892,262)

 

Profit/(loss) for the year from discontinued activities

 

 

 

282,419

 

 

      (998,323)

 

 

 

 

 

 

 

 

Loss for the year

 

 

(847,916)

 

(2,890,585)

 

 

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

 

Equity holders of the Company

 

 

(881,956)

 

(2,832,688)

 

Non-controlling interest

 

 

34,040

 

(57,897)

 

 

 

 

(847,916)

 

(2,890,585)

 

Loss per share on continuing activities

 (in pence)

 

 


 

 

 

Basic

 

 

(1.85)

 

(4.01)

 

Diluted

 

 

(1.85)

 

(4.01)

 

 

 

 


 

 

 

Profit /(loss) per share on discontinued activities

 (in pence)

 

 


 

 

 

Basic

 

 

0.45

 

(2.18)

 

Diluted

 

 

0.45

 

(2.18)

 

 

 

 

 

AEC EDUCATION PLC



 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME


 

FOR THE YEAR ENDED 31 DECEMBER 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

(Restated)

 

 

 

 

 

£

 

£

 

 

 

 

 

 

 

 

 

Loss for the year

 

 

 

(847,916)

 

(2,890,585)

 

 

 

 

 

 

 

 

 

Foreign currency translation movements

 

 

 

182,880

 

(19,465)

 

 

 

 

 

 

 

 

 

Other comprehensive (expense)/income

   for the year

 

 

 

 

182,880

 

 

(19,465)

 

 

 

 

 

 

 

 

 

Total comprehensive income for the year

 

 

 

(665,036)

 

(2,910,050)

 

 

 

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

 

 

Equity holders of the parent

 

 

 

(708,899)

 

(2,845,515)

 

Non-controlling interest

 

 

 

43,863

 

(64,535)

 

Total comprehensive income for the year

 

 

 

(665,036)

 

(2,910,050)

 

 

 

 

 

 

 

 

 

 

 

AEC EDUCATION PLC



 

STATEMENTS OF FINANCIAL POSITION



 

AS AT 31 DECEMBER 2014



 

 

 

Group

 

Company

 

 

2014

 

2013

(Restated)

 

2014

 

2013

TOTAL ASSETS

 

£

 

£

 

£

 

£

Non-Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and
equipment

 

450,042

 

763,033

 

-

 

-

Investment in subsidiary

    companies

 

 

-

 

 

-

 

 

5,260,107

 

 

5,760,107

Investment in associated

    companies

 

 

-

 

 

16,668

 

 

               -

 

 

-

Investment in joint ventures

 

97,799

 

26,074

 

               -

 

122,039

Intangible assets

 

3,101,851

 

3,603,250

 

               -

 

-

Goodwill

 

422,520

 

420,324

 

               -

 

-

Deferred tax asset

 

-

 

-

 

               -

 

-

 

 

4,072,212

 

4,829,349

 

5,260,107

 

5,882,146

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventories

 

6,718

 

9,229

 

-

 

-

Trade receivables

 

677,573

 

908,710

 

              -

 

-

Other receivables and

      prepayments

 

 

445,670

 

 

990,959

 

 

5,218

 

 

131,010

Tax recoverable

 

51,844

 

9,806

 

51,844

 

-

Due from subsidiary companies

 

-

 

-

 

692,752

 

442,304

Due from joint ventures

 

46,684

 

95,897

 

41,000

 

94,427

Due from related parties

 

456

 

3,798

 

-

 

-

Cash and cash equivalents

 

360,746

 

1,475,351

 

14,816

 

1,153,035

 

 

1,589,691

 

3,493,750

 

805,630

 

1,820,776

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

5,661,903

 

8,323,099

 

6,065,737

 

7,702,922

 

EQUITY AND LIABILITIES

 

 

 

 

 

 

 

 

Non-Current Liabilities

 

 

 

 

 

 

 

 

Financial liabilities

 

38,185

 

63,048

 

23,000

 

23,000

Deferred taxation liability

 

12,674

 

22,275

 

-

 

-

 

 

50,859

 

85,323

 

23,000

 

23,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Trade payables

 

514,951

 

263,303

 

35,934

 

-

Deferred income

 

620,389

 

2,160,688

 

-

 

-

Other payables and accruals

 

1,140,218

 

1,938,962

 

31,638

 

88,009

Due to subsidiary companies

 

-

 

-

 

1,243,545

 

2,090,328

Due to joint ventures

 

38,673

 

-

 

-

 

-

Due to related parties

 

801,358

 

660,810

 

368,079

 

23,323

Financial liabilities

 

39,654

 

112,107

 

14,000

 

14,000

Provision for income tax

 

26,667

 

7,736

 

-

 

-

 

 

3,181,910

 

5,143,606

 

1,693,196

 

2,215,660

 

 

 

 

 

 

 

 

 

Total liabilities

 

3,232,769

 

5,228,929

 

1,716,196

 

2,238,660

 

Equity attributable to equity

holders of the Company

 

 

 

 

 

 

 

 

 

Share capital

 

5,362,491

 

5,362,491

 

5,362,491

 

5,362,491

 

Share premium

 

896,111

 

896,111

 

896,111

 

896,111

 

Reserves

 

(3,699,184)

 

(2,990,285)

 

(1,909,061)

 

(794,340)

 

 

 

2,559,418

 

3,268,317

 

4,349,541

 

5,464,262

 

Non-controlling interests

 

(130,284)

 

(174,147)

 

-

 

-

 

Total equity

 

2,429,134

 

3,094,170

 

4,349,541

 

5,464,262

 

 

 

 

 

 

 

 

 

 

 

Total Equity and Liabilities

 

5,661,903

 

8,323,099

 

6,065,737

 

7,702,922

 

 

 

 

AEC EDUCATION PLC








CONSOLIDATED STATEMENT OF CHANGES IN EQUITY




FOR THE YEAR ENDED 31 DECEMBER 2014

 

 

 

 

 

 


Share

Capital

Share

Prem-ium

Other

Reserves

Share-Based

Payment

Reserve

Other

Reserves

Retained

Earnings

Other

Reserves

Trans-

lation

Reserve

Other

Reserves

Capital

Reserve

 

Total Of

Other

Reserves

Attributable

To Equity

Holders

Of The Company

Non- controlling

Interests

 

Total


£

£

£

£

£

£

£

£

£

       £

 

 

Balance at 1 January 2013 as previously reported

 

 

4,419,878

 

 

707,588

 

 

328,744

 

 

(2,018,789)

 

 

 

1,137,715

 

 

170,560

 

 

(381,770)

 

 

4,745,696

 

 

(43,415)

 

 

4,702,281

Prior year adjustment

 

-

 

-

 

-

 

237,000

 

-

 

-

 

237,000

 

237,000

 

-

 

237,000

Balance at 1 January 2013 as restated

 

 

4,419,878

 

 

707,588

 

 

328,744

 

 

(1,781,789)

 

 

 

1,137,715

 

 

170,560

 

 

(144,700)

 

 

4,982,696

 

 

(43,415)

 

 

4,939,281












 

Loss for the year

 

-

 

-

 

-

 

(2,832,688)

 

-

 

-

 

(2,832,688)

 

(2,832,688)

 

(57,897)

 

(2,890,585)

Total other

comprehensive income

 

 

        -

 

 

       -

 

 

         -

 

 

           -

 

 

(12,827)

 

 

       -

 

 

(12,827)

 

 

(12,827)

 

 

(6,638)

 

 

(19,465)

 

Total comprehensive income for the year

 

 

-

 

 

-

 

 

-

 

 

(2,832,688)

 

 

(12,827)

 

 

-

 

 

(2,845,515)

 

 

(2,845,515)

 

 

(64,535)

 

 

(2,910,050)












 

 

Issue of new shares

 

 

942,613

 

 

188,523

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,131,136

 

 

 

-

 

 

 

1,131,136              

 

Share based compensation transfer

 

           -

 

            -

 

(89,700)

 

89,700

 

          -

 

         -

 

-

 

-

 

        -

   

-

Total transactions with owners

 

942,613

 

188,523

 

  (89,700)

             89,700

 

           -

 

          -

 

-

 

 

1,131,136

 

 

          -

 

1,131,136

 

 

Non-controlling

interest acquired

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(125,489)

 

 

(125,489)

 

Impairment of carrying value

 

 

          -

 

  

       -

 

      

   -

 

 

-

 

   

      -

 

     

     -

 

 

-

 

 

-

 

       

59,292

 

 

59,292

 

Balance at 31 December 2013 as restated

 

 

5,362,491

 

 

896,111

 

 

239,044

 

 

(4,524,777)

 

 

1,124,888

 

 

170,560

 

 

(2,990,285)

 

 

3,268,317

 

 

(174,147)

 

 

3,094,170












 

 

Balance at 1 January 2014 as restated

 

 

5,362,491

 

 

896,111

 

 

239,044

 

 

(4,524,777)

 

 

1,124,888

 

 

170,560

 

 

(2,990,285)

 

 

3,268,317

 

 

(174,147)

 

 

3,094,170












 

Loss for the year

 

-

 

-

 

-

 

(881,956)

 

-

 

-

 

(881,956)

 

(881,956)

 

34,040

 

(847,916)

Total other

comprehensive income

 

-

 

-

 

-

 

-

 

173,057

 

-

 

173,057

 

173,057

 

9,823

 

182,880

 

Total comprehensive income for the year

 

 

-

 

 

-

 

 

-

 

 

(881,956)

 

 

173,057

 

 

-

 

 

(708,899)

 

 

(708,899)

 

 

43,863

 

 

(665,036)












Share based compensation transfer

 

-

 

-

 

(239,044)

 

239,044

 

-

 

-

 

-

 

-

 

-

 

-

Total transactions with owners

 

 

-

 

 

-

 

 

(239,044)

 

 

239,044

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Balance at 31 December 2014

 

 

5,362,491

 

 

896,111

 

 

-

 

 

(5,167,689)

 

 

1,297,945

 

 

170,560

 

 

(3,699,184)

 

 

2,559,418

 

 

(130,284)

 

 

2,429,134












 

 

AEC EDUCATION PLC



CONSOLIDATED STATEMENT OF CASH FLOWS



FOR THE YEAR ENDED 31 DECEMBER 2014

 

 



 

 

2014

 

2013

 

 

£

 

£

(Restated)

 Cash Flows from Operating Activities

 

 

 

 

 Loss before income tax from continuing activities

 

(1,101,349)

 

(1,656,803)

  Profit/(loss) before income tax from discontinued activities

 

 

282,419

 

 

(998,323)

 

 

 

 

 

 Adjustments for:

 

 

 

 

 Amortisation of intangible assets

 

166,050

 

169,957

 Depreciation of property, plant and equipment

 

203,710

 

437,778

 Impairment and write down of property plant and 

        equipment

 

 

-

 

 

299,099

  Impairment of intangible assets

 

350,000

 

600,000

 Loss on disposal of plant and equipment

 

170,481

 

88,909

 Profit on disposal of subsidiary

 

-

 

(215,308)

 Non-cash elements of profit on discontinued activities

 

(52,104)

 

-

 Interest expense

 

41,201

 

45,875

 Interest income

 

(244)

 

(375)

 Impairment of goodwill and minority interest

 

-

 

59,292

 Share of results of associated and joint    

      venture companies

 

 

(53,829)

 

 

4,320

 

 

6,335

 

(1,165,579)

 

 

 

 

 

 Changes in working capital:

 

 

 

 

 Receivables

 

724,582

 

1,567,976

 Payables

 

(2,087,395)

 

( 2,551,785)

 Inventories

 

2,511

 

12,629

 Related parties and associated companies

 

231,777

 

668,427

 

 

(1,122,190)

 

( 1,468,332)

 

 

 

 

 

 Taxation

 

(4,741)

 

( 39,638)

 Net cash used from operating activities

 

(1,126,931)

 

(1,507,970)

 

 

 

 

 

 Cash Flows from Investing Activities

 

 

 

 

 Interest received

 

244

 

375

 Profit distribution received from associated and joint    

         venture companies

 

 

40,303

 

 

-

 Purchases of property, plant and equipment

 

(68,254)

 

(528,009)

 Purchase of trademarks and licences

 

(14,685)

 

(16,099)

Disposal of subsidiary

 

-

 

(11,606)

Acquisition of subsidiary

 

-

 

(99,541)

 Net cash used in investing activities

 

(42,392)

 

(654,880)

 

 

 

 

 

Cash Flows from Financing Activities

 

 

 

 

 

Share issue

 

-

 

1,131,136

 

Interest paid

 

(41,201)

 

(45,875)

 

Repayment of term loan

 

(62,378)

 

(267,376)

 

Finance leases

 

(34,939)

 

63,577

 

Net cash generated by/(used in) financing activities

 

(138,518)

 

881,462

 

 

 

 

 

 

 

Effect of foreign exchange rate changes on consolidation

 

 

193,236

 

 

50,048

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

(1,114,605)

 

(1,231,340)

 

Cash and cash equivalents at the beginning of the

Year

 

 

1,475,351

 

 

2,706,691

 

Cash and cash equivalents at the end of the year 

 

360,746

 

1,475,351

 

 

 

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

 

1              General

 

AEC Education plc is a public limited liability company incorporated in England and Wales on 8 July 2004. The Company was admitted to AIM on 10 December 2004. Its registered office is Witan Gate House, 500-600 Witan Gate West, Milton Keynes MK9 1SH and its principal place of business is in Singapore. The registration number of the Company is 05174452.

 

The principal activities of the Company are that of investment holding and provision of educational consultancy services. There have been no significant changes in the nature of these activities during the year.

 

The Board of Directors has authorised the issue of these financial statements on 24 June 2015.

 

2              Segmental Information

 

Segmental analysis is as follows:

 

 

 

Europe

South East Asia/Middle East

 

Total

          2014

£

£

£

          Revenue from external customers

 5,661,457

 3,316,711

 8,978,168

          Depreciation, write offs and amortisation

 (182,036)

 (537,724)

 (719,760)

          Loss before taxation

 (50,851)

 (1,050,498)

  (1,101,349)

          Taxation charge

 (4,685)

 (24,301)

 (28,986)

          Profit on discontinued activities

 76,313  

206,106

282,419

          Loss for the year

 20,777

 (868,693)

 (847,916)

 

 

 

 

          Segmental assets

3,706,133

1,955,770

5,661,903

          Segmental liabilities

 (4,567,440)

  1,334,671

(3,232,769)

         Additions to non-current assets

38,970

43,969

82,939

       

         

 

 

 

          2013 (Restated)

 

 

 

          Revenue from external customers

5,080,994

6,222,884

11,303,878

          Depreciation, write offs and amortisation

(415,496)

(604,629)

   (1,020,125)

          Loss before taxation

(198,939)

(1,457,864)

(1,656,803)

          Taxation charge

(6,460)

(228,999)

(235,459)

          Loss on discontinued activities

(380,629)

(617,694)

(998,323)

          Loss for the year

(586,028)

(2,304,557)

(2,890,585)

 

 

 

 

          Segmental assets

4,194,708

4,128,391

8,323,099

          Segmental liabilities

(4,655,567)

(573,362)

(5,228,929)

         Additions to non-current assets

170,478

347,682

518,160

 

 

Note that the Segmental liabilities figure for South East Asia and the Middle East is shown as a net asset due to the treatment of the amount due from Europe to South East Asia for funding being shown as a liability in the former and an asset in the latter.

 

3              Earnings/(Loss) Per Share

 

The basic earnings/(loss) per share on continuing activities was based on the loss attributable to shareholders of £1,164,375 (2013: restated loss of £1,834,365) and the weighted average number of ordinary shares in issue during the year of 63,051,043 shares (2013: 45,753,464 shares).

 

The basic earnings/(loss) per share on discontinued activities was based on the profit attributable to shareholders of £282,419 (2013: loss of £998,323) and the weighted average number of ordinary shares in issue during the year of 63,051,043 shares (2013: 45,753,464 shares).

 

The diluted earnings/(loss) per ordinary share on continuing activities and the diluted earnings/(loss) per share on discontinued activities are based respectively on the loss attributable to shareholders of £1,164,375 (2013 (restated): loss of £1,834,365) and profit attributable to shareholders of £282,419 (2013: loss of £998,323) and the weighted average number of ordinary shares in issue at during the year of 63,051,043 shares (2013: 45,753,464 shares) diluted for the effect of share options and warrants.

 

By 31 December 2014 all previously issued options had lapsed (2013: 1,950,000 options were outstanding). At 31 December 2013 all 1,950,000 options were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti-dilutive.

 

9           Annual Report

 

The Annual Report will be sent to shareholders by close of business on or around 25 June 2015. Additional copies will be available to the public, free of charge, from the Company's website  ww.aeceducationplc.co.uk.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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