Interim Results
STM Group PLC
11 September 2007
Press Release 11 September 2007
STM Group Plc
('STM' or 'the Group')
STM GROUP PLC
MAIDEN INTERIM RESULTS ANNOUNCEMENT
For the five months ended 30 June 2007
11 September 2007, - STM Group Plc ('STM', the 'Company' or the 'Group'), the
cross border financial services provider set up to effect a consolidation of
international corporate and trustee services providers ('CTSPs') through a buy
and build strategy, announces its maiden interim results for the five months
ended 30 June 2007.
HIGHLIGHTS
• STM Group Plc was admitted to AIM on 28 March 2007, raising £7.5 million
through the Placing of 15 million new shares.
• Three acquisitions completed to date with aggregated 2006 revenues and
profits of c.£6.0 million and c.£2.2 million, respectively:
o Fidecs Group Limited (renamed 'STM Fidecs') on 28 March 2007
for £13.6 million (£6.3 million cash; £7.3 million in
ordinary shares in STM ('STM Shares'))
o Atlas Trust Company Limited on 26 June 2007 for up to £0.65
million (up to £0.45 million in cash and £0.2 million in
STM Shares)
o Parliament Corporate Services Limited on 3 September 2007
for up to £2.3 million (£1.15 million in cash and £1.15
million in STM Shares)
• STM's financial performance for the 5 months to 30 June 2007 comprises
trading from 28 March 2007, the date upon which it acquired STM Fidecs:
o Revenue of £1.7 million; Operating Profit of £0.66 million;
and PAT of £0.61 million (36 per cent. net profit margin)
• CTSP market remains buoyant, with STM securing a healthy number of new
instructions
• Strong organic growth of businesses acquired
• Visibility and predictability of revenue remains excellent
Commenting on summary and outlook, Tim Revill, CEO said :
'The CTSP sector remains buoyant, with significant opportunities for
consolidation activity, providing confidence in our stated 'buy and build'
strategy. The Company will continue to focus on both accelerating organic growth
and seeking out earnings enhancing complementary acquisitions in both existing
and new jurisdictions. As we approach the last quarter of the year we are
confident of achieving the market's expectation for the full year.'
For further information, please contact:
STM Group Plc
Tim Revill, Chief Executive Officer Tel: 00 350 51610
Matt Wood, Non-executive director (Investor Relations Tel: +44 (0) 20 7752 0215
www.stmgroupplc.com
Daniel Stewart & Company Plc
Lindsay Mair / Tessa Smith Tel: +44 (0) 20 7776 6550
Media enquiries:
Abchurch
Henry Harrison-Topham / Charlie Jack Tel: +44 (0) 20 7398 7706
henry.ht@abchurch-group.com www.abchurch-group.com
Chief Executive's review
Overview
I am delighted to present STM Group plc's ('STM', the 'Company' or the 'Group')
maiden unaudited interim results for the period from 31 January 2007, to 30 June
2007. These results reflect the transition from a private company to an AIM
traded public company and encompass the Company's move from a dormant status to
that of a trading group. STM was set up specifically to build a leading
financial services group operating in the international corporate and trustee
services provider ('CTSPs') sector. To date the Group has made three
acquisitions, those of Fidecs Group Limited (renamed 'STM Fidecs'), Atlas Trust
Company Limited ('Atlas') and most recently, Parliament Corporate Services
Limited ('Parliament').
The Group was admitted to trading on AIM on 28 March 2007, raising £7.5 million,
and at the same time completed the acquisition of the entire issued share
capital of STM Fidecs. STM Fidecs, one of the largest CTSPs based in Gibraltar,
was the Company's principal trading subsidiary during the period under review.
Consequently, STM's consolidated results for the five month period to 30 June
2007 include trading activities for the period from 28 March 2007 to 30 June
2007 only. However, for the benefit of shareholders, the Directors have included
additional pro-forma financial information on STM Fidecs for the six months to
30 June 2007.
Whilst the Company has only had the benefit of some three months of trading
activity, I am pleased to announce that the ' Buy and Build ' strategy, as set
out in our AIM Admission Document, progresses according to plan with two further
bolt-on acquisitions completed since float. Our established formula for such
purchases has proven to be efficient, effective and earnings enhancing, and
confirms our assertion that the CTSP sector is ripe for consolidation.
Strategy
STM's strategy is to build an international group of CTSPs operating from a
number of complementary tax efficient jurisdictions, each offering its clients
high quality products and services. Potential acquisition targets will be
subject to extensive due diligence, with a focus on the quality of the client
portfolio, client service and compliance, and each will be required to adhere to
Group-wide standards following acquisition. The Directors have outlined three
initial principal criteria to be applied when assessing the suitability of an
acquisition target, although these criteria are not intended to be exhaustive.
The Directors will seek to acquire CTSPs which:
• bring to the Group a licence to conduct trust and company management business
in a complementary jurisdiction to that of the existing Group - i.e. a
jurisdiction which offers additional financial planning opportunities; and/or
• provide the Group with complementary financial products, services or financial
expertise which can be sold across the Group; and/or
• have portfolios of clients which can easily be integrated within an existing
Group company, thus eliminating one set of fixed overheads (business process
systems, compliance, finance and accounts, marketing etc). A high proportion of
operating costs of CTSPs are fixed.
Financial Results
The Group's interim accounts only take into account the post acquisition trading
(effectively from date of admission to trading on AIM onwards, amounting to
three months trading).
Trading in the Group commenced on 28 March 2007 with the acquisition of STM
Fidecs. During the period to 30 June, STM recorded turnover of £1.68 million,
slightly ahead of our expectations, and profit before tax (PBT) of £0.7 million,
returning an enhanced net profit margin of approximately 36 per cent. (an
increase from 33 per cent. achieved by STM Fidecs during 2006) reflecting the
Group's largely fixed cost base.
During the period, taxation of £0.06 million arose due to an increase in the
corporation tax rate in Gibraltar, however, the Group remains on track to incur
a low blended effective tax rate for the full year, in line with estimates made
at the time of flotation.
In line with all CTSP businesses, the Group had accrued income, in the form of
work performed for clients but not yet billed at the balance sheet date, of £1.2
million. This provides some immediate visibility of billable fees in the second
half year and will be invoiced before the year end. The results from the period
under review show the Company to be in good health and trading comfortably in
line with our expectations.
As stated in the Overview above, the Directors, having taken advice from the
Company's financial advisors, believe that it is in the best interests of
shareholders to also include, and comment upon, the trading results for the six
months in respect of STM's largest acquisition to date, that of STM Fidecs,
albeit based upon pro-forma numbers which do not, and will not, form part of the
Group's statutory accounts for the current financial year.
STM Fidecs' unaudited results for the six months to 30 June 2007 show turnover
of approximately £3.16 million (£5.0 million during the year to 31 December
2006) and a PBT (before Group charges amounting to £0.14 million) of
approximately £1.2 million (£1.7 million for the year ended 31 December 2006).
The continued strong demand for our services and enhanced productivity levels in
the core business of Trust and Company Management, and some larger assignments
for the Tax and Financial Planning division, have led the way in delivering the
increased revenue for the six month period.
The strategy of organic growth, supported by an active acquisition strategy,
results in all cash being reinvested back into the business and therefore the
Board, in line with policy, does not propose the payment of any dividend at this
stage.
Review of acquisitions
Following the acquisition of STM Fidecs in Gibraltar on the 28 March, the Group
has successfully completed and largely integrated two further ' bolt-on '
acquisitions to date.
Atlas Trust Company Limited
The first bolt-on acquisition was that of Gibraltar-based Atlas, which was
completed on 26 June 2007 and is included within the consolidated balance sheet
of the Group as at 30 June 2007. Atlas recorded sales of approximately £0.3
million for the year ended 31 December 2006 and delivered a PBT of £0.1 million
over the same period. The maximum consideration for Atlas of £0.65 million,
comprising £0.19 million in cash and £0.22 million in STM ordinary shares of
0.1p each ('STM Shares') as initial consideration, with a further deferred cash
element up to £0.24 million payable on or around 26 September 2008, conditional
upon the achievement of certain milestones.
The integration of Atlas was completed within one month of acquisition, with all
staff relocating to the offices occupied by STM Fidecs.
Parliament Corporate Services Limited
The acquisition of Parliament, also based in Gibraltar, and its related
subsidiaries was completed on 3 September 2007. It therefore made no financial
contribution to the Group during the period under review.
Parliament recorded sales of approximately £0.4 million and a PBT of £0.2
million for the six months to 30 June 2007. The consideration for Parliament
amounted to a maximum of £2.3 million, comprising £0.575 million in cash and
£1.15 million in STM Shares as initial consideration, with a further deferred
cash element up to £0.575 million payable on or around 3 December 2008,
conditional upon the achievement of certain targets.
I am pleased to report that the integration of Parliament is going extremely
well and will be complete within the anticipated one month period.
Both acquisitions are expected to be earnings enhancing to the Group, and bring
in further resources in the form of well respected senior management, enabling
the Group to manage its increased growth and operational activity, whilst
continuing to provide the highest quality service offering to its clients.
Current trading
I am pleased to report that trading is well on track in the usually quieter
third quarter, with the Group securing a healthy pipeline of new instructions.
These, coupled with the expected integration and operational benefits resulting
from our recent acquisitions, bode well for the future.
Both existing and new staff, acquired as part of the acquisition process, are
enthusiastic about the future aspirations of the Group, and senior management
believe that the internal hurdles that we have set ourselves of delivering the
highest quality service in the most efficient manner are attainable.
The board continues to review many opportunities that may have benefits to the
Group's strategy of expansion, both organically and by acquisition. Such
opportunities are in various forms, from the ability to access new populations
of expatriates to delivering the next acquisition in a complementary
jurisdiction. Whilst many opportunities are presented to the board, the Company
remains focused in pursuing only proven opportunities that fit with the
Company's strict quality standards.
Summary and Outlook
The CTSP sector remains buoyant, with significant opportunities for
consolidation activity, providing confidence that our stated 'buy and build'
strategy. The Company will continue to focus on both accelerating organic growth
and seeking out earnings enhancing complementary acquisitions in both existing
and new jurisdictions. As we approach the last quarter of the year we are
confident of achieving the market's expectation for the full year.
CONSOLIDATED INCOME STATEMENT
for the period from 1 February 2007 to 30 June 2007
For reference purposes
only trading results
(before parent company
recharges) for the six
months to
Notes 30 June 30 June
2007 2007
£'000 £'000
Revenue 1,678 3,157
Administrative expenses (1,014) (1,959)
Operating Profit 664 1,198
Share of profit of associate 12 12
Profit on ordinary activities before 676 1,210
taxation
Taxation 5 (62) (62)
Profit on ordinary activities after taxation 614 1,148
Dividends - -
Retained profit for the period 614 1,148
Earnings per share basic (pence) 4 2.55
Earnings per share diluted (pence) 4 2.42
The Directors consider the activities of the Group to be derived from continuing
activities.
There were no gains or losses for any period other than those recognised in the
income statement
CONSOLIDATED BALANCE SHEET
as at 30 June 2007
Notes 30 June
2007
£'000
ASSETS
Non-current assets
Property and office equipment 7 435
Intangible assets 12,627
Investments 8 20
Total non-current assets 13,082
Current assets
Accrued income 1,200
Debtors 10 2,941
Cash at bank and in hand 9 1,313
Total current assets 5,454
Total assets 18,536
EQUITY
Called up share capital 12 36
Share premium account 13 14,750
Profit and loss reserve 13 614
Total equity attributable to equity 15,400
shareholders
LIABILITIES
Total current liabilities 11 2,247
Liabilities:
Amounts falling due in more than 11 889
one year
Total liabilities and equity 18,536
COMPANY BALANCE SHEET
as at 30 June 2007
Notes 30 June
2007
£'000
ASSETS
Non-current assets
Investments 8 13,889
Total non-current assets 13,889
Current assets
Debtors 10 487
Cash at bank and in hand 9 544
Total current assets 1,031
Total assets 14,920
EQUITY
Called up share capital 12 36
Share premium account 13 14,750
Profit and loss reserve 13 52
Total equity attributable to equity 14,838
shareholders
LIABILITIES
Current liabilities
Total current liabilities 11 82
Total liabilities and equity 14,920
STM GROUP PLC
CONSOLIDATED CASH FLOW STATEMENT
for the period from 1 February 2007 to 30 June 2007
2007
£'000
Reconciliation of operating profit to net cash flow from operating activities
676
Profit for the period before tax
Adjustments for:-
Depreciation 20
(Increase)/decrease in debtors (2,641)
Increase in accrued income and work in progress (1,200)
Increase/(decrease) in creditors and deferred income 1,741
Net cash from operating activities (1,404)
Investing activities
Acquisition of investments of property, plant and equipment (455)
Acquisition of investments (14,575)
Assets acquired as part of investments 1,928
Net cash used in investing activities (13,102)
Cash flows from financing activities -
Increase/(decrease) loans from related parties 1,333
Consideration from shares issued 14,486
Net cash from used in financing activities 15,819
Increase in cash balances 1,313
Analysis of cash balances during the period
Balance at start of period -
Increase/(decrease) in cash balances 1,313
Balance at end of period 1,313
STM GROUP PLC
CONSOLIDATED CHANGES IN EQUITY
for the period from 1 February 2007 to 30 June 2007
Share Share Profit & Loss Total
Capital Premium Reserve £000
£000 £000 £000
At 1 February 2007 6 294 - 300
Profit for the period - - 614 614
Shares Issued 30 14,456 - 14,486
_____ _______ _____ _______
At 30 June 2007 £36 £14,750 £614 £15,400
_____ _______ _____ _______
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENT
for the period from 1 February 2007 to 30 June 2007
1. Reporting entity
STM Group Plc (the 'Company') is a company domiciled in the Isle of Man. The
address of the Company's registered office is PO Box 227, Clinch's House, Lord
Street, Douglas, IM99 1RZ.
2. Basis of preparation
The interim financial information has been prepared on the basis of the
accounting policies set out in note 3.
Results for the period from 1 February 2007 to 30 June 2007 have not been
audited.
a) Statement of compliance
The Consolidated Financial Statements have been prepared in accordance with
International Financial Reporting Standards ('IFRSs').
b) Functional and presentation currency
These Consolidated Financial Statements are presented in Pounds Sterling (£)
which is the Company's functional currency.
c) Use of estimates and judgments
The preparation of financial statements requires management to make judgments,
estimates and assumptions that affect the application of accounting policies and
the reported amounts of assets, liabilities, income and expenses. Actual
results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised and in any future periods affected.
3. Significant accounting policies
The accounting policies set out below have been applied consistently to all
periods presented in these Consolidated Financial Statements.
a) Basis of consolidation
(i) Subsidiaries
Subsidiaries are entities controlled by the Group. Control exists when the
Group has the power to govern the financial and operating policies of an entity
so as to obtain benefits from its activities. In assessing control, potential
voting rights that presently are exercisable are taken into account. The
financial statements of subsidiaries are included in the Consolidated Financial
Statements from the date that control commences until the date that control
ceases.
(ii) Associates (equity accounted investees)
Associates are those entities in which the Group has significant influence, but
not control, over the financial and operating policies. Associates are
accounted for using the equity method (equity accounted investees). The
consolidated financial statements include the Group's share of the income and
expenses of equity accounted investees, after adjustments to align the
accounting policies with those of the Group, from the date that significant
influence or control commences until the date that significant influence or
control ceases. When the Group's share of losses exceeds its interest in an
equity accounted investee the carrying amount of that interest is reduced to nil
and the recognition of further losses is discontinued except to the extent that
the Group has an obligation or has made payments on behalf of the investee.
(iii) Transactions eliminated on consolidation
Intra-group balances, and any unrealised income and expenses arising from
intra-group transactions, are eliminated in preparing the Consolidated Financial
Statements. Unrealised gains arising from transactions with equity accounted
investees are eliminated against the investment to the extent of the Group's
interest in the investee. Unrealised losses are eliminated in the same way as
unrealised gains, but only to the extent that there is no evidence if
impairment.
3. Significant accounting policies (cont.)
b) Revenue
Revenue is derived from the provision of services and is recognised in the
income statement in proportion to the stage of completion of the transaction at
the reporting date on an accruals basis.
c) Accrued income
Accrued income represents billable time spent on the provision of services to
clients which has not been invoiced at the reporting date. Accrued income is
recorded at the staff charge-out rates in force at the reporting date, less any
specific provisions against the value of accrual income where recovery will not
be made in full.
d) Property and office equipment
(i) Recognition and measurement
Items of property and office equipment are measured at cost less accumulated
depreciation and impairment losses. Cost includes expenditures that are
directly attributable to the acquisition of the asset and bringing it into use.
(ii) Depreciation
Depreciation is recognised in the income statement on a reducing balance basis
over the estimated useful lives of each part of an item of property, plant and
equipment. Leased assets are depreciated over the shorter of the lease term or
the estimated useful life.
The rates in use on a reducing balance basis are as follows:
Office equipment - 25%
Motor vehicles - 25%
Leasehold improvements - 10%
Depreciation methods, useful lives and residual values are reassessed at the
reporting date.
3. Significant accounting policies (cont.)
e) Investments and associates
Investments are carried at fair value, subject to provisions for impairment
where the current value of the investment is considered to be less than cost.
Impairment losses are recognised in the profit and loss account. Investments
are reviewed for impairment at each year end.
f) Operating leases
Payments under operating leases are charged directly to the income statement on
a straight line basis over the term of the lease.
g) Employee benefits
The Group operates a defined contribution pension plan. Obligations for
contributions to defined contribution pension plans are recognised as an expense
in the income statements when they are due.
h) Finance income and expense
Finance income comprises interest income on funds invested, dividend income and
foreign currency gains. Interest income is recognised as it accrues using the
effective interest method.
The Group also earns interest on pooled client monies, which under the client
agreements is shared by the Group and its clients. This interest income is
included in revenue.
Finance expense comprises interest in borrowings and foreign currency losses.
Interest expense is charged to the income statement using the effective interest
method.
i) Income tax expense
Income tax expense comprises current and deferred tax. Income tax expense is
recognised in the income statement.
Current tax is the expected tax payable on the taxable income for the period
using enacted tax rates, adjusted for previous period adjustments.
Deferred tax is recognised using the balance sheet method, providing for
temporary differences between carrying amounts of assets and liabilities for
financial reporting purposes and for tax purposes. Deferred tax is not provided
in respect of goodwill. Deferred tax is measured at the tax rates expected to
be enacted when they reverse.
3. Significant accounting policies (cont.)
j) Foreign currency
Transactions in foreign currencies are translated to the functional currency of
the Group at exchange rates ruling at the date of the transaction. Monetary
assets and liabilities denominated in foreign currencies at the reporting date
are translated at the exchange rate ruling at the reporting date. The resulting
gain or loss is recognised in the income statement.
k) Cash and cash equivalents
Cash and short term deposits in the balance sheet comprise cash at banks and in
hand and short term deposits with an original maturity of three months or less.
l) Intangible Assets - Goodwill
Goodwill arises on the acquisitions of subsidiaries and associates. Goodwill
represents the excess of the cost of the acquisition over the Group's interest
in the net fair value of the identifiable assets and liabilities of the
acquiree. Goodwill is measured at cost . An annual impairment review is
undertaken.
m) Impairment
A financial asset is considered to be impaired if objective evidence indicates
that one or more events have had a negative effect on the estimated future cash
flows of that asset.
An impairment loss in respect of a financial asset measured at amortised cost is
calculated as the difference between its carrying amount, and the present value
of the estimated future cash flows discounted at the original effective interest
rate. An impairment loss in respect of an available-for-sale financial asset is
calculated by reference to its current fair value.
Individually significant financial assets are tested for impairment on an
individual basis. The remaining financial assets are assessed collectively in
groups that share similar credit risk characteristics.
All impairment losses are recognised in profit or loss. Any cumulative loss in
respect of an available-for-sale financial asset recognised previously in equity
is transferred to the income statement.
An impairment loss is reversed if the reversal can be related objectively to an
event occurring after the impairment loss was recognised. For financial assets
measured at amortised cost and available-for-sale financial assets that are debt
securities, the reversal is recognised in profit & loss. For available-for-sale
financial assets that are equity securities, the reversal is recognised directly
in equity.
The carrying amounts of the Group's non-financial assets are reviewed at each
reporting date to determine whether there is any indication of impairment. If
any such indication exists then the asset's recoverable amount is estimated. For
goodwill and intangible assets that have indefinite lives, the recoverable
amount is estimated at each reporting date.
An impairment loss is recognised if the carrying amount of an asset or its
cash-generating unit exceeds its recoverable amount. A cash -generating unit is
the smallest identifiable asset group that generates cash flows that largely are
independent from other assets and groups. Impairment losses are recognised in
profit or loss. Impairment losses recognised in respect of cash-generating units
are allocated first to reduce the carrying amount of any goodwill allocated to
the units and then to reduce the carrying amount of the other assets in the unit
(group of units) on a pro-rata basis.
4. Earnings per Share
Earnings per share for the period from 1 February 2007 to 30 June 2007 is based
on the profit after taxation of £614,000 divided by the weighted average number
of shares during the period 24,088,009 (basic) and 25,422,202 (dilutive) £0.001
ordinary shares.
A reconciliation of the basic and diluted number of shares used in the period
ended 30 June 2007 is:
Weighted average number of shares 24,088,009
Dilutive share options 1,334,193
Diluted 25,422,202
5. Tax on profit on ordinary activities
Tax is based upon the profit on ordinary activities.
The Company's main trading subsidiaries are based in Gibraltar and these
companies relinquished their tax exempt status on 28 March 2007, being the date
that they were acquired by STM Group Plc. The Corporation tax rate relating to
income derived from and accrued in Gibraltar is 35% (33% as from 1 July 2007).
6. Acquisition of subsidiaries
STM Fidecs Limited
On 28 March 2007 the STM Group Plc acquired 100% of the issued equity of Fidecs
Group Limited. Following acquisition it was renamed STM Fidecs Group Limited.
The results for the period since acquisition are included within the
consolidated results.
The acquisition had the following effect on the assets and liabilities at
acquisition.
£'000
Net identifiable assets and liabilities 1,842
Goodwill 12,047
Consideration paid including costs 13,889
Atlas Trust Limited
On 26 June 2007 STM Fidecs Limited acquired 100% of the issued equity of Atlas
Trust Limited. The balance sheet as at that date is included within the
consolidated results.
The acquisition had the following effect on STM Group Plc's assets and
liabilities at acquisition.
£'000
Net identifiable assets and liabilities 85
Goodwill 580
Consideration paid including costs (including 665
contingent consideration)
7.Property and office equipment
Office Motor Leasehold
Equipment Vehicles Improvements Total
£'000 £'000 £'000 £'000
Costs
As at 1 February - - - -
2007
Acquired on
acquisition at net
book value 131 6 296 433
Additions at cost 20 2 - 22
As at 30 June 2007 151 8 296 455
Depreciation
As at 1 February 2007 - - - -
Change for the period 7 1 12 20
As at 30 June 2007 7 1 12 20
Net book value
As at 30 June 2007 144 7 284 435
As at 1 February 2007 - - - -
STM Group Plc holds no tangible fixed assets.
8. Investments
The fair value of investments comprises:
Group
Cost
£'000
Investments
Balance at 1 February 2007 -
Additions on acquisitions 22
Disposals (2)
Balance at 30 June 2007 20
Company
Cost
£'000
Investments
Balance at 1 February 2007 -
Additions 13,889
Balance at 30 June 2007 13,889
9. Cash and cash equivalents
Cash at bank earns interest at floating rates based on prevailing rates
and the balance. The fair value of cash and cash equivalents in the Group is
£1,313,000 and in the company is £544,000.
10. Debtors
Group
2007
£'000
Trade debtors 1,652
Disbursements recoverable 177
Sundry debtors and prepayments 1,112
2,941
Company
2007
£'000
Trade debtors -
Sundry debtors and prepayments 126
Owed by related undertakings 361
487
Amounts owed to related undertakings are unsecured, interest free and repayable
on demand.
11. Creditors: amounts falling due within one year
Group
2007
£'000
Loans from related parties 444
Deferred income 460
Trade Creditors 214
Corporation tax 69
Deferred and contingent consideration 329
Other creditors and accruals 731
2,247
Creditors: amounts falling due in more than one year
Group
2007
£'000
Loans from related parties 889
Company:
Creditors: amounts falling due within one year
2007
£'000
Other creditors and accruals 82
Loans from related parties amount to £1,333,000 and relate to a loan by Equity
Special Situations Limited, a shareholder of STM Group Plc. The loan is
repayable one third by 31 December 2007, and the remainder by 31 December 2008.
This loan amount is unsecured and non-interest bearing.
12. Called up share capital
As at
30 June
2007
£'000
Authorised
50,000,000 ordinary shares of £0.001 each 50
Called up, issued and fully paid
35,586,662 ordinary shares of £0.001 36
13. Reconciliation of movement in equity shareholders' funds
Company
Share Capital Share Premium Profit and Loss Total
£'000 £'000 Account £'000
£'000
At 1 February 2007 6 294 - 300
Profit for the period - - 52 52
Shares Issued 30 14,456 - 14,486
36 14,750 52 14,838
Group
Share Capital Share Premium Profit and Loss Total
£'000 £'000 Account £'000
£'000
At 1 February 2007 6 294 - 300
Profit for the period - - 614 614
Shares Issued 30 14,456 - 14,486
36 14,750 614 15,400
-Ends-
This information is provided by RNS
The company news service from the London Stock Exchange
Latest directors dealings
- 11 hours ago SSP Group
- 11 hours ago Real Estate Investors
- 11 hours ago WPP
- 11 hours ago Spectris
- 12 hours ago Clarkson