TIDMCOL
RNS Number : 2428P
Colliers International UK PLC
30 September 2011
30 September 2011
COLLIERS INTERNATIONAL UK PLC
("Colliers International UK" or "the Group")
HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011
Colliers International UK (AIM: COL), one of the leading
commercial real estate consultancy groups in the UK, announces its
half year results for the six months to 30 June 2011.
Financial highlights:
-- Group revenues up 2% to GBP31.02m (2010: GBP30.33m)
-- Operating loss (before exceptional items) of GBP3.47m
(2010: loss of GBP3.05m as restated)
-- Loss before tax of GBP3.99m (2010: GBP5.14m)
Operational highlights:
-- Recruitment of senior individuals in key growth areas
-- More client facing organisation
-- Increasing levels of cross-selling and referral of instructions
-- Improving number of opportunities for new business pitches
Commenting on the results, Sir John Ritblat, Chairman said:
"We have restructured, refocused and rebranded our businesses. I
remain confident about our medium and longer term prospects"
For further information, please visit www.colliers.com/uk or
contact:
Colliers International UK plc Tavistock Communications
020 7344 6706 020 7920 3150
Sally Hooker Simon Hudson / Amy Walker
Panmure Gordon
020 7459 3600
Tim Linacre / Fred Walsh
CHAIRMAN'S STATEMENT
Earlier this year, I commented that, following a return to
revenue growth in 2010, we were looking forward to improved
economic conditions from which our business would be a substantial
beneficiary. However, growth expectations for the UK economy have
since been downgraded and the outlook in the short term remains
clouded although I remain confident about our medium/longer term
prospects.
Results
Group revenue for the six months to 30 June 2011 was GBP31.02m
representing a 2% increase on the comparable period last year
(GBP30.33m). Operating expenses, excluding exceptional items, were
4% higher at GBP34.82m (2010: GBP33.56m) as we continued with our
planned recruitment programme. As a consequence, the Group's
operating loss before exceptional items of GBP3.47m was higher than
the equivalent figure last year of GBP3.05m.
Exceptional items include a profit of GBP0.62m on the sale of
the Group's 24% shareholding in associated company Paladin Group
Limited which was completed in June for an initial consideration of
GBP0.69m with a potential further deferred payment of up to
GBP0.31m dependent upon the trading performance of Paladin in its
year ending 31 March 2012. This exceptional profit has been offset
by re-organisation costs of GBP0.57m as we continue to rationalise
certain areas of our UK business. Group loss before tax was
GBP3.99m, down from GBP5.14m in the previous year. Basic and
diluted loss per share was 2.45p (2010: loss of 3.39p) reflecting
the reduced loss for the period.
Since the end of the half year, our markets have continued to be
impacted by the wider economic environment. The riots in various
cities in August also introduced additional temporary uncertainties
although these now seem to be behind us. Overall, we now expect our
businesses to break even in the second half of the year although
this will result in an operating loss for the full year. At a
pre-tax level, the absence of various exceptional costs incurred in
the second half of 2010 should result in a much reduced deficit
position.
Market review
UK Occupier Market
We anticipate that the remainder of 2011 and 2012 will see an
extension of the current experience of recent months. London
occupier markets will remain firm, but rental growth will be driven
by lack of supply, rather than the strength of demand. Regional
markets will continue to see slow recovery as political and
economic uncertainty discourages expansionary investment and
corporate consolidations, despite considerable cash reserves held
by many corporates. The risk of further regional rental declines is
limited as rents may be reaching base levels, but we do not expect
significant rental growth in regional markets to materialise until
2013. Corporate administrations have stabilised, but the rate of
company liquidations remains high relative to the pre-recession
period.
UK Property Investment Market
The property investment market is also likely to remain flat
with transactions in 2011 and 2012 struggling to reach 2010 levels.
Transaction volumes by value were down by 25% in the second quarter
of this year compared to the equivalent quarter in 2010. The annual
year-end surge may not arise this year. Capital values, however,
are likely to remain stable with the weight of both international
and domestic money looking to invest in prime assets
counterbalancing the weak economic outlook and the limited risk
appetite of institutions for non-prime. Few truly prime assets are
expected on the market but banks, having had time to write down
assets to realistic levels, are now more likely to sell good
quality secondary assets.
Tertiary assets on the market are not likely to attract much
interest; debt is generally not available, tenants are vulnerable,
and alternate uses are uncertain. Unless there is a sea-change in
investor outlook or strategy, the total value of UK property
investment transactions in 2011 will be lower than in 2010.
Business review
Notwithstanding the slowdown in the rate of growth, we continue
to actively advise clients from all sectors on a wide range of
projects and initiatives. Despite a reduction in investment
transaction volumes in the market place, our National Investment
team increased its revenues by 30% compared to the first half of
2010. We advised on the sale of 17 Virgin Active health and racquet
clubs from Societe Generale to British Land for GBP178.5m.
We also advised Hines, who have teamed up with Ballymore, to
progress the previously stalled Two Snowhill development in
Birmingham and continued to advise the Football Association on the
development of a National Football Centre at Burton-on-Trent, which
is now under construction.
Our Building Consultancy department has won a commission to
project manage the repairs, maintenance and new construction work
across Siemens' entire UK portfolio and we were recently named
Property Advisor of the Year for Scotland in the Estates Gazette
Regional Awards.
On the international stage, our Healthcare team secured a
contract to provide Union Life Insurance of Beijing with
consultancy advice for the Wuhan Health Valley, a new health city
in China and our Consulting team provided advice to Petronas, the
Malaysian National Oil Company, on the potential development of
land around the Petronas Towers in Kuala Lumpur.
The importance of adding to the knowledge and experience of our
teams is paramount and we remain active recruiters in markets that
we consider key to our future growth. Recently, we have appointed a
new Head of Retail, a Head of Shopping Centre Leasing, a Head of
South East Offices as well as two new directors into our Central
London team. We still employ nearly seven hundred people in
thirteen offices around the UK and a further fifty in our
subsidiary companies in Ireland and Spain. We continue,
nevertheless, to closely monitor our cost base in order to improve
productivity and increase operational efficiency.
For the benefit of clients, we continue to actively participate
in the integration and leverage of Colliers International, now the
world's third largest commercial real estate advisory organisation
with a global footprint comprising 512 offices in 61 countries.
Board change
We announced in our trading update in July that, after four
years' service as a Non-Executive Director, Christopher Newell had
resigned his position. We extend to him our thanks and our best
wishes for the future.
At the same time, we were pleased to announce that Colin Wagman
had agreed to re-join the Board as a Non-Executive Director. Colin
is a Chartered Accountant and Deputy Chairman and Finance Director
of Delancey, a leading specialist real estate and advisory group.
He is also Chairman of Minerva plc. Colin previously served as a
Non-Executive Director of the Company between August 2001 and
October 2009.
Outlook
Although significant political and economic uncertainties
remain, the level of activity within commercial real estate
markets, which is the most important metric for us, is relatively
stable albeit at much lower levels than experienced four to five
years ago. Despite disappointing results whilst we have
restructured, refocused and rebranded our businesses, I remain
confident about our medium and longer term prospects.
Sir John Ritblat
Chairman
30 September 2011
Unaudited Condensed Consolidated Income
Statement
Six months Six months Year to
to 30 June to 30 June 31 December
Note 2011 2010 2010
(unaudited) (unaudited) (audited)
restated* restated*
GBP000 GBP000 GBP000
-------------------------- ------------ ------------ ------------
Revenue 5 31,018 30,326 65,927
Operating expenses (34,818) (33,556) (69,933)
Other operating income 333 180 601
--------------------------- ------------ ------------ ------------
Operating loss before
exceptional items 5 (3,467) (3,050) (3,405)
Exceptional items
Profit on sale of
investments 615 - -
Rebranding and
reorganisation costs (571) (806) (2,038)
Provision against loans
and receivables - (395) (466)
Other exceptional items 6 - (45) (477)
Operating loss (3,423) (4,296) (6,386)
Finance income 104 129 234
Finance costs (680) (756) (1,598)
(3,999) (4,923) (7,750)
Share of profit/(loss) in
associates 13 (220) (71)
Share of exceptional
losses in associate - - (623)
Loss before taxation 5 (3,986) (5,143) (8,444)
Income tax credit/(charge) 3 81 (42) (393)
Loss for the period (3,905) (5,185) (8,837)
=========================== ============ ============ ============
Attributable to:
Owners of the parent (3,586) (4,924) (8,115)
Non-controlling interests (319) (261) (722)
(3,905) (5,185) (8,837)
========================== ============ ============ ============
Basic loss per share (p) 7 (2.45) (3.39) (5.58)
--------------------------- ------------ ------------ ------------
Diluted loss per share (p) 7 (2.45) (3.39) (5.58)
--------------------------- ------------ ------------ ------------
* 2010 comparative figures have been restated to include share-based
payment charges of GBP302,000 for the 6 months ended 30 June
2010 and GBP517,000 for the year ended 31 December 2010, previously
disclosed as exceptional items, within operating expenses. This
restatement has a nil effect on the operating loss of the Group.
Turnover and operating loss all derive from
continuing operations.
Unaudited Condensed Consolidated Statement of Comprehensive
Income
Six months Six months Year to
to 30 June to 30 June 31 December
2011 2010 2010
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
------------------------------------ ------------ ------------ ------------
Loss for the period (3,905) (5,185) (8,837)
Actuarial gains/(losses) on defined
benefit
pension scheme 1,039 (2,235) 600
Foreign exchange translation
differences (86) (9) (30)
Fair value gains on
available-for-sale investments net
of tax 3 39 237
------------------------------------ ------------ ------------ ------------
Other comprehensive income for the
period 956 (2,205) 807
Total comprehensive income for the
period (2,949) (7,390) (8,030)
==================================== ============ ============ ============
Attributable to:
Owners of the parent (2,608) (7,118) (7,294)
Non-controlling interests (341) (272) (736)
(2,949) (7,390) (8,030)
==================================== ============ ============ ============
Unaudited Condensed Consolidated Statement of Financial Position
As at As at As at
30 June 30 June 31 December
2011 2010 2010
Note (unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
-------------------------- ------------ ------------ ------------
Non-current assets
Goodwill 29,552 29,552 29,552
Other intangible assets 386 574 498
Property, plant and
equipment 3,051 3,443 3,396
Investment in associates 8 565 1,127 653
Other investments 868 941 1,128
Loans and receivables 2,871 2,688 3,091
-------------------------- ------------ ------------ ------------
37,293 38,325 38,318
-------------------------- ------------ ------------ ------------
Current assets
Trade and other
receivables 22,201 22,159 21,828
Current income tax assets - 307 22
Cash and cash equivalents 9 437 1,476 1,428
-------------------------- ------------ ------------ ------------
22,638 23,942 23,278
-------------------------- ------------ ------------ ------------
Total assets 59,931 62,267 61,596
--------------------------- ------------ ------------ ------------
Current liabilities
Trade and other payables 9,811 9,787 11,700
Obligations under finance
leases 9 233 160 257
Bank overdrafts 9 1,035 767 240
11,079 10,714 12,197
-------------------------- ------------ ------------ ------------
Non-current liabilities
Bank loans and other
loans 9 17,697 12,695 13,951
Provisions 270 - 150
Obligations under finance
leases - 88 -
Retirement benefit
obligations 5,125 9,604 6,557
-------------------------- ------------ ------------ ------------
23,092 22,387 20,658
-------------------------- ------------ ------------ ------------
Total liabilities 34,171 33,101 32,855
--------------------------- ------------ ------------ ------------
NET ASSETS 25,760 29,166 28,741
=========================== ============ ============ ============
Capital and reserves
Called up share capital 1,499 1,494 1,494
Deferred share capital 22,975 22,975 22,975
Share premium account 359 29,420 -
Share capital to be
issued - 364 364
Own shares held by ESOP (2,705) (3,218) (3,205)
Special reserve 29,420 - 29,420
Translation reserve 183 265 247
Other reserves 1,798 2,046 2,208
Retained earnings (27,026) (24,242) (24,360)
Equity attributable to owners of
the parent 26,503 29,104 29,143
Non-controlling interests (743) 62 (402)
TOTAL EQUITY 25,760 29,166 28,741
=========================== ============ ============ ============
Unaudited Condensed Consolidated Statement
of Changes in Equity
Attributable
Ordinary Deferred Shares to Non-
For the six months
to 30 June 2011 owners
(unaudited) Share Share Share to be ESOP Special Translation Other Retained of controlling
the
Capital Capital premium issued reserve reserve reserve reserves earnings parent interest Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------------------- --------- --------- -------- ------- -------- -------- ------------ --------- --------- ------------- ------------ --------
At 1 January 2011 1,494 22,975 - 364 (3,205) 29,420 247 2,208 (24,360) 29,143 (402) 28,741
Comprehensive
income
Loss for the year - - - - - - - - (3,586) (3,586) (319) (3,905)
Other comprehensive
income
Actuarial gain on
defined benefit
pension scheme - - - - - - - - 1,039 1,039 - 1,039
Foreign exchange
translation
differences - - - - - - (64) - - (64) (22) (86)
Fair value gain on
available-for-sale
investments - - - - - - - - 3 3 - 3
Total comprehensive
income for the
period - - - - - - (64) - (2,544) (2,608) (341) (2,949)
-------------------- --------- --------- -------- ------- -------- -------- ------------ --------- --------- ------------- ------------ --------
Transactions with
owners
Share issues during
the year 5 - 359 (364) - - - - - - - -
Share-based payment - - - - - - - (32) - (32) - (32)
Share options
exercised - - - - 500 - - (378) (122) - - -
Total transactions
with owners 5 - 359 (364) 500 - - (410) (122) (32) - (32)
-------------------- --------- --------- -------- ------- -------- -------- ------------ --------- --------- ------------- ------------ --------
At 30 June 2011 1,499 22,975 359 - (2,705) 29,420 183 1,798 (27,026) 26,503 (743) 25,760
==================== ========= ========= ======== ======= ======== ======== ============ ========= ========= ============= ============ ========
Unaudited Condensed Consolidated Statement
of Changes in Equity
Attributable
Ordinary Deferred Shares to Non-
For the six months
to 30 June 2010 to owners
(unaudited) Share Share Share be ESOP Translation Other Retained of controlling
the
Capital Capital premium issued reserve reserve reserves earnings parent interest Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------------------- --------- --------- -------- ------- -------- ------------ --------- --------- ------------- ------------ --------
At 1 January 2010 1,486 22,975 28,992 728 (3,479) 263 1,993 (17,136) 35,822 360 36,182
Comprehensive
income
Loss for the year - - - - - - - (4,924) (4,924) (261) (5,185)
Other comprehensive
income
Actuarial loss on
defined benefit
pension scheme - - - - - - - (2,235) (2,235) - (2,235)
Foreign exchange
translation
differences - - - - - 2 - - 2 (11) (9)
Fair value gain on
available-for-sale
investments - - - - - - - 39 39 - 39
-------------------- --------- --------- -------- ------- -------- ------------ --------- --------- ------------- ------------
Total other
comprehensive
income - - - - - 2 - (2,196) (2,194) (11) (2,205)
Total comprehensive
income for the
period - - - - - 2 - (7,120) (7,118) (272) (7,390)
-------------------- --------- --------- -------- ------- -------- ------------ --------- --------- ------------- ------------ --------
Transactions with
owners
Share issues during
the year 8 - 428 (364) - - - - 72 - 72
Share-based payment - - - - - - 302 - 302 - 302
Share options
exercised - - - - 261 - (249) (12) - - -
--------
Total contributions
by and
distributions to
owners 8 - 428 (364) 261 - 53 (12) 374 - 374
Changes in
ownership interests
in subsidiaries
that do not result
in a loss of
control
Additional
non-controlling
interest arising
on part disposal - - - - - - - 26 26 (26) -
Total transactions
with owners 8 - 428 (364) 261 - 53 14 400 (26) 374
-------------------- --------- --------- -------- ------- -------- ------------ --------- --------- ------------- ------------ --------
At 30 June 2010 1,494 22,975 29,420 364 (3,218) 265 2,046 (24,242) 29,104 62 29,166
==================== ========= ========= ======== ======= ======== ============ ========= ========= ============= ============ ========
Unaudited Condensed Consolidated Statement of
Changes in Equity
Attributable
Ordinary Deferred Shares to Non-
For the year ended
31 December 2010 to owners
(audited) Share Share Share be ESOP Special Translation Other Retained of controlling
the
Capital Capital premium issued reserve reserve reserve reserve earnings parent interest Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------------------- --------- --------- --------- ------- -------- -------- ------------ -------- --------- ------------- ------------ --------
At 1 January 2010 1,486 22,975 28,992 728 (3,479) - 263 1,993 (17,136) 35,822 360 36,182
Comprehensive
income
Loss for the year - - - - - - - - (8,115) (8,115) (722) (8,837)
Other comprehensive
income
Actuarial gain on
defined benefit
pension scheme - - - - - - - - 600 600 - 600
Foreign exchange
translation
differences - - - - - - (16) - - (16) (14) (30)
Fair value gain on
available-for-sale
investments - - - - - - - - 237 237 - 237
-------------------- --------- --------- --------- ------- -------- -------- ------------ -------- --------- ------------- ------------ --------
Total other
comprehensive
income - - - - - - (16) - 837 821 (14) 807
Total comprehensive
income for the
period - - - - - - (16) - (7,278) (7,294) (736) (8,030)
-------------------- --------- --------- --------- ------- -------- -------- ------------ -------- --------- ------------- ------------ --------
Transactions with
owners
Share issues during
the year 8 - 428 (364) - - - - - 72 - 72
Cancellation of
share premium
account - - (29,420) - - 29,420 - - - - - -
Share-based payment - - - - - - - 517 - 517 - 517
Share options
exercised - - - - 274 - - (302) 28 - - -
-------------------- --------- --------- --------- ------- -------- -------- ------------ -------- --------- ------------- ------------ --------
Total contributions
by and
distributions to
owners 8 - (28,992) (364) 274 29,420 - 215 28 589 - 589
Changes in
ownership interests
in subsidiaries
that do not result
in a loss of
control
Additional
non-controlling
interest arising
on part disposal - - - - - - - - 26 26 (26) -
Total transactions
with owners 8 - (28,992) (364) 274 29,420 - 215 54 615 (26) 589
-------------------- --------- --------- --------- ------- -------- -------- ------------ -------- --------- ------------- ------------ --------
At 31 December 2010 1,494 22,975 - 364 (3,205) 29,420 247 2,208 (24,360) 29,143 (402) 28,741
==================== ========= ========= ========= ======= ======== ======== ============ ======== ========= ============= ============ ========
Unaudited Condensed Consolidated Statement
of Cash Flows
Six months Six months Year to
to 30
to 30 June June 31 December
2011 2010 2010
Note (unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
----------------------------- ------------ ------------ ------------
Cash flow from operations 10 (5,825) (3,634) (3,318)
Interest received 85 107 190
Interest paid (311) (597) (639)
Tax received 111 300 261
----------------------------- ------------ ------------ ------------
Net cash outflow from
operating activities (5,940) (3,824) (3,506)
----------------------------- ------------ ------------ ------------
Cash flow from investing
activities
Dividends received from
associates 264 159 159
Purchase of property, plant
and equipment (195) (271) (837)
Purchase of intangible
assets (46) (95) (200)
Loans repaid by/(to)
available-for-sale
investments 239 52 (402)
Proceeds from the sale of
available-for-sale investments 687 - -
Deferred consideration paid
in respect of the
acquisition of businesses (505) (505) (505)
Deferred consideration paid
in respect of the
acquisition of subsidiaries
net of cash acquired - (73) (73)
----------------------------- ------------ ------------ ------------
Net cash inflow/(outflow)
from investing activities 444 (733) (1,858)
----------------------------- ------------ ------------ ------------
Cash flow from financing
activities
New bank loans 3,750 3,500 4,750
Bank loan repayments (17) - -
Other loan repayments - (15) (15)
Finance lease repayments (37) (64) (65)
----------------------------- ------------ ------------ ------------
Net cash inflow from
financing activities 3,696 3,421 4,670
----------------------------- ------------ ------------ ------------
Net decrease in cash, cash
equivalents
and bank overdrafts (1,800) (1,136) (694)
Cash, cash equivalents and
bank overdrafts at
beginning of period 1,188 1,946 1,946
Effects of foreign exchange 14 (101) (64)
Cash, cash equivalents and
bank overdrafts at end of
period 9 (598) 709 1,188
============================= ============ ============ ============
Consisting of:
Cash in hand 37 1,476 1,428
Bank overdraft (1,035) (767) (240)
(598) 709 1,188
============ ============ ============
Unaudited Condensed Notes to the Financial Statements
1. General information
The Group principally trades as property consultants Colliers
International UK plc, providing a comprehensive range of agency,
strategic, advisory and implementation services to property owners,
investors, developers and occupiers.
The Company is a public limited company, incorporated and
domiciled in England and quoted on the London Stock Exchange's
AIM.
2. Basis of preparation
The condensed consolidated interim financial information for the
six months ended 30 June 2011 has been prepared in accordance with
IAS 34 'Interim Financial Reporting'.
This unaudited half yearly report does not constitute statutory
accounts of the Group within the meaning of section 434 of the
Companies Act 2006.
Statutory accounts for the year ended 31 December 2010, which
were prepared in accordance with International Financial Reporting
Standards (IFRS) and IFRIC interpretations adopted for use in the
European Union, have been filed with the Registrar of Companies.
The auditor's report on those accounts was unqualified and did not
contain a statement under section 498(2) or (3) of the Companies
Act 2006.
The accounting policies applied in these unaudited half yearly
condensed financial statements are consistent with those that the
Group used in the Annual Report for the year ended 31 December 2010
and expects to apply in its annual financial statements for the
year ending 31 December 2011, which will be prepared in accordance
with International Financial Reporting Standards (IFRS), and those
parts of the Companies Act 2006 that remain applicable to companies
reporting under IFRS.
The current economic environment remains uncertain and the group
reported an operating loss for the period albeit at a lower level
that in 2010. Having considered the availability of bank facilities
and expected future cashflows, the Directors believe that the
Company and the Group is able to manage its business risks
successfully and they therefore continue to adopt the going concern
basis of accounting in preparing these financial statements.
The preparation of the interim financial statements in
conformity with IFRS requires management to make estimates and
assumptions that affect the application of policies and reported
amounts. The estimates are based on historical experience and other
factors considered relevant and are consistent with those that
applied to the consolidated financial statements for the year ended
31 December 2010. Actual results may differ from these
estimates.
The unaudited half yearly financial statements are presented in
pounds sterling as this is the currency of the primary economic
environment in which the Group operates. All values are rounded to
the nearest thousand pounds (GBP'000) except where otherwise
stated.
3. Taxation
The Group has accumulated losses available to carry forward
against future trading profits. The taxation credit reflected in
the Consolidated Income Statement relates to an over provision of
tax in respect of the prior years.
No deferred tax asset has been recognised in respect of tax
losses as it is uncertain that there will be sufficient short term
profits available to allow all or part of the asset to be
recovered.
4. Dividend
As the Company does not currently have any distributable
reserves, the Directors are unable to recommend the payment of a
dividend (2010: nil).
5. Segmental reporting
IFRS 8 requires operating segments to be identified on the basis
of internal reports about components of the Group that are
regularly reviewed by the chief operating decision maker.
Information reported to the Group's chief operating decision
maker for the purposes of resource allocation and assessment of
segment performance is specifically focussed on the geographical
segments within the Group. The principal categories of these
segments are the UK, Spain and Ireland.
Information relating to the Group's operating segments is
presented below:
Six months Six months Year to
to 30 June to 30 June 31 December
2011 2010 2010
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
----------------------------------- ------------ ------------ ------------
Revenue
United Kingdom 29,254 28,989 62,442
Spain 889 528 1,787
Ireland 875 809 1,698
Total revenue 31,018 30,326 65,927
=================================== ============ ============ ============
Revenue reported above represents revenue generated from
external customers.
Operating loss before exceptional
items
United Kingdom (2,771) (2,291) (2,625)
Spain (454) (765) (729)
Ireland (242) 6 (51)
Total operating loss before
exceptional items (3,467) (3,050) (3,405)
=================================== ============ ============ ============
Loss before taxation
United Kingdom (3,275) (4,380) (7,179)
Spain (446) (752) (1,177)
Ireland (265) (11) (88)
Total loss before taxation (3,986) (5,143) (8,444)
=================================== ============ ============ ============
6. Other exceptional items
Six months Six months Year to
to 30 June to 30 June 31 December
2011 2010 2010
(unaudited) (unaudited) (audited)
restated restated
GBP000 GBP000 GBP000
---------------------------------- ------------ ------------ ------------
Other exceptional items include:
Impairment of available-for-sale
investments - (45) (57)
Commercial litigation costs - - (420)
- (45) (477)
================================== ============ ============ ============
7. Loss per share
Six months Six months Year to
to 30 June to 30 June 31 December
2011 2010 2010
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
----------------------------------- ------------ ------------ ------------
Loss attributable to owners
of the parent (3,586) (4,924) (8,115)
=================================== ============ ============ ============
Number Number Number
'000 '000 '000
Weighted average number of shares
Total number of shares in issue
in the period 149,648 148,864 149,137
less: average number of shares
held by
ESOP trust (3,458) (3,809) (3,740)
Weighted average number of shares
for
basic loss per share 146,190 145,055 145,397
Dilutive effect of share options - - -
Weighted average number of shares
for
diluted loss per share 146,190 145,055 145,397
=================================== ============ ============ ============
Basic loss per share (p) (2.45) (3.39) (5.58)
=================================== ============ ============ ============
Diluted loss per share (p) (2.45) (3.39) (5.58)
=================================== ============ ============ ============
8. Investment in associates
On the 10 June 2011 the Group disposed of its 23.59% interest in
Paladin Group Limited for GBP687,000. The profit on the disposal of
the investment was GBP615,000 which has been disclosed as an
exceptional item (note 6). A potential further deferred payment of
up to GBP310,000 is receivable dependant on the performance of
Paladin in its year ended 31 March 2012.
9. Analysis of changes in net debt
1 January Non cash 30 June
2011 Cash flow movements 2011
GBP000 GBP000 GBP000 GBP000
--------------------------- ---------- ---------- ---------- ---------
Cash at bank and in hand 1,428 (1,021) 30 437
Bank overdraft (240) (778) (17) (1,035)
1,188 (1,799) 13 (598)
Bank loans due after more
than one year (13,951) (3,733) (13) (17,697)
Finance leases due within
one year (257) 37 (13) (233)
(13,020) (5,495) (13) (18,528)
=========================== ========== ========== ========== =========
10. Cash flow used in operating activities
Six months Six months Year to
to 30 June to 30 June 31 December
2011 2010 2010
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
------------------------------------ ------------ ------------ ------------
Loss before taxation (3,986) (5,143) (8,444)
Adjustments for:
Finance costs 680 756 1,598
Finance income (104) (129) (234)
Share of (profit)/loss in
associates (13) 220 71
Share of exceptional losses
in associate - - 623
Profit on sale of investments (615) - -
Impairment of available-for-sale
investments 29 45 57
Provision against loans and
receivables - 395 466
Share based payment (credit)/charge (32) 302 517
Depreciation of plant, property
and equipment 563 583 1,227
Amortisation of intangible assets 154 179 360
Pension costs (479) (409) (862)
Operating cash flows before
movement in working capital (3,803) (3,201) (4,621)
Increase in receivables (599) (861) (633)
(Decrease)/increase in payables (1,423) 428 1,936
Cash outflow from operations (5,825) (3,634) (3,318)
==================================== ============ ============ ============
11. Approval of the half-year unaudited condensed consolidated
financial statements
These half year unaudited condensed consolidated financial
statements were approved and authorised for issue by the Board of
Directors on 29 September 2011.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGUBWBUPGGQB
Colliers Intl (LSE:COL)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Colliers Intl (LSE:COL)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
