Half Yearly Report
27 Agosto 2010 - 3:00AM
UK Regulatory
TIDMMDG
RNS Number : 7277R
Mobile Doctors Group Plc
27 August 2010
Date: 27 August 2010
On behalf of: Mobile Doctors Group Plc ("Mobile Doctors" or "the
Group")
Embargoed for: 0900hrs
Mobile Doctors Group Plc
Interim Results for the six months ended 31 May 2010
Mobile Doctors Group Plc (AIM: MDG.L), one of the leading providers of
medico-legal reports for personal injury claims in the UK market, today
announces its interim results for the six months ended 31 May 2010.
Financial highlights:
* Revenue: GBP12.61m (2009: GBP14.06m)
* Profit before tax: GBP298,000 (2009: GBP667,000)
* Loan repayment of GBP395,000
Commenting on the results, Matthew Game, Chief Executive Officer, said:
"During the period our operational delivery, sales and margins have preformed to
expectation and continued in a steady and consistent manner. After an
exceptional start to 2009 the market has experienced a small decline in the
claims incidence resulting in a reduction in instructions from some of our major
customers. Management's strategic focus is unchanged with continued focus on
driving efficiencies from Business Process Outsourcing."
Enquiries to:
+------------------------------+--------------------------------+
| Mobile Doctors Group Plc | Tel: 020 8787 2000 |
| Matthew Game | www.mobile-doctors.co.uk |
+------------------------------+--------------------------------+
| Daniel Stewart & Company plc | Tel: 020 7776 6550 |
| Oliver Rigby | |
+------------------------------+--------------------------------+
| Redleaf Communications | Tel: 020 7566 6700 |
| Emma Kane / Mike Ward | Email: |
| | mobiledoctors@redleafpr.com |
+------------------------------+--------------------------------+
Notes to Editors:
* Mobile Doctors, established in 1989, has grown organically to become one of
the leading suppliers of medico-legal reports for personal injury claims in the
UK. It provides independent and objective medical evidence via a national panel
of medical experts and therapists.
* Mobile Doctors has a database of approximately 2,500 medical experts covering
many areas of the UK and currently provides approximately 67,000 reports out of
approximately 600,000 reports required annually.
* In addition to its core medical report service, Mobile Doctors also provides
ancillary services such as arranging MRI scans, X-Rays, CT scans, and
ultrasounds and rehabilitation services such as physiotherapy, hospital
treatment and cognitivebehaviouraltherapy.
* Mobile Doctors Group Plc listed on AIM on 18 July 2007.
Chief Executive Officer's Statement
Having now progressed into the fourth year of working with our Business Process
Outsourcing partners, I am pleased to report that we continue to deliver
improved customer service and faster turnaround time with consistent and
reliable results.
The exceptional first six months of 2009 was followed by a steady six months
resulting in a year-end Profit Before Tax of GBP800,000. However, over the last
12 months we have seen a small decline in the claims incidence resulting in a
reduction of 10% in revenue and therefore pre tax profits have fallen from
GBP667,000 in the six months to 31 May 2009 to GBP298,000 in the six months
ended 31 May 2010.
Gross margins for the period have remained steady at 22.4% compared to 23.0% in
2009. Overheads as a percentage of revenue are consistent with 2009 as a result
of continued management focus.
The Group continues to operate comfortably within its working capital
facilities, although debtor days have increased as a result of the reduction in
sales. Long-term loan repayments of GBP395,000 were made in the period.
We have long term contractual and strategic relationships with Steria (who
manage our back office processing and IT support); Nuffield Health (who manage
the physiotherapy, diagnostics and rehabilitation needs of our customers) and
TNT (who manage all of our in and out-bound mail, print, scanning and
logistics). I am delighted to have the support of these three blue chip
organizations which, in their sectors, operate at world class standards enabling
us to deliver more to our customers.
In conjunction with Steria we are enhancing our IT platforms and this is
expected to increase operational efficiency and customer response times in the
future.
Our strategic focus remains unchanged as we maintain and continue to build a
highly stable and scalable low-cost operating platform and I am pleased to
report that we have had a positive start to the second half of the year and we
look forward to reporting our final results.
Matthew Game
Chief Executive
27 August 2010
Condensed Consolidated Income Statement
for the period ended 31 May 2010
+---------------------------+------+---------+---------+---------+----------+
| | | Six months ended | Six months ended |
+---------------------------+------+-------------------+--------------------+
| | Note | 31 May 2010 | 31 May 2009 |
+---------------------------+------+-------------------+--------------------+
| | | GBP000 | GBP000 | GBP000 | GBP000 |
+---------------------------+------+---------+---------+---------+----------+
| | | | | | |
+---------------------------+------+---------+---------+---------+----------+
| Revenue | | | 12,605 | | 14,058 |
+---------------------------+------+---------+---------+---------+----------+
| Cost of sales | | | (9,785) | | (10,823) |
+---------------------------+------+---------+---------+---------+----------+
| | | | | | |
+---------------------------+------+---------+---------+---------+----------+
| Gross profit | | | 2,820 | | 3,235 |
+---------------------------+------+---------+---------+---------+----------+
| Administrative expenses | | | (2,423) | | (2,614) |
+---------------------------+------+---------+---------+---------+----------+
| | | | | | |
+---------------------------+------+---------+---------+---------+----------+
| Operating profit before | | | 397 | | 621 |
| financing costs | | | | | |
+---------------------------+------+---------+---------+---------+----------+
| | | | | | |
+---------------------------+------+---------+---------+---------+----------+
| Financial income | 3 | 269 | | 450 | |
+---------------------------+------+---------+---------+---------+----------+
| Financial expenses | 3 | (368) | | (404) | |
+---------------------------+------+---------+---------+---------+----------+
| | | | | | |
+---------------------------+------+---------+---------+---------+----------+
| Net financing | | | (99) | | 46 |
| income/(expense) | | | | | |
+---------------------------+------+---------+---------+---------+----------+
| | | | | | |
+---------------------------+------+---------+---------+---------+----------+
| Profit before tax | | | 298 | | 667 |
+---------------------------+------+---------+---------+---------+----------+
| Taxation | | | (120) | | (212) |
+---------------------------+------+---------+---------+---------+----------+
| | | | | | |
+---------------------------+------+---------+---------+---------+----------+
| Profit for the period | | | 178 | | 455 |
+---------------------------+------+---------+---------+---------+----------+
| | | | | | |
+---------------------------+------+---------+---------+---------+----------+
| Earnings per share | | | | | |
| | | | | | |
+---------------------------+------+---------+---------+---------+----------+
| Basic | 7 | | 1.07p | | 2.72p |
+---------------------------+------+---------+---------+---------+----------+
| Diluted | 7 | | 1.07p | | 2.72p |
+---------------------------+------+---------+---------+---------+----------+
| | | | | | |
+---------------------------+------+---------+---------+---------+----------+
Revenue and profits are derived from continuing activities. The entire profit
for the period is attributable to equity holders of the Company.
Condensed Consolidated Statement of Recognised Income and Expense
for the period ended 31 May 2010
+--------------------------+-----+--------------+------------+---------+
| | | | Six months ended 31 |
| | | | May |
+--------------------------+-----+--------------+----------------------+
| | | | 2010 | 2009 |
+--------------------------+-----+--------------+------------+---------+
| | | | GBP000 | GBP000 |
+--------------------------+-----+--------------+------------+---------+
| | | | | |
+--------------------------+-----+--------------+------------+---------+
| | | | | |
+--------------------------+-----+--------------+------------+---------+
| Profit for the period | | | 178 | 455 |
+--------------------------+-----+--------------+------------+---------+
| | | | | |
+--------------------------+-----+--------------+------------+---------+
| Total recognised income | | | 178 | 455 |
| and expense | | | | |
+--------------------------+-----+--------------+------------+---------+
| | | | | |
+--------------------------+-----+--------------+------------+---------+
All recognised income and expense for the period is attributable to equity
holders of the Company.
Condensed Consolidated Balance Sheet
at 31 May 2010
+------------------------------+------+--------+------+---------+---------+
| |Note | | | 31 May | 30 Nov |
+------------------------------+------+--------+------+---------+---------+
| | | | | 2010 | 2009 |
+------------------------------+------+--------+------+---------+---------+
| | | | | | |
+------------------------------+------+--------+------+---------+---------+
| | | | | GBP000 | GBP000 |
+------------------------------+------+--------+------+---------+---------+
| ASSETS | | | | | |
+------------------------------+------+--------+------+---------+---------+
| Non-current assets | | | | | |
+------------------------------+------+--------+------+---------+---------+
| Property, plant and | 4 | | | 189 | 235 |
| equipment | | | | | |
+------------------------------+------+--------+------+---------+---------+
| Intangible assets | 5 | | | 8,507 | 8,541 |
+------------------------------+------+--------+------+---------+---------+
| Deferred tax asset | | | | 172 | 72 |
+------------------------------+------+--------+------+---------+---------+
| | | | | | |
+------------------------------+------+--------+------+---------+---------+
| Total non-current assets | | | | 8,868 | 8,848 |
+------------------------------+------+--------+------+---------+---------+
| | | | | | |
+------------------------------+------+--------+------+---------+---------+
| Current assets | | | | | |
+------------------------------+------+--------+------+---------+---------+
| Trade and other receivables | | | | 27,734 | 25,552 |
+------------------------------+------+--------+------+---------+---------+
| Cash and cash equivalents | | | | 258 | - |
+------------------------------+------+--------+------+---------+---------+
| | | | | | |
+------------------------------+------+--------+------+---------+---------+
| Total current assets | | | | 27,992 | 25,552 |
+------------------------------+------+--------+------+---------+---------+
| | | | | | |
+------------------------------+------+--------+------+---------+---------+
| Total assets | | | | 36,860 | 34,400 |
+------------------------------+------+--------+------+---------+---------+
| | | | | | |
+------------------------------+------+--------+------+---------+---------+
| LIABILITIES | | | | | |
+------------------------------+------+--------+------+---------+---------+
| Current liabilities | | | | | |
+------------------------------+------+--------+------+---------+---------+
| Bank overdraft | | | | - | 159 |
+------------------------------+------+--------+------+---------+---------+
| Other interest-bearing loans | | | | 15,378 | 14,849 |
| and borrowings | | | | | |
+------------------------------+------+--------+------+---------+---------+
| Trade and other payables | | | | 16,526 | 14,116 |
+------------------------------+------+--------+------+---------+---------+
| Current tax | | | | 518 | 303 |
+------------------------------+------+--------+------+---------+---------+
| | | | | | |
+------------------------------+------+--------+------+---------+---------+
| Total current liabilities | | | | 32,422 | 29,427 |
+------------------------------+------+--------+------+---------+---------+
| | | | | | |
+------------------------------+------+--------+------+---------+---------+
| Non-current liabilities | | | | | |
+------------------------------+------+--------+------+---------+---------+
| Other interest-bearing loans | | | | 1,399 | 2,172 |
| and borrowings | | | | | |
+------------------------------+------+--------+------+---------+---------+
| | | | | | |
+------------------------------+------+--------+------+---------+---------+
| Total liabilities | | | | 33,821 | 31,599 |
+------------------------------+------+--------+------+---------+---------+
| | | | | | |
+------------------------------+------+--------+------+---------+---------+
| Net assets | | | | 3,039 | 2,801 |
+------------------------------+------+--------+------+---------+---------+
| | | | | | |
+------------------------------+------+--------+------+---------+---------+
| EQUITY | | | | | |
+------------------------------+------+--------+------+---------+---------+
| Share capital | | | | 6,685 | 6,685 |
+------------------------------+------+--------+------+---------+---------+
| Share premium | | | | 531 | 531 |
+------------------------------+------+--------+------+---------+---------+
| Merger reserve | | | | (4,113) | (4,113) |
+------------------------------+------+--------+------+---------+---------+
| Retained earnings | | | | (64) | (302) |
+------------------------------+------+--------+------+---------+---------+
| | | | | | |
+------------------------------+------+--------+------+---------+---------+
| Total equity | | | | 3,039 | 2,801 |
+------------------------------+------+--------+------+---------+---------+
| | | | | | |
+------------------------------+------+--------+------+---------+---------+
Condensed Consolidated Cash Flow Statement
for the period ended 31 May 2010
+-------------------------------------+------+--+----+--------+---------+
| | Note | | Six months |
| | | | ended 31 May |
+-------------------------------------+------+-------+------------------+
| | | | | 2010 | 2009 |
+-------------------------------------+------+--+----+--------+---------+
| | | | | GBP000 | GBP000 |
+-------------------------------------+------+--+----+--------+---------+
| Cash flows from operating | | | | | |
| activities | | | | | |
+-------------------------------------+------+--+----+--------+---------+
| Profit for the period | | | | 178 | 455 |
+-------------------------------------+------+--+----+--------+---------+
| Adjustments for: | | | | | |
+-------------------------------------+------+--+----+--------+---------+
| Depreciation and amortization | 4,5 | | | 90 | 82 |
+-------------------------------------+------+--+----+--------+---------+
| Net financing costs | 3 | | | 99 | (46) |
+-------------------------------------+------+--+----+--------+---------+
| Taxation | | | | 120 | 212 |
+-------------------------------------+------+--+----+--------+---------+
| | | | | | |
+-------------------------------------+------+--+----+--------+---------+
| Operating profit before changes in | | | | 487 | 703 |
| working capital | | | | | |
+-------------------------------------+------+--+----+--------+---------+
| (Increase) in trade and other | | | | (782) | (2,252) |
| receivables | | | | | |
+-------------------------------------+------+--+----+--------+---------+
| Increase in trade and other | | | | 558 | 923 |
| payables | | | | | |
+-------------------------------------+------+--+----+--------+---------+
| | | | | | |
+-------------------------------------+------+--+----+--------+---------+
| Cash generated from operations | | | | 263 | (626) |
+-------------------------------------+------+--+----+--------+---------+
| Interest paid | | | | (368) | (404) |
+-------------------------------------+------+--+----+--------+---------+
| Tax (paid)/reclaimed | | | | - | 25 |
+-------------------------------------+------+--+----+--------+---------+
| | | | | | |
+-------------------------------------+------+--+----+--------+---------+
| Net cash from operating activities | | | | (105) | (1,005) |
+-------------------------------------+------+--+----+--------+---------+
| | | | | | |
+-------------------------------------+------+--+----+--------+---------+
| Cash flows from investing | | | | | |
| activities | | | | | |
+-------------------------------------+------+--+----+--------+---------+
| Interest received | | | | - | 2 |
+-------------------------------------+------+--+----+--------+---------+
| Acquisition of property, plant and | 4,5 | | | (70) | (161) |
| equipment | | | | | |
+-------------------------------------+------+--+----+--------+---------+
| | | | | | |
+-------------------------------------+------+--+----+--------+---------+
| Net cash from investing activities | | | | (70) | (159) |
+-------------------------------------+------+--+----+--------+---------+
| | | | | | |
+-------------------------------------+------+--+----+--------+---------+
| Cash flows from financing | | | | | |
| activities | | | | | |
+-------------------------------------+------+--+----+--------+---------+
| Increase in borrowings | | | | 597 | 1,066 |
+-------------------------------------+------+--+----+--------+---------+
| | | | | | |
+-------------------------------------+------+--+----+--------+---------+
| Net cash from financing activities | | | | 597 | 1,066 |
+-------------------------------------+------+--+----+--------+---------+
| | | | | | |
+-------------------------------------+------+--+----+--------+---------+
| Net increase/(decrease) in cash and | | | | 422 | (98) |
| cash equivalents | | | | | |
+-------------------------------------+------+--+----+--------+---------+
| Cash and cash equivalents at start | | | | (164) | (61) |
| of period | | | | | |
+-------------------------------------+------+--+----+--------+---------+
| | | | | | |
+-------------------------------------+------+--+----+--------+---------+
| Cash and cash equivalents at end of | | | | 258 | (159) |
| period | | | | | |
+-------------------------------------+------+--+----+--------+---------+
| | | | | | |
+-------------------------------------+------+--+----+--------+---------+
Notes
(forming part of the interim financial statements)
1 Accounting policies
Basis of preparation
The interim financial statements have been prepared in accordance with the AIM
Rules for Companies February 2007. The interim financial statements are
presented in pounds sterling, rounded to the nearest thousand and have been
prepared on the historical cost basis.
The interim financial statements for the six months ended 31 May 2010 have not
been audited. Comparative information presented in the Condensed Consolidated
Balance Sheet and the related notes is extracted from the consolidated statutory
accounts of Mobile Doctors Group plc for the year ended 30 November 2009. Those
accounts have been reported upon by the Company's auditors and delivered to the
registrar of companies. The report of the auditors:
(i) was unqualified;
(ii) did not include a reference to any matters to which the auditors
drew attention by way of emphasis without qualifying their report, and;
(iii) did not contain a statement under section 498 of the Companies Act
2006.
Significant accounting policies
The interim financial statements should be read in conjunction with and have
been prepared on a basis consistent with the accounting policies that were
applied in the preparation of the Group's financial statements for the year
ended 30 November 2009.
2 Dividends
No dividends were paid or proposed in the six months ended 31 May 2010 (2009:
nil).
3 Financial income and expense
+-----------------------------------------------+----------+----------+
| | Six months ended 31 |
| | May |
+-----------------------------------------------+---------------------+
| | 2010 | 2009 |
+-----------------------------------------------+----------+----------+
| | GBP000 | GBP000 |
+-----------------------------------------------+----------+----------+
| | | |
+-----------------------------------------------+----------+----------+
| Interest income | - | 2 |
+-----------------------------------------------+----------+----------+
| Unwinding of discount on revenue | 269 | 448 |
+-----------------------------------------------+----------+----------+
| | | |
+-----------------------------------------------+----------+----------+
| Financial income | 269 | 450 |
+-----------------------------------------------+----------+----------+
| | | |
+-----------------------------------------------+----------+----------+
| | | |
+-----------------------------------------------+----------+----------+
| Interest expense on bank loans and overdrafts | (322) | (336) |
+-----------------------------------------------+----------+----------+
| Interest expense on all other loans | (46) | (68) |
+-----------------------------------------------+----------+----------+
| | | |
+-----------------------------------------------+----------+----------+
| Financial expenses | (368) | (404) |
+-----------------------------------------------+----------+----------+
| | | |
+-----------------------------------------------+----------+----------+
| Net financing income/(expense) | (99) | 46 |
+-----------------------------------------------+----------+----------+
| | | |
+-----------------------------------------------+----------+----------+
4 Property, plant and equipment
+--------------------------+-------------+-------------+-------------+
| | Fixtures | Plant and | Total |
| | and | equipment | |
| | fittings | | |
+--------------------------+-------------+-------------+-------------+
| | GBP000 | GBP000 | GBP000 |
+--------------------------+-------------+-------------+-------------+
| Cost | | | |
+--------------------------+-------------+-------------+-------------+
| Balance at 30 November | 18 | 523 | 541 |
| 2009 | | | |
+--------------------------+-------------+-------------+-------------+
| Additions | - | 3 | 3 |
+--------------------------+-------------+-------------+-------------+
| Disposals | - | - | - |
+--------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------+-------------+-------------+-------------+
| Balance at 31 May 2010 | 18 | 526 | 544 |
+--------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------+-------------+-------------+-------------+
| Depreciation | | | |
+--------------------------+-------------+-------------+-------------+
| Balance at 30 November | 18 | 299 | 317 |
| 2009 | | | |
+--------------------------+-------------+-------------+-------------+
| Charge for the period | - | 38 | 38 |
+--------------------------+-------------+-------------+-------------+
| Disposals | - | - | - |
+--------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------+-------------+-------------+-------------+
| Balance at 31 May 2010 | 18 | 337 | 355 |
+--------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------+-------------+-------------+-------------+
| Net book value | | | |
+--------------------------+-------------+-------------+-------------+
| At 31 May 2010 | - | 189 | 189 |
+--------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------+-------------+-------------+-------------+
| At 30 November 2009 | - | 224 | 224 |
+--------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------+-------------+-------------+-------------+
5 Intangible assets
+--------------------+-----------+-----------+------------+------------+
| | Customer | Goodwill | Software | Total |
| | Lists | | | |
+--------------------+-----------+-----------+------------+------------+
| | GBP000 | GBP000 | GBP000 | GBP000 |
+--------------------+-----------+-----------+------------+------------+
| Cost | | | | |
+--------------------+-----------+-----------+------------+------------+
| Balance at 30 | 838 | 7,768 | 91 | 8,697 |
| November 2009 | | | | |
+--------------------+-----------+-----------+------------+------------+
| Additions | - | - | 67 | 67 |
+--------------------+-----------+-----------+------------+------------+
| | | | | |
+--------------------+-----------+-----------+------------+------------+
| Balance at 31 May | 838 | 7,768 | 158 | 8,764 |
| 2010 | | | | |
+--------------------+-----------+-----------+------------+------------+
| | | | | |
+--------------------+-----------+-----------+------------+------------+
| Amortisation | | | | |
+--------------------+-----------+-----------+------------+------------+
| Balance at 30 | 178 | - | 27 | 205 |
| November 2009 | | | | |
+--------------------+-----------+-----------+------------+------------+
| Charge for the | 41 | - | 11 | 52 |
| period | | | | |
+--------------------+-----------+-----------+------------+------------+
| | | | | |
+--------------------+-----------+-----------+------------+------------+
| Balance at 31 May | 219 | - | 38 | 257 |
| 2010 | | | | |
+--------------------+-----------+-----------+------------+------------+
| | | | | |
+--------------------+-----------+-----------+------------+------------+
| Net book value | | | | |
+--------------------+-----------+-----------+------------+------------+
| At 31 May 2010 | 619 | 7,768 | 120 | 8,507 |
+--------------------+-----------+-----------+------------+------------+
| | | | | |
+--------------------+-----------+-----------+------------+------------+
| At 30 November | 660 | 7,768 | 64 | 8,492 |
| 2009 | | | | |
+--------------------+-----------+-----------+------------+------------+
| | | | | |
+--------------------+-----------+-----------+------------+------------+
6 Related party transactions
Transactions between group companies, which are related parties, have been
eliminated on consolidation and are not disclosed in this note.
7 Earnings Per Share
+------------------------------------------+----------------+------------+
| | Six months ended 31 May |
+------------------------------------------+-----------------------------+
| | 2010 | 2009 |
+------------------------------------------+----------------+------------+
| | GBP000 | GBP000 |
+------------------------------------------+----------------+------------+
| | | |
+------------------------------------------+----------------+------------+
| Profit for the period | 178 | 455 |
+------------------------------------------+----------------+------------+
| | | |
+------------------------------------------+----------------+------------+
| | Shares | Shares |
+------------------------------------------+----------------+------------+
| Number of shares | | |
+------------------------------------------+----------------+------------+
| Issued ordinary shares at the beginning | 16,712,129 | 16,712,129 |
| and end of the period | | |
+------------------------------------------+----------------+------------+
| | | |
+------------------------------------------+----------------+------------+
| Weighted average number of ordinary | 16,712,129 | 16,712,129 |
| shares at 31 May | | |
+------------------------------------------+----------------+------------+
| | | |
+------------------------------------------+----------------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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