TIDMSSV
RNS Number : 7285P
Siteserv PLC
22 July 2010
Siteserv plc
Preliminary Results Announcement
Year Ended 30 April 2010
Dublin, 22 July 2010: Siteserv plc ("Siteserv" or the "Group"), a leading
support services group, announces its preliminary results for the year ended 30
April 2010. (ESM: STV; AIM: SSV)
+----------------------------+-------------+-------------+
| Results Summary | 30 April | 30 April |
| | 2010 | 2009 |
+----------------------------+-------------+-------------+
| | | |
+----------------------------+-------------+-------------+
| Revenue | EUR151.4 m | EUR228.6 m |
+----------------------------+-------------+-------------+
| | | |
+----------------------------+-------------+-------------+
| EBITDA | EUR16.6 m | EUR29.5 m |
+----------------------------+-------------+-------------+
| | | |
+----------------------------+-------------+-------------+
| Operating Profit before | EUR8.3 m | EUR20.8 m |
| Exceptional Items | | |
+----------------------------+-------------+-------------+
| | | |
+----------------------------+-------------+-------------+
| Profit Before Tax and | EUR0.7 m | EUR9.3 m |
| Exceptional Items | | |
+----------------------------+-------------+-------------+
| | | |
+----------------------------+-------------+-------------+
| Exceptional Items | (EUR2.0 m) | (EUR38.0 m) |
+----------------------------+-------------+-------------+
| | | |
+----------------------------+-------------+-------------+
| Loss After Tax and | (EUR0.7 m) | (EUR29.4 m) |
| Exceptional Items | | |
+----------------------------+-------------+-------------+
| | | |
+----------------------------+-------------+-------------+
| Cash Flow from Operating | EUR20.3 m | EUR32.2 m |
| Activities | | |
+----------------------------+-------------+-------------+
| | | |
+----------------------------+-------------+-------------+
| Net Debt | EUR145.1 m | EUR149.5 m |
+----------------------------+-------------+-------------+
| | | |
+----------------------------+-------------+-------------+
| Adjusted Fully Diluted | 1.3 cent | 7.5 cent |
| EPS* | | |
+----------------------------+-------------+-------------+
*Excludes amortisation of intangible assets, notional interest on deferred
consideration and exceptional items.
Financial Highlights
v EBITDA of EUR16.6m
v Strong operating cash flow of EUR20.3m represents 122% of EBITDA
v Net debt reduced by EUR4.4m
v New banking agreement through to 2015 to provide the Group with greater
financial flexibility:
o No scheduled capital repayments in FY11, followed by EUR1.3m in FY12 and EUR4.3m
in FY13
o 75% of outstanding debt is now fixed for between 2 and 3 years at attractive
interest rates
v Ongoing cost reduction programme delivered savings of EUR3.2m in the year to 30
April 2010. The annualised impact of these savings is EUR4.2m
v At 30 April 2010, the Group had revenue visibility of circa EUR215m up to 2013.
Strategic Highlights
v Continued diversification of revenue by sector and geography
v Within the period, five notable contracts were won in Ireland, Northern
Ireland and UK consistent with Siteserv's focus on organic growth and
geographically diversifying revenue:
o Two contract wins for the installation of high performance noise barriers on
motorways in Scotland and England - combined contract value in excess of EUR2
million
o Contract win to provide modular student and office accommodation to the
education sector in London
o Contract wins to provide services at 5 events in the UK, including a major
music festival
o Completion of agreement with Bord Gáis to exclusively provide energy services
to Irish and Northern Irish homes - contract value in excess of EUR60 million over
3 years with option to extend for further 2 years bringing value to EUR100 million
Commenting on the performance and outlook for the year, Siteserv Chief
Executive, Brian Harvey said:
"In difficult market conditions, Siteserv is pleased to report strong operating
cash flow and continued net debt reduction. Our objective is to continue to
diversify our revenue by geography and sector and generate cash flow to deliver
further organic growth and continued debt reduction.
Our Infrastructure & Utilities Support Services Division delivered a very strong
operating margin of 18% despite intense competition. The UK Division reported
revenue of EUR79.2m supported by a robust performance in the Industrial Services
sector. The Access Division, having remained profitable to the half year,
reported a full year loss following further deterioration in volumes in the
second half year and the need for additional stock provisions as prices remained
depressed.
The renegotiated banking facilities and the fixing of interest rates provide
significantly enhanced financial flexibility and much greater certainty on our
debt service obligations over the medium term. Our objective is to use this
flexibility to continue to drive organic growth and maximize our free cash flow
to reduce debt over the medium term. The Group traded well within its banking
covenants during the year.
We are delighted to announce a number of contract wins across the UK consistent
with our focus on the organic development of our business and our strategic
objective to geographically diversify our revenue. The Group successfully
launched three of its subsidiary companies, RoanKabin, Holgate Infrastructure &
Motorway Services and Eventserv into the UK market, each of which was successful
in securing contracts during the year.
We are also pleased to announce the successful commencement of our 3 year
contract with Bord Gáis. This contract win, against strong domestic and
international competition, underscores the strength of the Siteserv's business
in Ireland and its ability to win business in its chosen market segments. It
also reflects a continuing focus on building a recurring revenue stream of
multi-year contracts with blue-chip partners.
Siteserv's diverse range of services and increasing long term contractual
revenue streams will continue to play a key role in offsetting the impact of
economic volatility on the Group's performance. Our objective now is to
continue to diversify our revenue by geography and sector and generate free cash
flow to drive further organic growth and, over the medium-term, for debt
reduction".
Strategy and Outlook
The outlook for 2010/11 remains challenging, although trading since the year end
is in line with management expectations.
The Infrastructure & Utilities Division, which will benefit from the home energy
contract, continues to be affected by the substantial cuts in Irish Government
and local authority spending. This is particularly the case on road
infrastructural projects in Ireland where the decline in activity experienced
towards the end of the year will have a much more pronounced impact on the
Division's full year results.
The UK Division continues to benefit from a strong performance in its Industrial
Services business, which accounts for 63% of total UK revenue. The trading
environment in the Hire & Sales and Contract Scaffolding businesses remains
challenging due to the recession in the UK economy. The UK results will continue
to be affected by any further volatility in exchange rates.
The outlook for the Access Division in Ireland remains difficult. These
businesses will stay focused on cost reductions and operational efficiencies.
The renegotiated capital repayment schedule and the fixing of interest rates on
circa 75% of bank debt will provide greater certainty on our future debt service
obligations. While lower deferred consideration payments will benefit cash flow,
capital expenditure is expected to increase from its current low base to
capitalise on growth opportunities.
Siteserv will continue to focus on business where revenues are underpinned by
essential maintenance programmes and non discretionary spending. We aim to build
predictable revenue streams of multi-year contracts with blue-chip partners and
will focus on delivering organic growth and on diversifying revenue
geographically.
The Preliminary Results Announcement is available on the Company website,
www.siteserv.ie
Note regarding forward-looking statements:
This press release includes forward-looking statements, including statements
concerning expectations about future financial performance, economic and market
conditions, etc. These statements are neither promises nor guarantees, but are
subject to risks and uncertainties that could cause actual results to differ
materially from those anticipated.
+---------------------------------------------------------+
| ENDS |
+---------------------------------------------------------+
+---------------------------------+---------------------------------+
| Siteserv Group plc | Investors and Analysts |
+---------------------------------+---------------------------------+
| | |
| Brian Harvey, Chief Executive | Jonathan Neilan |
| Niall Devereux, Group Finance | FD KCapital Source |
| Director | |
| | Tel: +353 1 663 3686 |
| Tel: +353 1 601 1500 | |
+---------------------------------+---------------------------------+
+---------------------------------+
| Davy Corporate Finance |
+---------------------------------+
| |
| Des Carville |
| JJ Cahill |
| |
| Tel: +353 1 679 6363 |
+---------------------------------+
Results Overview
Infrastructure & Utilities Support Services Division
+---------------------------------------------+----------+----------+
| | 2010 | 2009 |
+---------------------------------------------+----------+----------+
| | EURm | EURm |
+---------------------------------------------+----------+----------+
| Revenue | 62.8 | 106.4 |
+---------------------------------------------+----------+----------+
| EBITDA | 13.5 | 21.4 |
+---------------------------------------------+----------+----------+
| Operating profit | 11.4 | 18.8 |
+---------------------------------------------+----------+----------+
The Group's Infrastructure & Utilities Support Services Division performed ahead
of expectations. Margins were strong despite revenue and profits being
substantially down compared to last year. EUR17.5m of the reduction in turnover
is due to the direct supply from the supplier of satellite TV boxes to customers
in FY 2010 as opposed to previously being supplied, at no mark up, by the Group.
Siteserv subsidiary, Holgate, which provides infrastructure and motorway
services, had a record year with strong margin and overhead management. It also
secured a EUR2m contract which commenced in April 2010, through its new subsidiary
Holgate UK, to supply and install noise barriers on the M74 in Glasgow, the
largest contract of its kind to be awarded in the UK in recent years. This
positions Holgate as a credible player in the European market for motorway noise
and crash barrier solutions, where substantial EU Funding is being made
available for major road development.
RoanKabin, a leading provider of modular building solutions, continued to be
affected by cut backs in government spending on education and health, although
its hire revenue remained strong. Through its recently formed UK subsidiary,
Roan Buildings Systems, it secured an installation and hire contract to provide
modular student accommodation and office space for the education sector in
London worth circa EUR1.5m. This contract, which will commence in FY 2011, is an
important win within the UK market where the modular building industry is
estimated to have an annual value of approximately EUR500m.
Siteserv subsidiary, Sierra Support Services, announced it has been awarded an
exclusive contract by Bord Gáis' Energy Division for the supply, maintenance and
testing of gas boilers throughout homes in Ireland and the extension of 21 other
products into the market. The contract has an estimated value of EUR60 million
over a 3 year term and has the potential to be extended for a further 2 years
bringing the total value of the contract up to EUR100 million. The contract was
secured in a competitive tender process, in which both international and Irish
companies participated. As part of the contract win with Bord Gáis Energy,
Sierra will expand its services into the North of Ireland, establishing an
office in this market and further diversifying the business. Sierra's civil
engineering business was impacted by the lack of funding at local authority
level, especially in the second half of the year.
UK Division
+---------------------------------------------+----------+----------+
| | 2010 | 2009 |
+---------------------------------------------+----------+----------+
| | EURm | EURm |
+---------------------------------------------+----------+----------+
| Revenue | 79.2 | 104.9 |
+---------------------------------------------+----------+----------+
| EBITDA | 5.8 | 8.9 |
+---------------------------------------------+----------+----------+
| Operating profit | 1.7 | 4.4 |
+---------------------------------------------+----------+----------+
The Industrial Services business accounted for approximately 63% of UK revenue
(and 33% of Group revenue) as its non discretionary maintenance services
remained in demand with its blue chip petrochemical, nuclear and power
generation customer base. The Magnox contract was extended to 2012 on all 4
nuclear power stations across the UK whilst an access contract was secured at
the BP Oil Refinery in Saltend worth over EUR3m. This business continues to
provide Siteserv with long term maintenance contracts and future revenue and
earnings visibility.
The Contract Scaffolding business and the Hire & Sales business remained subdued
in line with depressed activity levels in the UK economy. Both businesses have
shown recent signs of recovery with work in hand and hire and sales volumes now
back to August 2008 levels, although competitive price pressure still remains in
the marketplace. Adverse movements in the value of sterling against the euro
since the beginning of the financial year reduced revenue and EBITDA by EUR4.1m
and EUR0.3m respectively.
Access Division
+---------------------------------------------+----------------------------------------+----------+
| | 2010 | 2009 |
+---------------------------------------------+----------------------------------------+----------+
| | EURm | EURm |
+---------------------------------------------+----------------------------------------+----------+
| Revenue | 9.4 | 17.3 |
+---------------------------------------------+----------------------------------------+----------+
| EBITDA | (0.7) | 1.4 |
+---------------------------------------------+----------------------------------------+----------+
| Operating (loss) / profit before | (2.1) | 0.6 |
| exceptional items | | |
+---------------------------------------------+----------------------------------------+----------+
The Access Division, having remained profitable for the first 6 months,
generated a full year loss following continued volume reduction in the second
half of the year and the need to make additional provisions against the value of
equipment, given the depressed prices at which stocks can be realised in the
current market. Importantly, the Division remained cash generative during the
period but continues to operate in an extremely challenging economic
environment. The focus will continue, in so far as possible, to ensure its cost
base is aligned with trading activity and to maintain the market leadership
positions of its brands.
Siteserv subsidiary, Eventserv, having been established in early 2009, is now
the market leader in the events sector in Ireland and has recently secured a
number of events in the UK, including the Leeds Rock Festival, which will be
attended by over 70,000 people. The events market in the UK is estimated to be
worth EUR150m.
Exceptional Items
+---------------------------------------------+----------+----------+
| | 2010 | 2009 |
+---------------------------------------------+----------+----------+
| | EURm | EURm |
+---------------------------------------------+----------+----------+
| Bank fee | (2.0) | - |
+---------------------------------------------+----------+----------+
| Goodwill impairment | - | (37.9) |
+---------------------------------------------+----------+----------+
| Asset impairment | - | (2.2) |
+---------------------------------------------+----------+----------+
| Cost of breaking fixed interest rate | - | (4.3) |
| agreements | | |
+---------------------------------------------+----------+----------+
| Gain on the retranslation of sterling loans | - | 6.5 |
+---------------------------------------------+----------+----------+
| Total | (2.0) | (38.0) |
+---------------------------------------------+----------+----------+
An exceptional charge of EUR2m arose on the renegotiation of the banking
facilities. This fee will become payable in future years in the event that
certain financial targets are exceeded or if there is a refinance event. Based
on a year end review of projected trading performance, the Directors were of the
opinion that these financial targets will be met in the future and consequently
the charge was booked against profit in the current year.
Banking Agreement
On 12 January, 2010, Siteserv announced its medium-term capital repayment
schedule, through to 2015, under its new banking facilities. In February, the
Group increased the amount of fixed interest bank debt from circa 60% to circa
75%. The weighted average cost of debt, based on current variable interest
rates, is just over 5%.
Details of that repayment schedule are set out below:
+-----------------+---------------+
| Financial Year | Scheduled |
| | Capital |
| | Repayment |
+-----------------+---------------+
|ending 30 April | EURm |
+-----------------+---------------+
| | |
+-----------------+---------------+
| 2010 | 2.1 |
+-----------------+---------------+
| 2011 | - |
+-----------------+---------------+
| 2012 | 1.25 |
+-----------------+---------------+
| 2013 | 4.3 |
+-----------------+---------------+
| 2014 | 8.5 |
+-----------------+---------------+
| 2015 | 11.3 |
+-----------------+---------------+
The Group traded well within its banking covenants during the year.
Cash Flow and Net Debt Position
Net capital expenditure fell by EUR2.7m to EUR4.0m given the lower levels of
activity in Ireland and the UK and the sale of surplus assets. Deferred
consideration payments reduced by EUR7.9m as earn out payments on acquisitions
made in previous years neared completion. During the year, a total of EUR2.4m was
paid in deferred consideration and a further EUR0.4m in other loans.
Net debt reduced by EUR4.4m to EUR145.1m at 30 April 2010. During the year, a total
of EUR4.6m was repaid, whilst a loss of EUR1.4m arose on the retranslation of the
sterling borrowings at year end exchange rates. The Group had a closing net cash
balance of EUR5.9m, having generated EUR1.2m in net cash flow during the year.
+----------------------------------+-------------+-------------+---------+----------+
| |
| Consolidated Income Statement |
| for the year ended 30 April 2010 |
+-----------------------------------------------------------------------------------+
| | | | | |
+----------------------------------+-------------+-------------+---------+----------+
| | | | | |
+----------------------------------+-------------+-------------+---------+----------+
| | Before | | | |
| | Exceptional | Exceptional | | |
+----------------------------------+-------------+-------------+---------+----------+
| | Items | Items | Total | |
+----------------------------------+-------------+-------------+---------+----------+
| | 2010 | 2010 | 2010 | 2009 |
+----------------------------------+-------------+-------------+---------+----------+
| | EUR'000 | EUR'000 | EUR'000 | EUR'000 |
+----------------------------------+-------------+-------------+---------+----------+
| | | | | |
+----------------------------------+-------------+-------------+---------+----------+
| Revenue | 151,378 | - | 151,378 | 228,645 |
+----------------------------------+-------------+-------------+---------+----------+
| | | | | |
+----------------------------------+-------------+-------------+---------+----------+
| Trading Profit | 8,861 | - | 8,861 | 21,294 |
+----------------------------------+-------------+-------------+---------+----------+
| | | | | |
+----------------------------------+-------------+-------------+---------+----------+
| Intangible asset amortisation | (518) | - | (518) | (38,462) |
| and impairment | | | | |
+----------------------------------+-------------+-------------+---------+----------+
| Other exceptional items | - | - | - | 4,277 |
+----------------------------------+-------------+-------------+---------+----------+
| Operating Profit / (Loss) | 8,343 | - | 8,343 | (12,891) |
+----------------------------------+-------------+-------------+---------+----------+
| | | | | |
+----------------------------------+-------------+-------------+---------+----------+
| Finance costs | (7,692) | (2,000) | (9,692) | (15,767) |
+----------------------------------+-------------+-------------+---------+----------+
| | | | | |
+----------------------------------+-------------+-------------+---------+----------+
| Profit / ( Loss) Before | 651 | (2,000) | (1,349) | (28,658) |
| Taxation | | | | |
+----------------------------------+-------------+-------------+---------+----------+
| | | | | |
+----------------------------------+-------------+-------------+---------+----------+
| Income tax credit / (expense) | 634 | - | 634 | (725) |
+----------------------------------+-------------+-------------+---------+----------+
| | | | | |
+----------------------------------+-------------+-------------+---------+----------+
| Profit / (Loss) After Taxation | 1,285 | (2,000) | (715) | (29,383) |
| and Attributable to Equity | | | | |
| Shareholders | | | | |
+----------------------------------+-------------+-------------+---------+----------+
| | | | | |
+----------------------------------+-------------+-------------+---------+----------+
| | | | | |
+----------------------------------+-------------+-------------+---------+----------+
| Earnings Per Ordinary Share | | | | |
+----------------------------------+-------------+-------------+---------+----------+
| Basic earnings per ordinary | | | (1.0) | (24.1) |
| share | | | c | c |
+----------------------------------+-------------+-------------+---------+----------+
| Fully diluted earnings per | | | (1.0) | (24.1) |
| ordinary share | | | c | c |
+----------------------------------+-------------+-------------+---------+----------+
| | | | | |
+----------------------------------+-------------+-------------+---------+----------+
| | | | | |
+----------------------------------+-------------+-------------+---------+----------+
+---------------------------------------+-------------+--------------+
| Consolidated Balance Sheet | | |
| as at 30 April 2010 | 2010 | 2009 |
+---------------------------------------+-------------+--------------+
| | EUR'000 | EUR'000 |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
| Non-Current Assets | | |
+---------------------------------------+-------------+--------------+
| Intangible assets | 97,819 | 99,285 |
+---------------------------------------+-------------+--------------+
| Property, plant and equipment | 47,606 | 43,437 |
+---------------------------------------+-------------+--------------+
| Financial asset investments | - | 34 |
+---------------------------------------+-------------+--------------+
| Total Non-Current Assets | 145,425 | 142,756 |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
| Current Assets | | |
+---------------------------------------+-------------+--------------+
| Inventories | 8,241 | 22,000 |
+---------------------------------------+-------------+--------------+
| Trade and other receivables | 28,377 | 31,947 |
+---------------------------------------+-------------+--------------+
| Cash and cash equivalents | 5,862 | 4,659 |
+---------------------------------------+-------------+--------------+
| | 42,480 | 58,606 |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
| Total Assets | 187,905 | 201,362 |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
| Current Liabilities | | |
+---------------------------------------+-------------+--------------+
| Trade and other payables | 22,317 | 29,169 |
+---------------------------------------+-------------+--------------+
| Provisions for liabilities and | 2,436 | 1,680 |
| charges | | |
+---------------------------------------+-------------+--------------+
| Current tax liabilities | 210 | 108 |
+---------------------------------------+-------------+--------------+
| Deferred consideration | 1,125 | 3,193 |
+---------------------------------------+-------------+--------------+
| Interest bearing loans and borrowings | 1,503 | 8,050 |
+---------------------------------------+-------------+--------------+
| | 27,591 | 42,200 |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
| Non-Current Liabilities | | |
+---------------------------------------+-------------+--------------+
| Provisions for liabilities and | 4,318 | 2,086 |
| charges | | |
+---------------------------------------+-------------+--------------+
| Deferred consideration | - | 2,450 |
+---------------------------------------+-------------+--------------+
| Interest bearing loans and borrowings | 149,452 | 146,128 |
+---------------------------------------+-------------+--------------+
| Deferred tax liabilities | - | 892 |
+---------------------------------------+-------------+--------------+
| | 153,770 | 151,556 |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
| Total Liabilities | 181,361 | 193,756 |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
| Net Assets | 6,544 | 7,606 |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
| Capital and Reserves | | |
+---------------------------------------+-------------+--------------+
| Share capital | 202 | 199 |
+---------------------------------------+-------------+--------------+
| Share premium account | 28,520 | 28,323 |
+---------------------------------------+-------------+--------------+
| Share based payment reserve | 866 | 718 |
+---------------------------------------+-------------+--------------+
| Retained earnings | (15,083) | (14,368) |
+---------------------------------------+-------------+--------------+
| Foreign currency translation reserve | (7,961) | (7,266) |
+---------------------------------------+-------------+--------------+
| Shareholders' Equity | 6,544 | 7,606 |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
+---------------------------------------+-------------+--------------+
| Consolidated Cash Flow Statement | | |
| for the year 30 April 2010 | 2010 | 2009 |
+---------------------------------------+-------------+--------------+
| | | EUR'000 |
| | EUR'000 | |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
| Cashflows From Operating Activities | | |
+---------------------------------------+-------------+--------------+
| Loss before taxation | (1,349) | (28,658) |
+---------------------------------------+-------------+--------------+
| Impairment of goodwill, plant and | - | 40,135 |
| equipment and inventories | (883) | (6,467) |
| Gain on retranslation of loans | - | 4,263 |
| Fixed interest rate break fee | 7,577 | 7,946 |
| Depreciation of property, plant and | | |
| equipment | | |
+---------------------------------------+-------------+--------------+
| Amortisation of share based payments | 666 | 825 |
| and intangibles | | |
+---------------------------------------+-------------+--------------+
| Interest received | (21) | (68) |
+---------------------------------------+-------------+--------------+
| Interest expenses | 9,827 | 11,322 |
+---------------------------------------+-------------+--------------+
| (Credit) / discount on deferred | (114) | 250 |
| consideration | | |
+---------------------------------------+-------------+--------------+
| Profit on disposal of property, plant | (281) | (100) |
| and equipment | | |
+---------------------------------------+-------------+--------------+
| | | |
| Operating Cashflow Before Movement in | 15,422 | 29,448 |
| Working Capital | | |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
| Movement in inventories | 5,586 | (27) |
+---------------------------------------+-------------+--------------+
| Movement in trade and other | 5,339 | 13,064 |
| receivables | | |
+---------------------------------------+-------------+--------------+
| Movement in trade and other payables | (6,065) | (10,259) |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
| Cash Generated From Operations | 20,282 | 32,226 |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
| Income tax paid | (213) | (902) |
+---------------------------------------+-------------+--------------+
| Net Cash From Operating Activities | 20,069 | 31,324 |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
| Financing Costs | | |
+---------------------------------------+-------------+--------------+
| Interest received | 21 | 68 |
+---------------------------------------+-------------+--------------+
| Interest paid | (7,826) | (11,345) |
+---------------------------------------+-------------+--------------+
| | (7,805) | (11,277) |
+---------------------------------------+-------------+--------------+
| Investing Activities | | |
+---------------------------------------+-------------+--------------+
| Capital expenditure | (3,986) | (6,710) |
+---------------------------------------+-------------+--------------+
| Acquisitions of subsidiaries | - | (1,691) |
+---------------------------------------+-------------+--------------+
| | (3,986) | (8,401) |
+---------------------------------------+-------------+--------------+
| Financing Activities | | |
+---------------------------------------+-------------+--------------+
| Other loans | (424) | (893) |
+---------------------------------------+-------------+--------------+
| Net finance lease payments | (1,293) | (1,359) |
+---------------------------------------+-------------+--------------+
| Net bank loan repayments | (2,933) | (3,130) |
+---------------------------------------+-------------+--------------+
| Deferred consideration paid | (2,425) | (10,304) |
+---------------------------------------+-------------+--------------+
| Net Cash Used In Financing Activities | (7,075) | (15,686) |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
| Net increase / (decrease) in cash and | 1,203 | (4,040) |
| cash equivalents | | |
+---------------------------------------+-------------+--------------+
| Cash and cash equivalents at | 4,659 | 8,699 |
| beginning of year | | |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
| Cash and Cash Equivalents at End of | 5,862 | 4,659 |
| Year | | |
+---------------------------------------+-------------+--------------+
+-----------------------------------------------------+---------+----------+
| Group Statement of Comprehensive Income |
| for the year ended 30 April 2010 |
+--------------------------------------------------------------------------+
| | 2010 | 2009 |
+-----------------------------------------------------+---------+----------+
| | EUR'000 | EUR'000 |
+-----------------------------------------------------+---------+----------+
| | | |
+-----------------------------------------------------+---------+----------+
| Items of Expense Recognised Directly in Equity | | |
+-----------------------------------------------------+---------+----------+
| Currency translation adjustments | (695) | (7,266) |
+-----------------------------------------------------+---------+----------+
| Net Expense Recognised Directly in Equity | (695) | (7,266) |
+-----------------------------------------------------+---------+----------+
| Loss for the year | (715) | (29,383) |
+-----------------------------------------------------+---------+----------+
| Net Expense Recognised Directly in Equity | (1,410) | (36,649) |
+-----------------------------------------------------+---------+----------+
| | | |
+-----------------------------------------------------+---------+----------+
+-----------------------------------------------------+--------+----------+
| Group Statement of Changes in Equity |
| for the year ended 30 April 2010 |
+-------------------------------------------------------------------------+
| | 2010 | 2009 |
+-----------------------------------------------------+--------+----------+
| | EUR'000 | EUR'000 |
+-----------------------------------------------------+--------+----------+
| | | |
+-----------------------------------------------------+--------+----------+
| At beginning of year | 7,606 | 43,478 |
+-----------------------------------------------------+--------+----------+
| Total recognised expense for the year | (715) | (29,383) |
+-----------------------------------------------------+--------+----------+
| Issue of shares | 3 | 6 |
+-----------------------------------------------------+--------+----------+
| Share premium arising on issue of shares | 197 | 463 |
+-----------------------------------------------------+--------+----------+
| Share based payment reserve | 148 | 308 |
+-----------------------------------------------------+--------+----------+
| Foreign currency translation reserve | (695) | (7,266) |
+-----------------------------------------------------+--------+----------+
| | | |
+-----------------------------------------------------+--------+----------+
| At end of year | 6,544 | 7,606 |
+-----------------------------------------------------+--------+----------+
| | | |
+-----------------------------------------------------+--------+----------+
+---------------------------------+---------+---------+---------+----------+
| Segmental Analysis |
| for the year ended 30 April 2010 |
| |
+--------------------------------------------------------------------------+
| | | |
+---------------------------------+-------------------+--------------------+
| | Revenue | Operating |
| | | Profit |
+---------------------------------+-------------------+--------------------+
| | 2010 | 2009 | 2010 | 2009 |
+---------------------------------+---------+---------+---------+----------+
| | EUR'000 | EUR'000 | EUR'000 | EUR'000 |
+---------------------------------+---------+---------+---------+----------+
| | | | | |
+---------------------------------+---------+---------+---------+----------+
| Infrastructure & Utilities | 62,848 | 106,395 | 11,413 | 18,783 |
+---------------------------------+---------+---------+---------+----------+
| UK | 79,177 | 104,917 | 1,745 | 4,386 |
+---------------------------------+---------+---------+---------+----------+
| Access | 9,353 | 17,333 | (2,142) | 581 |
+---------------------------------+---------+---------+---------+----------+
| Head Office | - | - | (2,673) | (2,973) |
+---------------------------------+---------+---------+---------+----------+
| Total | 151,378 | 228,645 | 8,343 | 20,777 |
+---------------------------------+---------+---------+---------+----------+
| | | | | |
+---------------------------------+---------+---------+---------+----------+
| Finance costs | | | (7,692) | (11,504) |
+---------------------------------+---------+---------+---------+----------+
| Profit Before Taxation & Before | | | 651 | 9,273 |
| Exceptional Items | | | | |
+---------------------------------+---------+---------+---------+----------+
+--------------------------------------------+-------------+-------------+
| Earnings Per Ordinary Share |
| for the year ended 30 April 2010 |
| |
+------------------------------------------------------------------------+
| | 2010 | 2009 |
+--------------------------------------------+-------------+-------------+
| | EUR'000 | EUR'000 |
+--------------------------------------------+-------------+-------------+
| Earnings | | |
+--------------------------------------------+-------------+-------------+
| Loss after tax attributable to ordinary | (715) | (29,383) |
| shareholders | | |
+--------------------------------------------+-------------+-------------+
| Discount on deferred consideration | (114) | 250 |
+--------------------------------------------+-------------+-------------+
| Amortisation of intangibles | 518 | 517 |
+--------------------------------------------+-------------+-------------+
| Exceptional items | 2,000 | 37,720 |
+--------------------------------------------+-------------+-------------+
| | | |
| Adjusted profit after taxation | 1,689 | 9,104 |
| attributable to ordinary shareholders | | |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
| Number of Shares | | |
+--------------------------------------------+-------------+-------------+
| | | |
| Weighted average number of ordinary shares | 125,118,888 | 121,803,233 |
| in issue during the year | | |
+--------------------------------------------+-------------+-------------+
| Dilutive effect of outstanding share | 200,000 | - |
| options | | |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
| Diluted weighted average number of | 125,318,888 | 121,803,233 |
| ordinary shares | | |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
| Earnings Per Ordinary Share | | |
+--------------------------------------------+-------------+-------------+
| Basic earnings per ordinary share | (1.0) | (24.1) |
| | cent | cent |
+--------------------------------------------+-------------+-------------+
| Fully diluted earnings per ordinary share | (1.0) | (24.1) |
| | cent | cent |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
| Adjusted Earnings Per Ordinary Share | | |
+--------------------------------------------+-------------+-------------+
| Adjusted basic earnings per ordinary share | 1.3 cent | 7.5 cent |
+--------------------------------------------+-------------+-------------+
| Adjusted fully diluted earnings per | 1.3 cent | 7.5 cent |
| ordinary share | | |
+--------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------+-------------+-------------+
Appendix
Siteserv is a leading support services Group operating from 50 strategic
locations in the United Kingdom and Ireland.
The Group has 3 Divisions:
1) Infrastructure & Utility Support Services Division
This Division accounted for 42% of Group revenue in FY 2010 and comprises:
a) Holgate Infrastructure & Motorway Services, a market leader in the
supply, design and installation of motorway crash barriers and noise barriers
for the civil engineering sector;
b) Sierra Support Services, which provides satellite installation and
maintenance services, power network maintenance, cable installation and civil
engineering services. Its customers include local authorities, utility and
satellite companies;
c) RoanKabin, which is a leading manufacturer of modular off-site portable
accommodation for the education and healthcare sectors.
2) UK Division
The UK Division, Deborah Services, accounted for 52% of revenue in FY 2010.
Deborah has three operating units:
a) Industrial Services business (63% of UK revenue) which provides
multi-discipline essential support services such as insulation, asbestos
removal, protective coating & industrial painting to the petrochemical, power,
oil, gas, nuclear and pharmaceutical industries; (typically, contracts are for a
five to seven year duration);
b) Contract Scaffolding business supplies and erects scaffolding systems for
the industrial sector, government departments and local authorities;
c) Hire & Sales business sells and hires scaffolding, fencing and access
equipment to private contractors and national hire and sale companies.
3) Access Division
The Access Division accounted for 6% of revenue in FY 2010 and comprises:
a) Easy Access, which provides formwork, shoring, access and scaffolding
systems to commercial, agriculture and civil engineering sectors;
b) Donohue Scaffolding, which hires and sells scaffolding systems, temporary
fencing to private building contractors, mainly in the residential sector;
c) Rentafence, which hires and sells temporary fencing, crowd control
barriers and steel hoarding to residential and industrial contractors and event
management companies;
d) Eventserv, which specialises in providing staging, seating, temporary
fencing, crowd control barriers and rigging to the event sector.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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