TIDMAFHP
RNS Number : 3496U
AFH Financial Group Plc
29 July 2015
AFH Financial Group PLC
("AFH" or the "Group")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 APRIL 2015
Strong revenue, PBT and EBITDA performance
The Board of AFH, a leading financial planning led investment
management firm, is pleased to announce the Group's consolidated
interim results for the 6 months ended 30 April 2015.
Highlights:
-- Revenues up 13% to GBP8.22m (2014: GBP7.29m)
-- EBITDA increased 36% to GBP1.10m (2014: GBP0.81m)
-- Profit before tax up 13% to GBP0.61m (2014: GBP0.54m)
-- Gross margin increased to 55% (2014: 51%)
-- Recurring revenue of GBP5.4m represented 66% of Group revenue (2014: GBP3.9m, 54%)
-- 55% of revenue growth during the period generated organically
-- Strong balance sheet with net assets of GBP11.3m, an increase of 20%
-- Cash reserves at 30 April 2014 of GBP4.3m (2014: GBP4.9m)
-- Seven acquisitions made during the period for a maximum consideration of GBP9.4m
-- Issue of GBP2.14m Corporate Bonds in January 2015
-- Largest acquisition to date in Independent Financial Services (UK) Limited
Commenting Alan Hudson, Chief Executive Officer of AFH Financial
Group PLC, said:
"The Group remains profitable and cash generative with a strong
balance sheet for its current size. Our strategy remains to expand
nationally in our traditional areas of strength through both
organic and acquisitive growth to drive increased profitability.
The Directors' continue to actively seek appropriately priced
acquisition opportunities with a comparable culture to AFH to
generate incremental opportunities for the Group."
"Our aim is to grow our client base through increased adviser
numbers and greater productivity afforded by the AFH structure and
centralised support functions. The progress made during the first
half of the current financial year and in particular the step
change afforded by our most recent acquisitions allows the
Directors to view the prospects for the full year and beyond with
confidence."
For further information please contact:
AFH Financial Group PLC +44 (0)1527 577 775
Alan Hudson, Chief Executive Officer
Paul Wright, Chief Financial Officer
Allenby Capital Limited +44 (0)20 3328 5656
(Nominated Adviser and Broker)
Nick Naylor
Chris Crawford
Nick Athanas
Yellow Jersey PR Limited +44 (0)7799 003 220
(Financial PR)
Kelsey Traynor
Dominic Barretto
Interim Report
Business review
I am pleased to provide shareholders with an update on the
Group's performance for the six months to 30 April 2015, a period
that, in spite of previously reported delays in the FCA
authorisation of new advisors due to changes in the regulatory
authorization processes, has seen continued financial and corporate
progress.
During the period under review, the Group significantly
increased its recurring revenue from GBP3.9m to GBP5.4m, with
GBP5.0m (93%) of this recurring revenue generated organically by
advisors with AFH on 1 November 2014. As a result recurring revenue
for the period increased to 66% of total revenue which gives the
directors additional confidence in the quality and sustainability
of future revenue and earnings. New business levels fell during the
period, in part due to our clients deferring pension advice and
investment before the 5 April 2015 changes to pension rules. The
Directors believe that these changes will have a limited impact in
2015, as further guidance is provided by the government and the
opportunities and risks for investors are clarified. However, the
Group believes that the long term need for independent financial
advice will be greater as a result of the new regulations and AFH
is well positioned to benefit from these changes.
In December 2014, the Group announced the issue of 7.5%
unsecured corporate bonds and in January 2015 confirmed that
GBP2.14m had been raised from this issue. This has provided the
Group with additional operational gearing, equating to 12% of gross
assets at that date, and generated funds for the Group's
acquisition opportunities without diluting equity shareholders. The
Directors' view unsecured debt as a useful addition to equity
fundraising as a means to finance acquisitive growth whilst
maintaining a cautious approach to the level of debt relative to
equity.
During the period, the Group completed seven acquisitions, six
of which were finalised during the second quarter and the benefits
of these transactions will be recognised from the second half of
the current financial year. These acquisitions included the entire
share capital of IFS (UK) Limited, our largest acquisition to date,
at a maximum cost of GBP4.25m subject to the usual earn out
conditions. Details of the individual acquisitions are set out in
note 4 to the Interim accounts.
Funds under Management, on which the Group earns fees ("FUM")
increased during the period and in my AGM statement I was able to
report to shareholders that FUM had exceeded GBP1.25bn. As reported
on 1 May 2015, following our acquisition of Independent Financial
Services (UK) Limited, FUM increased to approximately GBP1.7bn.
Trading Results
Revenue for the period increased to GBP8.22m (2014: GBP7.29m).
Gross margins remained strong at 55% (2014: 51%) whilst recurring
revenue represented 66% (2014: 54%) of total revenue.
During the period, the Group continued to invest in its head
office to support the current and future projected growth. As a
result, administrative expenditure increased by 22% to GBP 3.8m.
This included an increase of GBP98,000 (41%) in amortization and
depreciation costs of non current assets acquired in this and
previous periods. Further investment is anticipated as the Group
continues its growth strategy. The Group reported an increase of
13% in profit before tax to GBP607,000, whilst earnings per share
decreased slightly to 2.20p per share (2014: 2.47p) as a result of
share issues.
The Group reported EBITDA of GBP1.1m, representing an increase
of 36% over the prior year comparative figure of GBP0.81m. This is
a measure used by the Directors to assess the cash generation from
the on-going operations. The EBITDA margin of 13.4% on revenue
(2014: 11.1%) reflects the increasing scalability of the business
given the level of investment in the central overhead noted
above.
Cash position
The Group remains free of bank or secured debt and maintains
healthy cash balances. At the period-end, cash and cash equivalents
totalled GBP4.3m. Unsecured non-convertible bonds of GBP0.75m and
GBP2.14m mature in 2020 and 2018 respectively.
Post Balance Sheet Events
On 28 May 2015, the Group announced that it had raised
GBP750,000, before expenses, through the placing of 535,716 new
ordinary shares representing a dilution of approximately 2.5% to
existing shareholders. The net proceeds will be used to continue
the Group's acquisition led growth strategy and for general working
capital purposes.
Outlook
The Group remains profitable and cash generative with a strong
balance sheet for its current size. Our strategy remains to expand
nationally in our traditional areas of strength through both
organic and acquisitive growth to drive increased profitability.
The Directors' continue to actively seek appropriately priced
acquisition opportunities with a comparable culture to AFH to
generate incremental opportunities for the Group.
Our aim is to grow our client base through increased adviser
numbers and greater productivity afforded by the enlarged AFH
structure and centralised support functions. The progress made
during the first half of the current financial year and in
particular the step change afforded by our most recent acquisitions
allows the Directors to view the prospects for the full year and
beyond with confidence.
John Wheatley
Chairman
Consolidated Statement of Comprehensive Income
Unaudited Unaudited Audited
Six months Six months Twelve
ending ending months
30 April 30 April ending
31 October
2015 2014 2014
Note GBP'000 GBP'000 GBP'000
Revenue 3 8,222 7,293 15,037
Cost of sales (3,730) (3,587) (7,326)
-------------- -------------- --------------
Gross profit 4,492 3,706 7,711
Administrative expenses (3,827) (3,137) (6,811)
-------------- -------------- --------------
Operating profit 665 569 900
Finance income 15 - 25
Finance costs (73) (32) (64)
-------------- -------------- --------------
Profit before tax 607 537 861
Income tax expense (189) (110) (260)
-------------- -------------- --------------
Profit for the year
attributable to
owners of the parent 418 427 601
Other comprehensive - - -
income
-------------- -------------- --------------
Total comprehensive
income for the year
attributable to
owners of the parent 418 427 601
Earnings per share
(in pence)
Basic 2.20 2.47 3.31
Diluted 2.00 2.29 3.10
Consolidated Statement of Financial Position
Unaudited Unaudited Audited
30 April 30 April 31 October
2015 2014 2014
Note GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Intangible assets 5 18,967 8,803 9,707
Property, plant and
equipment 250 282 279
Investments 1 1 1
-------------- -------------- --------------
19,218 9,086 9,987
Current assets
Trade and other receivables 2,411 2,635 2,474
Current tax assets - - -
Cash and cash equivalents 4,326 4,879 5,653
-------------- -------------- --------------
6,737 7,514 8,127
-------------- -------------- --------------
Total assets 25,955 16,600 18,114
Liabilities
Current liabilities
Trade and other payables 7,841 3,166 4,780
Current tax liabilities 39 190 136
Financial liabilities - 50 -
- Borrowings
-------------- -------------- --------------
7,880 3,406 4,916
Net current assets
/ (liabilities) (1,143) 4,108 3,210
-------------- -------------- --------------
Non-current liabilities
Trade and other payables 3,865 3,073 1,866
Financial liabilities
- Borrowings 2,894 752 752
Deferred tax liability 42 - 42
-------------- -------------- --------------
6,801 3,825 2,660
Total liabilities 14,681 7,231 7,576
-------------- -------------- --------------
Net assets 11,274 9,369 10,538
Shareholders' equity
Share capital 1,950 1,827 1,932
Share premium account 7,337 5,970 7,097
Merger reserve (540) (540) (540)
Share-based payment
reserve 329 277 269
Retained earnings 2,198 1,835 1,780
-------------- -------------- --------------
Total Shareholders'
equity 11,274 9,369 10,538
Share Share Merger Share-based Retained Total
capital premium reserve payment earnings
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Audited balance
at 31 October
2013 1,712 4,477 (540) 230 1,407 7,286
------------ ------------ ------------ ------------ ------------ ------------
Profit for
the period - - - - 381 381
Other comprehensive
income - - - - - -
------------ ------------ ------------ ------------ ------------ ------------
Total comprehensive
income - - - - 381 381
------------ ------------ ------------ ------------ ------------ ------------
Unaudited balance
at 30 April
2014 1,712 4,477 (540) 230 1,788 7,667
------------ ------------ ------------ ------------ ------------ ------------
Profit for
the period - - - - 220 220
Other comprehensive
income - - - 39 - 39
------------ ------------ ------------ ------------ ------------ ------------
Total comprehensive
income - - - - 220 490
------------ ------------ ------------ ------------ ------------ ------------
1,712 4,477 (540) 269 2,008 7,926
Issue of share
capital 220 2,620 - - - 2,840
Dividend - - - - (228) (228)
------------ ------------ ------------ ------------ ------------ ------------
Audited balance
at 31 October
2014 1,932 7,097 (540) 269 1,780 10,538
------------ ------------ ------------ ------------ ------------ ------------
Profit for
the period - - - 60 418 478
Other comprehensive
income - - - - - -
------------ ------------ ------------ ------------ ------------ ------------
Total comprehensive
income - - - 60 418 478
------------ ------------ ------------ ------------ ------------ ------------
Issue of share
capital 18 240 - - - 258
Dividend - - - - - -
------------ ------------ ------------ ------------ ------------ ------------
Unaudited balance
at 30 April
2015 1,950 7,337 (540) 329 2,198 11,274
------------ ------------ ------------ ------------ ------------ ------------
Consolidated Statement of Cash Flows
Unaudited Unaudited Audited
Six months Six months Twelve
ending ending months
30 April 30 April ending
31 October
2015 2014 2014
Note GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Cash generated from
operations 6 993 930 1,895
Tax paid (286) (266) (314)
-------------- -------------- --------------
Net cash inflow from
operating activities 707 664 1,581
-------------- -------------- --------------
Cash flows from investing
activities
Purchase of property,
plant and equipment (18) (71) (112)
Purchase of other intangible
assets, net of cash (4,388) (1,625) (2,674)
Proceeds from disposals 34 - -
of other intangible
assets
Rental Income received 4 - 10
Interest received 11 - 15
-------------- -------------- --------------
Net cash (outflow) from
investing activities (4,357) (1,696) (2,761)
-------------- -------------- --------------
Cash flows from financing
activities
Proceeds from issue
of shares 211 1,621 3,082
Share issue costs - (12) (242)
Issue of unsecured bond 2,142 - -
Proceeds from borrowings - - -
Repayment of borrowings - - (50)
Interest paid (30) (32) (63)
Dividends - - (228)
-------------- -------------- --------------
Net cash inflow from
financing activities 2,323 1,577 2,499
-------------- -------------- --------------
Net increase / (decrease)
in cash and cash equivalents (1,327) 545 1,319
Cash and cash equivalents
at the beginning of
the period 5,653 4,334 4,334
-------------- -------------- --------------
Cash and cash equivalents
at the end of the period 4,326 4,879 5,653
Notes to the Consolidated Financial Statements
1 General Information
AFH Financial Group Plc is a company incorporated in England and
Wales. The Group is principally engaged in the provision of
independent financial advice to the retail market
2 Basis of preparation and accounting policies
2.1 Basis of preparation
The interim condensed consolidated financial statements have
been prepared in accordance with IAS 34 Interim Financial
Reporting. The interim condensed consolidated financial statements
do not include all the information and disclosures required in the
annual financial statements and should be read in conjunction with
the Group's financial statements for the year ended 31 October
2014, which were prepared in accordance with International
Financial Reporting Standards adopted by the International
Accounting Standards Board ("IASB") and interpretations issued by
the International Financial Reporting Interpretations Committee
("IFRIC") of the IASB (together "IFRS") as adopted by the European
Union, and in accordance with the requirements of the Companies Act
applicable to companies reporting under IFRS.
The information relating to the six months ended 30 April 2015
and the six months ended 30 April 2014 is unaudited and does not
constitute statutory financial statements within the meaning of
section 434 of the Companies Act 2006. The Group's statutory
financial statements for the year ended 31 October 2014 have been
reported on by its auditor and delivered to the Registrar of
Companies. The report of the auditor was unqualified and did not
draw attention to any matters by way of emphasis, or contain a
statement under section 498(2) or (3) of the Companies Act
2006.
2.2 Significant accounting policies
The accounting policies adopted in the preparation of the
interim condensed consolidated financial statements are consistent
with those followed in the preparation of the Group's annual
financial statements for the year ended 31 October 2014.
2.3 Basis of consolidation
The interim condensed consolidated financial statements
consolidate the financial statements of the company and its
subsidiary undertakings as at 30 April each year.
Subsidiaries are fully consolidated from the date of
acquisition, being the date on which the Group obtains control, and
continue to be consolidated until the date that such control
ceases. The financial statements of subsidiaries are prepared for
the same reporting period as the parent company, using consistent
accounting policies.
2.4 Key sources of judgements and estimation uncertainty
The preparation of the condensed consolidated financial
statements requires management to make estimates and assumptions
that affect the reported amount of revenues, expenses, assets and
liabilities and the disclosure of contingent liabilities. If in the
future such estimates and assumptions, which are based on
management's best judgement at the date of preparation of the
financial statements, deviate from actual circumstances, the
original estimates and assumptions will be modified as appropriate
in the period in which the circumstances change. The areas where a
higher degree of judgement or complexity arises, or where
assumptions and estimates are significant to the consolidated
financial statements, are discussed below.
Impairment of client portfolios
The Group reviews whether acquired client portfolios are
impaired at least on an annual basis. This comprises an estimation
of the fair value less cost to sell and the value in use of the
acquired client portfolios. In assessing value in use, the
estimated future cash flows expected to arise from the individual
client portfolios are discounted to their present value over a
finite period to calculate the fair value.
The key assumptions used in arriving at a fair value less cost
of sale are those around valuations based on multiples of future
earnings streams and values based on assets under management. These
have been determined by looking at valuations of similar businesses
and the consideration paid in comparable transactions.
The carrying amount of client portfolios at 30 April 2015 was
GBP 16.9m (2014: GBP 7.6m). No impairments have been made during
the period (2014: GBP nil).
Impairment of goodwill
The Group determines whether goodwill is impaired at least on an
annual basis. This requires an estimation of the value in use of
the cash-generating units to which the goodwill has been allocated.
In assessing value in use, the estimated future cash flows expected
to arise from the cash-generating unit are discounted to their
present value using the Group's weighted average cost of capital
adjusted for tax.
The carrying amount of goodwill at 30 April 2015 was GBP 2.1m
(2014: GBP 2.1m). No impairments have been made during the period
(2014: GBP nil).
3 Segmental Analysis
The Board of Directors is considered to be the chief operating
decision maker of the Group.
The Board has determined that there is one operating segment
based on reports reviewed by the Board that are used to make
strategic decisions.
The total revenue of the group for the year has been derived
from its principal activity wholly undertaken in the United
Kingdom.
4 Business combinations
(i) Share Purchase Acquisitions
Acquisition of Roxborough Consultancy Ltd.
Roxborough Consultancy Ltd was acquired by AFH Group Limited on
30 January 2015 and undertakes the provision of independent
financial advice to the retail market.
The acquisition has been accounted for using the acquisition
method. The provisional fair value of the identifiable assets and
liabilities of Roxborough Consultancy Ltd as at the date of
acquisition was:
Provisional
fair value
to be Previous
recognised Fair value carrying
on acquisition adjustments value
(unaudited) (unaudited) (unaudited)
GBP'000 GBP'000 GBP'000
----------------------------- ---------------- ------------- -------------
Client portfolio 916 916 -
Cash at bank 63 - 63
Assets 979 916 63
----------------------------- ---------------- ------------- -------------
Trade and other payables (9) - (9)
Liabilities (9) - (9)
----------------------------- ---------------- ------------- -------------
Total identifiable net
assets at fair value 970
Total acquisition cost 970
----------------------------- ----------------
Analysed as follows:
Initial cash consideration 481
Deferred contingent
consideration 435
Net assets adjustment
to initial consideration 54
Total acquisition cost 970
----------------------------- ----------------
Cash outflow on acquisition GBP'000
----------------------------- ----------------
Cash paid 535
Cash acquired (63)
Acquisition costs 5
Net cash outflow 477
----------------------------- ----------------
The contingent consideration is payable in two payments on 30
March 2016 and 30 March 2017 and subject to an earn-out based on
future turnover. The maximum amount payable is GBP970,000.
The post-acquisition revenue for the period ended 30 April 2015
was nil and the post-acquisition profit for the period ended 30
April 2015 was nil as all client portfolios were novated to AFH
Independent Financial Services Limited. If the acquisition had
taken place on 1 November 2014, management estimate that the
revenue would have been GBPnil and there would have been a profit
of GBPnil.
Acquisition of K.L. Plester Financial Services Holdings Ltd.
K.L. Plester Financial Holdings Ltd was acquired by AFH Group
Limited on 9 February 2015 and undertakes the provision of
independent financial advice to the retail market.
The acquisition has been accounted for using the acquisition
method. The provisional fair value of the identifiable assets and
liabilities of K.L. Plester Financial Services Holdings Ltd as at
the date of acquisition was:
Provisional
fair value
to be Previous
recognised Fair value carrying
on acquisition adjustments value
(unaudited) (unaudited) (unaudited)
GBP'000 GBP'000 GBP'000
----------------------------------- ---------------- ------------- -------------
Client portfolio 1,717 1,717 -
Cash at bank 115 - 115
Assets 1,832 1,717 115
----------------------------------- ---------------- ------------- -------------
Trade and other payables - - -
Liabilities - - -
----------------------------------- ---------------- ------------- -------------
Total identifiable net
assets at fair value 1,832
Total acquisition cost 1,832
----------------------------------- ----------------
Analysed as follows:
Initial cash consideration 745
Deferred contingent consideration 972
Net assets adjustment
to initial consideration 115
Total acquisition cost 1,832
----------------------------------- ----------------
Cash outflow on acquisition GBP'000
----------------------------------- ----------------
Cash paid 861
Cash acquired (115)
Acquisition costs -
Net cash outflow 746
----------------------------------- ----------------
The contingent consideration is payable in two payments on 9
April 2016 and 9 April 2017 and subject to an earn-out based on
future turnover. The maximum amount payable is GBP1,832,000.
The post-acquisition revenue for the period ended 30 April 2015
was nil and the post-acquisition profit for the period ended 30
April 2015 was nil as all client portfolios were novated to AFH
Independent Financial Services Limited. If the acquisition had
taken place on 1 November 2014, management estimate that the
revenue would have been GBPnil and there would have been a profit
of GBPnil.
Acquisition of Clarendon Financial Solutions Ltd.
Clarendon Financial Solutions Ltd was acquired by AFH Group
Limited on 1 April 2015 and undertakes the provision of independent
financial advice to the retail market.
The acquisition has been accounted for using the acquisition
method. The provisional fair value of the identifiable assets and
liabilities of Clarendon Financial Solutions Ltd as at the date of
acquisition was:
Provisional
fair value
to be Previous
recognised Fair value carrying
on acquisition adjustments value
(unaudited) (unaudited) (unaudited)
GBP'000 GBP'000 GBP'000
----------------------------------- ---------------- ------------- -------------
Client portfolio 461 461 -
Tangible assets - -
Cash at bank 50 - 50
Assets 511 461 50
----------------------------------- ---------------- ------------- -------------
Trade and other payables (28) - (28)
Liabilities (28) - (28)
----------------------------------- ---------------- ------------- -------------
Total identifiable net
assets at fair value 483
Total acquisition cost 483
----------------------------------- ----------------
Analysed as follows:
Initial cash consideration 231
Deferred contingent consideration 230
Net assets adjustment
to initial consideration 22
Total acquisition cost 483
----------------------------------- ----------------
Cash outflow on acquisition GBP'000
----------------------------------- ----------------
Cash paid 258
Cash acquired (50)
Acquisition costs -
Net cash outflow 208
----------------------------------- ----------------
The contingent consideration is payable in two payments on 17
May 2016 and 17 May 2017 and subject to an earn-out based on future
turnover. The maximum amount payable is GBP483,000.
The post-acquisition revenue for the period ended 30 April 2015
was nil and the post-acquisition profit for the period ended 30
April 2015 was nil as all client portfolios were novated to AFH
Independent Financial Services Limited. If the acquisition had
taken place on 1 November 2014, management estimate that the
revenue would have been GBPnil and there would have been a profit
of GBPnil.
Acquisition of IFS (UK) Ltd
IFS (UK) Ltd was acquired by AFH Group Limited on 30 April 2015
and undertakes the provision of independent financial advice to the
retail market.
The acquisition has been accounted for using the acquisition
method. The provisional fair value of the identifiable assets and
liabilities of IFS (UK) Ltd as at the date of acquisition was:
Provisional
fair value
to be Previous
recognised Fair value carrying
on acquisition adjustments value
(unaudited) (unaudited) (unaudited)
GBP'000 GBP'000 GBP'000
----------------------------------- ---------------- ------------- -------------
Client portfolio 4,100 4,100 -
Cash at bank 85 - 85
Trade and other receivables 495 495
Assets 4,680 4,100 580
----------------------------------- ---------------- ------------- -------------
Trade and other payables 298 298
Provisions and other
payables 127 127
Liabilities 425 - 425
----------------------------------- ---------------- ------------- -------------
Total identifiable net
assets at fair value 4,255
Total acquisition cost 4,255
----------------------------------- ----------------
Analysed as follows:
Initial cash consideration 450
Deferred contingent consideration 3,650
Net assets adjustment
to initial consideration 155
Total acquisition cost 4,255
----------------------------------- ----------------
Cash outflow on acquisition GBP'000
----------------------------------- ----------------
Cash paid 605
Cash acquired (85)
Acquisition costs -
Net cash outflow 520
----------------------------------- ----------------
The contingent consideration is payable in three payments on 16
November2015, 31 December 2016 and 31 December 2017 and subject to
an earn-out based on future turnover. The maximum amount payable is
GBP4,255,000
The post-acquisition revenue for the period ended 30 April 2015
was nil and the post-acquisition profit for the period ended 30
April 2015 was nil as all client portfolios were novated to AFH
Independent Financial Services Limited. If the acquisition had
taken place on 1 November 2014, management estimate that the
revenue would have been GBPnil and there would have been a profit
of GBPnil.
All four acquisitions enabled the Group to expand its financial
advisory services.
(ii) Asset Purchase Acquisitions
During the period ended 30 April 2015 four asset purchases were
undertaken relating to acquired client portfolios. The maximum
consideration for these acquisitions amounted to GBP2.3m and the
carrying amount and fair value of the net assets acquired were
GBP2.3m. Included within the total consideration are amounts
relating to contingent consideration of GBP1.1m. The contingent
consideration is subject to earn outs based on future turnover over
a period up to three year period.
5 Intangible Assets
Acquired
client
Goodwill portfolios Total
GBP'000 GBP'000 GBP'000
Cost
At 31 October 2013 2,465 5,428 7,893
Additions - 1,552 1,552
Disposals - - -
Revaluations - - -
At 30 April 2014 2,465 6,980 9,445
Additions - 1,122 1,122
Disposals - - -
Revaluations - - -
At 31 October 2014 2,465 8,102 10,567
Additions - 9,583 9,583
Disposals - (34) (34)
Revaluations - - -
At 30 April 2015 2,465 17,651 20,116
Amortisation
At 31 October 2013 375 142 517
Charge for the period - 161 161
At 30 April 2014 375 303 678
Charge for the period - 182 182
At 31 October 2014 375 485 860
Charge for the period - 288 288
At 30 April 2015 375 773 1,148
Net book value
At 30 April 2015 2,090 16,878 18,968
At 31 October 2014 2,090 7,617 9,707
At 30 April 2014 2,090 6,677 8,767
At 31 October 2013 2,090 5,286 7,376
6 Reconciliation of Operating profit to Net Cash inflow from
Operating Activities
Unaudited Unaudited Audited
Six months Six months Twelve
ending ending months
30 April 30 April ending
31 October
2015 2014 2014
GBP'000 GBP'000 GBP'000
Profit before tax for
the period 607 537 861
Adjustments for
Interest and other investment
income (15) - (25)
Interest expense 73 32 63
Depreciation, amortisation
and impairment 336 238 427
Equity settled share
based expense 60 48 39
Movements in working
capital
Decrease / (Increase)
in trade and other receivables 63 (10) 151
(Decrease) / Increase
in trade and other payables (131) 85 379
-------------- -------------- --------------
Cash generated from operations 993 930 1,895
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EVLFLEDFLBBX
Afh Financial (LSE:AFHP)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Afh Financial (LSE:AFHP)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024
