TIDMCSI
RNS Number : 6180R
Castle Street Investments PLC
10 March 2016
Castle Street Investments plc
10 March 2016
Castle Street Investments plc
Audited Final Results for the year ended 31 December 2015
("Castle Street", the Group" or "the Company")
Castle Street Investments plc (AIM: CSI) announces its audited
results for the year ended 31 December 2015. The results for the
period are not representative of the Company going forward as the
Company successfully concluded the acquisitions of Selection
Services Investments Limited and C4L Group Holdings Limited after
the year end. The Company has now been established as a well-funded
consolidator in the IT Services and Cloud sector.
Results highlights
-- GBP22.8 million of cash and cash equivalents at 31 December 2015.
-- Reduced on-going administrative costs to GBP0.5 million in
the year to 31 December 2015 as the operation scaled down
significantly following the disposal of its legacy businesses in
2013 and 2014.
-- Completed the evaluation of various potential investing
opportunities, incurring GBP0.8 million of exceptional costs in
respect of acquisitions in early 2016.
-- Generated profit before tax and loss on disposal of
discontinued activities of GBP1.1 million (2014: loss of GBP4.1
million) and an EPS of 1.05p (2014: loss per share of 14.93p).
Post period-end highlights
-- Acquisition of Selection Services Investments Limited and its
subsidiary entities ("Selection"), a provider of Managed IT
Solutions, Cloud and network service with over 500 active
customers, primarily focused on the United Kingdom mid-market.
-- An oversubscribed GBP30.0 million fundraising (before
expenses) through the issue of 100,000,000 new ordinary shares.
-- New Group bank facilities with The Royal Bank of Scotland plc.
-- Acquisition of C4L Group Holdings Limited ("C4L"), a
successful and growing network services and data centre hosting
business with over 550 active customers. C4L brings a high quality
core network infrastructure with substantial capacity for growth
and a broad data centre infrastructure.
-- Experienced management team recruited and Board strengthened.
Jonathan Watts, Chairman of Castle Street commented:
"Castle Street has recruited a highly capable executive team and
has concluded a successful placing and two complimentary
acquisitions to provide a solid platform for future growth. The
Group is now well positioned as a consolidator within the United
Kingdom IT services sector where we believe there is an opportunity
to increase shareholder value through organic and acquisitive
growth".
The Annual Report and Accounts for the year ended 31 December
2015 will be posted to shareholders at least 21 days prior to the
AGM and a copy will be available on the Company's website at
www.castlestreetinvestments.com
Enquiries:
Castle Street Investments plc
Andy Ross, Chief Executive Tel: +44 (0) 7899
Officer 664 193
Julian Phipps, Chief Financial Tel: +44 (0) 7852
Officer 714 674
N+1 Singer (Nominated Adviser Tel: +44 (0) 20 7496
and Broker) 3000
James Maxwell
Jen Boorer
MXC Capital Markets LLP Tel: +44 (0) 20 7965
(Financial Adviser) 8149
Marc Young
Charlotte Stranner
Alma PR
Josh Royston Tel: +44 (0) 7780
901 979
John Coles Tel: +44 (0) 7836
273 660
About Castle Street Investments plc
Following the Board's strategy review of the legacy business in
September 2014, which led to its disposal on 24 December 2014, the
Company became an Investing Company, a status which continued for
the year ended 31 December 2015. In early 2016, the Company has
made two acquisitions, further details of which are outlined in the
Chairman's Statement.
Chairman's statement
Following the strategic decision in 2014 to dispose of the
remaining legacy business, the Company has operated as an Investing
Company. During 2015 in line with its investing policy, the Board
duly identified and evaluated various potential investing
opportunities.
On 21 January 2016, the Company raised GBP30.0 million before
expenses through the issue of 100,000,000 new ordinary shares,
which was oversubscribed, to finance the entire issued share
capital of Selection, strengthen the balance sheet for future
acquisitions and for general working capital purposes. Selection is
a provider of Managed IT Solutions, Cloud and network services with
over 500 active customers, primarily focused on the United Kingdom
mid-market, with offices in Croydon, Bromley, Reading and Bristol
and approximately 380 staff.
At the same time as this acquisition was announced, Bill Dobbie
resigned as Chairman of the Group and became a non-executive
Director and I was appointed as Chairman. Andy Ross, Chief
Executive Officer, Julian Phipps, Chief Financial Officer and
Katherine Ward, non-executive Director were appointed to the Board
replacing Niall Stirling, Chief Financial Officer and Max Royde,
non-executive Director, who stepped down from the Board.
On 25 January 2016, the Group secured new bank facilities with
The Royal Bank of Scotland plc, which comprised a GBP2.0 million
overdraft facility, a five year GBP7.0 million Revolving Credit
Facility and an accordion loan, which allows the total facility to
be increased by up to GBP10.0 million to support organic and
acquisitive growth initiatives.
On 16 February 2016, the Company announced the acquisition of
the entire issued share capital of C4L. C4L is an
infrastructure-rich provider of network and data centre services
with over 550 active customers, primarily focused on the United
Kingdom market, with offices in Bournemouth (including its own 3MW
Tier2/3 data centre) and Docklands, London, and approximately 50
staff. Matt Hawkins, Chairman and founder of C4L, joins the Group
Board as Chief Technology Officer and Simon Mewett, Chief Executive
Officer of C4L, joins the Group Board as Chief Operating
Officer.
I am delighted that the Board's investing policy has culminated
in us owning these two exciting, complementary businesses, both
with highly energised and motivated staff, and a broad range of
products and services across IT Managed Solutions, networks,
hosting and cloud services. I look forward to working with my new
colleagues on the Board to drive growth and deliver a positive
return to shareholders.
Finally, I'd like to express my thanks to our outgoing
Directors, Niall Stirling and Max Royde for their efforts in
support of the Company.
Jonathan Watts
Non-Executive Chairman
Financial review
Review of 2015
2015 was a year of transition for the Group, with the continued
focus on ensuring a smooth exit from the legacy businesses which
were sold in 2013 and 2014, whilst at the same time, a new focus on
executing against the investment strategy and policy in order to
maximise shareholder returns.
Discontinued operations
The Group made a gross profit of GBP0.2 million on revenue of
GBP0.2 million arising from its legacy business in 2015, with no
further revenue anticipated from these assets in 2016. The Group
also released provisions of GBP1.5 million, once all the property,
legal and redundancy claims had been settled in 2015. At the end of
31 December 2015, the Group held provisions of GBP0.4 million
(2014: GBP3.0 million) for final property, taxation and other
potential liability settlements.
Continuing operations
The Group's on going administrative costs during 2015 amounted
to GBP0.5 million as the operation scaled down significantly
following the disposal of its legacy businesses.
The Group's investing policy involved the identification and
evaluation of potential acquisition opportunities, which resulted
in the acquisitions of Selection on 21 January 2016 and C4L on 15
February 2016. In the year to 31 December 2015, the Group incurred
GBP0.8 million of exceptional costs in respect of these
acquisitions.
Finance income
Finance income relates primarily to the unwinding of the
discount applied to the deferred consideration arising on the
legacy business disposal.
Profit before tax
The Group generated a profit before tax and loss on disposal of
discontinued activities of GBP1.1 million (2014: loss of GBP4.1
million).
Tax charge
The Group has provided for corporation tax to be charged at
20.25%. The tax computation for 2014 showed tax losses of GBP5.0
million, which were utilised against current year and prior year
tax charges.
Balance sheet
All the tangible and intangible assets were disposed of in 2014,
the Group had GBP22.8 million of cash and cash equivalents and
GBP0.1 million other assets at 31 December 2015.
Dividend
The Directors do not propose a dividend in respect of the
current financial year.
Update and outlook for 2016
On 21 January 2016, the Company raised GBP30.0 million before
expenses through the issue of 100,000,000 new ordinary shares,
which was oversubscribed, to finance the entire issued share
capital of Selection, a United Kingdom focused provider of IT
solutions and Cloud Services with over 500 active customers and to
fund future growth, including strengthening the balance sheet for
future acquisitions. The enterprise value of the acquisition was
GBP34.8 million, paid as GBP34.4 million in cash with the balance
satisfied by the issue of 1,353,810 new ordinary shares.
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Selection's last statutory accounts, prepared under UK GAAP,
were for the year ended 30 June 2015. Their performance in the six
month period since their last year end is summarised as
follows:
6 months 12 months 6 months
to to to
31 December 30 June 31 December
2015 2015 2014
(Unaudited) (Audited) (Unaudited)
GBP000 GBP000 GBP000
Revenue 17,717 34,544 17,121
Gross profit 7,362 13,474 6,742
Gross profit
% 42% 39% 39%
EBITDA 1,396 3,199 1,500
EBITDA % 7.9% 9.3% 8.8%
Operating
loss (831) (1,327) (787)
Loss before
taxation (2,369) (3,967) (2,406)
EBITDA is defined as earnings before interest, tax,
depreciation, amortisation, share based payments, acquisition and
restructuring costs, release of provisions and exceptional
costs.
Note: the above numbers are prepared on a UK GAAP basis. On an
IFRS basis, the EBITDA in the 12 months to 30 June 2015 was
GBP3,325,000, the operating profit was GBP1,334,000 and the loss
before taxation was GBP1,020,000. The differences arise due to
differing accounting treatments for amortisation and certain other
costs.
Selection has performed satisfactorily since 30 June 2015,
winning new business and securing a place on the government G-Cloud
7 Contracting framework within the Crown Commercial Service,
enabling it to bid for public sector contracts across the United
Kingdom.
On 25 January 2016, the Group secured new bank facilities with
The Royal Bank of Scotland plc. The facilities comprise a five year
GBP7.0 million Revolving Credit Facility available to the Group
until 22 January 2021 and a GBP2.0 million overdraft facility,
renewable annually. In addition, the Revolving Credit Facility also
contains an accordion feature that allows the total facility to be
increased by up to a further GBP10.0 million to support organic and
acquisitive growth initiatives.
On 16 February 2016, the Company announced the acquisition of
C4L, a successful and growing network services and data centre
hosting business with over 550 active customers, for a total
consideration of GBP20.2 million, paid as GBP14.2 million in cash
with the balance satisfied by the issue of 18,346,918 new ordinary
shares. C4L brings a high quality core network infrastructure with
substantial capacity for growth and a broad data centre
infrastructure.
C4L's last statutory accounts, prepared under UK GAAP, were for
the year ended 31 October 2015. Their performance in the two month
period since their last year end is summarised as follows:
2 months 12 months 2 months
to to to
31 December 31 October 31 December
2015 2015 2014
(Unaudited) (Audited) (Unaudited)
GBP000 GBP000 GBP000
Revenue 2,337 13,917 2,239
Gross profit 818 4,626 814
Gross profit
% 35% 33% 35%
EBITDA 306 1,040 220
EBITDA % 13.1% 7.5% 9.4%
EBITDA is defined as earnings before interest, tax,
depreciation, amortisation, share based payments, acquisition and
restructuring costs, release of provisions and exceptional
costs.
C4L has traded well since 31 October 2015, following the
successful implementation of a number of hosting and network
clients.
A further update on trading and outlook for 2016 will be
provided at the time of filing interim financial statements for the
six month period to 30 June 2016.
Julian Phipps
Chief Financial Officer
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2015
Continuing Discontinued Discontinued
operations operations Total Total
2015 2015 2015 2014
GBP000 GBP000 GBP000 GBP000
Revenue - 146 146 12,569
Cost of sales - 29 29 (11,960)
Gross profit - 175 175 609
Administrative
expenses (1,273) 1,552 279 (6,817)
______ ______ ______ ______
Operating profit/(loss) (1,273) 1,727 454 (6,208)
Analysed as:
-------------- --------------- -------------- ------------------
Earnings/(loss)
before interest,
tax,
depreciation, amortisation,
share based
payments, acquisition
and restructuring
costs and exceptional
costs (513) 650 137 (873)
Depreciation of
plant and equipment - - - (233)
Amortisation of
intangible assets - - - (2,001)
Release of provisions - 1,535 1,535 -
Exceptional costs (760) (458) (1,218) (3,101)
Finance income 659 2,148
Profit/(loss) before
taxation 1,113 (4,060)
Taxation (charge)/credit (363) 470
Profit/(loss) for
the year after
taxation 750 (3,590)
Loss on disposal
of discontinued
activities net
of tax - (7,038)
Profit/(loss) for
the financial year
- discontinued
operations 750 (10,628)
Other comprehensive
income:
Items that are
or may be reclassified
subsequently to
profit or loss:
Foreign exchange
translation differences
- equity accounted
investments - 2
Profit/(loss) for
the financial year
and total comprehensive
income all attributable
to equity holders
of the parent 750 (10,626)
Basic and diluted
earnings/(loss)
per share
Basic (p per share) 1.05p (14.93p)
Diluted (p per
share) 1.05p (14.93p)
Consolidated Statement of Financial Position
As at 31 December 2015
2015 2014
GBP000 GBP000
Non-current assets
Property, plant and - -
equipment
Intangible assets - -
Investments - -
Financial assets 74 -
74 -
Current assets
Trade and other receivables 80 11,974
Cash and cash equivalents 22,769 12,139
Tax recoverable - 1,033
22,849 25,146
Total assets 22,923 25,146
Current liabilities
Trade and other payables 1,146 1,840
Provisions 438 2,753
Tax payable 290 -
1,874 4,593
Non-current liabilities
Provisions - 254
- 254
Total liabilities 1,874 4,847
Net assets 21,049 20,299
Equity attributable
to equity holders of
the parent
Share capital 1,780 1,780
Share premium - 18,025
Capital redemption reserve - 347
Retained earnings 19,437 1,576
Foreign currency translation
reserve (168) (168)
Merger reserve - (1,261)
Total equity 21,049 20,299
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Consolidated Statement of Changes in Equity
Share Share Share options Capital Retained Foreign Merger Total
capital premium reserve redemption earnings currency reserve
reserve translation
reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1
January 2014 2,084 18,025 635 43 13,705 (170) (1,261) 33,061
Total comprehensive
income for the
year
Loss for the
year - - - - (10,628) - - (10,628)
Exchange rate
differences - - - - - 2 - 2
Transactions
with owners recorded
directly in equity
Dividends paid - - - - (2,136) - - (2,136)
Cancellation
of options - - (635) - 635 - - -
Cancellation
of shares held
in treasury (304) - - 304 - - - -
_____
Balance at 31
December 2014 1,780 18,025 - 347 1,576 (168) (1,261) 20,299
Total comprehensive
income for the
year
Profit for the
year - - - - 750 - - 750
Transactions
with owners recorded
directly in equity
Cancellation
of share premium
reserve - (18,025) - - 18,025 - - -
Cancellation
of capital redemption
reserve - - - (347) 347 - - -
Release of merger
reserve - - - - (1,261) - 1,261 -
______
Balance at 31
December 2015 1,780 - - - 19,437 (168) - 21,049
_____
On 23 December 2014, the Company passed a number of resolutions
including the cancellation of the Company's capital redemption
reserve. The court order approving the reduction of capital was
registered with the Companies House on 28 August 2015.
In the year ended 31 December 2015, following the sale of the of
the legacy business, the merger reserve created in 2009 a result of
the acquisition of the trade and assets of the Easydate Limited
under a common control transaction, was released to retained
earnings.
Consolidated statement of cash flows
for the year ended 31 December 2015
2015 2014
GBP000 GBP000
Cash flows from operating
activities
Profit/(loss) for the
year 750 (10,628)
Adjustments for:
Depreciation and amortisation - 2,234
Financial income (659) (2,148)
Taxation 363 (997)
Loss on disposal of
discontinued activities - 7,565
Gain on disposal of
fixed assets (22) -
Other reserve movements - 2
432 (3,972)
Decrease in trade and
other receivables 187 1,863
Decrease in trade and
other payables (694) (6,096)
(Decrease)/increase
in provisions (2,569) 3,007
(2,644) (5,198)
Tax refund/(paid) 960 (638)
Net cash from operating
activities (1,684) (5,836)
Cash flows from investing
activities
Interest received - 73
Acquisition of property,
plant and equipment - (57)
Capitalised development
expenditure - (1,171)
Acquisition of other
intangible assets - (80)
Proceeds from sale
of discontinued operations
2014 12,366 1,680
Proceeds from sale
of discontinued operations
2013 - 7,000
Proceeds from sale
of property, plant
and equipment 22 59
Net cash from investing
activities 12,388 7,504
Cash flows from financing
activities
Dividends paid - (2,136)
Acquisition of financial
assets (74) -
Net cash from financing
activities (74) (2,136)
Net increase/(decrease)
in cash and cash
equivalents 10,630 (468)
Cash and cash equivalents
at 1 January 12,139 12,607
Cash and cash equivalents
at 31 December 22,769 12,139
________
Notes to the Consolidated Financial Statements
Castle Street Investments plc is a public limited company
incorporated and domiciled in the United Kingdom, whose shares are
publicly traded on AIM, the market of that name operated by the
London Stock Exchange. The Company's registered office is at 24
Dublin Street, Edinburgh EH1 3PP.
The results for the year ended 31 December 2015 have been
extracted from the audited consolidated financial statements, which
are expected to be published on the Group's website
(www.castlestreetinvestments.com) shortly.
The financial information set out above does not constitute the
Company's statutory accounts for the years ended
31 December 2015 or 2014 but is derived from those accounts.
Statutory accounts for 2014 have been delivered to the Registrar of
Companies, and those for 2015 will be delivered in due course. The
auditor has reported on those accounts; their reports were (i)
unqualified, (ii) did not include a reference to any matters to
which the auditor drew attention by way of emphasis without
qualifying their report and (iii) did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006.
The annual financial statements have been prepared in accordance
with EU adopted International Financial Reporting Standards (IFRS),
IFRIC interpretations and the Companies Act 2006 applicable to
companies reporting under IFRS. They have been prepared under the
historical cost convention, as modified by the revaluation of
financial assets and financial liabilities at fair value through
profit or loss.
Accounting policies
The principal accounting policies, which have been applied
consistently in the preparation of the consolidated financial
statements throughout the year and by all subsidiary companies are
set out below:
Going concern
The financial statements have been prepared on a going concern
basis following its acquisition of Selection and C4L, which the
Directors believe is appropriate.
The Directors have prepared cash flow forecasts for the Group
following its acquisition of Selection and C4L. These forecasts
show that the Group expects to meet its liabilities from cash
resources as they fall due for a period in excess of 12 months from
date of approval of these financial statements.
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On 25 January 2016, the Group secured new bank facilities with
The Royal Bank of Scotland plc. The facilities comprise a five year
GBP7.0 million Revolving Credit Facility available to the Group
until 22 January 2021 and a GBP2.0 million overdraft facility,
renewable annually. In addition, the Revolving Credit Facility also
contains an accordion feature that allows the total facility to be
increased by up to a further GBP10.0 million to support organic and
acquisitive growth initiatives.
Non-derivative financial instruments
Non-derivative financial instruments comprise trade and other
receivables, cash and cash equivalents, and trade and other
payables.
Trade and other receivables
Trade and other receivables are recognised initially at fair
value. Subsequent to initial recognition they are measured at
amortised cost using the effective interest rate method, less any
impairment losses.
Trade and other payables
Trade and other payables are recognised initially at fair value.
Subsequent to initial recognition they are measured at amortised
cost using the effective interest rate method.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call
deposits. Bank overdrafts that are repayable on demand and form an
integral part of the Group's cash management are included as a
component of cash and cash equivalents for the purpose only of the
cash flow statement.
Revenue
Website membership income is recognised on a straight line basis
over the length of the membership subscribed for. When the Group
has an underlying obligation to provide services because, for
example, of membership being paid in advance, revenue is recognised
as the service is performed and amounts billed or secured in
advance are treated as deferred income and excluded from current
revenue.
The accounting policy for revenue generated by the Group's
future acquisitions will be dependent upon the investment decision
made.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources
of estimation uncertainty at the balance sheet date, that have a
significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year
are discussed below.
Provisions
A number of provisions including provisions exist at the year
end. By their nature these provisions are judgemental. The entity
has considered the range of possible outcomes and made provision on
the basis of the possible outcomes.
Foreign currency
The consolidated financial statements are presented in sterling,
which is the Group's functional and presentation currency. The
income and expenses of foreign entities are translated at the
average exchange rate for the period in which the activity
occurred. The assets and liabilities of such entities are
translated at the exchange rate prevailing at the balance sheet
date. Exchange differences arising upon translation are reported as
a separate component of equity.
Monetary assets and liabilities denominated in foreign currency
are translated to the presentation currency at the exchange rate
ruling at each balance sheet date. Foreign currency differences
arising on retranslation of these monetary items are recognised as
a profit or a loss in the period.
Non-monetary assets and liabilities that are measured in terms
of historical cost in a foreign currency are translated using the
exchange rate at the date of transaction.
Exceptional costs
The Group has disclosed additional information in respect of
exceptional items on the face of the consolidated statement of
comprehensive income in order to aid understanding of the Group's
financial performance. An item is treated as exceptional if it is
considered that by virtue of its nature, scale, or incidence it is
of such significance that separate disclosure is required for the
financial statements to be properly understood. These items are not
part of the Group's normal ongoing operations.
Discontinued operations
A discontinued operation is a component of the Group's business
that represents a separate major line of business or geographical
area of operations that has been disposed of or is held for sale,
or is a subsidiary acquired exclusively with a view to resale.
Classification as a discontinued operation occurs upon disposal or
when the operation meets the criteria to be classified as held for
sale, if earlier. When an operation is classified as a discontinued
operation, the comparative income statement is restated as if the
operation has been discontinued from the start of the comparative
period.
Segment reporting
During the year ended 31 December 2015, the Company operated as
an Investing Company. As a result, the internal reporting structure
from prior years, based on operating segments by geographical
territories is irrelevant for the Company as an investing company.
Consequently, no segmental analysis has been prepared for the 2015
financial year.
Exceptional Costs
Exceptional costs in 2015 include GBP0.8 million (2014: GBPnil)
in respect of acquisition costs incurred pre 31 December 2015,
GBPnil (2014: GBP1.2 million) for costs associated with termination
of employee contracts, GBPnil (2014: GBP1.1 million) for the actual
or expected settlement of patent and trademark infringement claims
in the United States of America, and GBP0.5 million (2014: GBP0.8
million) for committed costs under onerous contracts, including
property leases in the United Kingdom and France.
Provisions released in 2015 include GBP0.3 million (2014: nil)
following termination of employee contracts, GBP0.9 million (2014:
GBPnil) as a result of the actual settlement of patent and
trademark infringement claims in the United States of America, and
GBP0.3 million (2014: GBPnil) following settlement of onerous
contracts, including property leases in the United Kingdom and
France.
Earnings/(loss) per share
Earnings Weighted Earnings Loss Weighted Loss
2015 average per share 2014 average per
GBP000 no. 2015 GBP000 no. share
of shares of shares 2014
2015 2014
'000 '000
Basic earnings/(loss)
per share 750 71,202 1.05p (10,628) 71,202 (14.93)p
Dilution for
options - - - - -
------------------------- --------- ----------- ----------- --------- ----------- ---------
Diluted earnings/(loss)
per share 750 71,202 1.05p (10,628) 71,202 (14.93)p
------------------------- --------- ----------- ----------- --------- ----------- ---------
Amortisation
of intangible
assets (ex R&D) - 1,154
Loss on disposal - 7,565
Tax impact of
adjusted items - (775)
------------------------- --------- ----------- ----------- --------- ----------- ---------
Adjusted profit/(loss)
for the year 750 (2,684)
------------------------- --------- ----------- ----------- --------- ----------- ---------
Basic adjusted
earnings/(loss)
per share 71,202 1.05p 71,202 (3.77)p
------------------------- --------- ----------- ----------- --------- ----------- ---------
Diluted adjusted
earnings/(loss)
per share 71,202 1.05p 71,202 (3.77)p
------------------------- --------- ----------- ----------- --------- ----------- ---------
The calculation of basic earnings per share at 31 December 2015
was based on a weighted average number of ordinary shares
outstanding of 71,201,993 (2014: 71,201,642). There were no options
in issue at 31 December 2015 (2014: nil) and as a result, there was
no difference between basic and diluted earnings/(loss) per
share.
Provisions
Property Legal Redundancy Other Total
claims
GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1 - - - - -
January 2014
Provisions made
during the year 588 1,140 985 429 3,142
Provisions used
during the year - (135) - - (135)
______ ______ _______ ______ ______
Balance at 31
December 2014 588 1,005 985 429 3,007
Provisions made
during the year 43 2 - 413 458
Provisions used
during the year (273) (136) (732) (351) (1,492)
Provisions released
during the year (305) (871) (253) (106) (1,535)
Balance at 31
December 2015 53 - - 385 438
Current 438
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