AssetCo's focus on support services pays dividends

Fire and rescue services business AssetCo said all of its forecast revenue for fiscal 2011 is already in the bag as it celebrated record figures for fiscal 2010.Profit before tax from continuing operations leapt from £1.3m the year before to £12.1m in the year to 31 March 2010.Earnings before interest, tax, depreciation and amortisation rose to £24.9m from £17.6m the year before.Group revenue increased by 33% to £45.2m from £34.1m in the prior year due to the securing of the emergency fire crew capability (EFCC) contract for the London Fire and Emergency Planning Authority which commenced in August 2009 and also due to the international financial reporting standards (IFRS) treatment of new assets.Net debt has been reduced from £76m at the end of March 2009 to £68.5m at the end of March 2010."Our established track record in the UK allows us to continue to offer alternative models to deliver significant efficiency savings to those local authorities tasked with meeting the Chancellor's budget targets, whilst internationally we have identified several further opportunities for growth," said chief executive John Shannon. The directors are recommending an increased dividend of 1.5p, up from 1.25p in 2009, and the board also intends to declare an interim dividend of not less that 1.0p following the disposal of "assets held for sale".