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Interim Results

30 Dec 2005 07:00

AdVal Group PLC30 December 2005 Interim results for the six months to 30 September 2005 Highlights: • Identified and agreed terms (subject to certain conditions, including shareholder consent at an Extraordinary General Meeting expected to be held by early February) for a proposed share for share acquisition that will • Bring established, recurring clients into the Group, together with the opportunity for efficiency and cost benefits • Spread the costs of being on AiM over a larger combined entity • Strengthen the balance sheet by the proposed immediate conversion into equity of the Convertible Loan Notes and through access to cash in the acquired business This acquisition will result in a restructuring of the Board, with three newdirectors being appointed once the transaction takes place. To facilitatethis, which coincides with his wish to pursue independent interests, Major(Ret'd) Dennis Quilter has resigned with effect from today; He will, however,continue to be employed by the Company over the next six months. Dennis isfully supportive of the proposed acquisition and has undertaken to vote infavour in due course. • Disappointing sales in the first half - turnover on continuing business £0.8 million (2004 - £1.43 million) - although the prospects list remains promising. • An operating loss before interest of £0.33 million (2004 - £0.04 million). The half year loss after interest and tax was £0.37 million (2004 - £0.06 million). Chairman's statement I am pleased to announce that, following an extensive search and discussionswith a number of potential partners, we are close to entering into an Agreementto make a substantial acquisition that represents a good business fit. Afterthe Agreement is entered into, the acquisition will still be conditional on thepassing of appropriate Shareholder Resolutions at an Extraordinary GeneralMeeting, which we anticipate will be held by early February 2006. We have been looking at possible acquisitions since my appointment as Chairmanin April 2003, but have until now not been able to find one that matched ourcriteria. We have, in particular, been looking for a business that iscomplementary but brings new, recurring customers, preferably adding to ourtechnical skills base, and with positive equity. I am pleased to say that ourproposed partner's projected balance sheet will strengthen ours and provideworking capital; the conversion of our Loan Notes, which forms part of thetransaction, further strengthens our balance sheet. Critically, the proposedpartner will bring recurring business with several significant customers withwhom AdVal does not at present have a relationship. The merger of the twobusinesses offers significant opportunities for cost savings and spreads thecosts of being on AiM over a larger combined entity. To facilitate this, which coincides with his wish to pursue independentinterests, Major (Retd) Dennis Quilter has resigned from the Board with effectfrom today and it is envisaged that three directors from the proposed partnerwill join it. Dennis will, however, continue to support the Company over thenext six months. The Board thanks Dennis for his invaluable contribution asfounder and to the present time. Appropriate Resolutions will be proposed at the Extraordinary General Meeting tobe held to approve the transaction. A full Circular will be sent to allshareholders as soon as practicable. In common with many of our competitors, we have found trading conditions duringthe summer to be very difficult. Despite the encouraging activity mentioned inmy Statement on 23 September, customers have delayed decision-making and theindividual value of most contracts is smaller than was the norm in the past. Webelieve that our sales strategy is correctly directed, and that the significantnumber of prospects with whom we are currently engaged will produce the work todeliver a significant recovery over the second half, but there can be nodenying that the timing of customer decisions, which is outside our control, iscritical to this. Selling of our new, e-learning BTEC Award in Customer Services has experiencedvery similar conditions. There is an encouraging prospects list, with someorders, but the evaluation process is extended and decision making is slow. Weare looking at ways of improving sales and distribution channels and hope tohave better news on this front by the end of the current financial year. Finally, I would again like to thank our staff, on whose commitment andconfidence we depend for our future. We believe the proposed acquisition willencourage them, as well as our shareholders, that we are on the way towardssustainable profitability. Lars Ahrell 30 December 2005 Background information: AdVal is a business services group, offering bespoke e-learning, consulting,software testing and generic training products, especially those withaccreditation. For further information, please contact: AdVal Group plc Dr Lars Ahrell, Chairman 01296 388100 Shore Capital and Corporate Ltd Guy Peters 020 7408 4090 AdVal Group plc Unaudited Consolidated Profit & Loss Account For the 6 months ended 30 September 2005 6 months ended 6 months ended 30 September 2005 30 September 2004 £'000 £'000 £'000 £'000 Turnover 792 1,429 792 1,429 Cost of Sales (551) (794) (551) (794) Gross Profit 241 635 Administrative expenses (573) (670) (573) (670) Operating loss (332) (35) Net interest (34) (21) Loss on ordinary activities before (366) (56)taxation Tax on loss on ordinary activities - - Loss on ordinary activities after taxation (366) (56) Loss per ordinary share (1.06)p (0.16)p AdVal Group plc Unaudited Consolidated Profit & Loss Account For the 6 months ended 30 September 2005 30 September 2005 31 march 2005 30 September 2004 £'000 £'000 £'000 £'000 £'000 £'000 Fixed assets Tangible assets 32 46 67 Intangible assets 125 127 172 157 173 239 Current assets Stock & work in progress 140 90 181 Debtors 454 1,204 627 Cash at bank 30 214 94 624 1,508 902 Creditors: amounts falling Due within one year 503 1,046 758 Net current assets 121 462 144 Total assets less Current liabilities 278 635 383 Creditors: amounts fallingdue after one year Convertible loan notes 852 843 615 Capital & reserves Called up share capital 345 345 344 Share premium account 8,052 8,052 8,050 Other reserves (8) (8) (8) Profit & loss account (8,963) (8,597) (8,618) (Deficiency)/shareholders' funds (574) (208) (232) 278 635 383 AdVal Group plc Unaudited Consolidated Profit & Loss Account For the 6 months ended 30 September 2005 6 months ended 6 months ended 30 September 2005 30 September 2004 £'000 £'000 Net cash flow from operating activities (162) (285) Returns on investment and servicing of financing Interest (paid)/received (24) 2 Taxation - - Capital expenditure and financial investment Purchase of tangible fixed assets (7) (10) Net cash outflow from capital expenditure andfinancial investment (7) (10) Equity dividends paid - - Financing Issue of shares net of expenses - - Issue of loan notes net of expenses - 2 Repayment of borrowing - - - 2 Decrease in cash (193) (291) Notes: 1 The interim financial statements have been prepared on the basis of the accounting policies set out in the statutory accounts for the year ended 31 March 2005. 2 The above financial information does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. These statements do not require to be reported on by the auditors. The comparative financial information is based upon non-statutory, unaudited accounts for the six months ended 30 September 2004. 3 The earnings per ordinary share is based on the loss for the financial year divided by the weighted average number of called-up shares during the period. The loss for the purposes of calculating the loss per ordinary share was £365,979, (2004 - £56,050). The weighted average number of called-up ordinary shares was 34,500,069 (2004 - 34,408,069). 4 Net cash (outflow)/inflow from operating activities: 2005 2004 £'000 £'000 Operating loss (332) (35) Depreciation and amortisation 13 65 Increase in stocks (50) (154) Decrease/(increase) in debtors 750 (149) Decrease in creditors (543) (12) Net cash outflow from operating activities (162) (285) This information is provided by RNS The company news service from the London Stock Exchange
Date   Source Headline
14th Sep 20064:08 pmRNSWithdrawal of Offer
17th Aug 20063:15 pmRNSResignation of Advisers
17th Aug 20063:15 pmRNSSuspension - AdVal Group plc
31st Jul 20067:02 amRNSTrading Update
22nd Jun 20064:17 pmRNSTrading Statement
17th Mar 200611:59 amRNSIssue of Equity
13th Mar 20062:21 pmRNSResult of EGM
15th Feb 20067:01 amRNSAcquisition
25th Jan 20067:01 amRNSAcquisition
30th Dec 20057:00 amRNSInterim Results
25th Oct 200511:24 amRNSAGM Statement
26th Sep 20057:00 amRNSFinal Results
25th Apr 20057:00 amRNSDirector Shareholding
25th Apr 20057:00 amRNSDirector Shareholding
25th Apr 20057:00 amRNSDirector Shareholding
25th Apr 20057:00 amRNSDirector Shareholding
25th Apr 20057:00 amRNSDirector Shareholding
1st Apr 200510:52 amRNSDisposal of Subsidiary
6th Jan 20055:47 pmRNSResult of EGM

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