Last checked at 
27 Sep 2011 07:00
Date: 27 September 2011
On behalf of: Allanfield Group plc ("Allanfield", "the Group" or "the Company")
Embargoed until: 0700hrs
Allanfield Group Plc
§ Interim Results for the six months ended 30 June 2011
Allanfield Group plc (AIM: ALF), the specialist real estate insurance broker, is pleased to announce its interim results following its Admission to AIM on 18 August 2011.
Chief Executive's Statement
Allanfield Group Plc ("Allanfield") brings together two specialist real estate insurance brokers, Allanfield Property Insurance Services Limited ("APIS") and Industrial & Commercial Property Insurance Consultants Limited ("ICP"), managing insurance premiums of approximately £15 million.
Our business model is real estate focused and is based on having larger clients, generally with minimum premiums in excess of £100,000, supported by leading industry recognised technology and retaining clients through good service management and our equity loyalty scheme.
The period presented herein is for the six months ended 30 June 2011 which was before Allanfield acquired APIS on 15 August 2011 and ICP on 18 August 2011. The results are therefore not representative of a legal group and hence do not comply with the principles concerning consolidated financial statements under IFRS. These interim accounts have been prepared in order to provide updated numbers to the AIM admission document dated 15 August 2011 which included financial information on APIS and ICP for the three years ended 31 December 2010.
The interim accounts have been prepared by aggregating the relevant assets, liabilities, results, share capital and reserves of APIS and ICP for the period from 1 January 2011 to 30 June 2011. They do not take into account the costs of listing, acquisition and fund raising. These items will be included in the results of the Group for the year ended 31 December 2011.
Current Trading
APIS has been investing in its personnel and infrastructure in anticipation of the listing and the acquisition of ICP and revenue and profits are in line with Directors' expectations.
Outlook
It is expected that being a listed company will enhance the image of Allanfield, which will lead to the opportunity to win new clients. This has already manifested itself in securing both a significant new client and an increase in the volume of leads and pipeline.
In addition we will be focusing on launching a number of new products within the next 6 to 12 months. This includes an insurance captive and a new offering to property managing agents, both of which will enable us to strengthen the pipeline.
It has been an exciting period for the Group as we have brought together two excellent businesses and listed the Group on AIM. We firmly believe that being a listed Group will bring new opportunities to grow and we look forward with confidence to building on our successes to date. We have put together a great team and we are all working hard to implement innovative products within the real estate sector.
Enquiries:
Allanfield Group plc | Tel: 020 7472 5999 |
Gary Field / Darryl Noik | |
finnCap |
Tel: 020 7600 1658 |
Charlotte Stranner / Charlie Cunningham | |
Redleaf Polhill |
Tel: 020 7566 6720 |
Samantha Robbins / David Ison | allanfield@redleafpolhill.com |
Combined statement of comprehensive income
For the six months ended 30 June 2011
Six months ended | Six months ended | Year ended | ||||
Notes | 30 June | 30 June | 31 December | |||
2011 | 2010 | 2010 | ||||
(unaudited) | (unaudited) | (unaudited) | ||||
£ | £ | £ | ||||
Revenue | ||||||
Continuing operations | 1,560,435 | 1,678,547 | 3,029,194 | |||
Administrative expenses | 666,580 | 437,051 | 991,443 | |||
Operating profit | 893,855 | 1,241,496 | 2,037,751 | |||
Finance income | 369 | - | 493 | |||
Finance costs | (1,569) | (879) | (1,029) | |||
Profit before taxation | 892,655 | 1,240,617 | 2,037,215 | |||
Income tax expense | 45,084 | 152,960 | 207,695 | |||
Profit for the period and total comprehensive income | 847,571 | 1,087,657 | 1,829,520 | |||
Combined statement of financial position
As at 30 June 2011
As at 30 June | As at 31 December | |||||
2011 | 2010 | 2010 | ||||
(unaudited) | (unaudited) | (unaudited) | ||||
£ | £ | £ | ||||
ASSETS | ||||||
Non current assets | ||||||
Property, plant and equipment | 62,995 | 71,837 | 66,022 | |||
Current assets | ||||||
Trade and other receivables | 6,759,851 | 6,185,706 | 5,749,123 | |||
Cash and cash equivalents | 772,069 | 514,839 | 465,287 | |||
7,531,920 | 6,700,545 | 6,214,410 | ||||
TOTAL ASSETS | 7,594,915 | 6,772,382 | 6,280,432 | |||
SHAREHOLDERS' EQUITY | ||||||
Share capital | 2,100 | 2,100 | 2,100 | |||
Retained earnings | 6,737,876 | 5,148,443 | 5,890,305 | |||
Total shareholders' equity | 6,739,976 | 5,150,543 | 5,892,405 | |||
LIABILITIES | ||||||
Current liabilities | ||||||
Trade and other payables | 600,849 | 1,286,711 | 180,332 | |||
Current income tax liability | 254,090 | 335,128 | 207,695 | |||
Total liabilities | 854,939 | 1,621,839 | 388,027 | |||
TOTAL EQUITY AND LIABILITIES | 7,594,915 | 6,772,382 | 6,280,432 | |||
Combined statement of cash flows
For the six months ended 30 June 2011
Six months ended | Six months ended | Year ended | ||||
30 June | 30 June | 31 December | ||||
2011 | 2010 | 2010 | ||||
(unaudited) | (unaudited) | (unaudited) | ||||
£ | £ | |||||
Cash flows from operating activities | ||||||
Profit before income tax expense | 892,655 | 1,240,617 | 2,037,215 | |||
Adjustment for: | ||||||
Depreciation of tangible assets | 7,721 | 9,691 | 22,007 | |||
Finance income | (369) | - | (493) | |||
Finance expense | 1,569 | 879 | 1,029 | |||
901,576 | 1,251,187 | 2,059,758 | ||||
Movement in working capital | ||||||
(Increase)/decrease in receivables | (1,019,868) | (673,411) | (73,425) | |||
Decrease in creditors within one year | 429,657 | (593,921) | (1,863,704) | |||
Cash generated from operations | 311,365 | (16,145) | 122,629 | |||
Interest paid | (1,569) | (879) | (1,029) | |||
Income tax paid | 1,311 | - | (182,168) | |||
Net cash generated from operating activities | 311,107 | (17,024) | (60,568) | |||
Cash flows from investing activities | ||||||
Interest received | 369 | - | 493 | |||
Purchase of property, plant and equipment | (4,694) | (15,100) | (21,601) | |||
Net cash used in investing activities | (4,325) | (15,100) | (21,108) | |||
Cash flows from financing activities | ||||||
Dividends paid | - | (300,000) | (300,000) | |||
Net cash generated in financing activities | - | (300,000) | (300,000) | |||
Net increase/(decrease) in cash and cash equivalents | 306,782 |
(332,124) | (381,676) | |||
Cash and cash equivalents at start of period | 465,287 | 846,963 | 846,963 | |||
Cash and cash equivalents at end of period | 772,069 | 514,839 | 465,287 |
Notes to the interim financial statements
1 General information
Allanfield Group Plc is a company incorporated in the United Kingdom, which is listed on AIM, a market operated by the London Stock Exchange Plc. The address of its registered office is 99 Heath Street, London, NW3 6ST.
2 Financial information
The interim combined financial information for the six months ended 30 June 2011 has not been audited or reviewed and does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.
The individual statutory accounts for Allanfield Property Insurance Services Limited (APIS) and Industrial & Commercial Property Insurance Consultants Limited (ICP) for the year ended 31 December 2010 have been delivered to the Registrar of Companies. The reports of the independent auditors on those financial statements was unqualified and did not contain a statement under Sections 498 (2) or (3) of the Companies Act 2006.
The combined financial information has been prepared by aggregating the relevant assets, liabilities, results, share capital and reserves of APIS and ICP.
The combined financial information has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ('IFRSs as adopted by the EU') except as described below.
IFRSs as adopted by the EU does not provide for the preparation of combined financial information and accordingly in preparing the combined financial information certain accounting conventions commonly used for the preparation of historical financial information has been applied. The application of these conventions results in the following material departures from IFRSs as adopted by the EU. In other respects IFRSs as adopted by the EU have been applied.
Aggregation
The entities comprising Allanfield Group Plc did not include an overall holding company for any of the periods covered by the financial information presented in this interim report and therefore does not form a legal group. However, their results and net assets have been combined and, where applicable, consolidation adjustments have been included to show this combination of companies as a group.
3 Dividends
The directors do not propose to declare a dividend in respect of the period.
4 Copies of interim results
Copies of the interim results can be obtained from the website www.allanfieldgroup.com. From this site you may access our financial reports and presentations and details about the company and its operations.