Last checked at 27 Sep 2010 07:00
Personal Group Holdings Plc
Interim statement for the six months to 30 June 2010
The board of directors of Personal Group Holdings Plc, specialist providers of employee benefits, insurance and consultancy, are pleased to announce the group's results as follows:
Highlights
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| 2010 | 2009 | % |
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| £m | £m |
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| Net insurance premiums written | 9.1 | 8.5 | +6.6 |
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| Profit before tax | 4.6 | 4.0 | +14.9 |
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| 2010 | 2009 | % |
|
| Pence | Pence |
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| Earnings per share (basic & diluted) | 11.1 | 10.2 | +8.8 |
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| Dividends per share paid in period | 8.5 | 8.3 | +2.4 |
·; Net insurance premiums written up 6.6% at £9.1m (2009: £8.5m)
·; PBT up 14.9% at £4.6m (2009: £4.0m) following record new business since 2008 and the return to more traditional claims experience
·; EPS at 11.1 pence per share (2009: 10.2 pence per share)
Nigel Brittle, Group Chief Executive, commented:
"Record profits achieved through the first half of 2010 reflect past and continuing record new business performances delivered by our core employee benefits and insurance activity since 2008. The return of our claims experience to traditional levels and the success of cost control measures have also played a part in this performance.
Prospects for the second half are promising as we prepare to launch some significant new client benefit programmes and our newer VGIP product offering continues to gather momentum."
Enquiries:
Personal Group Holdings Plc
Nigel Brittle, Group Chief Executive Tel: 01908 605000 ext 1926
Ken Rooney, Deputy Chairman
John Barber, Finance Director
Cenkos Securities
Stephen Keys Tel: 0207 397 8900
Bankside Consultants
Simon Rothschild Tel: 0207 367 8888
Chairman's Statement
I am pleased to report another strong performance by the group in the six months period ended 30 June 2010, resulting in the group's best first half year results ever.
Group profit before tax (PBT) was £4.6m (2009: £4.0m), an increase of 14.9%.
This growth has been generated from the strong platform created by two consecutive years of record new business in our core employee benefits and insurance activities (specifically our personal group hospital plan, convalescence plan and death benefit plan) in 2008 and 2009. This record new business has continued into 2010 with our best ever first six months in terms of new business produced from our core business: total net premiums written for the first half of 2010 increased by 6.6% to £9.1m (2009: £8.5m).
This first half performance has been achieved despite the disrupted start to the year caused by the severe weather in January and also despite the fact that we launched 11 new employee benefit programmes to host companies in the first half of 2010 compared to 14 in the same period in 2009. Consequently, the proportion of visits and services provided to existing client companies has been higher in the first half of this year although it is expected that this will be balanced during the second half with some significant new benefit programmes scheduled to be introduced to new client companies.
Following last year's first half increases in claims incurred, in the wake of product enhancements made in 2008, this period has seen claims activity returning to the levels traditionally experienced. As a result, claims incurred are down in the first half of 2010 compared to the first six months of 2009. We have also been able to demonstrate good cost control during the period contributing to overall expenses as a percentage of turnover being reduced by 4% compared to the corresponding period last year.
As I mentioned in our 2009 Annual Report, we have also been focusing efforts on growing our newer Voluntary Group Income Protection (VGIP) product. We are currently the only provider offering access to this product through worksite consultations. We have boosted our marketing activity and have developed relationships with third party partners to expand our reach into market areas where we have been less active historically - particularly companies with office - based staff in service and administration sectors. In the first half of 2010, while momentum has gathered gradually, we have increased the number of new VGIP programmes launched, and income from this product has increased 100% on the corresponding period in 2009.
Feedback from new and prospective clients continues to be positive at a time when many employers are looking closely at their budgetary commitments in relation to benefits they purchase for their staff. Consequently, the voluntary nature of Personal Group's core products together with the salary sacrifice benefits of VGIP are important positive differentiators for the group in this area. Prospects for more new VGIP programmes to be launched during the second half of the year are promising.
Our IFA and broker subsidiary Berkeley Morgan Group performed in line with our expectations and continues to make a valuable contribution to our group PBT.
Group investment income continues to be adversely affected by the low level of interest rates and was reduced to £0.1m (2009: £0.2m). Our investment properties continue to make a small contribution to our PBT.
Apart from a small loan to fund the group's employee share schemes the group has no debt and retains a very strong balance sheet. Equity at 30 June 2010 was £22.5m, which includes net cash balances (including bank deposits classified under IFRS as financial assets) of over £10.8m.
Our first dividend of 2010, of 8.5p per share, was paid in March. A second dividend of 4.25p per share was paid today and if the further dividend is paid as expected in December the total for the year will amount to 17.0p per share (2009: 16.6p per share).
The group continues to perform strongly in the current uncertain economic climate, and trading remains in line with the directors' expectations. My fellow directors and I thank all those who are associated with this performance.
Chris Curling
Chairman
24 September 2010
Consolidated income statement
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| 6 months ended 30 June 2010 Unaudited | 6 months ended 30 June 2009 Unaudited | 12 months ended 31 December 2009 Audited |
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| Note | £'000 | £'000 | £'000 |
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| Gross premiums written |
| 9,127 | 8,550 | 17,550 |
| Change in unearned premiums |
| (48) | (29) | 61 |
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| ________ | ________ | ________ |
| Net premiums written |
| 9,079 | 8,521 | 17,611 |
| Other income: |
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| Insurance related |
| 3,314 | 3,444 | 6,814 |
| Non-insurance related |
| 581 | 738 | 1,454 |
| Investment property |
| 159 | 146 | 287 |
| Investment income |
| 119 | 184 | 238 |
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|
| ________ | ________ | ________ |
| Revenue |
| 13,252 | 13,033 | 26,404 |
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|
| ________ | ________ | ________ |
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| Claims incurred |
| (1,833) | (2,174) | (3,844) |
| Insurance operating expenses |
| (3,779) | (3,658) | (7,831) |
| Impairment of non-financial assets |
| - | - | (3,000) |
| Other expenses: |
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| Insurance related |
| (2,065) | (2,256) | (4,318) |
| Non-insurance related |
| (857) | (820) | (1,679) |
| Investment property |
| (66) | (54) | (111) |
| Charitable donations |
| (40) | (40) | (80) |
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| ________ | ________ | ________ |
| Expenses |
| (8,640) | (9,002) | (20,863) |
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| ________ | ________ | ________ |
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| Results of operating activities |
| 4,612 | 4,031 | 5,541 |
| Finance costs |
| (1) | (18) | (20) |
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| ________ | ________ | ________ |
| Profit before tax |
| 4,611 | 4,013 | 5,521 |
| Tax |
| (1,307) | (960) | (2,202) |
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|
| ________ | ________ | ________ |
| Profit for the period after tax |
| 3,304 | 3,053 | 3,319 |
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|
| ________ | ________ | ________ |
| The profit for the period after tax is attributable to equity holders of Personal Group Holdings Plc.
| ||||
| Earnings per share as arising from total and continuing operations |
| Pence | Pence | Pence |
| Basic | 4 | 11.1 | 10.2 | 11.1 |
| Diluted | 4 | 11.1 | 10.2 | 11.1 |
All operations are considered to be continuing.
Consolidated statement of comprehensive income
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| 6 months ended 30 June 2010 Unaudited | 6 months ended 30 June 2009 Unaudited | 12 months ended 31 December 2009 Audited |
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|
| £'000 | £'000 | £'000 |
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| Profit for the period |
| 3,304 | 3,053 | 3,319 |
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| Other comprehensive income |
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| Available for sale financial assets: |
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| Valuation changes taken to equity |
| (13) | 14 | 107 |
| Reclassification to profit or loss |
| 7 | - | 36 |
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| Income tax on unrealised valuation changes |
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| taken to equity |
| (2) | (4) | (40) |
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| ______ | ______ | ______ |
| Total comprehensive income for the period |
| 3,296 | 3,063 | 3,422 |
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| ______ | ______ | ______ |
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The total comprehensive income for the period is attributable to equity holders of Personal Group Holdings Plc.
Consolidated balance sheet at 30 June 2010
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| At 30 June 2010 Unaudited | At 30 June 2009 Unaudited | At 31 December 2009 Audited |
|
| Note | £'000 | £'000 | £'000 |
| ASSETS |
|
|
|
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| Non-current assets Goodwill |
| 3,000 | 6,000 | 3,000 |
| Property, plant and equipment | 5 | 5,434 | 5,494 | 5,421 |
| Investment property |
| 3,185 | 3,185 | 3,185 |
| Financial assets |
| 5,667 | 2,659 | 5,702 |
|
|
| ________ | ________ | ________ |
|
|
| 17,286 | 17,338 | 17,308 |
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|
| ________ | ________ | ________ |
| Current assets Trade and other receivables |
| 2,966 | 3,067 | 2,688 |
| Cash and cash equivalents |
| 7,761 | 9,265 | 7,300 |
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|
| ________ | ________ | ________ |
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|
| 10,727 | 12,332 | 9,988 |
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| ________ | ________ | ________ |
| Total assets |
| 28,013 | 29,670 | 27,296 |
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| ________ | ________ | ________ |
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Consolidated balance sheet at 30 June 2010
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| At 30 June 2010 Unaudited | At 30 June 2009 Unaudited | At 31 December 2009 Audited |
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|
| £'000 | £'000 | £'000 |
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| EQUITY |
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| Equity attributable to equity holders of |
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| Personal Group Holdings plc |
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| Share capital |
| 1,503 | 1,503 | 1,503 |
| Capital redemption reserve |
| 24 | 24 | 24 |
| Amounts recognised directly in equity |
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|
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| relating to non-current assets held for sale |
| (23) | (108) | (15) |
| Other reserve |
| (645) | (747) | (714) |
| Profit and loss account |
| 21,661 | 23,122 | 20,940 |
|
|
| ________ | ________ | _______ |
| Total equity |
| 22,520 | 23,794 | 21,738 |
|
|
| ________ | ________ | ________ |
| LIABILITIES |
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| Non-current liabilities |
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| Deferred tax liabilities |
| 199 | 221 | 189 |
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|
| ________ | ________ | ________ |
| Current liabilities |
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| Provisions |
| 129 | 85 | 120 |
| Trade and other payables |
| 3,768 | 4,285 | 3,825 |
| Current tax liabilities |
| 1,255 | 1,064 | 1,258 |
| Borrowings | 6 | 142 | 221 | 166 |
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|
| ________ | ________ | ________ |
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|
| 5,294 | 5,655 | 5,369 |
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|
| ________ | ________ | ________ |
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| ________ | ________ | ________ |
| Total liabilities |
| 5,493 | 5,876 | 5,558 |
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|
| ________ | ________ | ________ |
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| ________ | ________ | ________ |
| Total equity and liabilities |
| 28,013 | 29,670 | 27,296 |
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| ________ | ________ | ________ |
Consolidated statement of changes in equity for the six months ended 30 June 2010
Equity attributable to equity holders of Personal Group Holdings Plc
|
| Share capital | Capital redemption reserve | Non-current assets held for sale | Other reserve | Profit & loss account | Total equity |
|
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
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|
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| Balance as at 1 January 2010 | 1,503 | 24 | (15) | (714) | 20,940 | 21,738 |
|
| ______ | ____ | ___ | ____ | ________ | ________ |
| Dividends | - | - | - | - | (2,537) | (2,537) |
| Employee share-based compensation |
- |
- |
- |
- |
18 |
18 |
| Proceeds of AESOP share sales | - | - | - | - | 141 | 141 |
| Cost of AESOP shares sold | - | - | - | 205 | (205) | - |
| Cost of AESOP shares purchased | - | - | - | (136) | - | (136) |
|
| ______ | ___ | ___ | ____ | ________ | ________ |
| Transactions with owners | - | - | - | 69 | (2,583) | (2,514) |
|
| ______ | ___ | ___ | ____ | ________ | ________ |
| Profit for the period | - | - | - | - | 3,304 | 3,304 |
| Other comprehensive income |
|
|
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| Available for sale financial assets: |
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| Current period losses | - | - | (13) | - | - | (13) |
| Transfer to income statement | - | - | 7 | - | - | 7 |
| Current tax on unrealised valuation changes taken to equity |
- |
- |
(2) |
- |
- |
(2) |
|
| ______ | ___ | ___ | ____ | ________ | ________ |
| Total comprehensive income for the period | - | - |
(8) | - | 3,304 | 3,296 |
|
| ______ | ___ | ___ | ____ | ________ | ________ |
|
|
|
|
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|
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| Balance as at 30 June 2010 | 1,503 | 24 | (23) | (645) | 21,661 | 22,520 |
| ______ | ___ | ___ | ____ | ________ | ________ |
Consolidated statement of changes in equity for the year ended 30 December 2009
Equity attributable to equity holders of Personal Group Holdings Plc
|
| Share capital | Capital redemption reserve | Non-current assets held for sale | Other reserve | Profit & loss account | Total equity |
|
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
|
|
|
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| Balance as at 1 January 2009 | 1,503 | 24 | (118) | (772) | 22,522 | 23,159 |
|
| ______ | ___ | ____ | ____ | ________ | ________ |
| Dividends | - | - | - | - | (4,948) | (4,948) |
| Employee share-based compensation | - | - | - | - | 46 | 46 |
| Proceeds of AESOP share sales | - | - | - | - | 81 | 81 |
| Cost of AESOP shares sold | - | - | - | 80 | (80) | - |
| Cost of AESOP shares purchased | - | - | - | (22) | - | (22) |
|
| ______ | ___ | ____ | ____ | ________ | ________ |
| Transactions with owners | - | - | - | 58 | (4,901) | (4,843) |
| ______ | ___ | ____ | ____ | ________ | ________ | |
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| Profit for the year | - | - | - | - | 3,319 | 3,319 |
| Other comprehensive income |
|
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| Available for sale financial assets: |
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| Current year profits | - | - | 107 | - | - | 107 |
| Transfer to income statement | - | - | 36 | - | - | 36 |
| Current tax on unrealised valuation changes taken to equity |
- |
- |
(40) |
- |
- |
(40) |
|
| ______ | ___ | ____ | ____ | ________ | ________ |
| Total comprehensive income for |
|
|
|
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|
|
| the year | - | - | 103 | - | 3,319 | 3,422 |
|
| ______ | ___ | ____ | ____ | ________ | ________ |
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| Balance as at 31 December 2009 | 1,503 | 24 | (15) | (714) | 20,940 | 21,738 |
|
| ______ | ___ | ____ | ____ | ________ | ________ |
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Consolidated statement of changes in equity for the six months ended 30 June 2009
Equity attributable to equity holders of Personal Group Holdings Plc
|
| Share capital | Capital redemption reserve | Non-current assets held for sale | Other reserve | Profit & loss account | Total equity |
|
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
|
|
|
|
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|
|
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| Balance as at 1 January 2009 | 1,503 | 24 | (118) | (772) | 22,522 | 23,159 |
|
| ______ | ___ | ____ | ____ | ________ | ________ |
| Dividends | - | - | - | - | (2,473) | (2,473) |
| Employee share-based compensation |
- |
- |
- |
- |
20 |
20 |
| Proceeds of AESOP share sales | - | - | - | - | 39 | 39 |
| Cost of AESOP shares sold | - | - | - | 39 | (39) | - |
| Cost of AESOP shares purchased | - | - | - | (14) | - | (14) |
|
| ______ | ___ | ____ | ____ | ________ | ________ |
| Transactions with owners | - | - | - | 25 | (2,453) | (2,428) |
|
| ______ | ___ | ____ | ____ | ________ | ________ |
| Profit for the period | - | - | - | - | 3,053 | 3,053 |
| Other comprehensive income |
|
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| Available for sale financial assets: |
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|
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|
| Current period profits | - | - | 14 | - | - | 14 |
| Transfer to income statement | - | - | - | - | - | - |
| Current tax on unrealised valuation changes taken to equity |
- |
- |
(4) |
- |
- |
(4) |
|
| ______ | ___ | ____ | ____ | ________ | ________ |
| Total comprehensive income for the period | - | - |
10 | - | 3,053 | 3,063 |
|
| ______ | ___ | ____ | ____ | ________ | ________ |
|
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|
|
|
|
| Balance as at 30 June 2009 | 1,503 | 24 | (108) | (747) | 23,122 | 23,794 |
|
| ______ | ___ | ____ | ____ | ________ | ________ |
Consolidated cash flow statement
|
|
| 6 months ended 30 June 2010 Unaudited | 6 months ended 30 June 2009 Unaudited | 12 months ended 31 December 2009 Audited |
|
|
| £'000 | £'000 | £'000 |
| Operating activities |
|
|
|
|
| Profit after tax |
| 3,304 | 3,053 | 3,319 |
| Adjustments for: Depreciation |
| 229 | 238 | 474 |
| Goodwill impairment | - | - | 3,000 | |
| (Profit)/loss on disposal of property, plant and equipment | (12) | 1 | (7) | |
| Realised and unrealised net investment (gains)/losses | 1 | (25) | 61 | |
| Interest received |
| (83) | (195) | (377) |
| Dividends received |
| (10) | (7) | (16) |
| Interest paid |
| 1 | 23 | 25 |
| Share-based payments |
| 18 | 20 | 46 |
| Taxation expense recognised in income statement | 1,307 | 960 | 2,202 | |
| Changes in working capital: |
|
|
|
|
| Trade and other receivables |
| (278) | 167 | 541 |
| Trade and other payables |
| (48) | (30) | (455) |
| Taxes paid |
| (1,302) | (899) | (2,015) |
|
|
| ______ | ______ | ______ |
| Net cash from operating activities |
| 3,127 | 3,306 | 6,798 |
|
|
| ______ | ______ | ______ |
| Investing activities |
|
|
|
|
| Additions to property, plant and equipment |
| (292) | (204) | (398) |
| Additions to investment property |
| - | (26) | (26) |
| Proceeds from disposal of property plant and equipment | 62 | 27 | 71 | |
| Purchase of own shares |
| (136) | (14) | (22) |
| Proceeds from disposal of own shares |
| 141 | 39 | 81 |
| Purchase of financial assets |
| (97) | (20) | (3,119) |
| Proceeds from disposal of financial assets |
| 125 | 3,020 | 3,119 |
| Interest received |
| 83 | 195 | 377 |
| Dividends received |
| 10 | 7 | 16 |
|
|
| ______ | ______ | ______ |
| Net cash (used in)/realised from investing activities | (104) | 3,024 | 99 | |
|
|
| ______ | ______ | ______ |
| Financing activities |
|
|
|
|
| Proceeds from bank loans |
| 136 | 14 | 22 |
| Repayment of bank loans |
| (160) | (2,061) | (2,124) |
| Interest paid |
| (1) | (23) | (25) |
| Dividends paid |
| (2,537) | (2,473) | (4,948) |
|
|
| ______ | ______ | ______ |
| Net cash used in financing activities |
| (2,562) | (4,543) | (7,075) |
|
|
| ______ | ______ | ______ |
|
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|
|
| Net change in cash and cash equivalents |
| 461 | 1,787 | (178) |
| Cash and cash equivalents, beginning of period | 7,300 | 7,478 | 7,478 | |
|
|
| ______ | ______ | ______ |
| Cash and cash equivalents, end of period | 7,761 | 9,265 | 7,300 | |
|
|
| ______ | ______ | ______ |
Notes to the consolidated financial statements
1 General information
The principal activities of Personal Group Holdings Plc ('the company') and subsidiaries ('the group') include transacting short-term accident and health insurance and providing employee benefits related business and financial services in the UK.
The company is a public limited company incorporated and domiciled in England. The address of its registered office is John Ormond House, 899 Silbury Boulevard, Milton Keynes MK9 3XL.
The company's shares trade on the Alternative Investment Market of the London Stock Exchange.
The condensed consolidated financial statements do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the group
as at and for the year ended 31 December 2009.
The financial information for the year ended 31 December 2009 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The group's statutory financial statements for the year ended 31 December 2009 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.
These interim financial statements are unaudited and have not been reviewed by the group's auditors under International Standard on Review Engagements (UK and Ireland) 2410.
These consolidated interim financial statements have been approved for issue by the board of directors on
24 September 2010.
2 Accounting policies
These June 2010 interim consolidated financial statements of Personal Group Holdings Plc are for the six months ended 30 June 2010. They have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting. These financial statements have been prepared on the basis of the recognition and measurement requirements of those IFRS standards and IFRIC interpretations as adopted by the EU, issued and effective or issued and early adopted in respect of periods beginning on or after 1 January 2010. The principal accounting policies have remained unchanged from the year ended 31 December 2009.
3 Segment analysis
The group operates two trading operating segments, namely employee benefits insurance and consultancy; and financial services offered by Berkeley Morgan Group Limited (BMG) and its subsidiary undertakings.
1) Employee benefits insurance and consultancy
Personal Assurance Plc (PA), a subsidiary within the group, is an FSA regulated general insurance company and is authorised to transact accident and sickness insurance. It was established in 1984 and has been underwriting business since 1985. In 1997 Personal Group Holdings Plc (PGH) was created and became the ultimate parent undertaking of the group.
This operating segment derives the majority of its revenue from the underwriting by PA of insurance policies that have been bought by employees of host companies via bespoke benefit programmes.
Insurance related income includes insurance and reinsurance brokerage commission. Insurance brokerage commission includes that derived from voluntary group income protection plan sales.
Non-insurance related income includes income derived from the sale of benefit books, consultancy services and property rental income.
Notes to the consolidated financial statements
2) Financial services
The financial services operating segment consists exclusively of revenue generated by BMG and its subsidiary undertakings. BMG was acquired by PGH in January 2005. Financial services revenue consists mainly of commission generated by financial advisers and commission generated from insurance underwriting agencies.
|
| Employee benefits £'000 |
Financial services £'000 | Unallocated £'000 |
IFRS adjustments £'000 | Group £'000 |
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| Operating segments |
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| For the 6 months ended 30 June 2010 |
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| Revenue |
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|
|
| Net premiums written Other income: | 9,079
| - | - | - | 9,079
|
| Insurance related | 1,401 | 1,913 | - | - | 3,314 |
| Non-insurance related | 581 | - | - | - | 581 |
| Investment property | - | - | 159 | - | 159 |
| Investment income | 118 | 1 | - | - | 119 |
|
| _______ | ______ | ______ | ______ | ________ |
| Total revenue
| 11,179 _______ | 1,914 ______ | 159 ______ | - ______ | 13,252 ________ |
| Net result for period before tax | 4,188 | 329 | 93 | 1 | 4,611 |
|
| _______ | ______ | ______ | ______ | ________ |
| Segment assets | 19,353 | 2,475 | 3,185 | 3,000 | 28,013 |
|
| _______ | ______ | ______ | ______ | ________ |
Notes to the consolidated financial statements
The revenue and net result generated by each of the group's operating segments are summarised as follows:
|
| Employee benefits £'000 | Financial services £'000 | Unallocated £'000 | IFRS adjustments £'000 | Group £'000 |
| Operating segments |
|
|
|
|
|
|
|
|
|
|
|
|
| For the year ended 31 December 2009 |
|
|
|
|
|
| Revenue |
|
|
|
|
|
| Net premiums written Other income: | 17,611
| - | - | - | 17,611
|
| Insurance related | 2,522 | 4,292 | - | - | 6,814 |
| Non-insurance related | 1,454 | - | - | - | 1,454 |
| Investment property | - | - | 287 | - | 287 |
| Investment income | 232 | 6 | - | - | 238 |
|
| _______ | _____ | _____ | _____ | _______ |
| Total revenue
| 21,819 ________ | 4,298 ______ | 287 ______ | - ______ | 26,404 ________ |
| Net result for year before tax | 7,538 | 818 | 175 | (3,010) | 5,521 |
|
| ________ | ______ | ______ | ______ | ________ |
| Segment assets | 18,596 | 2,515 | 3,185 | 3,000 | 27,296 |
|
| ________ | ______ | ______ | ______ | ________ |
|
| Employee benefits £'000 | Financial services £'000 | Unallocated £'000 | IFRS adjustments £'000 | Group £'000 |
| Operating segments |
|
|
|
|
|
|
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|
|
|
|
| For the period ended 30 June 2009 |
|
|
|
|
|
| Revenue |
|
|
|
|
|
| Net premiums written Other income: | 8,521
| - | - | - | 8,521
|
| Insurance related | 1,178 | 2,266 | - | - | 3,444 |
| Non-insurance related | 738 | - | - | - | 738 |
| Investment property | - | - | 146 | - | 146 |
| Investment income | 180 | 4 | - | - | 184 |
|
| _______ | _____ | _____ | _____ | _______ |
| Total revenue
| 10,617 ________ | 2,270 ______ | 146 ______ | - ______ | 13,033 ________ |
| Net result for year before tax | 3,472 | 450 | 92 | (1) | 4,013 |
|
| ________ | ______ | ______ | ______ | ________ |
| Segment assets | 17,253 | 3,232 | 3,185 | 6,000 | 29,670 |
|
| ________ | ______ | ______ | ______ | ________ |
All income is derived from the UK.
The figures shown above for employee benefits and financial services are from the group's management accounts that are not prepared under IFRS. Unallocated amounts relate to the group's investment properties.
Notes to the consolidated financial statements
4 Earnings per share and dividends
The weighted average numbers of outstanding shares used for basic and diluted earnings per share are as follows:
|
| 6 months ended 30 June 2010 | 6 months ended 30 June 2009 | 12 months ended 31 December 2009 |
|
|
|
|
|
| Basic | 29,862,662 | 29,817,366 | 29,830,021 |
| Diluted | 29,868,160 | 29,829,069 | 29,845,832 |
During the first six months of 2010, Personal Group Holdings Plc paid dividends of £2,556,000 to its equity shareholders (six months to 30 June 2009: £2,496,000, twelve months to 31 December 2009: £4,991,000).
This represents a payment of 8.5p per share (six months to 30 June 2009: 8.3p, twelve months to 31 December 2009: 16.6p).
In the statement of changes in equity and the cash flow statement dividends are stated net of amounts paid on treasury shares and unallocated shares held by Personal Group Trustees Limited as follows:
|
| 6 months ended 30 June 2010 | 6 months ended 30 June 2009 | 12 months ended 31 December 2009 | 6 months ended 30 June 2010 |
6 months ended 30 June 2009 | 12 months ended 31 December 2009 |
|
|
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|
|
| |
|
|
| Pence per share | £'000 | £'000 | £'000 | |
| Equity dividends |
|
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|
|
| Ordinary shares paid in period |
|
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|
| March | 8.50 | 4.15 | 4.15 | 2,556 | 1,248 | 1,248 |
| June | - | 4.15 | 4.15 | - | 1,248 | 1.248 |
| September | - | - | 4.15 | - | - | 1,248 |
| December | - | - | 4.15 | - | - | 1,247 |
|
|
|
|
| ______ | ______ | ______ |
|
|
|
|
| 2,556 | 2,496 | 4,991 |
| Less: amounts paid on own shares |
|
|
|
(19) |
(23) |
(43) |
|
| _____ | _____ | ______ | ______ | ______ | ______ |
|
| 8.50 | 8.30 | 16.60 | 2,537 | 2,473 | 4,948 |
|
| _____ | _____ | ______ | ______ | ______ | ______ |
Notes to the consolidated financial statements
5 Additions and disposals of property, plant and equipment
For the six months ended 30 June 2010
|
| Freehold land and properties £'000 | Motor vehicles £'000 | Computer equipment £'000 | Furniture fixtures & fittings £'000 | Total £'000 |
| Cost |
|
|
|
|
|
| At 1 January 2010 | 5,478 | 817 | 407 | 2,057 | 8,759 |
| Additions | - | 267 | 16 | 10 | 293 |
| Disposals | - | (178) | - | - | (178) |
|
| ______ | ____ | ____ | ______ | ______ |
| At 30 June 2010 | 5,478 | 906 | 423 | 2,067 | 8,874 |
|
| ______ | ____ | ____ | ______ | ______ |
| Depreciation |
|
|
|
|
|
| At 1 January 2010 | 844 | 308 | 378 | 1,808 | 3,338 |
| Provided in the period | 47 | 108 | 23 | 51 | 229 |
| Eliminated on disposals | - | (127) | - | - | (127) |
|
| ______ | ____ | ____ | ______ | ______ |
| At 30 June 2010 | 891 | 289 | 401 | 1,859 | 3,440 |
|
| ______ | ____ | ____ | ______ | ______ |
|
|
|
|
|
|
|
| Net book amount at 30 June 2010 | 4,587 | 617 | 22 | 208 | 5,434 |
|
| ______ | ____ | ____ | ______ | ______ |
|
|
|
|
|
|
|
| Net book amount at 1 January 2010 | 4,634 | 509 | 29 | 249 | 5,421 |
|
| ______ | ____ | ____ | ______ | ______ |
For the year ended 31 December 2009
|
| Freehold land and properties £'000 | Motor vehicles £'000 | Computer equipment £'000 | Furniture fixtures & fittings £'000 | Total £'000 |
| Cost |
|
|
|
|
|
| At 1 January 2009 | 5,478 | 621 | 438 | 2,051 | 8,588 |
| Additions | - | 380 | 11 | 6 | 397 |
| Disposals | - | (184) | (42) | - | (226) |
|
| ______ | ____ | ____ | ______ | ______ |
| At 31 December 2009 | 5,478 | 817 | 407 | 2,057 | 8,759 |
|
| ______ | ____ | ____ | ______ | ______ |
| Depreciation |
|
|
|
|
|
| At 1 January 2009 | 749 | 283 | 385 | 1,615 | 3,032 |
| Provided in the year | 95 | 153 | 33 | 193 | 474 |
| Eliminated on disposals | - | (128) | (40) | - | (168) |
|
| ______ | ____ | ____ | ______ | ______ |
| At 31 December 2009 | 844 | 308 | 378 | 1,808 | 3,338 |
|
| ______ | ____ | ____ | ______ | ______ |
|
|
|
|
|
|
|
| Net book amount at 31 December 2009 | 4,634 | 509 | 29 | 249 | 5,421 |
|
| ______ | ____ | ____ | ______ | ______ |
|
|
|
|
|
|
|
| Net book amount at 1 January 2009 | 4,729 | 338 | 53 | 436 | 5,556 |
|
| ______ | ____ | ____ | ______ | ______ |
Notes to the consolidated financial statements
For the six months ended 30 June 2009
|
| Freehold land and properties £'000 | Motor vehicles £'000 | Computer equipment £'000 | Furniture fixtures & fittings £'000 | Total £'000 |
| Cost |
|
|
|
|
|
| At 1 January 2009 | 5,478 | 621 | 438 | 2,051 | 8,588 |
| Additions | - | 192 | 10 | 3 | 205 |
| Disposals | - | (65) | - | - | (65) |
|
| ______ | ____ | ____ | ______ | ______ |
| At 30 June 2009 | 5,478 | 748 | 448 | 2,054 | 8,728 |
|
| ______ | ____ | ____ | ______ | ______ |
| Depreciation |
|
|
|
|
|
| At 1 January 2009 | 749 | 283 | 385 | 1,615 | 3,032 |
| Provided in the period | 47 | 87 | 40 | 64 | 238 |
| Eliminated on disposals | - | (36) | - | - | (36) |
|
| ______ | ____ | ____ | ______ | ______ |
| At 30 June 2009 | 796 | 334 | 425 | 1,679 | 3,234 |
|
| ______ | ____ | ____ | ______ | ______ |
|
|
|
|
|
|
|
| Net book amount at 30 June 2009 | 4,682 | 414 | 23 | 375 | 5,494 |
|
| ______ | ____ | ____ | ______ | ______ |
|
|
|
|
|
|
|
| Net book amount at 1 January 2009 | 4,729 | 338 | 53 | 436 | 5,556 |
|
| ______ | ____ | ____ | ______ | ______ |
6 Borrowings
At 30 June 2010 the borrowings shown in the consolidated balance sheet are in respect of the Personal Group Trustees Limited AESOP bank loan.
Financial calendar for the year ending 31 December 2010
The company announces the following dates in its financial calendar for the year ending 31 December 2010:
·; Preliminary results for the year ending 31 December 2010 - March 2011
·; Publication of Report and Accounts for 2010 - March 2011
·; AGM - April 2011