Last checked at 28 Sep 2011 07:00
Press Release | 28 September 2011 |
Personal Group Holdings Plc
("Personal Group" or "the Group")
Interim statement for the six months to 30 June 2011
Personal Group Holdings Plc (AIM: PGH), specialist providers of employee benefits, insurance and consultancy, is pleased to report its results for the six months to 30 June 2011.
Highlights
● | Profit before tax increased by 3.0% to £4.7m (2010: £4.6m) following continued record new business |
● | Annualised new business of hospital, convalescence and death benefit plans increased by 14.3% to £4.0m (2010: £3.5m) |
● | Claims incurred have remained in line with the board's expectations |
● | Total equity (shareholders' funds) increased by 8.1% to £24.4m (2010: £22.5m) |
● | Dividends per share paid in the period up 2.4% to 8.7 pence per share (2010: 8.5p) |
● | EPS 11.5 pence per share (2010: 11.1p) |
Ken Rooney, group chief executive, commented: "Despite the ongoing difficult economic conditions, the group has achieved not only its best first half of a year but the best results for any six month period in the history of the group, in terms of new business written. The group wrote over £4.0m of new annualised premiums in the period and, with our pipeline looking strong, the board expects that the second half of the year will produce similar, if not better, results."
Enquiries:
Personal Group Holdings Plc Ken Rooney, Group Chief Executive |
Tel:+44 (0) 1908 605000 |
John Barber, Finance Director | |
Cenkos Securities plc Stephen Keys |
Tel: +44 (0) 207 397 8926 |
Abchurch Communications Joanne Shears / Mark Dixon |
Tel: +44 (0) 207 398 7729 |
Chairman's statement
After a year of record profit in 2010 the group has once again achieved its best ever first half year results in the six months ended 30 June 2011. Group profit before tax (PBT) was £4.7m (2010: £4.6m), an increase of 3.0%.
This strong performance reflects the continuing momentum in the growth of the group's core employee benefits and insurance activities, namely our hospital, convalescence and death benefit plans. Annualised new business premiums from these core products written in the first six months of 2011 was £4.0m, which in relation to equivalent periods in 2009 and 2010 represents an increase of 21.2% (£3.3m) and 14.3% (£3.5m) respectively.
The record PBT figure has been achieved despite increases in Insurance Premium Tax (which the group has itself absorbed in relation to existing policies at 31 December 2010), Value Added Tax and employer National Insurance contributions. The figure also takes account of the full charge for the costs associated with the departure of the former group chief executive.
Claims incurred have remained in line with the board's expectations and effective cost control has resulted in a slight decrease in insurance operating expenses.
Berkeley Morgan Group (BMG), the group's IFA and broker subsidiary, has performed marginally ahead of the board's expectations and continues to make a valuable contribution to group PBT.
Since 30 June 2011 the group's underwriting subsidiary, Personal Assurance Plc, has begun to underwrite some of BMG's private medical insurance business. The board expects that, longer term, group PBT will be enhanced by this and other underwriting opportunities where the group has direct knowledge of claims histories and can put in place appropriate reinsurance arrangements.
As previously mentioned in my statements, investment income continues to be adversely affected by low interest rates.
During the first six months of 2011 investment income receivable was £0.1m (2010: £0.1m).
The group's investment properties continue to make a small contribution to PBT. In February 2011 a firm of chartered surveyors moved into the second floor of John Ormond House, replacing a previous tenant there.
The group balance sheet has been further strengthened during the period. Equity at 30 June 2011 was £24.4m (2010: £22.5m) and includes net cash balances (including bank deposits classified under IFRS as financial assets) of over £13.0m (2010: £10.8m).
The first and second dividends of 2011, both of 4.35p per share, were paid in March and June. The third dividend, also 4.35p per share, was paid on 23 September 2011, and the directors expect that a fourth and final dividend for 2011 will be paid in December 2011. This would give a total for the year of 17.4p per share (2010: 17.0p per share).
Ken Rooney, previously group chief executive but latterly group chief operations officer, resumed the role of group chief executive in April 2011, and continues to undertake this role pending the external appointment of a new chief executive.
Despite the uncertainties of the economic climate, the outlook for the second half of the year remains encouraging for the group, with core products and routes to market continuing to be well received in a competitive environment. Trading remains in line with the board's expectations and the board expects that the second half of the year will show even further profit growth.
Personal Group is a dedicated and talented team. On behalf of the board I would like to thank the team, our host companies and policyholders for their continuing loyalty.
Chris Curling
Chairman
27 September 2011
Consolidated income statement
6 months ended 30 June 2011 Unaudited | 6 months ended 30 June 2010 Unaudited | 12 months ended 31 December 2010 Audited | ||
Note | £'000 | £'000 | £'000 | |
Gross premiums written | 9,247 | 9,127 | 18,429 | |
Change in unearned premiums | (67) | (48) | 33 | |
________ | ________ | ________ | ||
Net premiums written | 9,180 | 9,079 | 18,462 | |
Other income: | ||||
Insurance related | 3,424 | 3,314 | 6,749 | |
Non-insurance related | 678 | 581 | 1,252 | |
Investment property | 139 | 159 | 300 | |
Investment income | 138 | 119 | 280 | |
________ | ________ | ________ | ||
Revenue | 13,559 | 13,252 | 27,043 | |
________ | ________ | ________ | ||
|
|
| ||
Claims incurred | (1,917) | (1,833) | (3,854) | |
Insurance operating expenses | (3,696) | (3,779) | (7,813) | |
Other expenses: | ||||
Insurance related | (1,928) | (2,065) | (3,979) | |
Non-insurance related | (1,182) | (857) | (1,812) | |
Investment property | (45) | (66) | (121) | |
Charitable donations | (40) | (40) | (80) | |
________ | ________ | ________ | ||
Expenses | (8,808) | (8,640) | (17,659) | |
________ | ________ | ________ | ||
Results of operating activities | 4,751 | 4,612 | 9,384 | |
Finance costs | (1) | (1) | (3) | |
________ | ________ | ________ | ||
Profit before tax | 4,750 | 4,611 | 9,381 | |
Tax | (1,324) | (1,307) | (2,622) | |
________ | ________ | ________ | ||
Profit for the period after tax | 3,426 | 3,304 | 6,759 | |
________ | ________ | ________ |
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 | 11.5 | 11.1 | 22.6 |
Diluted | 4 | 11.5 | 11.1 | 22.6 |
All operations are considered to be continuing.
Consolidated statement of comprehensive income
6 months ended 30 June 2011 Unaudited | 6 months ended 30 June 2010 Unaudited | 12 months ended 31 December 2010 Audited | ||
£'000 | £'000 | £'000 | ||
Profit for the period | 3,426 | 3,304 | 6,759 | |
Other comprehensive income | ||||
Available for sale financial assets: | ||||
Valuation changes taken to equity | (20) | (13) | 65 | |
Transfer to income statement | 2 | 7 | (4) | |
| ||||
Income tax on unrealised valuationchanges taken to equity | (5) | (2) | (17) | |
| ||||
_______ | _______ | _______ | ||
Total comprehensive income for the period | 3,403 | 3,296 | 6,803 | |
_______ | _______ | _______ | ||
The total comprehensive income for the period is attributable to equity holders of Personal Group Holdings Plc.
Consolidated balance sheet at 30 June 2011
| At 30 June 2011 Unaudited | At 30 June 2010 Unaudited | At 31 December 2010 Audited | |
Note | £'000 | £'000 | £'000 | |
ASSETS | ||||
Non-current assets Goodwill | 3,000 | 3,000 | 3,000 | |
Property, plant and equipment | 5 | 5,524 | 5,434 | 5,611 |
Investment properties | 3,185 | 3,185 | 3,185 | |
Financial assets | 8,554 | 5,667 | 7,578 | |
________ | ________ | ________ | ||
20,263 | 17,286 | 19,374 | ||
________ | ________ | ________ | ||
Current assets Trade and other receivables | 3,376 | 2,966 | 3,091 | |
Cash and cash equivalents | 7,027 | 7,761 | 7,075 | |
________ | ________ | ________ | ||
10,403 | 10,727 | 10,166 | ||
________ | ________ | ________ | ||
Total assets | 30,666 | 28,013 | 29,540 | |
________ | ________ | ________ | ||
Consolidated balance sheet at 30 June 2011
At 30 June 2011 Unaudited | At 30 June 2010 Unaudited | At 31 December 2010 Audited | ||
£'000 | £'000 | £'000 | ||
EQUITY | ||||
Equity attributable to equity holders of Personal Group Holdings plc | ||||
Share capital | 1,503 | 1,503 | 1,503 | |
Capital redemption reserve | 24 | 24 | 24 | |
Amounts recognised directly into equity | ||||
relating to available for sale financial assets | 6 | (23) | 29 | |
Other reserve | (583) | (645) | (605) | |
Profit and loss reserve | 23,404 | 21,661 | 22,573 | |
________ | ________ | ______ | ||
Total equity | 24,354 | 22,520 | 23,524 | |
_________ | _________ | _________ |
LIABILITIES | ||||
Non-current liabilities | ||||
Deferred tax liabilities | 213 | 199 | 212 | |
________ | ________ | ________ | ||
Current liabilities | ||||
Provisions | 133 | 129 | 117 | |
Trade and other payables | 4,580 | 3,768 | 4,255 | |
Current tax liabilities | 1,327 | 1,255 | 1,338 | |
Borrowings | 6 | 59 | 142 | 94 |
________ | ________ | ________ | ||
6,099 | 5,294 | 5,804 | ||
________ | ________ | ________ | ||
________ | ________ | ________ | ||
Total liabilities | 6,312 | 5,493 | 6,016 | |
________ | ________ | ________ | ||
|
|
| ||
________ | ________ | ________ | ||
Total equity and liabilities | 30,666 | 28,013 | 29,540 | |
________ | ________ | ________ |
Consolidated statement of changes in equity for the six months ended 30 June 2011
Equity attributable to equity holders of Personal Group Holdings Plc
| Share capital | Capital redemption reserve | Available for sale financial assets | Other reserve | Profit & loss reserve | Total equity |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Balance as at 1 January 2011 | 1,503 | 24 | 29 | (605) | 22,573 | 23,524 |
______ | ____ |
___ | ____ | ________ | ________ | |
Dividends | - | - | - | - | (2,598) | (2,598) |
Employee share-based compensation | - | - | - | - | 7 | 7 |
Proceeds of AESOP share sales | - | - | - | - | 42 | 42 |
Cost of AESOP shares sold | - | - | - | 46 | (46) | - |
Cost of AESOP shares purchased | - | - | - | (24) | - | (24) |
______ | ___ |
___ | ____ | ________ | ________ | |
Transactions with owners | - | - | - | 22 | (2,595) | (2,573) |
______ | ___ |
___ | ____ | ________ | ________ | |
Profit for the period | - | - | - | - | 3,426 | 3,426 |
Other comprehensive income | ||||||
Available for sale financial assets: | ||||||
Valuation changes taken to equity | - | - | (20) | - | - | (20) |
Transfer to income statement | - | - | 2 | - | - | 2 |
Current tax on unrealised valuation changes taken to equity |
- |
- |
(5) |
- |
- |
(5) |
______ | ___ |
___ | ____ | ________ | ________ | |
Total comprehensive income for the period | - | - |
(23) | - | 3,426 | 3,403 |
_______ | _______ |
_______ | _______ | _______ | _______ | |
|
|
|
|
|
| |
Balance as at 30 June 2011 | 1,503 | 24 | 6 | (583) | 23,404 | 24,354 |
______ | ___ | ___ | ______ | ________ | ________ |
Consolidated statement of changes in equity for the year ended 31 December 2010
Equity attributable to equity holders of Personal Group Holdings Plc
| Share capital | Capital redemption reserve | Available for sale financial assets | Other reserve | Profit & loss reserve | Total equity |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Balance as at 1 January 2010 | 1,503 | 24 | (15) | (714) | 20,940 | 21,738 |
______ | ____ |
___ | ____ | ________ | ________ | |
Dividends | - | - | - | - | (5,074) | (5,074) |
Employee share-based compensation | - | - | - | - | 22 | 22 |
Proceeds of AESOP share sales | - | - | - | - | 187 | 187 |
Cost of AESOP shares sold | - | - | - | 261 | (261) | - |
Cost of AESOP shares purchased | - | - | - | (152) | - | (152) |
______ | ___ |
___ | ____ | ________ | ________ | |
Transactions with owners | - | - | - | 109 | (5,126) | (5,017) |
______ | ___ |
___ | ____ | ________ | ________ | |
Profit of the year | - | - | - | - | 6,759 | 6,759 |
Other comprehensive income | ||||||
Available for sale financial assets: | ||||||
Valuation changes taken to equity | - | - | 65 | - | - | 65 |
Transfer to income statement | - | - | (4) | - | - | (4) |
Current tax on unrealised valuation changes taken to equity |
- |
- |
(17) |
- |
- |
(17) |
______ | ___ |
___ | ____ | ________ | ________ | |
Total comprehensive income for the year | - | - |
44 | - | 6,759 | 6,803 |
_______ | _______ |
_______ | _______ | _______ | _______ | |
|
|
|
|
|
| |
Balance as at 31 December 2010 | 1,503 | 24 | 29 | (605) | 22,573 | 23,524 |
______ | ___ | ___ | ______ | ________ | ________ |
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 | Available for sale financial assets | Other reserve | Profit & loss reserve | Total equity |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
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 | ||||||
Available for sale financial assets: | ||||||
Valuation changes taken to equity | - | - | (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 |
______ | ___ |
____ | ____ | ________ | ________ | |
|
|
|
|
|
| |
Balance as at 30 June 2010 | 1,503 | 24 | (23) | (645) | 21,661 | 22,520 |
______ | ___ |
____ | ____ | ________ | ________ |
Consolidated cash flow statement
6 months ended 30 June 2011 Unaudited | 6 months ended 30 June 2010 Unaudited | 12 months ended 31 December 2010 Audited | ||
£'000 | £'000 | £'000 | ||
Operating activities | ||||
Profit after tax | 3,426 | 3,304 | 6,759 | |
Adjustments for: Depreciation | 227 | 229 | 449 | |
Profit on disposal of property, plant and equipment | (6) | (12) | (12) | |
Realised and unrealised net investment (profits)/losses | (10) | 1 | (34) | |
Interest received | (93) | (83) | (218) | |
Dividends received | (11) | (10) | (17) | |
Interest paid | 1 | 1 | 3 | |
Share-based payments | 7 | 18 | 22 | |
Taxation expense recognised in income statement | 1,324 | 1,307 | 2,622 | |
Changes in working capital: | ||||
Trade and other receivables | (285) | (278) | (407) | |
Trade and other payables | 341 | (48) | 427 | |
Taxes paid | (1,339) | (1,302) | (2,536) | |
______ | ______ | ______ | ||
Net cash from operating activities | 3,582 | 3,127 | 7,058 | |
______ | ______ | ______ | ||
Investing activities |
|
|
| |
Additions to property, plant and equipment | (173) | (292) | (736) | |
Proceeds from disposal of property, plant and equipment | 39 | 62 | 113 | |
Purchase of own shares by the AESOP | (24) | (136) | (152) | |
Proceeds from disposal of own shares by the AESOP | 42 | 141 | 187 | |
Purchase of financial assets | (2,063) | (97) | (5,135) | |
Proceeds from disposal of financial assets | 1,079 | 125 | 3,354 | |
Interest received | 93 | 83 | 218 | |
Dividends received | 11 | 10 | 17 | |
______ | ______ | ______ | ||
Net cash used in from investing activities | (996) | (104) | (2,134) | |
______ | ______ | ______ | ||
Financing activities | ||||
Proceeds from bank loans | 24 | 136 | 152 | |
Repayment of bank loans | (59) | (160) | (224) | |
Interest paid | (1) | (1) | (3) | |
Dividends paid | (2,598) | (2,537) | (5,074) | |
______ | ______ | ______ | ||
Net cash used in financing activities | (2,634) | (2,562) | (5,149) | |
______ | ______ | ______ | ||
Net change in cash and cash equivalents | (48) | 461 | (225) | |
Cash and cash equivalents, beginning of period | 7,075 | 7,300 | 7,300 | |
_______ | _______ | _______ | ||
Cash and cash equivalents, end of period | 7,027 | 7,761 | 7,075 | |
_______ | _______ | _______ | ||
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 AIM 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 2010.
The financial information for the year ended 31 December 2010 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The statutory financial statements for the year ended 31 December 2010 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 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 27 September 2011.
2 Accounting policies
These June 2011 interim consolidated financial statements of Personal Group Holdings Plc are for the six months ended 30 June 2011. 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 2011. The principal accounting policies have remained unchanged from the year ended 31 December 2010.
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.
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.
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 |
Consolidation adjustments £'000 | Group £'000 | |
Operating segments | |||||
For the 6 months ended 30 June 2011 | |||||
Revenue | |||||
Net premiums written Other income: | 9,180
| - | - | - | 9,180
|
Insurance related | 1,535 | 1,889 | - | - | 3,424 |
Non-insurance related | 678 | - | - | - | 678 |
Investment property | - | - | 139 | - | 139 |
Investment income | 137 | 1 | - | - | 138 |
________ |
________ |
________ |
________ | ________ | |
Total revenue
| 11,530 _______ | 1,890 ______ | 139 ______ | - ______ | 13,559 _______ |
Net result for period before tax | 4,315 | 329 | 94 | 12 | 4,750 |
_______ |
______ |
______ |
______ | _______ | |
Segment assets | 22,486 | 1,995 | 3,185 | 3,000 | 30,666 |
_______ |
______ |
______ |
______ | ________ | |
Segment liabilities | 4,823 | 1,467 | 22 | - | 6,312 |
_______ |
_______ |
_______ |
_______ | _______ | |
Depreciation and amortisation | 221 | 6 | - | - | 227 |
_______ |
_______ |
_______ |
_______ | _______ |
Employee benefits £'000 | Financial services £'000 | Unallocated £'000 | Consolidation adjustments £'000 | Group £'000 | |
For the year ended 31 December 2010 | |||||
Revenue | |||||
Net premiums written | 18,462 | - | - | - | 18,462 |
Other income: | |||||
Insurance related | 2,996 | 3,753 | - | - | 6,749 |
Non-insurance related | 1,252 | - | - | - | 1,252 |
Investment property | - | - | 300 | - | 300 |
Investment income | 277 | 3 | - | - | 280 |
_______ | _______ | _______ | _______ | _______ | |
Total revenue
| 22,987 ______ | 3,756 ______ | 300 ______ | - ______ | 27,043 ______ |
Net result for year before tax | 8,512 | 676 | 179 | 14 | 9,381 |
______ | ______ | ______ | ______ | ______ | |
Segment assets | 21,178 | 2,177 | 3,185 | 3,000 | 29,540 |
______ | ______ | ______ | ______ | ______ | |
Segment liabilities | 4,537 | 1,435 | 44 | - | 6,016 |
______ | ______ | ______ | ______ | ______ | |
Depreciation and amortisation | 428 | 12 | 9 | - | 449 |
______ | ______ | ______ | ______ | ______ |
For the 6 months ended 30 June 2010 | |||||
Revenue | |||||
Net premiums written | 9,079 | - | - | - | 9,079 |
Other income | |||||
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 |
______ | ______ | ______ | ______ | ______ | |
Segment liabilities | 4,065 | 1,391 | 37 | - | 5,493 |
______ | ______ | ______ | ______ | ______ | |
Depreciation and amortisation | 214 | 6 | 9 | - | 229 |
______ | ______ | ______ | ______ | ______ |
All income is derived from the UK.
The figures shown above for employee benefits and financial services are from the management accounts that are not prepared under IFRS. Unallocated amounts relate to the investment properties.
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 2011 | 6 months ended 30 June 2010 | 12 months ended 31 December 2010 | |
Basic | 29,873,044 | 29,862,662 | 29,870,303 |
Diluted | 29,877,379 | 29,868,160 | 29,874,448 |
During the first six months of 2011, Personal Group Holdings Plc paid dividends of £2,616,000 to its equity shareholders (six months to 30 June 2010: £2,555,000, twelve months to 31 December 2010: £5,111,000). This represents a payment of 8.7p per share (six months to 30 June 2010: 8.5p, twelve months to 31 December 2010: 17.0p).
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 2011 | 6 months ended 30 June 2010 | 12 months ended 31 December 2010 | 6 months ended 30 June 2011 |
6 months ended 30 June 2010 | 12 months ended 31 December 2010 | |
Pence per share | £'000 |
£'000 |
£'000 | |||
Equity dividends | ||||||
Ordinary shares paid in period | ||||||
March | 4.35 | 8.50 | 8.50 | 1,308 | 2,555 | 2,555 |
June | 4.35 | - | - | 1,308 | - | - |
September | - | - | 4.25 | - | - | 1,278 |
December | - | - | 4.25 | - | - | 1,278 |
______ |
______ |
______ | ||||
2,616 | 2,555 | 5,111 | ||||
Less: amounts paid on own shares |
(18) |
(18) |
(37) | |||
_____ | _____ | ______ | ______ | ______ | ______ | |
8.70 | 8.50 | 17.00 | 2,598 | 2,537 | 5,074 | |
| _____ | _____ | ______ | ______ | ______ | ______ |
5 Movements on property, plant and equipment
For the six months ended 30 June 2011
Freehold land and properties £'000 | Motor vehicles £'000 | Computer equipment £'000 | Furniture fixtures & fittings £'000 | Total £'000 | |
Cost | |||||
At 1 January 2011 | 5,478 | 970 | 455 | 1,209 | 8,112 |
Additions | - | 147 | 13 | 13 | 173 |
Disposals | - | (135) | (41) | - | (176) |
______ | ____ | ____ |
______ | ______ | |
At 30 June 2011 | 5,478 | 982 | 427 | 1,222 | 8,109 |
______ | ____ | ____ |
______ | ______ | |
Depreciation | |||||
At 1 January 2011 | 939 | 357 | 314 | 891 | 2,501 |
Provided in the period | 47 | 117 | 26 | 37 | 227 |
Eliminated on disposals | - | (106) | (37) | - | (143) |
______ | ____ | ____ |
______ | ______ | |
At 30 June 2011 | 986 | 368 | 303 | 928 | 2,585 |
______ | ____ | ____ |
______ | ______ | |
Net book amount at 30 June 2011 | 4,492 | 614 | 124 | 294 | 5,524 |
______ | ____ | ____ |
______ | ______ | |
Net book amount at 1 January 2011 | 4,539 | 613 | 141 | 318 | 5,611 |
______ | ____ | ____ |
______ | ______ |
For the year ended 31 December 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 | - | 417 | 152 | 167 | 736 |
Disposals | - | (264) | (104) | (1,015) | (1,383) |
______ | ____ | ____ |
______ | ______ | |
At 31 December 2010 | 5,478 | 970 | 455 | 1,209 | 8,112 |
______ | ____ | ____ |
______ | ______ | |
Depreciation | |||||
At 1 January 2010 | 844 | 308 | 378 | 1,808 | 3,338 |
Provided in the year | 95 | 217 | 39 | 98 | 449 |
Eliminated on disposals | - | (168) | (103) | (1,015) | (1,286) |
______ | ____ |
____ |
______ | ______ | |
At 31 December 2010 | 939 | 357 | 314 | 891 | 2,501 |
______ | ____ | ____ |
______ | ______ | |
Net book amount at 31 December 2010 | 4,539 | 613 | 141 |
318 | 5,611 |
______ | ____ | ____ |
______ | ______ | |
Net book amount at 1 January 2010 | 4,634 | 509 | 29 | 249 | 5,421 |
______ | ____ | ____ |
______ | ______ |
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 |
______ | ____ | ____ |
______ | ______ |
6 Borrowings
At 30 June 2011 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 2011
The company announces the following dates in its financial calendar for the year ending 31 December 2011:
● | Preliminary results for the year ending 31 December 2011 | March 2012 |
● | Publication of Report and Accounts for 2011 | March 2012 |
● | AGM | April 2012 |
- Ends -