AssetCo plc
Interim results for the six months ended 30 September 2008
AssetCo plc, (AIM : ASTO), the integrated support services business, announces its interim results for the six months to 30 September 2008
Highlights
- Current contracted order book at record high of £594m
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- Income from the core long-term contract with London Fire Brigade for the six months ended 30 September 2008 increased by 32% to £12.3m (Six months ended 30 September 2007: £9.3m)
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- Profit before tax increased by 36% to £6.0m (Six months ended 30 September 2007: £4.4million)
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- Underlying profit increased by 64% to £7.7m (Six months ended 30 September 2007: £4.4m)
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- Fully diluted earnings per share up by 27% to 6.5p (Six months ended 30 September 2007: 5.1p)
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- Net operating cash flow of £12.4m (Six months ended 30 September 2007: £11.0m)
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- Short-term debt exposure restructured, debt potentially repayable within 12 months, excluding asset-finance, reduced from £19m (31 March 2008) to £4m (30 September 2008)
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- 64% of the total debt as at 30 September 2008 related to non-recourse asset finance on our long-term contracts
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Commenting, John Shannon, Chief Executive Officer, said:
"We have delivered a strong set of results for the six month period ended 30 September 2008. Our long-term contract activity continues to broaden in scope and our current order book is at its highest level ever. Despite the current economic climate we remain resilient and are in a good position to deliver robust, stable profits."
Enquiries:
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AssetCo
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Frank Flynn, Financial Director
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Tel: +44 (0) 20 8515 3999
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RBS Hoare Govett Limited |
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Stephen Bowler
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John MacGowan |
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Richard Crichton |
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Tel: +44 (0) 20 7678 8000
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Pelham Public Relations
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Tel: +44 (0) 20 7743 6670
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Alex Walters
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Francesca Tuckett
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