AssetCo plc Interim results for the six months ended 30 September 2008

12/01/2009
 
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
  • 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)
  • Profit before tax increased by 36% to £6.0m (Six months ended 30 September 2007: £4.4million)
  • Underlying profit increased by 64% to £7.7m (Six months ended 30 September 2007: £4.4m)
  • Fully diluted earnings per share up by 27% to 6.5p (Six months ended 30 September 2007: 5.1p)
  •  Net operating cash flow of £12.4m (Six months ended 30 September 2007: £11.0m)
  • 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)
  • 64% of the total debt as at 30 September 2008 related to non-recourse asset finance on our long-term contracts
 
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:
 
AssetCo plc
 
 
Frank Flynn, Financial Director            
 
Tel: +44 (0) 20 8515 3999
 
 
 
RBS Hoare Govett Limited 

 

 
Stephen Bowler
 
 
John MacGowan

 

 
Richard Crichton

 

Tel: +44 (0) 20 7678 8000
 

 

 
Pelham Public Relations
 
Tel: +44 (0) 20 7743 6670
Alex Walters   
 
 
Francesca Tuckett