Preliminary unaudited results for the year ended 31 March 2010

25/06/2010
 
Preliminary unaudited results for the year ended 31 March 2010
Record results for International Fire and Rescue Services Group with major contract wins in the UAE and UK.


Highlights:

Financial
• Profit before tax from continuing operations of £12.1m (2009: £1.3m)
• Basic EPS from continuing operations 8.9p (2009: 1.9p)
• Recourse debt reduced by £16.8m to £18.9m (2009: £35.7m)
• Operating cash conversion improved to 139% (2009: 117%) as the Group exited the lower margin Vehicle Assembly operations
• Dividend increased to 1.5p per share (2009: 1.25p)
• Intention to pay a further dividend of not less than 1p on the disposal of “assets held for sale”.

Operational
• 100% of forecast revenue for 2011 is contractually committed
• Award of £40m contract to provide a fully outsourced fire service in Abu Dhabi and the wider UAE
• 10 year Joint Venture formed with the Abu Dhabi Government for construction and operation of the Disaster City Training Facility
• Award of a 7 year contract with London Fire and Emergency Planning Authority for the provision of an Emergency Fire Crew Capability Service to the London Fire Brigade
• Exit from low margin Vehicle Assembly businesses.

John Shannon, Chief Executive Officer, commented:

“This has been a transformational year for AssetCo Fire and Rescue. Not only did we significantly increase profits and earnings per share, we also confirmed our position as the leading provider of Fire and Rescue based front-line operational services in the UK and won a number of significant contracts in the UAE.

Looking forward, our established track record in the UK allows us to continue to offer alternative models to deliver significant efficiency savings to those Local Authorities tasked with meeting the Chancellor’s budget targets, whilst Internationally we have identified several further opportunities for growth. As a result, we approach the coming year with confidence and look forward to continuing to develop the Group as a leading player in the International Fire and Rescue Services market."

Enquiries:

AssetCo plc +44 (0) 20 8515 3999
John Shannon, Chief Executive Officer  
Frank Flynn, Chief Financial Officer  
James Collins, Investor Relations  
   
Arden Partners plc +44 (0)20 7614 5932
Richard Day  
Adrian Trimmings  
   
Pelham +44 (0) 20 7861 3157
Alex Walters  


This preliminary statement is not being posted to shareholders. The Report & Accounts for the year ended 31 March 2010 will be posted to shareholders in early July 2010. Further copies will be available from the Company Secretary, AssetCo plc, 800 Field End Road, South Ruislip, Middlesex, HA4 0QH or on the company website www.assetco.com


Download Results