Final Results
08 März 2005 - 8:00AM
UK Regulatory
RNS Number:4391J
Abingdon Capital PLC
08 March 2005
Abingdon Capital plc
Final results for the year to 31 December 2004
Abingdon Capital plc, owner of AIM specialist stockbroker Corporate Synergy Plc,
reports its unaudited final results for the year to 31 December 2004.
Business and financial highlights:
* Turnover up 130% to #4.05 million (2003: #1.76 million)
* Pre-tax profit of #626,000 (2003: loss of #592,000)
* Net assets of #6.3 million, principally cash and quoted securities
* Intends to pay a final dividend of 0.175p, total of 0.3p for the full
year (2003: 0.2p), an increase of 50%
* Significant increase in turnover and profits from the Group's principal
subsidiary, Corporate Synergy, whose retained clients number 33, up from 14
in 2003
* The hedge fund managed by Mountcashel LLP (in which the Group has a 25%
stake) has a 4% positive performance to date and currently has funds under
management of $19 million
* Proposed name change to Corporate Synergy Group plc
Oliver Vaughan, Chairman, said:
"This has been a year of considerable progress. Corporate Synergy has
established a strong presence in the smaller companies market in a pleasingly
short time. Our success is due to the commitment and quality of our team and I
would like to thank them for their efforts. Much has been achieved in 2004 and
we look forward to the future with confidence."
Enquiries, please contact:
Edward Vandyk Chief Executive Abingdon Capital 020 7937 4445
Neil Boom/Jenny Leahy Gresham PR Ltd 020 7404 9000
Simon Hayes KBC Peel Hunt Ltd 020 7418 8900
Chairman's Statement
I am pleased to report a year of considerable progress. The Group has advanced
strongly towards its goal to become an integrated financial services house that
combines regulated businesses offering stockbroking, corporate finance, research
and fund management services.
Our turnover for the year ended 31 December 2004 rose 130 per cent to #4.05
million. Profit before taxation was #626,000 as opposed to a full-year loss of
#592,000 in 2003. The Group's balance sheet remains strong with net assets,
comprising principally cash and quoted securities of #6.3 million, representing
10.9p per share, at the year end.
The Board is proposing a final dividend of 0.175p, making a total of 0.3p for
the year, as against a total of 0.2p for 2003. The dividend will be paid on 12
April 2005 to shareholders on the register on 18 March 2005.
The majority of turnover came from increased activity in the Group's principal
subsidiary, Corporate Synergy, where turnover and profits increased
significantly. Corporate Synergy grew the number of retained clients from 14 at
the end of 2003 to 33 at 31 December 2004. Recruitment of new staff continues to
strengthen the firm and enhance its profile in the smaller company market.
Corporate Synergy acted as nominated adviser to 10 companies seeking admission
to AIM in 2004 as against one in 2003.
In 2004 Corporate Synergy raised over #40 million for clients. This year has
started well with in excess of #19 million of new capital being raised or
committed for clients already. Whilst the market place in which Corporate
Synergy operates is subject to changes in sentiment, the Directors view the
prospects for Corporate Synergy and the Group positively.
To align market perception more closely with the principal operations of the
Group, a resolution will be proposed at the Annual General Meeting, to change
the name of the Company from Abingdon Capital plc to Corporate Synergy Group
plc. If the resolution is passed existing share certificates will remain valid.
During 2004 Mountcashel LLP, in which the Group has a 25 per cent interest,
became regulated and launched its first hedge fund, The Mountcashel Fund. Since
launch the Fund has gained 4 per cent in what has been a very difficult period
for hedge funds generally. The funds under management are currently US$19
million.
On occasion the Group continues to make investments in attractive opportunities,
with a view to short term profit. Two of these investments have, since the year
end, been disposed of ; being Formjet PLC, realising a profit in excess of
#175,000 and M&P Direct PLC.
During 2004 there were a number of management and operational changes made
within Corporate Synergy. Justin Lewis became Chief Executive of Corporate
Synergy, and later joined the Abingdon Capital Board in January 2005. Edward
Vandyk became Deputy Chairman of Corporate Synergy while remaining Chief
Executive of the Group. During 2004 we were delighted to also welcome Gavin
Casey, former Chief Executive of the London Stock Exchange, to the Board.
The Group's success in 2004 was due to the commitment and quality of our team
and I would like to thank them for their efforts. Much has been achieved in 2004
and we look forward to the future with confidence.
Oliver Vaughan
Chairman
8 March 2005
Consolidated Profit and Loss Account
for the year ended 31 December 2004
2004 2003
Note #'000 #'000
Turnover 1 4,051 1,759
Cost of Sales (1,495) (1,264)
---------- ----------
Gross profit 2,556 495
Administrative expenses (2,588) (1,436)
Other operating income 71 20
---------- ----------
Group operating profit / (loss) 39 (921)
Share of loss from associated undertaking (100) -
---------- ----------
Total operating loss (61) (921)
Profit on disposal of investments 540 176
Investment income - 2
Interest receivable and similar income 147 169
Interest payable and similar charges - (18)
---------- ----------
Profit / (loss) on ordinary activities
before taxation 626 (592)
Taxation (45) 14
---------- ----------
Profit / (loss) on ordinary activities
after taxation 581 (578)
Dividends 2 (174) (114)
---------- ----------
Retained profit / (loss) 407 (692)
========== ==========
Earnings / (loss) per share (pence)
- Basic 3 1.00 (1.02)
========== ==========
- Diluted 3 0.86 (1.02)
========== ==========
All results are derived from continuing operations.
There were no recognised gains or losses or other movements in shareholders'
funds other than those included in the profit and loss account above.
Balance Sheets
as at 31 December 2004
Group Company
2004 2003 2004 2003
#'000 #'000 #'000 #'000
Fixed assets
Tangible assets 134 121 12 8
Investments in associates 225 325 325 325
Other investments - - 4,038 4,038
-------- -------- -------- --------
359 446 4,375 4,371
Current assets
Investments 2,564 446 2,189 115
Debtors 756 604 167 46
Cash at bank and in hand 4,054 4,983 835 2,985
-------- -------- -------- --------
7,374 6,033 3,191 3,146
Creditors: Amounts falling
due within one year (1,436) (589) (1,784) (1,727)
-------- -------- -------- --------
Net current assets 5,938 5,444 1,407 1,419
-------- -------- -------- --------
Total assets less current
liabilities 6,297 5,890 5,782 5,790
======== ======== ======== ========
Capital and reserves
Called up share capital 58 58 58 58
Share premium 845 845 845 845
Other reserves 2,708 2,708 2,708 2,708
Profit and loss account 2,686 2,279 2,171 2,179
-------- -------- -------- --------
Equity shareholders' funds 6,297 5,890 5,782 5,790
======== ======== ======== ========
Consolidated Cash Flow Statement
for the year ended 31 December 2004
2004 2003
Note #'000 #'000
Net cash inflow / (outflow) from 4
operating activities 759 (229)
--------- ---------
Returns on investment and servicing
of finance
Interest received 149 168
Interest paid - (18)
--------- ---------
149 150
--------- ---------
Taxation paid - (127)
Capital expenditure and financial
investments
Purchase of tangible fixed assets (78) (107)
Sale of tangible fixed assets 4 -
Purchase of fixed asset investments - (325)
Purchase of current asset investments (3,242) (172)
Sale of current asset investments 1,610 717
--------- ---------
(1,706) 113
--------- ---------
Equity dividends paid (131) (56)
Cash outflow before management of
liquid resources and financing (929) (149)
Management of liquid resources
Decrease in short term deposits 4,602 179
--------- ---------
Financing
Issue of shares - 99
--------- ---------
Increase in cash in the year 3,673 129
========= =========
Notes to the Financial Statements
for the year ended 31 December 2004
1. SEGMENTAL ANALYSIS
2004 2003
Total Total
#'000 #'000
Turnover
Corporate finance advisory and stockbroking 3,964 1,467
Investing activities 87 292
--------- ---------
4,051 1,759
========= =========
Profit / (loss) before tax
Corporate finance advisory and stockbroking 532 69
Investing activities 94 (661)
--------- ---------
626 (592)
========= =========
Net assets
Corporate finance advisory and stockbroking 1,819 1,332
Investing activities & cash 4,478 4,558
--------- ---------
6,297 5,890
========= =========
All of the Group's results are derived from activities within the United
Kingdom.
2. DIVIDENDS
2004 2003
#'000 #'000
On equity shares:
Interim paid of 0.125p (2003: 0.1p) per share 73 56
Final proposed of 0.175p (2003: 0.1p) per share 101 58
--------- ---------
174 114
========= =========
3. EARNINGS / (LOSS) PER ORDINARY SHARE
The calculation of the basic and diluted earnings / (loss) per ordinary share is
based on the earnings / (loss) on ordinary activities after tax and on the
weighted average number of ordinary shares in issue during the year. In view of
the losses of the Group, the effect of the exercise of share options was not
dilutive in the year ended 31 December 2003.
Reconciliations of the earnings / (loss) and weighted average number of shares
used in the calculations are set out in the table below.
2004 2003
Weighted Earnings Weighted Loss
Average Per Average Per
Earnings number of share Earnings number of share
#'000 shares Pence #'000 shares Pence
Basic
earnings /
(loss) per
Ordinary 581 57,937,851 1.00 (578) 56,857,486 (1.02)
share ======== ======== ======== ======== ======== =======
Diluted
earnings /
(loss) per
Ordinary 581 67,462,851 0.86 (1.02)
share ======== ========= ======== =======
4. RECONCILIATION OF OPERATING PROFIT / (LOSS) TO NET CASH INFLOW / (OUTFLOW)
FROM OPERATING ACTIVITIES
2004 2003
#'000 #'000
Group operating profit / (loss) 39 (921)
Provisions against investments - 38
Depreciation of fixed assets 61 51
(Increase) / decrease in debtors (99) 793
Increase / (decrease) in creditors 758 (190)
-------- --------
Net cash inflow / (outflow) from operating activities 759 (229)
======== ========
5. STATUS OF FINANCIAL INFORMATION
The financial information set out in the announcement does not constitute the
company's statutory accounts for the year ended 31 December 2004 or 2003. The
financial information for the year ended 31 December 2003 is derived from the
statutory accounts for that year which have been delivered to the Registrar of
Companies. The auditors reported on those accounts; their report was unqualified
and did not contain a statement under s237(2) or (3) Companies Act 1985. The
statutory accounts for the year ended 31 December 2004 will be finalised on the
basis of the financial information presented by the directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the company's annual general meeting.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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