Interim results for the six months ended 30 September 2009
Further strengthening of the integrated support services offering
Key Points
Financial
• Profit before tax from continuing operations £5.4m (2008: £6.6m)
• Profits from our core Integrated Support Services up 25% to £3.9m (2008: £3.1m)
• Fully diluted EPS from continuing operations 5.9p (2008: 7.4p)
• Recourse debt reduced by 23% to £27.8m (2008: £34.3m)
• 70% of total debt relates to non-recourse asset finance on our long-term contracts (2008: 64%)
Operational
• Award of 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
• 10 year Joint venture formed with Abu Dhabi Government for construction and operation of Rabdan Academy Disaster City
• Exit from low margin Vehicle Assembly business
John Shannon, Chief Executive Officer, commented:
“We continue to develop AssetCo into a fully integrated support services company, as demonstrated by the award of the London contingency solution and Rabdan Academy Disaster City contracts. We are well placed to build on our position further and look forward to future developments with confidence.”
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 7337 1500
Alex Walters
Francesca Tuckett
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