Earnings Release • Dec 9, 2015
Earnings Release
Open in ViewerOpens in native device viewer
National Storage Mechanism | Additional information
RNS Number : 4614I
Bilby PLC
09 December 2015
9 December 2015
Bilby Plc
("Bilby" or the "Group")
Unaudited Interim Results
Bilby Plc (AIM: BILB.L), the holding company for gas, electrical and building services companies, has today issued its unaudited interim results in respect of the six months to 30 September 2015.
Financial highlights
· Revenues increased 103% to £11.62m (H1 2014: £5.72m)
· Operating profit before share based payments, amortisation of acquisition intangibles and acquisition costs increased 23% to £0.86m (H1 2014: £0.70m)
· Adjusted profit before tax increased (before share based payments of £0.05m, amortisation of acquisition intangibles of £0.18m and acquisition costs of £0.53m) increased by 20.3% to £0.83m (H1 2014: £0.69m)
· Reported profit before tax of £0.07m (H1 2014: £0.69m)
· Adjusted EPS of 2.17p
· Net debt of £4.29m including cash of £1.09m as at 30 September 2015 (at 31 March 2015: cash of £1.77m)
· Maiden interim dividend of 0.75p per ordinary share
Notes:
Six months comparative figures to 30 September 2014 are based on management estimates for the trading performance of P & R Installation Limited trading as a private company.
Adjusted earnings per share excludes the effect of the share based payment charge and amortisation of acquired intangibles and acquisition costs. The board are of the opinion that this provides a more appropriate view of the Group's underlying performance.
Operational highlights
· In July 2015, Bilby acquired Purdy Contracts ("Purdy"), an award winning gas and electrical contractor based in Essex. The acquisition complements P&R Installation's ("P&R") services and geographic presence
· New contract wins for P&R including Royal Borough of Greenwich, Hexagon Housing Association and Hyde Housing Association.
· New contract wins for Purdy including Peabody Housing and the London Borough of Hackney
· The Group extended contracts with four existing long term clients
Post period highlights
· P&R were awarded first place on a gas support framework tender process for the South East Consortium (SEC). SEC are a consortium of housing associations responsible for over 140,000 properties in South East England. The framework has the potential to be the largest scope of prospective work in P&R's history
· Purdy were named the second supplier of choice for a similar SEC framework for electrical works
· Appointment of new Finance Director and the establishment of a Managing and Business Development Director position
· Current Bilby visible revenues for the next seven years in excess of £180m.
Phil Copolo, P&R Founder and Executive Deputy Chairman of Bilby plc, said:
"I am pleased to announce that Bilby has made considerable progress over the period. The Group has won new contracts and extended the scope and size of existing contracts, whilst successfully executing our buy and build strategy with the acquisition of Purdy. I am delighted that Purdy is already contributing significantly to the success of Bilby. We are benefitting from shared synergies across Purdy and P&R as we continue to win contracts based on our exceptional reputation for high quality service. This reputation has helped lead to P&R being awarded first place as preferred service provider for a SEC gas framework. The framework covers a portfolio of over 140,000 properties in South East England, and represents a transformational opportunity for the Group. P&R competed with 52 other companies for the framework. Furthermore, Purdy were awarded second place for a similar SEC framework for electrical work.
In addition to organic growth being achieved and targeted, we continue to see significant opportunity for further acquisitive growth in London and South East England and continue actively to review a number of opportunities. Accordingly we look to the future with confidence."
Enquiries
Bilby Plc 020 8269 3777
Phil Copolo, Executive Deputy Chairman
David Ellingham, Managing and Business Development Director
Panmure Gordon 020 7886 2500
(Nominated Adviser and Broker)
Mark Taylor
James Greenwood
Hudson Sandler 020 7796 4133
(Financial PR)
Charlie Jack
Emily Dillon
Note for Editors
Bilby Plc, the holding company for P&R Installation Company Limited ("P&R") and Purdy Contracts Limited (Purdy), was established to provide a platform for strategic acquisitions in the gas heating, electrical and building services industries. Bilby's first acquisition was P&R, an established and award winning provider of gas heating appliance installation and maintenance services.
Bilby plc (AIM: BILB.L), is traded on the AIM Market of the London Stock Exchange. For further information, visit www.bilbyplc.com.
P&R Installations
P&R provides services predominately to local authorities and housing associations across London and South East England and is responsible for over 100,000 properties. The experienced management team places emphasis on the provision of a high level of service through which P&R has developed long standing relationships with its customers who include the Guinness Partnership, London & Quadrant, Hexagon and the Royal Borough of Greenwich. Headquartered in Sidcup, Kent, P&R currently employs approximately 155 staff.
Purdy Contracts
Purdy operates predominantly as a gas and electrical contractor and is based near Waltham Abbey, Essex. Purdy was established in 1984 as a gas and electrical maintenance and installation contractor. Today Purdy carries out all types of gas and electrical work to both commercial and domestic markets and is predominantly focused on social housing and local authority customers. The business works closely with a number of long-term clients including Homes for Haringey, the London Borough of Enfield, Aston Group, Central Bedfordshire Council and Hyde Housing. Purdy provides maintenance services to in excess of 130,000 properties and currently employs approximately 182 full time staff.
Chairman's Statement
We have delivered a strong performance over the first six months of this financial year.
Bilby's stated strategy is to capitalise on the significant market opportunity for gas, electrical and building services primarily for housing associations and local authorities in London and South East England. Our considerable progress against this strategy has been achieved through: increasing our market share as we expand our service offering and customer base organically and through our buy and build strategy.
In July 2015, we acquired Purdy Holdings Limited, representing our first acquisition since IPO. Purdy is an award winning gas and electrical contractor based in Essex. Since acquisition, we have successfully integrated Purdy into the Bilby Group and on behalf of the Board I would like to thank all of our employees for the tremendous hard work that has made the integration so successful.
Since the period end, the Group's focus on high standards of service has again been rewarded with new customer wins for both P&R and Purdy. We were also extremely pleased to announce that P&R was awarded first place for a significant framework tender process for gas support work for the South East Consortium (SEC). This will be a transformational opportunity for the Group. To reflect this increasing scale and opportunity for Bilby, as announced on the 2 December 2015 we are delighted to welcome Katherine O'Reilly to the Board of Bilby as Finance Director from 1 January 2016. David Ellingham has been appointed to the new role of Managing and Business Development Director where he will continue focusing on new acquisition opportunities.
Financial results
In the six month period ended 30 September 2015, and reflecting three months contribution from Purdy, Group revenue increased 103% to £11.62m (H1 2014: £5.72m), with operating profit increasing to £0.86m (H1 2014: £0.7m). Adjusted profit before tax (before share based payments of £0.05m, amortisation of acquisition intangibles of £0.18m and acquisition costs of £0.53m was £0.83m (H1 2014 £0.69m). Reported profit before tax was £0.07m (H1 2014: £0.69m).
The timing of collection of receivables remains challenging. However, following the implementation of tighter financial systems with our clients, cash collections have improved since the period end. From 1st October 2015 to date the Group has collected in excess of £6.8m against the outstanding trade debtors.
At 30 September 2015 the Group had net debt of £4.29m including cash of £1.09m (31 March 2015: cash of £1.63m
Note: Six months comparative figures to 30 September 2014 are based on management estimates for the trading performance of P & R Installation Limited trading as a private company.
Dividend
The Board continues to believe in adopting a progressive dividend policy. This will enable us to award investors whilst retaining capital for investment in our longer term growth. I am therefore pleased to announce we will be paying an interim dividend of 0.75p for the six months ended 30 September 2015. The ex-dividend date will be 17 December 2015, the record date 18 December 2015 and the payment date 15 January 2016.
This has been an important and significant six months for the Group, during which we have demonstrated our ability to identify, evaluate and take advantage of opportunities to secure growth, both organically and through our buy and build strategy. We look forward to building on this momentum in the second half of our financial year.
Sangita Shah, Non-Executive Chair
9 December 2015
Financial performance
During the period, the Group has continued to deliver strong organic growth through winning a number of new contracts in its core London and South East market whilst extending the scope and size of existing contracts.
| Revenue by operating segment | |||||
| 6 months to | 14 months to | ||||
| 30/09/2015 | 31/03/2015 | ||||
| Unaudited | Audited | ||||
| £'000 | £'000 | ||||
| Gas maintenance | 5,121 | 6,522 | |||
| Building services | 4,078 | 8,137 | |||
| Electrical services | 2,351 | - | |||
| Trade counter | 70 | 248 | |||
| 11,620 | 14,907 |
Progress in the period has continued to demonstrate the inherent strength of Bilby's scalable business model and the attractive growth fundamentals that the sector continues to present. These results also reflect a three month contribution from Purdy Holdings Limited ("Purdy").
P&R Installation
Over the six month period ended 30 September 2015, P&R has performed well, winning a number of new contracts with new customers as well as extending existing contracts with long-term customers. P&R continue to work with Hexagon Housing, Central and Cecil, Guinness Partnership, and the recognition for our focus on quality has led to P&R providing a wider range of services in a number of areas for these customers.
As previously announced, P&R recently commenced work for the Royal Borough of Greenwich under a new contract which was originally expected to start in August 2015. During the delay, P&R did however undertake some additional but lower margin work with the Royal Borough of Greenwich. Based on anticipated work under existing contracts, as previously stated this could result in P&R's trading performance being marginally below market expectations for the year ending March 2016.
Since the period end, P&R has achieved first place on a significant framework tender process for gas support work for the South East Consortium (SEC), a consortium of housing associations responsible for over 140,000 properties in South East England. P&R was ranked as the first placed contractor in front of 52 other contractors. This offers P&R the potential for the largest scope of prospective work in its history. The framework period is four years, with contracts starting in 2016 and able to run for a period of up to seven years.
Purdy
Purdy was acquired by the Group in July 2015 for an initial cash payment of £6.57 million together with the issue of 1,250,000 new Bilby ordinary shares at a price of 80 pence per share and the issue of a £0.50 million Convertible Loan Note (the "Loan Note"). The Loan Note is to be paid or converted into new ordinary shares in July 2017. The associated cost of the acquisition of Purdy were £527k.
Following the acquisition of Purdy, we are pleased to confirm that the integration has been a success. Bilby is already benefitting from increased scale and operational presence through improved purchasing power. Additionally there is now the ability for P&R and Purdy to qualify to tender for larger contracts that have minimum pre-qualification revenue requirements. Given the complementary nature of Purdy's geographical markets and service offerings, P&R and Purdy are capitalising on opportunities to cross sell across their customer bases.
Since the acquisition, Purdy has strengthened its trading base further with a major contract win with the London Borough of Hackney. The major new contracts won with Peabody Housing and the London Borough of Barking and Dagenham announced at the time of acquisition, are progressing well. The pilot project with the London Borough of Barking and Dagenham for kitchen and bathroom installation and associated works was successful. Post period, Purdy was successfully awarded a long term contract with the London Borough of Hackney as well being named the second supplier of choice for a SEC electrical framework.
Buy and build strategy
We remain fully committed to our stated strategy of expanding Bilby's businesses via both organic and acquisitive growth. Our dedicated Business Development team is focused on developing opportunities that meet our acquisition criteria, which is based on: service synergies, revenue, geographic focus, management strength, margins, cash flows and forward order book.
We continue to evaluate a number of acquisition prospects in our target markets.
People
As recently announced, following the period end Katherine O'Reilly has joined the Board as Finance Director. The new role of Managing and Business Development Director was created to enable David Ellingham, who previously held the position of Finance Director, to focus on driving Bilby's buy and build strategy. In December, Darren Dunnett stepped down as Managing Director of Bilby to focus on servicing the expanding order book of P&R.
Personnel and workforce development are a priority for the Group and Bilby has grown its health and safety team to work across both P&R and Purdy. The Group also continues to invest in developing a home-grown workforce through both Purdy's award winning "Purdy Futures" programme and P&R's apprentice programme.
Outlook
The Group's businesses continue to tender for an increasing number of contracts in London and South East England. Organic growth expectations are underpinned by the exceptional reputations of both P&R and Purdy as well as the mandatory nature of the work, driven by government standards and legislation, such as the Decent Homes Standard, the Right to Repair Scheme and applicable gas safety regulations. Bilby continues to evaluate a number of exciting acquisition opportunities. Accordingly, both our organic and acquisitive strategies leave us well placed and give us confidence for the future.
Phil Copolo, Executive Deputy Chairman
9 December 2015
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||
| For the six months ended 30 September 2015 | |||||
| 6 months to | 6 months to | 14 months to | |||
| 30/09/2015 | 30/09/2014 | 31/03/2015 | |||
| Unaudited | Unaudited | Audited | |||
| £'000 | £'000 | £'000 | |||
| Revenue | 11,620 | 5,716 | 14,907 | ||
| Cost of sales | (9,159) | (4,211) | (11,093) | ||
| Gross profit | 2,461 | 1,505 | 3,814 | ||
| Other operating expenses | (1,597) | (801) | (1,814) | ||
| Operating profit before share based payment charge and amortisation of acquisition intangibles | 864 | 704 | 2,000 | ||
| Share based payment charge | (52) | - | - | ||
| Acquisition costs | (527) | - | - | ||
| Amortisation of acquisition intangibles | (179) | - | - | ||
| Operating profit | 106 | 704 | 2,000 | ||
| Finance costs | (37) | (11) | (20) | ||
| Profit before tax | 69 | 693 | 1,980 | ||
| Income tax expense | (14) | (145) | (428) | ||
| Profit for the period attributable to the equity holders of the group | 55 | 548 | 1,552 | ||
| Earnings per share | |||||
| Adjusted | 2.17p | 6.10p | |||
| Basic | 0.17p | 6.10p | |||
| Diluted | 0.17p | 6.10p | |||
1) Six months comparative figures are based on management estimates for the trading performance of P & R Installation Limited trading as a private company. The comparative figures are unaudited
2) The Consolidated Statement of Comprehensive Income to 31 March 2015 is for a fourteen months period. The statement comprises of the audited results of P & R Installation Limited for fourteen months together with the Bilby Plc head office costs from 6 March 2015.
3) Included within the six months Consolidated Statement of Comprehensive Income to 30 September 2015 is only three months trading of Purdy Contracts Limited.
4) The Consolidated Statement of Comprehensive Income for the six months ended 30 September 2015 includes a full six months of Bilby Plc head office costs.
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||||
| At 30 September 2015 | |||||
| 30/09/2015 | 31/03/2015 | ||||
| Unaudited | Audited | ||||
| £'000 | £'000 | ||||
| ASSETS | |||||
| NON CURRENT ASSETS | |||||
| Intangible fixed assets | 7,176 | - | |||
| Property, plant and equipment | 1,383 | 524 | |||
| TOTAL NON CURRENT ASSETS | 8,559 | 524 | |||
| CURRENT ASSETS | |||||
| Inventories | 1,122 | 347 | |||
| Trade and other receivables | 8,779 | 4,033 | |||
| Cash and cash equivalents | 1,095 | 1,770 | |||
| TOTAL CURRENT ASSETS | 10,996 | 6,150 | |||
| TOTAL ASSETS | 19,555 | 6,674 | |||
| EQUITY AND LIABILITIES | |||||
| ISSUED CAPITAL AND RESERVES | |||||
| Share capital | 3,425 | 2,931 | |||
| Share premium | 4,670 | 1,213 | |||
| Share-based payment reserve | 52 | - | |||
| Merger reserve | (2,499) | (2,499) | |||
| Retained earnings | 2,200 | 2,940 | |||
| TOTAL EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT COMPANY | 7,848 | 4,585 | |||
| NON CURRENT LIABILITIES | |||||
| Borrowings | 4,315 | - | |||
| Obligations under finance leases | 40 | 57 | |||
| Deferred tax liabilities | 1,646 | 20 | |||
| 6,001 | 77 | ||||
| CURRENT LIABILITIES | |||||
| Borrowings | 998 | 31 | |||
| Obligations under finance leases | 36 | 50 | |||
| Current income tax liabilities | 404 | 448 | |||
| Trade and other payables | 4,268 | 1,483 | |||
| 5,706 | 2,012 | ||||
| 19,555 | 6,674 | ||||
| CONSOLIDATED STATEMENT OF CASH FLOWS | |||||
| For the six months ended 30 September 2015 | |||||
| 6 months to | 14 months to | ||||
| 30/09/2015 | 31/03/2015 | ||||
| Unaudited | Audited | ||||
| £'000 | £'000 | ||||
| NET CASH (USED IN)/GENERATED FROM OPERATING ACTIVITIES | (979) | 95 | |||
| CASH FLOW FROM INVESTING ACTIVITIES | |||||
| Interest paid | (37) | (20) | |||
| Purchases of property, plant and equipment | (34) | (22) | |||
| Acquisition of subsidiary, net of cash acquired | (7,570) | - | |||
| Proceeds on disposal of property, plant and equipment | 60 | 376 | |||
| NET CASH (USED IN)/FROM INVESTING ACTIVITIES | (7,581) | 334 | |||
| Cash flow from financing activities | |||||
| Repayment of borrowings | (35) | (262) | |||
| Proceeds from borrowings | 4,795 | - | |||
| Repayment of Director loans | - | (4) | |||
| Capital element of finance lease payments | (31) | (134) | |||
| Issue of ordinary share capital | 3,951 | 2,500 | |||
| Issue costs | - | (856) | |||
| Dividend paid | (795) | - | |||
| 7.885 | 1,244 | ||||
| Net (decrease)/ increase in cash and cash equivalents | (675) | 1,673 | |||
| Cash and cash equivalents at beginning of period | 1,770 | 97 | |||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,095 | 1,770 | |||
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | ||||||
| For the six months ended 30 September 2015 (unaudited) | ||||||
| Issued share capital | Share premium | Share-based payment reserve | Merger reserve | Retained earnings | Total equity | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Balance 1 April 2015 | 2,931 | 1,213 | - | (2,499) | 2,940 | 4,585 |
| Profit and total comprehensive | ||||||
| income for the period | - | - | - | - | 55 | 55 |
| Issue of share capital | 494 | 3,457 | - | - | - | 3,951 |
| Share-based payment charge | - | - | 52 | - | - | 52 |
| Dividends paid | - | - | - | - | (795) | (795) |
| Balance 30 September 2015 | 3,425 | 4,670 | 52 | (2,499) | 2,200 | 7,848 |
| For the fourteen months ended 31 March 2015 (audited) | ||||||
| Issued share capital | Share premium | Share-based payment reserve | Merger reserve | Retained earnings | Total equity | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Balance 1 February 2014 | 2,500 | - | - | (2,499) | 1,388 | 1,389 |
| Profit and total comprehensive | ||||||
| income for the period | - | - | - | - | 1,552 | 1,552 |
| Issue of share capital | 431 | 2,069 | - | - | - | 2,500 |
| Issue costs | - | (856) | - | - | - | (856) |
| Balance 31 March 2015 | 2,931 | 1,213 | - | (2,499) | 2,940 | 4,585 |
Notes to the consolidated financial statements
For the six months to 30 September 2015
1. Basis of preparation
Bilby Plc and its subsidiaries (together the Group) operate in the gas heating, electrical and general building services industries. The Company is a public limited company operating on Alternative Investment Market (AIM) and is incorporated and domiciled in England and Wales (registered number 09095860).The address of its registered office is 6-8 Powerscroft Road, Sidcup, DA14 5DT.
The Group's financial statements have been prepared on a going concern basis under the historical cost convention and in accordance with International Financial Reporting Standards ("IFRS's").
The interim financial information does not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements, being the statutory financial statements for Bilby Plc as at 31 March 2015, which have been prepared in accordance with IFRS as adopted by the European Union.
The interim financial information for the six months ended 30 September 2015 do not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. The interim financial information has not been audited.
Significant accounting policies
The accounting policies adopted in the preparation of the interim financial information is consistent with those set out in the preparation of the Group's annual financial statements for the 14 month period ended 31 March 2015.
Going concern
The Directors have prepared detailed financial forecasts and cash flows looking beyond 12 months from the date of these consolidated financial statements. In developing these forecasts the Directors have made assumptions based upon their view of the current and future economic conditions that are likely to prevail over the forecast period.
On the basis of the above projections, the Directors are confident that the Group has sufficient working capital to honour all of its obligations to creditors as and when they fall due. Accordingly the Directors continue to adopt the going concern basis in preparing these consolidated financial statements.
Publication of non-statutory financial statements
The results for the six months ended 30 September 2015 and 30 September 2014 are unaudited and have not been reviewed by the auditor. The results for the 14 month period ended 31 March 2015 do not constitute statutory financial statements as defined in section 434 of the Companies Act 2006, but have been derived from the full audited financial statements for the 14 month period ended 31 March 2015. Statutory accounts for the 14 month period ended 31 March 2015, on which the auditors gave an audit report which was unqualified and did not contain a statement under section 498(2) or (3) of the Companies Act 2006, have been filed with the Registrar of Companies.
The interim financial information has been prepared on the basis of the same accounting policies as published in the audited financial statements for the 14 month period ended 31 March 2015. The annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards and International Financial Reporting Interpretations Committee ("IFRIC") pronouncements as adopted by the European Union. Comparative figures for 14 month period ended 31 March 2015 have been extracted from the statutory financial statements for that period.
2. Principal risks and uncertainties
The nature of the principal risks and uncertainties faced by the Group have not changed significantly from those set out within the Bilby Plc annual report and accounts for the period ended 31 March 2015.The main points are listed below:
· The Group's trading operations are dependent on UK and Local government policy with regard to expenditure on maintaining and improving social housing and other public buildings;
· The Group continues to compete effectively on gaining additional new work as well as maintaining existing contracts;
· The Group relies on recruiting, training, motivating and retaining skilled and competent personnel to ensure continued success;
· The Group could suffer an impact on performance if it is unable to maintain long term relationships with its principal sub-contractors; and
· The Group has embarked on an acquisition strategy. No assurance can be given that future acquisitions will be successfully integrated within the Group without incurring additional costs or delays following acquisition.
3. Acquisition of subsidiaries
On 13 July 2015 the Group acquired 100% of the issued capital of Purdy Holdings Limited for a total consideration of £8.07m, obtaining control of Purdy Holdings Limited. The acquisition consideration was funded in part by £5.27m of debt financing.
Purdy Holdings is a privately owned property services business based near Waltham Abbey, Essex. Through Purdy Contracts Limited ("Purdy"), the sole subsidiary of Purdy Holdings, the group operates predominantly as a gas and electrical contractor. Purdy carries out all types of gas and electrical work to both commercial and domestic markets, predominantly focused on social housing and local authority customers. Purdy provides maintenance services to in excess of 130,000 properties located throughout London, the Home Counties and South East England. The Directors believe that the acquisition of Purdy represents an expansion of services and geographical scope which is complementary to P&R.
The provisional fair value of the assets acquired and liabilities assumed were as follows:
| Fair values | ||||
| £'000 | ||||
| Cash and cash equivalents | (22) | |||
| Property, plant and equipment | 966 | |||
| Intangible fixed assets | 7,355 | |||
| Inventory and work in progress | 254 | |||
| Trade and other receivables | 3,574 | |||
| Trade and other payables | (2,188) | |||
| Borrowings | (362) | |||
| Deferred tax | (1,507) | |||
| Net assets | 8,070 |
The consideration for the acquisition and the goodwill arising on acquisition are as follows:
| £000 | ||
| Purchase consideration: | ||
| Cash paid | 6,570 | |
| Fair value of shares issued | 1,000 | |
| Loan notes issued | 500 | |
| 8,070 |
The consideration was satisfied by way of an initial cash payment of £6.57 million together with the issue of 1,250,000 new Bilby ordinary shares at a price of 80 pence per share (the "Consideration Shares") and the issue of a £0.50 million Convertible Loan Note (the "Loan Note"). The Acquisition was been funded through a new term loan of £4.20 million and a mortgage loan of £570,000 from HSBC Bank plc together with the share placing which raised a further £2.95 million for the Group by the issue of 3,687,500 new ordinary shares at 80 pence per ordinary share.
4. Notes to the cash flow
| 6 months to | 14 months to | ||
| 30/09/2015 | 31/03/2015 | ||
| Unaudited | Audited | ||
| £'000 | £'000 | ||
| Cash flow from Operating activities | |||
| Profit before income tax | 69 | 1,980 | |
| Adjusted for: | |||
| Finance costs | 37 | 20 | |
| Loss on disposal of tangible assets | 7 | 16 | |
| Depreciation | 74 | 126 | |
| Amortisation of intangibles | 179 | - | |
| Share based payment charge | 52 | - | |
| Movement on receivables | (1,172) | (2,389) | |
| Movement on payables | 508 | 557 | |
| Movement in inventories | (521) | (27) | |
| Tax paid | (212) | (188) | |
| Net cash (used in)/generated from operating activities | (979) | 95 |
5. Interim Report
Copies of this Interim Report will be available to download from the investor relations section on the Company's website www.bilbyplc.com
David Ellingham, Group Financial Director
9 December 2015
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LIFSRFILAIIE
//<![CDATA[$.ajaxSetup({headers: {'__RequestVerificationToken':'bvDthiF-ab6fYRzBYVErA7PR1Lq-ruzMDGlIIuKMWy5k1LMq_sLCniUYghh6c9XfUnCzO2KFVcRfec5AU7YocIiNXePzL8awwrZ7yer0UcE1:MhWCacTYNfV6hTj4W5oOcltATXLdiXNMh2FsEEeQV_3NOM4ZTjiXIY-aWIuPj6aeTi0E0CMdV_zTSBSzo2DXzKGUzO9UF-vzd_eETmScDF81'}});//]]>