DO & CO AG — Interim / Quarterly Report 2017

Dec 29, 2017

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Positive Healthcare Plc - Half-year Report

PR Newswire

London, December 29

POSITIVE HEALTHCARE PLC

(“Positive Healthcare” or the “Company” and, together with its subsidiaries, the “Group”)

INTERIM RESULTS FOR THE PERIOD ENDED 30 SEPTEMBER 2017

I am pleased to present the interim condensed consolidated financial results of Positive Healthcare Plc for the period from 1 April 2017 to 30 September 2017.

On 1 June 2017, the Company announced a change in its accounting reference date, from 31 December to 31 March. As a result, the Company will use the Interim Results for the period from 1 January 2016 to 30 June 2016 as a basis for comparison for the results reported in these financial statements.

Business and operations

Despite challenging trading conditions within the healthcare sector, I am delighted to report that in the 6 months to September 2017 group sales amounted to £4.67million. Group gross profit margins to September 2017 were at approximately 17%, and the business is profitable at £63,697 (Profit before tax) for the period.

As the Group’s last set of published interim accounts were for the period to 30 June 2016, at which date the Group had just completed the acquisition of Capital Care Services (UK) Limited and Fine Locums Limited, the results of these two subsidiaries were not included within the Group’s income statement for the period ended 30 June 2016.

Outlook

For the first half of 2017 the business has adapted to the challenges of continuing rate caps and margin compression and the introduction of IR35 in April. Costs have been and continue to be strictly controlled, and perpetual re-investment in new hires, higher margin sectors and technology will continue for the rest of the year.

I would like to take this opportunity to thank the entire staff for their hard work and passion in successfully delivering our business objectives.

Gary Ashworth	Christopher Paul Ledbury
Chairman	Chief Executive Officer

The Directors of Positive Healthcare accept responsibility for this announcement.

For further information, please contact:

Positive Healthcare plc

Chris Ledbury - CEO

www.positiveplc.co.uk.

Tel: +44 (0) 203 587 7566

Email: chris@positivementalhealth.co.uk

Peterhouse Corporate Finance Limited

Fungai Ndoro and Mark Anwyl

Tel: +44 (0) 20 7469 0930

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 SEPTEMBER 2017

			Unaudited	Unaudited	Audited
			6 Months to	6 Months to	Period to
			30 September	30 June	31 March
			2017	2016	2017
			£	£	£
Revenue			4,670,168	1,140,993	7,803,986
Cost of sales			(3,857,213)	(885,983)	(6,209,243)
Gross profit			812,955	255,010	1,594,743
Administrative expenses			(708,832)	(306,902)	(1,592,199)
Exceptional costs			-	(154,300)	(154,300)
Finance cost			(40,426)	(46,574)	(124,017)
Profit/(loss) before tax			63,697	(252,766)	(275,773)
Taxation			(5,620)	-	11,086
Profit/(loss) for the year			58,077	(252,766)	(264,687)
Attributable to:
Owners of the parent			52,482	(252,766)	(262,639)
Non-controlling interest			5,595	-	(2,048)
			58,077	(252,766)	(264,687)

Earnings per share			Pence	Pence	Pence
Basic earnings per share attributable to equity holders of the parent			1.050	(5.055)	(5.253)
Diluted earnings per share attributable to equity holders of the parent			1.050	(5.055)	(5.253)

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2017

		Unaudited as at	Unaudited as at	Audited as at
		30 September	30 June	31 March
		2017	2016	2017
		£	£	£
ASSETS
Non-current assets
Intangible assets		1,001,269	1,002,540	1,001,778
Property, plant and equipment		85,156	81,168	90,645
		1,086,425	1,083,708	1,092,423
Current assets
Trade and other receivables		2,186,481	1,954,601	1,758,061
Cash and cash equivalents		18,921	116,491	49,108
		2,205,402	2,071,092	1,807,169
TOTAL ASSETS		3,291,827	3,154,800	2,899,592
EQUITY AND LIABILITIES
Equity attributable to equity holders
Share capital		50,000	50,000	50,000
Retained earnings/(deficit)		(210,157)	(252,766)	(262,639)
Non-controlling interest		242,330	238,784	236,735
Total equity		82,173	36,018	24,096
Non-current liabilities
Borrowings		1,330,675	1,330,675	1,330,675
		1,330,675	1,330,675	1,330,675
Current liabilities
Trade and other payables		1,878,979	1,788,107	1,544,821
		1,878,979	1,788,107	1,544,821
TOTAL EQUITY AND LIABILITIES		3,291,827	3,154,800	2,899,592

Company Registration number: 09852871