.

Part 2 : For preceding part double click [nRn1e7621P]
uncertainty in the economy and its inherent risk and impact on the business, the
Board has concluded, given the level of borrowings and bank facilities, that the
Group is expected to be able to continue in operational existence for the
foreseeable future, being a period of at least twelve months from the date of
approval of the accounts. As a result, the going concern basis continues to be
appropriate in preparing the financial statements. Further details on going
concern are found in the Group's 2008 Annual Report to be published shortly.

Stuart Kilpatrick

Group Finance Director

30 March 2009


Consolidated Income Statement
Before Intangible amortisation & exceptional items Intangible amortisation & exceptional items 2008 Before Intangible amortisation & exceptional items Intangible amortisation & exceptional items 2007


Total Total
£m £m £m £m £m £m
Continuing operations
Revenue 207.7 207.7 147.8 147.8
Cost of sales (156.2) - (156.2) (105.4) (105.4)

Gross profit 51.5 - 51.5 42.4 - 42.4
Intangible amortisation - (0.3) (0.3) - (0.2) (0.2)
Administrative costs (44.0) (4.8) (48.8) (35.5) - (35.5)

Operating profit 7.5 (5.1) 2.4 6.9 (0.2) 6.7
Finance income 0.3 - 0.3 0.3 - 0.3
Finance costs (1.3) - (1.3) (0.9) - (0.9)

Net finance cost (1.0) - (1.0) (0.6) - (0.6)
Share of operating loss from associates (0.1) - (0.1) (0.1) - (0.1)

Profit before tax 6.4 (5.1) 1.3 6.2 (0.2) 6.0
Income tax expense (2.1) 0.3 (1.8) (1.9) - (1.9)
(Loss) / profit for the year 4.3 (4.8) (0.5) 4.3 (0.2) 4.1

Attributable to:
Equity holders of the parent 3.0 (4.6) (1.6) 2.7 (0.2) 2.5
Minority interest 1.3 (0.2) 1.1 1.6 - 1.6
4.3 (4.8) (0.5) 4.3 (0.2) 4.1

(Loss) / earnings per share from continuing operations
(pence)

Basic and undiluted (loss) / earnings per share (4.8) 8.4



Consolidated Balance Sheet

2008 2007
£m £m
ASSETS
Non-current assets
Property, plant and equipment 2.3 1.9
Goodwill 30.6 22.0
Other intangible assets 3.2 2.7
Interests in associates 0.1 1.0
Deferred tax assets 0.4 0.9
36.6 28.5

Current assets
Trade and other receivables 33.5 32.4
Cash and cash equivalents 5.7 4.1
39.2 36.5
Total assets 75.8 65.0


LIABILITIES
Current liabilities
Trade and other payables 25.6 24.7
Corporation tax payable 2.6 2.1
Short-term borrowings 5.4 6.2
33.6 33.0


Non-current liabilities
Long-term borrowings 9.4 2.1
Deferred tax liabilities 0.6 0.9
Total non-current liabilities 10.0 3.0
Total liabilities 43.6 36.0
Net assets 32.2 29.0

EQUITY
Share capital 1.7 1.7
Share premium 17.0 16.6
Merger reserve 1.5 1.5
Translation reserve 5.6 1.0
Other reserves 0.1 (0.1)
Retained earnings 3.4 5.3
Equity attributable to equity holders of the parent 29.3 26.0
Minority interest 2.9 3.0
Total equity 32.2 29.0



Consolidated Statement of Recognised Income and Expense


2008 2007
£m £m


Available-for-sale investments: valuation gains taken to 0.1 -
equity
Exchange difference on net assets of overseas subsidiaries 4.5 0.9
Net income recognised directly in equity 4.6 0.9
(Loss) / profit for the period (0.5) 4.1
Total recognised income and expense for the period 4.1 5.0




Attributable to:
Equity holders of the parent 3.0 3.6
Minority interest 1.1 1.4
4.1 5.0



Consolidated Cash Flow statement


2008 2007
£m £m


Net cash from operating activities 2.0 1.0

Cash flows from investing activities
Acquisition of new subsidiaries (2.2) (11.9)
Further shares acquired in existing subsidiaries (2.3) (1.4)
Cash acquired with subsidiary acquired 0.7 2.2
Forward contract settlement (2.0) -
Investment in associates - (0.4)
Loans made to associates (0.8) (0.4)
Purchase of property, plant and equipment (0.5) (1.1)
Finance income 0.3 0.1

Net cash used in investing activities (6.8) (12.9)


Cash flows from financing activities
Proceeds from issue of share capital - 11.5
Proceeds from bank loan / borrowings 6.0 4.0
Payment of loan (0.3) (0.3)
Increase / (decrease) in invoice financing facilities 1.9 (1.1)
Finance cost (1.3) (0.7)
Dividends paid (0.2) (0.2)
Dividends paid to minority shareholders in subsidiary undertakings (0.8) (0.5)

Net cash from financing activities 5.3 12.7


Net increase in cash and cash equivalents 0.5 0.8
Foreign exchange 1.1 -
Cash and cash equivalents at beginning of period 4.1 3.3

Cash and cash equivalents at end of period 5.7 4.1


Notes to the Consolidated Financial Statements

Year ended 31 December 2008

1 Basis of preparation and general information

The financial information set out above does not constitute the Group's
statutory accounts for the years ended 31 December 2008 and 2007, but is derived
from those accounts. Statutory accounts for 2007 have been delivered to the
Registrar of Companies and those for 2008 will be delivered following the
Company's Annual General Meeting. The Auditors have reported on those accounts;
their reports were unqualified, did not draw attention to any matters by way of
emphasis without qualifying their reports and did not contain statements under
the Companies Act 1985, sections 237(2) or (3).

Accounting policies have been consistently applied throughout 2007 and 2008.

The consolidated financial statements are for the twelve months ended 31
December 2008. They have been based on the Group's financial statements which
are prepared in accordance with International financial reporting standards as
adopted for use in the EU.

2 (Loss) / earnings per share

Basic and diluted (loss) / earnings per share

The calculation of the basic earnings per share is based on the earnings
attributable to ordinary shareholders divided by the weighted average number of
shares in issue during the year.

Based on current trading conditions, the Directors are of the opinion that there
would be no dilution to the earnings per share figure resulting from subsidiary
minority shareholders trading up.

Reconciliations of the (loss) / earnings and weighted average number of shares
used in the calculations are set out below.


2008 2007

(Loss) / profit after tax attributable to equity shareholders of the parent (£m) (1.6) 2.5
Weighted average number of shares ('000s) 33,595 30,192
Basic and diluted (loss) / earnings per share (pence) (4.8) 8.4


Adjusted earnings per share 2008 2007
£m £m
Profit attributable to equity shareholders of the parent (1.6) 2.5
Add back:
Exceptional items 4.8 0.1
Intangible amortisation 0.3 0.1
Tax on Intangible amortisation and exceptional items (0.3) -
Minority interest on Intangible amortisation and exceptional items (0.3) -
Adjusted earnings 2.9 2.7
Adjusted earnings per share (pence) 8.6 9.2



3 Notes to cash flow
a) Cash flows from operating activities
2008 2007
£m £m
(Loss) / profit for the year (0.5) 4.1
Adjustments for:
Depreciation 0.8 0.7
Intangible amortisation 0.3 0.1
Taxation expense recognised in income statement 1.8 1.9
Exceptional charges 4.8 0.1
Cash paid for exceptional items (1.3) -
Share of losses in associates 0.1 0.1
Net finance cost 1.0 0.6
Decrease / (Increase) in trade receivables 1.1 (5.1)
Decrease in trade payables (4.3) (0.1)

Cash generated from operations 3.8 2.4
Income taxes paid (1.8) (1.4)

Net cash from operating activities 2.0 1.0

b) Components of cash and cash equivalents
2008 2007
£m £m

Cash at bank 5.7 4.1

c) Movement in net borrowings
2008 2007
£m £m
As on 1 January 4.2 1.4
Net decrease / (increase) in cash (0.5) (0.8)
Debts acquired on business acquisition 0.2 -
Loan repayments (0.3) (0.3)
Increase in borrowings 6.0 3.9
Foreign exchange (0.5) -
As on 31 December 9.1 4.2

Analysis of net borrowings
2008 2007
£m £m
Cash and cash equivalents (5.7) (4.1)
Short term borrowings 5.4 6.2
Long-term borrowings 9.4 2.1
As on 31 December 9.1 4.2



4 Financial liabilities - borrowings

2008 2007
£m £m
Current
Bank overdrafts 2.6 2.5
Amounts related to invoice financing 2.2 2.0
Current portion of bank loans 0.6 1.7
5.4 6.2

Non-current
Bank loans 8.6 1.6
Other creditors 0.8 0.5
9.4 2.1
Total financial liabilities 14.8 8.3


5 Business combinations

The Group made five acquisitions during the year (2007 - 4). The acquisitions
have contributed £0.2m to the Group loss attributed to equity holders of the
parent to the period ended 31 December 2008

6 Annual report and accounts

The annual report and accounts for the year ended 31 December 2008 will be
posted to shareholders shortly. Additional copies will be available from the
Company Secretary at the Company's registered office Empresaria Group Plc,
Peveril Court, 6-8 London Road, Crawley, West Sussex, RH10 8JE.


This information is provided by RNS

The company news service from the London Stock Exchange

END

FR SDAFASSUSEFD

Back to Top