RNS Number:4046W
Hacas Group PLC
27 May 2002
HACAS Group PLC ("HACAS")
(The leading UK social housing consultancy with offices in London, Leeds,
Glasgow and Coventry)
UNAUDITED INTERIM RESULTS FOR THE PERIOD ENDED 31 MARCH 2002
Highlights
Six months to 31 March: 2002 2001 Change
Turnover £6.82m £5.76m +18%
Profit before tax £1.68m £1.16m +45%
Earnings per share (basic) 3.87p 2.88p +34%
Dividend 0.675p 0.60p +12.5%
* Integration of Chapman Hendy Associates completed successfully'
* All business streams doing well
* Four new Executive Directors appointed to HACAS Chapman Hendy
* Key research and policy development role continuing
* Extending our range of consultancy products
* Broadening our client base
For further information:
Julian Ashby (Chairman) 020 7609 9491
Derek Joseph (Managing Director) 020 7609 9491
Oliver Scott (Peel Hunt) 020 7418 8900
Background note:
The Market HACAS Chapman Hendy Ltd
The social housing sector is the Group's primary HACAS Chapman Hendy is the main operating company and was
operating market. The sector comprises housing formed from the merger of HACAS Consulting and Chapman
associations, local authority and other public Hendy Associates in 2000. It provides a wide range of
sector housing providers together with the related consultancy and outsourcing services to local authorities,
government departments, regulators, trade bodies, housing associations and other organisations operating in
suppliers and funders. This sector comprises the social housing sector.
about a quarter of the UK's housing stock.
The company is now organized into the following eight
Government policy encourages area regeneration and consultancy teams:
substantial investment in repairing and
modernising local authority housing. This often
involves the transfer of the local authority's
housing stock to a new or existing housing • Local authority (finance, regeneration &
association and substantial funding from the transfers)
commercial loans market. Advice to local
authorities and such new housing organisations is • Housing association finance and commercial
a key area of the Group's work.
• Finance Director placements
• Best value and housing association
The HACAS Group and its clients
• North team (full range of services from Leeds
base)
The HACAS Group comprises three main operating • Asset management services
companies of which HACAS Chapman Hendy Ltd is the
largest. These companies advise over 120 local • Human Resources
authorities including some of the largest (such as
Glasgow). They also advise a majority of the • Information Technology
largest housing associations. Our 500 most
regular housing association clients hold assets
ranging between £50 million and £1.4 billion.
Other clients include government departments, Other Group subsidiaries
The Housing Corporation, Scottish Executive and
National Assembly for Wales, Northern Ireland
Housing Executive, National Audit Office and the
Audit Commission. HACAS Exchequer Services Ltd is SFA registered and advises
housing associations and local authorities on funding and
treasury management. It is active in the stock transfer
market and in advising on the refinancing of existing
The Group carries out research for government housing debt. It has recently developed new special
departments and regulators and also advises purpose treasury vehicles for housing associations and
financial institutions, commercial companies this innovation has strengthened demand for its services.
involved in the social housing sector, as well as
Eastern European governments.
HCH Scotland Ltd operates from Glasgow and provides a wide
range of services to Scottish housing associations, local
authorities and other clients.
The Royal Borough of Kensington and Chelsea Assured Homes
PLC was established under the Business Expansion Scheme in
1990. The Directors have taken advantage of the strong
property market to sell most of the portfolio.
Chairman's Statement
Results
We are pleased to report interim results that show a significant increase on the
comparable period last year and reflect the benefits of organic growth and the
successful integration of Chapman Hendy Associates. Turnover is up 18%, profits
before tax have increased by 45% and earnings per share by 34%.
Dividend
In the light of the good progress, the Directors have declared an interim
dividend of 0.675p per share (a 12.5% increase on the comparable period last
year) payable on 3 July to shareholders on the register at 7 June.
Business Development
Our mainstream consultancy work for housing associations, local authorities and
government agencies has grown in each of these areas. Our research projects for
the Housing Corporation and Department of Transport, Local Government & the
Regions exemplify our leading role within the sector. We have been involved in
work on the Decent Homes Standard and on the impact of new policies on rent
levels. We have played an important role in the development of Arms Length
Management Organisations and these are set to be an attractive option for a
number of local authorities.
All business streams are doing well, especially our asset management division,
which is performing above expectations. We have appointed four additional
Executive Directors to HACAS Chapman Hendy who are playing a growing role in the
development and management of the core consultancy business.
Outlook
The second half has begun well but includes the summer period when fee revenues
are traditionally lower. The demand for our broad range of services is
increasing and we are confident of meeting our targets for the year as a whole.
We are maintaining our focus on organic growth. At the same time, we continue
to extend our range of consultancy products and broaden our client base. From
this position of strength we will continue to look at acquisition opportunities.
Staffing
We are a people business and our continued success is due to the skill and
commitment of our staff. Their ability to be effective, whether working in
business stream teams or on multi-disciplinary projects, is outstanding. We
thank them all for their contribution to the company.
Julian Ashby
Chairman
27 May 2002
Unaudited Consolidated Profit and Loss Account
for the 6 months to 31 March 2002
Six Months Year to
to 31 March 30 September
2002 2001 2001
Turnover
Continuing Operations 6,822,640 5,763,702 11,255,631
Rental income 6,197 14,024 19,203
Net operating expenses (5,210,415) (4,670,888) (9,099,616)
Operating profit 1,618,422 1,106,838 2,175,218
Profit/(loss) on property disposals (2,508) (25,993) 5,521
Amounts written off investments (30,000) (295,000)
Interest receivable 91,138 76,973 169,774
Profit on ordinary activities before 1,677,052 1,157,818 2,038,508
taxation
Tax on ordinary activities (537,586) (342,681) (675,868)
Ordinary dividends (198,787) (169,806) (394,133)
Retained Profit for the period 940,679 645,331 968,507
Investment properties
Unrealised surplus on revaluation 0 0 74,000
Realisation of valuation gains of previous 85,402 101,498 154,160
years
Earnings per share (basic) 3.869 2.880 4.767
Earnings per share (fully diluted) 3.843 2.752 4.729
Notes:
1. The figures for the year to 30 September 2001 are extracted from the
audited accounts for the Group.
2. Earnings per share are based on the following number of shares in issue:
Issued Fully Diluted
31 March 2002 29,450,020 30,185,591
30 September 2001 28,585,613 28,816,820
31 March 2001 28,300,950 29,616,061
3. Copies of this statement are being sent to shareholders. Further copies
can be obtained from the Secretary at HACAS Group PLC, United House, North
Road, London N7 9DP.
Group Balance Sheet
Unaudited at Unaudited at 31 Audited at
31 March March 2001 30 September
2002 2001
Fixed assets
Investments 155,004 530,004 235,004
Tangible assets 278,289 488,325 417,903
Intangible assets 987,535 618,971 969,667
1,420,828 1,637,300 1,622,574
Current assets
Work in progress 1,176,428 1,240,166 1,146,069
Debtors 3,655,463 3,087,418 2,543,715
Investments 32,492 - 32,492
Cash at bank and in hand 7,116,851 3,759,563 4,749,354
11,981,234 8,087,147 8,471,630
Creditors: falling due within one year 4,455,075 2,479,114 2,179,203
Net current assets 7,526,159 5,608,033 6,292,427
Total assets less current liabilities 8,946,987 7,245,333 7,915,001
Provisions - (10,000) -
Totals 8,946,987 7,235,333 7,915,001
Capital and reserves
Called up share capital 2,945,002 2,830,095 2,945,002
Share premium account 2,066,129 1,898,544 2,066,129
Profit and loss account 3,839,296 2,431,472 2,807,310
Revaluation reserve 96,560 75,222 96,560
Shareholders' funds 8,946,987 7,235,333 7,915,001
This information is provided by RNS
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