TIDMBILB
RNS Number : 1339E
Bilby PLC
14 July 2016
Bilby Plc
("Bilby" or the "Company")
Final Results
Bilby Plc (AIM: BILB.L), the holding company for P&R
Installation Company Limited ("P&R"), Purdy Contracts
("Purdy"), Spokemead Maintenance Limited ("Spokemead"), and DCB
(Kent) Limited ("DCB"), a leading gas heating and building services
provider, which was admitted to AIM in March 2015, has today issued
its annual results in respect of the 12 months to 31 March
2016.
Financial Highlights
12 months to 14 months to
31 March 2016 31 March 2015
(audited) (audited restated)
Revenue GBP31.5m GBP14.7m
Gross profit GBP6.7m GBP3.7m
Gross margin 21.1% 24.7%
Underlying operating profit GBP3.0m GBP1.8m
Underlying operating profit margin 9.4% 12.5%
Underlying profit before tax GBP2.9m GBP1.8m
Basic EPS 2.9p 5.6p
Adjusted EPS 7.4p 5.6p
Annual dividend per share 2.75p 2.32p
Operational Highlights
-- Purchase and successful integration of Purdy Contracts, an
award winning gas and electrical contractor for GBP8.07 million in
July 2015.
-- P&R secured new contract wins with London Borough of
Tower Hamlets, Royal Borough of Greenwich and Hexagon Housing
Association and a contract extension with Central & Cecil
Housing Trust
-- Purdy secured new contract wins with Peabody Housing, London
Borough of Barking and Dagenham, London Borough of Hackney and
London Borough of Camden
-- P&R finished first in a framework tender process for gas
support work for the South East Consortium (SEC), giving access to
over 140,000 properties in South East England. Purdy finished
second place on the framework for electrical services work for the
SEC. In April 2016 P&R was appointed to Fusion21's GBP200
million Heating Framework
Post period end highlights
-- Acquisition of DCB, a provider of high quality building,
refurbishment and maintenance services to housing associations and
local authorities for a total consideration of GBP4.0 million
-- Acquisition of Spokemead, a specialist in electrical
installation, repairs and maintenance services for local authority
owned housing stock for a total consideration of GBP8.7 million
-- Successful placing raising GBP5.0 million
Phil Copolo, P&R Founder and Executive Deputy Chairman of
Bilby plc, said:
"I am pleased to report significant progress on our strategy set
out following our admission to AIM to expand Bilby's businesses via
both organic and acquisitive growth to gain the critical mass
required to tender for larger contracts. We believe that the
fundamental strengths of Bilby's scalable business model has
clearly been demonstrated over the year. The Group has visible
future revenues of circa GBP240 million and continues to tender for
a number of significant new local authority and social housing
contract opportunities. This, combined with our focus on
operational excellence and customer satisfaction and a marketplace
with significant opportunity, underpins our confidence for the
future."
Enquiries
Bilby Plc 020 8269 3777
Phil Copolo, Deputy Executive Chairman
Katie O'Reilly, Finance Director
Panmure Gordon 020 7886 2500
(Nominated Adviser and Broker)
Dominic Morley
James Greenwood
Hudson Sandler 020 7796 4133
(Financial PR)
Charlie Jack
Emily Dillon
Chairman's Review
Bilby Plc was established as a holding company to provide a
platform for select strategic acquisitions in the gas heating and
general building services industries. I am therefore extremely
pleased to report that during our first year post IPO we have
successfully completed three earnings enhancing acquisitions which
have augmented the Group's service offerings and extended our
geographical footprint.
On 13th July 2015, Bilby purchased the shares of Purdy and since
then, have fully integrated financially and operationally the
business into the Group infrastructure. Furthermore, I am delighted
to report that the Purdy and P&R teams have collaborated
effectively to service their customer base, benefits of which are
bearing fruit.
Shortly after the year end, Bilby acquired the entire issued
share capital of DCB and Spokemead on 11th April 2016. Both are
earnings enhancing businesses that have long established and strong
customer relationships and, effective management teams. We have
begun the post-acquisition integration process and DCB and P&R
are already working together on joint projects for key
customers.
In summary, we believe these trio of acquisitions are of an
excellent strategic and cultural fit to the Group. Together with
P&R (the founding entity), the key Directors from these
businesses continue to play a vital role in shaping the operations
of the Group through their membership of the Group Operations
Board.
I am delighted to announce a strong performance for the year to
31 March 2016, largely in line with market expectations. We have
achieved growth in all three divisions, namely gas heating,
building and electrical services through new customer wins and via
the acquisition of Purdy Contracts. With our ever broadening
service offering, we expect our social housing revenues to continue
to grow. Moreover, in spite of the enhanced additions to the Group,
I am extremely proud to be part of an organisation which continues
to ensure that we maintain high levels of customer service and end
user satisfaction, with KPIs being met and exceeded across our key
customers.
Despite the recent economic uncertainty post the referendum, we
continue to strongly believe that the opportunities for us in
social housing remain very strong especially in our targeted
geographical locations, namely London and South East England.
Clients, existing and prospective, require broader solutions to the
daily challenges they face and we believe with our enhanced but
disciplined offering we are well placed to help resolve these.
Given the dramatic change in size and composition of the Group,
I am pleased to report that we have further enhanced our financial
control environment and corporate governance processes.
Dividend
As I stated in my inaugural statement, we will continue to
follow a progressive dividend policy. As such, I am delighted to
advise our shareholders that the Board has recommended a final
dividend of 2.00p per ordinary share. Together with the interim
dividend of 0.75p, this represents a total of 2.75p per share. The
final dividend is covered 1.45 times by the basic earnings per
share. The final dividend will, subject to shareholder approval, be
paid to those shareholders on the register at close of business on
31 July 2016. The Group's dividend policy will continue to be
actively reviewed by the Board to ensure shareholders receive an
appropriate return whilst ensuring the Group retains sufficient
resource to invest for growth.
Our People
At the beginning of the calendar year we welcomed our new CFO,
Katie O'Reilly to the Board of Bilby Plc. Katie's contribution to
the Board and to the business has proved invaluable.
Bilby's success is built on its most important asset - its
people. I commend all our longstanding and new employees for their
dedication, commitment and drive since IPO. They remain
professional, hardworking and loyal to each of their operating
businesses and the Group. We also remain extremely proud of our
apprentice scheme which provides the training platform to augment
our pool of first rate employees in the future.
I very much look forward to announcing further news during the
coming year as we continue to build success and value for all our
shareholders
Sangita Shah, Chairman
Operational review
Financial performance
I am pleased to report significant progress on our strategy set
out following our admission to AIM to expand Bilby's businesses via
both organic and acquisitive growth to gain the critical mass
required to tender for larger contracts.
Acquisition Growth
In July 2015 the Group took its first step on its post IPO
acquisition trail by acquiring Purdy, an award winning gas and
electrical contractor based in Essex. The consideration for the
transaction was GBP8.07 million, satisfied by a combination of
cash, equity and loan notes. HSBC Bank Plc provided acquisition
financing in support of the deal and continues to provide support
and assistance in evaluating our acquisition pipeline and
supporting us in our strategic decisions. Purdy is now fully
integrated into the Group from an operational and financial
perspective with opportunities and cost savings being generated
from the strength and support of the combined business in areas
such as group tendering opportunities, materials purchasing and
insurance.
We were also delighted to have acquired DCB and Spokemead
shortly after the year end, further expanding the range of
services, geographical presence and customer base. DCB provides
high quality building, refurbishment and maintenance services to
housing associations and local authorities throughout Kent, Sussex,
Essex and London. DCB also provides disabled adaptations to
occupied homes and public buildings through a specialist division,
Living Solutions. Spokemead specialises in electrical installation,
repairs and maintenance services for local authority owned housing
stock. Both businesses are a perfect fit with the existing Group
and have management teams with an excellent reputation. DCB have
recently reported to us that they have met their profit based earn
out target for the year ended 31 March 2016, which is testament to
the DCB team's hard work and commitment and shows encouraging signs
for the years ahead. It is also pleasing that Spokemead's
performance is tracking with our expectations. Adopting the Purdy
approach, the integration of both businesses is well underway. DCB
and P&R are already working together on a variety of building
services projects for new and mutual customers.
In the future we see a number of opportunities for strategic
acquisitions in our target geography of London and South East
England. All potential acquisition targets continue to be carefully
considered and must meet focused acquisition criteria based around:
service synergies, revenue, geographic focus, management strength,
margins, cash flows and visible revenues. We continue to review a
number of opportunities and expect to be able to announce progress
in due course.
Organic Growth
The Group prides itself on its long-term client relationships,
the success of which is evidenced through a number of our clients
continuing to extend both the scale of our contracts and the range
of our work within them. This is a testament to the growing
recognition of our focus on high standards and quality service.
During the year P&R secured new contract wins with London
Borough of Tower Hamlets, Royal Borough of Greenwich and Hexagon
Housing Association and a contract extension with Central &
Cecil Housing Trust.
Since acquisition the Purdy team has secured new contract wins
with Peabody Housing, London Borough of Barking and Dagenham,
London Borough of Hackney and London Borough of Camden. These
contract wins have materially changed the size and capability of
the Purdy business and the Directors are pleased to note that the
senior management teams of the trading businesses have been working
together to ensure the Group's exacting customer service and
delivery standards are being upheld.
The combined Group has also been successful in being appointed
to a number of frameworks to open doors to future revenue. In
November 2015, P&R finished first place in a framework tender
process for gas support work for the SEC, giving access to over
140,000 properties in South East England for which SEC is
responsible. Purdy finished second place on the framework for
electrical services work for the SEC. In April 2016 P&R was
appointed to Fusion21's GBP200 million Heating Framework. The
Group's procurement team, which has recently been formalised, is in
the process of tendering on these frameworks and the Directors are
hopeful of being able to announce developments in due course.
Service Offering and Geography
We have continued to extend our service offering to firmly
establish the Group's building services division alongside the
market-leading gas, plumbing and drainage services on which the
business was founded. The acquisition of Purdy in July 2015 not
only added to our existing domestic and commercial gas offering by
virtue of its well established clients and reputation but enhanced
our service offering to include the provision of electrical
services.
This key driver for acquisitions - a complementary service
offering to an expanding geography - underpinned our rationale in
acquiring Spokemead in the first quarter of this year. And again,
with the acquisition of DCB, not only did we further expand our
geographic footprint but we also reaped the benefit of its more
diverse building services offering which extends to specialist
areas highly sought after by our customer base.
Collectively, our strategic acquisitions now enable us to
provide our clients with a wider range of services and the
opportunity to participate in broader contract opportunities.
Our strict operational disciplines, already demonstrated in our
gas division across all of our portfolio to achieve stronger
margins than many of our peers, have been applied to all our newly
enhanced service offerings.
Over the reporting period to 31 March 2016, Bilby's total
headcount increased by more than 200% through the Purdy acquisition
and with the hiring of additional inspectors, managers, surveyors
and sub-contractors to control standards across our services. This
investment will support the continued focus on high quality service
set by the Group.
I am proud to report that we remain committed to constantly
investing in the training and development of our employees,
ensuring they have the necessary technical skills and are inducted
on the latest appliances in the market. In response to the every
complex regulatory obligations and customer requirements, we have
set up an in-house Safety, Health, Environmental and Quality "SHEQ"
team, and established a group of accredited providers and a
thriving apprentice scheme.
Controls
We have evolved our KPIs in line with the expansion of the
business, which we regularly monitor and benchmark ourselves
against. We maintain a risk matrix and continue to evaluate our
risk management process. We have invested further time and
resources into ensuring the Group organisational infrastructure
continues to control and manage our growth.
Marketplace
We remain confident that existing initiatives, such as the
Decent Homes Standard and the Right to Repair scheme, will remain a
core focus with committed investment maintained.
Notably, even after the Mayor of London secured GBP821 million
in the 2011-2015 spending round period for London to improve circa
45,000 homes, London will still have 11 of the 12 UK local
authorities where 10% of the housing still does not meet the Decent
Homes Standard. This continues to provide Bilby with significant
opportunities.
Outlook
We believe that the fundamental strengths of Bilby's scalable
business model has clearly been demonstrated over the year. The
Group has visible future revenues of circa GBP240 million and
continues to tender for a number of significant new local authority
and social housing contract opportunities. We have several tender
opportunities where we are awaiting outcomes at the current time.
This, combined with our focus on operational excellence and
customer satisfaction and a marketplace with significant
opportunity, underpins our confidence for the future.
Phil Copolo, Founder and Deputy Chairman
Statement of Comprehensive Income
12 months ended 31 March 2016 14 months ended 31 March 2015
Non-underlying Non-underlying
items items
Underlying (note 2) Underlying (note 2)
Notes items Total items Total
Restated (note
Restated Restated 5)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
REVENUE 1 31,544 - 31,544 14,747 - 14,747
Cost of sales (24,886) - (24,886) (11,093) - (11,093)
-------------- -------------- -------------- -------------- -------------- --------------
GROSS PROFIT 6,658 - 6,658 3,654 - 3,654
Administrative
expenses (3,690) (1,479) (5,169) (1,814) - (1,814)
-------------- -------------- -------------- -------------- -------------- --------------
OPERATING
PROFIT 2,968 (1,479) 1,489 1,840 - 1,840
Finance income 2 2 - -
Finance costs (117) (117) (20) - (20)
-------------- -------------- -------------- -------------- -------------- --------------
Net finance
costs (115) (115) (20) - (20)
-------------- -------------- -------------- -------------- -------------- --------------
PROFIT BEFORE
TAX 2,853 (1,479) 1,374 1,820 - 1,820
Income tax
expense (420) (394)
-------------- --------------
PROFIT FOR THE YEAR/PERIOD attributable
to the equity holders of the parent
company 954 1,426
Other
comprehensive
income - -
-------------- --------------
Total comprehensive income for the
year/period attributable to the equity
holders of the parent
company 954 1,426
Basic earnings
per share (per
pence) 3 2.9 5.6
Diluted
earnings per
share (per
pence) 3 2.8 5.6
Consolidated Statement of Financial Position
Notes 2016 2015
GBP'000
Restated
GBP'000 (note 5)
ASSETS
NON CURRENT ASSETS
Intangible fixed assets and goodwill 6,773 -
Property, plant and equipment 1,323 524
Deferred tax assets 218 -
-------------------- --------------------
8,314 524
CURRENT ASSETS
Inventories 723 347
Trade and other receivables 11,576 3,873
Cash and cash equivalents 444 1,770
-------------------- --------------------
TOTAL CURRENT ASSETS 12,743 5,990
-------------------- --------------------
TOTAL ASSETS 21,057 6,514
EQUITY AND LIABILITIES ATTRIBUTABLE TO EQUITY HOLDERS
OF THE PARENT COMPANY
ISSUED CAPITAL AND RESERVES
Share capital 3,425 2,931
Share premium 3,659 1,213
Share-based payment reserve 163 -
Merger reserve (1,624) (2,499)
Retained earnings 2,906 2,814
-------------------- --------------------
TOTAL EQUITY 8,529 4,459
NON CURRENT LIABILITIES
Borrowings 3,878 -
Obligations under finance leases 31 57
Deferred tax liabilities 957 20
------------------ --------------------
4,866 77
CURRENT LIABILITIES
Borrowings 888 31
Obligations under finance leases 44 50
Current income tax liabilities 373 414
Trade and other payables 6,357 1,483
-------------------- --------------------
TOTAL CURRENT LIABILITIES 7,662 1,978
-------------------- --------------------
TOTAL EQUITY AND LIABILITIES 21,057 6,514
Consolidated Statement of Cash flows
Notes 12 months ended 31 March 2016 14 months ended 31 March 2015
GBP'000 GBP'000
Net cash (used in)/ generated from operating
activities 4 (134) 95
-------------------- --------------------
Cash flow from investing activities
Interest received 2 -
Acquisition of subsidiary (6,570) -
Overdraft acquired on acquisition (22) -
Purchases of property, plant and equipment (98) (22)
Purchase of intangible assets (38)
Proceeds on disposal of property, plant and
equipment 55 376
-------------------- --------------------
Net cash (used in)/ generated from investing
activities (6,671) 354
Cash flow from financing activities
Proceeds from borrowings 4,897 -
Repayment of borrowings (1,003) (262)
Interest paid (103) (20)
Repayment of Director loans - (4)
Capital element of finance lease payments (75) (134)
Issue of ordinary share capital 2,950 2,500
Issue costs (136) (856)
Dividend paid (1,051) -
-------------------- --------------------
Net cash generated from financing activities 5,479 1,224
Net (decrease)/increase in cash and cash
equivalents (1,326) 1,673
-------------------- --------------------
Cash and cash equivalents at beginning of
year/period 1,770 97
-------------------- --------------------
Cash and cash equivalents at end of year/period 444 1,770
Consolidated Statement of Changes in Equity
Share based
Issued share Share payment Merger Retained Total
capital premium reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
February 2014 2,500 - - (2,499) 1,388 1,389
-------------- -------------- -------------- -------------- -------------- --------------
Profit and total
comprehensive
income for the
period - - - - 1,552 1,552
Prior year
adjustments
(see note 5) - - - - (126) (126)
-------------- -------------- -------------- -------------- -------------- --------------
Restated profit
and total
comprehensive
income for the
period 1,426 1426
Issue of share
capital 431 2,069 - - - 2,500
Issue costs - (856) - - - (856)
-------------- -------------- -------------- -------------- -------------- --------------
Total
transactions
with owners
recognised
directly in
equity 431 1,213 - - - 1,644
-------------- -------------- -------------- -------------- -------------- --------------
Restated balance
at 31 March
2015 2,931 1,213 - (2,499) 2,814 4,459
-------------- -------------- -------------- -------------- -------------- --------------
Balance at 1(st)
April 2015 2,931 1,213 - (2,499) 2,814 4,459
Profit and total
comprehensive
income for the
year - - - - 954 954
Issue of share
capital 494 2,582 - 875 - 3,951
Issue costs (136) - - - (136)
Share-based
payment charge - - 163 - - 163
Tax credit
relating to
share option
scheme 189 189
Dividend paid - - - - (1,051) (1,051)
-------------- -------------- -------------- -------------- -------------- --------------
Total
transactions
with owners
recognised
directly in
equity 494 2,446 163 875 (862) 3,116
-------------- -------------- -------------- -------------- -------------- --------------
Balance at 31
March 2016 3,425 3,659 163 (1,624) 2,906 8,529
Notes
1. REVENUE
Revenue can be broken down as follows:
12 months ended
31 March 14 months ended
2016 31 March 2015
Restated
GBP'000 GBP'000
Gas Maintenance 12,096 6,362
Building Services 11,107 8,137
Electrical services 8,104 -
Trade Counter 237 248
-------------------- --------------------
31,544 14,747
-------------------- --------------------
All results in the current and prior period derive from
continuing operations and all revenues are derived from the UK.
2. NON UNDERLYING ITEMS
Underlying operating profit is stated before charging the
following items which are considered by the board to be one off in
nature, non-cash expenses or necessary elements of expenditure to
derive future benefits for the Group which have not been
capitalised on the Consolidated Balance Sheet.
12 months ended 14 months ended
31 March 31 March 2015
2016
GBP'000 GBP'000
Framework development costs 275 -
Amortisation of acquisition intangible
assets 582 -
Share based payment charge 163 -
Acquisition costs 459 -
-------------------- ------------------
1,479 -
-------------------- ------------------
Since the date of the last Annual Report, the Group has been
successful in being appointed to two frameworks, the SEC (South
East Consortium) Framework (P&R is first place provider for gas
services and Purdy is second place for electrical services) and the
Fusion 21 Framework (P&R for gas services). The costs incurred
are significant and consist of the salary of an individual who was
specifically recruited to bring his expertise to the process and
also some management time as the management team assisted with
these tender projects themselves rather than incurring the added
cost of external consultants. The directors are confident of
deriving future economic benefit from these frameworks and have
therefore separately identified these costs within the Consolidated
Income Statement.
Amortisation of acquisition intangibles was GBP582,000 for the
year (2015: GBPnil) and relates to nine months of amortisation of
the customer relationships identified by the directors on the
acquisition of Purdy Contracts.
A group share option scheme is in place and options were granted
during the year. The share based payment charge has been separately
identified as it is a non-cash expense.
Acquisition costs comprise legal, professional and other
expenditure in relation to acquisition activity during the year and
amounted to GBP459,000 (2015: GBPnil). Of the GBP459,000 of
expenses incurred during the year ended 31 March 2016, GBP87,000
related to acquisition costs incurred on the acquisitions of
Spokemead Maintenance Limited and DCB (Kent) Limited which took
place shortly after the year end. In accordance with the
requirements of IFRS 3 Business Combinations, these have been
expensed as incurred. In addition, acquisition costs include the
cost of the group's Business Development and Managing Director who
devotes all of his time to sourcing, researching and negotiating
our acquisitions and an allocation of the cost of the Founder and
Deputy Chairman who is involved in discussions with potential
target companies from an early stage.
3. EARNINGS PER SHARE
The calculation of basic and diluted earnings per share is based
on the result attributable to shareholders divided by the weighted
average number of ordinary shares in issue during the year.
Basic earnings per share amounts are calculated by dividing net
profit for the year or period attributable to ordinary equity
holders of the parent by the weighted average number of ordinary
shares outstanding during the year.
The Group has 3,137,067 potentially issuable shares all of which
relates to potential dilution from the Group's share options issued
to Directors and employees in the period.
Basic and diluted profit per share from continuing operations is
calculated as follows:
12 months 14 months
ended 31 ended 31
March March
2016 2015
Restated
GBP'000 GBP'000
Profit used in calculating basic and diluted
earnings per share 954 1,426
-------------------- --------------------
Number of shares
Weighted average number of shares for the
purpose of basic earnings per share 32,854,523 25,359,195
-------------------- --------------------
Weighted average number of shares for the
purpose of diluted earnings per share 33,440,052 25,493,534
-------------------- --------------------
Basic earnings per share (pence) 2.9 5.6
-------------------- --------------------
Diluted earnings per share (pence) 2.8 5.6
-------------------- --------------------
Adjusted EPS
Profit after tax is stated after deducting non underlying items
totalling GBP1.41 million. Non underlying items are either one-off
in nature, non-cash expenses or necessary elements of expenditure
to derive future benefits for the Group which have not been
capitalised in the Consolidated Balance Sheet. These are shown
separately on the face of the Consolidated Income Statement.
The calculation of adjusted basic and adjusted diluted earnings
per share is based on the result attributable to shareholders,
adjusted for exceptional items, divided by the weighted average
number of ordinary shares in issue during the year.
12 months 14 months
ended 31 ended 31
March March
2016 2015
GBP'000 GBP'000
Profit after tax 954 1,426
Add back
Framework development costs 275 -
Amortisation 582 -
Share based payment charge 163 -
Acquisition costs 459 -
-------------------- --------------------
Adjusted EPS 2,433 1,426
-------------------- --------------------
Number of shares
Weighted average number of shares for the
purpose of adjusted earnings per share 32,854,523 25,359,195
-------------------- --------------------
Weighted average number of shares for the
purpose of diluted adjusted earnings per
share 33,440,052 25,493,534
-------------------- --------------------
Adjusted earnings per share (pence) 7.4 5.6
-------------------- --------------------
Diluted adjusted earnings per share (pence) 7.3 5.6
-------------------- --------------------
4. NOTES TO THE CASH FLOW STATEMENT
12 months 14 months
ended 31 March ended 31
2016 March 2015
GBP'000 GBP'000
Restated
Cash flow from Operating Activities
Profit before income tax 1,374 1,820
Adjustments for:
Net Finance cost 115 20
Loss on disposal of property,
plant and equipment 20 16
Depreciation 139 126
Amortisation of intangible assets 590 -
Share base payments 163 -
Movement in receivables (4,543) (2,269)
Movement in payables 2,555 597
Movement in inventories (122) (27)
Tax paid (425) (188)
-------------------- --------------------
Net cash(used in)/from operating
activities (134) 95
5. PRIOR YEAR ADJUSTMENT
During the year ended 31 March 2016 the Group was notified by
one of its customers that they had discovered a billing system
error in relation to the year ended 31 March 2015. The result of
this error was they had incorrectly advised the Group to invoice
for certain work twice and had paid for this work twice. The
customer recouped these duplications by deducting them from
valuations raised in the year ended 31 March 2016 rather than
requesting a credit note. Therefore income for this customer in the
year ended 31 March 2016 was understated and the income in the year
ended 31 March 2015 was overstated. This has been quantified at
GBP160,000 by the Directors and this amount has been agreed by the
customer. Costs incurred remain unaffected. This has resulted in an
adjustment to the revenue and profits in the year ended 31 March
2015 of GBP160,000 and gives rise to a tax refund of GBP33,600. The
net adjustment is GBP126,400.
The income statement and statement of financial position have
been restated for the above adjustments with a reconciliation of
reserves being presented in the Consolidated Statement of Changes
in Equity.
6. OTHER INFORMATION
Financial information
The financial information set out above does not constitute the
Company's statutory accounts for the period ended 31 March 2016 or
for the period ended 31 March 2015, but is derived from those
accounts. Statutory accounts for the year ended 31 March 2016 will
be delivered to the Registrar of Companies 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 and did not contain statements under
either Section 498(2) or (3) of the Companies Act 2006.
Report and Accounts
Copies of the 2016 Annual Report and Accounts will be posted to
shareholders shortly. Further copies may be obtained by contacting
the Company Secretary at the registered office. Alternatively, the
2016 Annual Report and Accounts will be available to download from
the investor relations section on the Company's website
www.bilbyplc.com
Key dates
The Annual General Meeting of the Company is scheduled to take
place at 9.30am on 26 August 2016 at the offices of Hudson Sandler
Limited, 29 Cloth Fair, London EC1A 7NN.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR AKNDQDBKBPOD
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