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Education Dev Intl (EDD)

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Thursday 30 June, 2011

Education Dev Intl

Half Yearly Report

RNS Number : 4003J
Education Development Intl PLC
30 June 2011
 



 

 

EDUCATION DEVELOPMENT INTERNATIONAL PLC

 

INTERIM RESULTS

 

Education Development International plc ('EDI' or the 'Group'), the leading provider of accredited qualifications and assessment services, announces its Interim Results for the six months ended 31 March 2011.

 

Overview

 

Revenue has increased by 4.7% with unaudited results for the six month period to 31 March 2011 showing a turnover of £14.07m (2010: £13.44m). 

 

Operating profit for the period was £4.29m (2010: £3.89m). Adjusted operating profit for the period increased by 4.7% to £4.47m (2010: £4.27m).  This comprises profit on ordinary activities before taxation adjusted for the amortisation charge on acquired intangible assets and costs associated with the acquisition of EDI by Pearson plc ('Pearson').

 

Offer by Pearson to Acquire EDI

 

During the period the Board recommended an offer from Pearson plc to acquire the issued and to be issued share capital of the Group at 200p per share. On 10 June 2011 Pearson announced that all of the conditions relating to the offer had been either satisfied or waived and the offer was declared unconditional in all respects.

 

 

For further information contact:

Education Development International plc

Walbrook PR Limited

Nigel Snook - Chief Executive

Paul McManus/Paul Cornelius

Paul Bird - Finance Director

Tel: 020 7933 8787

Tel: 024 7651 6510

[email protected]

[email protected]

http://www.ediplc.com

 

 

Brewin Dolphin Limited

 

Matt Davis

 

Tel: 0845 213 4217

 

[email protected]

 



CONSOLIDATED INCOME STATEMENT

For the Period Ended 31 March 2011

 





31 March 2011


31 March 2010


30 Sept  2010





(6 months)


(6 months)


(12 months)


Note



£'000


£'000


£'000

CONTINUING OPERATIONS









Revenue




14,066


13,441


29,461

Cost of sales




(3,276)


(3,012)


(7,574)

Gross profit




10,790


10,429


21,887










Administrative expenses




(6,499)


(6,537)


(12,677)










Operating profit before costs of acquisition




4,372


3,892


9,210

Costs of acquisition




(81)


-


-










Operating profit




4,291


3,892


9,210










Finance income




43


84


128

Finance costs




(2)


(23)


(24)

Net finance income/(costs)




41


61


104










Profit on ordinary activities before taxation




4,332


3,953


9,314










Tax charge on profit on ordinary activities




(1,118)


(940)


(2,039)










Profit for the period




3,214


3,013


7,275










Attributable to:









 - Equity holders of the parent




3,205


3,011


7,256

 - Non-controlling interests




9


2


19





3,214


3,013


7,275










Earnings per share









From continuing operations









 - Basic




6.13p


5.64p


13.72p

 - Diluted




5.89p


5.30p


12.98p




































 

 

 

 

 



CONSOLIDATED BALANCE SHEET

At 31 March 2011

 



Note


31 March 2011


31 March 2010


30 Sept 2010





£'000


£'000


£'000

Non-current assets









Goodwill




8,788


8,012


8,009

Other intangible assets




1,834


1,209


1,375

Property, plant and equipment




2,939


514


482

Investments




278


615


450

Deferred tax assets




644


1,002


817





14,483


11,352


11,133










Current assets









Inventories




88


104


102

Trade and other receivables




4,494


3,946


3,817

Derivative financial instruments




126


27


143

Cash and cash equivalents




9,174


7,434


10,232





13,882


11,511


14,294










Total assets




28,365


22,863


25,427










Current liabilities









Trade and other payables




(4,251)


(4,656)


(3,900)

Derivative financial instruments




(188)


(317)


(163)

Current tax liabilities




(1,262)


(1,027)


(1,054)

Provisions




(14)


(43)


(23)





(5,715)


(6,043)


(5,140)










Non-current liabilities









Retirement benefit obligations




-


(584)


(1,021)

Deferred tax liabilities




(122)


(211)


(140)

Other non-current liabilities




(263)


(116)


(71)





(385)


(911)


(1,232)










Total liabilities




(6,100)


(6,954)


(6,372)










Net assets




22,265


15,909


19,055










Equity









Share capital




564


568


568

Share premium account




3,024


3,024


3,024

Capital redemption reserve




12


8


8

Cash flow hedge reserve




(62)


(291)


(20)

Own shares held




(2,359)


(2,570)


(2,901)

Merger reserve




994


994


994

Other reserves




212


212


212

Retained earnings




19,839


13,950


17,138

Total shareholders' equity




22,224


15,895


19,023

Non-controlling interest in equity




41


14


32

Total equity




22,265


15,909


19,055

 



CONSOLIDATED CASH FLOW STATEMENT

For the Period Ended 31 March 2011

 



Note


31 March 2011


31 March 2010


30 Sept

2010





(6 months)


(6 months)


(12 months)





£'000


£'000


£'000

Cash flows from operating activities







Net cash generated from operations



4,295


3,083


8,517

Interest received




25


13


36

Tax paid - net




(1,011)


(724)


(1,880)

Net cash generated from operating activities


3,309


2,372


6,673










Cash flows from investing activities








Acquisitions of businesses:









 - Consideration




(608)


(1,163)


(1,313)

 - Cash acquired




126


134


134

Purchase of intangible assets


(544)


(319)


(814)

Purchase of property, plant and equipment


(2,654)


(271)


(376)

Proceeds from sale of property, plant and equipment


19


-


-

Net cash used in investing activities



(3,661)


(1,619)


(2,369)










Cash flows from financing activities








Repurchase of own shares




-


(2,302)


(2,705)

Issue of shares by Employee Benefit Trust




101


128


230

Dividend paid




(801)


(650)


(1,070)

Net cash used in financing activities


(700)


(2,824)


(3,545)










Net (decrease)/increase in cash and cash equivalents


(1,052)


(2,071)


759










Cash and cash equivalents at beginning of period


10,232


9,492


9,492

Exchange (losses)/gains on cash and cash equivalents


(6)


13


(19)

Cash and cash equivalents at end of period


9,174


7,434


10,232


 

NOTES TO THE INTERIM REPORT

31 March 2011

 

1.   Basis of preparation

 

The accounting policies applied in the preparation of this financial information are consistent with those adopted in the statutory accounts for the year ended 30 September 2010.

 

The Group has designated certain forward currency contracts as cash flow hedges. These arrangements have been entered into to mitigate currency exchange risk arising from forecast sales denominated in foreign currencies.


The financial information shown is unaudited and does not constitute statutory accounts within the meaning of Section 434(1) of the Companies Act 2006.

 

It should be noted that accounting estimates and assumptions are used in preparation of the interim financial information. Although these estimates are based on management's best knowledge and judgement of current events and actions, actual results may ultimately differ from those estimates.

 

The figures for the year ended 30 September 2010 were derived from the statutory accounts for that period. The statutory accounts for the year ended 30 September 2010 have been delivered to the Registrar of Companies and received an audit report which was unqualified and did not contain statements under Section 498(2) or (3) of the Companies Act 2006.

 

This interim report was approved by the Board on 30 June 2011.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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