Shield Service Group Plc
LSE : SSGP

January 17, 2011 12:08 ET

Interim Results at 30 November 2010

                                         SHIELD SERVICE GROUP PLC
                                                     
Interim Results

Shield Service Group Plc, the Plus-quoted provider of support services, is pleased to announce its
unaudited interim results for the six months ended 30 November 2010.

Highlights                                             2010                        2009
                                                                                     
    *       Group Turnover                         GBP 2,957,255               GBP 3,323,459
    *       Gross Profit                           GBP   825,794               GBP   958,332
    *       Gross Margin                               27.9%                       28.8%
    *       Adjusted Operating Profit *            GBP   115,819               GBP   145,297
    *       Profit before Tax                      GBP     5,007               GBP    15,994
    *       EBITDA                                 GBP   141,794               GBP   176,660
    *       Earnings per Share                        (0.1p)                      (0.1p)
                                                                                     
    * Adjusted Operating Profit is before goodwill amortisation and interest

CHAIRMAN'S STATEMENT

The Company achieved a small pre-tax profit for the six months to 30 November 2010. Turnover and profits
were down compared to the same period last year due to the knock-on effect of last year's downturn.

Since that time however, our ongoing business has stabilised and we successfully completed an acquisition
which came on stream in December.

I am optimistic that the Company will deliver improved results in the second half of the year.

Our healthy cash position enabled the Company to fund its recent acquisition internally as well as
facilitating the payment of its final dividend in December.

In line with our normal practice, the Board does not recommend an interim dividend.

Robin Pritchard 
Chairman
17 January 2011

Enquiries:

Shield Service Group Plc                                      
Kenneth Macpherson, Non-Executive Director                    07513 296747
                                                              
PLUS Advisor:                                                 
Alfred Henry Corporate Finance Ltd                            
Jon Isaacs/Nick Michaels                                      020 7251 3762

The Directors accept responsibility for this announcement.

About Shield:

Shield  Service  Group is a public limited company whose core business is office cleaning but  also  offers
grounds  maintenance,  specialist  computer cleaning, window cleaning,  washroom  services  and  janitorial
supplies. Shield offers its services throughout London, the areas which surround London and the south  east
of  England.   Shield  currently  operates approximately 500 commercial  contracts.  Most  of  its  clients
subscribe to revolving contracts which often continue for several years and underpin the ongoing business.

Shield is a PLUS Markets quoted company.


PROFIT AND LOSS ACCOUNT
FOR THE PERIOD 1 JUNE to 30 NOVEMBER 2010

                                           Period 01.06.10 to     Period 01.06.09 to      Year 01.06.09 to
                                           30.11.10 Unaudited     30.11.09 Unaudited      31.05.10 Audited
                                                   GBP                    GBP                     GBP
TURNOVER                                                                                 
Continuing Operations                               2,957,255              3,317,093             6,231,088
Acquisitions                                                -                  6,566               187,238
                                                   ----------             ----------            ----------
                                                    2,957,255              3,323,659             6,418,326
                                                   ----------             ----------            ----------
                                                                                      
Cost of Sales                                      (2,131,461)            (2,365,327)           (4,543,061)
                                                   ----------             ----------            ----------
GROSS PROFIT                                          825,794                958,332             1,875,265
                                                                                                           
Net Operating Expenses                               (801,350)              (897,204)           (1,785,171)
                                                   ----------             ----------            ----------
OPERATING PROFIT                                                                                           
Continuing Operations                                  24,444                 60,096                58,545
Acquisitions                                                -                  1,032                31,549
                                                   ----------             ----------            ----------
                                                       24,444                 61,128                90,094
Interest Receivable & similar Income                        -                      -                    24
Interest Payable & similar Charges                    (19,437)               (45,134)              (88,108)
                                                   ----------             ----------            ----------
PROFIT ON ORDINARY ACTIVITIES BEFORE                                                                       
TAXATION                                                5,007                 15,994                 2,010
                                                                                                           
Tax on Profit on Ordinary Activities                  (15,471)               (23,030)              (35,842)
                                                   ----------             ----------            ----------
RETAINED LOSS FOR THE FINANCIAL PERIOD                                                                     
AFTER TAXATION                                        (10,464)                (7,036)              (33,832)
                                                   ==========             ==========            ==========

STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

The group has no recognised gains or losses other than the results for the periods as set out above

EARNINGS PER SHARE                                    (0.1p)                  (0.1p)               (0.5p)


CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2010

                                                 30.11.10                30.11.09           31.05.10
                                                Unaudited               Unaudited            Audited
                                                   GBP                     GBP                 GBP
FIXED ASSETS                                                                                               
Intangibles-Goodwill                            1,858,903               1,764,638           1,682,124
Tangibles                                         144,444                 170,766             161,057
                                                ---------               ---------           ---------
                                                2,003,347               1,935,404           1,843,181
                                                ---------               ---------           ---------
CURRENT ASSETS                                                                                            
Stocks                                             17,604                  20,343              19,033
Debtors                                           941,527               1,160,659           1,040,189
Cash at bank & in hand                             50,336                  19,614              43,421
                                                ---------               ---------           ---------
                                                1,009,467               1,200,616           1,102,643
CREDITORS: AMOUNTS 
FALLING DUE WITHIN ONE YEAR                      (925,876)             (1,004,716)           (841,354)
                                                ---------               ---------           ---------
Net Current Assets                                 83,591                 195,900             261,289
                                                ---------               ---------           ---------
                                                                                      
Total assets less current liabilities           2,086,938               2,131,304           2,104,470

CREDITORS: AMOUNTS FALLING DUE AFTER                                                                       
MORE THAN ONE YEAR                             (1,008,984)             (1,016,090)         (1,016,052)
PROVISIONS FOR LIABILITIES                              -                       -                   -
                                                ---------               ---------           ---------
                                                1,077,954               1,115,214           1,088,418
                                                =========               =========           ========= 
CAPITAL AND RESERVES                                                                                       
Called up share capital                           771,002                 771,002             771,002
Share premium                                     279,000                 279,000             279,000
Profit and loss account                            27,952                  65,212              38,416
                                               ----------               ---------           ---------
Shareholders Funds                              1,077,954               1,115,214           1,088,418
                                               ==========               =========           ========= 



NOTES TO INTERIM RESULTS
FOR THE PERIOD 1 JUNE TO 30 NOVEMBER 2010


1.      The  financial information set out above does not constitute statutory accounts for the purpose  of
        the  Companies Act 2006.  The financial information has been extracted from the management accounts
        of  Shield Service Group plc and is presented using the same accounting policies as those  used  in
        the  statutory  accounts of that company. The accounts for the period ended 31 May 2010  have  been
        extracted  from  the statutory accounts filed with the Registrar of Companies; the  report  of  the
        auditors on those accounts was unqualified.

2.      Earnings per share

        Basic  earnings  per  share  is  calculated  by dividing  the  earnings  attributable  to  ordinary
        shareholders  by  the weighted average number of ordinary shares during the period.   The  weighted
        average number of equity shares in issue was 7,270,020 (30 November 2009 6,536,687) (31 May 2010  -
        7,270,020)  and the earnings after tax was GBP (10,464) (30 November 2009 GBP (7,036))  (period  to
        31 May 2010 - GBP (33,832)).




Contact Information

  • Shield Service Group Plc