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Key financial data

CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDING 30 SEPTEMBER 2011

Six months ended 30 September 2011 Six months ended 30 September 2010
Before
exceptional
items 		Exceptional
items 		Total Before
exceptional
items 		Exceptional
items 		Total
  £m £m £m £m £m £m
               
Revenue 161.8 - 161.8 177.3 - 177.3
Cost of sales   (54.1) - (54.1) (74.7) - (74.7)
Gross profit   107.7 - 107.7 102.6 - 102.6
               
Distribution costs   (18.0) - (18.0) (18.7) - (18.7)
Administrative expenses

  (83.3) (2.9) (86.2) (91.3) (0.6) (91.9)
Analysis of operating profit/(loss)              
Operating profit/(loss) before
amortisation and exceptional items		   8.4 - 8.4 (4.6) - (4.6)
Amortisation   (2.0) - (2.0) (2.8) - (2.8)
Exceptional restructuring costs - (2.9) (2.9) - (0.6) (0.6)
               
Operating profit/(loss)   6.4 (2.9) 3.5 (7.4) (0.6) (8.0)
Financial expense (3.6) (2.2) (5.8) (5.3) (0.5) (5.8)
Profit/(loss) before taxation   2.8 (5.1) (2.3) (12.7) (1.1) (13.8)
Taxation 0.3 1.2 1.5 1.3 0.3 1.6
Profit/(loss) for the financial period   3.1 (3.9) (0.8) (11.4) (0.8) (12.2)
               
Attributable to:              
Equity holders of the Company       (0.8)     (12.2)
               
Loss per share       Pence     Pence
-Basic     (0.16)     (2.42)
-Diluted     (0.16)     (2.42)
               
Non-GAAP performance measures              
EBITDA before
exceptional costs		 29.8     24.9    
Profit/(loss) before tax, amortisation and exceptional costs 4.8     (9.9)    

CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDING 30 SEPTEMBER 2011

30 September 30 September 31 March
2011 2010 2011
£m £m £m
ASSETS
Non-current assets
Intangible assets 58.2 62.9 60.2
Property, plant & equipment
Hire equipment 191.5 234.8 185.7
Non-hire equipment 32.3 35.5 34.2
282.0 333.2 280.1
Current assets
Inventories 11.2 11.2 10.2
Trade and other receivables 96.2 103.4 97.7
Income tax 1.9 0.4 - 
Assets classified as held for sale - -  33.4
Cash 3.2 8.0 0.2
112.5 123.0 141.5
Total assets 394.5 456.2 421.6
LIABILITIES
Current liabilities
Borrowings - (0.2) (1.1)
Other financial liabilities (0.7) (1.3) (0.6)
Trade and other payables (73.3) (67.1) (63.3)
Provisions (1.4) (2.9) (3.5)
Income tax -  -  (0.3)
(75.4) (71.5) (68.8)
Non-current liabilities
Borrowings (80.2) (130.8) (113.0)
Provisions (1.3) (1.4) (1.2)
Deferred tax liabilities (9.8) (16.2) (9.2)
(91.3) (148.4) (123.4)
Total liabilities (166.7) (219.9) (192.2)
Net assets 227.8 236.3 229.4
EQUITY
Share capital 25.9 25.9 25.9
Share premium 190.2 190.2 190.2
Merger reserve 1.0 3.7 1.0
Hedging reserve (1.0) (1.6) (0.9)
Translation reserve (0.2) (0.3) 0.1
Retained earnings 11.9 18.4 13.1
Total equity attributable to equity holders of the Company 227.8 236.3 229.4

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDING 30 SEPTEMBER 2011

6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2011 2010 2011
£m £m £m
       
Cash generated from operations before changes in hire fleet 29.8 17.5 49.7
Purchase of hire equipment (26.7) (18.3) (41.8)
Proceeds from sale of hire equipment 6.9 6.5 16.2
Cash generated from operations 10.0 5.7 24.1
Interest paid (3.5) (5.7) (10.5)
Tax paid -  (1.3) (1.3)
Net cash flow from/(to) operating activities 6.5 (1.3) 12.3
Cash flow from investing activities
Proceeds from disposal of accommodation hire assets, net 33.4 -  - 
Purchase of other property, plant & equipment (2.5) (1.4) (4.9)
Net cash flow from/(to) investing activities 30.9 (1.4) (4.9)
Net cash flow before financing activities 37.4 (2.7) 7.4
Cash flow for financing activities
Finance lease payments -  -  (0.1)
Repayment of bank loans (33.9) (0.8) (18.4)
Repayment of previous cash flow based loan facility (89.8) -  - 
Proceeds from asset based revolving credit facility 91.2 -  - 
Dividends paid (1.0) (1.0) (2.1)
Net cash flow from financing activities (33.5) (1.8) (20.6)
Increase/(decrease) in cash 3.9 (4.5) (13.2)
(Overdraft)/cash at the start of the financial period (0.7) 12.5 12.5
Cash/(overdraft) at the end of the financial period 3.2 8.0 (0.7)
Analysis of cash
Cash 3.2 8.0 0.2
Bank overdraft -  -  (0.9)
3.2 8.0 (0.7)