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(ACS.L) AI Claims Solutions PLC Buy/Sell

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Current Market Information

Time: 02:46 (Market Closed)

Bid	21.75
Ask	23.00
Price	22.38
Previous	22.50
Change	-0.12 (-0.53%)
Last Trade	22.50 (16:30:01)
Trading Vol.	0
Today's High	22.50
Today's Low	22.50

52 Wk Low	12.00
52 Wk Low	(06/07/2009)
52 Wk High	22.50
52 Wk High	(19/03/2010)
52 Wk Change	+7.50
52 Wk Change	(+50.00%)
4 Wk Volume	1,038,530
ISIN Number	GB0009374090
Currency	GBX

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Recent News
Date/Time	Headline	Source
02-03-10	AI Claims Solutions - Half Yearly Report	RNS
RNS Number : 8951H AI Claims Solutions PLC 02 March 2010 Ai CLAIMS SOLUTIONS PLC Interim Report for the 6 months ended 31 December 2009 `Financial Overview · Revenue increased by 59% to £38.2m (2008: £24.0m)` · EBITDA increased by 26% to £1.548m (2008: £1.225m) `· Adjusted PBT increased by 27% to £906k before IFRS 2 charges (2008: £713k)` `· Earnings per share increased by 31% to 0.97p (2008: 0.74p)` `· Interim dividend per share increased by 12% to 0.29p per share (2008: 0.26p per share)` `· Annualised return on shareholders funds (post tax and interest) increased by 21% to 8.0% from 6.6%` · Total net borrowings of £12.753m (30 June 2009: £9.128m) `· Debtor days of 101 days (30 June 2009: 95 days). WIP days of 37 days (30 June 2009 : 46 days)` Operational highlights · Successful negotiation of a significant non fault intermediary referral source and agreement of satisfactory terms for additional working capital bank funding · Renewal of vehicle rental partnership arrangement, providing security of supply and pricing for a further two years `· Migration from the Legacy IT System continued with all new business expected to be written on the new platform by the year end` `· Implementation of full outsource scheme for an insurer in run off, handling first notification of loss (FNOL), fault and non fault claims` `· Implementation of 2 broker schemes providing FNOL and non-fault services` `· Selection as bilateral partner for large insurer` `· Agreement finalised with major insurer post period end for the settlement of outstanding debt` For further information, please contact: `David Sandhu, Chief Executive - 0844 571 3108` `Peter Harrison, Group Finance Director - 0844 571 3200` `Dru Danford, Shore Capital & Corporate Ltd - 0207 408 4090` Stephane Auton, Shore Capital & Corporate Ltd - 0207 408 4090 CHAIRMAN's StatementI am pleased to report a strong growth in revenue and profit against a backdrop of structural challenges affecting our competitors and from which our distinctive business model gives us a good measure of protection.Referrals have already begun from a major intermediary source with whom we expect to sign a contract imminently. This will produce growth in hire and new repair business with a significant impact on next year's forecast.Our focus over the past few months has been on improving the debtor position and we have been in extensive and constructive discussions with all the leading insurers. Since the period end agreement has been reached with one leading insurer and good progress made with several others.RESULTS OVERVIEW 6 months to 31 6 months to 31 Year ended 30 June `December 2009 December 2008 2009` `Unaudited Unaudited Audited` `£'000 £'000 £'000` `Revenue 38,151 24,017 55,744` `Profit before taxation and 906 713 2,016` IFRS2 charge (Adjusted Profit Before Tax) `IFRS 2 charge (51) (45) (142)` `Profit before taxation 855 668 1,874` `Tax on profit on ordinary (261) (214) (573)` activities `Profit after taxation 594 454 1,301` Ai's overall revenue increased by 59% from £24.0m to £38.2m. Hire revenue increased from £16.2m to £25.5m (57%) to comprise 66.8% of total revenue (2008: 67.6%). The hire performance benefited from the roll out of new business across the insurer and broker channels. Repair related income increased from £5.7m to £11.0m (93%) to represent 29.0 % of total revenue (2008: 23.6%). Again this represents new business implementations across the insurer and broker sectors for both fault and non-fault services. Other income lines declined overall from £2.1m to £1.7m (24%) to represent 4.2% of revenue (2008: 8.8%). We continue to develop innovative new services for our partners, usually in pilot mode, which may or may not lead to longer term business. The nature of this work means that volume levels, whilst representing a relatively small share of our overall account, will fluctuate. Gross margin in the period was 19.2% (2008: 30.4%). Our operating margin was 2.7% (2008:3.2%). Both were in line with our management budget, which takes into account changes in the scale and mix of our business reported in my previous statement and certain costings which are weighted to the first half of the year. Administrative costs reduced from 27.3% of revenue to 16.5% of revenue. a reduction of 10.8%.This is attributable to efficiency improvements from the new IT system and leveraging the fixed cost base together with a reduction in staff costs associated with pilot activity. Annualised return (post tax and interest) on shareholders funds of 8% improved from 6.6% in the comparative period, a 21% increase. Our efficient operating platform enables us to deliver a reasonable rate of return in the current economic climate. Our debtor days, which we calculate using the countback method deteriorated slightly to 101 days, from 95 days at June 2009. Whilst this is significantly lower than the sector (which averages over 200 days), it is relatively high for Ai. Ai's claims remain very well controlled and our average hire duration remains around 16 days. Whilst competitors have been litigating against insurers to recover payment on credit hire cases, Ai remains committed to working positively with insurers to recover amounts due. We do however see significant variability between insurers in the payment of credit hire claims under the GTA protocol for the same population of claims. Where settlement time is unreasonable and there is a failure to engage then Ai will resort to litigation. Although claims are taking slightly longer to settle, we are not experiencing any deterioration in the amounts collected. We are making progress in our engagement with insurers to ensure they have sufficient resources to deal with our claims and this is bringing tangible results. We have recently agreed terms with a top 4 insurer to bring their account up to date and accelerate payment at no diminution to the value of Ai's debt. Similar discussions are being held with other companies. Net debt increased by £3.7m to £12.8m from £9.1m. Of the increase, £0.8m was attributable to capital expenditure with the balance of £2.9m being attributable to operational cash outflow. The operational cash outflow arose predominantly from new business growth. Whilst there has been an extension to debtor days this has been mitigated by a reduction in work in progress days from 46 days to 37 days. The net overdraft of £11.7 m remains comfortably within the existing facility of £15m. Prospects and Dividends We have agreed terms for 2 significant schemes with a major intermediary, one starting on 1st March and one on 1st July. Working capital funding has been approved and the contracts will be signed imminently with referrals having already started. We expect additional growth opportunities to continue to become available and are confident that the Group has made a breakthrough to become an operation of significantly greater scale. As in previous years, we anticipate that our profit will be weighted towards the second half of the year. The Board is pleased to announce an interim dividend of 0.29p per share (2008: 0.26p), an increase of 12%. The dividend will be paid on 1st April 2010 to shareholders on the register at 12th March 2010. Steve Broughton Chairman 1 March 2010 `Consolidated STATEMENT OF income 6 months 6 months Year` `ended 31 December ended 31 December ended 30` `2009 2008 June` `Unaudited Unaudited 2009` `Audited` `Note` `£'000 £'000 £'000` `Revenue 38,151 24,017 55,744` `Cost of sales (30,839) (16,701) (41,470)` `Gross profit 7,312 7,316 14,274` `Administrative expenses (6,281) (6,546) (12,178)` `Operating profit 1,031 770 2,096` `Financial expenses (176) (102) (222)` `Profit before taxation 855 668 1,874` `Taxation 4 (261) (214) (573)` `Profit for the period 594 454 1,301` `Basic earnings per share 0.97p 0.74p 2.13p` `3` `Diluted earnings per share 3 0.96p 0.73p 2.11p` All operations are continuing. There are no items to be recognised in a separate consolidated statement of comprehensive income and accordingly no such statement has been included. `Consolidated STATEMENT OF FINANCIAL POSITION Note 31 31 30` `December 2009 December 2008 June` `Unaudited Unaudited 2009` `Audited` `£'000 £'000 £'000` Non current assets `Goodwill 6,726 6,726 6,726` `Other intangible assets 3,376 3,002 2,894` `Property, plant and equipment 2,238 2,410 2,463` `Deferred tax asset 28 30 27` `12,368 12,168 12,110` Current assets `Trade and other receivables 6 38,748 22,077 31,096` `Cash and cash equivalents 103 41 130` `38,851 22,118 31,226` `Total assets 51,219 34,286 43,336` Current liabilities `Financial liabilities - (11,938) (5,136)` `borrowings 7 (8,379)` `Trade and other payables 8 (22,575) (14,154) (18,988)` `Current tax liabilities (715) (142) (454)` `(35,228) (19,432) (27,821)` Non current liabilities `Financial liabilities - 7 (918) (995) (879)` borrowings (918) (995) (879) `Total liabilities (36,146) (20,427) (28,700)` `Net assets 15,073 13,859 14,636` Shareholders' equity `Share capital 6,142 6,142 6,142` `Share premium account 1,579 1,579 1,579` `Other reserves 275 248 345` `Retained earnings 7,077 5,890 6,570` `Total shareholders' equity 15,073 13,859 14,636` `consolidated Statement of changes in equity Share capital Share premium Other reserve Profit and loss` `account account Total equity` `£'000 £'000 £'000 £'000 £'000` `Balance at 31 December 2007 6,142 1,579 193 4,881 12,795` `Total recognised income and - - - 895 895` expense `Dividends - - - (160) (160)` `Deferred tax on share options - - - 15 15` `Equity settled share based - - 78 - 78` payment transactions `Balance at 30 June 2008 6,142 1,579 271 5,631 13,623` `Total recognised income and - - - 454 454` expense `Dividends - - - (209) (209)` `Equity settled share based - - 45 - 45` payment transactions `Transfer between reserves upon - - (68) 68 -` lapse of share based payment options `Purchase of own treasury - - - (54) (54)` shares `Balance at 31 December 2008 6,142 1,579 248 5,890 13,859` `Total recognised income and - - - 847 847` expense `Dividends - - - (159) (159)` `Deferred tax on share options - - - (8) (8)` `Equity settled share based - - 97 - 97` payment transactions `Balance at 30 June 2009 6,142 1,579 345 6,570 14,636` `Total recognised income and - - - 594 594` expense `Dividends - - - (208) (208)` `Equity settled share based - - 51 - 51` payment transactions `Transfer between reserves upon - - (121) 121 -` lapse of share based payment options `Balance at 31 December 2009 6,142 1,579 275 7,077 15,073` `CONSOLIDATED STATEMENT OF CASH FLOW 6 months ended 31 December 2009 6 months ended 31 Year` `Unaudited December 2008 ended 30 June` `Unaudited 2009` `Audited` `£'000 £'000 £'000` Cash flows from operating activities `Profit for the period 594 454 1,301` Adjustments for: `Depreciation of property, plant and equipment 225 219 432` `Amortisation of other intangible assets 292 236 503` `Gain on sale of property, plant and equipment - - (2)` `Share compensation charge 51 45 142` `Financial expense 176 102 222` `Taxation 261 214 573` `Increase in trade and other receivables (7,652) (4,631) (13,650)` `Increase in trade and other payables 3,539 934 5,762` `Interest paid (176) (102) (222)` `Taxation paid - - (51)` `NET CASH UTILISED IN OPERATING ACTIVITIES (2,690) (2,529) (4,990)` Cash flows from investing activities `Proceeds from sale of property, plant and - - 3` equipment `Purchases of property, plant and equipment (230) (247) (286)` `Purchases of other intangible assets (545) (330) (718)` `Net cash used in investing activities (775) (577) (1,001)` Cash flows from financing activities `Purchase of treasury shares - (54) (54)` `Dividends paid (160) - (368)` `Proceeds of borrowings - - 215` `Increase/(Repayment of borrowings) 39 (31) (82)` `Increase/(Payment) of finance lease liabilities 35 (30) (50)` `Net cash used in financing activities (86) (115) (339)` `Net decrease in cash and cash equivalents (3,551) (3,221) (6,330)` `Cash and cash equivalents at beginning of period (8,126) (1,796) (1,796)` `Cash and cash equivalents at end of period (11,677) (5,017) (8,126)` NOTES TO THE INTERIM REPORT TO 31 December 2009 `1 Basis of preparation` The results for the six months ended 31 December 2009, which are unaudited, have been prepared on a basis consistent with the recognition and measurement principles of International Financial Reporting Standards (IFRS); this is consistent with the accounting policies set out in the audited annual accounts. The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 30 June 2009, have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain statements under Section 498(2) or Section 498(3) of the Companies Act 2006. `2 Segment reporting` The Group operates in one business segment, being the delivery of accident management and other solutions to the automotive and insurance sectors, conducted wholly in the United Kingdom. Accordingly, no segmental information for business segment or geographical segment is required. `3 Earnings per share` `6 months ended 31 6 months ended 31 Year ended 30 June` `December 2009 December 2008 2009` `Unaudited Unaudited Audited` `£'000 £'000 £'000` `These have been calculated on 594 454 1,301` earnings of: `The weighted average number of '000 '000 '000` shares used was:- `Basic 61,116 61,116 61,201` `Dilutive effect of share 561 858 561` options `Diluted 61,677 61,974 61,762` `4 taxation` `6 months ended 31 6 months ended 31 Year ended 30 June` `December 2009 December 2008 2009` `Unaudited Unaudited Audited` `£'000 £'000 £'000` `Current year tax charge 261 214 573` The tax charge is based on the estimated expected tax rate for the period. The effective tax rate for the six months ended 31 December 2009 is 30.5% (six months ended 31 December 2008: 32.0%). The effective rate of tax for the 12 months ended 30 June 2009 was 30.5%. This varies from the basic rate of corporation tax (six months ended 31 December 2009: 28%; six months ended 31 December 2008: 28%) as a result of non deductible expenditure. `5 Earnings before interest, tax, depreciation & Amortisation` Earnings before interest, tax, depreciation and amortisation (EBITDA) have been calculated are follows: `6 months ended 31 6 months ended 31 Year ended 30 June` `December 2009 December 2008 2009` `Unaudited Unaudited Audited` `£'000 £'000 £'000` `Operating profit 1,031 770 2,096` `Depreciation 225 219 432` `Amortisation 292 236 503` `EBITDA 1,548 1,225 3,031` `6 trade and other receivables` `31 December 2009 31 December 30 June 2009` `Unaudited 2008 Audited` `Unaudited` `£'000 £'000 £'000` `Trade receivables 24,492 12,893 19,752` `Other receivables 2,763 601 1,066` `Prepayments and accrued income 11,493 8,583 10,278` `38,748 22,077 31,096` `7 Financial liabilities - borrowings` `31 December 2009 31 December 2008 30 June 2009` `Unaudited Unaudited Audited` `£'000 £'000 £'000` Current liabilities `Current portion of secured 104 39 104` bank loans `Current portion of finance 54 39 19` lease liabilities `Bank overdraft 11,780 5,058 8,256` `11,938 5,136 8,379` Non current liabilities `Bank loans 826 995 879` `Finance lease liabilities 92 - -` 918 995 879 `8 trade and other payables` `31 December 2009 31 December 2008 30 June 2009` `Unaudited Unaudited Audited` `£'000 £'000 £'000` Current liabilities `Trade payables 7,439 4,916 4,943` `Other taxation and social 3,717 1,718 3,023` security `Other payables 407 432 355` `Dividend declared 208 209 -` `Accruals 10,804 6,879 10,667` `22,575 14,154 18,988` 9 INTERIM REPORT This interim report was approved by the Board on 1 March 2010. INDEPENDENT REVIEW report to Ai claims Solutions PLC Introduction We have been engaged by the company to review the financial information in the half-yearly financial report for the six months ended 31 December 2009 which comprises the consolidated statement of income, consolidated statement of financial position, consolidated statement of changes in equity and the consolidated statement of cash flow and the related notes 1 to 9. We have read the other information contained in the half-yearly financial report which comprises the Financial Overview, Operational Highlights and Chairman's Statement and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. This report is made solely to the company in accordance with guidance contained in ISRE (UK and Ireland) 2410, 'Review of Interim Financial Information performed by the Independent Auditor of the Entity'. Our review work has been undertaken so that we might state to the company those matters we are required to state to them in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusion we have formed. Directors' responsibilities The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The AIM rules of the London Stock Exchange require that the accounting policies and presentation applied to the financial information in the half-yearly financial report are consistent with those which will be adopted in the annual accounts having regard to the accounting standards applicable for such accounts. As disclosed in Note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The financial information in the half-yearly financial report has been prepared in accordance with the basis of preparation in Note 1. Our responsibility Our responsibility is to express to the Company a conclusion on the financial information in the half-yearly financial report based on our review. Scope of review We conducted our review in accordance with ISRE (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the financial information in the half-yearly financial report for the six months ended 31 December 2009 is not prepared, in all material respects, in accordance with the basis of preparation described in Note 1. GRANT THORNTON UK LLP REGISTERED AUDITOR `MANCHESTER, UNITED KINGDOM 1 March 2010` This information is provided by RNS The company news service from the London Stock Exchange END IR KMGGFNMZGGZM More
04-01-10	AI Claims Solutions - Notice of Results	RNS
RNS Number : 8614E AI Claims Solutions PLC 04 January 2010 `4 January 2010` Ai Claims Solutions PLC (AIM: ACS) Notice of Interim Results Ai Claims Solutions PLC("Ai" or "the Company"), the ethical after accident solution provider, will report its Interim Results for the six month period ending 31 December 2009, on 2 March 2010. Enquiries: Ai Claims Solutions plc David Sandhu 0844 571 3108 Peter Harrison 0844 571 3200 Shore Capital & Corporate Ltd Dru Danford / Stephane Auton 0207 408 4090 Please visit www.aiclaimssolutions.com for further information. END This information is provided by RNS The company news service from the London Stock Exchange END NORBRBDDBXXGGCG More
03-12-09	AI Claims Solutions - Result of AGM	RNS
RNS Number : 5366D AI Claims Solutions PLC 03 December 2009 3 December 2009 Ai Claims Solutions PLC ("Ai") Result of AGM At the Annual General Meeting of Ai, held at 11.00 a.m. today, all resolutions were duly passed. Enquiries: Ai Claims Solutions plc `David Sandhu 0844 571 3108` `Peter Harrison 0844 571 3200` Shore Capital & Corporate Ltd `Dru Danford / Stephane Auton 0207 408 4090` This information is provided by RNS The company news service from the London Stock Exchange END RAGCKNKQDBDDQBK More
03-12-09	AI Claims Solutions - AGM Statement	RNS
RNS Number : 4922D AI Claims Solutions PLC 03 December 2009 3 December 2009 Ai Claims Solutions PLC ("Ai") AGM Statement At the AGM this morning Steve Broughton, Chairman, will comment on the current trading of the company as follows: "The new financial year has started well with both revenues and profits marginally ahead of expectations in the first four months of the financial year. Ai is in advanced discussions with several insurers on the clearance of older debtor balances and anticipates that this will lead to an improvement in the debtor days position over the coming months. We continue to be encouraged by the market's increased recognition of the different business models of the leading claims handling organisations and in particular the merits of the Ai model." Enquiries: Ai Claims Solutions plc `David Sandhu 0844 571 3108` `Peter Harrison 0844 571 3200` Shore Capital & Corporate Ltd `Dru Danford / Stephane Auton 0207 408 4090` This information is provided by RNS The company news service from the London Stock Exchange END AGMCKBKDABDDNBK More

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Date/Time	Subject	Author
05-12-09	Flat Line	Sans-Peur


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	Anyone else notice the similarity between the 1 year chart line and a heart monitor of a dead person? What is so great about this business model if it's flat lining, is it one that can show a growth when we pull out of recession I wonder? More \| View thread (1) \| Respond \| Login to Vote up
05-12-09	Re: Media Coverage..	Sans-Peur


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	Wrong company I fear! More \| View thread (2) \| Respond \| Login to Vote up
03-12-09	AGM Statement	TheWeeble


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	"The new financial year has started well with both revenues and profits marginally ahead of expectations in the first four months of the financial year. Ai is in advanced discussions with several insurers on the clearance of older debtor balances and anticipates that this will lead to an improvement in the debtor days position over the coming months. We continue to be encouraged by the market's increased recognition of the different business models of the leading claims handling organisations and in particular the merits of the Ai model." More \| View thread (1) \| Respond \| Login to Vote up
10-11-09	Media Coverage..	TheGunester


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	I am not in this, but saw this... http://proactiveinvestors.co.uk/companies/news/10034/advanced-computer-software-stands-to-benefit-from-recent-changes-to-nhs-it-procurement-10034.html More \| View thread (2) \| Respond \| Login to Vote up

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