Emergency services support group AssetCo trimmed its debts during a first half in which the AIM-quoted company’s underlying performance was ‘significantly ahead’ of the comparable period.
Emergency services support group AssetCo trimmed its debts during a first half in which the AIM-quoted company’s underlying performance was ‘significantly ahead’ of the comparable period.
Although profits from continuing operations – as AssetCo looks to exit from vehicle assembly businesses by next spring – declined by 18 per cent from £6.6 million to £5.4 million in the six months to September, the previous period had included £1.8 million of ‘one off’ projects which were not repeated this time. The core Integrated Support Services business, which supplies equipment and a variety of services to the London Fire Brigade and other fire and rescue authorities in the UK, lifted its profits 25 per cent to £3.9 million.
Moreover, a number of weighty new contracts were secured during the period, including a ten-year joint venture with the Abu Dhabi government to develop and manage a 100-acre emergency services training centre, called the ‘Rabdan Disaster City’. A seven-year contract to provide emergency fire crews to the London Fire Brigade was also won, after a competitive tender process.
Having raised £7.8 million in July, AssetCo’s coffers are flowing with £17.1 million, with asset-backed non-recourse debt up from 64 to 70 per cent of group debts, and recourse debt reduced 23 per cent to £27.8 million.
