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Annual Results

Cambian losses widen after disappointing year

27 April 2016 07:57

Cambian posts a pre-tax loss of GBP16.4m for the year to the end of December compared with a loss of GBP4.2m in 2014.

Revenue increased by 21% to £290.1 million (2014: £240.6 million). Adjusted EBITDA was £42.5 million (2014: £48.4 million) with adjusted EBITDA margin down from 20.1% to 14.7%. The group reports an operating loss of £7.6m (2014: £7.1m profit). Adjusted earnings per share were 10.6p (2014: 11.0p). Statutory basic loss per share was 5.4p (2014: 6.1p loss).

The group's total capacity increased from 2,668 to 2,989 in the year with average occupancy of 78% (2014: 81%).

Chairman Christopher Kemball said: "The results for 2015 were very disappointing but our remedial actions are taking effect. We continue to experience strong demand for our specialist services and trading to date is in line with the Board's expectations. As previously advised, the result for the first half will be lower than H1 2015. The Board is confident that growth will be resumed for the year as a whole.

"Despite the challenges we faced, we should not lose sight of the fact that Cambian remains fundamentally a good business with a strong value proposition for its customers.

"Our agenda is clear: continue to implement the remedial action programme; ensure we meet our obligations under the agreed terms for the amendment of our bank facilities; and continue to deliver the highest quality specialist services our customers demand."

Separately, it announced that Mike Butterworth has been appointed as an independent Non-Executive Director and member of the Audit & Risk Committee, Remuneration Committee and Nominations Committee with immediate effect. He has extensive financial experience having worked in various finance roles, both in an executive and non-executive capacity, for a number of public companies. He was Group Finance Director of Cookson Group plc from June 2005 to 2013 and before that Group Finance Director of Incepta Group plc from 2001 to 2004. Mike was also a director of Alent plc, one of the two businesses demerged from Cookson Group plc, from January to March 2013.

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Related Company: CMBN

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