Rigby Group (RG) plc, the parent company for a portfolio of privately owned businesses operating across Europe, the Middle East and North Africa, has published its results for the year to 31 March 2013.
The Group, which has made a number of acquisitions in 2012 and 2013, now encompasses the technology solutions provider SCC, the luxury Eden Hotel Collection, British International Helicopters (BIH), Regional & City Airport Management (RCAM) the property development business Rigby & Rigby and a wide range of additional investments.
Highlights
• Turnover of continuing operations up 2.6% to £1.6b (2012: £1.5b)
o SCC UK businesses revenue grew 3.5% to £665.3m (2012: £642.5m)
SCC Continental European business revenues grew 2.2% to £906.7m (2012: £887.6m)
• Group pre-tax profit of £108.8m (2012: £29.4m)
• Realised £130.4m net profit from £222.1m disposal of technology distribution business, SDG, in November 2012
• Year-end net cash £196.2m (2012: £3.6m)
• Increase in net assets to £283.6m (2012: £167m)
• Operating profit from continuing operations, before acquisitions and exceptional items, was £2.0m (2012: £13.1m), impacted by current market conditions and cost dis-synergies arising from the SDG disposal
• First steps taking in realignment from technology-led group to multi-asset portfolio
o Aviation businesses acquired in August 2012
o Eden Hotel Collection and Coventry Airport businesses acquired in March 2013
o British International Helicopters (BIH) brand established following aviation acquisitions in April 2012, August 2012 and May 2013
o Exeter airport acquired in June 2013
o Rigby & Rigby acquired in July 2013
Sir Peter Rigby, Chairman, commented:
“The disposal of SDG last year realised a very substantial profit for the Group and was the first step for us in repositioning from a principally technology-led business to a diverse portfolio of opportunities.
“With our year-end net cash balance of nearly £200m, we are in a very strong position to maintain our strategy of further investment in the portfolio while continuing to support each business’ organic and acquisitive growth.
“Our largest business, SCC, recently secured some key long term UK contracts and we are proactively seeking complementary service-led acquisitions to expand capabilities. Our services business is well positioned moving forward, with the UK particularly generating an unprecedented number of large, high-profile managed services annuity contracts in its strongest ever period of new business wins.
“SCC UK also achieved recognition for innovation and investment in its Secure Multi-Tenanted Cloud Service (SMTC), being the first provider to achieve Pan-Government Accreditation.
“Our aviation operations are encountering good opportunities for growth and we also expect to expand our hotel collection with acquisitions in the near future.
“In our aviation division, we have unified all commercial flight and helicopter operations under the BIH brand, uniting our existing aviation activities under a single strong, coherent banner as we continue to pursue our goal of building the largest domestically owned commercial air operator in the UK.
“Our airport operations continue to cater for thousands of commercial flights and over 750,000 passenger journeys every year through Coventry and Exeter Airports. The division is also responsible for the running of the regional airports at Blackpool and Derry, and we expect to see further developments within the coming months.
“The current financial year will see the completion of our transition phase and a continuation of our planned investment programme. Although trading conditions remain demanding, we are confident of continued expansion and will continue to invest in the right opportunities.”