This is one to keep an eye on. If it does become even remotely as successful as Homeserve (HSV) then the shares will be motoring..............

Update: Mavinwood takes on Homeserve

LONDON (ShareCast) - Mavinwood, the cash shell turned support services firm, said current trading has been in line with expectations as it looks to take on Homeserve in the emergency services market.

Run by former British Gas executive Kevin Mahoney, who attempted to buy drain-cleaning firm Dyno-Rod last year before a large shareholder pulled out of the deal, the company recently acquired a similar business though the 25m acquisition of ANSA in June.

ANSA provides drain cleaning services and well as handling insurance claims. Mavinwood is hoping to use the business as a platform to create an Emergency Services division.

Kevin Mahoney is looking to expand the current services ANSA offers, moving into other avenues around the home, in a bid to provide customers with an alternative to home repair and services provider Homeserve. The group is looking to add on acquisitions to complement the business and hopes to announce a deal by the end of the year.

The other area of the business was started through the 6m acquisition of Restore in May, which provides data storage and document management services. Mahoney suggests this area too is ripe for consolidation and Mavinwood is already on the look out for deals.

Mavinwood reported a pre-tax loss of 122,000 for the six months to June against a loss of 81,000 last time, though this does not include trading from teh acquired businesses.

Forecasts expect the group to turn in a profit of some 1.5m for the year.

Bid and offer price has been increasing all day, looks very good. I have a substantial holding I am very pleased with the steady increase. With the good sets of result I belive it could touch 18/20p.

Broker Recommendations
Seymour Pierce says buy Mavinwood
http://uk.biz.yahoo.com/060213/336/g3qm5.html

Something extremely interesting today.
Two very small trades (one buy and one sell) yet the MM's have really pushed the price up.
There's only one way this is heading

;o)

An interesting announcement a few minutes ago:

Mavinwood PLC
10 March 2006


MAVINWOOD PLC
('Mavinwood' or 'the Company')

Holding in Company

Following receipt of a response to a section 212 notice on 3 March 2006, the
Company is aware that as at 3 March 2006 Cazenove UK Growth and Income Fund is
interested in 11,308,000 shares in Mavinwood, representing 3.4 per cent. of the
Company's issued share capital.

That explains the huge recent trades.

Results are next Tuesday.

Could be very interesting.

;o)

The very interesting thing is that the Company felt it necessary to issue a notice to see the owners of the shareholding. I think they fear a predator in the wings - perhaps Homeserve doesn't fancy the competition and wants to take it out.
I just bought a few more. This is going to get more and more interesting.

Kaysmart

Good point. Perhaps the Company have got wind of something hence are keeping tabs of major shareholders.

Looking forward to the results (which should be good) and prospects (which should be excellent).

;o)

Kaysmart
I picked up a few more this afternoon.
Who am I to argue with Cazenove !!!

;o)

Excellent result out this morning. This explains why Cazenove was building a major stake in the company.

http://moneyam.uk-wire.com/cgi-bin/articles/20060314070006M5012.html

Kaysmart

The results were indeed excellent.
Plenty of buying today which is encouraging.
Hopefully looking towards 20p as a first stop.

;o)

Hi all any ideas as to whats gone on here today - large buys /sales hard to say.

This was a shares tip (BUY) 24 August 2006.

Mavinwood PLC
06 September 2006

Holding in Company

The Company was informed on 4 September 2006 that Cazenove Capital Management
has purchased 3,200,000 Ordinary Shares in the Company. Cazenove Capital
Management has a total interest of 72,575,000 Ordinary Shares, representing
16.11% of the issued share capital of the Company.

MAVINWOOD PLC
Holding in Company
The Company was informed on 4 September 2006 that the Canada Life Group of
Companies now holds the following Ordinary Shares in Mavinwood:

No of shares % of issued share capital

Canada Life Limited 8,622,185 1.91%

CF Canlife Unit Trusts 8,427,815 1.87%

The Canada Life Group of Companies now holds a total interest of 17,050,000
Ordinary Shares, representing a total of 3.78% of the Company's issued share
capital.


Interims tomorrow should be interesting 07/09/06

Cazenove have been buying large chunks of shares for quite a while now.
The results should be excellent (just Caz and Canada Life buying recently suggests that !!!!).
The shares are extremely good value - if they can achieve just a fraction of what Homeserve has done over the last few years then the SP is a bargain.

Ian

Yes Ian agree solid looking group with A1 long term potential to expand into many areas not had a chance to go into management credentials to much but what I have noted it the desire for expansion and postive results. Seems to be good value here and plenty of room for growth. This may also be seen as a gem for takeover.
Cheers

http://moneyam.uk-wire.com/cgi-bin/articles/200609070701066113I.html

excellent interims and a new acquisition.

Interim results for the six months ended 30th June 2006 and acquisition of Mono
Services Limited

Continued development organically and by acquisition to a business
capitalised at 60m

Acquisition of Wansdyke for 11m on 10th February

Acquisition of Independent Inspections for 10m on 18th July

Acquisition of Mono today for 6m

Focus on two divisions well placed for further growth

Financial highlights 2006 2005

Turnover 16.3m 0.5m

Earnings before interest, tax, goodwill amortisation
and share option charge (EBITA) 2.4m (0.1m)

Profit before tax 0.7m (0.1m)

Basic earnings per share 0.06p (0.36p)

Profit before tax, goodwill amortisation and
share option charge 1.9m (0.1m)

Adjusted basic earnings per share 0.39p (0.18p)


Kevin Mahoney, Chief Executive, commented:
'I am delighted with the progress Mavinwood has made in the first half of the
year. We have acquired Wansdyke and since 30 June, acquired Independent
Inspections and now Mono. The acquisition of Wansdyke made us a significant
player in the document handling market. The acquisitions of Independent
Inspections and Mono build our presence, alongside ANSA, in the emergency
services sector with a focus on insured repair solutions. Mono is an excellent
fit with our existing emergency services businesses and I am particularly
pleased that senior management will be staying with the company.

All our operating companies are performing well and are benefiting from good
continuity of management. We plan to integrate the acquired businesses and add
complementary operations in the future, pursuant to our strategy of building a
market-leading UK support services group.'

Enquiries:
Mavinwood plc
Kevin Mahoney, Chief Executive 020 7661 9650
Mike Vincent, Finance Director 020 7661 9651

Threadneedle PR
John Coles 020 7936 9604

Background
Mavinwood was launched on AIM on 5 November 2004 and is pursuing a buy and build
strategy in the support services sector. The strategy is to acquire and develop
specialist support services businesses which have the potential for growth,
either organically or in combination with other complementary businesses. The
focus is on the emergency services (especially where there is an insured repair)
and document handling sectors.

Chief Executive's review

Review of operations
The first six months of 2006 saw the further growth of the Mavinwood Group. We
are developing the two divisions of emergency services and document handling.
Our existing businesses, ANSA and Restore, performed well and we acquired
Wansdyke, another document handling business on 10 February 2006. On 18 July we
acquired Independent Inspections for 10m funded by a Placing of 12m which has
given us the capacity to make further acquisitions for cash. We are very pleased
to announce today the completion of the acquisition of Mono for 6m which will
extend our product offering in the emergency services sector.

Emergency services
ANSA grew its profits further in the first half of 2006 driven by cost
reductions and business process re-engineering. Sales were 12,633,000 and EBITA
was 1,750,000 giving a return on sales of 13.9%. Investment in sales and
marketing is being made in the second half of the year together with continued
emphasis on cost saving projects.
The training arm of ANSA suffered some loss of personnel and sales dropped from
754,000 in the second half of 2005 to 713,000 in the first half of 2006.
Action has been taken to recruit training staff and sales are returning to their
2005 levels.

Independent Inspections was established in 1989 and offers a validation/
restoration service or facilitates a replacement service of damaged floorings or
carpets and upholstery to the insurance industry in all the major postcodes of
the UK. In the year ended 31 December 2005 the business generated sales of
6,486,000 and EBITA (normalised for non-recurring costs) of 927,000. The
business, which was acquired after 30 June, is performing to expectations.
Revenue enhancement and cost saving opportunities are already in hand.

Mono offers a domestic repair service to insurance companies, loss adjusters and
housing associations. In the year ended 31 December 2005, the business generated
sales of 11,224,000 and a loss before tax of 55,000 (normalised EBITA was a
profit of 671,000). Net assets at 31 December 2005 were 878,000. It is
currently a regional business based in the North West and is capable of being
rolled out across the UK, supplemented by other acquisitions as appropriate.

ANSA, Independent Inspections and Mono provide the Group with a trio of high
quality businesses serving principally the insurance sector. The businesses will
be working closely together to provide their customers with the range of
services at the high levels of service they are seeking.

Document handling
Restore generated sales of 2,021,000 and EBITA of 555,000 in the first half of
2006 compared to sales of 511,000 and EBITA of 121,000 in the seven weeks
ended 30 June 2005. Return on sales has progressed from 23.7% to 27.5%,
principally due to increased volumes.

Wansdyke made its maiden contribution of 1,633,000 in sales and 517,000 in
EBITA for the five months ended 30 June 2006. The return on sales was 31.7%.
There is still significant unutilised capacity in the freehold underground
storage sites at Wansdyke.

A project to integrate the operational systems and finance infrastructure of
both businesses is well underway. Approximately 27,000 of integration costs
have been taken in Wansdyke in the first half with further costs to come in the
second half. The project should yield cost savings starting in late 2006 but
mostly benefiting 2007.

Central costs
The central costs of Mavinwood totalled 439,000 (2005: 195,000). The increase
is principally due to the directors no longer receiving discounted salaries and
waiving benefits. A financial controller was appointed bringing the Head Office
complement to three. In the first half of 2005, Mavinwood was a cash shell
looking to make its first acquisition whereas in 2006 the Group is fully
operational with five businesses.

Acquisitions
We acquired Wansdyke Security Limited on 10 February for 11m in cash. The
acquisition enhances our product offering in document handling and extends our
geographic coverage to the West of England, the Midlands and Wales.

On 25 May, the contingent consideration due on the acquisition of Restore was
settled at 2,150,000, half in cash and half in new Mavinwood shares. The
payment of this amount brought the total consideration for Restore to 8.3m.

On 18 July we acquired Independent Inspections Holdings Limited for an initial
consideration of 10m. The consideration was satisfied by 9m in cash and 1m in
shares. The cash element was funded by a Placing of 12m at 12p per share. The
''over raise'' in the Placing after costs was approximately 1.8m which was used
to reduce debt in the short term. The vendor, who is staying with the business,
can earn contingent consideration of up to 4m linked to the future performance
of the business. 2m would be payable in March 2008 assuming EBITA of 1.7m is
delivered in 2007 and a further 2m would be payable in cash in March 2009 on
the basis that EBITA of 2m is delivered in 2008. The maximum total
consideration is 14m.

Today we completed the acquisition of Mono Services Limited for an initial
consideration of 6m, plus 0.4m of net debt, utilising some of the debt
capacity generated by the Placing. Costs of the acquisition were 0.4m. The 6m
of initial consideration comprises cash of 5.7m and 0.3m in Mavinwood plc
ordinary shares, priced at 15p. Application for admission of these two million
shares to trading on AIM has been made and dealings are expected to commence on
13 September.

Contingent consideration of up to 1m could also be payable, in two amounts,
over the next two years. The contingent consideration is 2 for every 1 by
which EBITA for the year ending 31 August 2007 exceeds 0.9m together with a
further sum of 2 for every 1 by which EBITA for the year ending 31 August 2008
exceeds the actual EBITA for the year to 31 August 2007. The maximum contingent
consideration of 1m is payable if the EBITA reaches 1.4m in the year to 31
August 2008.

Results
The results comprise three elements in the first half of 2006;

EBITA of ANSA and Restore for six months
EBITA of Wansdyke for five months to 30 June
Central costs for six months

Turnover
Sales from existing operations (ANSA and Restore) were 14,654,000 (2005:
511,000). The 2005 comparative was purely Restore's turnover for the seven
weeks ended 30 June 2005. The acquisition of Wansdyke contributed 1,633,000
giving Group turnover of 16,287,000 (2005: 511,000).

Earnings before interest, tax, goodwill amortisation and share option charge
(EBITA)
EBITA from existing operations (ANSA and Restore less central costs) was
1,866,000 (2005: loss of 74,000). The 2005 comparative comprised 121,000 from
Restore less central costs of 195,000. The acquisition of Wansdyke contributed
517,000 giving Group EBITA of 2,383,000 (2005: loss 74,000).

Interest
Net interest payable was 525,000 (2005: income 11,000) as we borrowed to part
fund the acquisitions of Restore and ANSA in 2005 and fully fund the acquisition
of Wansdyke in February 2006. Interest cover in the half year compared to EBITA
was 4.5x.

Amortisation
Goodwill amortisation in the half year was 869,000 (2005: 59,000). The 2006
amortisation relates to the total goodwill arising on the acquisitions of ANSA,
Restore and Wansdyke whereas the 2005 charge only related to the goodwill
arising on the acquisition of Restore. All goodwill is being amortised over 20
years.



Share options
We have included a fair value calculation in the half year of the Group's
share-based payment awards, totalling 316,000 (2005: nil). The valuations have
been performed by a third party consultancy in accordance with the Financial
Reporting Standard, FRS 20.

Taxation
The taxation charge on the profit on ordinary activities (excluding goodwill
amortisation) of 30% (2005: nil) has been based upon the estimated effective tax
rate for calendar 2006. There is no tax relief on the amortisation of goodwill.

Earnings per share (EPS)
Basic EPS was 0.063p (2005: loss 0.36p). Adjusted basic EPS before goodwill
amortisation and share option charge was 0.39p.
Assuming the exercise of all options and awards under our Long Term Incentive
Plan plus the conversion of the convertible A shares at an average price per
ordinary share in the first half of 2006 of 13.63p, the fully diluted EPS before
goodwill amortisation and share option charge (net of tax) would become
approximately 0.35p. This represents dilution of approximately 10% compared to
the basic adjusted EPS.

Dividend
Mavinwood intends to continue to re-invest profits in the business and the Board
is not declaring an interim dividend.

Cash flow
The net cash inflow from operating activities after capital expenditure was
1,931,000 (2005: outflow 200,000) for the half year ended 30 June 2006. The
difference between this operating cash inflow and EBITA of 2,383,000 was due to
a working capital outflow of 535,000 less the excess of depreciation of
416,000 over capital expenditure of 346,000. Significant items of capital
expenditure included the further fitting-out of sections of Wansdyke's
underground storage areas and archive racking at Restore.

The total outflow on the purchase of subsidiaries was 12,493,000. This amount
included 10,968,000 plus costs of 445,000 for Wansdyke and 1,075,000 as the
cash element of the contingent consideration for Restore.

Net debt
At 30 June 2006, net debt of the Group amounted to 15,383,000 (less deferred
financing costs of 243,000). After the Placing to acquire Independent
Inspections and now the acquisition of Mono for 6m, proforma net debt stands at
approximately 20m. The Board believes this level of net debt gives the Group
capacity to consider and make further acquisitions for cash.
Our bank facilities with Allied Irish Banks, p.l.c. were expanded in order to
acquire Mono. In addition, the maturity of the facilities has been extended from
mostly three years to February 2009 out to five years to September 2011.

Board
There were no changes to the Board in the half year.

Advisers
Effective from today we have appointed Collins Stewart as our nominated advisor
and broker.

Outlook
The Group ended the half year with three established businesses and a market
capitalisation of approximately 60m. The emergency service and document
handling industries continue to grow strongly in 2006 and the Group is trading
in line with expectations. We have already added Independent Inspections and
Mono to emergency services and we intend to add further businesses to both our
divisions in due course.

7 September 2006


Kevin Mahoney
Chief Executive

Unaudited consolidated profit and loss account
for the six months ended 30 June 2006

Six Six
months months Year
to 30 to 30 ended
June June 31-Dec
2006 2005 2005
'000 '000 '000
as
restated
-------- -------- ---------
Turnover:
- Continuing operations 14,654 511 15,264
- Acquisitions 1,633 - -
------------------------- -------- -------- ---------
Group turnover 16,287 511 15,264
Cost of sales (10,432) (225) (10,640)
------------------------- -------- -------- ---------
Gross profit 5,855 286 4,624
Administrative expenses (4,657) (419) (3,861)
------------------------- -------- -------- ---------
EBITA 2,383 (74) 1,708
Earnings before interest, tax, goodwill
amortisation and share option charge (EBITA)
Share option charge (316) - (85)
Goodwill amortisation (869) (59) (860)
------------------------- -------- -------- ---------
Operating profit/(loss):
- Continuing operations 766 (133) 763
- Acquisitions 432 - -
------------------------- -------- -------- ---------
Group operating profit 1,198 (133) 763
Net interest (payable)/receivable (525) 11 (213)
------------------------- -------- -------- ---------
Profit/(loss) on ordinary activities
before tax 673 (122) 550
Taxation (462) - (427)
------------------------- -------- -------- ---------
Profit/(loss) on ordinary activities
after tax 211 (122) 123
Dividends - - -
------------------------- -------- -------- ---------
Retained profit/(loss) for the period 211 (122) 123
------------------------- -------- -------- ---------
Earnings/(loss) per share (pence per share)
Basic 0.06p (0.36)p 0.07p
Fully diluted 0.06p (0.36)p 0.06p
------------------------- -------- -------- ---------

Unaudited consolidated balance sheet
as at 30 June 2006

30-Jun 30-Jun 31-Dec
2006 2005 2005
'000 '000 '000
as restated
-------- -------- ---------
Fixed assets
Intangible assets 33,696 32,676 31,224
Tangible assets 10,429 2,105 1,996
------------------------- -------- -------- ---------
44,125 34,781 33,220
------------------------- -------- -------- ---------
Current assets
Stocks and work in progress 170 177 250
Debtors 6,894 5,979 5,509
Cash at bank 1,695 1,261 837
------------------------- -------- -------- ---------
8,759 7,417 6,596
Creditors - amounts falling due
within one year (10,133) (10,727) (9,166)
------------------------- -------- -------- ---------
Net current (liabilities) (1,374) (3,310) (2,570)
------------------------- -------- -------- ---------
Total assets less current liabilities 42,751 31,471 30,650
Creditors - amounts falling due
after more than one year (13,942) (4,654) (3,564)
Provision for liabilities and charges (238) (193) (117)
------------------------- -------- -------- ---------
Net assets 28,571 26,624 26,969
------------------------- -------- -------- ---------

Capital and reserves
Called up share capital 393 383 383
Share premium account 27,524 26,444 26,459
Share option reserve 401 - 85
Profit and loss account 253 (203) 42
------------------------- -------- -------- ---------
Total equity shareholders' funds 28,571 26,624 26,969
------------------------- -------- -------- ---------

Unaudited consolidated cash flow statement
for the six months ended 30 June 2006

Six Six
months months Year
to 30 to 30 ended
June June 31-Dec
2006 2005 2005
'000 '000 '000
------------------------- -------- -------- ---------
Net cash inflow/(outflow) from
operating activities 2,264 (172) 1,209
Returns on investment and servicing of
finance
Net interest paid (465) 11 (133)
Interest element of finance lease
payments (8) - (13)
------------------------- -------- -------- ---------
1,791 (161) 1,063
------------------------- -------- -------- ---------
Taxation - - (213)
------------------------- -------- -------- ---------
Capital expenditure and financial
investment
Purchase of tangible fixed assets (346) (28) (182)
Sale of tangible fixed assets 13 - -
------------------------- -------- -------- ---------
(333) (28) (182)
------------------------- -------- -------- ---------
Acquisitions
Purchase of subsidiaries and costs (12,493) (21,942) (22,079)
Cash acquired with subsidiaries 1,251 1,166 1,150
------------------------- -------- -------- ---------
Net cash outflows before financing (9,784) (20,965) (20,261)
------------------------- -------- -------- ---------
Financing
Principal repayment due under finance
leases (84) - (203)
Net proceeds from issue of shares - 22,982 22,982
Bank loan advances 12,000 - 5,140
Deferred financing costs (136) - (202)
Bank loan repayments (257) (2,725) (1,000)
Repayment of indebtedness acquired (881) - (7,588)
------------------------- -------- -------- ---------
10,642 20,257 19,129
------------------------- -------- -------- ---------
Increase/(decrease) in cash 858 (708) (1,132)
------------------------- -------- -------- ---------


Notes to the consolidated interim report for the six months ended 30 June 2006

1.a) Basis of preparation

This report was approved by the directors on 7th, September 2006.

The interim financial statements have been prepared using accounting policies
and practices consistent with those adopted in the accounts for the year ended
31 December 2005 with the exception of the application of FRS 20 (see below) and
are also consistent with those which will be adopted in the 2006 Annual Report
and Accounts.

The interim financial statements are un-audited.

The financial information contained in this Report does not constitute statutory
accounts as defined by Section 240 of the Companies Act 1985.

The figures for the year ended 31 December 2005 have been extracted from the
statutory accounts which have been filed with the Registrar of Companies but
have been restated for the impact of FRS20. The auditors' report for 2005
accounts was unqualified and did not contain a statement under section 237(2) or
(3) of the Companies Act 1985.

1.b) Adoption of new accounting policies

The adoption of FRS 20 - share based payments, which is effective for accounting
periods ending on or after 1 January 2006, requires a prior period adjustment to
be made, including the deferred tax implication of this adjustment. This has
created a share option reserve at 30 June 2006 of 401,000 and a corresponding
deferred tax asset of 120,000 and reduced the retained profits by 281,000; of
this amount, 60,000 is attributable to the year ended 31 December 2005.

2 Segmental information
All turnover is derived from the UK.

Segmental analysis Six Six
months months Year
to 30 to 30 ended
June June 31-Dec
2006 2005 2005
'000 '000 '000
as restated
------------------------- -------- -------- ---------

The turnover for the period was derived from
the group's principal activities as follows:
Document handling 3,654 511 2,291
Emergency services 12,633 - 12,973
------------------------- -------- -------- ---------
16,287 511 15,264
------------------------- -------- -------- ---------

The profit before tax is derived from the
group's principal activities as follows:
Document handling 1,072 121 614
Emergency services 1,750 - 1,589
Central costs (439) (195) (495)
Share option charge (316) - (85)
Goodwill amortisation (869) (59) (860)
Net interest (payable)/receivable (525) 11 (213)
------------------------- -------- -------- ---------
673 (122) 550
------------------------- -------- -------- ---------

3 Notes to the cash flow statement Six Six Year
months months ended
to 30 to 30 31-Dec
June June
2006 2005 2005
'000 '000 '000
as restated
------------------------- -------- -------- ---------

Operating profit/(loss) 1,198 (133) 763
Depreciation 416 24 305
Share option charge 316 - 85
Goodwill amortisation 869 59 860
------------------------- -------- -------- ---------
2,799 (50) 2,013
Decrease/(increase) in stocks & WIP 94 3 195
(Increase) in debtors (833) (114) (64)
Increase/(decrease) in creditors 204 (11) (935)
------------------------- -------- -------- ---------
Net cash inflow/(outflow)
from operating activities 2,264 (172) 1,209
------------------------- -------- -------- ---------

4 Earnings/(loss) per ordinary share
Basic earnings/(loss) per share has been calculated on the profit/(loss) after
taxation for the period/year and the weighted average number of ordinary shares
in issue during the period/year.

Adjusted earnings/(loss) per share which is before goodwill amortisation and the
stock option charge has been presented in addition to the basic earnings/(loss)
per share as defined by FRS 22 since, in the opinion of the directors, this
provides shareholders with a more appropriate representation of the earnings
derived from the group's present businesses.

Six months Six months Year ended
to 30 June to 30 June 31-Dec
2006 2005 2005
'000 '000 '000
as restated
--------------------------- ---------- --------- ---------
Profit /(loss) after
taxation on ordinary
activities 211 (122) 123
========== ======== ========

No. of No. of No. of
shares shares shares
Weighted average equity in
issue 334,570,268 34,199,448 184,579,044
--------------------------- ---------- --------- ---------

Basic earnings/(loss) per
ordinary share 0.06p (0.36)p 0.07p
Goodwill amortisation 0.26p 0.18p 0.46p
Share option charge (net of
tax) 0.07p - 0.03p
--------------------------- ---------- --------- ---------
Adjusted earnings/(loss)
per ordinary share 0.39p (0.18)p 0.56p
--------------------------- ---------- --------- ---------
(before the goodwill amortisation and the
share option charge) --------- --------- ---------
-----------------------------

The diluted earnings per share is the basic earnings per share adjusted for the
dilutive effect of the conversion into fully paid shares of the outstanding
share options and awards under the LTIP. It is also adjusted for the conversion
of the A shares into ordinary shares at a price of 13.63p; being the average
price per ordinary share in the half year ended 30 June 2006 (year ended 31
December 2005 average price 10.05p).
No. of No. of No. of
shares shares shares
Weighted average equity in
issue 372,029,322 34,199,448 195,666,915
--------------------------- --------- --------- ----------
--------------------------- ---------- --------- ----------
Fully diluted earnings/(loss)
per ordinary share 0.06p (0.36)p 0.06p
Goodwill amortisation 0.23p 0.18p 0.44p
Share option charge (net of
tax) 0.06p - 0.03p
--------------------------- ---------- --------- ----------
Adjusted fully diluted
earnings/(loss) per ordinary
share 0.35p (0.18)p 0.53p
--------------------------- ---------- --------- ----------
(before the goodwill amortisation and the
share option charge --------- --------- ----------
-----------------------------

5 Analysis of changes in At Six Acquisitions Non-cash At 30
net debt months
01-Jan Cash- (Excluding movement June
2006 flow cash) 2006 2006
'000 '000 '000 '000 '000
--------------------- -------- -------- ---------- --------- -------
Cash at bank and in hand:

Increase/(decrease) in
cash during the year 837 858 - - 1,695
Bank loans & notes due
within one year (1,500) (619) (881) - (3,000)
Bank loans & notes due
after one year (3,657) (10,243) - - (13,900)
Finance leases due within
one year (175) 83 (86) - (178)
--------------------- -------- -------- ---------- --------- -------
(4,495) (9,921) (967) - (15,383)
Deferred financing costs 160 136 - (53) 243
--------------------- -------- -------- ---------- --------- -------
(4,335) (9,785) (967) (53) (15,140)
--------------------- -------- -------- ---------- --------- -------

6 Intangible fixed assets
Six months Six months Year ended
to 30 June to 30 June 31-Dec
2006 2005 2005
'000 '000 '000
-------- -------- ---------
1 January 31,224 - -
Additions - Restore - 8,784 8,268
Additions - ANSA - 23,951 23,816
Reduction in Restore contingent
consideration (443) - -
Additions - Wansdyke 3,784 - -
------------------------- -------- -------- ---------
34,565 32,735 32,084
Less amortisation (869) (59) (860)
------------------------- -------- -------- ---------
Period end 33,696 32,676 31,224
------------------------- -------- -------- ---------
Goodwill on acquisition is being amortised over 20 years.


7 Acquisition Book value at Fair value Fair value at
acquisition adjustment acquisition
'000 '000 '000
------------------------- --------- --------- ---------
Wansdyke
Fixed assets 3,217 5,283 8,500
Working capital (507) (507)
Taxation (647) (647)
Cash 1,250 1,250
Loans (881) (881)
Finance leases (86) (86)
------------------------- --------- --------- ---------
Net assets acquired 2,346 5,283 7,629
------------------------- --------- ---------
Goodwill capitalised 3,784
---------
Consideration 11,413
------------------------- --------- --------- ---------

Satisfied by:
Cash to vendors 10,968
Related costs of acquisition 445
------------------------- --------- --------- ---------
11,413
------------------------- --------- --------- ---------

In preparation for IFRS3, to be adopted in the financial statements for the year
ending 31 December 2007, the fixed assets were valued by an independent firm of
Chartered Surveyors at 8.5m and the intangible assets were valued by an
independent specialist. The increase in value to 8.5m is reflected as a fair
value adjustment.

8 Reconciliation of movement in Six months Six months Year ended
Shareholders' funds to 30 June to 30 June 31-Dec
2006 2005 2005
'000 '000 '000
as restated
------------------------- -------- -------- ---------
Profit/(loss) for the financial period 211 (122) 123
Share option reserve 316 - 85
Issue of shares during the period 1,075 25,795 25,795
Issue costs - (962) (962)
Recovery of prior year flotation costs - - 15
------------------------- -------- -------- ---------
Net additions to shareholders' funds 1,602 24,711 25,056
Opening shareholders' funds 26,969 1,913 1,913
------------------------- -------- -------- ---------
Closing shareholders' funds 28,571 26,624 26,969
------------------------- -------- -------- ---------

Mavinwood swings to H1 profit; buys Mono for 6 mln stg
Mavinwood PLC reported a swing to profit in the first half of 2006 on sharply higher turnover.

Pretax profit was 673,000 stg, up from a loss of 122,000 stg, on turnover of 16.3 mln stg, up from 511,000.

The company also announced today that it has acquired Mono for 6 mln stg, which will extend the company's product offering in the emergency services sector.

In the first half, the group said its existing businesses, ANSA and Restore, performed well and the group acquired Wansdyke, another document handling business on Feb 10. On July 18 the group acquired Independent Inspections for 10 mln stg funded by a 12 mln stg placing which has given the company the capacity to make further acquisitions for cash.

Chief executive Kevin Mahoney said Mono is an excellent fit with the company's existing emergency services businesses.

All operating companies are performing well and are benefiting from good continuity of management, Mahoney said.

'We plan to integrate the acquired businesses and add complementary operations in the future, pursuant to our strategy of building a market-leading UK support services group.'

Mavinwood said it intends to continue to re-invest profits in the business and the board is not declaring an interim dividend.

The price has ticked up this morning - quite surprising as I would have expected many T+ punters to be bailing out from the Shares magazine tip a couple of weeks ago.
Maybe the MM's have increased the price to entice some sellers.

Ian

Ian

Any ideas on those two huge trades just declared ?

Is it Cazenove again ?

Is it you ????????????????????//

Kays

Kays

It is almost certainly Cazenove or Canada Life buying some more - ignore the fact that the trades appear to be sells as this is cobblers !!!!

The RNS will probably appear on Monday or Tuesday as their past purchases have always been confirmed one or two working days after the event.

Ian