'32% jump in revenues drive profits up 17.5%'Amor Group, leading international business technology company, has published its final results for the 12 months to 31 December 2011.
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will only display properly using Acrobat version 9 or newer. Amor
Group is one of the few companies in the sector today that is
consistently delivering on projects that puts passenger data at the
heart of airport operations. Due to their thorough understanding
ofGlobal market analyst andindustry research experts customer
requirements and commitment to technology innovation, Amor is
evidently a preferred supplier for this type of solution for
airport operators in Europe, the Middle East and beyond. Diogenis
Papiomytis Principal Consultant, Aerospace & Defence, Frost
& Sullivan
2. contents 02 CEOs Report 04 05 The Last Three Recent
Performance Years and Outlook 06 Financial Review 082011
Operational Performance 11 13 15 Energy Transport Public Services
16 18 Technology Forecast Complete IT Managed Service Solution 21
Directors Report and Financial Statements 01
3. click to play movie CEOs Report I am pleased to present
Amors annual report for the financial year ended December 2011.
Were proud to have delivered our fourth consecutive year of strong
earningsChief Executive Officer growth in an economic environment
that continues to be unpredictable. We have succeeded I believe,
because we have a singular vision, a clear strategy and core
operating strength.John Innes In our vision we emphasise business
technology because that is the essence of what we do the focus is
on business first, then the underlying technology. We dont run IT
services, or deliver IT projects here at Amor! Nor do we sell
standalone IT products; rather we run business services and deliver
business projects. Our focus is not on the technology itself, but
on how that technology can help run more efficientJohn has over 25
years leadership airports, hospitals, schools and offshore
operations. Our customers just expect us to getexperience in the
oil and gas and IT and we do!information technology sectors.During
this time he developed expertise Our strategy is to increase our
recurring revenues, international presence and intellectualin
corporate strategy, mergers and property (IP). This strategy
creates shareholder value, informs how and where we
workacquisitions, P&L management and and how we develop the
business. I am delighted to report significant progress in allsales
and marketing. In 2005 John these key metrics over the last year as
detailed in the Financial Review.sold the Aberdeen based oil andgas
information services specialist In 2011 recurring revenues were up
with a record all time forward order book -business, Pragma, to
Sword Group more than double this time last year. Product revenues
were also up as a consequence ofin a multimillion pound deal. He
targeted R&D and M&A.remained with Sword,
overseeingnumerous acquisitions and managed During the year we
opened a new office in the Middle East and increased revenues
fromthe global solutions business which had the US, Scandinavia and
mainland Europe. Our export revenues have grown significantly,a
combined turnover of 100m. In May a trend we expect to continue in
the years ahead.2009 he led the management buy outof Swords UK
solutions businesses in a30m transaction to form Amor Group. se ic
rv se rt po gy ic ns er bl tra pu en 02
4. click to play movieIn our Transport business, the
acquisition of the FS Walker In our Public Services sector we have
benefitted from aHughes (FSWH) Chroma Airport Operational Database
Suite Government agenda geared towards increased SME
participationaugmented our existing passenger-centric product set
and in the technology supply chain. We have seen the
abandonmenthelped build accelerated international recurring
revenues in of national programmes that have proven costly and
complexnext generation collaborative airport operations. Following
the to implement in favour of correctly specified and more
readilyacquisition of Invisys our Public Services business invested
in deliverable work scopes. Amor can and will deliver greater
valuefurther development of our clinical portal that provides a
single for the public purse.view of the patient journey. However,
no business exists in a vacuum and we are not immuneWe benefit from
long term customer relationships, characterised to risk. We are,
like every business, impacted by the uncertainby trust and mutual
value, a growing brand value and our unique nature of the global
economy, particularly the Eurozone. WeIP. Our investors continue to
be supportive and to help facilitate continue to focus rigorously
on delivering well, typically againstaccess to well-priced capital
to support our growth. larger and more complex engagements. We
systemically focus on management of our working capital. We have
investedPeople sometimes ask me why we focus on the Energy,
Transport significantly in 2011 in our back office people,
processes andand Public Services markets. The answer is that we
have built 20 systems to ensure that we are able to support our
strong andyears of domain expertise and track record within those
markets, continued top line growth.and we continue to see very
attractive growth opportunities ineach. Our 2012 organic revenues
will scale to 55m with earnings undiluted at c. 15%. Over half of
our revenue for 2012 is alreadyThe global demand for energy
continues unabated. On the UK contracted and 30% derived from
proprietary software productContinental Shelf demand is perhaps
most visible in the forecast sales that in turn increase our
forecast exports to 11m.2012 record level of 11.4bn of CAPEX whilst
a strong andsustained oil price continues to drive international
expansion. At Amor we genuinely feel that this is our time. Please
enjoyThese trends in turn drive demand for the critical operational
reading our annual report. I look forward to catching up
withsupport services that Amor provides. you soon!In Transport our
main focus is airports where we see tremendousgrowth opportunities
particularly in the Middle East and AsiaPac, where there is
significant new build and infrastructureinvestment. Our Transport
business is product focussed. It John Innes, CEOhas benefitted from
the groups focus on R&D and acquisitioninvestment, and is
readily able to scale to address the globalopportunity. 03
5. The Last Three Years ITIL sk, our 24 10 0 x7 Awarded hel
nched er 2 Aipo Awa nd ope ist b rts a Ass Lau cem rded ned 15m ma
De pde gy, gy 6.8 10 olo ner contract Januar rvices 20 chn al e m c
e in M 2010 en er Te lob naged se CO offic ha ob DW r g ies ontr Ac
g ai nc ct red g ou bilit qu rpo in with AS O ui in pa act iddle E
Ma th Duba t y 2011 ire rt Aq tend s ca th 0 uetoo t suite d F op
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pa 20 hes, as rro i 11 ws cu logy Se no ou tso urc Jun tech ed e 2
IT t 01 oA 1 10 n NA TS mo May 20 m in our Aberdee sele Aug r
Invest ed 1 hos ct Am ust tre, Assu re clo ud- t an or 20 Data Cen
bas d m to de 11 ed a l infr nage iver, January 2010 ast new ruc
Established Amor LLC and USA tur Se e office Awar ptemb ded er 2 to
de 18 01 liver .5m cont 1 eProc ract Scotl uremen and S t ervic e
October 2 Acquired Invi 011 sys and openLondon office ed to extend
reac h in healthcare 2011 2009 MBO 2009 Amor reate p Grou t cem rde
trac er Amor to c 2009 09 procuremen r the Government rum 09
reviously May amework De al awa m con 20 September 20 b d the IM
Energy Fo 9 August 3. t service (p leted tions UK) fr u Comp Ofq
Selected fo Buying Solu Launched 04
7. Amor BBQ Bake off Financial Review The group delivered
another strong financial performance in 2011, with revenues growing
by 32% to 45m (2010: 34m). These figures include revenue of 1.8m
from six monthsChief Financial Officer trading of FSWH, which was
acquired at the end of June 2011. The remainder of the revenue
growth was organic (up 27% on 2010) with our Energy, Transport and
Public Services sectors all growing their customer base in the
year.David Blyth Significantly, in line with our strategy, we
successfully increased the percentage of recurring revenues from
39% to 51% in the year. The group now expects to have recurring
revenues of approximately 54% of our annual total revenue in 2012.
Similarly, we continued to grow our international footprint, with
6m (13%) of the David is a Qualified Chartered groups revenues
generated outside the UK, representing a 150% increase over 2010.
Accountant with more than The strengthening of our product offering
via the creation of the Chroma product suite, 20 years post
qualification which has aligned our own IP with that acquired from
FSWH, underpins much of this experience. He trained and
international growth. qualified with Grant Thornton in Glasgow
before moving to Product revenues, based on our owned IP, amounted
to 25% of our business in 2011 and Saudi Arabia with Ernst &
Young. we plan to grow this to 30% in 2012. Returning to a role as
Group Accountant for Lilley Construction, EBITDA grew 14% to 6.6m
in the year (2010: 5.8m). Excluding 0.4m related to he then moved
to IT solutions restructuring costs and other non-recurring items,
normalised trading EBITDA was 7m, and services provider Real Time
15.5% of revenue. This compares to normalised EBITDA of 6m in 2010
(17.5%). Engineering Ltd as Financial Controller. David was
appointed Movement in the EBITDA margin is in line with the change
in the revenue mix, resulting CFO of Swords global solutions
business in UK and Europe in from the increase in the number of
large managed services contracts delivered during 2006, and CFO of
Amor Group in the year. These include provision of equipment and
other third party costs and services 2009. at a high monetary
value, but low pass through margin. It is important to our customer
base that we manage provision of these components, as well as
providing our IP and professional service wrap around. This enables
customers to benefit from the full Amor service offering. The gross
margin delivered on our own IP and related provision remains strong
at an average of 46%. 06
8. ist Fergus Ewing Launch of Ass MSP visits Am ors HQProfit on
ordinary activities after deduction of depreciation,amortisation
and interest charges was 4.9m, with a resultanttax charge of 1.6m.
This effective tax rate of 32.6% compareswith a standard composite
rate for the year to December 2011of 26.5%. The higher effective
rate results mainly from the taxtreatment of amortisation of
goodwill.We continued to invest in the growth of the business in
2011.We further developed our IP for airports and purchased IP in
thePublic Services Health sub-vertical. Both of these
investmentswere made from funds generated from operations. The
FSWHacquisition was funded mostly via term debt, which led to
anincrease in our group net debt to 33.4m (2010: 27.4m). Weare
pleased with the inflow generated from operating activitiesof 5.5m,
delivered despite a tough trading environment.David Blyth, CFO
07
9. click to play movie 2011 Operational Performance Im
delighted that Amor has delivered over 30% revenue growth in the
last year, a significant achievement given the on-going economic
crisis in Europe and challengingChief Operating Officer trading
environment in many of our markets. It hasnt been easy; we have
worked relentlessly to ensure we satisfy our customers so we retain
their business against a continued backdrop of UK, European and
world economicScott Leiper difficulties. Weve had to innovate both
technically and commercially to drive value for money and truly
create a better business outcome for our customers. The result has
been an increase in our forward order book to 70m having secured a
number of multi-year deals with new blue chip customers,
highlighting the value which customers put on our services to help
them run their businesses. Scott has held a variety of roles across
oil and gas organisations and multi-national IT corporations For
example, Sparrows, the oilfield engineering service provider, has
fully outsourced its IT including programming, services to Amor to
ensure the delivery of robust business processes, which will help
them programme management, sales with the delivery of their
operations over the next five years. director and business unit
director. In his role as operations director Similarly for Dubai
Airports, we secured a five year contract to deliver a system that
enables with Sword, he was accountable for the business plan
delivery of a superior understanding of passenger processing at the
airport, resulting in improved several business units across the
service levels, enhanced strategic planning and enriched terminal
operations. UK and US amounting to over 30m in revenue. His core
skills Elsewhere, for the Scottish Government we are managing and
delivering the flagship are in business growth planning,
eProcurement Scotland Service (ePS) which is worth 18.5m to the
group over the next four sales and marketing strategy, years. This
project will help drive spend via the ePS system and will generate
substantial business recovery and due diligence. cost savings
through efficient, effective electronic procurement. 08
10. Charity Ceilidh eProcurement Headquarters Scotland Cont
ract SigningAs a business technology company our focus is on
combining Amor has a fantastic team which is passionate about
ourour deep knowledge of the Energy, Transport and Public Services
business and our customers. We have a strong product set tosectors
with IT expertise, to create a better business outcome for drive
our internationalisation agenda and a range of services toour
customers. Our 2011 customer survey tells us that we are drive an
improved business outcome for our customers. We willcontinuing to
make positive progress; more than 98% of our continue to grow
because of these tremendous attributes. Imcustomers believe we
understand their business (up from 86%) excited by the challenges
and successes 2012 will bring.and 95% believe we add value (up from
89%) to their business. Scott Leiper, COOOur core operating
strength is down to our people and our highperformance culture. Not
only does this cultural focus providemore opportunities for career
fulfilment but it also reinforces thelink between personal
contribution and company performance.The total number of employees
has increased from 441 to 569over the last year, creating over 100
new jobs. During this periodwe made a significant investment in our
human capital in orderto deliver on our vision of being the best
employer in our market.Following our initial Denison staff survey
in 2010, we establisheda number of cross functional teams to
analyse the results andimplement improvements. We have invested
500,000 in theseimprovements and implemented a state-of-the-art
personaldevelopment programme along with a new employee
flexiblebenefits scheme. Whilst the results of our 2011 Denison
staffsurvey show improvements in all areas, we are continuing
tofocus on the areas of highest impact to drive forward our goalof
creating a single high performing organisation. 09
11. At Sparrows we focus on setting, and raising, global
standards in everything we do. This requires a structured global
presence underpinned by reliable technology. Amor Group is integral
to developing and delivering our long term IT strategy, involving a
phased approach toGlobal leading oil service project work while
ensuring our day-to-day operations run smoothly withprovider
services such as their 24/7 support line. Doug Sedge CEO, Sparrows
Offshore Group Limited 10
12. click to play movie Energy The energy industry,
particularly with respect to independent oil and gas operators and
service companies, is an exciting market to be in right now.
Worldwide the industry is booming and the opportunities on our
doorstep are huge, with 12 24 billion barrel of oilEnergy Sector
Director equivalent (BOE) remaining for extraction from the UK
Continental Shelf (UKCS) alone. This growth is triggering demand
for technology services that deliver value through practical
solutions across our customers operations.Dave Bruce Our core
business is delivering managed services that add value in a
strategic way to energy companies, by freeing them of the burden of
running their IT infrastructure and allowing them to focus on their
core business. In 2011 we continued to focus our attention on
broadening and deepening our market proposition, particularly in
those areas where we can add the most value to the customer With 20
years in the oil and relationship. gas and IT industries, Dave has
worked as a consultant for a Specifically, this meant focusing on
developing our managed services, information number of operators
including, management and process control security offerings for
the oil and gas sector. We invested Shell Expro, Mobil and Amoco in
our front line services and enhancing the strength of our delivery
team to ensure that we on technical delivery, operations continue
to provide a compelling and market-leading level of customer
service. and project management. Since joining Pragma in 2003, and
We have also sought to fully leverage the benefits of the
acquisition of DW Technology then Amor in 2009, Dave has in 2010,
bringing on a number of new customers as a direct result of the
acquisition and worked closely with our strategic generating
incremental revenues through cross selling across the enlarged
customer base. customers and secured a number of new long term
contracts. We are developing our international reach to meet our
customers rapidly expanding global demands and will continue to
invest throughout 2012 and beyond, in order to ensure that we
further broaden our capabilities. Dave Bruce, Energy Sector
Director es ic rv se tr po y ic g ns er bl tra pu en 11
13. Dubai Airports has a strategy to be the worlds number one
airport for service. Working with Amor allows us to deliver on that
aspiration.One of the worlds busiest and Caroline Petersfastest
growing airports Operational Research Manager, Dubai Airports
12
14. click to play movie Transport This year was an outstanding
year for the Transport team and we are confident that our strong
sector focus and market presence will continue to deliver success
in 2012 and beyond.Transport Sector Director The key highlight was
successfully cementing our position as the worlds leading expert in
airport service level monitoring systems as a result of securing
new customer deployments atMartin Bowman leading airports such as
Geneva, Barcelona and Dublin, not to mention winning the worlds
largest real-time service delivery measurement project at Dubai
Airports. 2011 also saw the Transport sector significantly enhance
its airport portfolio through the acquisition of FSWH and its
Chroma Airport Suite. Already utilised corporately by Manachester
Airport Group (MAG), Chroma cemented its position as the UKs
leading airport operating system with its deployment across BAA
Airports division, including Edinburgh, Glasgow and Manchester. Im
delighted to report that we have already made significant progress
with A specialist in providing IT consolidating our product
offerings into a unified Chroma Next Generation Airport Suite and
solutions to the aviation we look forward to releasing further new
Chroma products in 2012. sector, Martin has a wealth of experience
in business growth Looking forward, we will continue to pursue our
ruthless focus on delivering innovative in the international
aviation technology solutions that both enhance the efficiency and
effectiveness of airports, whilst at market. Prior to joining Amor
the same time delivering a premier experience for the passenger. in
November 2009, Martin was Sales Director at Gael where We will do
this in two ways; firstly we will deliver product solutions against
our Next he established and oversaw an Generation Airport vision a
vision that sees airport operators (and their stakeholders) put
international aviation customer the passenger process at the heart
of decision-making, enabling real-time collaboration, base of over
200 organisations, landside and airside alignment and a holistic
view of airport operations. affirming the business as the
market-leading brand in aviation Secondly, we will continue to
challenge the staid services and solutions of the traditional
compliance management in the aviation IT venders, whose vested
interests around current airport processes have stifled Middle
East. innovation and a necessary step-change in the sector for far
too long. Martin Bowman, Transport Sector Director es ic rv se rt
po gy ic ns er bl tra pu en 13
15. The award of the eProcurement Scotland Service contract
builds upon Scotlands successes in the deployment and management of
public sector eProcurement technologies. It also showcases
Scotlands supplier capability to host and manage what is regarded
as one of the leading governmentA fully hosted and managed
eCommerce services.24 x 7 purchase to-pay (P2P)service, accessed
via web Alex Neilbrowsers that allows routine Cabinet Secretary for
Infrastructure and Capital Investment,purchases to be processed
Scottish Governmentelectronically to help meeteGovernment targets
14
16. click to play movie Public ServicesPublic Services Sector
Director 2011 was the most successful year yet for us. We grew our
managed services offering and were appointed on another major
Government framework as a result of which we won a number of
significant contracts including British Waterways. The highlight of
2011 was securing the flagship eProcurement Scotland Service
Management contract for the Scottish Government. This was our
largest ever contract at 18.5m over 4 years.Alastair OBrien For us,
2012 is about continuing to grow our business and delivering
excellence to our customers. We want to get more involved with
on-going Government initiatives to help shape solutions that drive
efficiencies and cost savings. We will continue to provide an
agile, flexible, customer focussed approach and will look to
develop our international presence, replicating the success seen
across the rest of the group. Our Education & Skills business
unit will focus its attentions on higher education and education
Alastair has 30 years of government agency departments. Our
heritage provides us with a unique position and business, programme
relationship with education organisations, as well as providing a
number of positive outcomes management and IT project for
educational institutions, children and young people. experience in
a variety of market sectors and an Within our Government business
unit, we believe that 2012 will finally be the year when shared
outstanding track record services across all branches of the public
sector will deliver tangible savings and efficiencies. of
successful delivery of We are well positioned to lead shared
services initiatives and will continue to work with the complex,
high-risk projects. Scottish Government and end users of the
eProcurement system in order to improve the service A board member
of and ensure that it continues to deliver procurement benefits
across the public sector. ScotlandIS, the trade body for ICT in
Scotland, Alastair Our Health business unit is continuing to grow
and has recently been bolstered by the is passionate about
fostering appointment of a number of ex-NHS clinical staff,
providing an invaluable insight to the sector. a world-class
technology The reorganisation of the health market in England &
Wales has created many opportunities for our team to deliver
successful outcomes. Trusts are now in a position where they are
environment. looking to the market to procure best of breed
systems. From our newly established London base, we have developed
a new product for the NHS that will deliver a single patient view.
Alastair OBrien, Public Services Sector Director es ic rv se rt po
gy ic ns er bl tra pu en 15
17. click to play movie Technology Forecast 2011 proved to be
an exciting year for technology both inside and outside Amor.
Within, we demonstrated our belief in how this plays a key part in
our continued success withChief Technology Officer my appointment
as Chief Technology Officer to deliver a clear and effective
technology strategy. We are exceptionally fortunate to have some
great technologists working at Amor and we are committed to
ensuring that all are able to effectively contribute to ourNeil
Logan technology strategy. Ideas XChange, our corporate ideation
platform, and Amor Insight, our technology strategy group, were
both launched in 2011. They help us effectively democratize our
technology strategy and provide technology focus and insight. We
made significant investment in our internal infrastructure to
ensure that we have the capability and flexibility to meet our
increasing demands. This investment delivers Beginning his career
off as virtualization technology and increased storage capacity
yielding significant cost savings a developer, Neil grew his and
efficiency benefits. technology, business analysis and consultancy
skills working Externally the technology industry is now firmly in
the post PC-era with cloud, mobile on a number of projects in the
and social computing all becoming well established. international
aviation market Cloud computing is and will remain a key trend for
many organisations. Whilst some and UK public services sector.
concerns around security, legislation and costs remain, the massive
capital expenditure Neil was appointed Amors made by the large
international cloud providers such as Google, Amazon and Microsoft
CTO in 2011. He now leads means that many organisations are looking
to realise the benefits offered. The the monitoring and assessment
unprecedented level of capital investment by providers and huge
competition is seeing a of new technologies and the race to the
bottom on pricing. definition and propagation of our development
processes and amorinsight practices. Neil also enables an
innovative spirit within Amor, promoting and overseeing activities
that ensure we remain at the forefront of business technology
solutions. amorinsight 16
18. n iot isa er ta um ile da l ud ia ns ob c gclo co so bi
mMobile computing technology has developed over recent Big data and
data analysis are both fast increasing inyears, yet despite this,
the marketplace remains in flux importance. As the amount of data
we collect increaseswith no dominant platform emerging. This
competitive there is a realisation that data has significant
value.marketplace and on-going legal war between many major However
as we continue to collect more and more datasuppliers means that
uncertainty still impinges strategic the techniques used to analyse
and store this data hasdecision making. The dramatic decline in
fortunes of changed. The rise of NoSQL databases and tools
suchResearch in Motion over the last 6 months demonstrates as
Hadoop and Hive are key to a trend that, if embraced,the
uncertainty faced. However, the significant efficiency offers
significant benefits for organisations.benefits made possible by
the adoption of mobiletechnology means that it is continuing to
have a significant Despite challenging economic conditions, the
rate ofimpact. change within the technology industry shows no sign
of slowing and indeed appears to be creating significantSocial
media and computing has also matured quickly challenges for all
organisations. However, with theseand is fast becoming the way for
organisations to interact challenges comes huge opportunity and it
is organisationsdirectly with both staff and customers alike.
Social who embrace these changes in a progressive and
pragmaticcomputing enables organisations to take control of these
manner that surely will gain competitive advantage.
Thingsinteractions and capitalise on them. The success of are
starting to get really exciting.social network giants such as
Facebook and Twitter havechanged individuals expectations and
organisations who Enjoy the future.do not embrace social computing
are putting themselvesat a disadvantage. Neil Logan,
CTOConsumerisation of IT is one of the most significantchallenges
faced by organisations. The bring your owndevice movement has
arrived with many organisations ill-equipped to deal with the
challenges faced. However, ifsensibly embraced, it offers
significant benefits. One thingis clear - consumerisation is a
trend that all organisationswill have to face sooner or later.
17
19. , ASCO User Angela Wright Shelley Chishol m Assist Team M ,
Amor anager Complete IT Managed Service Solution Throughout 2011 we
continued to strengthen our managed services capability to support
our deep domain expertise in energy, transport and public services.
The continued investment in Amors data centre and IT service desk
means we can provide a fully managed service and IT solution to
customers where required. Taking care of these basics allows us to
work with our customers focusing on the areas where we can add
value to their business to deliver a superior result for their
users and customers. Data Centre Assure, Amors data centre, remains
the only commercially available Tier III aligned facility in the
North East of Scotland. Due to its geographic proximity, the data
centre acts as a primary data centre for many UKCS oil and gas
operators and as a secondary facility for our international
customers. It also has over 100 seats for disaster recovery. Amor
Assure supports customer operations across all three of our
sectors. click for web page In 2011 Assure achieved ISO 27001
Standard - the international standard for an Information Security
Management System. We also installed an N3 line connecting the data
centre directly to the NHS network and 1.3m NHS end users to
provide national and local services and applications. IT Service
Desk Assist, Amors UK based 24 x 7 ITIL standard IT service desk
now has a global user base of over 10,000 covering 45 locations
across 17 countries. The team handled 50,000 tickets this year from
customers including ASCO, Sparrows, BIS Salamis, British Waterways
and Business Stream. In 2011 we continued to invest and improve
this service with the installation of IT service management system,
ServiceNow. 18
20. Amor on the M ract Signing ove Sparrows Cont UK: USA:
Netherlands: Kazakhstan: Trinidad & Tobago: Aberdeen Abbeville
Ljmuiden Atyrau Chagaramus Coventry Broussard Zwaag Aktau Galeota
Point Edinburgh Houma La Brea Glasgow Houston Italy: Oman: Point
Lisas Great Yarmouth Lafayette Milan Muscat Port of Spain London
Slidell Manchester Angola: UAE: Australia: Peterhead Norway: Luanda
Abu Dhabi Darwin Farsund Dubai Perth Canada: Kristiansund India:
Calgary Mongstadbase Mumbai Azerbaijan: Cold Lake Sandnessjoen Baku
Edmonton Tananger Indonesia: Halifax Jakarta Qatar: St Johns Doha
SingaporeOperational locationsAmor offices 19
21. I have been very impressed with the professionalism,
enthusiasm and confidence of the team at Amor. They understand our
business objectives and what we want to achieve in the future. We
are in the process of undertaking a series ofInternational energy
servicescontractor business expansions and high level projects, and
a sound IT platform is essential to support these ambitions. Mike
Main Managing Director, BIS Salamis (M&I) Ltd 20
22. click to play movieDirectors Report and Financial
StatementsCompany InformationDirectors The directors present their
report and the financialD Blyth D Bruce statements for the year
ended 31 December 2011. TheJ Innes M Bowman business review is in
the CEOs report on page 2. AmorS Leiper A OBrien provides business
technology solutions to the Energy,J Mottard Transport and Public
Services sectors.Company secretary Results and DividendsD Blyth The
profit for the year, after taxation, amounted toCompany number
SC112421 3,319,205 (2010: 3,189,940). The company declared a
dividend of 11,000,000 during the year (2010: NIL).Registered
office India of Inchinnan DirectorsGreenock RoadInchinnan The
directors who served during the year were:PA4 9LH J InnesAuditors S
LeiperMazars LLP D Blyth90 St Vincent Street J MottardGlasgow D
Bruce (appointed 11 October 2011)G2 5UB M Bowman (appointed 11
October 2011) A OBrien (appointed 11 October 2011)Bankers
Clydesdale Bank Plc Provision of information to auditors20 Waterloo
StreetGlasgow Each of the persons who are directors at the time
whenG2 6DB this Directors report is approved has confirmed that: so
far as that director is aware, there is no relevantSolicitors audit
information of which the companys auditors arePaull &
Williamsons LLP unaware, and;Union Plaza that director has taken
all the steps that ought to1 Union Wynd have been taken as a
director in order to be awareAberdeen of any information needed by
the companys auditorsAB10 1DQ in connection with preparing their
report and to establish that the companys auditors are aware of
that information. 21
23. Performance Measurement internal control environment,
whilst enhancing the quality of management information.Amor aims to
be the best provider to our customers,employer to our people and
investment for our During the fourth quarter of 2011 we also
strengthenedshareholders. Our performance as a provider is measured
our finance team, both in the centre of the business andby our
annual customer satisfaction survey, as an employer by creating new
finance roles in each of the Sectors. Thisthrough an annual
cultural survey and as an investment additional resource will help
to assure the effectiveness ofthrough delivery against revenue,
profit and cash targets. both our working capital and contractual
risk management.Risks and Mitigation Disabled
EmployeesIdentification, management and mitigation of business risk
If an employee is disabled or becomes disabled we want tois a key
component of the Amor business model. Whilst help as much as
possible.we understand that pursuit of a growth agenda entailssome
degree of strategic risk, we also recognise that many This might
include a change to working conditions or jobof the additional
challenges brought by rapid growth can duties that would assist
that person in the performance ofand should be managed. their
duties. We take advice from our medical advisers or specialist
organisations to ensure that we do everythingOn an ongoing basis we
manage financial and operational reasonably practical to help.risk
in a number of ways we have a diversified portfolio, ablue chip
customer base and a high percentage of annuity Auditorsrevenue. We
also have a skilled workforce who deliver to aconsistently high
standard, as evidenced by the quality and The auditors, Mazars LLP,
will be proposed forproject management accreditations within the
business. reappointment in accordance with section 485 of the
Companies Act 2006. This report was approved by theIn order to
ensure that we not only maintain but enhance board and signed on
its behalf.our reporting and control environment as we grow, wehave
commenced a full business system upgrade andimplementation across
the group which will go live insummer 2012. The new system and
related processimprovements will underpin the strengthening of the
David Blyth, Chief Financial OfficerDirectors responsibilities
statementfor the year ended 31 December 2011The directors are
responsible for preparing the Directors state whether applicable UK
Accounting Standardsreport and the financial statements in
accordance with have been followed, subject to any material
departuresapplicable law and regulations. Company law requires the
disclosed and explained in the financial statements;directors to
prepare financial statements for each financial prepare the
financial statements on the going concernyear. Under that law the
directors have elected to prepare basis unless it is inappropriate
to presume thatthe financial statements in accordance with United
the company will continue in business.Kingdom Generally Accepted
Accounting Practice (UnitedKingdom Accounting Standards and
applicable law). The directors are responsible for keeping
adequateUnder company law the directors must not approve the
accounting records that are sufficient to show and explainfinancial
statements unless they are satisfied that they give the companys
transactions and disclose with reasonablea true and fair view of
the state of affairs of the company accuracy at any time the
financial position of the companyand of the profit or loss of the
company for that period. and enable them to ensure that the
financial statementsIn preparing these financial statements, the
directors are comply with the Companies Act 2006. They are
alsorequired to: responsible for safeguarding the assets of the
company and hence for taking reasonable steps for the prevention
select suitable accounting policies and then apply them and
detection of fraud and other irregularities. consistently; make
judgments and estimates that are reasonable and prudent; 22
24. Independent auditors report to the members of amor
businesstechnology solutions limitedWe have audited the financial
statements of Amor have been properly prepared in accordance with
UnitedBusiness Technology Solutions Limited for the year ended
Kingdom Generally Accepted Accounting Practice; and31 December 2011
which comprise the Profit and Loss have been prepared in accordance
with theaccount, the Balance sheet, the Cash flow statement and
requirements of the Companies Act 2006.the related notes. The
financial reporting framework thathas been applied in their
preparation is applicable law and Opinion on the other matter
prescribed by theUnited Kingdom Accounting Standards (United
Kingdom Companies Act 2006Generally Accepted Accounting Practice).
In our opinion the information given in the Directors
reportRespective responsibilities of directors and auditors for the
financial year for which the financial statements are prepared is
consistent with the financial statements.As explained more fully in
the Directors responsibilitiesstatement set out on page 22, the
directors are responsible Matters on which we are required to
report byfor the preparation of the financial statements and for
exceptionbeing satisfied that they give a true and fair view. We
have nothing to report in respect of the followingOur
responsibility is to audit and express an opinion on matters where
the Companies Act 2006 requires us tothe financial statements in
accordance with applicable law report to you if, in our opinion:and
International Standards on Auditing (UK and Ireland). adequate
accounting records have not been kept, orThose standards require us
to comply with the Auditing returns adequate for our audit have not
been receivedPractices Boards (APBs) Ethical Standards for
Auditors. This from branches not visited by us; orreport is made
solely to the companys members as a body the financial statements
are not in agreement with thein accordance with Chapter 3 of Part
16 of the Companies accounting records and returns; orAct 2006. Our
audit work has been undertaken so that we certain disclosures of
directors remuneration specifiedmight state to the companys members
those matters we by law are not made; orare required to state to
them in an Auditors report and for we have not received all the
information andno other purpose. To the fullest extent permitted by
law, explanations we require for our audit.we do not accept or
assume responsibility to anyone otherthan the company and the
companys members as a bodyfor our audit work, for this report, or
for the opinions wehave formed.Scope of the audit of the financial
statements P B Jibson (Senior Statutory Auditor) for and on behalf
of Mazars LLP Chartered AccountantsA description of the scope of an
audit of financial and Statutory Auditorstatements is provided on
the APBs website atwww.frc.org.uk/apb/scope/private.cfm. 90 St
Vincent Street GlasgowOpinion on the financial statements G2 5UBIn
our opinion the financial statements: 11 April 2012 give a true and
fair view of the state of the companys affairs as at 31 December
2011 and of its profit for the year then ended; 23
25. Profit and loss account for the year ended 31 December 2011
2011 2010 Note Turnover 1,2 45,054,991 33,889,441Cost of sales
(28,505,074) (19,716,367)Gross profit 16,549,917
14,173,074Administrative expenses (11,535,403) (9,454,316)Operating
profit 3 5,014,514 4,718,758Interest receivable and similar income
30 402Amounts written off investments (5) -Interest payable and
similar charges 7 (77,503) -Profit on ordinary activities before
taxation 4,937,036 4,719,160Tax on profit on ordinary activities 8
(1,617,831) (1,529,220)Profit for the financial year 18 3,319,205
3,189,940There were no recognised gains and losses for 2011 or 2010
other than those included in the profit and lossaccount.The notes
on pages 27 to 36 form part of these financial statements. 24
26. Balance sheet as at 31 December 2011 2011 2010 Note Fixed
assetsIntangible assets 9 7,474,302 9,228,133Tangible assets 10
1,496,022 1,504,359Investments 11 1,407,547 1,111,750 10,377,871
11,844,242Current assetsStocks 12 4,104,626 2,696,426Debtors 13
10,671,871 13,982,600Cash at bank 1,467,102 636,863 16,243,599
17,315,889Creditors: amounts falling due within oneyear 14
(14,565,510) (9,423,376)Net current assets 1,678,089 7,892,513Total
assets less current liabilities 12,055,960 19,736,755Creditors:
amounts falling due after morethan one year 15 (2,614,050)
(2,614,050)Net assets 9,441,910 17,122,705Capital and
reservesCalled up share capital 17 9,012,217 9,012,217Share premium
account 18 3,606 3,606Profit and loss account 18 426,087
8,106,882Shareholders funds 19 9,441,910 17,122,705The financial
statements were approved and authorised for issue by the board and
were signed on its behalf by:D BlythChief Financial OfficerDate: 11
April 2012The notes on pages 27 to 36 form part of these financial
statements. 25
27. Cash flow statementfor the year ended 31 december 2011 2011
2010 Note Net cash flow from operating activities 22 9,398,848
1,596,689Returns on investments and servicing of finance 23
(77,473) 402Taxation (374,572) (803,876)Capital expenditure and
financial investment 23 (858,991) (1,527,122)Acquisitions and
disposals 23 (7,110,305) (1,434,701)Increase/(Decrease) in cash in
the year 977,507 (2,168,608)Reconciliation of net cash flow to
movement in net funds/debtfor the year ended 31 december 2011 2011
2010 Increase/(Decrease) in cash in the year 977,507
(2,168,608)Movement in net debt in the year 977,507 (2,168,608)Net
(
