Financial Statements

Summary group profit and loss account - year ended 30 September 2013

2013 2012
£000 £000
Turnover 163,283 155,562
Operating costs 153,996 142,864
Operating profit 9,287 12,698
Share of operating profits/(losses) in associates
60 53
Net interest expense (714) (670)
Profit before employee distributions and taxation 8,633 12,081
BMT employee profit sharing schemes (5,883) (6,904)
Profit before taxation* 2,750 5,177
Taxation (862) (1,565)
Minority interests 182 19
Retained profit for the year 2,070 3,631

* Accounting standards require the performance-related bonuses to be included within operating costs for financial reporting purposes.

Summary group balance sheet as at 30 September 2013

2013 2012
£000 £000
Intangible assets 8,063 6,733
Tangible assets 11,995 12,165
Investments 11,624 14,730
Total fixed assets 31,682 33,628
Current assets 75,918 68,275
Creditors: amounts due within one year (49,566) (46,006)
Net current assets 26,352 22,269
Total assets less current liabilities 58,034 55,897
Creditors: amounts due after one year (2,301) (628)
Provisions for liabilities (600) (600)
Net assets before pension liability 55,133 54,669
Pension liability (23,327) (16,942)
Net assets after pension liability 31,806 37,727
Profit and loss reserve 54,979 54,346
Revaluation reserve 154 154
Pension reserve/(deficit) (23,327) (16,942)
Total funds 31,806 37,558
Minority interests - 169
Total capital employed 31,806 37,727
Approved by the Board on 19 December 2013

Peter French
Chief Executive

David McSweeney
Finance Director
20  |  BMT Group Annual Review 2014