The accounts for the year ending 31 March 2013 are now available. You can get them for only £1 from the Companies House website.
Things were bad for A4e in 2011/12 but they got a lot worse. They had an operating loss of £10.3m compared to a £1.7m loss the previous year, and an EBITDA loss of £5.8m compared to £4m profit in the previous year. (EBITDA means earnings before interest, taxes, depreciation and amortization - yes, I had to look it up.) They state that they actually moved into profitability in the final quarter of the year. They had to borrow a great deal of money. Liabilities stood at £53.4m, compared to £35.7m in the previous year. They have a large credit facility with Thornbridge Ltd, which is owned 50/50 by Emma Harrison and her husband. No dividend was paid.
They confirm that they closed their businesses in France and Germany, and now the focus is on the Work Programme, OLASS 4 (prison education contracts) and on expanding the business in Australia. They also mention Advice and Enterprise (services to start-ups). There are confident noises about the WP becoming profitable and getting TR contracts (the outsourced probation services).
It must be stressed that this is the information as at March last year. We don't know what's happened since then, or why their credit rating was cut in the last three months or so.