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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cpl Resources Plc | LSE:CPS | London | Ordinary Share | IE0007214426 | EUR0.10 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 995.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCPS
RNS Number : 1457V
CPL Resources PLC
26 January 2017
Cpl Resources Plc
Results for the six months ended 31 December 2016
CPL delivers revenue, gross profit and earnings growth in
the first half of financial year 2017
Cpl Resources Plc ('Cpl' or the 'Group'), Ireland's leading employment services group, today announced results for the half year ended 31 December 2016.
Chairman's Statement
I am pleased to report that in the six months to 31 December 2016 the Group delivered continued growth in revenues, net fee income and profits.
Half year highlights
-- 6% increase in revenues to EUR228.7 million -- 6% increase in gross profit (net fee income) to EUR36.2 million -- Profit before tax of EUR8.1m a 7% increase -- Earnings per share increases 8.5% to 23.0 cent -- 10% increase in interim dividend to 5.75 cent per share Half year highlights Half year Half year % change ended ended EUR000s except where 31-Dec-16 31-Dec-15 indicated ---------------------------- ---------- ---------- --------- Revenue 228,717 216,364 5.7% Gross Profit 36,188 33,999 6.4% Adjusted Operating profit* 8,971 8,475 5.9% Adjusted Profit before tax* 8,979 8,481 5.9% Operating profit 8,088 7,565 6.9% Profit before tax 8,096 7,571 6.9% Earnings per share 23.0 cent 21.2 cent 8.5% Dividend per share 5.75 cent 5.25 cent 9.5% ---------------------------- ---------- ---------- --------- Conversion ratio ** Adjusted Operating Profit 24.8% 24.9% Adjusted Profit before tax 24.8% 24.9% Operating Profit 22.3% 22.3% Profit before tax 22.4% 22.3% ---------------------------- ---------- ---------- --------- Net fee income - permanent placements 13,279 13,640 (2.6%) Net fee income - temporary and contract 22,909 20,359 12.5% ---------------------------- ---------- ---------- --------- Permanent net fee income as a % of total gross profit 37% 40% Temporary and contract net fee income as a % of total gross profit 63% 60% ---------------------------- ---------- ---------- ---------
* Adjusted operating profit and adjusted profit before tax exclude non-cash charges relating to the Group's Long-Term Incentive Plan (LTIP) and foreign exchange
** As a % of gross profit.
During the six months ended 31 December 2016, we experienced further improvements in trading conditions in certain of our markets. Revenues for the six months to 31 December 2016 increased by 6% to EUR228.7 million. Our gross profit increased by 6% against the same period last year to EUR36.2 million. The Group's adjusted operating profit, which excludes non-cash foreign exchange and LTIP charges, was EUR9.0 million for the six months to 31 December 2016, a 6% increase on the same period last year. Our conversion rate of gross profit to operating profit (excluding LTIP & foreign exchange) was 24.8% in the period.
The foreign exchange charge of EUR0.5 million in the period was mainly due to the accounting translation of sterling into euro, as a result of fluctuations in the sterling exchange rate following the Brexit vote. The foreign exchange charge was EUR0.1 million for the period to 31 December 2015. The non-cash LTIP charge was EUR0.4 million in the six months to 31 December 2016 and EUR0.9 million in the six months to 31 December 2015. The LTIP charge for the six months to 31 December 2016 reflects current expectations in relation to the achievement of performance targets included in the LTIP awards.
The Group delivered a 9% increase in earnings per share to 23.0 cent for the six months to 31 December 2016.
The Group continues to work with clients to understand their specific requirements and with our candidates in order to match their skills to those client requirements. The proportion of our net fee income that is made up of permanent fees has reduced from 40% in the same period last year to 37%, mainly as a result of longer lead times in appointing nursing staff in the UK following regulatory changes. The temporary staffing market remains highly competitive but we have seen some margin improvement.
We continue to grow and develop our people within the Group and on behalf of the Board I wish to express my gratitude for the continuing hard work and dedication of all of our people and for their commitment to the Group.
Cash
The strength of our Balance Sheet reflects the positive cash-generating capability of Cpl. The Group has a cash balance of EUR35.2 million as at 31 December 2016 (December 2015: EUR27.6 million). In the six months to 31 December 2016 EUR9.0 million was generated in cash flow from operating activities before tax and changes in working capital. Although our business requires significant investment in working capital, we recorded a net cash inflow of EUR2.2 million in the period.
Dividend
The Board proposes to pay an interim dividend of 5.75 cent per share, an increase of 10% on last year's interim dividend, reflecting the Group's strong performance in the period. The interim dividend will be payable on 3(rd) March 2017 to shareholders on the register at the close of business on the record date of 3(rd) February 2017.
Outlook
In the six month period to 31 December 2016 we have seen continued organic growth across many of our key business sectors. Political and economic events globally during the period to 31 December 2016 have had limited impact on our key sectors, except for foreign exchange translations. During calendar year 2017 we expect the outcome of these events to become clearer, and consequent opportunities and challenges to present themselves.
We remain confident in the outlook for the business and expect to deliver continued profitable growth for the remainder of the financial year.
John Hennessy
Chairman
26 January 2017
Condensed Group Statement of Comprehensive Income
for the period ended 31 December 2016
6 months 6 months Year ended ended ended 31-Dec-16 31-Dec-15 30-Jun-16 EUR'000 EUR'000 EUR'000 (Unaudited) (Unaudited) (Audited) Revenue 228,717 216,364 433,391 Cost of sales (192,529) (182,365) (363,338) _______ _______ _______ Gross profit 36,188 33,999 70,053 Distribution expenses (2,190) (2,091) (4,059) Administrative expenses (25,910) (24,343) (50,610) _______ _______ _______ Operating profit 8,088 7,565 15,384 Financial income 8 6 61 Financial expenses - - (55) _______ _______ _______ Profit before taxation 8,096 7,571 15,390 Income tax expense (1,052) (984) (1,968) _______ _______ _______ Profit for the financial period/year 7,044 6,587 13,422 _______ _______ _______ Other comprehensive income Foreign currency translation differences - foreign operations (43) 33 (198) _______ _______ _______ Total comprehensive income for the period/year 7,001 6,620 13,224 _______ _______ _______ Profit attributable to: Owners of the Parent 7,024 6,482 13,434 Non - controlling interests 20 105 (12) _______ _______ _______ 7,044 6,587 13,422 _______ _______ _______ Total comprehensive income attributable to Owners of the Parent (107) (51) (64) Non - controlling interests 64 84 (134) _______ _______ _______ (43) 33 (198) _______ _______ _______ Basic earnings per share (cent) 23.0 21.2 43.9 Diluted earnings per share (cent) 23.0 21.2 43.9
Condensed Group Balance Sheet
as at 31 December 2016
31-Dec-16 31-Dec-15 30-Jun-16 EUR'000 EUR'000 EUR'000 (Unaudited) (Unaudited) (Audited) Fixed Assets Non current assets Property, plant and equipment 1,980 1,933 1,994 Goodwill and intangible assets 17,185 18,701 17,489 Deferred tax asset 786 444 786 _______ _______ _______ Total non-current assets 19,951 21,078 20,269 _______ _______ _______ Current assets Trade and other receivables 93,071 90,689 90,333 Cash and Cash equivalents 36,014 28,591 34,843 _______ _______ _______ Total current assets 129,085 119,280 125,176 _______ _______ _______ Total assets 149,036 140,358 145,445 _______ _______ _______ Capital and reserves Issued share capital 3,053 3,053 3,053 Share premium 1,705 1,705 1,705 Other reserves (1,181) (2,052) (1,462) Retained earnings 95,712 85,096 90,444 _______ _______ _______ Equity attributable to owners of the Company 99,289 87,802 93,740 Non - controlling interests 55 172 (29) _______ _______ _______ Total equity 99,344 87,974 93,711 _______ _______ _______ Liabilities Non current liabilities 400 1,285 1,601 _______ _______ _______ Total non current liabilities 400 1,285 1,601 _______ _______ _______ Current liabilities Trade and other payables 48,076 49,724 50,133 Provisions 1,216 1,375 - _______ _______ _______ Total current liabilities 49,292 51,099 50,133 _______ _______ _______ Total liabilities 49,692 52,384 51,734 _______ _______ _______ Total equity and liabilities 149,036 140,358 145,445 _______ _______ _______
Condensed Group Statement of Changes in Equity
for the period ended 31 December 2016
Other Share denominated Currency Put based Non Total - Share Share capital Merger translation option payment Retained controlling Shareholders Capital Premium fund reserve reserve reserve reserve earnings Total interests equity EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 Balance at 1 July 2015 3,053 1,705 724 (3,357) (395) - 177 80,141 82,048 (89) 81,959 Total comprehensive income for the period Profit for the financial period - - - - - - - 6,482 6,482 105 6,587 Foreign currency translation - - - - (51) - - - (51) 84 33 Transactions with shareholders Share based payment charge - - - - - - 850 - 850 - 850 Dividends paid - - - - - - - (1,527) (1,527) - (1,527) _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ Total contributions and distribution 3,053 1,705 724 (3,357) (446) - 1,027 85,096 87,802 100 87,902 ______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ Changes in ownership interests Non controlling interest on acquisition in year - - - - - - - - - 72 72 _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ Total changes in ownership interests - - - - - - - - - 72 72 _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ Balance at 31 December 2015 3,053 1,705 724 (3,357) (446) - 1,027 85,096 87,802 172 87,974 _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ Balance at 1 July 2016 3,053 1,705 724 (3,357) (593) (400) 2,164 90,444 93,740 (29) 93,711 Total comprehensive income for the period Profit for the financial period - - - - - - - 7,024 7,024 20 7,044 Foreign currency translation - - - - (107) - - - (107) 64 (43) Transactions with shareholders Share based payment charge - - - - - - 388 - 388 - 388 Dividends paid - - - - - - - (1,756) (1,756) - (1,756) _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ Balance at 31 December 2016 3,053 1,705 724 (3,357) (700) (400) 2,552 95,712 99,289 55 99,344 _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
Condensed Group cash flow statement
for the period ended 31 December 2016
6 months 6 months Year ended ended ended 31-Dec-16 31-Dec-15 30-Jun-16 EUR'000 EUR'000 EUR'000 (Unaudited) (Unaudited) (Audited) Cash flows from operating activities Profit for the financial period/year 7,044 6,587 13,422 Depreciation on property, plant and equipment 308 274 590 Share based payment charge 388 850 1,987 Amortisation of intangible assets 212 145 343 Financial income (8) (6) (61) Financial expense - - 55 Income tax expense 1,052 984 1,968 _______ _______ _______ Operating cash flows before changes in working capital 8,996 8,834 18,304 (Increase) in trade and other receivables (2,368) (5,347) (4,849) (Decrease)/increase in trade and other payables and provisions (1,429) 487 1,092 _______ _______ _______ Cash generated from in operations 5,199 3,974 14,547 Interest (paid) - - (55) Income tax (paid) (914) (464) (2,485) Interest received 4 60 110 _______ _______ _______ Net cash provided by operating activities 4,289 3,570 12,117 _______ _______ _______ Cash flows from investing activities Acquisition of business, net of cash acquired - (4,471) (5,083)
Purchase of property, plant and equipment (313) (307) (684) Purchase of intangible assets (63) (132) (602) _______ _______ _______ Net cash (outflow) from investing activities (376) (4,910) (6,369) _______ _______ _______ Cash flows from financing activities Dividends paid (1,756) (1,527) (3,131) _______ _______ _______ Net cash (used in) financing activities (1,756) (1,527) (3,131) _______ _______ _______ Net increase/(decrease) in cash and cash equivalents 2,157 (2,867) 2,617 Cash and cash equivalents at beginning of period/year 33,092 30,475 30,475 _______ _______ _______ Cash and cash equivalents at end of period/year 35,249 27,608 33,092 _______ _______ _______
Notes supporting condensed interim financial statements
1. Basis of preparation
The condensed consolidated interim financial information of the Group has been prepared in euro in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS), including interpretations issued by the International Accounting Standards Board ("IASB") and its committee and adopted by the EU. There are no new standards, amendments to standards or interpretations which are mandatory for the first time for financial periods commencing on 1 July 2016 which have a significant impact on the Group's accounting policies or on the reported results. The accounting policies adopted in the preparation of the condensed consolidated interim financial information are consistent with those applied in the Annual Report for the financial year ended 30 June 2016.
The figures for the half year ended 31 December 2016 are unaudited. The comparative figures for the half year ended 31 December 2015 are also unaudited. The amounts for the year ended 30 June 2016 represent an abbreviated version of the Group's full financial statements for the year on which the auditors issued an unqualified audit report. The Group is not subject to significant seasonal factors.
The Annual Report and financial statements for the year ended 30 June 2016 have been filed with the Registrar of Companies and are publically available. The preparation of financial information in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources.
2. Dividends to equity shareholders 6 months 6 months Year ended ended ended 31-Dec-16 31-Dec-15 30-Jun-16 EUR'000 EUR'000 EUR'000 Ordinary dividends: Interim dividends paid - - 1,604 Final dividends paid 1,756 1,527 1,527 _______ _______ _______ 1,756 1,527 3,131 _______ _______ _______ 3. Earnings per share
The earnings per ordinary share is calculated on the basis that the weighted average number of shares in issue for the half year ended 31 December 2016 is 30,545,159 (period ended 31 December 2015 - 30,545,159; year ended 30 June 2016 - 30,545,159). It has been calculated based on the profit attributable to the owners of the Company for the financial period ended 31 December 2016 of EUR7,024,000 (period ended 31 December 2015 - EUR6,482,000; year ended 30 June 2016 - EUR13,434,000).
4. Share Based Payments
The LTIP charge for the six months to 31 December 2016 was EUR388k and EUR850k in the six months to 31 December 2015. This reflects current expectations on achieving the performance targets included in the LTIP awards which may result in the vesting of these instruments. Full details of the scheme are outline in Note 29 of the 2016 Annual Report.
5. Events after the reporting date
There have been no significant events since the period end 31 December 2016 that would require disclosure in the interim financial statements.
[END]
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
January 26, 2017 02:00 ET (07:00 GMT)
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