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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hydrogen Group Plc | LSE:HYDG | London | Ordinary Share | GB00B1DJTV45 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 42.50 | 35.00 | 50.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMHYDG
RNS Number : 1360J
Hydrogen Group PLC
07 September 2016
Hydrogen Group Plc
7 September 2016
UNAUDITED RESULTS FOR THE HALF YEARED 30 JUNE 2016
The Board of Hydrogen Group plc ("Hydrogen" or the "Group") (AIM: HYDG) announces its unaudited results for the half year ended 30 June 2016.
Financial and Operating Highlights
-- Net Fee Income ("NFI") declined by 12% (12% on a constant currency basis) to GBP8.9m (H1 2015: GBP10.1m). However, the Group has moved back into growth with a 6% (3% on a constant currency basis) increase in NFI on the second half of 2015 of GBP8.5m which is due primarily to:
-- 31% growth in EMEA Life Science to GBP1.7m (H2 2015: GBP1.3m) -- 8% growth in EMEA Business Transformation to GBP2.6m (H2 2015: GBP2.4m) -- Asia NFI up 18% to GBP1.3m (H2 2015: GBP1.1m). -- Contract NFI margin increased to 9.6% (H2 2015: 9.3%)
-- EMEA Legal Practice held back in the lead up to the EU Referendum with NFI down 12.5% to GBP1.4m (H2 2015: GBP1.6m)
-- EMEA Energy NFI down 25% to GBP0.6m (H2 2015: GBP0.8m) -- US Business building a Life Science contract base with NFI up to GBP0.2m (H2 2015 GBP0.1m)
-- Administration costs, which are predominantly based in GBP, down 15% to GBP8.7m (H1 2015: GBP10.2m) and 6% down on H2 2015 administration costs of GBP9.0m
-- Selective hiring to support growth. Headcount increasing 6% to 210 (31 December 2015: 199) -- Operating profit of GBP0.3m (H1 2015: Operating loss before exceptional items GBP0.1m)
-- Net cash position of GBP1.0m at 30 June 2016 (31 December 2015: GBP2.6m and 30 June 2015: GBP0.1m)
Commenting, Ian Temple, CEO of Hydrogen Group plc said:
"The first half of 2016 has seen a stabilisation of the business and a move back into NFI growth compared to H2 2015. We have started hiring in the areas where we have identified sustainable growth opportunities.
We are implementing a new vision for the business focussing resource on building market leading niche businesses. The roll out will continue into Q3 but is already generating results."
Enquiries:
Hydrogen Group plc 020 7090 7702 -------------------------- -------------- Ian Temple, CEO Colin Adams, CFO -------------------------- -------------- Shore Capital (NOMAD and Broker) 020 7408 4080 -------------------------- -------------- Bidhi Bhoma Edward Mansfield -------------------------- --------------
Notes to the editor
Empowering careers. Powering business
Our clients believe that an organisation's greatest asset is its people so we work hard to ensure that we always match people with the right role.
Using our global platform we have placed people in over 50 countries in the last year, empowering thousands of people in their careers and powering the world's leading businesses.
Overview
The first half of 2016 has seen a stabilisation of the business and a move back into NFI growth over H2 2015 with the exception of Energy and Legal. The benefits of the changes made in 2015 are now coming through. In Energy, upstream Oil and Gas continues to be challenging and revenues continued to decline but we have structured the operation so that it remains profitable. Should the oil price recover and demand for our services increase, we will be in a position to react quickly and take advantage of any upswing in the market. We are implementing a new vision for the business which focuses resource on building market leading niche businesses.
Financial Highlights
Group revenue for the period declined by 9% (11% in constant currency) to GBP59.4m (H1 2015: GBP65.9m). Group NFI declined by 12% (12% in constant currency) to GBP8.9m (H1 2015: GBP10.1m). The Group has moved back into growth with a 6% NFI increase on the second half 2015 NFI of GBP8.5m.
44% of the Group's NFI for this period was denominated in currencies other than Sterling (H1 2015: 38%), with the Euro, Singapore Dollars, United States Dollars, Australian Dollars and Malaysian Ringgit being the most significant. Foreign currency income, where applicable is naturally hedged against foreign currency expenditure. The Euro is the most significant currency and any excess over expenditure is hedged by drawing down on the Group's invoice finance facility and converting into sterling on the same day.
The split between contract and permanent NFI for H1 2016 was 60% contract; 40% permanent (H1 2015: 55% Contract, 45% Permanent). Contract margin continued its incremental improvement as we have reduced the number of lower margin deals on our contract book. The Group achieved a contract margin of 9.6% in H1 2016 (H1 2015: 9.1% and H2 2015: 9.3%).
There has been a change to how we report segmental analysis. Previously the operating segments were Professional Support Services and Technical and Scientific. As part of the restructure, current management reporting focuses on performance of our EMEA (including USA) and APAC businesses. The new segmental analysis reflects this. Within these operating segments are the individual practices; Technology, Finance, Energy, Legal, Life Sciences and Business Transformation.
In EMEA the Life Sciences practice showed 31% growth to GBP1.7m (H2 2015 GBP1.3m). The contract business was the main driver with improved deal flow from its client base plus new client wins. Business Transformation showed respectable growth of 8% to GBP2.6m (H2 2015: GBP2.4m) driven by growth with existing and new clients in both our London and Edinburgh offices. Legal practice permanent activity was soft in the lead up to the EU Referendum as clients held back on making decisions on placements until after the outcome. NFI was down 12.5% to GBP1.4m when compared to a typically stronger H2 2015 of GBP1.6m but was flat compared to H1 2015 of GBP1.4m. The Technology practice has just started to move into growth as we have refocussed its business proposition but NFI was broadly similar to H2 2015 at GBP0.6m. In the US we started a Life Science contract business in 2015 and this has really gained traction offsetting the decline in Energy revenues. NFI has increased 100% to GBP0.2m (H2 2015: GBP0.1m)
Asia has shown growth in the first half of 2016 compared to H2 in 2015. NFI increased 18% to GBP1.3m (H2 2015: GBP1.1m). Main contributors to growth were the Energy practice, and the Business Transformation practice where the contractor book, started in 2015, is building momentum. NFI for Australia is down 25% to GBP0.3m (H2 2015: GBP0.4m). Action was taken to reduce the cost base which has helped the operation to move into profit in 2016.
We implemented changes throughout 2015 and we have now positioned the practices, with the exception of Energy, for growth. Headcount at the end of 2015 was 199 (Sales: 143, Operations: 56). We have started hiring in the areas where we have identified sustainable growth opportunities. Headcount at 30 June 2016 increased 6% to 210 (Sales: 155, Operations: 55). During 2015 we reduced operating costs to bring practices back into profit. Energy remained profitable as a result, even though the NFI in EMEA Energy was down 25% to GBP0.6m (H2 2015: GBP0.8m). Administration costs, which are predominantly based in GBP, for the six-month period were GBP8.7m (H1 2015: GBP10.2m), 15% down on the comparative period and 6% down on the second half of 2015 (H2 2015: GBP9.0m). With the EU Referendum in favour of an exit from the EU, the currency swing, particularly the Euro has generated a foreign exchange gain for the six-month period of GBP0.14m (H1 2015: GBP(0.1)m).
With NFI back into growth and a lower cost base post restructure, the Group operating profit for the period was GBP0.3m (H1 2015: loss before exceptional items, GBP0.1m). Exceptional costs were nil for the six-month period (H1 2015: GBP1.8m). Profit before tax was GBP0.3m (H1 2015: GBP1.9m) loss after exceptional items). Basic earnings per share was 0.09p (H1 2015: (8.18)p). Fully diluted earnings per share was 0.08p (H1 2015: (8.12)p).
As a result of the Group's trading performance and the exceptional costs incurred during 2015 the consolidated group balance sheet at 30 June 2016 had negative retained earnings of GBP1.7m (31 December 2015: GBP2.1m). However, the parent company has retained earnings of GBP9.4m (31 December 2015: GBP10.0m).
As the Group is going through a period of major transition, the Board has taken the decision not to declare an interim dividend. The Board will take a view on any dividend for the full year based on how the Group performs in the second half of this year.
Cash flow
The business had a net cash outflow of GBP1.7m (H1 2015 inflow: GBP8.2m) from operating activities in the first six months of the year. Part of the working capital outflow was due to the 10.2% increase in contract NFI over H2 2015, to GBP5.4m (H2 2015: GBP4.9m). In addition, there were a couple of major clients in the UK and Asia who delayed payment which also contributed to the outflow: in aggregate we estimate the delayed payment to be less than GBP0.7m. Most of these delayed payments were received in the early part of H2. At the end of 2014 there was a payment from a client of GBP5.0m which was received in the first half of 2015. When adjusted for, it reduces the GBP8.2m generated from operating activities to GBP3.2m. We have maintained our strong track record on cash collection. Trade receivables measured as days sale outstanding (DSO) were 20 days (H1 2015: 22 days).
After tax payments of GBP0.1m (H1 2015: GBP0.1m) and capital expenditure of GBP0.1m (H1 2015: GBP0.1m) the Group finished the period with net cash of GBP1.0m. The Group retains an GBP18.0m invoice finance facility committed to April 2018.
Current Trading
We are encouraged by the growth achieved in the first half with around 45% of our NFI being generated internationally. It is too early to assess the impact of the result of the EU Referendum and the effect it could have on client and candidate confidence in our UK business. There was a slight weakness in permanent recruitment in the second quarter in the lead up to the result. Since the Referendum result there has been no discernible change in sentiment and activity.
We continue to roll out our plans to turn around the business which should continue to benefit the financial performance in the second half of the year.
Ian Temple, CEO
Hydrogen Group Plc
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Hydrogen Group Plc
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT
OF COMPREHENSIVE INCOME
For the six months
ended 30 June 2016
Six months ended Year
ended
30 June 30 June 31 December
--------------------------------
2016 2015 2015
--------------------------------
Note GBP'000 GBP'000 GBP'000
-------------------------------- ----- --------- --------- ------------
Revenue 3 59,391 65,884 122,765
Cost of sales (50,463) (55,774) (104,200)
-------------------------------- ----- --------- --------- ------------
Gross profit 8,928 10,110 18,565
Administration expenses (8,645) (10,172) (19,193)
-------------------------------- ----- --------- --------- ------------
Operating profit/(loss)
before exceptional
items 283 (62) (628)
Exceptional items 4 - (1,805) (5,493)
-------------------------------- ----- --------- --------- ------------
Operating profit/(loss) 283 (1,867) (6,121)
Finance costs (21) (54) (80)
Finance income 1 - 5
-------------------------------- ----- --------- --------- ------------
Profit/(Loss) before
taxation 264 (1,921) (6,196)
Income tax 5 (71) 80 -
-------------------------------- ----- --------- --------- ------------
Profit/(Loss) for the
period/year 192 (1,841) (6,196)
-------------------------------- ----- --------- --------- ------------
Other comprehensive
profit/(loss):
Exchange differences on
translating foreign operations 422 (84) (136)
--------------------------------------- --------- ------------
Other comprehensive
profit/(loss) 422 (84) (136)
-------------------------------- ----- --------- --------- ------------
Total comprehensive profit/(loss)
for the period/year 614 (1,925) (6,332)
--------------------------------------- --------- --------- ------------
Attributable to:
Equity holders of the
parent 614 (1,925) (6,332)
-------------------------------- ----- --------- --------- ------------
Earnings per share
Basic profit/(loss)
per share (pence) 7 0.09p (8.18p) (27.52p)
Diluted profit/(loss)
per share (pence) 7 0.08p (8.12p) (26.12p)
Adjusted basic profit/(loss)
per share (pence) 7 0.09p (0.16p) (3.12p)
Adjusted diluted profit/(loss)
per share (pence) 7 0.08p (0.16p) (2.96p)
-------------------------------- ----- --------- --------- ------------
The notes to the accounts set out below form an integral part of this unaudited condensed consolidated interim report.
Hydrogen Group Plc
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT
OF FINANCIAL POSITION
As at 30 June 2016
30 June 30 31 December
June
-----------------------------
2016 2015 2015
-----------------------------
Note GBP'000 GBP'000 GBP'000
----------------------------- ----- -------- -------- ------------
Non-current assets
Goodwill 10,141 13,658 10,141
Other intangible
assets 736 889 778
Property, plant and
equipment 623 770 687
Deferred tax assets 138 120 138
Other financial assets 9 107 265 108
----------------------------- ----- -------- -------- ------------
11,745 15,702 11,852
----------------------------- ----- -------- -------- ------------
Current assets
Trade and other receivables 9 20,421 22,116 15,631
Cash and cash equivalents 1,873 2,716 3,034
----------------------------- ----- -------- -------- ------------
22,294 24,832 18,665
----------------------------- ----- -------- -------- ------------
Total assets 34,039 40,534 30,517
----------------------------- ----- -------- -------- ------------
Current liabilities
Trade and other payables 10 13,856 15,072 11,527
Borrowings 840 2,598 454
Current tax liabilities 2 39 5
Provisions 11 - 203 -
----------------------------- ----- -------- -------- ------------
14,698 17,912 11,986
----------------------------- ----- -------- -------- ------------
Non-current liabilities
Deferred tax 101 - 98
Provisions 11 84 67 68
----------------------------- ----- -------- -------- ------------
185 67 166
----------------------------- ----- -------- -------- ------------
Total liabilities 14,883 17,979 12,152
----------------------------- ----- -------- -------- ------------
Net assets 19,156 22,555 18,365
----------------------------- ----- -------- -------- ------------
Equity
Capital and reserves attributable
to the equity holders:
Called-up share capital 239 239 239
Share premium account 3,520 3,521 3,520
Merger reserve 16,100 16,100 16,100
Own shares held (1,338) (1,312) (1,338)
Share option reserve 2,390 2,042 2,213
Translation reserve 90 (280) (332)
Retained earnings (1,845) 2,245 (2,037)
----------------------------- ----- -------- -------- ------------
Total equity 19,156 22,555 18,365
----------------------------- ----- -------- -------- ------------
The notes to the accounts set out below form an integral part of this unaudited condensed consolidated interim report.
Hydrogen
Group Plc
UNAUDITED CONDENSED CONSOLIDATED INTERIM
STATEMENT OF CHANGES IN EQUITY
For the six months
ended 30 June 2016
Called-up Share Own Share Trans-
share premium Merger shares option lation Retained Total
capital account reserve held reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- ---------- --------- -------- -------- --------- -------- ---------- --------
At 1 January
2015 239 3,520 16,100 (1,338) 2,041 (196) 4,857 25,223
Dividends - - - - - - (698) (698)
Increase
in share
capital - 1 - - - - - 1
Share option
charge - - - - 27 - - 27
---------- --------
Transactions
with owners - 1 - - 27 (698) (670)
Loss for
the 6m
to 30.6.15 - - - - - - (1,841) (1,841)
Other comprehensive
income: - - - - - - (84) (84)
Foreign
currency
translation - - - - - (84) 11 (73)
---------- --------- -------- -------- --------- -------- ---------- --------
Total comprehensive
loss for
the period - - - - - (84) (1,841) (1,925)
--------------------- ---------- --------- -------- -------- --------- -------- ---------- --------
At 30 June
2015 239 3,521 16,100 (1,338) 2,068 (280) 2,245 22,555
--------------------- ---------- --------- -------- -------- --------- -------- ---------- --------
Share option
charge
reversal - - - - 144 - - 144
Tax on
share options
charge - - - - - - (52) (52)
New shares
issued - - - - - - - -
---------- --------
Transactions
with owners - - - - 144 - (52) 92
Loss for
the 6m
to 31.12.15 - - - - - - (4,230) (4,230)
Other comprehensive
income: - - - - - - - -
Foreign
currency
translation - - - - - (52) - (52)
---------- --------- -------- -------- --------- -------- ---------- --------
Total comprehensive
loss for
the period - - - - - (52) (4,230) (4,282)
--------------------- ---------- --------- -------- -------- --------- -------- ---------- --------
At 31 December
2015 239 3,520 16,100 (1,338) 2,213 (332) (2,037) 18,365
--------------------- ---------- --------- -------- -------- --------- -------- ---------- --------
Increase
in share
capital - - - - - - - -
Share option
charge - - - - 180 - - 180
Transactions
with owners - - - - - - -
Profit
for the
6m to 30.6.16 - - - - - - 192 192
Other comprehensive
income: - - - - - - - -
Foreign
currency
translation - - - - (3) 422 - 419
---------- --------- -------- -------- --------- -------- ---------- --------
Total comprehensive
profit
for the
period - - - - - 422 192 611
--------------------- ---------- --------- -------- -------- --------- -------- ---------- --------
At 30 June
2016 239 3,520 16,100 (1,338) 2,390 90 (1,845) 19,156
--------------------- ---------- --------- -------- -------- --------- -------- ---------- --------
The notes to the accounts set out below form an integral part of this unaudited condensed consolidated interim report.
Hydrogen Group Plc
UNAUDITED CONDENSED CONSOLIDATED INTERIM
STATEMENT OF CASH FLOW
For the six months ended
30 June 2016
Six months Year
ended ended
30 June 30 31 December
June
2016 2015 2015
Note GBP'000 GBP'000 GBP'000
---------------------------------- ----- -------- --------- ------------
Net cash (outflow)/inflow
from operating activities 8 (1,910) 7,667 10,255
Investing activities
Finance income 1 83 4
Proceeds from disposal
of property, plant and
equipment - 16 23
Purchase of property, plant
and equipment - - (3)
Purchase of software assets (60) (101) (138)
-------- ---------
Net cash used in investing
activities (59) (2) (114)
---------------------------------- ----- -------- --------- ------------
Financing activities
Proceeds on issue of shares - 1 -
Increase/(decrease) in
borrowings 386 (10,081) (12,250)
Equity dividends paid 6 - (698) (698)
---------------------------------- ----- -------- --------- ------------
Net cash generated/(utilised)
from financing activities 386 (10,778) (12,948)
---------------------------------- ----- -------- --------- ------------
Net decrease in cash and
cash equivalents (1,583) (3,113) (2,807)
Cash and cash equivalents
at beginning of period/year 3,034 5,975 5,975
Effect of foreign exchange
rate movements 422 (147) (134)
---------------------------------- ----- -------- --------- ------------
Cash and cash equivalents
at end of period/year 1,873 2,716 3,034
---------------------------------- ----- -------- --------- ------------
UNAUDITED RECONCILIATION OF NET CASH
FLOW TO MOVEMENT IN NET DEBT
For the six months ended
30 June 2016
Six months Year
ended ended
30 June 30 31 December
June
----------------------------------
2016 2015 2015
----------------------------------
GBP'000 GBP'000 GBP'000
---------------------------------- ----- -------- --------- ------------
Decrease in cash and cash equivalents
in the period/year (1,161) (3,234) (2,941)
(Increase)/decrease in
net debt resulting from
cash flows (386) 10,081 12,250
------------
Movement in net cash in
the period/year (1,547) 6,847 9,309
Net cash /(debt) at the
start of the period/year 2,580 (6,729) (6,730)
---------------------------------- ----- -------- --------- ------------
Net cash at the end of
the period/year 1,033 118 2,580
---------------------------------- ----- -------- --------- ------------
The notes to the accounts set out below form an integral part of this unaudited condensed consolidated interim report.
Hydrogen Group Plc
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM REPORT
For the six months ended 30 June 2016
1 General information
Hydrogen Group plc ("the Company") and its subsidiaries' (together "the Group") principal activity is the provision of recruitment services for mid to senior level professional staff. The Group is organised into seven practices offering both Permanent and Contract specialist recruitment consultancy for large and medium sized organisations. The Group operates primarily in the Technology, Finance, Energy, Legal, Life Sciences and Business Transformation sectors. The Group is becoming increasingly international, with operations in Australia, Malaysia, Singapore and USA, and a number of internationally focused teams based in the UK.
Hydrogen Group plc is the Group's ultimate parent company. The Company is a limited liability company incorporated and domiciled in the United Kingdom. The address of Hydrogen Group's registered office and its principal place of business is 30-40 Eastcheap, London, EC3M 1HD, England. Hydrogen Group's shares are listed on the AIM Market.
The unaudited condensed consolidated interim report for the six months ended 30 June 2016 (including comparatives) is presented in GBP '000, and were approved and authorised for issue by the board of directors on 7 September 2016.
Copies of these interim results are available at the Company's registered office, 30 Eastcheap, London, EC3M 1HD, England, and on the Company's website - www.hydrogengroup.com.
This unaudited condensed consolidated interim report does not constitute statutory accounts of the Group within the meaning of section 434 of the Companies Act 2006. The financial information for the year ended 31 December 2015 has been extracted from the statutory accounts for that year, which have been filed with the Registrar of Companies. The auditor's report on those accounts was unqualified and did not contain a statement under section 498 of the Companies Act 2006.
2 Basis of preparation
The unaudited condensed consolidated interim report for the six months ended 30 June 2016 has been prepared using accounting policies consistent with International Financial Reporting Standards ("IFRSs") and in accordance with IAS 34, 'Interim financial reporting' as adopted by the European Union. The unaudited condensed consolidated interim report should be read in conjunction with the annual financial statements for the year ended 31 December 2015, which were prepared in accordance with IFRSs as adopted by the European Union.
These financial statements have been prepared under the historical cost convention.
To finance its working capital requirements, the Group has an GBP18m invoice discounting facility, committed to April 2018. The maximum amount of the invoice discount facility utilised during the period was 46%. The Group's forecasts and projections demonstrate that this facility should be adequate to meet the Group's obligations as they fall due in the foreseeable future. Accordingly, the directors have adopted the going concern basis in preparing the interim report.
This unaudited condensed consolidated interim report has been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year ended 31 December 2015.
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of the condensed consolidated interim report.
3 Segment reporting
(a) Revenue, gross profit and operating profit by discipline
For management purposes, the Group is organised into two operating segments, EMEA including USA (EMEA) and Asia Pacific (APAC), based on the discipline of the candidate being placed. Both of the operating segments have similar economic characteristics and share a majority of the aggregation criteria set out in IFRS 8.12.
30 June 2016 30 June 2015 31 December 2015
Group Group Group
EMEA APAC cost Total EMEA APAC cost Total EMEA APAC cost Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Revenue 54,612 4,779 - 59,391 62,402 3,482 - 65,884 116,061 6,705 - 122,765
Gross
profit 7,293 1,635 - 8,928 8,371 1,739 - 10,110 15,369 3,196 - 18,565
Depreciation
and
amortisation 162 4 - 166 217 8 - 225 383 30 - 413
Operating
profit
/(loss)before
exceptional
items 855 45 (616) 283 714 (340) (436) (62) 1,399 (914) (1,113) (628)
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Finance
costs (21) (54) (80)
Finance
income - - 5
(Loss)/profit
before
tax and
exceptional
items 264 (116) (703)
======== ======== ========
Segment reporting (continued)
Revenue reported above represents revenue generated from external customers. There were no sales between segments in the six months (30 June 2015: Nil, 31 December 2015: Nil).
The accounting policies of the reportable segments are the same as the Group's accounting policies described above. Segment profit represents the profit earned by each segment without allocation of central administration costs, finance costs and finance income.
The information reviewed by the chief operating decision maker, or otherwise regularly provided to the chief operating decision maker, does not include information on net assets. The cost to develop this information would be excessive in comparison to the value that would be derived.
There is one external customer that represented more than 31% of the entity's revenues with revenue of GBP18.5m, and approximately 16% of the Group's net fee income, included in the EMEA segment (30 June 2015: one customer, revenue GBP21.2m, EMEA segment; 31 December 2015: one customer, revenue GBP39.4m, EMEA segment).
(b) Revenue and gross profit by geography
Revenue Gross profit
----------- ---------------------------- ----------------------------
Six months Year Six months Year
ended ended ended ended
----------- ------------------ -------- ------------------ --------
30 June 30 June 31 Dec 30 June 30 June 31 Dec
-----------
2016 2015 2015 2016 2015 2015
-----------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------- -------- -------- -------- -------- -------- --------
UK 45,649 54,298 100,992 4,987 6,394 11,923
Rest
of World 13,742 11,586 21,773 3,941 3,716 6,642
----------- -------- -------- -------- -------- -------- --------
59,391 65,884 122,765 8,928 10,110 18,565
----------- -------- -------- -------- -------- -------- --------
(c) Revenue and gross profit by recruitment classification
Revenue Gross profit
----------- ---------------------------- ----------------------------
Six months Year Six months Year
ended ended ended ended
----------- ------------------ -------- ------------------ --------
30 June 30 June 31 Dec 30 June 30 June 31 Dec
-----------
2016 2015 2015 2016 2015 2015
-----------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------- -------- -------- -------- -------- -------- --------
Permanent 3,547 4,521 8,079 3,544 4,521 8,044
Contract 55,844 61,364 114,686 5,384 5,589 10,521
----------- -------- -------- -------- -------- -------- --------
59,391 65,884 122,765 8,928 10,110 18,565
----------- -------- -------- -------- -------- -------- --------
4 Exceptional items
Exceptional items are costs that are separately disclosed due to their material and non-recurring nature. They arose as a result of the comprehensive review of the Group's operations and actions implemented to reduce the Group's administration costs:
Six months Year ended
ended
30 June 30 31 December
June
-------------------------
2016 2015 2015
-------------------------
GBP'000 GBP'000 GBP'000
------------------------- --------- -------- ------------
Goodwill impairment - - 3,517
Tangible asset write
down and disposal - 943 988
Employee restructuring
costs - 788 939
Property costs - 69 223
Onerous lease provision
release - - (212)
Advisor's costs - 5 31
Other - - 7
- 1,805 5,493
----------------------------------- -------- ------------
5 Income tax expense
The charge for taxation on profits for the six months amounted to GBP0.1m (30 June 2015: GBP0.1m, 31 December 2015: GBPnil), being tax on profits and adjustment to prior year amounts.
6 Dividends
Six months Year ended
ended
30 30 31 December
June June
------------------------------
2016 2015 2015
------------------------------
GBP'000 GBP'000 GBP'000
------------------------------ --------- -------- ------------
Amounts recognised and
distributed to shareholders
in the period
Final dividend for the
year ended 31 December
2015 of Nil p per share
(2014: 3.1p per share) - 698 698
-------------------------------
- 698 698
---------------------------------------- -------- ------------
No dividend was proposed in respect of the year ended 31 December 2015.
7 Earnings per share
Earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Group by the weighted average number of ordinary shares in issue.
Fully diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares by existing share options and share incentive plans, assuming dilution through conversion of all existing options and shares held in share plans.
Six months Year
ended ended
30 June 30 June 31 December
-----------------------------------------
2016 2015 2015
-----------------------------------------
GBP'000 GBP'000 GBP'000
----------------------------------------- ----------- ----------- ------------
Earnings
Profit/(loss) for the period/year
attributable to equity holders
of the parent 192 (1,841) (6,196)
------------------------------------------
Adjusted earnings
Profit/(loss) for the period 192 (1,841) (6,196)
Add back: exceptional costs - 1,805 5,493
------------------------------------------ ----------- ----------- ------------
192 (36) (703)
----------------------------------------- ----------- ----------- ------------
Number of shares Number Number Number
Weighted average number
of shares used for earnings
per share 22,530,249 22,513,793 22,516,021
Dilutive effect of share
plans 1,987,668 166,345 1,207,033
Diluted weighted average
number of shares used to
calculate fully diluted
earnings per share 24,517,917 22,680,138 23,723,054
------------------------------------------ ----------- ----------- ------------
Pence Pence Pence
Basic profit/(loss) per
share 0.09 (8.18) (27.52)
Fully diluted profit/(loss)
per share 0.08 (8.12) (26.12)
Adjusted basic profit/(loss)/earnings
per share 0.09 (0.16) (3.12)
Adjusted diluted profit/(loss)/earnings
per share 0.08 (0.16) (2.96)
8 Cash flow from operating activities
Six months Year
ended ended
30 30 31 December
June June
2016 2015 2015
GBP'000 GBP'000 GBP'000
-------------------------------- -------- ------------ ------------
Profit/(loss) before taxation 264 (1,921) (703)
Adjusted for:
Exceptional items - 1,805 -
Depreciation and amortisation 150 226 414
Increase/(decrease)in
provisions 16 (98) (88)
Gain/(loss) on sale of
property, plant and equipment - 5 (4)
Share based payments 180 - 172
Net finance costs 20 54 76
--------------------------------- -------- ------------ ------------
Operating cash flows before
movements in working capital 630 71 (133)
(Increase)/decrease in
receivables (4,822) 9,113 15,683
Increase/(decrease) in
payables 2,522 (886) (3,924)
--------------------------------- -------- ------------ ------------
Cash (utilised) /generated
from operating activities (1,670) 8,298 11,626
Income taxes paid (90) (44) (89)
Finance costs (20) (54) (80)
--------------------------------- -------- ------------ ------------
Net cash (outflow)/ inflow
from operating activities
and before exceptional
costs (1,781) 8,200 11,457
Cash flows arising from
exceptional costs (129) (533) (1,202)
--------------------------------- -------- ------------ ------------
Net cash (outflow)/ inflow
from operating activities (1,910) 7,667 10,255
--------------------------------- -------- ------------ ------------
9 Trade and other receivables
Six months Year
ended ended
30 30 31 December
June June
------------------------------
2016 2015 2015
------------------------------
GBP'000 GBP'000 GBP'000
------------------------------ -------- -------- ------------
Trade receivables 8,841 9,321 6,428
Allowance for doubtful debts (149) (44) (319)
Accrued income 11,361 12,149 8,994
Prepayments 326 578 372
Other receivables
- due within 12 months 44 111 156
- due after more than 12
months 107 265 108
-------------------------------
20,529 22,381 15,739
------------------------------ -------- -------- ------------
Current 20,421 22,116 15,631
Non-current 107 265 108
------------------------------- -------- -------- ------------
10 Trade and other payables
Six months Year
ended ended
30 June 30 31 December
June
------------------------
2016 2015 2015
------------------------
GBP'000 GBP'000 GBP'000
------------------------ -------- -------- ------------
Trade payables 1,075 1,316 613
Other taxes and social
security costs 719 600 489
Other payables 916 929 1,121
Accruals 11,147 12,227 9,304
-------------------------
13,856 15,072 11,527
------------------------ -------- -------- ------------
11 Provisions
Leasehold Onerous
dilapidations contracts Total
GBP'000 GBP'000 GBP'000
--------------------- -------------- ---------- --------
At 1 January
2015 60 308 368
New provision 7 - 7
Utilised - (105) (105)
---------------------- -------------- ---------- --------
At 30 June 2015 67 203 270
New provision 21 - 21
Unutilised
provision released - (212) (212)
Utilised (20) 9 (11)
---------------------- --------
At 31 December
2015 68 - 68
New provision 16 - 16
Utilised - - -
---------------------- -------------- ---------- --------
At 30 June
2016 84 - 84
---------------------- -------------- ---------- --------
Current - - -
Non-current 84 - 84
---------------------- -------------- ---------- --------
This announcement contains inside information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFIAAAIRIIR
(END) Dow Jones Newswires
September 07, 2016 02:00 ET (06:00 GMT)
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