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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Prime People Plc | LSE:PRP | London | Ordinary Share | GB00B4ZG0R74 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 67.00 | 63.00 | 71.00 | 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
TIDMPRP
RNS Number : 6647O
Prime People PLC
09 November 2016
9(th) November 2016
Prime People Plc
Unaudited Condensed Consolidated Interim Report
for the six months ended 30 September 2016
CHAIRMAN'S STATEMENT
Overview
I am pleased to be able to report the results for Prime People Plc for the half-year ended 30 September 2016.
The first half shows an operating profit of GBP0.76m (2015: GBP1.06m), consistent with the expectation in our recent trading statement of not less than GBP0.70m.
In line with the Outlook statement in the Company's 2016 Annual Report and Accounts, market conditions in the period became softer for our UK business. Offsetting this, our businesses in Asia performed strongly. The outcome for the period reflects the Company's commitment to grow internationally and to support new business lines, which increased our fixed cost base in the period being reported.
Financial Results
Group revenue increased by 12.55% for the period to GBP11.48m (2015: GBP10.20m).
Net Fee Income ("NFI") in the period for the Group was GBP6.33m which is a 1.87% increase on last year (2015: GBP6.21m). The first half of the financial year showed strong NFI performances in our Hong Kong and Singapore business units. In Asia NFI increased by 36.84% from GBP1.90m to GBP2.60m and in the UK NFI decreased by 12.82% from GBP3.90m to GBP3.40m.
Administrative costs for the group increased from GBP5.15m in 2015 to GBP5.57m in the first half of the financial year driven by talent investment and higher commission costs in Asia, in line with the fee income growth in the region.
Profit before taxation for the period has decreased to GBP0.76m (2015: GBP1.06m).
The charge for taxation of GBP0.15m is based on the expected annual effective tax rate of 20% (2015: 20%).
Basic earnings per share for the period decreased to 4.92p (2015: 6.97p).
Cash Flow
The Group continues to maintain a strong net cash position. At the end of the period the Group had net cash of GBP1.34m (2015: GBP1.04m).
Dividend
The Board will be declaring an interim dividend of 1.75p (2015: 1.75p).
Outlook
We have reasonable expectations that the UK businesses will perform in the second half year at levels comparable to the first half. Sentiment in the UK property sector has improved but there is uncertainty for the sector in the medium term. In Asia we expect similar performance from our businesses in the second half and increased opportunities for growth in the medium and long term.
The present focus for the Group is to maximize the returns from recent investment in businesses and people and to increase the productivity of the business. We continue to recruit new heads into those markets where there is potential for NFI and profit growth.
Robert Macdonald
Executive Chairman
9(th) November 2016
For further information please contact:
Prime People 020 7318 1785 Robert Macdonald, Executive Chairman Donka Zaneva-Todorinski, Finance Director Cenkos Securities 020 7397 8900 Elizabeth Bowman - Nomad Ivonne Cantu - Nomad Julian Morse - Sales
PRIME PEOPLE PLC
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2016
Hot Features
Premium
Six months ended Year
ended
30 September 30 September 31 March
2016 2015 2016
Note GBP'000 GBP'000 GBP'000
Revenue 3 11,477 10,197 20,755
Cost of sales (5,151) (3,987) (8,475)
------------------------------ ----- --------------------- --------------------------- ---------
Net fee income 6,326 6,210 12,280
Administrative expenses (5,566) (5,147) (10,131)
------------------------------ ----- --------------------- --------------------------- ---------
Operating profit 760 1,063 2,149
Profit before taxation 760 1,063 2,149
Income tax expense 4 (155) (215) (459)
------------------------------ ----- --------------------- --------------------------- ---------
Profit for the period/year 605 848 1,690
Other comprehensive income/
(loss):
Exchange gain/ (loss)
on translating foreign
operations 206 (57) 21
-------------------------------------- --------------------- --------------------------- ---------
Other Comprehensive income
for the period/ year,
net of tax 206 (57) 21
-------------------------------------- --------------------- --------------------------- ---------
Total comprehensive income
for the period/year 811 791 1,711
-------------------------------------- --------------------- --------------------------- ---------
Attributable to:
Equity shareholders
of the parent 811 791 1,711
------------------------------ ----- --------------------- --------------------------- ---------
Earnings per share 6
Basic earnings per
share 4.92p 6.97p 13.84p
Diluted earnings
per share 4.79p 6.82p 13.52p
------------------------------ ----- --------------------- --------------------------- ---------
The above results relate to continuing operations.
The notes to the financial statements form an integral part of this unaudited condensed consolidated interim report.
PRIME PEOPLE PLC
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
As at 30 September 2016
30 September 30 September 31 March
2016 2015 2016
Note GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Goodwill 9,769 9,769 9,769
Property, plant and equipment 167 269 229
9,936 10,038 9,998
---------------------------------- ----- ------------------------------------- ------------------ --------
Current assets
Trade and other receivables 9 5,473 5,026 4,939
Cash and cash equivalents 1,336 1,037 953
---------------------------------- ----- ------------------------------------- ------------------ --------
6,809 6,063 5,892
---------------------------------- ----- ------------------------------------- ------------------ --------
Total assets 16,745 16,101 15,890
---------------------------------- ----- ------------------------------------- ------------------ --------
Liabilities
Current Liabilities
Trade and other payables 10 2,363 2,412 2,216
Current tax liabilities 165 206 249
---------------------------------- ----- ------------------------------------- ------------------ --------
2,528 2,618 2,465
---------------------------------- ----- ------------------------------------- ------------------ --------
Non-current liabilities
Deferred tax liabilities 6 12 9
---------------------------------- ----- ------------------------------------- ------------------ --------
6 12 9
---------------------------------- ----- ------------------------------------- ------------------ --------
Total liabilities 2,534 2,630 2,474
---------------------------------- ----- ------------------------------------- ------------------ --------
Net assets 14,211 13,471 13,416
---------------------------------- ----- ------------------------------------- ------------------ --------
Capital and reserves attributable to the Company's equity holders
Called up share capital 1,229 1,219 1,229 Capital redemption reserve 9 9 9 Treasury shares (13) (21) (21) Share premium account 5,371 5,370 5,371 Merger reserve 173 173 173 Share option reserve 359 266 300 Currency translation differences 669 385 463 Retained earnings 6,414 6,070 5,892 ---------------------------------- ----- ------------------------------------- ------------------ -------- Equity shareholders funds 14,211 13,471 13,416 ---------------------------------- ----- ------------------------------------- ------------------ --------
The notes to the financial statements form an integral part of this unaudited condensed consolidated interim report.
PRIME PEOPLE PLC
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2016
Capital
Called redem- Share Share
up ption Treasury premium Merger option Translation Retained
share reserve shares account reserve reserve Reserve earnings Total
capital
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April
2015 1,219 9 (21) 5,370 173 212 442 6,070 13,474
Profit
for the
period - - - - - - (57) 848 791
Other
comprehensive - - - - - - - - -
income
Adjustment
in respect
of share
options - - - - - 54 - 15 69
Issue
of ordinary
shares 7 - - - - - - - 7
Discounted
share
capital (7) - - - - - - - (7)
Dividends - - - - - - - (863) (863)
---------------- --------- -------- ---------- ----------------------- --------- --------- ------------- ---------- ---------
At 30
September
2015 1,219 9 (21) 5,370 173 266 385 6,070 13,471
---------------- --------- -------- ---------- ----------------------- --------- --------- ------------- ---------- ---------
Profit
for the
period - .- - - - - - 842 842
Other
comprehensive
income - - - - - - 78 - 78
Issue
of ordinary
shares 10 - - 1 - - - - 11
Adjustment
in respect
of share
options - - - - - 34 - 63 97
Shares
purchased - - - - - - - -
for treasury -
Dividend - - - - - - - (1,083) (1,083)
---------------- --------- -------- ---------- ----------------------- --------- --------- ------------- ---------- ---------
At 31 March
2016 1,229 9 (21) 5,371 173 300 463 5,892 13,416
---------------- --------- -------- ---------- ----------------------- --------- --------- ------------- ---------- ---------
Profit
for the
period - - - - - - - 605 605
Other
comprehensive
income - - - - - - 206 - 206
Shares
purchased
for treasury - - (86) - - - - - (86)
Shares
issued
from treasury - - 11 - - - - - 11
Transfer
on issue
of shares
from treasury - - 83 - - - - (83) -
Adjustment
in respect
of share
options - - - - - 59 - - 59
At 30
September
2016 1,229 9 (13) 5,371 173 359 669 6,414 14,211
---------------- --------- -------- ---------- ----------------------- --------- --------- ------------- ---------- ---------
PRIME PEOPLE PLC
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOW
For the six months ended 30 September 2016
Six months ended Year ended
30 September 2016 30 September 31 March
2015 2016
Note GBP'000 GBP'000 GBP'000
Cash generated from underlying operations 7 517 1,196 2,369
Income tax paid (240) (197) (411)
-------------------------------------------------- ----- ------------------------ ------------- -----------
Net cash from operating activities 277 999 1,958
-------------------------------------------------- ----- ------------------------ ------------- -----------
Cash flows from investing activities
Net purchase of property, plant and equipment (25) (51) (97)
--------------------------------------------------------- ------------------------ ------------- -----------
Net cash used in investing activities (25) (51) (97)
-------------------------------------------------- ----- ------------------------ ------------- -----------
Cash flows from financing activities
Issue of ordinary share capital - - 11
Shares issued from treasury 11 - -
Shares purchased for treasury (86) - -
Dividend paid to shareholders - (863) (1,946)
Net cash used in financing activities (75) (863) (1,935)
--------------------------------------------------------- ------------------------ ------------- -----------
Net increase/ (decrease) in cash and cash equivalents 177 85 (74)
Cash and cash equivalents at beginning of period/year 953 1,009 1,009
Effect of foreign exchange rate changes 206 (57) 18
--------------------------------------------------------- ------------------------ ------------- -----------
Cash and cash equivalents at end of period/year 1,336 1,037 953
--------------------------------------------------------- ------------------------ ------------- -----------
The notes to the financial statements form an integral part of this unaudited condensed consolidated interim report.
PRIME PEOPLE PLC
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM REPORT
For the six months ended 30 September 2016
1. General information
Prime People Plc ('the Company') and its subsidiaries (together 'the Group') is an international recruitment services organisation with offices in the United Kingdom, the Middle East and the Asia Pacific region from which it serves an international client base. The Group offers both permanent and contract specialist recruitment consultancy for large and medium sized organisations.
Prime People 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 Prime People Group's registered office and its principal place of business is 2 Harewood Place, London, W1S 1BX, England. Prime People Group's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange. The registered number of the company is 1729887.
This unaudited condensed consolidated interim report for the six months ended 30 September 2016 (including comparatives) is presented in GBP'000, and was approved and authorised for issue by the board of directors on 8 November 2016.
Copies of the interim results are available at the Company's registered office and on the Company's website - www.prime-people.co.uk.
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 March 2016 has been extracted from the statutory accounts for that year, which have been filed with the Registrar of Companies. The auditors' 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 September 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 condensed consolidated interim report should be read in conjunction with the annual financial statements for the year ended 31 March 2016 which were prepared in accordance with IFRSs as adopted by the European Union.
The Group was profitable for the period and has considerable financial resources comprising GBP1.34m of net cash at 30 September 2016. After making enquiries, the Directors have formed a judgement, at the time of approving the six months results, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, a period of not less than 12 months. For this reason the Directors continue to adopt the going concern basis in preparing the condensed set of financial statements.
These financial statements have been prepared under the historical cost convention, using the same accounting policies as those used in the preparation of the financial statements for the year ended 31 March 2016 and which are also expected to apply for the year ended 31 March 2017.
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 and net fee income by geographical region
Revenue Net fee income
Six months ended Year ended Six months ended Year ended
30 September 30 September 31 March 2016 30 September 30 September 31 March 2016
2016 2015 2016 2015
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
UK 8,547 7,889 16,249 3,396 3,902 7,774
Asia 2,601 1,901 3,626 2,601 1,901 3,626
Rest of World 329 407 880 329 407 880
--------------- --------- ------------- -------------- ------------- ------------- --------------
11,477 10,197 20,755 6,326 6,210 12,280
--------------- --------- ------------- -------------- ------------- ------------- --------------
All revenues disclosed by the group are derived from external customers and are for the provision of recruitment services. The accounting policies of the reportable segments are the same as the Group's accounting policies. Segment profit before taxation represents the profit earned by each segment after allocations of central administration costs.
(b) Revenue and net fee income by classification
Revenue Net fee income
Six months ended Year ended Six months ended Year ended
30 September 30 September 31 March 2016 30 September 30 September 31 March 2016
2016 2015 2016 2015
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Permanent
- UK 2,724 3,420 6,653 2,721 3,416 6,645
- Asia 2,601 1,901 3,626 2,601 1,901 3,626
- Rest of World 329 407 880 329 407 880
Contract (UK) 5,823 4,469 9,596 675 486 1,129
11,477 10,197 20,755 6,326 6,210 12,280
------------------- --- -------- ---- ---------- --- ---------- ---- ---------- ---- ---------- --- -----------
(c) Profit before taxation by geographical region
Six months ended Year ended
30 September 30 September 2015 31 March 2016
2016
GBP'000 GBP'000 GBP'000
UK 103 725 1,527
Asia 600 257 460
Rest of World 57 81 162
Operating profit 760 1,063 2,149
Net finance income - - -
-------------------------- --- ------------- ------------------ --------------
Profit before taxation 760 1,063 2,149
-------------------------------- ------------- ------------------ --------------
The analysis above is of the carrying amount of reportable segment assets, liabilities and non-current assets. Segment assets and liabilities include items directly attributable to a segment and include income tax assets and liabilities. Non-current assets include goodwill, property, plant and equipment and computer software.
4. Income tax expense
The charge for taxation on profits for the interim period amounted to GBP0.15m (2015: GBP0.22m) an effective rate of 20% (2015: 20%).
5. Dividends
Six months ended Year ended
30 September 30 September 31 March
2016 2015 2016
GBP'000 GBP'000 GBP'000
Special second interim dividend for 2015: 4.00p per share - 487 488
Final dividend for 2015: 3.09p per share (2014: 3.09p per share) - 376 376
Interim dividend for 2016 1.75p per share (2015: 1.75p per share) - - 212
Special dividend for 2016: 4.00p per share - - 490
Second Interim dividend for 2016: 3.09p per share - - 380
- 863 1,946
The interim dividend for 2017 of 1.75 pence (2016: 1.75 pence paid on 27 November 2015), was approved by the board on 8 November 2016 and will be paid on 25 November 2016 to those shareholders whose names are on the register on 18 November 2016.
6. Earnings per share
Earnings per share (EPS) are calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period.
Fully diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares by existing share options assuming dilution through conversion of all existing options.
Earnings and weighted average number of shares from continuing operations used in the calculations are show below:
Six months ended Year ended
30 September 30 September 31 March
2016 2015 2016
GBP'000 GBP'000 GBP'000
Retained profit for basic and diluted earnings per share 605 848 1,690
----------------------------------------------------------------- ------------- ------------- -------------
Number Number Number
Weighted average number of shares used for basic earnings per
share 12,274,923 12,176,030 12,211,950
Dilutive effect of share options 334,998 260,697 290,730
----------------------------------------------------------------- ------------- ------------- -------------
Diluted weighted average number of shares used for
diluted earnings per share 12,609,921 12,436,726 12,502,680
----------------------------------------------------------------- ------------- ------------- -------------
Pence Pence Pence
Basic earnings per share 4.92p 6.97p 13.84p
Diluted earnings per share 4.79p 6.82p 13.52p
----------------------------- --------------- -------------- --------------
7. Reconciliation of profit before tax to cash flow from operating activities
Six months ended Year ended
30 September 30 September 31 March
2016 2015 2016
GBP'000 GBP'000 GBP'000
Profit before taxation 760 1,063 2,149
Adjust for:
Depreciation 88 99 188
Share option reserve movement 59 69 166
Operating cash flow before changes in working capital 907 1,231 2,503
(Increase) in receivables (536) (488) (401)
Increase in payables 146 453 267
-------------------------------------------------------- -------------- ------------- -----------
Cash generated from underlying operations 517 1,196 2,369
-------------------------------------------------------- -------------- ------------- -----------
8. Reconciliation of net cash flow to movement in net funds
Six months ended Year ended
30 September 30 September 31 March
2016 2015 2016
GBP'000 GBP'000 GBP'000
Increase/(decrease) in cash and cash equivalents in period/year 177 85 (74)
Net funds at the start of the period/year 953 1,009 1,009
Other non-cash changes 206 (57) 18
------------------------------------------------------------------ -------------- ------------- -----------
Net funds at the end of the period/year 1,336 1,037 953
9. Trade and other receivables
30 September 30 September 2015 31 March 2016
2016
GBP'000 GBP'000 GBP'000
Trade receivables 2,866 2,321 2,706
Allowance for doubtful debts (42) (190) (40)
Prepayments and accrued income 2,577 2,827 2,204
Other receivables 72 68 69
-------------------------------- --------------------------- ---------------------------- --------------
5,473 5,026 4,939
-------------------------------- --------------------------- ---------------------------- --------------
10. Trade and other payables
30 September 30 September 2015 31 March 2016
2016
GBP'000 GBP'000 GBP'000
Trade payables 182 113 267
Other taxes and social security 590 588 664
Other payables 290 462 185
Accruals and deferred income 1,301 1,249 1,100
--------------------------------- ------------------------- --------------------------- --------------
2,363 2,412 2,216
--------------------------------- ------------------------- --------------------------- --------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR AKFDBABDDNDK
(END) Dow Jones Newswires
November 09, 2016 02:00 ET (07:00 GMT)
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