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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| World Careers | LSE:WOR | London | Ordinary Share | GB0002677085 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 235.00 | 210.00 | 260.00 | 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
TIDMWOR
RNS Number : 7551D
World Careers Network PLC
28 April 2017
WORLD CAREERS NETWORK PLC
Interim statement for the six months to 31 January 2017
Chairman's statement
Hot Features
Premium
Dear Shareholder
I am pleased to present the interim accounts of World
Careers Network ("WCN") for the half year to 31 January
2017.
Financial Review
Half year revenues were GBP5.10m compared to GBP3.76m
in the first half of 2015-16, an increase of 36%,
mainly as a result of increased revenue from existing
clients and new projects started in 2015-16 coming
fully online.
Costs rose by just over GBP1.0m compared to the same
period last year as 2015-16 investment decisions took
increased effect and are approximately GBP0.7m higher
than the second half of the 2016 year. The increases
are primarily in marketing, employment and associated
oncosts.
As a consequence operating profits for the six months
increased from GBP345k to GBP670k, in part boosted
by the strong dollar
Outlook
In order to ensure our products are compelling, innovative
and transformational, to maintain a high level of
service to clients and to support future growth we
expect to see a significant further increase in our
cost base in the second half of the year compared
to the first half as we strengthen our support, product
development and sales teams. Meanwhile sales to new
clients have been low in the first half of the year
and future levels remain uncertain..
As a consequence we have made a loss in the first
two months of the second half year and, as indicated
in my last Chairman's statement, I expect the profit
for the full year to be significantly reduced compared
to last year and for our investments to have a material
adverse impact on our results for 2018.
.
I would like to thank my colleagues at WCN for their
hard work to ensure our clients and WCN's success.
Charles Hipps
Chairman, World Careers Network Plc
-------------------------------------------------------------
WORLD CAREERS NETWORK PLC
consolidated income statement
For the 6 Months Ended 31 January 2017
Unaudited Unaudited Audited
6 months 6 months Year to
ended ended
31 Jan 2017 31 Jan 2016 31 Jul
2016
GBP GBP GBP
Revenue 5,104,301 3,766,688 8,457,202
Total administrative
expenses 4,433,829 3,420,988 7,117,511
_________ _________ _________
OPERATING PROFIT 670,472 345,700 1,339,691
Finance income 37,279 19,061 43,205
_________ _________ _________
PROFIT ON ORDINARY
ACTIVITIES
BEFORE TAXATION 707,751 364,761 1,382,896
Income tax 153,000 75,000 277,201
_________ _________ _________
PROFIT FOR THE PERIOD 554,751 289,761 1,105,695
_________ _________ _________
Earnings per share
Basic 7.32p 3.83p 14.62p
_________ _________ _________
Diluted 7.24p 3.75p 14.46p
_________ _________ _________
WORLD CAREERS NETWORK PLC
Consolidated Statement of Financial Position
As at 31 January 2017
Unaudited Unaudited Audited
31 January 31 January 31 July
2017 2016 2016
GBP GBP GBP GBP GBP GBP
Assets
Non-current
assets
Property,
plant and
equipment 146,026 138,707 140,174
Current assets
Trade and
other
receivables 3,305,586 2,019,806 2,299,183
Cash and
cash
equivalents 10,309,098 9,212,497 10,171,966
Total current
assets 13,614,684 11,232,303 12,471,149
Total assets 13,760,710 11,371,010 12,611,323
Equity
Issued capital 7,577 7,560 7,562
Share premium 1,614,311 1,592,962 1,595,040
Capital redemption
reserve 689 689 689
Translation
reserve (1,409) 9,966 5,595
Retained
earnings 8,242,935 7,113,307 7,945,446
Total equity 9,864,103 8,724,484 9,554,332
Liabilities
Non-current
liabilities
Deferred
tax 16,643 6,945 16,643
Liabilities
Current liabilities
Trade and
other
payables 3,729,958 2,547,985 2,867,245
Income tax 150,006 91,596 173,103
Total current
liabilities 3,879,964 2,639,581 3,040,348
Total liabilities 3,896,607 2,646,526 3,056,991
Total equity
and liabilities 13,760,710 11,371,010 12,611,323
WORLD CAREERS NETWORK PLC
Consolidated statement of cash flows
For the 6 Months Ended 31 January 2017
Unaudited Unaudited Audited
6 months 6 months Year to
ended ended
31 Jan 2017 31 Jan 2016 31 July
2016
GBP GBP GBP
Cash flows from operating
activities
Operating profit 670,472 345,700 1,339,691
Depreciation
Exchange difference on 45,495 42,378 84,067
translation of foreign -
operations (7,746) - (4,371)
Share based payments 7,500 7,500 16,202
(Increase)/decrease in
receivables (1,006,402) 547,872 268,495
Increase/(decrease) in
payables 862,713 497,885 824,648
_________ _________ _________
572,032 1,441,335 2,528,732
Taxation (176,097) (139,558) (250,556)
_________ _________ _________
Net cash inflow from operating
activities 395,935 1,301,777 2,278,176
_________ _________ _________
Cash flows from investing
activities
Interest received 37,279 19,061 43,205
Purchase of property, plant
and equipment (50,623) (64,341) (107,498)
_________ _________ _________
Net cash outflow from investing
activities (13,344) (45,280) (64,293)
_________ _________ _________
Cash flows from financing
activities
Proceeds from issue of
shares 19,286 1,260 3,340
Purchase of own shares - - -
Equity dividends paid (264,745) (264,648) (266,645)
_________ _________ _________
Net cash outflow from financing
activities (245,459) (263,388) (261,305)
_________ _________ _________
Increase in cash in the
year 137,132 993,109 1,952,578
Cash and cash equivalents
at beginning of year 10,171,966 8,219,388 8,219,388
_________ _________ _________
Cash and cash equivalents
at end of year 10,309,098 9,212,497 10,171,966
_________ _________ _________
WORLD CAREERS NETWORK PLC
Notes to the interim financial statements
1 a) The basic earnings per share has been calculated
by dividing the profit by the weighted average
number of shares in issue during the relevant
periods.
b) The diluted earnings per share takes into account
the potential issue of further shares as a result
of the exercise of share options.
2 This interim report was approved by the board
of directors on 28 April 2017
The financial information contained in this interim
report does not comprise statutory accounts as
defined by the Companies Act 2006.
The interim financial information has been prepared
using accounting polices consistent with those
adopted by World Careers Network Plc in its financial
statements for the year ended 31 July 2016.
The financial information for the year ended
31 July 2016 is an extract from the latest company
accounts. These accounts received an unqualified
auditor's report and have been filed with the
Registrar of Companies.
The financial information for the periods ended
31 January 2016 and 2017 is unaudited and has
not been reviewed by the company's auditors.
3 Interim Report
A copy of the Interim Report will be distributed
to shareholders shortly and will be available
from World Careers Network at 5-7 Bridgeworks,
The Crescent, London SW19 8DR in the week commencing
15 May 2017.
Enquiries ;
World Careers Network Plc
Charles Hipps, Managing Director,
Telephone: +44 (0)20 8946 9876
Email: chipps@wcn.co.uk.
Panmure Gordon (UK) Limited
Nominated advisor
Andrew Potts
Telephone: +44 (0)20 7886 2956
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BUGDSBBDBGRI
(END) Dow Jones Newswires
April 28, 2017 11:13 ET (15:13 GMT)
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