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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 |
RNS Number:3105K World Careers Network PLC 24 April 2003 World Careers Network PLC (WCN) Interim Statement to 31st January 2003 I am pleased to present the interim accounts of WCN which show the results of the company for the half-year to 31 January 2003. Financial Review Despite extremely tough conditions WCN has continued its growth record with revenues for the half-year to 31 January 2003 of #815,939 compared to #766,946 for the same period last year. The whole business moved from a loss of #117,383 for the same period last year to a reported maiden profit of #31,082 reflecting growing profits in the UK business and a narrowing of the losses in France. The UK has continued the progress shown last year reporting an operating profit of #67,000. Progress has also been made in restructuring the French operation and the loss for the half year has been reduced to #49,000. Operating Review In an uncertain economy and low recruitment activity our continued growth reflects our strong position in the applicant tracking market and our clients' confidence in our systems. Over the last six months we have maintained our stronghold in the UK graduate market. At the same time we have continued to expand successfully in the experienced hires market place and in France have enjoyed some modest success in generating our first high profile French clients. Our headcount has remained fairly static and our internal focus has been to concentrate our resources on our core products and to raise our professional standards to ensure that we deliver outstanding value and high quality service. Outlook We continue to keep a very close eye on France ensuring the right decisions are made for the long-term benefit of the business. Despite poor conditions, we continue to make progress and have moved the consolidated business into profit. The world economy remains difficult and we are, therefore, cautious about the future. Our maiden profit and #1m cash in the bank means our financial position remains solid and puts us in a strong position to take advantage of any improvements in the market. I would like to thank the dedicated team who have worked so hard during the past six months to achieve the very creditable results. Like most other service companies WCN's most valuable asset is the workforce. We are fortunate to have a dedicated, experienced and hardworking team developing our software and providing a service to our clients. Enquiries Ian Moore, Chairman Charles Hipps, Managing Director World Careers Network Tel: 020 8946 9876 WORLD CAREERS NETWORK PLC Profit and loss account for the six months to 31 January 2003 Unaudited Unaudited Audited 6 months to 6 months to Year to 31 January 31 January 31 July 2003 2002 2002 # # # Turnover 815,939 766,946 1,519,323 Administrative expenses 797,852 (896,520) (1,727,187) ________ ________ ________ Operating profit/(loss) 18,087 (129,574) (207,864) Interest receivable 12,995 12,191 22,841 ________ ________ ________ Profit/(loss) on ordinary activities before and after taxation 31,082 (117,383) (185,023) ________ ________ ________ Profit/(loss) per share - basic and diluted 0.38p (1.45p) (2.29p) ________ ________ ________ Notes to the interim financial statements 1 The profit/(loss) per share has been calculated by dividing the profit/ (loss) by the number of shares in issue during the relevant periods. 2 This interim report was approved by the board of directors on 23 April 2003. The financial information contained in this interim report does not comprise statutory accounts as defined by section 240 of the Companies Act 1985. 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 2002. The financial information for the year ended 31 July 2002 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 2002 and 2003 is unaudited and has not been reviewed by the company's auditors. WORLD CAREERS NETWORK PLC Balance sheet at 31 January 2003 Unaudited Unaudited Audited 31 January 31 January 31 July 2003 2002 2002 # # # # # # Fixed assets Intangible assets 205,427 234,397 219,917 Tangible assets 60,374 80,294 74,566 ________ ________ ________ 265,801 314,691 294,483 Current assets Debtors 317,259 323,855 327,779 Cash at bank 1,018,521 888,690 802,752 ________ ________ ________ 1,335,780 1,212,545 1,130,531 Creditors: amounts falling due within one year 289,485 208,898 168,001 ________ ________ ________ Net current assets 1,046,295 1,003,647 962,530 ________ ________ ________ Total assets less 1,312,096 1,318,338 1,257,013 current liabilities Provisions for (13,954) (16,835) (10,954) liabilities and charges ________ ________ ________ 1,298,142 1,301,503 1,246,059 ________ ________ ________ Capital and reserves Called up share 8,070 8,070 8,070 capital Share premium 1,527,375 1,527,375 1,527,375 account Share scheme 150,914 117,718 129,914 reserve Profit and loss (388,217) (351,660) (419,300) account ________ ________ ________ 1,298,142 1,301,503 1,246,059 Shareholders' funds ________ ________ ________ Analysis of shareholders' funds Equity interest 1,298,142 1,301,503 1,246,059 ________ ________ ________ WORLD CAREERS NETWORK Cash flow statement for the six months to 31 January 2003 Unaudited Unaudited Audited 6 months to 6 months to Year to 31 January 31 January 31 July 2003 2002 2002 # # # Reconciliation of operating loss to net cash outflow from operating activities Operating profit/(loss) 18,087 (129,574) (207,864) Amortisation of goodwill 14,490 14,520 29,000 Depreciation of tangible assets 20,623 18,932 39,768 Operating costs not represented by 24,000 37,500 43,815 cash flows Decrease in debtors 10,520 17,410 13,486 Increase/(decrease) in creditors 121,484 7,643 (33,254) ________ ________ ________ Net cash inflow/(outflow) from 209,204 (33,569) (115,049) operating activities ________ ________ ________ Net cash inflow/(outflow) from 209,204 (33,569) (115,049) operating activities Returns on investments and servicing of finance Interest received 12,995 12,191 22,841 Capital expenditure and financial investment Purchase of tangible fixed assets (6,430) (21,359) (36,467) ________ ________ ________ Increase/(decrease) in cash 215,769 (42,737) (128,675) ________ ________ ________ Reconciliation of net cash flow to net funds and analysis of net funds Increase/(decrease) in cash in the 215,769 (42,737) (128,675) period Opening net funds 802,752 931,427 931,427 ________ ________ ________ 1,018,521 888,690 802,752 Closing net funds ________ ________ ________ This information is provided by RNS The company news service from the London Stock Exchange END IR DXLFLXZBBBBV
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