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Share Name | Share Symbol | Market | Type |
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Stef | EU:STF | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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3.80 | 3.07% | 127.60 | 127.20 | 128.00 | 127.80 | 125.40 | 125.40 | 2,221 | 14:32:20 |
RNS Number:3193Q Staffing Ventures PLC 30 September 2003 Staffing Ventures plc 30 September 2003 Chairman's Statement For the year ended 31 March 2003 I am pleased to announce our results for the year ended 31 March 2003. The current year has been one of consolidation for the Group following the acquisition of the six recruitment businesses in the previous year and has resulted in an Operating Profit before Exceptional Items and Goodwill Amortisation of #48,352 (2002: Loss of #353,737) which represents an acceptable performance given the testing trading environment for recruitment companies over the last 12-18 months. Staffing Ventures Recruitment, which incorporates the major acquisition of the Eagle group of companies last year (and includes the increasingly strong brands of Wrencare and Sarah Harvey) contributed operating profits of #180,815 towards central costs and interest. The performance of our other investments in Capital Healthcare Associates Limited, Next Generation IT Recruitment Limited, Transcend Recruitment Limited and Bluenose Limited, have performed less successfully and action is being taken to improve profitability in the current year. The recruitment market overall is not showing signs of recovery as the general economy starts to improve. The market remains extremely competitive and it is the Board's intention to concentrate its efforts into areas of activity where our businesses offer a specialism and margins remain robust. The centralisation of back office functions for our owned businesses is complete and working efficiently and cost-effectively. We have been working during the year on developing a back office support function to offer to other recruitment companies and I am delighted to report that "Supporta" was officially launched on 1 September 2003 and is already receiving interest within the marketplace. All costs incurred on developing Supporta have been written off directly to the profit and loss account as an exceptional item. I can also report that the Group have accepted the resignation of Steve Wilden, the Group's Chief Executive, who is being replaced by Gavin Kaye, who has experience in both the healthcare market and in working on public company boards in finance, operational management and acquisitions. Gavin is preparing a business plan for the existing businesses to identify how best the Group can develop a profitable base. As I reported in December, the Board remain committed to building a profitable platform for future growth and we remain in discussions with a number of potential acquisition targets in the back-office and payroll market to complement our existing group of businesses. It is anticipated that one or more acquisitions will be made before the end of the current financial year. I look forward to reporting progress on our existing businesses and to an exciting year developing the Group. Bob Holt Chairman 30 September 2003 Staffing Ventures plc Consolidated Profit and Loss Account For the year ended 31 March 2003 Note 31 March 2003 31 March 2002 # # Turnover 3 9,434,046 1,767,320 Cost of sales (7,315,246) (1,350,080) Gross profit 3 2,118,800 417,240 Administrative expenses (2,374,193) (769,180) Operating (loss) / profit 3 (255,393) (351,940) Operating profit/(loss) before exceptional 48,352 (335,737) items and goodwill amortisation Exceptional items (209,595) - Amortisation of goodwill (94,150) (16,203) Operating (loss) (255,393) (351,940) Net interest (84,258) (10,829) Loss on ordinary activities before (339,651) (362,769) taxation Tax on loss on ordinary activities - - Loss on ordinary activities after taxation (339,651) (362,769) Equity minority interests 2,634 7,121 Loss transferred from reserves (337,017) (355,648) Loss per share Basic and diluted (2002 restated) 2 (7.04p) (16.61p) There were no recognised gains or losses other than the loss for the financial year. Staffing Ventures plc Consolidated Balance Sheet For the year ended 31 March 2003 31 March 2003 31 March 2002 # # Fixed assets Intangible assets 1,907,624 1,694,428 Tangible assets 111,170 211,541 Investments 329,876 322,032 2,348,670 2,228,001 Current assets Debtors 1,753,602 1,379,903 Cash at bank and in hand 1,420,941 1,088,512 3,174,543 2,468,415 Creditors: amounts falling due within one (2,796,740) (2,849,026) year Net current assets / (liabilities) 377,803 (380,611) Total assets less current liabilities 2,726,473 1,847,390 Creditors: amounts falling due after more than one year (70,082) (144,091) 2,656,391 1,703,299 Capital and reserves Called up share capital 383,761 237,477 Share premium account 3,102,122 1,955,663 Profit and loss account (791,345) (454,328) Equity shareholders' funds 2,694,538 1,738,812 Minority interests (38,147) (35,513) 2,656,391 1,703,299 1. BASIS OF PREPARATION The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. Basis of consolidation The group financial statements consolidate those of the company and of its subsidiary undertakings drawn up to 31 March. Acquisitions of subsidiaries are dealt with by the acquisition method of accounting. Investments in participating interests A participating interest is an interest of a member of the group in the shares of another undertaking which it holds on a long-term basis in order to secure a contribution to its activities by the exercise of control or influence arising from or relating to that interest. Goodwill Goodwill arising on consolidation representing the excess of the fair value of the consideration given over the fair values of the identifiable net assets acquired, is capitalized and is amortised on a straight line basis over its estimated useful economic life of 20 years. 2. LOSS PER SHARE Basic loss per share is based on equity losses of #337,017 and 4,789,635 ordinary shares 5p each, being the average number of shares in issue during the year. In 2002 the basic loss per share was based on equity losses of #355,648 and 2,140,625 re-based ordinary shares of 5p each. The above number of shares have been adjusted to reflect the 1 for 100 share consolidation that took place on 24 March 2003. 3. OPERATING LOSS The Operating Loss for the year ended 31 March 2002 is split between Continuing Operations and Acquisitions as follows: 31 March 2002 Continuing Total Operations Acquisitions # # # Turnover 48,000 1,719,320 1,767,320 Cost of sales - (1,350,080) (1,350,080) Gross profit 48,000 369,240 417,240 Administrative expenses (432,798) (336,382) (769,180) Operating (loss) / profit (384,798) 32,858 (351,940) 4. PUBLICATION OF STATUTORY ACCOUNTS The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The figures for the year ended 31 March 2003 have been extracted from the statutory financial statements. Those financial statements have not yet been delivered to the Registrar. END This information is provided by RNS The company news service from the London Stock Exchange END FR LLMRTMMATBJJ
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