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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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-10.60 | -7.97% | 122.40 | 122.20 | 122.40 | 131.60 | 120.00 | 131.60 | 13,941 | 16:35:28 |
RNS Number:8630S Staffing Ventures PLC 04 December 2003 Chairman's Statement I am pleased to present the results for Staffing Ventures plc for the six months ended 30 September 2003. Operating loss before goodwill amortisation and exceptional items was #89,697 (2002: profit #32,478) on turnover of #4,221,877 (2002: #4,689,935). Exceptional items amounted to #511,049 (2002: #nil). Pre-tax losses amounted to #698,403 (2002: #41,045). The six-month result represented a reasonable performance at an operating level by the individual trading divisions in such a competitive environment. As has been stated in previous Chairman's Statements, Staffing Ventures has been looking to expand its back office and payroll outsourcing division which will allow the Company to build a profitable platform for future growth. Without such an acquisition and as highlighted by these results the Company will continue to struggle to achieve a significant level of operating profit. As such the search for a suitable acquisition target was stepped up and on-going discussions with the owners of Parys Snowdon Group Limited have now resulted in that company agreeing to sell us their payroll services division, which provides payroll, pensions, and other related services principally to NHS organisations throughout the United Kingdom. Details of the acquisition and the related fundraising are contained in a separate announcement. Full details of the acquisition, which is subject to shareholder approval at an Extraordinary General Meeting to be held on 6 January 2004, are included in a Circular which will be sent to shareholders along with these Interim Results. As a consequence of the size of the acqusition, which constitutes a reverse takeover of the Company under the AIM Rules, dealings in the ordinary shares of Staffing Ventures, were suspended, at the Board's request on 24 October 2003. This suspension is expected to be lifted on today's release of these interim results and the announcement of the acquisition and related fundraising. Other developments during the six months ended 30 September 2003 included the continuing development of our "Supporta" back office payroll and credit control service, which was officially launched on 9 September and the opening of our new Wrencare office in Birmingham, which will supply social workers in the Midlands region as a sister business to our Wrencare division in London. As I reported on 30 September 2003, our new Chief Executive, Gavin Kaye, is currently undertaking a detailed review of the individual operations within the Group to improve the overall efficiency and performance and to maximise each business's ability to benefit from the beginnings of an up-turn in the recruitment sector. Over the last two months, I am pleased to report that the Transcend brewery transport agency business has now been brought into the group as a wholly-owned new trading division following the liquidation of Transcend Recruitment Limited, in which we held a minority interest. The underlying business itself is solid and provides excellent opportunities to develop further. In London we have recently taken occupation of new offices in Bakers Yard, London EC1 which has given us an opportunity to consolidate under one roof the Wrencare, Capital Healthcare Associates and Next Generation I.T. businesses, which will not only lead to cost savings but improve efficiency and provide other synergistic benefits. We anticipate further rationalisation of the remaining recruitment business during the remainder of the current financial year. With Parys Snowdon Payroll Services Limited joining the Group (subject to shareholder approval) in early January, we believe that 2004 offers Staffing Ventures exciting opportunities and growth potential, both organically and by further acquisitions. In order to reflect the Group's widening support services base, we are proposing to change the name of the parent company to Supporta plc at the Extraordinary General Meeting on 6 January 2004. Bob Holt 4 December 2003 Unaudited Unaudited Unaudited 6 months to 6 months to Year ended 30 Sept 03 30 Sept 02 31 Mar 03 Note Turnover 4,221,877 4,689,935 9,434,046 Cost of sales (3,307,231) (3,604,251) (7,315,246 Gross profit 914,646 1,085,684 2,118,800 Administrative expenses (1,562,467) (1,096,227) (2,374,193) -------- -------- -------- Operating loss (647,821) (10,543) (255,393) ----------------------- ------ -------- -------- -------- Operating loss before exceptional items and goodwill amortisation (89,697) 32,478 48,352 Exceptional items 5 (511,049) - (209,595) Amortisation of goodwill (47,075) (43,021) (94,150) ----------------------- ------ -------- -------- -------- Operating loss (647,821) (10,543) (255,393) Loss on disposal of fixed assets (25,000) - - Net Interest (25,582) (30,502) (84,258) -------- -------- -------- Loss on ordinary activities before taxation (698,403) (41,045) (339,651) Tax on loss on ordinary activities (760) - - Loss on ordinary activities after taxation (699,163) (41,045) (339,651) Equity minority interests 4,727 (1,716) 2,634 -------- -------- -------- Loss transferred from reserves (694,436) (42,761) (337,017) -------- -------- -------- Loss per share 1 (9.05p) (0.90p) (7.04p) Basic and diluted (2002 restated) Unaudited Unaudited Unaudited 6 months to 6 months to Year ended 30 Sept 03 30 Sept 02 31 Mar 03 # # # Fixed assets Intangible assets 1,860,549 1,916,155 1,907,624 Tangible assets 105,646 236,152 111,170 Investments 304,876 205,000 329,876 -------- -------- -------- 2,271,071 2,357,307 2,348,670 Current Assets Debtors 1,279,629 1,959,201 1,753,602 Cash at bank and in hand 455,710 - 1,420,941 -------- -------- -------- 1,735,339 1,959,201 3,174,543 Creditors: amounts falling due within one year (2,003,302) (2,550,656) (2,796,740) Net current (liabilities)/assets (267,963) (591,455) 377,803 -------- -------- -------- Total assets less current liabilities 2,003,108 1,765,852 2,726,473 Creditors: amounts falling due after more than one year (45,880) (103,598) (70,082) -------- -------- -------- 1,957,228 1,662,254 2,656,391 -------- -------- -------- Capital and reserves 383,761 237,477 383,761 Called up share capital 3,102,122 1,955,663 3,102,122 Profit and loss account (1,485,781) (497,089) (791,345) Equity shareholders' funds 2,000,102 1,696,051 2,694,538 Minority interests (42,874) (33,797) (38,147) -------- -------- -------- 1,957,228 1,662,254 2,656,391 -------- -------- -------- Unaudited Unaudited Unaudited 6 months to 6 months to Year ended 30 Sept 03 30 Sept 02 31 Mar 03 # # # Note Net cash (outflow) / inflow from operating activities 4 (479,392) (558,812) 105,187 Returns on investments and servicing of finance Interest received 12,242 - 23,645 Interest paid (37,824) (30,502) (107,903) Net cash outflow from returns on investments and servicing of finance (25,582) (30,502) (84,258) Taxation Tax paid (43,193) - - Capital expenditure and financial investment (33,492) (46,281) (61,384) Purchase of tangible fixed assets (33,492) (46,281) (61,384) Purchase of shares in investee companies - (32,968) - Loans to participating interests - - (31,731) -------- -------- -------- Net cash outlflow from capital expenditure and financial investment 33,492 79,249 93,115 Acquisitions and disposals Purchase of subsidiary undertakings - - (25,000) Payments in respect of previous acquisitions - - (24,588) Purchase of investments (32,844) Net cash outflow from acquisitions and disposals - - (82,432) -------- -------- -------- Financing Issue of ordinary share capital (net of expenses) - - 1,292,743 Repayment of loan notes - (1,068,500) (1,068,500) Movement in net borrowings (424,927) 577,317 285,351 Capital element of finance lease rentals (3,519) (5,306) (9,487) -------- -------- -------- Net cash (outflow) / inflow from financing (428,446) (496,489) 500,107 -------- -------- -------- (Decrease) / increase in cash (1,010,105) (1,165,052) 345,489 Reconciliation of net cashflow to movement in net funds / (debt) Increase / (decrease) in cash (1,010,105) (1,165,052) 345,489 Cash inflow / (inflow) from financing 424,927 (577,317) (285,351) Cash outflow from hire purchase contracts 3,519 5,306 9,487 Cash outflow from repayment of loan notes - 1,068,500 1,068,500 Movement in net (debt) / funds (581,659) (668,563) 1,138,125 Opening net funds / (debt) 298,398 (839,727) (839,727) -------- -------- -------- Closing net (debt) / funds (283,261) (1,508,290) 298,398 -------- -------- -------- 1 The calculation of earnings per share is based on the loss for the period of #694,436 and on the weighted average number of shares in issue during the period of 7,675,878 (six months to 30 September 2002 - 4,749,549 year ended 31 March 2003 - 4,789,635). The number of shares for the six months to 30 September 2002 have been adjusted to reflect the 1 for 100 share consolidation that took place on 24 March 2003. 2 The interim financial statement has been prepared on the basis of accounting policies set out in the Group's statutory accounts for the year ended 31 March 2003. The interim report was approved by the Board on 4 December 2003 but has neither been audited or reviewed by the Group's auditors. 3 These accounts do not constitute statutory accounts. The comparative figures for the year ended 31 March 2003 have been extracted from the statutory accounts for that year. These statutory accounts have been delivered to the Registrar of Companies, the auditors' report on which was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. 4 Reconciliation of operating profit to net outflow from operating activities Unaudited Unaudited Unaudited 6 months to 6 months to year ended 30 Sept 03 30 Sept 02 31 March 03 Operating loss (647,821) (10,543) (255,393) Depreciation and amortisation 86,091 66,383 130,905 Decrease / (increase) in debtors 473,973 (579,298) (328,185) (Decrease) / increase in creditors (391,635) (35,354) 557,860 -------- --------- ---------- Net cash (outflow) / inflow from (479,392) (558,812) 105,187 operating activities -------- --------- ---------- 5 Exceptional items Unaudited 6 months to 30 Sept 03 Supporta costs 267,152 Write off loan to investee 158,018 Litigation costs 35,774 Payment to former director 50,105 -------- 511,049 -------- 6 This report is being sent out to shareholders and copies will be made available at the Company's registered office, 22a Theobalds Road London WC1X 8PF. This information is provided by RNS The company news service from the London Stock Exchange END IR NKQKPDBDDNBK
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