Share Name Share Symbol Market Type Share ISIN Share Description
SG Recruitment Limited NEX:SGRL NEX Ordinary Share SG9999015259
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  0.00 0.0% 117.00 112.00 122.00 117.00 117.00 117.00 0.00 07:41:32
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SG Recruitment Limited Final Results

30/08/2019 12:43pm

UK Regulatory (RNS & others)


SG Recruitment (NEX:SGRL)
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1 Year : From Mar 2019 to Mar 2020

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TIDMSGRL

RNS Number : 7422K

SG Recruitment Limited

30 August 2019

SG RECRUITMENT LIMITED

("SGR" or the "Company")

AUDITED FINAL Results for the 15 months ended 31 March 2019

The Directors are pleased to report the audited final results for the Company and its subsidiaries (together the "Group") for the 15 months ended 31 March 2019.

The Company will shortly be posting to shareholders a copy of the audited report and accounts for the Group for the 15 months ended 31 March 2019, together with a notice convening the Annual General Meeting of the Company, to be held at 11.00 a.m. Gulf Standard Time on Monday 30 September 2019. The annual report and accounts will be made available on the Company's website at www.sgr-global.com.

Highlights for the 15 months ended 31 March 2019:

   --    Increased sales revenue of GBP777,000 for the period ended 31 March 2019 (2017: GBP244,000) 
   --    Improved gross profit margin of 82% for the period ended 31 March 2019 (2017: 73%) 
   --    Further contracts signed with 6 NHS trusts in the UK and 2 hospitals in Ireland 
   --    Conversion of GBP4.1 million of debt to equity 
   --    Loss after tax for the period ended 31 March 2019 of GBP2,620,000 (2017: GBP2,069,000) 

-- Basic and diluted loss per share for the period ended 31 March 2019 of GBP0.28 (2017: GBP0.24)

Post year end highlights:

-- Largest contracts to date signed with Health Education England and Royal Berkshire NHS Foundation Trust to recruit nurses into over 20 hospitals in the UK.

-- Successful recruitment campaigns held in the Group's UAE offices with Royal Berkshire NHS Foundation Trust and Nottingham University Hospital NHS trust.

-- New contract signed with Thumbay Hospital in the United Arab Emirates to recruit at least 150 international nurses.

Chairman's statement

I am delighted to report the results for the Group for the 15 months ended 31 March 2019.

Since admission to trading on the NEX Exchange Growth Market in September 2016, SGR has been successful in securing finance and expanding its operations throughout the UK, the Middle East and the Philippines. We now have over 50 full time employees across the organisation who are actively engaged in serving our clients to recruit highly skilled nurses and health care professionals.

On 15 November 2018, the Company was renamed from Healthperm Resourcing Ltd.

Two of our primary objectives for the period were to increase our database of skilled nurses and healthcare professionals and to grow our existing client base in the UK and the Middle East. I am pleased to report that we have achieved both of these objectives, which has resulted in sales for the period being more than three times those achieved in the prior year.

In the UK, nurses are required to achieve a high level of proficiency in language skills in order to practice. This is now assessed using both the International English Language Testing System ("IELTS") and the Occupational English Test ("OET") qualifications. SGR took the decision in 2017 to only offer candidates to its UK clients who have already achieved this level of competency - a policy which has provided a clear differentiator to our competitors and has resulted in 76% of the candidates we put forward for UK interviews in the period being offered employment. The Group has now signed recruitment agreements with over 10 NHS trusts in the UK and has successfully deployed over 200 international nurses to the UK.

Outside the UK, SGR has continued to expand its operations and now has 4 offices across the Middle East and the Philippines. The Group has successfully deployed over 200 international nurses into private healthcare facilities in Saudi Arabia, the United Arab Emirates, Qatar, Oman and Kuwait, and in 2017 it opened its own dedicated IELTS and OET language training centre in the United Arab Emirates to focus on training international nurses currently working in the region with a desire to move to the UK. As far as the Directors are aware, SGR is the only nurse recruitment company with this offering in the United Arab Emirates, and has now enrolled over 300 students to its training programmes, with its first students passing exams and being deployed to UK clients during 2018.

As an expert recruitment services business, we are reliant on our highly talented and dedicated staff who continue to deliver exceptional service to our customers and candidates. I would like to thank them all for their efforts and I look forward to another exciting year of growth.

Alan Kitchin

Chairman

For further information please contact:

 
SG Recruitment Limited 
Jon Sumner, Chief Financial Officer  Tel: +971 (0) 55 871 2466 
WH Ireland Ltd (Corporate Adviser) 
Chris Hardie, James Sinclair-Ford    Tel: +44 (0) 207 220 1666 
 

Consolidated statement of comprehensive income

for the 15 months ended 31 March 2019

 
                                                 Period ended     Year ended 
                                                     31 March    31 December 
                                                         2019           2017 
                                                       GBP000         GBP000 
                                                -------------  ------------- 
 
 Revenue                                                  777            244 
 Cost of sales                                          (141)           (65) 
                                                -------------  ------------- 
 Gross profit                                             636            179 
 
 Other income                                               -            108 
 Operating costs                                      (2,940)        (2,068) 
                                                -------------  ------------- 
 Operating profit (loss)                              (2,304)        (1,781) 
 
 Finance costs                                          (329)          (141) 
                                                -------------  ------------- 
 Loss before taxation                                 (2,633)        (1,922) 
 Income tax (charge) / credit                              13          (147) 
                                                -------------  ------------- 
 Loss after tax                                       (2,620)        (2,069) 
                                                =============  ============= 
 
 Other comprehensive loss 
 Items that may be reclassified subsequently 
  to profit or loss: 
 Exchange difference on translation of 
  foreign operations                                     (43)              9 
                                                -------------  ------------- 
 Total comprehensive loss for the period 
  attributable to equity holders                      (2,663)        (2,060) 
 
 Basic and diluted loss per share (pence)              (28.2)         (23.9) 
 

Consolidated statement of financial position

as at 31 March 2019

 
 
                                     31 March   31 December 
                                         2019          2017 
                                       GBP000       GBP'000 
                                    ---------  ------------ 
 Non-current assets 
 Property, plant and equipment             38            10 
 Intangible assets                        113           201 
                                    ---------  ------------ 
                                          151           211 
 
 Current assets 
 Trade and other receivables              213           245 
 Cash                                      33            56 
                                    ---------  ------------ 
                                          246           301 
 
 Current liabilities 
 Trade and other payables             (1,332)         (463) 
 Debt                                   (124)             - 
                                    ---------  ------------ 
 
 Net current liabilities              (1,210)         (162) 
 
 Non-current liabilities 
 Debt                                       -       (2,680) 
 Deferred tax liabilities                (18)          (31) 
 
 Net liabilities                      (1,077)       (2,662) 
                                    =========  ============ 
 
 Equity attributable to owners 
 Share capital                         19,000        14,840 
 Translation reserves                     116           159 
 Capital restructuring reserve       (11,746)      (11,746) 
 Merger reserve                            54            54 
 Share based payment reserve               88             - 
 Accumulated loss                     (8,589)       (5,969) 
 
 Total equity and merger reserve      (1,077)       (2,662) 
                                    =========  ============ 
 
 

Consolidated statement of changes in equity

for the 15 months ended 31 March 2019

 
                                                     Capital                  Share based 
                          Share     Translation    restructuring    Merger      payment     Accumulated 
                          capital     reserves        reserve       reserve     reserve         loss         Total 
                           GBP000     GBP000              GBP000     GBP000        GBP000        GBP000      GBP000 
----------------------  ---------  ------------  ---------------  ---------  ------------  ------------  ---------- 
 As at 1 January 
  2017                     14,840       150             (11,746)         54             -       (3,900)       (602) 
 Loss for the 
  year                          -        -                     -          -             -       (2,069)     (2,069) 
 Exchange differences           -        9                     -          -             -             -           9 
----------------------  ---------  ------------  ---------------  ---------  ------------  ------------  ---------- 
 Total comprehensive 
  loss for the 
  year                          -         9                    -          -             -       (2,069)     (2,060) 
----------------------  ---------  ------------  ---------------  ---------  ------------  ------------  ---------- 
 As at 31 December 
  2017                     14,840       159             (11,746)         54             -       (5,969)     (2,662) 
----------------------  ---------  ------------  ---------------  ---------  ------------  ------------  ---------- 
 Loss for the 
  period                        -        -                     -          -             -       (2,620)     (2,620) 
 Exchange differences           -      (43)                    -          -             -             -        (43) 
----------------------  ---------  ------------  ---------------  ---------  ------------  ------------  ---------- 
 Total comprehensive 
  loss for the 
  period                        -       (43)                   -          -             -       (2,620)     (2,663) 
----------------------  ---------  ------------  ---------------  ---------  ------------  ------------  ---------- 
 Transaction 
  with owners 
 Issuance of 
  shares                    4,160        -                     -          -             -             -       4,160 
 Share based 
  payment                       -        -                     -          -            88             -          88 
 As at 31 March 
  2019                     19,000       116             (11,746)         54            88       (8,589)     (1,077) 
----------------------  ---------  ------------  ---------------  ---------  ------------  ------------  ---------- 
 
 

Consolidated statement of cash flows

for the 15 months ended 31 March 2019

 
                                               Period ended     Year ended 
                                                   31 March    31 December 
                                                       2019           2017 
                                                     GBP000         GBP000 
                                              -------------  ------------- 
 
 Cash flows from operating activities 
 Loss before taxation                               (2,633)        (1,922) 
 Adjustments for: 
 Depreciation and amortization                          104             69 
 Share based payment charges                             88              - 
 Interest expenditure                                   329            141 
                                              -------------  ------------- 
 Operating cash flow before changes 
  in working capital                                (2,112)        (1,712) 
                                              -------------  ------------- 
 
 Increase/(decrease) in trade and 
  other receivables                                      32          (161) 
 (Decrease)/increase in trade and 
  other payables                                        826          (250) 
                                              -------------  ------------- 
 Net cash flow from operating activities            (1,254)        (2,123) 
                                              -------------  ------------- 
 
 Investing activities 
 Purchase of property, plant and 
  equipment                                            (44)            (9) 
                                              -------------  ------------- 
 Net cash flow from investing activities               (44)            (9) 
                                              -------------  ------------- 
 
 Debt financing                                       1,275          2,168 
                                              -------------  ------------- 
 Net cash flow from financing activities              1,275          2,168 
                                              -------------  ------------- 
 
 Net increase in cash and cash equivalents             (23)             36 
 Cash and cash equivalent at the 
  beginning of the year                                  56             22 
 Effect of exchange rate fluctuations 
  on cash held                                            -            (2) 
                                                             ------------- 
 Cash and cash equivalents at the 
  end of the year                                        33             56 
                                              =============  ------------- 
 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

FR UROARKKAWOAR

(END) Dow Jones Newswires

August 30, 2019 07:43 ET (11:43 GMT)

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