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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Imperial Oil | TG:IMP | Tradegate | 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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| -0.40 | -0.66% | 60.46 | 60.26 | 60.66 | 60.14 | 60.14 | 60.14 | 1 | 22:50:01 |
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RNS Number:0860J
Imprint Search and Selection PLC
23 March 2003
FOR IMMEDIATE RELEASE 23 MARCH 2003
IMPRINT SEARCH & SELECTION PLC
PRELIMINARY RESULTS FOR YEAR ENDED 31 DECEMBER 2002
Imprint Search & Selection plc is pleased to announce its preliminary results
for the year ended 31 December 2002.
HIGHLIGHTS
* Turnover growth despite the poor market conditions
* Month end profitability achieved
* Cash neutral trading in the final quarter of the year
* Year end cash balance of #1.05 million
* Continued development of a quality client base
* Encouraging outlook for 2003
Pierce Casey, Chairman, Imprint Search & Selection plc, commented:
"Imprint achieved month end profitability in 2002 despite the continuing poor
market conditions. During the final quarter, trading was cash neutral and we
ended the year with cash balances of over #1 million. For a business in its
first full year of trading this is an exceptional performance. Our client base
now includes 44 S&P100, STOXX50 and FTSE100 companies. The combination of our
improving financial performance and a growing high quality client base gives us
confidence for 2003."
For further information, please contact:
Imprint Search & Selection plc 020 7287 8585
Brian Hamill, Chief Executive Officer
John Hunter, Chief Financial Officer
Buchanan Communications 020 7466 5000
Tim Anderson
Isabel Petre
CHAIRMAN'S STATEMENT
INTRODUCTION
Although the external economic environment remains difficult, Imprint has
continued to make sound progress in executing its strategy of establishing a
branded multi-disciplined international search & selection business.
Our principal focuses over the year have been client development, revenue
generation and financial control. I am, therefore, pleased to report that the
Group had over 130 clients that generated revenue during the year and achieved
its primary objective of reaching month end profitability. Additionally, the
Group was cash neutral through the final quarter of 2002.
RESULTS
The results for the year are summarised as follows:
Year ended 13 months ended
31December 2002 31December 2001
#000 #000
Turnover 3,480 873
Operating costs (4,746) (3,032)
Operating loss (1,266) (2,159)
Interest income 65 138
Loss before taxation (1,201) (2,021)
Loss per share (7.0)p (14.0)p
Our balance sheet remains strong with net assets totalling #2.2 million and cash
of over #1 million.
FUTURE PROSPECTS
We are optimistic about Imprint's prospects, despite the current weak market,
because we believe our substantial increase in market share achieved in 2002, in
the face of a severe cyclical downturn, should allow us to benefit significantly
when the market improves.
Pierce Casey, Chairman
23 March 2003
CHIEF EXECUTIVE'S REVIEW
INTRODUCTION
The year under review represents Imprint's first full year of trading. I am
encouraged by our progress to date in terms of both the size and quality of the
client base we have established and the significant, and continuing, improvement
to our monthly financial results, particularly, in view of the continued
challenging state of our markets.
BUSINESS REVIEW
We have maintained tight control over our costs and reduced our monthly overhead
significantly during the second half of the year. Despite this, we have
continued to increase our client base and gain market share. During the year
ended 31 December 2002 our fee earning client base included 11 S&P100 companies,
16 Dow Jones STOXX50 (the 50 largest companies in Europe), and 17 members of the
FTSE 100 as well as a number of other significant public and private companies.
Additionally, the volume of repeat business with our key clients has increased
progressively through the year. We are also beginning to see the benefits of
our multi-disciplined model, as the number of clients serviced by more than one
division has increased substantially during the second half of the year. This
is being reflected in our improving monthly financial results.
UK
The UK business is benefiting from our diversified model, which affords us
limited exposure to any one sector of our market place. This is most notable in
the financial services sector where market conditions continued to deteriorate
during the year; however, we have maintained a broad range of recruitment
offerings, each of which continued to win mandates with global investment banks.
Our commerce divisions have been particularly successful in securing repeat
mandates from their blue chip corporate client bases. Consequently, all of our
operating divisions have contributed to both the Group's top line growth and
improved earnings. Turnover totalled #3.20 million (2001 - #873,000) and
operating losses amounted to #904,000 (2001 - #2.16 million).
Asia
Our Asian subsidiary commenced trading in January 2002 and, after its initial
start up period, traded satisfactorily through to the end of the third quarter
of the year. Unfortunately, trading deteriorated somewhat during the final
quarter of the year due to the continued challenging state of the Hong Kong
market and increased price sensitivity in Shanghai. We have responded to this
by reducing our monthly cost base by over 40% during the second half of the
year. However, operating losses for the year amounted to #362,000 (including
pre-trading expenses and start up costs) on turnover of #283,000.
STRATEGY
Our strategy continues to be to ensure that our brands are represented in all of
our target markets so as to facilitate the rapid leverage of the business when
market conditions improve. Consequently, in the short term, we plan to grow our
operating base by further diversifying our service offerings so as to ensure
that there is no replication of our existing resources. To this end, we have
broadened the scope of our WoodHamill branded Executive Search division to
include corporate as well as banking positions. This will enable us to more
easily attract fee earners with a track record of successfully originating and
executing, higher margin, board level mandates, and will also promote further
client development for the benefit of the Group as a whole.
As valuations continue to decline and as our organic foundations are now in
place and capable of supporting an enlarged business, we recognise that
appropriate acquisitions may be feasible. However, our strategy will continue
to be cautious.
CURRENT TRADING & FUTURE PROSPECTS
Trading in the first quarter of 2003 has been satisfactory. Our pipeline for
the second quarter is encouraging and, therefore, we are confident that we will
continue to grow our client base. Looking ahead, we anticipate modest
profitability for the full year, in the absence of a further significant
deterioration in our markets.
Brian Hamill, Chief Executive Officer
23 March 2003
FINANCIAL REVIEW
TRADING RESULTS
The Group's turnover for the year totalled #3.48 million (2001 - #873,000) and
was wholly derived from search and selection activities. Year on year
comparisons are distorted by 2001 comprising only 8 trading months and the
operational scaling of the business that occurred during the final quarter of
2001 and the first quarter of 2002.
The operating loss for the year amounted to #1.27 million (2001 - #2.16
million). The Group's monthly fixed overhead at the end of 2002 amounted to
approximately #310,000. The Group's total headcount at the year-end stood at
49, of whom 29 were fee earners.
FINANCIAL POSITION
The financial position of the business has been tightly controlled. The Group's
balance sheet remains strong with net assets of #2.16 million (2001 - #3.37
million) and cash of #1.05 million (2001 - #3.52 million). The net reduction in
cash and short-term deposits for the year of #2.47 million is principally
derived from:
* operating losses of #1.27 million;
* increases in working capital of #769,000 resulting from the increased
activity levels. Trade debtor days at the year end amounted to 34
days; and
* the payment of a rent deposit on the Group's London offices of
#582,000.
John Hunter, Chief Financial Officer
23 March 2003
GROUP PROFIT AND LOSS ACCOUNT
For the year ended 31 December 2002
Year 13 months
ended ended
31 December 31 December
2002 2001
# #
TURNOVER 3,479,968 873,292
Cost of sales (3,015,567) (1,246,573)
Gross profit/(loss) 464,401 (373,281)
Administrative expenses (1,730,787) (1,785,733)
OPERATING LOSS (1,266,386) (2,159,014)
Interest receivable and similar income 65,741 138,072
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (1,200,645) (2,020,942)
Taxation (13,565) (1,622)
LOSS FOR THE FINANCIAL YEAR (1,214,210) (2,022,564)
Basic and diluted loss per share (7.0)p (14.0)p
All recognised gains and losses are included in the profit and loss account.
GROUP BALANCE SHEET
31 December 2002
2002 2001
# #
FIXED ASSETS
Tangible assets 307,711 390,684
CURRENT ASSETS
Rent deposit (due after more than one year) 582,544 -
Trade and other debtors (due within one year) 859,744 229,144
Debtors 1,442,288 229,144
Cash and short term deposits 1,047,131 3,522,000
2,489,419 3,751,144
CREDITORS: amounts falling due within one year (640,545) (771,033)
NET CURRENT ASSETS 1,848,874 2,980,111
TOTAL ASSETS LESS CURRENT LIABILITIES 2,156,585 3,370,795
CAPITAL AND RESERVES
Called up share capital 173,467 173,467
Share premium account 5,219,892 5,219,892
Profit and loss account (3,236,774) (2,022,564)
EQUITY SHAREHOLDERS' FUNDS 2,156,585 3,370,795
GROUP STATEMENT OF CASH FLOWS
For the year ended 31 December 2002
Year 13 months
ended ended
31 December 31 December
2002 2001
# #
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (2,476,443) (1,519,693)
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Interest received 65,741 138,072
TAXATION
Corporation tax paid (17,553) -
CAPITAL EXPENDITURE
Payments to acquire tangible fixed assets (46,614) (489,738)
NET CASH OUTFLOW BEFORE USE OF LIQUID
RESOURCES/FINANCING (2,474,869) (1,871,359)
MANAGEMENT OF LIQUID RESOURCES
Decrease/(Increase) in short term deposits 2,493,532 (3,480,343)
FINANCING
New equity shares issued - 5,848,547
Share issue costs paid - (455,188)
NET CASH INFLOW FROM FINANCING - 5,393,359
INCREASE IN CASH 18,663 41,657
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
2002 2001
# #
INCREASE IN CASH 18,663 41,657
Cash (inflow)/outflow from short term deposits (2,493,532) 3,480,343
Change in net funds resulting from cash flows (2,474,869) 3,522,000
MOVEMENT IN NET FUNDS IN THE YEAR (2,474,869) 3,522,000
NET FUNDS AT 31 DECEMBER 2001 3,522,000 -
NET FUNDS AT 31 DECEMBER 2002 1,047,131 3,522,000
SEGMENTAL ANALYSIS
The Group's turnover, operating loss and net assets by destination and source,
all derived from external customers, during the year arose as follows:
2002 2001
# #
TURNOVER
United Kingdom & Europe 3,196,949 873,292
Asia Pacific 283,019 -
3,479,968 873,292
OPERATING LOSS
United Kingdom & Europe (904,100) (2,159,014)
Asia Pacific (362,286) -
(1,266,386) (2,159,014)
Interest receivable and similar income 65,741 138,072
Loss before taxation (1,200,645) (2,020,942)
NET ASSETS/(LIABILITIES)
United Kingdom & Europe 2,532,497 3,370,795
Asia Pacific (375,912) -
2,156,585 3,370,795
RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW
FROM OPERATING ACTIVITIES
2002 2001
# #
Operating loss (1,266,386) (2,159,014)
Depreciation 129,587 99,054
Increase in operating debtors,
accrued income and prepayments (628,234) (229,144)
Rent deposit paid (582,544) -
(Decrease)/increase in operating creditors and accruals (128,866) 769,411
(2,476,443) (1,519,693)
NOTES
1. The preliminary announcement does not amount to full accounts within the
meaning of section 240 of the Companies Act 1985. The contents of the
preliminary announcement have been extracted from the audited financial
statements for the company for the year ended 31 December 2002, which will be
filed with the Registrar of Companies. The audit report on these financial
statements is unqualified and does not contain a statement under Section 237 (2)
or (3) of the Companies Act 1985.
2. The basic and diluted loss per share for the year is calculated by dividing
the retained loss for the year (#1,214,210), by the number of ordinary shares in
issue during the year (17,346,730). The basic and diluted loss per share for
the period ended 31 December 2001 is calculated by dividing the retained loss
for the period (#2,022,564), by the weighted average number of ordinary shares
in issue during the period (14,422,787).
3. No dividend is proposed for the period ended 31 December 2002.
4. Copies of the annual report and financial statements for 2002 will be posted
to shareholders and will be available from the Company's registered office, 2
Sheraton Street, London, W1F 8BH.
5. An Annual General Meeting of the Company will be held at Imprint Search and
Selection plc, 2 Sheraton Street, London, W1F 8BH on 14 May 2003 at 11.00am.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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