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Share Name | Share Symbol | Market | Type |
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Prada SpA | TG:PRP | 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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0.044 | 0.57% | 7.74 | 7.588 | 7.74 | 7.832 | 7.594 | 7.694 | 1,624 | 16:21:47 |
RNS Number:3079P Prime People PLC 03 September 2003 For Immediate release 3rd September 2003 Prime People Plc Interim results for the six months ended 30 June 2003 (Operations: principally specialist recruitment of senior managers for the leisure industry, together with a related training business) KEY POINTS * Hotel and leisure sector recruitment continues to be very difficult * The Group records disappointing results * Operating loss from continuing operations of #367,157 (2002: profit of #183,441), which includes a one off payment of #298,206 made to the Chief Executive who resigned on 30 April 2003 * A small operating loss from discontinued operations of #7,870 (2002: loss of #10,348) * Share of operating loss of #79,133 from associate company Cameron Kennedy comparable to previous period's loss of #83,914 * The Group retains a strong balance sheet with net cash funds of #0.83m (2002: #1m) Richard Lee, Chairman of Prime People commented:- "Despite some signs of stability, trading for the remainder of the year is expected to continue to be difficult. Portfolio International continues to be a leading player in its sector and remains well placed to take advantage of any sector upturn when it does arise." Press enquiries:- Press enquiries Richard Lee, Chief Executive, Prime People Plc 020 7520 5000 Chris Heayberd, Finance Director, Prime People Plc 020 7520 5000 Prime People Interim Report 2003 Chairman's Statement ________________________________________________________________________________ Chairman's statement As indicated in my statement at the time of the Annual General Meeting, the results for the first half of the year show a significant downturn in trading. Turnover for the period is some 27% down on the same period last year, falling from #2.1m to #1.5m, and, as a consequence the group has incurred a significant loss on ordinary activities before taxation of #443,135 (2002: profit of #75,904). A substantial portion of this loss arose from the contractual termination payment of #298,206 made to Mr Coubrough, who resigned as Chief Executive of the group on 30th April. Portfolio International, our hotel and leisure related management recruitment business operates in a market place which is currently difficult and uncertain for reasons well documented in the press. Portfolio's international division has experienced significant problems and is unlikely to see any marked improvement in the foreseeable future. The leisure division continues to show some buoyancy and we will continue to invest in this area, whilst recruitment in the hotel sector remains flat. Harper Craven, our training business started the year slowly. However, the second half of the year has seen improved activity. Our associate company, Cameron Kennedy, continues to find trading difficult in the financial services sector in which it operates. Our share of losses amounted to #79,133 (2002: loss of #83,914). There is unlikely to be an improvement in their results in the second half of the year. Despite some signs of stability, trading for the remainder of the year continues to be difficult. We shall continue to keep a tight control on overheads. Portfolio International continues to be a leading player in its sector and remains well placed to take advantage of any sector upturn when it does arise. On behalf of shareholders and the board I would like to thank our employees for their commitment during a difficult time for the group. RICHARD E M LEE Chairman 3rd September 2003 Prime People Interim Report 2003 Consolidated Profit and Loss Account for the six months ended 30 June 2003 _________________________________________________________________________________________________________________ Six months Six months Year Ended Ended Ended 30 June 30 June 31 December 2003 2002 2002 Notes Unaudited Unaudited Audited # # # Turnover - Continuing operations 1,508,855 2,062,752 3,933,886 - Discontinued operations 26,166 113,571 168,348 ___________ ___________ ___________ 1,535,021 2,176,323 4,102,234 Cost of Sales ___________ ___________ ___________ - Continuing operations (81,925) (82,600) (169,285) - Discontinued operations (546) (2,522) (3,366) ___________ ___________ ___________ (82,471) (85,122) (172,651) ___________ ___________ ___________ Gross Profit 1,452,550 2,091,201 3,929,583 Administrative expenses (1,827,577) (1,918,108) (3,608,981) ___________ ___________ ___________ Group operating (loss) / profit ___________ ___________ ___________ - Continuing operations (367,157) 183,441 348,878 - Discontinued operations (7,870) (10,348) (28,276) ___________ ___________ ___________ (375,027) 173,093 320,602 Share of operating loss in associate (79,133) (83,914) (53,522) Loss arising from dilution of interest in associates - (20,250) (20,250) Amortisation of goodwill (6,000) (6,000) (12,000) ___________ ___________ ___________ (Loss) / profit on ordinary activities before interest (460,160) 62,929 234,830 Interest receivable and similar income 17,025 13,511 32,452 Interest payable and similar charges - (536) (536) ___________ ___________ ___________ (Loss) / profit on ordinary activities before taxation (443,135) 75,904 266,746 Tax on (loss) / profit on ordinary activities 2 85,935 (26,839) (91,906) ___________ ___________ ___________ (Loss) / profit on ordinary activities after taxation transferred to reserves 5 (357,200) 49,065 174,840 (Loss) / earnings per ordinary share ___________ ___________ ___________ - Basic 4 (0.97)p 0.13p 0.48p - Diluted (0.97)p 0.13p 0.48p ___________ ___________ ___________ Prime People Interim Report 2003 Consolidated Balance Sheet at 30 June 2003 _________________________________________________________________________________________________________________ 30 June 30 June 31 December 2003 2002 2002 Notes Unaudited Unaudited Audited # # # fixed assets Tangible assets 80,746 200,670 142,449 Investment in associate 552,454 615,377 630,652 ___________ ___________ ___________ 633,200 816,047 773,101 Current assets Debtors 1,022,827 1,381,653 1,235,628 Cash at bank and in hand 845,282 1,077,259 1,228,340 ___________ ___________ ___________ 1,868,109 2,458,912 2,463,968 Creditors: Amounts falling due within one year (388,397) (980,620) (796,955) ___________ ___________ ___________ Net current assets 1,479,712 1,478,292 1,667,013 ___________ ___________ ___________ Net assets 2,112,912 2,294,339 2,440,114 ___________ ___________ ___________ Capital and reserves Called up share capital 368,467 363,467 363,467 Share premium account 5 909,925 864,925 884,925 Merger reserve 5 173,077 173,077 173,077 Profit and loss account 5 661,443 892,870 1,018,645 ___________ ___________ ___________ Shareholders' funds 6 2,112,912 2,294,339 2,440,114 ___________ ___________ ___________ Prime People Interim Report 2003 Consolidated Cash Flow Statement for the six months ended 30 June 2003 _________________________________________________________________________________________________________________ Six months Six months Year Ended ended ended 30 June 30 June 31 December 2003 2002 2002 Notes Unaudited Unaudited Audited # # # Net cash (outflow) / inflow from operating activities 7 (367,071) 406,541 502,582 Return on investment and servicing of finance Interest received 17,025 13,511 32,452 ___________ ___________ ___________ Interest paid - (536) (536) 17,025 12,975 31,916 Taxation - - (7,963) Capital expenditure and financial investment Purchase of tangible fixed assets (11,750) (20,176) (33,313) Sale of tangible fixed assets 6,500 23,011 30,300 ___________ ___________ ___________ (5,250) 2,835 (3,013) ___________ ___________ ___________ Net cash (outflow) / inflow before management of liquid resources and financing (355,296) 422,351 523,522 Management of liquid resources Sale / (purchase) of treasury deposits 285,000 (510,000) (600,000) Financing Capital element of finance lease payments - (9,620) (13,828) Issue of ordinary share capital 30,000 - - ___________ ___________ ___________ Decrease in cash 8 (40,296) (97,269) (90,306) ___________ ___________ ___________ Prime People Interim Report 2003 Notes To The Interim Financial Statements for the six months ended 30 June 2003 ________________________________________________________________________________ 1. Accounting Policies The interim results have been prepared on the same basis and using the same accounting policies as those used in the preparation of the accounts for the year ended 31 December 2002. 2. Taxation on profit on ordinary activities Group 2003 2002 # # UK corporation tax repayable / (payable) 79,000 (53,000) Share of associate's tax 6,935 26,161 ________ ________ 85,935 (26,839) ________ ________ 3. Dividends The directors recommend that no interim dividend be paid. 4. Loss per share The loss per share is calculated based on a weighted average number of shares of 36,846,692 (2002: 36,346,692) and the loss of #357,200 (2002: profit of #49,065) giving a loss per share of 0.97p (2002: earning per share of 0.13p). Diluted loss per share is based on the above earnings and adjusts the basic weighted average number of shares to 36,866.861 (2002: 36,616,783) as a result of dilutive share options, giving a loss per share of 0.97p (2002: earning per share of 0.13p). The weighted average number of shares in issue calculated under the different methods reconcile as follows:- 30th June 30th June 31st December 2003 2002 2002 Unaudited Unaudited Audited # # # Basic 36,846,692 36,346,692 36,346,692 Number of shares under option 500,000 1,043,298 1,043,298 Number of shares which would have been issued at fair value (479,831) (773,207) (818,609) ___________ ___________ ___________ 36,866,861 36,616,783 36,571,381 ___________ ___________ ___________ Prime People Interim Report 2003 Notes To The Interim Financial Statements continued ____________________________________________________________________________________________________________ 5. Reserves Share Premium Merger Profit and Loss Account Reserve Account # # # At 1 January 2003 884,925 173,077 1,018,643 Premium on share options exercised in period 25,000 - - Transfer from Profit and Loss Account - - (357,200) ___________ __________ ___________ At 30 June 2003 909,925 173,077 661,443 ___________ __________ ___________ 6. Reconciliation of movement in shareholders' funds 30 June 2003 30 June 2002 31 December 2002 Unaudited Unaudited Audited # # # (Loss) / profit for the period (357,200) 49,065 174,840 Issue of share capital 30,000 - - Release of accruals in respect of issue costs - - 20,000 ___________ __________ ___________ (327,200) 49,065 194,840 Opening shareholders' funds 2,440,112 2,245,274 2,245,274 ___________ __________ ___________ Closing shareholders' funds 2,112,912 2,294,339 2,440,114 ___________ __________ ___________ 7. Reconciliation of operating (loss) / profit to net cash inflow from operating activities Six months Six months Year ended ended ended 30 June 30 June 31 December 2003 2002 2002 Unaudited Unaudited Audited # # # Group operating (loss) / profit (375,027) 173,093 320,602 Depreciation 47,994 80,653 151,205 Loss / (profit) on sale of tangible fixed assets 18,959 ( 813) (7,296) Decrease / (Increase) in debtors 212,799 (185,800) (39,775) (Decrease) / Increase in creditors (271,796) 339,408 77,846 ___________ __________ ___________ Net cash (outflow) / inflow from operating activitie (367,071) 406,541 502,582 ___________ __________ ___________ Prime People Interim Report 2003 Notes To The Interim Financial Statements (Continued) continued ____________________________________________________________________________________________________________ 8. Reconciliation of net cash outflow to movement in net funds Six months Six months Year ended ended ended 30 June 2003 30 June 2002 31 December Unaudited Unaudited 2002 Audited # # # Decrease in cash in the period (40,296) (97,269) (90,306) Cash outflow from decrease in financing - 9,620 13,828 Cash (inflow) / outflow from (decrease) / increase in liquid resources (285,000) 510,000 600,000 ___________ __________ ___________ Increase in net funds resulting from cash flows (325,296) 422,351 523,522 Opening net funds 1,156,626 633,104 633,104 ___________ __________ ___________ Closing net funds 831,330 1,055,455 1,156,626 ___________ __________ ___________ 9. Analysis of net funds At 1 January Cash flow At 30 June 2003 2003 # # # Cash at bank and in hand 128,340 (98,058) 30,282 Bank Overdraft (71,714) 57,762 (13,952) ___________ __________ ___________ 56,626 (40,296) 16,330 Liquid resources 1,100,000 (285,000) 815,000 ___________ __________ ___________ TOTAL 1,156,626 (325,296) 831,330 ___________ __________ ___________ Prime People Interim Report 2003 Notes To The Interim Financial Statements (Continued) continued ________________________________________________________________________________ 10. Nature of the financial information The interim financial information for the six months ended 30 June 2003, was approved by the board on 2nd September 2003. The financial information set out above does not constitute full accounts within the meaning of Section 254 of the Companies Act 1985. The results for the year to 31 December 2002 are extracts from the published accounts for that year which have received an unqualified audit report and have been filed with the Registrar of Companies. Copies of the interim results are being sent to shareholders. Further copies can be obtained from the company's registered office at: 5 Bream's Buildings, Chancery Lane, London EC4A 1DY. This information is provided by RNS The company news service from the London Stock Exchange END IR UUSNRORRKRAR
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