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PRP Prada SpA

7.74
0.044 (0.57%)
16:21:47 - Realtime Data
Share Name Share Symbol Market Type
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
  0.044 0.57% 7.74 7.588 7.74 7.832 7.594 7.694 1,624 16:21:47

Interim Results

03/09/2003 8:01am

UK Regulatory


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
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