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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Berkeley Scot | LSE:BGP | London | Ordinary Share | GB00B03W5P29 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 22.59 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMKLN
RNS Number : 0562Y
Kellan Group (The) PLC
04 September 2015
AIM: KLN
4 September 2015
The Kellan Group PLC
(Kellan, the "Company" or "Group")
Half yearly results for the six months ended 30 June 2015
The Company is pleased to announce its half yearly results for the six months ended 30 June 2015. Kellan is a market leading recruitment business operating across a wide range of functional disciplines and industry sectors. The Company joined the AIM market in December 2004.
Financial Summary
-- In the six months ended 30 June 2015, the Group achieved year on year sales growth of 8% with GBP11.5 million, compared with GBP10.7 million in H1 2014; while Net Fee Income (NFI) declined from GBP3.9 million in H1 2014 to GBP3.7 million in H1 2015.
-- Operating profit for H1 2015 of GBP0.3 million, compared with GBP0.1 million in H1 2014 and GBP0.16 million in H2 2014.
-- Continuous focus on overheads with administrative expenses reduced by 13% to GBP3.4 million over H1 2015, compared with GBP3.8 million during the comparable period in H1 2014 and GBP3.9 million in H2 2014.
-- Profit of GBP0.2 million during H1 2015, compared with a loss of GBP0.1 million during the comparable period last year.
-- Adjusted EBITDA profit of GBP0.4 million during H1 2015 compared with GBP0.3 million during H1 2014.
-- Basic earnings per share of 0.06p compared with loss per share of (0.02p) in H1 2014.
Operational summary
-- Berkeley Scott continues to be the leader in hospitality and leisure recruitment markets. Temporary recruitment grew year-on-year across all locations.
-- The RK business saw the benefits of consolidation and restructuring carried out in 2014. Continued success with SME's coupled with penetration in large PLC businesses.
-- Significant new client wins in Quantica including Easyjet, Zurich and Haven Power.
-- Continuous investment in IT systems with new fleet of front end hardware installed for every member of staff. A back-end infrastructure project is ongoing to further strengthen the existing robust environment.
-- Upgraded CRM system to improve efficiency due to go live in Q4 2015.
-- Strategic closure of loss making Midlands operation to focus investment in better performing areas.
ENQUIRIES:
The Kellan Group PLC Rakesh Kirpalani, Group Finance Tel: 020 7268 Director 6200 Sanlam Securities UK Limited David Worlidge / James Thomas Tel: 020 7628 2200
Executive Chairman's Statement
I am pleased to announce that the Group has continued on its upward trajectory over the past six months. Group sales have increased by 8% from GBP10.7 million in H1 2014 to GBP11.5 million in H1 2015, while administrative expenses have reduced by 13% from GBP3.8 million in H1 2014 to GBP3.4 million in H1 2015. Overall profit for H1 2015 of GBP187,000 compared with a loss of (GBP74,000) in H1 2014 and Adjusted EBITDA for H1 2015 of GBP382,000 compared with GBP344,000 in H1 2014.
During the year, the Group carried out a review of the outstanding options. After considering the number of options that are expected to vest, a favourable share based payment adjustment of GBP150,000 has been included in administrative expenses in the H1 2015 accounts.
The business has had many client wins and is well positioned to deliver improved results in H2 2015. The Board has continued to invest in its IT infrastructure to ensure the Group's fee earners are properly equipped to take advantage of the improving recruitment climate. All staff have received new front-end hardware with an upgraded CRM system due to go live in Q4 2015.
Berkeley Scott continues to be the leader in hospitality and leisure markets. Temporary recruitment services saw year-on-year growth over H1 2015 across all locations with the business taking advantage of a number of PSL wins and continuous focus on the candidate short chef market. The branded restaurant market was strong in permanent recruitment, with a number of key clients requiring assistance with new openings.
The RK business has seen continued success within SME businesses on permanent and contract teams across all locations. This has been coupled with pockets of breakthrough success within large PLC and shared service environments such as Sodexo, DWP, Co-Op, Provident and Virgin Media.
Quantica has developed its market offering to focus in the IT and increasingly the Telecoms space in order to increase professional contractor numbers.
My sincerest thanks goes to our loyal staff for their uncompromising efforts, all of our customers, and to our shareholders for their continued support.
Richard Ward
Executive Chairman
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2015
Unaudited Unaudited Audited 6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2015 2014 2014 Note GBP000 GBP000 GBP000 Revenue 11,492 10,669 22,963 Cost of sales (7,788) (6,723) (14,969) -------------------------- ----- ---------- ---------- ------------ Net Fee Income 3,704 3,946 7,994 Administrative expenses (3,363) (3,847) (7,735) -------------------------- ----- ---------- ---------- ------------ Operating profit 2 341 99 259 Financial income 2 3 5 Financial expenses (156) (176) (319) -------------------------- ----- ---------- ---------- ------------ Profit/(Loss) before tax 187 (74) (55) Tax credit - - - ------------------------- ----- ---------- ---------- ------------ Profit/(Loss) for the period 187 (74) (55) -------------------------- ----- ---------- ---------- ------------ Attributable to: Equity holders of the parent 187 (74) (55) -------------------------- ----- ---------- ---------- ------------ Basic profit/(loss) per share in pence 3 0.06 (0.02) (0.02) -------------------------- ----- ---------- ---------- ------------ Diluted profit/(loss) per share in pence 3 0.06 (0.02) (0.02) -------------------------- ----- ---------- ---------- ------------
The above results relate to continuing operations.
There are no adjustments between the profit for the period and the total comprehensive expense for the period or the comparative periods.
Consolidated Statement of Financial Position
as at 30 June 2015
Unaudited Unaudited Audited 30 June 30 June 31 December 2015 2014 2014 Note GBP000 GBP000 GBP000 Non-current assets Property, plant and equipment 307 324 332 Intangible assets 6 6,237 6,440 6,345 ------------------------------------ ----- ---------- ---------- ------------ 6,544 6,764 6,677 ------------------------------------ ----- ---------- ---------- ------------ Current assets Trade and other receivables 4 3,733 3,318 3,855 Cash and cash equivalents 219 190 1,192 ------------------------------------ ----- ---------- ---------- ------------ 3,952 3,508 5,047 ------------------------------- ---- ----- ---------- ---------- ------------ Total assets 10,496 10,272 11,724 ------------------------------- ---- ----- ---------- ---------- ------------ Current liabilities Loans and borrowings 845 1,043 3,753 Trade and other payables 5 3,289 2,929 2,949 Provisions 128 161 154 ------------------------------------ ----- ---------- ---------- ------------ 4,262 4,133 6,856 ------------------------------ ----- ----- ---------- ---------- ------------ Non-current liabilities Loans and borrowings 2,993 2,978 1,660 Provisions 2 2 2 2,995 2,980 1,662 ------------------------------------ ----- ---------- ---------- ------------ Total liabilities 7,257 7,113 8,518 -------------------------------- --- ----- ---------- ---------- ------------ Net assets 3,239 3,159 3,206 -------------------------------- --- ----- ---------- ---------- ------------ Equity attributable to equity holders of the parent Share capital 4,274 4,273 4,274 Share premium 14,746 14,680 14,711
(MORE TO FOLLOW) Dow Jones Newswires
September 04, 2015 02:00 ET (06:00 GMT)
Warrant reserve - 36 36 Convertible debt reserve 170 168 164 Capital redemption reserve 2 2 2 Retained earnings (15,953) (16,000) (15,981) ------------------------------------ ----- ---------- ---------- ------------ Total equity 3,239 3,159 3,206 -------------------------------- --- ----- ---------- ---------- ------------
Consolidated Statement of changes in equity
for the six months ended 30 June 2015
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Share Share Warrant Convertible Redemption Retained Total capital premium reserve reserve reserve earnings equity GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Balance at 31 December 2013 4,273 14,647 36 172 2 (16,004) 3,126 --------------------- ---------- ---------- ---------- ------------ ----------- ---------- ---------- Total comprehensive loss for the 6 month period ended 30 June 2014 - - - - - (74) (74) Issue of shares - 33 - - - - 33 Share based payment - - - - - 78 78 Equity component of convertible loan notes - - - (4) - - (4) Balance at 30 June 2014 4,273 14,680 36 168 2 (16,000) 3,159 --------------------- ---------- ---------- ---------- ------------ ----------- ---------- ---------- Total comprehensive profit for the 6 month period ended 31 December 2014 - - - - - 19 19 Issue of shares 1 31 - - - - 32 Share-based payment - - - - - - - Equity component of convertible loan notes - - - (4) - - (4) Balance at 31 December 2014 4,274 14,711 36 164 2 (15,981) 3,206 --------------------- ---------- ---------- ---------- ------------ ----------- ---------- ---------- Total comprehensive profit for the 6 month period ended 30 June 2015 - - - - - 187 188 Issue of shares - 35 - - - - 35 Share based payment adjustment - - - - - (150) (150) Equity component of convertible loan notes - - (36) 6 - (9) (39) --------------------- ---------- ---------- ---------- ------------ ----------- ---------- ---------- Balance at 30 June 2015 4,274 14,746 - 170 2 (15,953) 3,239 --------------------- ---------- ---------- ---------- ------------ ----------- ---------- ----------
In February 2015, the warrants in relation to the 2010 convertible loan notes lapsed.
Consolidated Statement of Cash Flows
for the six months ended 30 June 2015
Unaudited Unaudited Audited 6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2015 2014 2014 GBP000 GBP000 GBP000 Cash flows from operating activities Profit/(loss) for the period 187 (74) (55) Adjustments for: Depreciation and amortisation 171 167 339 Interest income (2) (3) - Interest paid 129 126 235 Amortisation of loan cost 19 21 27 Equity settled convertible loan interest 7 29 57 Equity settled share-based payment/(adjustment) (150) 78 78 361 344 681 Decrease in trade and other receivables 122 614 77 Increase in trade and other payables 333 180 189 Decrease in provisions (26) (29) (37) -------------------------------------- ---------- ---------- -------------------- Net cash inflow from operating activities 790 1,109 910 -------------------------------------- ---------- ---------- -------------------- Cash flows from investing activities Interest received 2 3 - Acquisition of property, plant and equipment (37) (147) (231) -------------------------------------- ---------- ---------- -------------------- Net cash outflow from investing activities (35) (144) (231) -------------------------------------- ---------- ---------- -------------------- Cash flows from financing activities Repayment of invoice discounting balance (1,584) (1,467) (81) Interest paid and loan costs (129) (126) (224) Net proceeds of convertible loan notes (15) - - Net cash outflow from financing activities (1,728) (1,593) (305) --------------------------------------- ---------- ---------- -------------------- Net (decrease) / increase in cash and cash equivalents (973) (628) 374 Cash and cash equivalents at the beginning of the period 1,192 818 818 -------------------------------------- ---------- ---------- -------------------- Cash and cash equivalents at the end of the period 219 190 1,192 -------------------------------------- ---------- ---------- --------------------
Notes
(forming part of the financial statements)
1 Accounting policies
Accounting periods
The accounting reference date of the Group is 31 December. The current half year interim results are for the six months ended 30 June 2015. The comparative half year interim results are for the six months ended 30 June 2014. The comparative year's results are for the twelve months ended 31 December 2014.
Financial information
The financial information for the six months ended 30 June 2015 and the six months ended 30 June 2014 are unaudited and un-reviewed and do not constitute the Group's statutory financial statements for those periods. The comparative financial information for the full year ended 31 December 2014 has, however, been derived from the audited statutory financial statements for that period. A copy of those statutory accounts for that period has been delivered to the Registrar of Companies. The auditor's report on those accounts was not qualified and did not contain statements under Chapter 3 of Part 16 of the Companies Act 2006. The Directors recognise that there is a general sensitivity to the wider macro-economic environment, however, based on the ongoing support from major shareholders, current market outlook and management's trading expectations; the Directors are confident that the Group will be able to meet its liabilities as they fall due for the foreseeable future. It is on this basis that the Directors consider it appropriate to prepare the Group's financial statements on a going concern basis.
Basis of preparation
The half year interim financial statements have been prepared on a going concern basis using the recognition and measurement principles of IFRS as endorsed for use in the European Union. The accounting policies used in the preparation of these condensed financial statements are set out in the statutory financial statements for the period ended 31 December 2014 which are also the policies that are expected to be applicable at 31 December 2015.
Based on the Group's post year end trading expectations and associated cash flow forecasts as at 31 December 2014, the directors have considered the cash requirements of the Company and have concluded the Group is able to operate within its existing facilities for the next twelve months.
(MORE TO FOLLOW) Dow Jones Newswires
September 04, 2015 02:00 ET (06:00 GMT)
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