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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cpl Resources Plc | LSE:CPS | London | Ordinary Share | IE0007214426 | EUR0.10 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 995.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMCPS
RNS Number : 1457V
CPL Resources PLC
26 January 2017
Cpl Resources Plc
Results for the six months ended 31 December 2016
CPL delivers revenue, gross profit and earnings growth in
the first half of financial year 2017
Cpl Resources Plc ('Cpl' or the 'Group'), Ireland's leading employment services group, today announced results for the half year ended 31 December 2016.
Chairman's Statement
I am pleased to report that in the six months to 31 December 2016 the Group delivered continued growth in revenues, net fee income and profits.
Half year highlights
Hot Features
Premium
-- 6% increase in revenues to EUR228.7 million
-- 6% increase in gross profit (net fee income) to EUR36.2 million
-- Profit before tax of EUR8.1m a 7% increase
-- Earnings per share increases 8.5% to 23.0 cent
-- 10% increase in interim dividend to 5.75 cent per share
Half year highlights Half year Half year % change
ended ended
EUR000s except where 31-Dec-16 31-Dec-15
indicated
---------------------------- ---------- ---------- ---------
Revenue 228,717 216,364 5.7%
Gross Profit 36,188 33,999 6.4%
Adjusted Operating profit* 8,971 8,475 5.9%
Adjusted Profit before
tax* 8,979 8,481 5.9%
Operating profit 8,088 7,565 6.9%
Profit before tax 8,096 7,571 6.9%
Earnings per share 23.0 cent 21.2 cent 8.5%
Dividend per share 5.75 cent 5.25 cent 9.5%
---------------------------- ---------- ---------- ---------
Conversion ratio **
Adjusted Operating Profit 24.8% 24.9%
Adjusted Profit before
tax 24.8% 24.9%
Operating Profit 22.3% 22.3%
Profit before tax 22.4% 22.3%
---------------------------- ---------- ---------- ---------
Net fee income - permanent
placements 13,279 13,640 (2.6%)
Net fee income - temporary
and contract 22,909 20,359 12.5%
---------------------------- ---------- ---------- ---------
Permanent net fee income
as a %
of total gross profit 37% 40%
Temporary and contract
net fee income as a %
of total gross profit 63% 60%
---------------------------- ---------- ---------- ---------
* Adjusted operating profit and adjusted profit before tax exclude non-cash charges relating to the Group's Long-Term Incentive Plan (LTIP) and foreign exchange
** As a % of gross profit.
During the six months ended 31 December 2016, we experienced further improvements in trading conditions in certain of our markets. Revenues for the six months to 31 December 2016 increased by 6% to EUR228.7 million. Our gross profit increased by 6% against the same period last year to EUR36.2 million. The Group's adjusted operating profit, which excludes non-cash foreign exchange and LTIP charges, was EUR9.0 million for the six months to 31 December 2016, a 6% increase on the same period last year. Our conversion rate of gross profit to operating profit (excluding LTIP & foreign exchange) was 24.8% in the period.
The foreign exchange charge of EUR0.5 million in the period was mainly due to the accounting translation of sterling into euro, as a result of fluctuations in the sterling exchange rate following the Brexit vote. The foreign exchange charge was EUR0.1 million for the period to 31 December 2015. The non-cash LTIP charge was EUR0.4 million in the six months to 31 December 2016 and EUR0.9 million in the six months to 31 December 2015. The LTIP charge for the six months to 31 December 2016 reflects current expectations in relation to the achievement of performance targets included in the LTIP awards.
The Group delivered a 9% increase in earnings per share to 23.0 cent for the six months to 31 December 2016.
The Group continues to work with clients to understand their specific requirements and with our candidates in order to match their skills to those client requirements. The proportion of our net fee income that is made up of permanent fees has reduced from 40% in the same period last year to 37%, mainly as a result of longer lead times in appointing nursing staff in the UK following regulatory changes. The temporary staffing market remains highly competitive but we have seen some margin improvement.
We continue to grow and develop our people within the Group and on behalf of the Board I wish to express my gratitude for the continuing hard work and dedication of all of our people and for their commitment to the Group.
Cash
The strength of our Balance Sheet reflects the positive cash-generating capability of Cpl. The Group has a cash balance of EUR35.2 million as at 31 December 2016 (December 2015: EUR27.6 million). In the six months to 31 December 2016 EUR9.0 million was generated in cash flow from operating activities before tax and changes in working capital. Although our business requires significant investment in working capital, we recorded a net cash inflow of EUR2.2 million in the period.
Dividend
The Board proposes to pay an interim dividend of 5.75 cent per share, an increase of 10% on last year's interim dividend, reflecting the Group's strong performance in the period. The interim dividend will be payable on 3(rd) March 2017 to shareholders on the register at the close of business on the record date of 3(rd) February 2017.
Outlook
In the six month period to 31 December 2016 we have seen continued organic growth across many of our key business sectors. Political and economic events globally during the period to 31 December 2016 have had limited impact on our key sectors, except for foreign exchange translations. During calendar year 2017 we expect the outcome of these events to become clearer, and consequent opportunities and challenges to present themselves.
We remain confident in the outlook for the business and expect to deliver continued profitable growth for the remainder of the financial year.
John Hennessy
Chairman
26 January 2017
Condensed Group Statement of Comprehensive Income
for the period ended 31 December 2016
6 months 6 months Year
ended ended ended
31-Dec-16 31-Dec-15 30-Jun-16
EUR'000 EUR'000 EUR'000
(Unaudited) (Unaudited) (Audited)
Revenue 228,717 216,364 433,391
Cost of sales (192,529) (182,365) (363,338)
_______ _______ _______
Gross profit 36,188 33,999 70,053
Distribution expenses (2,190) (2,091) (4,059)
Administrative expenses (25,910) (24,343) (50,610)
_______ _______ _______
Operating profit 8,088 7,565 15,384
Financial income 8 6 61
Financial expenses - - (55)
_______ _______ _______
Profit before taxation 8,096 7,571 15,390
Income tax expense (1,052) (984) (1,968)
_______ _______ _______
Profit for the financial
period/year 7,044 6,587 13,422
_______ _______ _______
Other comprehensive
income
Foreign currency
translation differences
-
foreign operations (43) 33 (198)
_______ _______ _______
Total comprehensive
income for the
period/year 7,001 6,620 13,224
_______ _______ _______
Profit attributable
to:
Owners of the Parent 7,024 6,482 13,434
Non - controlling
interests 20 105 (12)
_______ _______ _______
7,044 6,587 13,422
_______ _______ _______
Total comprehensive
income attributable
to
Owners of the Parent (107) (51) (64)
Non - controlling
interests 64 84 (134)
_______ _______ _______
(43) 33 (198)
_______ _______ _______
Basic earnings per
share (cent) 23.0 21.2 43.9
Diluted earnings
per share (cent) 23.0 21.2 43.9
Condensed Group Balance Sheet
as at 31 December 2016
31-Dec-16 31-Dec-15 30-Jun-16
EUR'000 EUR'000 EUR'000
(Unaudited) (Unaudited) (Audited)
Fixed Assets
Non current assets
Property, plant and
equipment 1,980 1,933 1,994
Goodwill and intangible
assets 17,185 18,701 17,489
Deferred tax asset 786 444 786
_______ _______ _______
Total non-current
assets 19,951 21,078 20,269
_______ _______ _______
Current assets
Trade and other receivables 93,071 90,689 90,333
Cash and Cash equivalents 36,014 28,591 34,843
_______ _______ _______
Total current assets 129,085 119,280 125,176
_______ _______ _______
Total assets 149,036 140,358 145,445
_______ _______ _______
Capital and reserves
Issued share capital 3,053 3,053 3,053
Share premium 1,705 1,705 1,705
Other reserves (1,181) (2,052) (1,462)
Retained earnings 95,712 85,096 90,444
_______ _______ _______
Equity attributable
to owners of the
Company 99,289 87,802 93,740
Non - controlling
interests 55 172 (29)
_______ _______ _______
Total equity 99,344 87,974 93,711
_______ _______ _______
Liabilities
Non current liabilities 400 1,285 1,601
_______ _______ _______
Total non current
liabilities 400 1,285 1,601
_______ _______ _______
Current liabilities
Trade and other payables 48,076 49,724 50,133
Provisions 1,216 1,375 -
_______ _______ _______
Total current liabilities 49,292 51,099 50,133
_______ _______ _______
Total liabilities 49,692 52,384 51,734
_______ _______ _______
Total equity and
liabilities 149,036 140,358 145,445
_______ _______ _______
Condensed Group Statement of Changes in Equity
for the period ended 31 December 2016
Other Share
denominated Currency Put based Non Total
-
Share Share capital Merger translation option payment Retained controlling Shareholders
Capital Premium fund reserve reserve reserve reserve earnings Total interests equity
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Balance at 1
July
2015 3,053 1,705 724 (3,357) (395) - 177 80,141 82,048 (89) 81,959
Total
comprehensive
income for the
period
Profit for the
financial
period - - - - - - - 6,482 6,482 105 6,587
Foreign
currency
translation - - - - (51) - - - (51) 84 33
Transactions
with
shareholders
Share based
payment
charge - - - - - - 850 - 850 - 850
Dividends paid - - - - - - - (1,527) (1,527) - (1,527)
_______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
Total
contributions
and
distribution 3,053 1,705 724 (3,357) (446) - 1,027 85,096 87,802 100 87,902
______ _______ _______ _______ _______ _______ _______ _______ _______ _______
_______
Changes in
ownership
interests
Non
controlling
interest on
acquisition
in year - - - - - - - - - 72 72
_______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
Total changes
in
ownership
interests - - - - - - - - - 72 72
_______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
Balance at 31
December
2015 3,053 1,705 724 (3,357) (446) - 1,027 85,096 87,802 172 87,974
_______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
Balance at 1
July
2016 3,053 1,705 724 (3,357) (593) (400) 2,164 90,444 93,740 (29) 93,711
Total
comprehensive
income for the
period
Profit for the
financial
period - - - - - - - 7,024 7,024 20 7,044
Foreign
currency
translation - - - - (107) - - - (107) 64 (43)
Transactions
with
shareholders
Share based
payment
charge - - - - - - 388 - 388 - 388
Dividends paid - - - - - - - (1,756) (1,756) - (1,756)
_______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
Balance at 31
December
2016 3,053 1,705 724 (3,357) (700) (400) 2,552 95,712 99,289 55 99,344
_______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______
Condensed Group cash flow statement
for the period ended 31 December 2016
6 months 6 months Year
ended ended ended
31-Dec-16 31-Dec-15 30-Jun-16
EUR'000 EUR'000 EUR'000
(Unaudited) (Unaudited) (Audited)
Cash flows from operating
activities
Profit for the financial
period/year 7,044 6,587 13,422
Depreciation on property,
plant and equipment 308 274 590
Share based payment charge 388 850 1,987
Amortisation of intangible
assets 212 145 343
Financial income (8) (6) (61)
Financial expense - - 55
Income tax expense 1,052 984 1,968
_______ _______ _______
Operating cash flows before
changes in working capital 8,996 8,834 18,304
(Increase) in trade and
other receivables (2,368) (5,347) (4,849)
(Decrease)/increase in trade
and other payables and provisions (1,429) 487 1,092
_______ _______ _______
Cash generated from in operations 5,199 3,974 14,547
Interest (paid) - - (55)
Income tax (paid) (914) (464) (2,485)
Interest received 4 60 110
_______ _______ _______
Net cash provided by operating
activities 4,289 3,570 12,117
_______ _______ _______
Cash flows from investing
activities
Acquisition of business,
net of cash acquired - (4,471) (5,083)
Purchase of property, plant
and equipment (313) (307) (684)
Purchase of intangible assets (63) (132) (602)
_______ _______ _______
Net cash (outflow) from
investing activities (376) (4,910) (6,369)
_______ _______ _______
Cash flows from financing
activities
Dividends paid (1,756) (1,527) (3,131)
_______ _______ _______
Net cash (used in) financing
activities (1,756) (1,527) (3,131)
_______ _______ _______
Net increase/(decrease)
in cash and cash equivalents 2,157 (2,867) 2,617
Cash and cash equivalents
at beginning of period/year 33,092 30,475 30,475
_______ _______ _______
Cash and cash equivalents
at end of period/year 35,249 27,608 33,092
_______ _______ _______
Notes supporting condensed interim financial statements
1. Basis of preparation
The condensed consolidated interim financial information of the Group has been prepared in euro in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS), including interpretations issued by the International Accounting Standards Board ("IASB") and its committee and adopted by the EU. There are no new standards, amendments to standards or interpretations which are mandatory for the first time for financial periods commencing on 1 July 2016 which have a significant impact on the Group's accounting policies or on the reported results. The accounting policies adopted in the preparation of the condensed consolidated interim financial information are consistent with those applied in the Annual Report for the financial year ended 30 June 2016.
The figures for the half year ended 31 December 2016 are unaudited. The comparative figures for the half year ended 31 December 2015 are also unaudited. The amounts for the year ended 30 June 2016 represent an abbreviated version of the Group's full financial statements for the year on which the auditors issued an unqualified audit report. The Group is not subject to significant seasonal factors.
The Annual Report and financial statements for the year ended 30 June 2016 have been filed with the Registrar of Companies and are publically available. The preparation of financial information in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources.
2. Dividends to equity shareholders
6 months 6 months Year
ended ended ended
31-Dec-16 31-Dec-15 30-Jun-16
EUR'000 EUR'000 EUR'000
Ordinary dividends:
Interim dividends paid - - 1,604
Final dividends paid 1,756 1,527 1,527
_______ _______ _______
1,756 1,527 3,131
_______ _______ _______
3. Earnings per share
The earnings per ordinary share is calculated on the basis that the weighted average number of shares in issue for the half year ended 31 December 2016 is 30,545,159 (period ended 31 December 2015 - 30,545,159; year ended 30 June 2016 - 30,545,159). It has been calculated based on the profit attributable to the owners of the Company for the financial period ended 31 December 2016 of EUR7,024,000 (period ended 31 December 2015 - EUR6,482,000; year ended 30 June 2016 - EUR13,434,000).
4. Share Based Payments
The LTIP charge for the six months to 31 December 2016 was EUR388k and EUR850k in the six months to 31 December 2015. This reflects current expectations on achieving the performance targets included in the LTIP awards which may result in the vesting of these instruments. Full details of the scheme are outline in Note 29 of the 2016 Annual Report.
5. Events after the reporting date
There have been no significant events since the period end 31 December 2016 that would require disclosure in the interim financial statements.
[END]
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR KELFLDFFBBBX
(END) Dow Jones Newswires
January 26, 2017 02:00 ET (07:00 GMT)
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