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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 |
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RNS Number:3208X
CPL Resources PLC
24 January 2006
CPL RESOURCES PLC
Chairman's 2006 Interim Statement
For the six months to December 2005
The Board of Directors of CPL Resources plc is pleased to announce an excellent
financial and operational performance for the six months to 31 December 2005.
Financial highlights for the period include:
* Earnings per share of 10.6 cent, compared with an earnings per share of
6.0 cent for the six months to December 2004
* Profit before tax of Euro4.6 million, an increase of 79% over the
corresponding period in the preceding year
* Revenue of Euro66.3 million, representing growth of 34% year on year
* Gross profit of Euro13.1 million, up 41% from Euro9.3 million in the half year
to December 2004
CPL has had an excellent first half, achieving growth in profit before tax of
79% year-on-year. Our gross profit, which represents our net fee income, was
Euro13.1 million for the six months, an increase of 41% on the same period last
year. This performance demonstrates the Group's ability to achieve increased
earnings through market share gains, rigorous cost control and organic growth.
It also reflects a strong performance in each of our principal business areas,
being the placement of contract, temporary and permanent employees with clients,
and in all business sectors.
Net fee income in our permanent placement business has increased by 50% over the
corresponding period last year, with all divisions performing well. This
performance has been helped by increased demand for IT, Telecoms and Finance
professionals. Our contractor and temporary fees have increased by 33%,
reflecting growth in the demand for non-permanent staff in all areas, including
office management and administration, customer service, engineering, healthcare
and manufacturing operations, and for temporary staff in the pharmaceutical,
biotechnology, clinical research and medical device industries. Newer areas of
our business also performed well in the period. These included BroadReach
International, our Executive Search and Selection consultancy for the placement
of senior executive level talent, and Cpl Managed Services, which manages
selected business processes (including call centres, administrative services and
recruitment solutions) on behalf of clients.
The Group continued to focus on cost control and efficiencies during the period.
The conversion ratio of gross profit to profit before tax was 35% in the six
months to December 2005 compared with 28% in the same period last year. We
continually invest in our team and believe that we can continue to achieve
increases in business activity without a proportionate rise in overheads.
The Group had net cash balances of Euro10.8 million at 31 December 2005.
Notwithstanding the working capital demands associated with strong growth in
business activity, this figure is Euro3.7 million higher than the corresponding
balance at 31 December 2004. We are pleased that the efforts of our team to
manage working capital tightly have resulted in an excellent level of net cash
generation.
The second six months of our financial year to 30 June 2006 have begun well,
with no significant adverse events currently expected to impact our business in
the short term. We believe that we remain well positioned to continue to reap
the benefits of a strong and robust business model operating in a favourable
economic environment.
As we noted in our 2005 annual report, the Group's ability to generate growth
and profits is linked closely to the performance of the Irish economy, and we
have benefited from growth in most of the sectors in which we operate. Our
management team continue to embrace market opportunities and convert them into
shareholder value. Their skill, dedication and professionalism are the driving
forces behind the Group's continued growth. CPL's success is a testament to the
excellent leadership skills of our management team and the tremendous commitment
of all of our people. Their continuing efforts to deliver top class service to
all our clients and customers have made us Ireland's leading provider of
employment services. I am very proud of their achievements and very grateful to
them for their outstanding contributions, individually and collectively, to the
success of our business. I would also like to extend my appreciation to our
customers for their continued loyalty and support.
The Directors have recommended an interim dividend of 1.4 cent per ordinary
share. The dividend will be payable on 3rd March 2006 to holders of ordinary
shares at the close of business on the record date of 3rd February 2006.
John Hennessy
Chairman
24 January 2006
Consolidated Income Statement
For the half year ended 31 December 2005
Half Year ended Half Year ended Year ended
31-Dec-05 31-Dec-04 30-Jun-05
Euro'000 Euro'000 Euro'000
( Unaudited) ( Unaudited) ( Audited)
Group revenue 66,333 49,619 105,265
Cost of sales (53,206) (40,326) (85,193)
Gross profit 13,127 9,293 20,072
Administrative expenses (7,774) (6,127) (12,845)
Distribution expenses (818) (621) (1,528)
Operating profit 4,535 2,545 5,699
Financial income 77 33 108
Financial expenses (7) (5) (25)
Profit before tax 4,605 2,573 5,782
Income tax (691) (359) (666)
Profit for the financial 3,914 2,214 5,116
period
Basic earnings per share 10.6 cent 6.0 cent 13.9 cent
Fully diluted earnings per share 10.4 cent 6.0 cent 13.8 cent
Consolidated Balance Sheet
At 31 December 2005
31-Dec-05 31-Dec-04 30-Jun-05
Euro'000 Euro'000 Euro'000
( Unaudited) ( Unaudited) ( Audited)
Assets
Non-current assets
Goodwill 5,622 5,527 5,622
Intangible assets 189 113 167
Property, plant and equipment 973 866 811
Total non-current assets 6,784 6,506 6,600
Current assets
Trade and other receivables 18,673 13,086 13,372
Cash and cash equivalents 11,185 7,497 11,661
Total current assets 29,858 20,583 25,033
Total assets 36,642 27,089 31,633
Equity
Issued capital 3,688 3,677 3,688
Share premium 1,671 1,656 1,671
Capital conversion reserve fund 57 57 57
Merger reserve (3,357) (3,357) (3,357)
Retained earnings 21,597 15,444 18,051
Total equity 23,656 17,477 20,110
Liabilities
Non-current liabilities
Financial liabilities 367 311 300
Provisions - 178 111
Total non-current 367 489 411
liabilities
Current liabilities
Financial liabilities 16 16 16
Trade and other payables 11,863 8,927 10,892
Corporation tax payable 589 58 85
Provisions 151 122 119
Total current liabilities 12,619 9,123 11,112
Total liabilities 12,986 9,612 11,523
Total equity and liabilities 36,642 27,089 31,633
CONSOLIDATED STATEMENT OF CASH FLOWS
For the half year ended 31 December 2005
Half Year ended Half Year ended Year ended
31-Dec-05 31-Dec-04 30-Jun-05
Euro'000 Euro'000 Euro'000
( Unaudited) ( Unaudited) ( Audited)
Cash flows from
operating activities
Cash generated from 365 2,115 7,671
operations
Interest paid (7) (5) (25)
Interest received 77 33 108
Income taxes paid (187) - (736)
Net cash inflow from 248 2,143 7,018
operating activities
Cash flows from
investing activities
Acquisitions - deferred (79) - (179)
consideration paid
Purchase of intangible assets (22) - -
Purchase of property, (322) (130) (333)
plant and equipment
Net cash (outflow) (423) (130) (512)
from investing activities
Cash flows from financing activities
Dividends paid (368) (221) (516)
Increase in borrowings 90 - -
Repayment of borrowings (23) (46) (106)
Issue of ordinary share capital - - 26
Net cash (outflow) (301) (267) (596)
from financing activities
Change in cash and (476) 1,746 5,910
cash equivalents
Cash and cash 11,661 5,751 5,751
equivalents at
beginning of period
Cash and cash 11,185 7,497 11,661
equivalents at end of
period
Notes supporting interim financial statements
1. Basis of preparation
The consolidated financial information of the Group has been prepared 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 committees and
endorsed by the European Commission. The Group's first consolidated financial
statements prepared in accordance with IFRS will be for the year ended 30 June
2006. Full details of the main changes arising from the transition to IFRS are
set out in a separate document issued today. The Group's IFRS accounting
policies are also set out in that document.
The figures for the half year ended 31 December 2005 are unaudited. The
comparative figures for the half year ended 31 December 2004 are also unaudited.
The amounts for the year ended 30 June 2005 represent an abbreviated version of
the Group's full financial statements for the year on which the auditors issued
an unqualified audit report and which have been restated in accordance with
IFRS, as set out in the IFRS transition document issued separately today.
The restated 2005 preliminary financial information is subject to the issuance
by the IASB of additional interpretations prior to 30 June 2006, which could
have a retrospective effect. As a result, it is possible that further changes
may be required to the 2005 financial information prior to its inclusion as
comparatives in the 2006 financial statements.
The preparation of financial information in conformity with IFRSs 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 paid
Half Year ended Half Year ended Year ended
31 December 2005 31 December 2004 30 June 2005
Euro'000 Euro'000 Euro'000
Ordinary dividends:
Interim dividend paid - - 295
Final dividend paid 368 221 221
368 221 516
3. Earnings per ordinary share
The earnings per ordinary share is calculated on the basis that the weighted
average number of shares in issue for the period ended 31 December 2005 is
36,880,825 (period ended 31 December 2004 - 36,784,825; year ended 30 June 2005
- 36,823,210). It has been calculated based on the profit for the financial
period ended 31 December 2005 of Euro3,914,000 (period ended 31 December 2004 -
Euro2,214,000; year ended 30 June 2005 - Euro5,116,000).
4. Cash generated from operations
Cash generated from operations
Half Year ended Half Year ended Year ended
31-Dec-05 31-Dec-04 30-Jun-05
Euro'000 Euro'000 Euro'000
( Unaudited) ( Unaudited) ( Audited)
Operating profit 4,535 2,545 5,699
Depreciation 160 121 275
Movement in debtors (5,301) (1,297) (1,583)
Movement in creditors 971 746 3,280
Cash generated from 365 2,115 7,671
operations
5. Analysis of net funds
Cash at bank
and in hand Bank loan Net Total
Euro'000 Euro'000 Euro'000
At 30 June 2005 11,661 (316) 11,345
Cash flow (476) (67) (543)
At 31 December 2005 11,185 (383) 10,802
24 January, 2006
This information is provided by RNS
The company news service from the London Stock Exchange
END
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