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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:0943Q
CPL Resources PLC
25 January 2007
CPL RESOURCES PLC
Interim Statement for the Six Month Period to 31 December 2006
CPL resources plc today (Thursday 25 January December 2007) released its interim
statement for the six month period to 31 December 2006. Key highlights include:
Profitability and shareholder value
* Profit before tax of Euro8 million, up 75%
* Record earnings per share of 18.9 cent, an increase of 78%
* Interim dividend proposed of 1.75 cent
Operational performance
* Revenue of Euro94 million for the 6 months, representing growth of 42% year
on year
* Gross profit of Euro19.9 million, up 51% from Euro13 million in the period to
December 2005
* Cash balances of Euro26.2 million at 30 December 2006 (Euro21.3 million at 30
June 2006)
* Improved conversion ratio of 40.6%
It is a pleasure to report record interim results for Cpl Resources plc in the
period to 31 December 2006. CPL achieved another period of excellent growth
across all its businesses, increasing total revenues by 42% to Euro94 million. With
income outpacing costs, pre-tax profits rose by 75% to more than Euro8 million. Our
growth, which was entirely organic in the period, is particularly pleasing as it
follows a 86% increase in profit before tax in the previous year.
Our clients are operating in a vibrant economy where, in many sectors, demand
for skills continues to exceed supply. As the leading provider of employment
services to the Irish market we are confident that we can continue to grow our
business by anticipating and meeting the changing needs of employers and skilled
people across the spectrum of business areas in which we operate. We are also
alive to growth opportunities presented by potential acquisition targets in
Ireland and elsewhere.
Results Overview
Six months to Six months to % change
31 December 2006 31 December 2005
Euro000's Euro000's
Revenue 94,181 66,333 42%
Gross profit 19,859 13,127 51%
Profit before tax 8,059 4,605 75%
EPS 18.9 cent 10.6 cent 78%
Net fee income in our permanent placement business increased by 46% over the
prior 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 57%, 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 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.
A 51% increase in gross profit was translated to a 75% increase in profit before
tax demonstrating the Group's operating leverage. The conversion ratio of gross
profit to net profit before tax was 40.6% in the six months to December 2006
compared with 35% in the same period last year.
The Group had cash balances of Euro26.2 million at 31 December 2006.
Notwithstanding the working capital demands associated with strong growth in
business activity, this figure is Euro5 million higher than the corresponding
balance at 30 June 2006.
The Board is recommending an interim dividend of 1.75 cent per share. The
dividend will be payable on 2 March 2007 to shareholders on the company's
register at the close of business on the record date of 2 February 2007.
Group income statement
for the half year ended 31 December 2006 Half Year ended Half Year ended Year ended
31-Dec-2006 31-Dec-2005 30-Jun-2006
Euro'000 Euro'000 Euro'000
( Unaudited) ( Unaudited) ( Audited)
Revenue 94,181 66,333 148,065
Cost of sales (74,322) (53,206) (119,898)
Gross profit 19,859 13,127 28,167
Distribution expenses (1,174) (818) (1,725)
Administrative expenses (10,959) (7,774) (16,111)
Operating profit 7,726 4,535 10,331
Financial income 342 77 255
Financial expenses (9) (7) (20)
Profit before tax 8,059 4,605 10,566
Income tax expense (1,048) (691) (1,278)
Profit for the financial period 7,011 3,914 9,288
Basic earnings per share 18.9 cent 10.6 cent 25.1 cent
Fully diluted earnings per share 18.9 cent 10.4 cent 24.9 cent
Group Balance Sheet
At 31 December 2006
31-Dec-2006 31-Dec-2005 30-Jun-2006
Euro'000 Euro'000 Euro'000
(Unaudited) (Unaudited) (Audited)
Assets
Non-current assets
Property, plant and equipment 1,435 973 1,144
Goodwill 6,431 5,622 6,265
Intangible assets 228 189 253
Deferred tax asset 42 42
-
Total non-current assets 8,136 6,784 7,704
Current assets
Trade and other receivables 21,563 18,673 17,025
Cash and cash equivalents 26,247 11,185 21,292
Corporation tax refundable - - 81
Total current assets 47,810 29,858 38,398
Total assets 55,946 36,642 46,102
Equity
Issued capital 3,731 3,688 3,714
Share premium 1,686 1,671 1,686
Other reserves (3,300) (3,300) (3,300)
Retained earnings 32,976 21,597 26,522
Total equity 35,093 23,656 28,622
Liabilities
Non-current liabilities
Financial liabilities 317 367 317
Provisions 177 - 177
Total non-current liabilities 494 367 494
Current liabilities
Financial liabilities 35 16 79
Trade and other payables 19,085 11,863 16,688
Corporation tax payable 1,020 589 -
Provisions 219 151 219
Total current liabilities 20,359 12,619 16,986
Total liabilities 20,853 12,986 17,480
Total equity and liabilities 55,946 36,642 46,102
Group statement of cash flow Half Year ended Half Year ended Year ended
for the period ended 31 December 2006 31-Dec-2006 31-Dec-2005 30-Jun-2006
Euro'000 Euro'000 Euro'000
( Unaudited) ( Unaudited) ( Audited)
Cash flows from operating activities
Profit for the financial period 7,011 3,914 9,288
Adjustments for:
Depreciation on property, plant and equipment 135 140 223
Amortisation of intangible assets 25 20 54
Financial income (342) (77) (255)
Financial expense 9 7 20
Income tax expense 1,048 691 1,278
Operating profit before changes in working
capital and provisions 7,886 4,695 10,608
Movement in trade and other receivables (4,538) (5,301) (3,620)
Movement in trade and other payables and 2,397 971 5,715
provisions
Cash generated from operations 5,745 365 12,703
(9) (7) (20)
Interest paid
Income tax refund / ( paid) 53 (187) (1,493)
Interest received 342 77 255
Net cash from operating activities 6,131 248 11,445
Cash flows from investing activities
Acquisition of subsidiary, net of cash (166) (194)
acquired -
Deferred consideration paid (234)
- (79)
Purchase of property, plant and equipment (426) (322) (550)
Purchase of intangible assets (22) (140)
-
Net cash (outflow) from investing activities (592) (423) (1,118)
Cash flows from financing activities
Repayment of borrowings (27) (23) (30)
Proceeds from new loan - 90 93
Dividends paid (557) (368) (817)
Proceeds from issue of share capital 17 41
-
Net cash (outflow) from investing activities (567) (301) (713)
4,972 (476) 9,614
Change in cash and cash equivalents
Cash and cash equivalents at beginning of 21,275 11,661 11,661
period
Cash and cash equivalents at end of period 26,247 11,185 21,275
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 were for the year ended 30 June
2006.. The Group's IFRS accounting policies are also set out in these financial
statements.
The figures for the half year ended 31 December 2006 are unaudited. The
comparative figures for the half year ended 31 December 2005 are also unaudited.
The amounts for the year ended 30 June 2006 represent an abbreviated version
of the Group's full financial statements for the year on which the auditors
issued an unqualified audit report.
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 2006 31 December 2005 30 June 2006
Euro'000 Euro'000 Euro'000
Ordinary dividends
Interim dividend paid - - 449
Final dividend paid 557 368 368
557 368 817
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 half year ended 31 December 2006 is
37,165,715 (period ended 31 December 2005 - 36,880,825; year ended 30 June 2006
- 36,934,080). It has been calculated based on the profit for the financial
period ended 31 December 2006 of Euro7,011,000 (period ended 31 December 2005 -
Euro3,914,000; year ended 30 June 2006 - Euro9,288,000).
4. Analysis of net funds
Cash at bank Bank Bank Loan Net
and in hand Overdraft
Euro'000 Euro'000 Euro'000 Euro'000
At 30 June 2006 21,292 (17) (379) 20,896
Cash flow 4,955 17 27 4,999
At 31st December 2006 26,247 - (352) 25,895
25 January 2007
This information is provided by RNS
The company news service from the London Stock Exchange
END
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