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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Dillistone Group Plc | LSE:DSG | London | Ordinary Share | GB00B13QQB40 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 9.25 | 9.00 | 9.50 | 9.25 | 9.25 | 9.25 | 16,852 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Computer Related Svcs, Nec | 5.6M | 3k | 0.0002 | 462.50 | 1.82M |
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RNS Number:8398D
Dillistone Group PLC
14 September 2007
14th September 2007
Dillistone Group Plc: Record Interim Results
Global growth underpinned by recurring revenues
Dillistone Group Plc ("Dillistone" or "the Company"), the AIM listed supplier of
recruitment software, announces record interim results for the six months ended
30th June 2007.
Commenting on these results, Jason Starr, Managing Director at Dillistone said:
"The results for the six months ended 30th June 2007 show excellent growth in
both sales and profitability. Recurring revenues represent a greater proportion
of our headline sales figure, 33% up on the same period in 2006, which gives us
greater visibility and quality of earnings. Every sales region has shown good
sales and profit growth. Particular note must be given to the Australia and
Asia Pacific region where profits grew by an outstanding 49%. We are very
encouraged by the conversion of our enquiries into orders and this is reflected
in these results."
Six months ended 30th June - June '07 June '06
Turnover #1.92m #1.68m + 14%
Profit before tax #0.658m #0.560m + 18%
Profit after tax #0.454m #0.397m + 14%
Earnings per share 8.42p 7.62p + 10%
* Strong sales growth from all regions, exceptional performances being
seen particularly in overseas operations
* Dillistone now working with clients in 50 countries worldwide
* Gross operating margins further improved to 33%
* Cash flow helped by substantial increase in recurring revenues - cash
balances of #1.2m at period end
* Interim dividend of 2.5p per share
* Strong order intake (up 18%) and support contract renewals (up 24%) on
corresponding period in 2006. Recent contract wins post period end
include Norman Broadbent
On current trading and prospects, Mr Starr added;
"The second half of the year has started well with significant new contracts
being won. The global recruitment industry continues to grow and we expect to
benefit from this trend as well as to increase our market share. Dillistone
continues to be strongly cash generative and is confident of producing
substantial growth for the full year"
Contacts:
Jim McLaughlin, Chairman & Finance Director, 01934 710 509
Dillistone Group Plc
Jason Starr, Managing Director, Dillistone Group Plc 020 7749 6100
Mike Coe, Blue Oar Securities Plc 0117 933 0020
Tom Cooper, Winningtons Financial PR 0797 122 1972
Chairman's Statement
I am very pleased to be able to report further significant progress in the 6
Months ended 30th June 2007, and excellent prospects for the remainder of the
year and in the longer term.
Financial Performance
The financial results for the 6 Months ended 30th June show excellent growth in
both sales and profitability. Overall sales increased by some 14% over the same
period in 2006, underpinned by an increase of some 33% in recurring revenues
partly as a result of a new sales alternative for clients in the USA, and
excellent customer retention through support contracts. Non recurring revenues,
which in 2006 were flattered to the extent of some #80,000 as a result of the
completion of a large order, started in late 2005, increased by some 4% over the
equivalent period in 2006. There is an encouraging trend towards recurring
system sales, enhancing visibility of longer term revenues.
Total turnover in the period increased by 14% to #1,927,943 (6 Months ended 30
June 2006 #1,685,121), and profits before tax increased by 18% to #658,853 (2006
Restated - #560,497). Geographically, sales in all the overseas operations grew
well, with Europe posting a 24% increase, and the USA and Australia and Asia
Pacific regions both showed an 18% increase. Profits in the overseas operations
grew by 32% in Europe, 27% in the USA, which continues to suffer from the
effects of the weakness in the dollar, and in Australia and Asia Pacific,
profits grew by a very commendable 49%.
The UK, which now has a higher level of costs following the relocation of the
London headquarters in August of 2006, still managed to post a satisfying 15%
increase in profits, notwithstanding its increased cost base. The overall group
operating margin improved further to 33.8%, despite the effect of the increase
in the cost base from the second half of 2006, and the large contract which
flattered last years figures.
Cashflow has continued to reflect the profitable performance of the business,
and at the end of the period we held cash balances of #1,190,608, compared with
#538,591 at the year end. This is a cash inflow of over #663,000 in the period
(excluding foreign exchange effects), reflecting the Group's tight controls over
its working capital. The Group has no borrowings whatsoever.
Earnings per share amounted to 8.42p in the period (2006 restated- 7.62p),and
the board has decided to pay an interim dividend of 2.5p per share on 19th
October 2007 to holders on the register on 28th September 2007. The cost of
this dividend will be #135,000 and will be met from the cash resources of the
Group. Shares will trade ex-dividend from 26th September 2007. A further
dividend of some 5p per share is expected to be paid following the publication
of the final accounts and approval of shareholders at the Annual General
Meeting.
Prospects
Following the launch of a new version of our Filefinder software in March, we
have already announced some significant orders, many of which are due to be
installed during the second half of 2007. In the 6 months to June, order intake
was some 18% ahead of the same period in 2006. Additionally, support renewals
in June were some 24% ahead of the same time last year. These factors provide
comfort that the excellent performance in the first half will continue through
the second half, and the cash reserves of the group provide it with a strong
base for further growth.
Recent data published by the AESC for the first half of 2007 reports that the
worldwide executive recruitment industry remains in a buoyant state, with an
increase in the revenues per consultant of 6.7%, and an increase in overall
revenues of some 20% compared to the same period in 2006. The report recognises
the importance of emerging markets, and I am pleased that we were able to
announce in June that we had clients in 50 countries around the world.
Filefinder is now used in more than 850 clients' sites in 50 countries around
the world, and by some of the largest and most successful search firms as their
main business system. The trend for its use in corporate clients is growing,
particularly in the USA. These factors support the board's belief that the
prospects for the group remain excellent, and that the new version of Filefinder
will continue to be well received by the executive recruitment industry.
Jim McLaughlin
13th September 2007.
CONSOLIDATED INCOME STATEMENT
6 Months ended 30 June Year ended
31 December
2007 2006 2006
(as restated)
# # #
Revenue 1,927,943 1,685,121 3,301,362
Cost of sales (145,082) (122,965) (274,481)
Gross profit 1,782,861 1,562,156 3,026,881
Administrative expenses (1,130,268) (1,003,674) (2,107,724)
Profit from operations 652,593 558,482 919,157
Investment income 6,260 2,015 3,961
Profit before tax 658,853 560,497 923,118
Tax expense (204,244) (163,445) (285,913)
Profit for the period/year 454,609 397,052 637,205
Earnings per share (pence)
Basic 8.42 7.62 12.00
Diluted 7.96 6.94 11.13
CONSOLIDATED BALANCE SHEET
As at 30 June As at 31
December
2007 2006 2006
(as restated)
# # #
ASSETS
Non-current assets
Intangible assets 632,180 623,175 630,271
Property plant & equipment 171,708 42,436 181,476
803,888 665,611 811,747
Current Assets
Inventories 48,322 6,290 21,210
Trade and other receivables 1,118,048 720,520 827,633
Cash and cash equivalents 1,190,608 585,531 538,591
2,356,978 1,312,341 1,387,434
Total Assets 3,160,866 1,977,952 2,199,181
EQUITY AND LIABILITIES
Equity
Share capital 270,000 270,000 270,000
Share option reserve 18,071 2,743 13,316
Retained earnings 934,257 374,591 479,648
Translation reserve (17,478) (23,264) (6,180)
Total Equity 1,204,850 624,070 756,784
Liabilities
Current liabilities
Trade and other payables 1,473,904 1,029,283 1,205,219
Current tax payable 277,868 161,154 228,575
1,751,772 1,190,437 1,433,794
Non current liabilities
Deferred tax liability 7,328 - 8,603
Non-current tax payable 196,916 163,445 -
Total liabilities 1,956,016 1,353,882 1,442,397
Total liabilities and equity 3,160,866 1,977,952 2,199,181
CONSOLIDATED CASH FLOW STATEMENTS
As at 30 June As at 31
December
2007 2006 2006
(as restated)
# # #
Operating activities
Profit for the year / period 454,609 397,052 637,205
Adjustment for
Depreciation 61,079 42,497 94,374
Share option expense 4,755 2,743 13,316
Loss on disposal - - 1,117
Operating cash flows before
movements in working capital 520,443 442,292 746,012
(Increase) in receivables (290,415) (12,333) (122,501)
(Increase)/decrease in inventories (27,112) 26,124 11,204
Increase in payables 513,619 108,754 199,081
Net cash from operating
activities 716,535 564,837 833,796
Investing activities
Purchase of property, plant and
equipment (18,549) (28,700) (190,033)
Investment in development costs (34,671) (36,944) (73,888)
Net cash used in investing activities (53,220) (65,644) (263,921)
Financing activities
Proceeds from issue of share capital - - 250,000
Costs of the issue - 9,064 (240,936)
Dividends paid - (400,000) (535,096)
Net cash provided by
financing activities - (390,936) (526,032)
Net increase
in cash and cash equivalents 663,315 108,257 43,843
Cash and cash equivalents at
beginning of year / period 538,591 515,750 515,750
Effect of foreign exchange rate changes (11,298) (38,476) (21,002)
Cash and cash equivalents at
end of year / period 1,190,608 585,531 538,591
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Share Retained Foreign
option
capital premium reserve earnings exchange Total
# # # # # #
Balance at 31 December 2005 105,000 106,237 - 427,238 14,822 653,297
Profit for the 6 months
ended 30 June 2006 - - - 397,052 - 397,052
Bonus issue from reserves 155,000 (106,237) - (48,763) - -
Issue of share capital 10,000 240,000 - - - 250,000
Costs of the issue - (240,000) - (936) (240,936)
Share option expense - - 2,743 - - 2,743
Exchange differences on
translation of
Overseas operations - - - - (38,086) (38,086)
Dividends paid - - - (400,000) - (400,000)
Balance at 30 June 2006
(as restated) 270,000 - 2,743 374,591 (23,264) 624,070
Profit for the 6 months
ended 31 December 2006 - - - 240,153 - 240,153
Share option expense - - 10,573 - - 10,573
Exchange differences on
translation of
Overseas operations - - - - 17,084 17,084
Dividends paid (135,096) (135,096)
Balance at 31 December 2006 270,000 - 13,316 479,648 (6,180) 756,784
Profit for the 6 months
ended 30 June 2007 - - - 454,609 - 454,609
Share option expense - - 4,755 - - 4,755
Exchange differences on
translation of
Overseas operations - - - - (11,298) (11,298)
Balance at 30 June 2007 270,000 - 18,071 934,257 (17,478) 1,204,850
NOTES TO THE INTERIM REPORT
1. Basis of preparation
The financial information for the six months ended 30 June 2007 included in this
interim report comprises the consolidated income statement, the consolidated
balance sheet, the consolidated cash flow statement, the consolidated statement
of changes in equity and the related notes on pages 11 - 12.
This interim financial information is unaudited but has been reviewed by the
auditors and their review opinion is included in this interim report. The
financial information set out in this report does not constitute statutory
accounts as defined by the Companies Act 1985. Financial information for the
year ended 31 December 2006 included herein is derived from the statutory
accounts for that year, which have been delivered to the Registrar of Companies.
The auditors' report on those accounts was unqualified and did not contain a
statement under section 237(2) or section 237(3) of the Companies Act 1985.
Change to previously reported 30 June 2006 results
As outlined in the 2006 Financial Statements Dillistone Group Plc reviewed its
accounting policies in the context of International Financial Reporting
Standards, and in accordance with IAS 38 it capitalised any development
expenditure meeting the recognition criteria under the standard. The 30 June
2006 comparatives in this interim report have now been restated to reflect the
change in treatment. The impact of the change is to increase intangible assets
as at 30 June 2006 by #128,782.
2. Share based payments
The company operates two share option schemes. The fair value of the options
granted under these schemes is recognised as an employee expense with a
corresponding increase in equity. The fair value is measured at grant date and
spread over the period at the end of which the option holder may exercise the
option.
The fair value of the options granted is measured using the Black-Scholes model,
adjusted to take into account sub-optimal exercise factor and other flaws in
Black-Scholes, and taking into account the terms and conditions upon which the
incentives were granted.
3. Revenue and result
Geographical segments
The following table provides an analysis of the Group's sales by geographical market.
6 Months ended 30 June Year ended
31 December
2007 2006 2006
# # #
UK 999,395 915,174 1,747,803
Europe 420,036 338,722 640,483
USA 336,158 285,537 598,807
Asia-Pacific 172,354 145,688 314,269
1,927,943 1,685,121 3,301,362
Business Segment
The following table provides an analysis of the Group's sales by business segment.
6 Months ended 30 June Year ended
31 December
2007 2006 2006
# # #
Recurring income 816,914 612,888 1,287,531
Non-recurring income 1,111,029 1,072,233 2,013,831
1,927,943 1,685,121 3,301,362
Recurring income includes all support services, and web hosting income. Non-recurring income
includes sales of new licenses, and income derived from installing those licenses including
training, installation, and data translation.
Result
6 Months ended 30th June Year ended
31 December
2007 2006 2006
(as restated)
# # #
UK 343,366 299,433 352,401
Europe 308,427 233,935 496,766
USA 86,322 68,216 204,279
Asia-Pacific 99,443 66,847 175,800
837,558 668,431 1,229,246
Unallocated expenses (184,965) (109,949) (310,089)
Profit from operations 652,593 558,482 919,157
4. Dividends
An interim dividend of 2.5 pence per share, totaling #135,000 has been approved
by the board, and will be paid on 19th October 2007 to holders on the register
on 28th September 2007.
5. Earnings per share
6 Months ended 30th June Year ended
31 December
2007 2006 2006
(as restated)
# # #
Basic earnings per share:
Profit attributable to ordinary shareholders 454,609 397,502 637,205
Weighted average number of shares 5,400,000 5,217,777 5,309,890
Basic earnings per share 8.42 7.62 12.00
(pence)
Diluted earnings per share:
Diluted profit attributable to ordinary 455,359 397,502 637,205
shareholders
Diluted weighted average number of shares 5,723,876 5,272,432 5,481,201
Diluted earnings per share (pence) 7.96 7.54 11.63
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DXLFFDKBBBBE
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