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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hydrogen Group Plc | LSE:HYDG | London | Ordinary Share | GB00B1DJTV45 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 42.50 | 35.00 | 50.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMHYDG
RNS Number : 1360J
Hydrogen Group PLC
07 September 2016
Hydrogen Group Plc
7 September 2016
UNAUDITED RESULTS FOR THE HALF YEARED 30 JUNE 2016
The Board of Hydrogen Group plc ("Hydrogen" or the "Group") (AIM: HYDG) announces its unaudited results for the half year ended 30 June 2016.
Financial and Operating Highlights
-- Net Fee Income ("NFI") declined by 12% (12% on a constant currency basis) to GBP8.9m (H1 2015: GBP10.1m). However, the Group has moved back into growth with a 6% (3% on a constant currency basis) increase in NFI on the second half of 2015 of GBP8.5m which is due primarily to:
-- 31% growth in EMEA Life Science to GBP1.7m (H2 2015: GBP1.3m) -- 8% growth in EMEA Business Transformation to GBP2.6m (H2 2015: GBP2.4m) -- Asia NFI up 18% to GBP1.3m (H2 2015: GBP1.1m). -- Contract NFI margin increased to 9.6% (H2 2015: 9.3%)
-- EMEA Legal Practice held back in the lead up to the EU Referendum with NFI down 12.5% to GBP1.4m (H2 2015: GBP1.6m)
-- EMEA Energy NFI down 25% to GBP0.6m (H2 2015: GBP0.8m) -- US Business building a Life Science contract base with NFI up to GBP0.2m (H2 2015 GBP0.1m)
-- Administration costs, which are predominantly based in GBP, down 15% to GBP8.7m (H1 2015: GBP10.2m) and 6% down on H2 2015 administration costs of GBP9.0m
-- Selective hiring to support growth. Headcount increasing 6% to 210 (31 December 2015: 199) -- Operating profit of GBP0.3m (H1 2015: Operating loss before exceptional items GBP0.1m)
-- Net cash position of GBP1.0m at 30 June 2016 (31 December 2015: GBP2.6m and 30 June 2015: GBP0.1m)
Commenting, Ian Temple, CEO of Hydrogen Group plc said:
"The first half of 2016 has seen a stabilisation of the business and a move back into NFI growth compared to H2 2015. We have started hiring in the areas where we have identified sustainable growth opportunities.
We are implementing a new vision for the business focussing resource on building market leading niche businesses. The roll out will continue into Q3 but is already generating results."
Enquiries:
Hydrogen Group plc 020 7090 7702 -------------------------- -------------- Ian Temple, CEO Colin Adams, CFO -------------------------- -------------- Shore Capital (NOMAD and Broker) 020 7408 4080 -------------------------- -------------- Bidhi Bhoma Edward Mansfield -------------------------- --------------
Notes to the editor
Empowering careers. Powering business
Our clients believe that an organisation's greatest asset is its people so we work hard to ensure that we always match people with the right role.
Using our global platform we have placed people in over 50 countries in the last year, empowering thousands of people in their careers and powering the world's leading businesses.
Overview
The first half of 2016 has seen a stabilisation of the business and a move back into NFI growth over H2 2015 with the exception of Energy and Legal. The benefits of the changes made in 2015 are now coming through. In Energy, upstream Oil and Gas continues to be challenging and revenues continued to decline but we have structured the operation so that it remains profitable. Should the oil price recover and demand for our services increase, we will be in a position to react quickly and take advantage of any upswing in the market. We are implementing a new vision for the business which focuses resource on building market leading niche businesses.
Financial Highlights
Group revenue for the period declined by 9% (11% in constant currency) to GBP59.4m (H1 2015: GBP65.9m). Group NFI declined by 12% (12% in constant currency) to GBP8.9m (H1 2015: GBP10.1m). The Group has moved back into growth with a 6% NFI increase on the second half 2015 NFI of GBP8.5m.
44% of the Group's NFI for this period was denominated in currencies other than Sterling (H1 2015: 38%), with the Euro, Singapore Dollars, United States Dollars, Australian Dollars and Malaysian Ringgit being the most significant. Foreign currency income, where applicable is naturally hedged against foreign currency expenditure. The Euro is the most significant currency and any excess over expenditure is hedged by drawing down on the Group's invoice finance facility and converting into sterling on the same day.
The split between contract and permanent NFI for H1 2016 was 60% contract; 40% permanent (H1 2015: 55% Contract, 45% Permanent). Contract margin continued its incremental improvement as we have reduced the number of lower margin deals on our contract book. The Group achieved a contract margin of 9.6% in H1 2016 (H1 2015: 9.1% and H2 2015: 9.3%).
There has been a change to how we report segmental analysis. Previously the operating segments were Professional Support Services and Technical and Scientific. As part of the restructure, current management reporting focuses on performance of our EMEA (including USA) and APAC businesses. The new segmental analysis reflects this. Within these operating segments are the individual practices; Technology, Finance, Energy, Legal, Life Sciences and Business Transformation.
In EMEA the Life Sciences practice showed 31% growth to GBP1.7m (H2 2015 GBP1.3m). The contract business was the main driver with improved deal flow from its client base plus new client wins. Business Transformation showed respectable growth of 8% to GBP2.6m (H2 2015: GBP2.4m) driven by growth with existing and new clients in both our London and Edinburgh offices. Legal practice permanent activity was soft in the lead up to the EU Referendum as clients held back on making decisions on placements until after the outcome. NFI was down 12.5% to GBP1.4m when compared to a typically stronger H2 2015 of GBP1.6m but was flat compared to H1 2015 of GBP1.4m. The Technology practice has just started to move into growth as we have refocussed its business proposition but NFI was broadly similar to H2 2015 at GBP0.6m. In the US we started a Life Science contract business in 2015 and this has really gained traction offsetting the decline in Energy revenues. NFI has increased 100% to GBP0.2m (H2 2015: GBP0.1m)
Asia has shown growth in the first half of 2016 compared to H2 in 2015. NFI increased 18% to GBP1.3m (H2 2015: GBP1.1m). Main contributors to growth were the Energy practice, and the Business Transformation practice where the contractor book, started in 2015, is building momentum. NFI for Australia is down 25% to GBP0.3m (H2 2015: GBP0.4m). Action was taken to reduce the cost base which has helped the operation to move into profit in 2016.
We implemented changes throughout 2015 and we have now positioned the practices, with the exception of Energy, for growth. Headcount at the end of 2015 was 199 (Sales: 143, Operations: 56). We have started hiring in the areas where we have identified sustainable growth opportunities. Headcount at 30 June 2016 increased 6% to 210 (Sales: 155, Operations: 55). During 2015 we reduced operating costs to bring practices back into profit. Energy remained profitable as a result, even though the NFI in EMEA Energy was down 25% to GBP0.6m (H2 2015: GBP0.8m). Administration costs, which are predominantly based in GBP, for the six-month period were GBP8.7m (H1 2015: GBP10.2m), 15% down on the comparative period and 6% down on the second half of 2015 (H2 2015: GBP9.0m). With the EU Referendum in favour of an exit from the EU, the currency swing, particularly the Euro has generated a foreign exchange gain for the six-month period of GBP0.14m (H1 2015: GBP(0.1)m).
With NFI back into growth and a lower cost base post restructure, the Group operating profit for the period was GBP0.3m (H1 2015: loss before exceptional items, GBP0.1m). Exceptional costs were nil for the six-month period (H1 2015: GBP1.8m). Profit before tax was GBP0.3m (H1 2015: GBP1.9m) loss after exceptional items). Basic earnings per share was 0.09p (H1 2015: (8.18)p). Fully diluted earnings per share was 0.08p (H1 2015: (8.12)p).
As a result of the Group's trading performance and the exceptional costs incurred during 2015 the consolidated group balance sheet at 30 June 2016 had negative retained earnings of GBP1.7m (31 December 2015: GBP2.1m). However, the parent company has retained earnings of GBP9.4m (31 December 2015: GBP10.0m).
As the Group is going through a period of major transition, the Board has taken the decision not to declare an interim dividend. The Board will take a view on any dividend for the full year based on how the Group performs in the second half of this year.
Cash flow
The business had a net cash outflow of GBP1.7m (H1 2015 inflow: GBP8.2m) from operating activities in the first six months of the year. Part of the working capital outflow was due to the 10.2% increase in contract NFI over H2 2015, to GBP5.4m (H2 2015: GBP4.9m). In addition, there were a couple of major clients in the UK and Asia who delayed payment which also contributed to the outflow: in aggregate we estimate the delayed payment to be less than GBP0.7m. Most of these delayed payments were received in the early part of H2. At the end of 2014 there was a payment from a client of GBP5.0m which was received in the first half of 2015. When adjusted for, it reduces the GBP8.2m generated from operating activities to GBP3.2m. We have maintained our strong track record on cash collection. Trade receivables measured as days sale outstanding (DSO) were 20 days (H1 2015: 22 days).
After tax payments of GBP0.1m (H1 2015: GBP0.1m) and capital expenditure of GBP0.1m (H1 2015: GBP0.1m) the Group finished the period with net cash of GBP1.0m. The Group retains an GBP18.0m invoice finance facility committed to April 2018.
Current Trading
We are encouraged by the growth achieved in the first half with around 45% of our NFI being generated internationally. It is too early to assess the impact of the result of the EU Referendum and the effect it could have on client and candidate confidence in our UK business. There was a slight weakness in permanent recruitment in the second quarter in the lead up to the result. Since the Referendum result there has been no discernible change in sentiment and activity.
We continue to roll out our plans to turn around the business which should continue to benefit the financial performance in the second half of the year.
Ian Temple, CEO
Hydrogen Group Plc
Hydrogen Group Plc UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2016 Six months ended Year ended 30 June 30 June 31 December -------------------------------- 2016 2015 2015 -------------------------------- Note GBP'000 GBP'000 GBP'000 -------------------------------- ----- --------- --------- ------------ Revenue 3 59,391 65,884 122,765 Cost of sales (50,463) (55,774) (104,200) -------------------------------- ----- --------- --------- ------------ Gross profit 8,928 10,110 18,565 Administration expenses (8,645) (10,172) (19,193) -------------------------------- ----- --------- --------- ------------ Operating profit/(loss) before exceptional items 283 (62) (628) Exceptional items 4 - (1,805) (5,493) -------------------------------- ----- --------- --------- ------------ Operating profit/(loss) 283 (1,867) (6,121) Finance costs (21) (54) (80) Finance income 1 - 5 -------------------------------- ----- --------- --------- ------------ Profit/(Loss) before taxation 264 (1,921) (6,196) Income tax 5 (71) 80 - -------------------------------- ----- --------- --------- ------------ Profit/(Loss) for the period/year 192 (1,841) (6,196) -------------------------------- ----- --------- --------- ------------ Other comprehensive profit/(loss): Exchange differences on translating foreign operations 422 (84) (136) --------------------------------------- --------- ------------ Other comprehensive profit/(loss) 422 (84) (136) -------------------------------- ----- --------- --------- ------------ Total comprehensive profit/(loss) for the period/year 614 (1,925) (6,332) --------------------------------------- --------- --------- ------------ Attributable to: Equity holders of the parent 614 (1,925) (6,332) -------------------------------- ----- --------- --------- ------------ Earnings per share Basic profit/(loss) per share (pence) 7 0.09p (8.18p) (27.52p) Diluted profit/(loss) per share (pence) 7 0.08p (8.12p) (26.12p) Adjusted basic profit/(loss) per share (pence) 7 0.09p (0.16p) (3.12p) Adjusted diluted profit/(loss) per share (pence) 7 0.08p (0.16p) (2.96p) -------------------------------- ----- --------- --------- ------------
The notes to the accounts set out below form an integral part of this unaudited condensed consolidated interim report.
Hydrogen Group Plc UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION As at 30 June 2016 30 June 30 31 December June ----------------------------- 2016 2015 2015 ----------------------------- Note GBP'000 GBP'000 GBP'000 ----------------------------- ----- -------- -------- ------------ Non-current assets Goodwill 10,141 13,658 10,141 Other intangible assets 736 889 778 Property, plant and equipment 623 770 687 Deferred tax assets 138 120 138 Other financial assets 9 107 265 108 ----------------------------- ----- -------- -------- ------------ 11,745 15,702 11,852 ----------------------------- ----- -------- -------- ------------ Current assets Trade and other receivables 9 20,421 22,116 15,631 Cash and cash equivalents 1,873 2,716 3,034 ----------------------------- ----- -------- -------- ------------ 22,294 24,832 18,665 ----------------------------- ----- -------- -------- ------------ Total assets 34,039 40,534 30,517 ----------------------------- ----- -------- -------- ------------ Current liabilities Trade and other payables 10 13,856 15,072 11,527 Borrowings 840 2,598 454 Current tax liabilities 2 39 5 Provisions 11 - 203 - ----------------------------- ----- -------- -------- ------------ 14,698 17,912 11,986 ----------------------------- ----- -------- -------- ------------ Non-current liabilities Deferred tax 101 - 98 Provisions 11 84 67 68 ----------------------------- ----- -------- -------- ------------ 185 67 166 ----------------------------- ----- -------- -------- ------------ Total liabilities 14,883 17,979 12,152 ----------------------------- ----- -------- -------- ------------ Net assets 19,156 22,555 18,365 ----------------------------- ----- -------- -------- ------------ Equity Capital and reserves attributable to the equity holders: Called-up share capital 239 239 239 Share premium account 3,520 3,521 3,520 Merger reserve 16,100 16,100 16,100 Own shares held (1,338) (1,312) (1,338) Share option reserve 2,390 2,042 2,213 Translation reserve 90 (280) (332) Retained earnings (1,845) 2,245 (2,037) ----------------------------- ----- -------- -------- ------------ Total equity 19,156 22,555 18,365 ----------------------------- ----- -------- -------- ------------
The notes to the accounts set out below form an integral part of this unaudited condensed consolidated interim report.
Hydrogen Group Plc UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY For the six months ended 30 June 2016 Called-up Share Own Share Trans- share premium Merger shares option lation Retained Total capital account reserve held reserve reserve earnings equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 --------------------- ---------- --------- -------- -------- --------- -------- ---------- -------- At 1 January 2015 239 3,520 16,100 (1,338) 2,041 (196) 4,857 25,223 Dividends - - - - - - (698) (698) Increase in share capital - 1 - - - - - 1 Share option charge - - - - 27 - - 27 ---------- -------- Transactions with owners - 1 - - 27 (698) (670) Loss for the 6m to 30.6.15 - - - - - - (1,841) (1,841) Other comprehensive income: - - - - - - (84) (84) Foreign currency translation - - - - - (84) 11 (73) ---------- --------- -------- -------- --------- -------- ---------- -------- Total comprehensive loss for the period - - - - - (84) (1,841) (1,925)
--------------------- ---------- --------- -------- -------- --------- -------- ---------- -------- At 30 June 2015 239 3,521 16,100 (1,338) 2,068 (280) 2,245 22,555 --------------------- ---------- --------- -------- -------- --------- -------- ---------- -------- Share option charge reversal - - - - 144 - - 144 Tax on share options charge - - - - - - (52) (52) New shares issued - - - - - - - - ---------- -------- Transactions with owners - - - - 144 - (52) 92 Loss for the 6m to 31.12.15 - - - - - - (4,230) (4,230) Other comprehensive income: - - - - - - - - Foreign currency translation - - - - - (52) - (52) ---------- --------- -------- -------- --------- -------- ---------- -------- Total comprehensive loss for the period - - - - - (52) (4,230) (4,282) --------------------- ---------- --------- -------- -------- --------- -------- ---------- -------- At 31 December 2015 239 3,520 16,100 (1,338) 2,213 (332) (2,037) 18,365 --------------------- ---------- --------- -------- -------- --------- -------- ---------- -------- Increase in share capital - - - - - - - - Share option charge - - - - 180 - - 180 Transactions with owners - - - - - - - Profit for the 6m to 30.6.16 - - - - - - 192 192 Other comprehensive income: - - - - - - - - Foreign currency translation - - - - (3) 422 - 419 ---------- --------- -------- -------- --------- -------- ---------- -------- Total comprehensive profit for the period - - - - - 422 192 611 --------------------- ---------- --------- -------- -------- --------- -------- ---------- -------- At 30 June 2016 239 3,520 16,100 (1,338) 2,390 90 (1,845) 19,156 --------------------- ---------- --------- -------- -------- --------- -------- ---------- --------
The notes to the accounts set out below form an integral part of this unaudited condensed consolidated interim report.
Hydrogen Group Plc UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOW For the six months ended 30 June 2016 Six months Year ended ended 30 June 30 31 December June 2016 2015 2015 Note GBP'000 GBP'000 GBP'000 ---------------------------------- ----- -------- --------- ------------ Net cash (outflow)/inflow from operating activities 8 (1,910) 7,667 10,255 Investing activities Finance income 1 83 4 Proceeds from disposal of property, plant and equipment - 16 23 Purchase of property, plant and equipment - - (3) Purchase of software assets (60) (101) (138) -------- --------- Net cash used in investing activities (59) (2) (114) ---------------------------------- ----- -------- --------- ------------ Financing activities Proceeds on issue of shares - 1 - Increase/(decrease) in borrowings 386 (10,081) (12,250) Equity dividends paid 6 - (698) (698) ---------------------------------- ----- -------- --------- ------------ Net cash generated/(utilised) from financing activities 386 (10,778) (12,948) ---------------------------------- ----- -------- --------- ------------ Net decrease in cash and cash equivalents (1,583) (3,113) (2,807) Cash and cash equivalents at beginning of period/year 3,034 5,975 5,975 Effect of foreign exchange rate movements 422 (147) (134) ---------------------------------- ----- -------- --------- ------------ Cash and cash equivalents at end of period/year 1,873 2,716 3,034 ---------------------------------- ----- -------- --------- ------------ UNAUDITED RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT For the six months ended 30 June 2016 Six months Year ended ended 30 June 30 31 December June ---------------------------------- 2016 2015 2015 ---------------------------------- GBP'000 GBP'000 GBP'000 ---------------------------------- ----- -------- --------- ------------ Decrease in cash and cash equivalents in the period/year (1,161) (3,234) (2,941) (Increase)/decrease in net debt resulting from cash flows (386) 10,081 12,250 ------------ Movement in net cash in the period/year (1,547) 6,847 9,309 Net cash /(debt) at the start of the period/year 2,580 (6,729) (6,730) ---------------------------------- ----- -------- --------- ------------ Net cash at the end of the period/year 1,033 118 2,580 ---------------------------------- ----- -------- --------- ------------
The notes to the accounts set out below form an integral part of this unaudited condensed consolidated interim report.
Hydrogen Group Plc
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM REPORT
For the six months ended 30 June 2016
1 General information
Hydrogen Group plc ("the Company") and its subsidiaries' (together "the Group") principal activity is the provision of recruitment services for mid to senior level professional staff. The Group is organised into seven practices offering both Permanent and Contract specialist recruitment consultancy for large and medium sized organisations. The Group operates primarily in the Technology, Finance, Energy, Legal, Life Sciences and Business Transformation sectors. The Group is becoming increasingly international, with operations in Australia, Malaysia, Singapore and USA, and a number of internationally focused teams based in the UK.
Hydrogen Group plc is the Group's ultimate parent company. The Company is a limited liability company incorporated and domiciled in the United Kingdom. The address of Hydrogen Group's registered office and its principal place of business is 30-40 Eastcheap, London, EC3M 1HD, England. Hydrogen Group's shares are listed on the AIM Market.
The unaudited condensed consolidated interim report for the six months ended 30 June 2016 (including comparatives) is presented in GBP '000, and were approved and authorised for issue by the board of directors on 7 September 2016.
Copies of these interim results are available at the Company's registered office, 30 Eastcheap, London, EC3M 1HD, England, and on the Company's website - www.hydrogengroup.com.
This unaudited condensed consolidated interim report does not constitute statutory accounts of the Group within the meaning of section 434 of the Companies Act 2006. The financial information for the year ended 31 December 2015 has been extracted from the statutory accounts for that year, which have been filed with the Registrar of Companies. The auditor's report on those accounts was unqualified and did not contain a statement under section 498 of the Companies Act 2006.
2 Basis of preparation
The unaudited condensed consolidated interim report for the six months ended 30 June 2016 has been prepared using accounting policies consistent with International Financial Reporting Standards ("IFRSs") and in accordance with IAS 34, 'Interim financial reporting' as adopted by the European Union. The unaudited condensed consolidated interim report should be read in conjunction with the annual financial statements for the year ended 31 December 2015, which were prepared in accordance with IFRSs as adopted by the European Union.
These financial statements have been prepared under the historical cost convention.
To finance its working capital requirements, the Group has an GBP18m invoice discounting facility, committed to April 2018. The maximum amount of the invoice discount facility utilised during the period was 46%. The Group's forecasts and projections demonstrate that this facility should be adequate to meet the Group's obligations as they fall due in the foreseeable future. Accordingly, the directors have adopted the going concern basis in preparing the interim report.
This unaudited condensed consolidated interim report has been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year ended 31 December 2015.
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of the condensed consolidated interim report.
3 Segment reporting
(a) Revenue, gross profit and operating profit by discipline
For management purposes, the Group is organised into two operating segments, EMEA including USA (EMEA) and Asia Pacific (APAC), based on the discipline of the candidate being placed. Both of the operating segments have similar economic characteristics and share a majority of the aggregation criteria set out in IFRS 8.12.
30 June 2016 30 June 2015 31 December 2015 Group Group Group EMEA APAC cost Total EMEA APAC cost Total EMEA APAC cost Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Revenue 54,612 4,779 - 59,391 62,402 3,482 - 65,884 116,061 6,705 - 122,765 Gross profit 7,293 1,635 - 8,928 8,371 1,739 - 10,110 15,369 3,196 - 18,565 Depreciation and amortisation 162 4 - 166 217 8 - 225 383 30 - 413 Operating profit /(loss)before exceptional items 855 45 (616) 283 714 (340) (436) (62) 1,399 (914) (1,113) (628) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Finance costs (21) (54) (80) Finance income - - 5 (Loss)/profit before tax and exceptional items 264 (116) (703) ======== ======== ========
Segment reporting (continued)
Revenue reported above represents revenue generated from external customers. There were no sales between segments in the six months (30 June 2015: Nil, 31 December 2015: Nil).
The accounting policies of the reportable segments are the same as the Group's accounting policies described above. Segment profit represents the profit earned by each segment without allocation of central administration costs, finance costs and finance income.
The information reviewed by the chief operating decision maker, or otherwise regularly provided to the chief operating decision maker, does not include information on net assets. The cost to develop this information would be excessive in comparison to the value that would be derived.
There is one external customer that represented more than 31% of the entity's revenues with revenue of GBP18.5m, and approximately 16% of the Group's net fee income, included in the EMEA segment (30 June 2015: one customer, revenue GBP21.2m, EMEA segment; 31 December 2015: one customer, revenue GBP39.4m, EMEA segment).
(b) Revenue and gross profit by geography
Revenue Gross profit ----------- ---------------------------- ---------------------------- Six months Year Six months Year ended ended ended ended ----------- ------------------ -------- ------------------ -------- 30 June 30 June 31 Dec 30 June 30 June 31 Dec ----------- 2016 2015 2015 2016 2015 2015 ----------- GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ----------- -------- -------- -------- -------- -------- -------- UK 45,649 54,298 100,992 4,987 6,394 11,923 Rest of World 13,742 11,586 21,773 3,941 3,716 6,642 ----------- -------- -------- -------- -------- -------- -------- 59,391 65,884 122,765 8,928 10,110 18,565 ----------- -------- -------- -------- -------- -------- --------
(c) Revenue and gross profit by recruitment classification
Revenue Gross profit ----------- ---------------------------- ---------------------------- Six months Year Six months Year ended ended ended ended ----------- ------------------ -------- ------------------ -------- 30 June 30 June 31 Dec 30 June 30 June 31 Dec ----------- 2016 2015 2015 2016 2015 2015 ----------- GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ----------- -------- -------- -------- -------- -------- -------- Permanent 3,547 4,521 8,079 3,544 4,521 8,044 Contract 55,844 61,364 114,686 5,384 5,589 10,521 ----------- -------- -------- -------- -------- -------- -------- 59,391 65,884 122,765 8,928 10,110 18,565 ----------- -------- -------- -------- -------- -------- -------- 4 Exceptional items
Exceptional items are costs that are separately disclosed due to their material and non-recurring nature. They arose as a result of the comprehensive review of the Group's operations and actions implemented to reduce the Group's administration costs:
Six months Year ended ended 30 June 30 31 December June ------------------------- 2016 2015 2015 ------------------------- GBP'000 GBP'000 GBP'000 ------------------------- --------- -------- ------------ Goodwill impairment - - 3,517 Tangible asset write down and disposal - 943 988 Employee restructuring costs - 788 939 Property costs - 69 223 Onerous lease provision release - - (212) Advisor's costs - 5 31 Other - - 7 - 1,805 5,493 ----------------------------------- -------- ------------ 5 Income tax expense
The charge for taxation on profits for the six months amounted to GBP0.1m (30 June 2015: GBP0.1m, 31 December 2015: GBPnil), being tax on profits and adjustment to prior year amounts.
6 Dividends Six months Year ended ended 30 30 31 December June June ------------------------------ 2016 2015 2015 ------------------------------ GBP'000 GBP'000 GBP'000 ------------------------------ --------- -------- ------------ Amounts recognised and distributed to shareholders in the period Final dividend for the year ended 31 December 2015 of Nil p per share (2014: 3.1p per share) - 698 698 ------------------------------- - 698 698 ---------------------------------------- -------- ------------
No dividend was proposed in respect of the year ended 31 December 2015.
7 Earnings per share
Earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Group by the weighted average number of ordinary shares in issue.
Fully diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares by existing share options and share incentive plans, assuming dilution through conversion of all existing options and shares held in share plans.
Six months Year ended ended 30 June 30 June 31 December ----------------------------------------- 2016 2015 2015 ----------------------------------------- GBP'000 GBP'000 GBP'000 ----------------------------------------- ----------- ----------- ------------ Earnings Profit/(loss) for the period/year attributable to equity holders of the parent 192 (1,841) (6,196) ------------------------------------------ Adjusted earnings Profit/(loss) for the period 192 (1,841) (6,196) Add back: exceptional costs - 1,805 5,493 ------------------------------------------ ----------- ----------- ------------ 192 (36) (703) ----------------------------------------- ----------- ----------- ------------ Number of shares Number Number Number Weighted average number of shares used for earnings per share 22,530,249 22,513,793 22,516,021 Dilutive effect of share plans 1,987,668 166,345 1,207,033 Diluted weighted average number of shares used to calculate fully diluted earnings per share 24,517,917 22,680,138 23,723,054 ------------------------------------------ ----------- ----------- ------------ Pence Pence Pence Basic profit/(loss) per share 0.09 (8.18) (27.52) Fully diluted profit/(loss) per share 0.08 (8.12) (26.12) Adjusted basic profit/(loss)/earnings per share 0.09 (0.16) (3.12) Adjusted diluted profit/(loss)/earnings per share 0.08 (0.16) (2.96) 8 Cash flow from operating activities Six months Year ended ended 30 30 31 December June June 2016 2015 2015 GBP'000 GBP'000 GBP'000 -------------------------------- -------- ------------ ------------ Profit/(loss) before taxation 264 (1,921) (703) Adjusted for: Exceptional items - 1,805 - Depreciation and amortisation 150 226 414 Increase/(decrease)in provisions 16 (98) (88) Gain/(loss) on sale of property, plant and equipment - 5 (4) Share based payments 180 - 172 Net finance costs 20 54 76 --------------------------------- -------- ------------ ------------ Operating cash flows before movements in working capital 630 71 (133) (Increase)/decrease in receivables (4,822) 9,113 15,683 Increase/(decrease) in payables 2,522 (886) (3,924) --------------------------------- -------- ------------ ------------ Cash (utilised) /generated from operating activities (1,670) 8,298 11,626 Income taxes paid (90) (44) (89) Finance costs (20) (54) (80) --------------------------------- -------- ------------ ------------ Net cash (outflow)/ inflow from operating activities and before exceptional costs (1,781) 8,200 11,457 Cash flows arising from exceptional costs (129) (533) (1,202) --------------------------------- -------- ------------ ------------ Net cash (outflow)/ inflow from operating activities (1,910) 7,667 10,255 --------------------------------- -------- ------------ ------------ 9 Trade and other receivables Six months Year ended ended 30 30 31 December June June ------------------------------ 2016 2015 2015 ------------------------------ GBP'000 GBP'000 GBP'000 ------------------------------ -------- -------- ------------ Trade receivables 8,841 9,321 6,428 Allowance for doubtful debts (149) (44) (319) Accrued income 11,361 12,149 8,994 Prepayments 326 578 372 Other receivables - due within 12 months 44 111 156 - due after more than 12 months 107 265 108 ------------------------------- 20,529 22,381 15,739 ------------------------------ -------- -------- ------------ Current 20,421 22,116 15,631 Non-current 107 265 108 ------------------------------- -------- -------- ------------ 10 Trade and other payables Six months Year ended ended 30 June 30 31 December June ------------------------ 2016 2015 2015 ------------------------ GBP'000 GBP'000 GBP'000 ------------------------ -------- -------- ------------ Trade payables 1,075 1,316 613 Other taxes and social security costs 719 600 489 Other payables 916 929 1,121 Accruals 11,147 12,227 9,304 ------------------------- 13,856 15,072 11,527 ------------------------ -------- -------- ------------ 11 Provisions Leasehold Onerous dilapidations contracts Total GBP'000 GBP'000 GBP'000 --------------------- -------------- ---------- -------- At 1 January 2015 60 308 368 New provision 7 - 7 Utilised - (105) (105) ---------------------- -------------- ---------- -------- At 30 June 2015 67 203 270 New provision 21 - 21 Unutilised provision released - (212) (212) Utilised (20) 9 (11) ---------------------- -------- At 31 December 2015 68 - 68 New provision 16 - 16 Utilised - - - ---------------------- -------------- ---------- -------- At 30 June 2016 84 - 84 ---------------------- -------------- ---------- -------- Current - - - Non-current 84 - 84 ---------------------- -------------- ---------- --------
This announcement contains inside information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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