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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Msb Intl. | LSE:MSB | London | Ordinary Share | GB0005588669 | 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% | 25.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3491K MSB International PLC 12 October 2006 Press Release MSB International PLC Interim results for the six months ended 31 July 2006 MSB International PLC, the integrated recruitment services provider today announces its interim results for the six months to 31 July 2006. Financial and operational highlights: * Turnover increased 5.8% to #49.8m (2005: #47.1m) * Profit before tax of #0.7m (2005: #0.2m) * Earnings per share of 1.60p (2005: 0.54p) * Actions taken to reduce operational gearing delivered improved profitability * Business performed well despite uncertainty caused by takeover approaches Commenting on the results Paul Davies, Chairman, said: "We are pleased to report a substantial turnaround in profitability for the half year ended 31 July 2006. I would like to express my appreciation to the Group's staff and management for their continued efforts during what has, at times, been a most unsettling period." - Ends - For further information: MSB International 020 8315 9000 Andrew Zielinski, Chief Executive Ian Ketchin, Finance Director Merlin 020 7653 6620 Vanessa Maydon 07802 961 902 Angus Urquhart 07787 504 447 Attached: Chairman's and Chief Executive's Report Consolidated Income Statement Statement of Recognised Income and Expense Consolidated Balance Sheet Consolidated Cash Flow Statement Statement of Changes in Shareholders' Equity Dividends Notes to the Interim Report Chairman's and Chief Executive's Report The Board announced on 30 March 2006 that it was in talks that may or may not lead to an offer for the Company. On 4 August 2006 we announced an offer by Keyman Personnel Limited for the entire issued and to be issued share capital of MSB of 65p per share in cash. On 29 September 2006 we announced that we had reached agreement with Networkers International plc on the terms of a competing cash offer at 73p per share, valuing the Company at #14.97 million. Against this background we are pleased to report a substantial turnaround in profitability for the half year ended 31 July 2006. Although the first half of the year was inevitably influenced by the uncertainty of corporate activity, the performance of the business has benefited from the actions that were taken to improve the operational gearing of the business. In this uncertain period, the Company delivered a robust performance: turnover increased; gross profit was maintained at prior year levels; and as a result of the action taken to rectify the cost structure, a solid operating profit was generated. Operational and Financial Review Turnover for the first half year grew by 5.8% to #49.8m (2005: #47.1m). Gross profit was #7.1m (2005: #7.1m). Operating profit was #0.7m against #0.2m for the same period last year. The balance sheet remains strong with net assets of #12.8m maintained at year-end levels. Working capital has remained stable whilst funding both a 24% increase in the contractor base since the year-end and the final dividend. Technology division The Technology division maintained gross profit compared to the same period last year. There was marked expansion in our Managed Accounts capability with a new relationship opened up with Accenture. The Unisys Master Vendor contract that was successfully renewed last year goes from strength to strength and has allowed the Company to build on the relationship by expanding its service lines. Open market The open market (IT contingency recruitment business) continues to deliver high levels of productivity, with gross profit generation by individual sales consultant averaging #66,000 for the 6-month period (2005: #65,000). Diversified division The Diversified division grew gross profit by 13% over last year. The disruption of personnel changes in the first half of last year has been put behind us and we entered a period of stability with good performance in these newer businesses. Interim Dividend The Board does not recommend the payment of an interim dividend (2005: 0.7p per share). People The Board wishes to thank its employees for their contribution. Under the current circumstances the Board has the utmost respect for the staff and management who have displayed resilience, understanding and support during these uncertain times and sincerely thanks them for their commitment. Paul Davies Andrew Zielinski Chairman Chief Executive 12 October 2006 Consolidated Income Statement -------------------------------------------------------------------------------- Unaudited Unaudited Audited Six months Six months Year to Notes to 31 July to 31 July 31 January 2006 2005 2006 #000 #000 #000 -------------------------------------------------------------------------------- Continuing Operations Revenue 49,843 47,115 95,660 Cost of sales (42,714) (39,989) (81,501) -------------------------------------------------------------------------------- Gross profit 7,129 7,126 14,159 Administration expenses (6,377) (6,952) (14,657) Operating profit/(loss) 752 174 (498) -------------------------------------------------------------------------------- Analysed as Operating profit 752 174 373 before exceptional items - - (871) Exceptional items -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Operating profit/(loss) 752 174 (498) Interest receivable - - 1 Interest payable (57) (11) (61) -------------------------------------------------------------------------------- Profit/(loss) before taxation 695 163 (558) Taxation 2 (382) (58) (7) -------------------------------------------------------------------------------- Profit/(loss) for the period attributable to 313 105 (565) equity shareholders -------------------------------------------------------------------------------- Earnings per share from continuing operations 4 1.06p 0.54p (2.89p) Basic and diluted Statement of Recognised Income and Expense -------------------------------------------------------------------------------- Unaudited Unaudited Audited Six months to Six months to Year to to 31 July 21 July 31 Jamuary 2006 2005 2006 #000 #000 #000 -------------------------------------------------------------------------------- Profit/(loss) after tax 313 105 (565) Net exchange difference offset in reserves net of tax 7 15 (1) -------------------------------------------------------------------------------- Total recognised gains and losses for the period 320 120 (566) -------------------------------------------------------------------------------- Consolidated Balance Sheet -------------------------------------------------------------------------------- Unaudited Unaudited Audited Six months Six months Year to 31 July 31 July 31 January 2006 2005 2006 #000 #000 #000 -------------------------------------------------------------------------------- Assets Non current assets Goodwill 1,397 1,397 1,397 Intangible assets 293 363 319 Property, plant and equipment 331 443 383 Deferred tax assets 123 199 123 -------------------------------------------------------------------------------- 2,144 2,402 2,222 -------------------------------------------------------------------------------- Current assets 21,199 19,940 17,846 Trade and other receivables 50 150 426 Current tax receivable - 121 674 Cash and cash equivalents -------------------------------------------------------------------------------- 21,249 20,211 18,946 -------------------------------------------------------------------------------- Current Liabilities Financial Liabilities (1,772) - - Trade and other payables (8,245) (8,502) (7,089) Provisions (459) (209) (833) -------------------------------------------------------------------------------- (10,476) (8,711) (7,922) -------------------------------------------------------------------------------- Net current assets 10,773 11,500 11,024 -------------------------------------------------------------------------------- Non current liabilities (124) (174) (249) Provisions -------------------------------------------------------------------------------- Net assets 12,793 13,728 12,997 -------------------------------------------------------------------------------- Shareholders' equity Ordinary shares 1,025 1,025 1,025 Share premium 1,263 1,263 1,263 Other reserves 207 - 157 Retained earnings 10,298 11,440 10,552 -------------------------------------------------------------------------------- Shareholders' equity 12,793 13,728 12,997 -------------------------------------------------------------------------------- Consolidated Cash Flow Statement -------------------------------------------------------------------------------- Note Unaudited Unaudited Audited Six months Six months Year to 31 July 31 July 31 January 2006 2005 2006 #000 #000 #000 -------------------------------------------------------------------------------- Cash (outflow)/ inflow from operations 5 (1,748) (551) 409 Interest paid (57) (11) (61) Interest received - - 1 Income taxes paid - (39) (147) -------------------------------------------------------------------------------- Net cash from operating activities (1,805) (601) 202 -------------------------------------------------------------------------------- Cash flows from investing activities Purchase of intangible assets (32) (72) (100) (software) (36) (69) (102) Purchase of property, plant and equipment - - 1 Proceeds from sale of property, plant and equipment -------------------------------------------------------------------------------- Net cash used in investing activities (68) (141) (201) -------------------------------------------------------------------------------- Cash flows from financing activities Dividends paid to (574) (351) (488) shareholders -------------------------------------------------------------------------------- Net cash used in financing activities (574) (351) (488) -------------------------------------------------------------------------------- Effects of exchange rate changes 1 52 (1) -------------------------------------------------------------------------------- Net decrease in cash and cash equivalents (2,446) (1,041) (488) Cash and cash 674 1,162 1,162 equivalents at 1 February -------------------------------------------------------------------------------- (Financial liability)/cas h and cash equivalents at 31 July / 31 January (1,772) 121 674 -------------------------------------------------------------------------------- Statement of Changes in Shareholders' Equity -------------------------------------------------------------------------------- Unaudited Unaudited Audited Six months to Six months to Year to 31 July 31 July 31 January 2006 2005 2006 #000 #000 #000 -------------------------------------------------------------------------------- Profit/(loss) attributable to shareholders 313 105 (565) Dividend paid (574) (351) (488) -------------------------------------------------------------------------------- Loss for the period (261) (246) (1,053) Exchange movements in reserves 7 15 (1) Share option reserve movement 50 55 106 -------------------------------------------------------------------------------- Net change in shareholders' funds (204) (176) (948) Opening shareholders' funds 12,997 3,904 13,945 -------------------------------------------------------------------------------- Closing shareholders' funds 12,793 13,728 12,997 -------------------------------------------------------------------------------- Dividends -------------------------------------------------------------------------------- Unaudited Unaudited Audited Six months Six months to Year to 31 July 31 July 31 January 2006 2005 2006 #000 #000 #000 -------------------------------------------------------------------------------- Approved and paid during the period - 2005 Final dividend:1.8p - 351 351 per share - - 137 - 2006 Interim dividend:0.7p 574 - - per share - 2006 Final dividend: 2.8p per share -------------------------------------------------------------------------------- 574 351 488 -------------------------------------------------------------------------------- Notes to the Interim Report 1. The interim financial information for the six months ended 31 July 2006 has been prepared in accordance with IAS34, "Interim Financial Reporting" and the disclosure requirements of the Listing Rules. It does not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 January 2006. The interim financial information does not constitute statutory accounts and is unaudited. It has, however been reviewed by the auditors. Full year figures for the year ended 31 January 2006 have been extracted from the annual report and financial statements for that year, which received an unqualified audit opinion and have been filed with the Registrar of Companies. The interim financial information is for the six months ended 31 July 2006 and has been prepared using the same accounting policies as for the financial statements for the year ended 31 January 2006. The interim report is being sent to shareholders. Further copies can be obtained from the Company's registered office at Hanover Place, 8 Ravensbourne Road, Bromley, Kent BR1 1HP. 2. Segment Information. The Group's primary reporting format is by business segments. Turnover and profit before taxation for the six months ended 31 July 2006 were generated from one business segment, the Group's principal activity: recruitment services. The secondary reporting format is geographical segments based on location of assets. More than 90% of the Group's turnover, results and net assets relate to assets located in the United Kingdom, the home of the parent company and accordingly, no further breakdown is given by geographical segment. 3. The taxation charge for the six months ended 31 July 2006 is based on the estimated effective tax rate for the full year. The effective rate is higher than the standard rate of Corporation Tax owing to the effect of disallowable expenses, prior period tax adjustments and the movement in the deferred tax asset. 4. The directors do not propose to pay an interim dividend. 5. Basic and diluted earnings per share have been calculated using 19,516,979 shares (31 July 2005: 19,516,979, 31 January 2006: 19,516,979), being the average number of shares in issue during the period excluding those shares held by MSB Incentive Scheme Trustee Limited. 6. A reconciliation of profit before tax to cash generated from operating activities is shown below. -------------------------------------------------------------------------------- Unaudited Unaudited Audited six months six months year to 31 to 31 July to 31 July January 2006 2005 2006 #000 #000 #000 -------------------------------------------------------------------------------- Cash flows from operating activities 695 163 (558) Profit/(loss) before taxation 88 93 181 Adjustments for: - Depreciation - - 4 - Loss on disposal of property, plant and equipment 58 49 121 - Amortisation of intangibles 50 55 106 - Share option charge - - (1) - Interest income 57 11 61 Interest expense (3,353) (3,390) (1,187) - Increase in trade and 1,156 2,513 1,028 other receivables (499) (45) 654 - Increase in trade and other payables - (Decrease)/increase in provision -------------------------------------------------------------------------------- Net cash (outflow)/infl ow from operations (1,748) (551) 409 -------------------------------------------------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END IR MGMMGLMKGVZM
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