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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Oleeo Plc | LSE:OLEE | London | Ordinary Share | GB0002677085 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 160.00 | 140.00 | 180.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMWOR
RNS Number : 4615M
World Careers Network PLC
30 April 2018
30 April 2018
WORLD CAREERS NETWORK PLC
Interim statement for the six months to 31 January 2018
Chairman's statement
Dear Shareholder I am pleased to present the interim accounts of World Careers Network Plc ("WCN") for the half year to 31 January 2018. Financial Review Half year revenues were GBP5.06m compared to GBP5.10m in the first half of 2016 -17, with a drop in implementation revenues partially offset by an increase in ongoing subscription revenues. Costs rose by just under GBP0.3m compared to the same period last year, primarily due to increases in employment costs - in sales, customer success and delivery and product development - and higher marketing expenses. As a consequence operating profits for the six months decreased from GBP670k to GBP389k. Outlook The higher cost base is expected to continue in the second half as a result of our ongoing commitment to delivering great transformational products, high levels of customer service and satisfaction, and to growing the business. In addition, we expect to see further increases in costs particularly in product development and marketing. As we continue to grow the business, we want our brand to best reflect why we exist, what we believe in, and where we are heading. In order to achieve this we intend to change our logo, our visual identity and the branding of our products and services and, alongside this, the name of the company. You will, therefore, find enclosed with the announcement of our results for the half year, notice of an Extraordinary General Meeting at which a resolution will be tabled changing the name of the company from World Careers Network Plc to Oleeo Plc. Low new sales in the first half of the year, and known reductions in subscription revenues from the existing client base, mean that we expect profits for the second half of the year to be lower than the first half and for this to be reflected in a lower profit for the full year than we achieved in 2017. I would like to thank my colleagues for their tremendous dedication to our clients and the success of the business. Charles Hipps Chairman, World Careers Network Plc ---------------------------------------------------------------
WORLD CAREERS NETWORK PLC
consolidated income statement
For the 6 Months Ended 31 January 2018
Unaudited Unaudited Audited 6 months 6 months Year to ended ended 31 Jan 2018 31 Jan 2017 31 Jul 2017 GBP GBP GBP Revenue 5,063,331 5,104,301 9,848,048 Total administrative expenses 4,674,072 4,433,829 9,075.921 _________ _________ _________ Operating Profit 389,259 670,472 772,127 Finance income 5,363 37,279 39,416 _________ _________ _________ Profit on ordinary activities before taxation 394,622 707,751 811,543 Income tax 80,000 153,000 194,856 _________ _________ _________ Profit for the Period 314,622 554,751 616,687 _________ _________ _________ Earnings per share Basic 4.15p 7.32p 8.15p _________ _________ _________ Diluted 4.10p 7.24p 8.05p _________ _________ _________
WORLD CAREERS NETWORK PLC
Consolidated Statement of Financial Position
As at 31 January 2018
Unaudited Unaudited Audited 31 January 31 January 31 July 2018 2017 2017 GBP GBP GBP GBP GBP GBP Assets Non-current assets Property, plant and equipment 173,279 146,026 170,848 Current assets Trade and other receivables 2,294,334 3,305,586 1,454,107 Cash and cash equivalents 10,951,314 10,309,098 11,631,288 Total current assets 13,245,648 13,614,684 13,085,395 Total assets 13,418,927 13,760,710 13,256,243 Equity Issued capital 7,610 7,577 7,586 Share premium 1,679,930 1,614,311 1,649,024 Capital redemption reserve 708 689 708 Translation reserve (3,369) (1,409) (1,188) Retained earnings 8,330,603 8,242,935 8,273,990 Total equity 10,015,482 9,864,103 9,930,120 Liabilities Non-current liabilities Deferred tax 21,822 16,643 21,822 Liabilities Current liabilities Trade and other payables 3,295,919 3,729,958 3,183,567 Income tax 85,704 150,006 120,734 Total current liabilities 3,381,623 3,879,964 3,304,301 Total liabilities 3,403,445 3,896,607 3,326,123 Total equity and liabilities 13,418,927 13,760,710 13,256,243
WORLD CAREERS NETWORK PLC
Consolidated statement of cash flows
For the 6 Months Ended 31 January 2018
Unaudited Unaudited Audited 6 months 6 months Year to ended ended 31 Jan 2018 31 Jan 2017 31 July 2017 GBP GBP GBP Cash flows from operating activities Operating profit 389,259 670,472 772,127 Depreciation Exchange difference on 54,686 45,495 94,104 translation of foreign - operations (2,181) (7,746) (6,783) Share based payments 7,500 7,500 13,652 (Increase)/decrease in receivables (840,226) (1,006,402) 845,076 Increase/(decrease) in payables 112,352 862,713 316,322 _________ _________ _________ (278,610) 572,032 2,034,498 Taxation (115,030) (176,097) (242,047) _________ _________ _________ Net cash (outflow)/inflow from operating activities (393,640) 395,935 1,792,451 _________ _________ _________ Cash flows from investing activities Interest received 5,363 37,279 39,416 Purchase of property, plant and equipment (57,116) (50,623) (124,778) _________ _________ _________ Net cash outflow from investing activities (51,753) (13,344) (85,362) _________ _________ _________ Cash flows from financing activities Proceeds from issue of shares 30,930 19,286 54,027 Purchase of own shares - - (37,050) Equity dividends paid (265,510) (264,745) (264,745) _________ _________ _________ Net cash outflow from financing activities (234,580) (245,459) (247,768) _________ _________ _________ (Decrease)/Increase in cash in the year (679,973) 137,132 1,459,321 Cash and cash equivalents at beginning of year 11,631,287 10,171,966 10,171,966 _________ _________ _________ Cash and cash equivalents at end of year 10,951,314 10,309,098 11,631,287 _________ _________ _________
WORLD CAREERS NETWORK PLC
Notes to the interim financial statements
1 a) The basic earnings per share has been calculated by dividing the profit by the weighted average number of shares in issue during the relevant periods. b) The diluted earnings per share takes into account the potential issue of further shares as a result of the exercise of share options. 2 This interim report was approved by the board of directors on 27 April 2018. The financial information contained in this interim report does not comprise statutory accounts as defined by the Companies Act 2006. The interim financial information has been prepared using accounting polices consistent with those adopted by World Careers Network Plc in its financial statements for the year ended 31 July 2017. The financial information for the year ended 31 July 2017 is an extract from the latest company accounts. These accounts received an unqualified auditor's report and have been filed with the Registrar of Companies. The financial information for the periods ended 31 January 2017 and 2018 is unaudited and has not been reviewed by the company's auditors. Enquiries: World Careers Network Plc Charles Hipps, Chief Executive Officer, Telephone: +44 (0)20 8946 9876 Email: chipps@wcn.co.uk. Panmure Gordon (UK) Limited Nominated advisor Andrew Potts Telephone: +44 (0)20 7886 2956
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGUMACUPRGAM
(END) Dow Jones Newswires
April 30, 2018 02:00 ET (06:00 GMT)
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