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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Prime People Plc | LSE:PRP | London | Ordinary Share | GB00B4ZG0R74 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 67.00 | 63.00 | 71.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPRP
RNS Number : 7807H
Prime People PLC
19 November 2018
19(th) November 2018
Prime People Plc
Unaudited Condensed Consolidated Interim Report
for the six months ended 30 September 2018
CHAIRMAN'S STATEMENT
Overview
I am pleased to report the results for Prime People Plc for the half-year ended 30 September 2018.
As referred in our 2018 Annual Report, the Financial Statements for H1 reflect the Group's adoption of IFRS 15, which has required a change in the Group's accounting policy for revenue recognition. We are now reporting revenue based on invoices delivered as opposed to the previous treatment based on the value of contracts formed.
Further detail on the impact of the IFRS 15 is set out in Note 2 of the financial statements.
The Group recorded a profit before tax for the period of GBP1.59m (H1 2018: GBP0.65m) on revenue of GBP12.57m (H1 2018: GBP11.27m). It is estimated that the Group's profit before tax for H1 2019, if prepared under the previous accounting standard and adjusted for the contribution from Command Recruitment Group (HK) Ltd ("CMD"), in which we acquired a 60% holding in October 2017, would have been in line with last year. During the period, after deducting minorities, CMD contributed profit before tax of GBP0.35m.
The change in accounting policy did not have any impact on the reporting of Net Fee Income ("NFI") of our contract business or that reported by CMD.
Financial Results
Group revenue was 11.54% higher than the same period last year at GBP12.57m (H1 2018: GBP11.27m).
Group NFI, which now describes invoices delivered during the period, was GBP7.99m (H1 2018: GBP6.15m). Our overseas business, which includes a contribution from CMD, showed strong NFI performance increasing to GBP4.13m (H1 2018: GBP2.31m) and contributed 55.76% of Group permanent NFI (H1 2018: 42.27%). NFI recorded by CMD during the period was GBP1.68m (H1 2018: GBPNil), disclosed in Note 3 under the Group's Asia regional performance. NFI for the UK business remained stable at GBP3.86m (H1 2018: GBP3.84m).
As noted above, contract NFI is not affected by IFRS 15 and decreased by 16.28% against the comparative period, as a consequence of a change in public sector client requirements resulting from ITEPA Act 2003 legislative changes. The ratio of NFI derived from contract as against permanent placements was 7:93 (2017: 11:89).
CHAIRMAN'S STATEMENT (cont)
Administrative costs for the group were GBP6.40m during the period (H1 2018: GBP5.50m). The increase over the first six months of last year relates to the inclusion of CMD operating costs, investment in a new CRM system, improved information technology platforms, increased spend on talent training and higher property costs associated with our Hong Kong office relocation at the start of the period.
In the UK, profit before tax grew to GBP0.62m from GBP0.51m in the same period in the prior year.
Our Asia business, which covers the Group activities in Hong Kong and Singapore, closed H1 2019 with profit before tax of GBP0.95m (H1 2018: GBP0.26m), of which GBP0.58m related to CMD before adjustment for minority interest.
Our business in Dubai, disclosed under Rest of the World below, reported a small profit of GBP21k which is an improvement on the reported loss of GBP117k in the comparative period last year.
The charge for taxation of GBP0.10m (H1 2018: GBP0.14m) is based on the expected annual effective tax rate of 19% (2017: 19%).
Basic earnings per share for the period were 12.60p (2017: 4.16p).
Cash Flow
The Group continues to maintain a strong net cash position. At the start of the current financial year, the Group had cash of GBP1.23m, and at this period end, had cash of GBP1.77m (H1 2018: GBP2.57m), after paying GBP0.44m for assets in Asia.
Dividend
The Board will be declaring an increased interim dividend of 1.80p (2017: 1.75p) payable on 7 December 2018 to those shareholders whose names are on the register on 30 November 2018.
Outlook
Given the uncertainties of UK markets through to March 2019 and potentially beyond, we do not expect the second half trading to exceed the first half. We expect underlying trading from our Asia offices to be comparable to the first half of this financial year.
The present focus for the Group is managing the business costs in relation to revenue, improving productivity and increasing profitability. Notwithstanding the mixed economic picture in today's markets, we continue to seek opportunities to create shareholder value.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.
Robert Macdonald
Executive Chairman
19(th) November 2018
For further information please contact:
Prime People 020 7318 1785 Robert Macdonald, Executive Chairman Donka Zaneva-Todorinski, Finance Director Cenkos Securities 020 7397 8900 Nicholas Wells Harry Hargreaves
PRIME PEOPLE PLC
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2018
Six months ended Year ended 30 September 30 September 31 March 2018 2017 2018 Note GBP'000 GBP'000 GBP'000 Revenue 3 12,572 11,271 22,916 Cost of sales (4,584) (5,123) (9,769) ---------------------------------- ----- --- ---------- --- ---------------------- --- -------------- Net fee income 7,988 6,148 13,147 Administrative expenses (6,399) (5,501) (11,954) ---------------------------------- ----- --- ---------- --- ---------------------- --- -------------- Operating profit 1,589 647 1,193 Profit before taxation 1,589 647 1,193 Income tax expense 4 (104) (139) (166) ---------------------------------- ----- --- ---------- --- ---------------------- --- -------------- Profit for the period/year 1,485 508 1,027 Other comprehensive income / (loss) Exchange gain/ (loss) on translating foreign operations 121 (170) (243) ---------------------------------------------- ---------- --- ---------------------- --- -------------- Other Comprehensive income/ (loss) for the period/ year, net of tax 121 (170) (243) ---------------------------------------------- ---------- --- ---------------------- --- -------------- Total comprehensive income for the period/year 1,606 338 784 ---------------------------------------------- --- ---------------------- --- -------------- Attributable to: Equity shareholders of the parent 1,412 338 779 Non-controlling interest 194 - 5 ---------------------------------- ----- --- ---------- --- ---------------------- --- -------------- Earnings per share 6 Basic earnings per share 12.60p 4.16p 8.72p Diluted earnings per share 12.43p 4.06p 8.58p ---------------------------------- ----- --- --------------- --------------------------- --------------
The above results relate to continuing operations.
The notes on pages 8 to 15 form an integral part of this unaudited condensed consolidated interim report.
PRIME PEOPLE PLC
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
As at 30 September 2018
30 September 30 September 31 March 2018 2017 2018 Note GBP'000 GBP'000 GBP'000 Assets Non-current assets Goodwill 10,527 9,769 10,527 Property, plant and equipment 577 228 242 Deferred tax asset 45 43 45 11,149 10,040 10,814 ---------------------------------- ----- --------- ---- --------- --- --------- Current assets Trade and other receivables 9 4,242 4,735 5,616 Current tax asset - - 41 Cash and cash equivalents 1,778 2,569 1,234 ---------------------------------- ----- --------- ---- --------- --- --------- 6,020 7,304 6,891
---------------------------------- ----- --------- ---- --------- --- --------- Total assets 17,169 17,344 17,705 ---------------------------------- ----- --------- ---- --------- --- --------- Liabilities Current Liabilities Trade and other payables 10 2,746 2,221 2,679 Current tax liabilities 61 84 - ---------------------------------- ----- --------- ---- --------- --- --------- 2,807 2,305 2,679 ---------------------------------- ----- --------- ---- --------- --- --------- Non-current liabilities Deferred tax liabilities 22 - 22 ---------------------------------- ----- --------- ---- --------- --- --------- Total liabilities 2,829 2,305 2,701 ---------------------------------- ----- --------- ---- --------- --- --------- Net assets 14,340 15,039 15,004 ---------------------------------- ----- --------- ---- --------- --- --------- Capital and reserves attributable to the Company's equity holders Called up share capital 1,229 1,229 1,229 Capital redemption reserve 9 9 9 Treasury shares (439) (45) (421) Share premium account 5,371 5,371 5,371 Merger reserve 173 173 173 Share option reserve 411 329 314 Currency translation differences 611 563 490 Retained earnings 6,706 7,410 7,764 ---------------------------------- ----- --------- ---- --------- --- --------- Equity shareholders' funds 14,071 15,039 14,929 Non-controlling interest 269 - 75 ---------------------------------- ----- --------- ---- --------- --- --------- Total Equity 14,340 15,039 15,004 ---------------------------------- ----- --------- ---- --------- --- ---------
The notes on pages 8 to 15 form an integral part of this unaudited condensed consolidated interim report.
PRIME PEOPLE PLC
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2018
Called Capital Treasury Share Merger Share Translation Retained Total Non-controlling Total up Redemption shares premium reserve option reserve Earnings attributable interest equity share reserve account reserve to equity capital holders of the parent GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 April 2017 1,229 9 (21) 5,371 173 280 733 7,299 15,073 - 15,073 Profit for the period - - - - - - - 508 508 - 508 Other comprehensive income - - - - - - (170) - (170) - (170) Adjustment in respect of share options - - - - - 49 - - 49 - 49 Shares purchased for treasury - - (24) - - - - - (24) - (24) Dividend - - - - - - - (397) (397) - (397) --------------- -------- ----------- --------- -------- -------- -------- ------------ --------- ------------- ---------------- --------- At 30 Sept 2017 1,229 9 (45) 5,371 173 329 563 7,410 15,039 - 15,039 --------------- -------- ----------- --------- -------- -------- -------- ------------ --------- ------------- ---------------- ---------
PRIME PEOPLE PLC
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2018
Called Capital Treasury Share Merger Share Translation Retained Total Non-controlling Total up Redemption shares premium reserve option reserve Earnings attributable interest equity share reserve account reserve to equity capital holders of the parent GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 30 Sept 2017 1,229 9 (45) 5,371 173 329 563 7,410 15,039 - 15,039 Profit for the period - - - - - - - 514 514 5 519 Other comprehensive income - - - - - - (73) - (73) - (73) Adjustment in respect of share schemes - - - - - (15) - 60 45 - 45 Shares purchased for treasury - - (384) - - - - - (384) - (384) Shares issued from treasury - - 3 - - - - - 3 - 3 Acquisition of subsidiary with Non-Controlling interest - - - - - - - - - 70 70 Adjustment on share disposal - - 5 - - - - (5) - - - Dividend - - - - - - - (215) (215) - (215) ----------------- -------- ----------- --------- -------- -------- -------- ------------ ---------- ------------- ---------------- ---------- At 31 March 2018 1,229 9 (421) 5,371 173 314 490 7,764 14,929 75 15,004 ----------------- -------- ----------- --------- -------- -------- -------- ------------ ---------- ------------- ---------------- ---------- Profit for the period - - - - - - - 1,291 1,291 194 1,485 Adjustment in respect of IFRS 15 - - - - - - - (1,977) (1,977) - (1,977) Other comprehensive income - - - - - - 121 - 121 - 121 Adjustment in respect of share schemes - - - - - 97 - - 97 - 97 Shares purchased for treasury - - (16) - - - - - (16) - (16) Shares issued from treasury - - 2 - - - - - 2 - 2 Adjustment on share disposal - - (4) - - - - 10 6 - 6 Dividend - - - - - - - (382) (382) - (382) ----------------- -------- ----------- --------- -------- -------- -------- ------------ ---------- ------------- ---------------- ---------- At 30 Sept
2018 1,229 9 (439) 5,371 173 411 611 6,706 14,071 269 14,340 ----------------- -------- ----------- --------- -------- -------- -------- ------------ ---------- ------------- ---------------- ----------
PRIME PEOPLE PLC
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOW
For the six months ended 30 September 2018
Six months ended Year ended 30 September 2018 30 September 31 March 2017 2018 Note GBP'000 GBP'000 GBP'000 Cash generated from underlying operations 7 1,260 1,028 1,320 Income tax paid (4) (128) (256) Income tax received 2 - - ---------------------------------------- ----- ---- -------------- --- ------------------ --- ----------------- Net cash from operating activities 1,258 900 1,064 Cash flows from investing activities Net purchase of property, plant and equipment (438) (149) (209) Purchase of subsidiary, net of cash acquired - - (771) ----------------------------------------------- ---- -------------- --- ------------------ --- ----------------- Net cash used in investing activities (438) (149) (980) ---------------------------------------- ----- ---- -------------- --- ------------------ --- ----------------- Cash flows from financing activities Issue of ordinary share capital - - - Shares issued from treasury 2 - - Shares purchased for treasury (16) (24) (408) Dividend paid to shareholders (383) (397) (612) Net cash used in financing activities (397) (421) (1,020) ----------------------------------------------- ---- -------------- --- ------------------ --- ----------------- Net increase/ (decrease) in cash and cash equivalents 423 330 (936) Cash and cash equivalents at beginning of period/year 1,234 2,409 2,409 Effect of foreign exchange rate changes 121 (170) (239) ----------------------------------------------------- -------------- --- ------------------ --- ----------------- Cash and cash equivalents at end of period/year 1,778 2,569 1,234 ----------------------------------------------------- -------------- --- ------------------ --- -----------------
The notes on pages 8 to 15 form an integral part of this unaudited condensed consolidated interim report.
PRIME PEOPLE PLC
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM REPORT
For the six months ended 30 September 2018
1. General information
Prime People Plc ('the Company') and its subsidiaries (together 'the Group') is an international recruitment services organisation with offices in the United Kingdom, the Middle East and the Asia Pacific region from which it serves an international client base. The Group offers both permanent and contract specialist recruitment consultancy for large and medium sized organisations.
Prime People 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 Prime People Group's registered office and its principal place of business is 2 Harewood Place, London, W1S 1BX, England. Prime People Group's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange. The registered number of the company is 1729887.
This unaudited condensed consolidated interim report for the six months ended 30 September 2018 (including comparatives) is presented in GBP '000 and was approved and authorised for issue by the Board of Directors on 19 November 2018.
Copies of the interim results are available at the Company's registered office and on the Company's website - www.prime-people.co.uk.
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 March 2018 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 September 2018 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 condensed consolidated interim report should be read in conjunction with the annual financial statements for the year ended 31 March 2018 which were prepared in accordance with IFRSs as adopted by the European Union.
The Group was profitable for the period and has considerable financial resources comprising GBP1.77m of net cash at 30 September 2018. After making enquiries, the Directors have formed a judgement, at the time of approving the six months results, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, a period of not less than 12 months. For this reason, the Directors continue to adopt the going concern basis in preparing the condensed set of financial statements.
These financial statements have been prepared under the historical cost convention.
PRIME PEOPLE PLC
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM REPORT
For the six months ended 30 September 2018
Basis of preparation (continued)
The Group adopted IFRS 15 standard- Revenue from Contracts with Customers from 1st April 2018. Under the standard, revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange of transferring goods or services to a customer.
The Group has applied IFRS 15 using the cumulative effect method - i.e. by recognising the cumulative effect of initially applying IFRS 15 as an adjustment to the opening balance of equity at 1 April 2018. Therefore, the comparative information has not been restated and continues to be reported under IAS 18 and IAS 11. The following table summarise the impacts of adopting IFRS 15 on the Group's consolidated interim report for the period ending 30 September 2018.
Reported as at Adjustments Balance without 30 September 2018 Under IFRS 15 adopting IFRS GBP'000 15 GBP'000 GBP'000 Revenue 12,572 (322) 12,250 ------------------- --------------- ---------------- Accrued Income - 1,654 1,654 ------------------- --------------- ---------------- Retained Earnings 6,706 1,654 8,360 ------------------- --------------- ---------------- Retained profit for basic and diluted earnings per share 1,485 (459) 1,026 ------------------- --------------- ---------------- Basic earnings per share 12.60p (3.89p) 8.71p ------------------- --------------- ---------------- Diluted earnings per share 12.43p (3.84p) 8.59p ------------------- --------------- ----------------
The resulting changes in the timing of revenue and cost recognition aligns the financial results more closely with the timing of the delivery of services to our clients. The standard introduces direct link between the value provided to a client and the timing of revenue recognition, as revenue is recognised when a candidate starts an assignment.
Permanent revenue is recognised from permanent placements based on a percentage of candidate's remuneration package. The impact of the transition to IFRS 15 resulted in revenue recognised at the point that the candidate starts the job, as opposed to the previous policy which recognised permanent revenue at the date an offer is made. A provision is made against cancellation of placements shortly after commencement of employment. The transition to IFRS 15 on permanent revenue has been accounted for under the cumulative effect method.
Contract revenue, which represents amounts billed for the services of temporary staff, including the salary costs of these staff, is recognised when the service has been provided. This basis of revenue recognition is consistent with IFRS 15 with no effect on revenue earned on temporary placements.
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of the condensed consolidated interim report
PRIME PEOPLE PLC
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM REPORT
For the six months ended 30 September 2018
3. Segment reporting
(a) Revenue and net fee income by geographical region
Revenue Net fee income Six months ended Year ended Six months ended Year ended 30 September 30 September 31 March 2018 30 September 30 September 31 March 2018 2018 2017 2018 2017 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 UK 8,439 8,963 17,515 3,855 3,840 7,746 Asia 3,866 2,121 5,060 3,866 2,121 5,060 Rest of World 267 187 341 267 187 341 ---------------- -------- ------------- -------------- ------------- ------------- -------------- 12,572 11,271 22,916 7,988 6,148 13,147 ---------------- -------- ------------- -------------- ------------- ------------- --------------
All revenues disclosed by the group are derived from external customers and are for the provision of recruitment services. The accounting policies of the reportable segments are the same as the Group's accounting policies. Segment profit before taxation represents the profit earned by each segment after allocations of central administration costs.
(b) Revenue and net fee income by classification
Revenue Net fee income Six months ended Year ended Six months ended Year ended 30 September 30 September 31 March 2018 30 September 30 September 31 March 2018 2018 2017 2018 2017 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Permanent - UK 3,279 3,227 6,551 3,279 3,152 6,548 - Asia 3,866 2,121 5,060 3,866 2,121 5,060 - Rest of World 267 187 341 267 187 341 Contract (UK) 5,160 5,736 10,964 576 688 1,198 12,572 11,271 22,916 7,988 6,148 13,147 ------------------- ---- -------- ----- --------- ---- --------- ----- ---------- ----- --------- ---- ---------
PRIME PEOPLE PLC
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM REPORT
For the six months ended 30 September 2018
(c) Profit before taxation by geographical region
Six months ended Year ended 30 September 30 September 2017 31 March 2018 2018 GBP'000 GBP'000 GBP'000 UK 621 508 906 Asia 947 256 489 Rest of World 21 (117) (202) Profit before taxation 1,589 647 1,193 Net finance income - - - --------------------------------- ------------- ------------------ -------------- Profit before taxation 1,589 647 1,193 --------------------------------- ------------- ------------------ --------------
Operating profit is the measure of profitability regularly viewed by the Board, which collectively acts as the Chief Decision Maker. Consequently, no segmental analysis of interest or tax expenses is provided.
(d) Segment Assets and Liabilities by Geographical Region
Total assets Total liabilities 30September 2018 30September 2017 30September 2018 30September 2017 GBP'000 GBP'000 GBP'000 GBP'000 UK 11,725 13,153 1,553 1,834 Asia 5,033 3,683 1,215 435 Rest of World 411 508 61 36 ---------------- ----------------- ----------------- ----------------- ----------------- Total 17,169 17,344 2,829 2,305 ---------------- ----------------- ----------------- ----------------- -----------------
The analysis above is of the carrying amount of reportable segment assets and liabilities. Segment assets and liabilities include items directly attributable to a segment and include income tax assets and liabilities.
4. Income tax expense
The charge for taxation on profits for the interim period amounted to GBP104k (2017: GBP139k) an effective rate of 19% (2017: 19%).
PRIME PEOPLE PLC
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM REPORT
For the six months ended 30 September 2018
Segment reporting (continued)
5. Dividends Six months ended Year ended 30 September 30 September 31 March 2018 2017 2018 GBP'000 GBP'000 GBP'000 Final dividend for 2018: 3.25p per share (2017: 3.25p per share) 383 397 397 Interim dividend for 2018 1.75p per share (2017: 1.75p per share) - - 215 383 397 612
The interim dividend for 2019 of 1.80 pence (2018: 1.75 pence paid on 24 November 2017), was approved by the board on 19 November 2018 and will be paid on 7 December 2018 to those shareholders whose names are on the register on 30 November 2018.
6. Earnings per share
Earnings per share (EPS) are calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period.
Fully diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares by existing share options assuming dilution through conversion of all existing options.
Earnings and weighted average number of shares from continuing operations used in the calculations are shown below:
Six months ended Year ended 30 September 30 September 31 March 2018 2017 2018 GBP'000 GBP'000 GBP'000 Retained profit for basic and diluted earnings per share 1,485 508 1,027 ---------------------------------------------------------------- ------------- -------------- ------------- Number Number Number Weighted average number of shares used for basic earnings per share 11,784,523 12,244,023 11,784,523 Dilutive effect of share options 163,413 302,018 184,146 ---------------------------------------------------------------- ------------- -------------- ------------- Diluted weighted average number of shares used for diluted earnings per share 11,974,936 12,546,041 11,968,669 ---------------------------------------------------------------- ------------- -------------- -------------
PRIME PEOPLE PLC
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM REPORT
For the six months ended 30 September 2018
Earnings per share (continued)
Six months ended Year ended 30 September 30 September 31 March 2018 2017 2018 GBP'000 GBP'000 GBP'000 Pence Pence Pence Basic earnings per share 12.60p 4.16p 8.72p Diluted earnings per share 12.43p 4.05p 8.58p ----------------------------- ---- ------------ -------------- --------------- 7. Reconciliation of profit before tax to cash flow from operating activities Six months ended Year ended 30 September 30 September 31 March 2018 2017 2018 GBP'000 GBP'000 GBP'000 Profit before taxation 1,589 647 1,193 Adjust for: Depreciation 104 56 123 Share based payment expense 97 50 94 Operating cash flow before changes in working capital 1,790 753 1,410 (Increase)/ decrease in receivables (596) 365 (434) Increase/ (decrease) in payables 66 (90) 344 ----------------------------------------------------- ----------------------- ---------------- ---------------- Cash generated from / (use by) underlying operations 1,260 1,028 1,320 ----------------------------------------------------- ----------------------- ---------------- ---------------- 8. Reconciliation of net cash flow to movement in net funds Six months ended Year ended 30 September 30 September 31 March 2018 2017 2018 GBP'000 GBP'000 GBP'000 Increase/ (decrease) in cash and cash equivalents in period/year 423 330 (936) Net funds at the start of the period/year 1,234 2,409 2,409 Other non-cash changes 121 (170) (239) -------------------------------------------------------------- ----------------- ------------- ---------------- Net funds at the end of the period/year 1,778 2,569 1,234
PRIME PEOPLE PLC
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM REPORT
For the six months ended 30 September 2018
9. Trade and other receivables 30 September 30 September 2017 31 March 2018 2018 GBP'000 GBP'000 GBP'000 Trade receivables 4,229 2,521 3,050 Allowance for doubtful debts (882) (20) (178) Prepayments and accrued income 808 2167 2,633 Other receivables 87 67 111 -------------------------------- -------------------- ------------------ --------------------- 4,242 4,735 5,616 -------------------------------- -------------------- ------------------ ---------------------
10. Trade and other payables
30 September 30 September 2017 31 March 2018 2018 GBP'000 GBP'000 GBP'000 Trade payables 182 182 307 Taxation and social security 797 774 845 Other payables 456 328 307 Accruals and deferred income 1,311 937 1,220 ------------------------------ -------------------- ------------------- ------------------ 2,746 2,221 2,679 ------------------------------ -------------------- ------------------- ------------------
11. Treasury Shares
At 30 September 2018, the total number of ordinary shares held in Treasury and their values were as follows:
30 September 2018 30 September 2017 Number GBP'000 Number GBP'000 As at 1 April 505,676 421 21,276 21 Shares purchased for treasury 20,000 16 27,900 24 Shares issued from treasury (20,000) (2) - - Equity reclassification - on disposal of treasury - 4 - shares ----------------------------- ---------------- ------------ ----------- -------- As at 30 September 505,676 439 46,176 45 ----------------------------- ---------------- ------------ ----------- -------- Nominal value 51 5 Market value 425 47 ----------------------------- ---------------- ------------ ----------- --------
PRIME PEOPLE PLC
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM REPORT
For the six months ended 30 September 2018
12. Related Party Transactions
Prime People Plc provides various management services to its subsidiary undertakings. These services take the form of centralised finance and operations support. The total amount charged by the Company to its subsidiaries during the period is GBP384k (2017: GBP352k). The balance owed to the subsidiary undertakings at the period-end is GBP409k (2017: GBP689k).
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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November 19, 2018 07:00 ET (12:00 GMT)
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