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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 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jan 2020 to Jan 2025
TIDMPRP
RNS Number : 2780N
Prime People PLC
29 January 2021
29 January 2021
Prime People Plc
Interim Results
Prime People Plc ("Prime People" or the "Group"), the global specialist recruitment business for professional and technical staff working in the Real Estate & Built Environment, Energy & Environmental and Technology, Digital & Data Analytics sectors, announces its unaudited interim results for the six months ended 30 September 2020.
CHAIRMAN'S STATEMENT
Overview
Covid-19 has had a very considerable impact on many businesses through reductions in external staffing spend and hiring freezes. As previously reported, the Group's trading was severely impacted in the first six months of the financial year by Covid-19. As a result, the Group's Net Fee Income fell by 43.24% in the period compared to the six months to 30 September 2019. However, the Group remained profitable through a combination of timely and decisive cost savings realised across the Group to reflect expected levels of business and aided by our diversity, both by sector and geography, as well as taking advantage of governmental support where possible.
The Group recorded an operating profit for the period of GBP0.13m (H1 2020: GBP1.73m) on revenue of GBP8.66m (H1 2020: GBP13.17m).
Financial Results
Group revenue of GBP8.66m was 34.24% lower than the same period last year (H1 2020: GBP13.17m).
Group Net Fee Income ("NFI") was GBP4.99m (H1 2020: GBP8.80m). NFI for the UK business was GBP2.15m (H1 2020: GBP3.71m). Our overseas performance was Asia NFI of GBP2.67m (H1 2020: GBP4.83m); Rest of World NFI GBP0.17m (H1 2020: GBP0.26m); Command Recruitment Group (HK) Ltd ("CMD"), our Hong Kong subsidiary, recorded NFI of GBP0.94m (H1 2020: GBP2.28m). Contract NFI represented 7.14% of Group NFI (H 2020: 5.71%) during the period.
Administrative costs for the Group in the period were GBP4.86m (H1 2020: GBP7.07m). As reported in April and November 2020, the Group has utilised any available Government Employment Protection Schemes in the regions where they were relevant. While significant cost reductions were put in place, we have protected key investments in core technologies, as these are critical for the Group in maximising recovery post the pandemic and our ability to successfully deliver on our strategic objectives.
In the UK, profit before tax was GBP0.12m against GBP0.48m in H1 2020. Our Asia business, which covers the Group activities in Hong Kong and Singapore, generated a profit before tax before adjustment for minority interest of GBP0.21m for the period (H1 2020: GBP1.24m).
In September 2020, we were pleased to open our first office in the United States in Houston, Texas. The newly established business has started well and is performing ahead of management expectations, and it is disclosed within the Rest of the World.
The charge for Group taxation of GBP0.01m (H1 2020: GBP0.31m) is based on the expected annual effective tax rate of 19% in the UK (H1 2020: 19%), 16.5% in Hong Kong (H1 2020: 16.50%), and 17% in Singapore (H1 2020: 17%).
Basic earnings per share for the period were 0.95p (H1 2020: 9.33p).
Cash Flow
As previously announced, in June 2020, the Group secured a Coronavirus Business Interruption Loan ("CBILS") of GBP2m which remains un-utilised at the time of this announcement.
At the start of the current financial year, the Group had cash of GBP2.1m. At the period end the Group had available cash of GBP4.15m, and net cash after the CBILS of GBP2.15m (H1 2020: GBP3.04).
Dividend
The Board will not be declaring an interim dividend this year (H1 2020: 1.80p).
Outlook
As stated in our Final Results announcement on 4 November 2020, all our markets have been and continue to be impacted by Covid-19, and, whilst we experienced reasonable progress in the UK following the easing of the lockdown imposed on 26th March 2020, levels of activity did not recover to pre Covid-19 levels. This was also the case in Asia, where the region experienced a very similar contraction in trading to that in the UK. We had anticipated a gradual improvement in trading in H2 to 31st March 2021. However, the significant new lockdown measures imposed or being imposed around the World could see progress slow.
The information communicated in this announcement contains inside information for the purposes of Article 7 of the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.
Robert Macdonald
Executive Chairman
28 January 2021
For further information please contact:
Prime People 020 7318 1785 Robert Macdonald, Executive Chairman Donka Zaneva-Todorinski, Finance Director Cenkos Securities 020 7397 8900 Katy Birkin Nicholas Wells
PRIME PEOPLE PLC
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2020
Hot Features
Premium
Six months ended Year ended
30 September 30 September 31 March
2020 2019 2020
(audited)
Note GBP'000 GBP'000 GBP'000
Revenue 3 8,660 13,166 23,992
Cost of Sales (3,665) (4,365) (8,471)
----------------------------- ------ ---- ------------------ ------ ------------------------ ----- -----------
Net Fee Income 4,995 8,801 15,521
Administrative expenses (4,866) (7,072) (13,560)
Goodwill impairment - (4,018)
----------------------------- ------ ---- ------------------ ------ ------------------------ ----- -----------
Operating profit/ (loss) 129 1,729 (2,057)
Interest payable (32) - (76)
Profit/(loss) before
taxation 97 1,729 (2,133)
Income tax expense 4 (15) (308) (175)
----------------------------- ------ ---- ------------------ ------ ------------------------ ----- -----------
Profit/(loss) for the
period/year 82 1,421 (2,308)
Other comprehensive income
Exchange (loss)/ (gain) on translating
foreign operations (81) 115 (105)
------------------------------------------- ------------------ ------ ------------------------ ----- -----------
Other Comprehensive (loss)/ income
for the period/ year, net of
tax (81) 115 (105)
------------------------------------------- ------------------ ------ ------------------------ ----- -----------
Total comprehensive income/ (loss)
for the period/year 1 1,536 (2,413)
Profit/ (loss) attributable
to:
Equity shareholders of
the parent 116 1,139 (2,384)
Non-controlling interest (34) 282 76
----------------------------- ------ ---- ------------------ ------ ------------------------ ----- -----------
Total Comprehensive Income
/(loss) attributable
to:
Equity shareholders of
the parent 35 1,254 (2,489)
Non-controlling interest (34) 282 76
Earnings /(loss) per
share 6
Basic earnings/(loss)
per share 0.95p 9.33p (19.36)p
Diluted earnings/(loss)
per share 0.95p 9.22p (19.36)p
----------------------------- ------ ---- -------------------------- ------------------------------- -----------
The above results relate to continuing operations.
The notes below 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 2020
30 September 30 September 31 March
2020 2019 2020
(audited)
Note GBP ' 000 GBP ' 000 GBP ' 000
Assets
Non-current assets
Goodwill 6,509 10,527 6,509
Property, plant and equipment 1,632 1,847 1,890
Deferred tax asset 40 18 40
------------------------------------ ----- ---------- --- ---------- --- ----------
8,181 12,392 8,439
------------------------------------ ----- ---------- --- ---------- --- ----------
Current assets
Trade and other receivables 9 3,250 5,069 3,868
Cash and cash equivalents 4,149 3,037 2,055
------------------------------------ ----- ---------- --- ---------- --- ----------
7,399 8,106 5,923
------------------------------------ ----- ---------- --- ---------- --- ----------
Total assets 15,580 20,498 14,362
------------------------------------ ----- ---------- --- ---------- --- ----------
Liabilities
Current Liabilities
Trade and other payables 10 2,576 2,681 3,205
Lease liabilities 542 383 497
Current tax liabilities 225 481 166
Deferred tax liability 22 - 22
------------------------------------ ----- ---------- --- ---------- --- ----------
3,365 3,545 3,890
------------------------------------ ----- ---------- --- ---------- --- ----------
Non-current liabilities
Financial Liabilities - borrowings 2,000 - -
Lease liabilities 811 1,058 1,027
Total liabilities 6,176 4,603 4,917
------------------------------------ ----- ---------- --- ---------- --- ----------
Net assets 9,404 15,895 9,445
------------------------------------ ----- ---------- --- ---------- --- ----------
Capital and reserves attributable to the Company's equity holders
Called up share capital 1,231 1,229 1,231
Capital redemption reserve 9 9 9
Treasury shares (42) (168) -
Share premium account 3,376 5,371 3,376
Merger reserve 173 173 173
Share option reserve 187 392 187
Currency translation differences 410 711 491
Retained earnings 3,430 7,308 3,314
------------------------------------ ----- ---------- --- ---------- --- ----------
Equity shareholders' funds 8,774 15,025 8,781
Non-controlling interest 630 870 664
------------------------------------ ----- ---------- --- ---------- --- ----------
Total Equity 9,404 15,895 9,445
The notes below 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 2020
- 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
2019 1,229 9 (161) 5,371 173 337 596 6,857 14,411 588 14,999
Profit
for the
period - - - - - - - 1,254 1,254 282 1,536
IFRS 16
adjustment
for leases - - - - - - - (396) (396) - (396)
Other
comprehensive
income - - - - - - 115 - 115 - 115
Equity-settled
share-based
payments - - - - - 55 - - 55 - 55
Shares
purchased
for treasury - - (16) - - - - - (16) - (16)
Shares
issued
from treasury - - 13 - - - - - 13 - 13
Adjustment
on share
disposal - - (4) - - - - 4 - - -
Dividend - - - - - - - (411) (411) - (411)
---------------- -------- ----------- --------- -------- -------- -------- ------------ --------- ------------- ---------------- ---------
At 30 Sept
2019 1,229 9 (168) 5,371 173 392 711 7,308 15,025 870 15,895
---------------- -------- ----------- --------- -------- -------- -------- ------------ --------- ------------- ---------------- ---------
PRIME PEOPLE PLC
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2020
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
2019 1,229 9 (168) 5,371 173 392 711 7,308 15,025 870 15,895
Total
Comprehensive
loss for
the period - - - - - - - (3,638) (3,638) (206) (3,844)
Other
comprehensive
income - - - - - - (220) - (220) - (220)
IFRS 16
adjustment
for leases - - - - - - - 99 99 - 99
Adjustments
in respect
of share
schemes - - - - - (205) - 236 31 - 31
Adjustment
in respect
of treasury
shares - - - - - - - - 9 - 9
Issue of
ordinary
shares 2 - - - - - - - (2) - (2)
Capital
Repayment - - - (2,000) - - - - (2,000) - (2,000)
Shares
purchased
for treasury - - (7) - - - - - (7) - (7)
Shares
issued
from treasury - - 21 - - - - - 21 - 21 Adjustment on share disposal - - 154 - - - - (154) - - - Dividend - - - - - - - (537) (537) - (537) --------------- -------- ----------- --------- ---------- -------- -------- ------------ ---------- ------------- ---------------- ---------- At 31 March 2020 1,231 9 - 3,376 173 187 491 3,314 8,781 664 9,445 --------------- -------- ----------- --------- ---------- -------- -------- ------------ ---------- ------------- ---------------- ---------- Profit/ (loss) for the period - - - - - - - 116 116 (34) 82 Other comprehensive loss - - - - - - (81) - (81) - (81) Shares purchased for treasury - - (42) - - - - - (42) - (42) At 30 Sept 2020 1,231 9 (42) 3,376 173 187 410 3,430 8,774 630 9,404 --------------- -------- ----------- --------- ---------- -------- -------- ------------ ---------- ------------- ---------------- ----------
PRIME PEOPLE PLC
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOW
For the six months ended 30 September 2020
Six months ended Year ended
30 September 30 September 31 March
2020 2019 2020
Note GBP'000 GBP'000 GBP'000
Cash generated from underlying operations 7 572 1,498 3,642
Income tax paid - (1) (160)
Income tax received - 19 -
--------------------------------------------------- ------ --- ---------- --- -------------------- --- --------
Net cash from operating activities 572 1,516 3,482
Cash flows from investing activities
Net purchase of property, plant and equipment and software (32) (94) (122)
Net cash used in investing activities (32) (94) (122)
--------------------------------------------------- ------ --- ---------- --- -------------------- --- --------
Cash flows from financing activities
Issue of ordinary share capital - - 2
Shares issued from treasury - 13 -
Shares purchased for treasury (42) (16) (21)
Return of capital from share premium - - (2,000)
Dividend paid to shareholders - (411) (948)
Lease payments (289) (338) (566)
Lease interest (30) (57) -
Finance Interest paid (4) - -
Proceeds from CBILS Loan 2,000 - -
--------------------------------------------------- ------ --- ---------- --- -------------------- --- --------
Net cash generated by financing activities 1,635 (809) (3,533)
----------------------------------------------------------- --- ---------- --- -------------------- --- --------
Net increase in cash and cash equivalents 2,175 613 (173)
Cash and cash equivalents at beginning of period/year 2,055 2,309 2,309
Effect of foreign exchange rate changes (81) 115 (81)
---------------------------------------------------------------- ---------- --- -------------------- --- --------
Cash and cash equivalents available at end of period/year 4,149 3,037 2,055
---------------------------------------------------------------- ---------- --- -------------------- --- --------
Debt borrowing at the beginning of period/year - - -
Increase - CBILS loan (2,000) - -
---------------------------------------------------------------- ---------- --- -------------------- --- --------
Debt borrowing at the end of the period/year (2,000) - -
---------------------------------------------------------------- ---------- --- -------------------- --- --------
Net cash after CBILS loan at period/year end 2,149 3,037 2,055
The notes below 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 2020
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 USA, Germany, 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 AIM Market of the London Stock Exchange ("AIM"). The registered number of the Company is 1729887.
This unaudited condensed consolidated interim report for the six months ended 30 September 2020 (including comparatives) is presented in GBP '000 and was approved and authorised for issue by the Board of Directors on 28 January 2021.
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 2020 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 2020 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 2020 which were prepared in accordance with IFRSs as adopted by the European Union.
The Group was profitable for the period and has financial resources comprising GBP2.15m of net cash as at 30 September 2020. 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.
IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance sets out the accounting for, and the disclosure of, government grants and the disclosure of other forms of government assistance. Government grants are recognised in profit or loss on a systematic basis over the periods in which the Group recognises expenses for the related costs for which the grants are intended to compensate.
Note 3 provides further information on how the Group accounts for Government grants.
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 30 September 30 September 31 March 2020
2020 2019 2020 2020 2019
GBP ' 000 GBP ' 000 GBP ' 000 GBP ' 000 GBP ' 000 GBP ' 000
UK 5,780 8,072 15,677 2,154 3,707 7,262
Asia 2,706 4,832 8,176 2,667 4,832 8,120
Rest of World 174 262 139 174 262 139
--------------- ---------- ------------- ------------- ------------- ------------- --------------
8,660 13,166 23,992 4,995 8,801 15,521
--------------- ---------- ------------- ------------- ------------- ------------- --------------
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 2020 30 September 30 September 31 March 2020
2020 2019 2020 2019
GBP ' 000 GBP ' GBP ' GBP ' 000 GBP ' GBP '
000 000 000 000
Permanent
- UK 1,807 3,252 6,344 1,807 3,252 6,344
- Asia 2,658 4,832 8,110 2,658 4,832 8,110
- Rest of World 174 262 139 174 262 139
Contract (UK) 3,973 4,820 9,333 346 455 918
Contract (Asia) 48 66 10 - 10
------------------- ---- ---------- ----- -------- ---- --------- ----- ---------- ----- -------- ---- ---------
8,660 13,166 23,992 4,995 8,801 15,521
------------------- ---- ---------- ----- -------- ---- --------- ----- ---------- ----- -------- ---- ---------
(c) Profit before taxation by geographical region
Six months ended Year ended
30 September 30 September 2019 31 March 2020
2020
GBP ' 000 GBP ' 000 GBP ' 000
UK Note 1 & 2 121 478 299
Asia 209 1,243 1,672
Rest of World (201) 8 (10)
---------------------------------------------- ---------- ------------------ --------------
Profit before taxation Note 3 129 1,729 1,961
-------------------------- ------------------ ---------- ------------------ --------------
Note 1
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.
Note 2
UK Operating profit for 31 March 2020 is before Goodwill impairment costs of GBP4.02m
Note 3
Profit before taxation in the six months to September 2020 is after a total of GBP0.55m Covid-19 Job Retention Government Support received in the UK, Asia, and Germany.
Government grants utilised in the period were UK Job Retention Scheme, Germany "Kurzarbeit" Scheme, Hong Kong Anti-epidemic Fund Employment Support Scheme ("ESS") and Singapore Job Support Scheme (JSS).
Government grants of GBP0.55m (2020 - GBPNil) are included in the 'Administrative expenses' line item, offset against staff costs. There are no unfulfilled conditions or other contingencies attaching to these grants.
(d) Segment Assets and Liabilities by Geographical Region
Total assets Total liabilities
30 September 2020 30 September 2019 30 September 2020 30 September 2019
GBP'000 GBP'000 GBP'000 GBP'000
UK 10,289 12,211 4,403 2,474
Asia 5,210 7,916 1,740 2,080
Rest of World 81 371 33 49
---------------- ------------------ ------------------ ------------------ ------------------
Total 15,580 20,498 6,176 4,603
---------------- ------------------ ------------------ ------------------ ------------------
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 GBP15k (2020: GBP308k) an effective rate of 15.00% (2020: 17.81%).
5. Dividends
Six months ended Year ended
30 September 30 September 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
Final dividend for 2019: 3.40p per share - 411 411
Interim dividend for 2019: 1.80p per share - - 220
-
Command Recruitment Group (HK) Limited dividend to non-controlling
shareholders - - 317
--------------------------------------------------------------------- --------------- ------------- -----------
- 411 948
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
2020 2019 2020
GBP'000 GBP'000 GBP'000
Profit/(loss) for basic and diluted earnings per share 116 1,139 (2,384)
----------------------------------------------------------------- ------------- ------------- -------------
Number Number Number
Weighted average number of shares used for basic earnings per
share 12,222,273 12,204,023 12,307,273
Dilutive effect of share options - 136,491 -
----------------------------------------------------------------- ------------- ------------- -------------
Diluted weighted average number of shares used for
diluted earnings per share 12,222,273 12,340,514 12,307,273
----------------------------------------------------------------- ------------- ------------- -------------
Six months ended Year ended
30 September 30 September 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
Pence Pence Pence
Basic earnings per share 0.95p 9.33p (19.36)p
Diluted earnings per share 0.95p 9.22p (19.36)p
----------------------------- ---- --------- ------------- ---------------
7. Reconciliation of profit before tax to cash flow from operating activities
Six months ended Year ended
30 September 30 September 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
Profit/(loss) before taxation 97 1,729 (2,133)
Adjustments for:
Depreciation of property, plant and equipment and software
amortisation 134 323 737
Impairment of Goodwill - - 4,018
Share based payment expense - 90 49
Finance costs 32 49 76
(Profit)/Loss on sale of tangible asset - - 1
------------------------------------------------------------------- ----------------- ------------- -----------
Operating cash flow before changes in working capital 263 2,191 2,748
-
Decrease/ (increase) in receivables 618 (423) 778
(Decrease)/ increase in payables (309) (270) 116
------------------------------------------------------------------- ----------------- ------------- -----------
Cash generated from underlying operations 572 1,498 3,642
------------------------------------------------------------------- ----------------- ------------- -----------
8. Reconciliation of net cash flow to movement in net funds
Six months ended Year ended
30 September 30 September 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
Net increase/(decrease) in cash and cash equivalents in
period/year 2,180 613 (173)
Net funds at the start of the period/year 2,055 2,309 2,309
Effect of foreign exchange changes (81) 115 (81)
------------------------------------------------------------------- ----------------- ------------- -----------
Net funds at the end of the period/year 4,154 3,037 2,055
------------------------------------------------------------------- ----------------- ------------- -----------
9. Trade and other receivables
30 September 30 September 2019 31 March
2020 2020
GBP'000 GBP'000 GBP'000
Trade receivables 2,608 4,765 3,312
Allowance for doubtful debts (378) (650) (340)
Prepayments 755 722 612
Other receivables 265 232 284
------------------------------ ------------- ------------------ ---------
3,250 5,069 3,868
10. Trade and other payables
30 September 30 September 2019 31 March
2020 2020
GBP'000 GBP'000 GBP'000
Trade payables 504 187 371
Taxation and social security 663 674 685
Other payables 510 212 1,248
Accruals 899 1,608 901
------------------------------ ---------------------------- --------------------------- -----------------------
2,576 2,681 3,205
11. Treasury Shares
At 30 September 2019, the total number of ordinary shares held in Treasury and their values were as follows:
30 September 2020 30 September 2019
Number GBP'000 Number GBP'000
As at 1 April - - 195,676 161
Shares purchased for
treasury 85,000 42 19,000 16
Shares issued from treasury - - (128,500) (13)
Equity reclassification
on disposal of treasury
shares - - - 4
----------------------------- --------- --------- ---------- --------
As at 30 September 85,000 42 86,176 168
----------------------------- --------- --------- ---------- --------
Nominal value 9 - 9
Market value 41 - 75
----------------------------- --------- --------- ---------- --------
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IR DKFBBOBKDBDB
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January 29, 2021 02:00 ET (07:00 GMT)
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