Buy
Sell
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 0.0% 67.00 63.00 71.00 0.00 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 17.8 -0.2 -0.3 - 8

Prime People PLC Half-year Report

19/11/2021 7:00am

UK Regulatory (RNS & others)


Prime People (LSE:PRP)
Historical Stock Chart


From Dec 2020 to Dec 2022

Click Here for more Prime People Charts.

TIDMPRP

RNS Number : 8853S

Prime People PLC

19 November 2021

19 November 2021

Prime People Plc

Interim Results

Prime People Plc ("Prime People" or the "Group"), a global group of specialist recruitment businesses operating in depth, across the Real Estate & Built Environment sectors, announces its unaudited interim results for the six months ended 30 September 2021.

CHAIRMAN'S STATEMENT

Overview

Despite Covid-19 restrictions continuing for part of the period to 30 September 2021, in all of the markets in which the Group operates, I am pleased to report an improvement in trading, which we see as a combination of general market recovery and a backlog of client demand positively impacting performance.

The Group's cash collection has been robust and, consequently, the Board made the decision to accelerate repayment of GBP1m (50%) of the CBILS loan prior to the period end.

Financial Results

Group Revenues were GBP10.58m (H1 2021: GBP8.66m), up 22.2% compared to the prior year.

The Group's Net Fee Income ("NFI"), which is Management's key focus, increased to GBP7.36m (H1 2021: GBP5m), an increase of 47.2% over the prior year; NFI for the UK business was GBP3.36m (H1 2021: GBP2.15m). Our overseas performance was comprised of Asia NFI of GBP2.83m (H1 2021: GBP2.67m) and the Rest of World NFI GBP1.17m (H1 2021: GBP0.17m).

During the period contract NFI represented 4.0% of Group NFI (H1 2021: 7.12%).

Administrative costs for the Group in the period were GBP6.28m (H1 2021: GBP4.87m).

Profit before taxation amounted to GBP1.06m (H1 2021 GBP0.10m).

The charge for Group taxation of GBP0.20m (H1 2021: GBP0.02m) is based on the expected annual effective tax rate of 19% in the UK (H1 2021: 19%), 19% in Hong Kong (H1 2021: 16.50%), and 19% in Singapore (H1 2021: 17%).

Basic earnings per share for the period were 7.39p (H1 2021: 0.95p).

Cash Flow

At the start of the current financial year the Group had cash of GBP3.98m. At the period end the Group had available cash of GBP2.89m and net cash, after the CBILS loan, of GBP1.94m (H1 2021: GBP2.15m).

Dividend

The Board will not be declaring an interim dividend this year (H1 2021: Nil).

Outlook

Although our markets are not fully back to pre-pandemic levels, we are encouraged by the recovery we have experienced in the six month period to 30 September 2021. We believe that the Group is well positioned to respond quickly as markets strengthen, but we remain cautious, as any reimposition of Covid related restrictions are likely to be negative for our business.

Our cash position is sound, all Government taxes deferred due to Covid will be fully paid by January 2022 and we intend to redeem our remaining CBILS loan, which is now bearing interest.

Our management team and staff have adapted positively and quickly to the new operating backdrop necessitated by Covid, and we are looking forward to achieving long term positive returns for all our stakeholders.

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

18 November 2021

For further information please contact:

 
 Prime People                             020 7318 1785 
 Robert Macdonald, Executive Chairman 
 Dugald Macdonald, Commercial 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 2021

 
                                                  Six months ended                Year ended 
                                            30 September       30 September         31 March 
                                                    2021               2020             2021 
                                                                                   (audited) 
                                  Note           GBP'000            GBP'000          GBP'000 
 
 Revenue                           3              10,575              8,660           17,802 
 Cost of Sales                                   (3,213)            (3,665)          (6,870) 
-------------------------------  -----  ----  ----------      -------------      ----------- 
 
 Net Fee Income                                    7,362              4,995           10,932 
 
   Administrative expenses 
   Other operating income                                                           (11,756) 
   (Covid related Governmental                                      (4,866) 
   support)                                      (6,277)                  -              707 
-------------------------------  -----  ----  ----------      -------------      ----------- 
 
 Operating profit/ (loss)                          1,085                129            (117) 
  Interest payable                                  (25)               (32)             (56) 
 
 
 Profit/(loss) before 
  taxation                                         1,060                 97            (173) 
 Income tax expense                4               (202)               (15)                5 
-------------------------------  -----  ----  ----------      -------------      ----------- 
 
   Profit/(loss) for the 
   period/year                                       858                 82            (168) 
 Other comprehensive income 
  Exchange gain /(loss)on translating 
  foreign operations                                  61               (81)            (267) 
--------------------------------------------  ----------      -------------      ----------- 
 
   Other Comprehensive income/(loss) 
   for the period/ year, net of 
   tax                                                61               (81)            (267) 
--------------------------------------------  ----------      -------------      ----------- 
 
   Total comprehensive income/ 
   (loss) for the period/year                        919                  1            (435) 
 
 Profit/ (loss) attributable 
  to: 
  Equity shareholders 
   of the parent                                     898                116             (36) 
  Non-controlling interest                          (40)               (34)            (132) 
-------------------------------  -----  ----  ----------      -------------      ----------- 
 
 Total Comprehensive 
  Income /(loss) attributable 
  to: 
 Equity shareholders 
  of the parent                                      959                 35            (303) 
  Non-controlling interest                          (40)               (34)            (132) 
 Earnings /(loss) per 
  share                            6 
 Basic earnings/(loss) 
  per share                                        7.39p              0.95p          (0.30)p 
 Diluted earnings/(loss) 
  per share                                        7.32p              0.95p          (0.30)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 2021

 
                                              30 September   30 September                            31 March 
                                                      2021           2020                                2021 
                                                                                                    (audited) 
                                       Note      GBP ' 000      GBP ' 000                           GBP ' 000 
 
 Assets 
 Non-current assets 
 Goodwill                                        6,509              6,509                 6,509 
 Property, plant and equipment                   1,126              1,632                 1,284 
------------------------------------  -----  -------------  -------------  ---------------------------------- 
                                                 7,635              8,141                 7,793 
------------------------------------  -----  -------------  -------------  ---------------------------------- 
 
 Current assets 
 Trade and other receivables            9        3,994              3,250                 3,061 
 Deferred tax asset                                40                  40                  40 
 Cash and cash equivalents                       2,890              4,149                 3,980 
------------------------------------  -----  -------------  -------------  ---------------------------------- 
 
                                                 6,924              7,439                  7,081 
------------------------------------  -----  -------------  -------------  ---------------------------------- 
 
 Total assets                                    14,559            15,580                14,874 
------------------------------------  -----  -------------  -------------  ---------------------------------- 
 
 Liabilities 
 Current Liabilities 
 Trade and other payables               10       3,036              2,576                 3,140 
 Lease liabilities                                552                 542                  533 
 Current tax liabilities                          175                 225                  95 
  Deferred tax liability                           22                  22                   22 
------------------------------------  -----  -------------  -------------  ---------------------------------- 
                                                 3,785              3,365                 3,790 
------------------------------------  -----  -------------  -------------  ---------------------------------- 
 Non-current liabilities 
 Financial Liabilities - borrowings               750               2,000                 1,733 
 Lease liabilities                                270                 811                  520 
 Total liabilities                               4,805              6,176                 6,043 
------------------------------------  -----  -------------  -------------  ---------------------------------- 
 
 Net assets                                      9,754              9,404                 8,831 
------------------------------------  -----  -------------  -------------  ---------------------------------- 
 
 Called up share capital                         1,231              1,231                 1,231 
 Capital redemption reserve                        9                    9                   9 
 Treasury shares                                  (99)               (42)                 (103) 
 Share premium account                           3,376              3,376                 3,376 
 Merger reserve                                   173                 173                  173 
 Share option reserve                             239                 187                  239 
 Currency translation differences                 285                 410                  224 
 Retained earnings                               4,048              3,430                 3,150 
------------------------------------  -----  -------------  -------------  ---------------------------------- 
 Equity shareholders' funds                      9,262              8,774                 8,299 
  Non-controlling interest                         492                630                   532 
------------------------------------  -----  -------------  -------------  ---------------------------------- 
 Total Equity                                     9,754             9,404                               8,831 
 
 

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 2021

 
 -                 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 
   2020             1,231            9          -     3,376       173       187           491      3,314          8,781               664     9,445 
 
 Profit 
  for the 
  period                -            -          -         -         -         -             -        116            116              (34)        82 
 
 Other 
  comprehensive 
  income                -            -          -         -         -       -            (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 
---------------  --------  -----------  ---------  --------  --------  --------  ------------  ---------  -------------  ----------------  -------- 
 
 
 
 
                    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 
   2020              1,231            9       (42)     3,376       173       187           410      3,430          8,774               630     9,404 
 Total 
  Comprehensive 
  loss for 
  the period             -            -          -         -         -         -             -      (128)          (128)              (98)     (226) 
 Other 
  comprehensive 
  income                 -            -          -         -         -         -         (186)          -          (186)                 -     (186) 
 Adjustments 
  in respect 
  of share 
  schemes                -            -          -         -         -        76             -          -             76                 -        76 
 Adjustment 
  in respect 
  of share 
  options                -            -          -         -         -      (24)             -          -           (24)                 -     (24) 
 Adjustment 
  in respect 
  of minority 
  dividend               -            -          -         -         -         -             -      (152)          (152)                 -     (152) 
 Shares 
  purchased 
  for treasury           -            -       (61)         -         -         -             -          -           (61)                 -      (61) 
 
   At 31 March 
   2021              1,231            9      (103)     3,376       173       239           224      3,150          8,299               532     8,831 
----------------  --------  -----------  ---------  --------  --------  --------  ------------  ---------  -------------  ----------------  -------- 
 Profit/ 
  (loss) 
  for the 
  period                 -            -          -         -         -         -             -        898            898              (40)       858 
 
   Other 
   comprehensive 
   gain                  -            -          -         -         -         -            61          -             61                 -        61 
 
   Shares 
   issued 
   from treasury         -            -          4         -         -         -             -          -              4                 -         4 
 At 30 Sept 
  2021               1,231            9       (99)     3,376       173       239           285      4,048          9,262               492     9,754 
----------------  --------  -----------  ---------  --------  --------  --------  ------------  ---------  -------------  ----------------  -------- 
 

PRIME PEOPLE PLC

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOW

For the six months ended 30 September 2021

 
                                                                        Six months ended           Year ended 
                                                                 30 September       30 September     31 March 
                                                                         2021               2020         2021 
                                                         Note         GBP'000            GBP'000      GBP'000 
 
 
 Cash generated from underlying operations                  7             430          572            2,016 
 Income tax paid                                                         (62)          -             (125) 
  Income tax received                                                       -           -               - 
------------------------------------------------------  ------  -------------  -----------------  ----------- 
 
 Net cash from operating activities                                       368         572            1,891 
 
 
 Cash flows from investing activities 
 Interest received                                                                                     5 
 Net purchase of property, plant and equipment and software             (184)         (32)            (75) 
 
 
   Net cash used in investing activities                                (184)          (32)            (70) 
------------------------------------------------------  ------  -------------  -----------------  ----------- 
 
 Cash flows from financing activities 
 Purchase of investment                                                  (24)          -               - 
 Shares issued from treasury                                                4          -               - 
 Shares purchased for treasury                                              -         (42)           (103) 
 Dividend paid to non-controlling interest                                  -          -             (152) 
 Lease payments                                                         (248)        (289)           (519) 
 Repayment of Invoice discounting facility                                  3         (30)           (822) 
 Finance Interest paid                                                    (8)         (4)             (13) 
 Coronavirus Business Interruption Loan                               (1,050)              2,000     2,000 
------------------------------------------------------  ------  -------------  -----------------  ----------- 
 
 Net cash (used)/generated by financing activities                    (1,323)        1,635            391 
--------------------------------------------------------------  -------------  -----------------  ----------- 
 
 Net (decrease)/increase in cash and cash equivalents                 (1,139)        2,175           2,212 
 
 Cash and cash equivalents at beginning of period/year                  3,980        2,055           2,055 
 
 Effect of foreign exchange rate changes                                   49         (81)           (287) 
--------------------------------------------------------------  -------------  -----------------  ----------- 
 
 Cash and cash equivalents available at end of period/year              2,890        4,149           3,980 
--------------------------------------------------------------  -------------  -----------------  ----------- 
 
   Debt borrowing at the beginning of period/year                     (2,000)           -               - 
 Decrease/(Increase) - CBILS loan                                       1,050       (2,000)         (2,000) 
--------------------------------------------------------------  -------------  -----------------  ----------- 
 
   Debt borrowing at the end of the period/year                         (950)        (2,000)         (2,000) 
--------------------------------------------------------------  -------------  -----------------  ----------- 
 
   Net cash after CBILS loan at period/year end                         1,940         2,149           1,980 
 
 
 

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 2021

   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 2021 (including comparatives) is presented in GBP '000 and was approved and authorised for issue on behalf of the Board of Directors on 18 November 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 2021 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 2021 has been prepared using accounting policies consistent with International Financial Reporting Standards ("IFRSs") and in accordance with 'IAS 34, Interim financial reporting', in conformity with the requirement of the Companies Act. The condensed consolidated interim report should be read in conjunction with the annual financial statements for the year ended 31 March 2021 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 GBP2.89m of net cash as at 30 September 2021. 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.

   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 2021    30 September    31 March 2021    30 September   30 September 2020     31 March 2021 
                                         2020                             2021 
                    GBP ' 000       GBP ' 000        GBP ' 000       GBP ' 000           GBP ' 000         GBP ' 000 
 
 UK                   6,570           5,780             11,668           3,357               2,154             4,894 
 
 Asia                 2,831           2,706              5,105           2,831               2,667             5,009 
 
 Rest of 
  World               1,174            174               1,029           1,174                 174             1,029 
-------------      ----------      ----------      -----------      ----------  -----  -----------  ----  ---------- 
 
                     10,575           8,660             17,802           7,362               4,995            10,932 
-------------      ----------      ----------      -----------      ----------  -----  -----------  ----  ---------- 
 
 
 

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 2021     30 September       30 September    31 March 2021 
                                2021             2020                              2021               2020 
                           GBP ' 000        GBP ' 000        GBP ' 000        GBP ' 000          GBP ' 000        GBP ' 000 
 
 Permanent 
 - UK                        3,062            1,807            4,257            3,062              1,807            4,257 
  - Asia                     2,831            2,658            4,995            2,831              2,658            4,995 
  - Rest of World            1,174              174            1,029            1,174               174             1,029 
 
 Contract (UK)               3,508              3,973          7,411             295                346              637 
 Contract (Asia)               -               48               110               -                 10               14 
-------------------  ---  ----------  ---  ----------  ---  ----------  ---  ----------  -----  ----------  ---  ---------- 
 
                            10,575            8,660           17,802            7,362              4,995            10,932 
-------------------  ---  ----------  ---  ----------  ---  ----------  ---  ----------  -----  ----------  ---  ---------- 
 
 
 

(c) Profit before taxation by geographical region

 
                                                             Six months ended           Year ended 
                                                        30 September     30 September     31 March 
                                                                2021             2020         2021 
                                                           GBP ' 000        GBP ' 000    GBP ' 000 
 
 UK                                                           886             121          (33) 
 
 Asia                                                         167             209           47 
 
 Rest of World                                                32             (201)         (131) 
--------------------------------------------------------  ----------      -----------   ---------- 
 
   Operating profit / (loss)                                  1,085            129          (117) 
 Interest paid                                               (25)             (32)         (56) 
--------------------------------------------------------  ----------      -----------   ---------- 
 
   Profit/(loss) before taxation                              1,060             97          (173) 
--------------------------------------------------------  ----------      -----------   ---------- 
 
 

(d) Segment Assets and Liabilities by Geographical Region

 
                               Total assets                          Total liabilities 
                   30 September 2021   30 September 2020   30 September 2021   30 September 2020 
                             GBP'000             GBP'000             GBP'000             GBP'000 
 
 UK                      7,452              10,289               2,409               4,403 
 Asia                    6,311               5,210               1,988               1,740 
 Rest of World            796                 81                  408                 33 
----------------  ------------------  ------------------  ------------------  ------------------ 
 
   Total                 14,559              15,580               4,805               6,176 
----------------  ------------------  ------------------  ------------------  ------------------ 
 

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 GBP202k (2020: GBP15k) an effective rate of 19.00% (2020: 15%).

   5.   Dividends 
 
                                                   Six months ended               Year ended 
                                           30 September          30 September       31 March 
                                                   2021                  2020           2021 
                                                GBP'000               GBP'000        GBP'000 
 
 Final dividend for 2021: nil per share            -                  -                - 
 Interim dividend for 2022: nil per share          -                  -                - 
                                                   -                  -                - 
 
 
 
   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           2020           2021 
                                                                           GBP'000        GBP'000        GBP'000 
 
   Profit/(loss) for basic and diluted earnings per share             898                 116            (36) 
---------------------------------------------------------  -----------------------  -------------  ------------- 
 
 
                                                                            Number         Number         Number 
 
 Weighted average number of shares used for basic 
  earnings per share                                                    12,157,273     12,222,273     12,266,005 
                         Dilutive effect of share options                  107,319        -                    - 
---------------------------------------------------------  -----------------------  -------------  ------------- 
 
       Diluted weighted average number of shares used for 
                               diluted earnings per share               12,264,592     12,222,273     12,266,005 
---------------------------------------------------------  -----------------------  -------------  ------------- 
 
 
 
                                                                      Six months ended                   Year ended 
                                                            30 September             30 September          31 March 
                                                                    2021                     2020              2021 
                                                                 GBP'000                  GBP'000           GBP'000 
                                                                   Pence                    Pence             Pence 
 
 Basic earnings/(loss) per share                                   7.39p                    0.95p           (0.30)p 
 Diluted earnings/(loss) per share                                 7.32p                    0.95p           (0.30)p 
----------------------------------------  --------------  --------------  --------  -------------  ------  -------- 
 
 
 
   7.   Reconciliation of profit before tax to cash flow from operating activities 
 
                                                                                 Six months ended         Year ended 
                                                                        30 September     30 September       31 March 
                                                                                2021             2020           2021 
                                                                             GBP'000          GBP'000        GBP'000 
 
 Profit/(loss) before taxation                                               1,060                 97          (173) 
 Adjustments for: 
 Depreciation of property, plant and equipment and software amortisation      129                 134            258 
 Depreciation of right-of-use assets                                          225                   -            443 
 Share based payment expense                                                   -                    -             76 
 Finance costs                                                                 25                  32             56 
 (Profit)/Loss on sale of tangible asset                                       -                    -              - 
------------------------------------------------------------------  -----  ---------      -----------      --------- 
 
 
 Operating cash flow before changes in working capital                        1,439               263            660 
 
 (Increase)/decrease in receivables                                          (969)                618            866 
 (Decrease)/ increase in payables                                             (40)              (309)            490 
-------------------------------------------------------------------------  ---------      -----------      --------- 
 
   Cash generated from underlying operations                                   430                572          2,016 
-------------------------------------------------------------------------  ---------      -----------      --------- 
 
 
 
   8.   Reconciliation of net cash flow to movement in net funds 
 
                                                                          Six months ended                Year ended 
                                                                 30 September     30 September              31 March 
                                                                         2021             2020                  2021 
                                                                      GBP'000          GBP'000               GBP'000 
 
 Net (decrease)/increase in cash and cash equivalents in 
  period/year                                                        (1,139)          2,180               2,212 
 Net funds at the start of the period/year                            3,980           2,055               2,055 
 Effect of foreign exchange changes                                     49             (81)               (287) 
------------------------------------------------------------------  ---------      -----------      ---------------- 
 
 Net funds at the end of the period/year                              2,890           4,154               3,980 
------------------------------------------------------------------  ---------      -----------      ---------------- 
 
 
 
   9.   Trade and other receivables 
 
                                 30 September   30 September   31 March 
                                         2021           2020       2021 
                                      GBP'000        GBP'000    GBP'000 
 
 Trade receivables                  3,792          2,608          2,582 
 Allowance for doubtful debts       (625)          (378)          (380) 
 Prepayments                         465            755             406 
 Other receivables                   362            265             453 
------------------------------  -------------  -------------  --------- 
 
                                    3,994          3,250          3,061 
 
 

10. Trade and other payables

 
                                           30 September   30 September   31 March 
                                                   2021           2020       2021 
                                                GBP'000        GBP'000    GBP'000 
 
 Trade payables                                119            504          203 
 Taxation and social security                  597            663          796 
 Other payables                                540            510          539 
 Accruals                                     1,580           899         1,335 
 Coronavirus Business Interruption Loan        200             -           267 
----------------------------------------  -------------  -------------  --------- 
                                              3,036          2,576        3,140 
 
 

11. Treasury Shares

At 30 September 2021, the total number of ordinary shares held in Treasury and their values were as follows:

 
                                 30 September 2021     30 September 2020 
                                   Number   GBP'000      Number   GBP'000 
 
 As at 1 April                    190,000       103           -         - 
 Shares purchased for 
  treasury                              -         -      85,000        42 
 Shares issued from treasury     (40,000)       (4)           -         - 
 
   As at 30 September             150,000        99      85,000        42 
-----------------------------  ----------  --------  ----------  -------- 
 
   Nominal value                        9                     -         9 
 Market value                        72.5                     -        41 
-----------------------------  ----------  --------  ----------  -------- 
 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

IR DKFBPABDDNDD

(END) Dow Jones Newswires

November 19, 2021 02:00 ET (07:00 GMT)

1 Year Prime People Chart

1 Year Prime People Chart

1 Month Prime People Chart

1 Month Prime People Chart
Your Recent History
LSE
PRP
Prime Peop..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20221202 07:29:37