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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
World Careers | LSE:WOR | London | Ordinary Share | GB0002677085 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 235.00 | 210.00 | 260.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMWOR
RNS Number : 4040V
World Careers Network PLC
02 November 2017
2 November 2017
PRELIMINARY ANNOUNCEMENT OF THE AUDITED RESULTS OF
WORLD CAREERS NETWORK PLC
WORLD CAREERS NETWORK PLC
Chairman's Statement
I am pleased to present the annual accounts of World Careers Network plc ("WCN" or the "Company"), which show the results of the Company for the year to 31 July 2017.
Financial review
As anticipated in my full year statement for 2016, profits for 2017 are significantly down at GBP811,543 compared to last year's profit of GBP1,382,896 while revenues increased 16.4% from GBP8,457,202 to GBP9,848,048.
The changes in Key Performance Indicators between the financial years 2016/2017 and 2015/2016 were as follows:
2016/17 2015/16 GBP GBP Sales per employee 86,513 86,298 Operating profit per employee 6,783 13,670
The average headcount in 2016/17 was up 16% at 114.
The group is investing for future growth and this has resulted in increased headcount and employee costs. Revenues have risen broadly in line with our headcount whilst the operating profit per employee has fallen as a result of the concentration of resources into specialist areas and an increase in our marketing spend.
The Board will be seeking at the Annual General Meeting the extension of the authority granted last year to make market purchases of ordinary shares, within the usual limits for a listed company. In assessing whether in practice to use this authority, the Board will take into account all relevant factors including the effect on earnings per share and assets per share ratios and other benefits to shareholders.
Dividends
The directors are pleased to recommend the payment of a dividend of 3.5p per share, which is the same as that paid in respect of the previous year. This dividend will be subject to the approval of shareholders at the Annual General Meeting to be held at 5-7 Bridgeworks, The Crescent, London SW19 8DR at 10.30 am, on 13 December 2017, and, if approved, will be payable on 15 December 2017 to shareholders on the register as at 24 November 2017.
Operating review
There is a considerable focus inside the business on ensuring existing clients are highly satisfied, retained and growing their business with us; that we are developing innovative transformational product which by supporting the recruitment of high quality and diverse hires delivers a significant benefit to our clients; that we broaden the market for our products and attract new clients; and ensuring we have a great team in WCN to deliver against our objectives.
Investment in these areas - primarily marketing, sales, product development and customer success & support - resulted in a rise in our costs of GBP1,958,410.
The benefit of this expenditure is reflected in an improvement in our client satisfaction and the increase in our sales of GBP1,390,846.
Principal risks and uncertainties
Commercial and operational risk
Competitive pressure and economic instability is a continuing if not growing risk for the Company. The Company manages this risk by developing leading edge products capable of driving significant transformation and value within our clients, through high levels of customer service, by managing resource levels and pursuing opportunities for continuous improvement.
The business is dependent upon clients' ability to safely access data held on our servers. In order to ensure that this is not affected by a breakdown in power supplies or by other physical hazards our servers are housed offsite in secure facilities on the premises of a specialist provider of such facilities. Third party security experts are also regularly engaged to advise on data security.
Financial risk
The main risk arising from the Company's activities is currency risk. This is monitored by the Board of directors and was not considered to be significant at the balance sheet date.
Outlook
Strong technology and an exciting product pipeline; positive and growing client satisfaction; and an experienced team provide a great foundation for ongoing success. However, lower than expected sales in the last financial year and ongoing sales challenges, high investments, known reductions in revenues from the existing client base, general economic uncertainty and a competitive market will make this a very challenging year in which, inevitably, we expect to see a further significant fall in profits.
The high quality of the team and dedication to our clients is the key factor underlying our success. I'd like to thank the team at WCN for their outstanding efforts.
Charles EH Hipps
Chairman, World Careers Network Plc
Date 2 November 2017
consolidated income statement
For the Year Ended 31 July 2017
2017 2016 GBP GBP Revenue 9,848,048 8,457,202 Total administrative expenses 9,075,921 7,117,511 _________ _________ Operating profit 772,127 1,339,691 Finance income 39,416 43,205 _________ _________ Profit on ordinary activities before taxation 811,543 1,382,896 Income tax 194,856 277,201 _________ _________ Profit for the year 616,687 1,105,695 _________ _________ Earnings per share Basic 8.15p 14.62p _________ _________ Diluted 8.05p 14.46p _________ _________
Consolidated Statement of Financial Position
As at 31 July 2017
2017 2016 GBP GBP Assets Non-current assets Property, plant and equipment 170,848 140,174 _________ _________ 170,848 140,174 Current assets Trade and other receivables 1,454,107 2,299,183 Cash and cash equivalents 11,631,288 10,171,966 _________ _________ Total current assets 13,085,395 12,471,149 _________ _________ Total assets 13,256,243 12,611,323 _________ _________ Equity Issued capital 7,586 7,562 Share premium 1,649,024 1,595,040 Capital redemption reserve 708 689 Translation reserve (1,188) 5,595 Retained earnings 8,273,990 7,945,446 _________ _________ Total equity 9,930,120 9,554,332 _________ _________ Liabilities Non-current liabilities Deferred tax 21,822 16,643 _________ _________ Liabilities Current liabilities Trade and other payables 3,183,567 2,867,245 Corporation tax 120,734 173,103 _________ _________ Total current liabilities 3,304,301 3,040,348 _________ _________ Total liabilities 3,326,123 3,056,991 _________ _________ Total equity and liabilities 13,256,243 12,611,323 _________ _________
Consolidated statement of cash flows
For the Year Ended 31 July 2017
2017 2016 GBP GBP Cash flows from operating activities Profit for the year 616,687 1,105,695 Depreciation 94,104 84,067 Exchange differences on translation of foreign operations (6,783) (4,371) Share based payments 13,652 16,202 Decrease in receivables 845,076 268,495 Increase in payables 316,322 824,648 Finance income (39,416) (43,205) Corporation tax expense 194,856 277,201 _________ _________ 2,034,498 2,528,732 Taxation (242,047) (250,556) _________ _________ Net cash inflow from operating activities 1,792,451 2,278,176 _________ _________ Cash flows from investing activities Interest received 39,416 43,205 Purchase of property, plant and equipment (124,778) (107,498) _________ _________ Net cash outflow from investing activities (85,362) (64,293) _________ _________ Cash flows from financing activities Proceeds from issue of shares 54,027 3,340 Purchase of own shares (37,050) - Equity dividends paid (264,745) (264,645) _________ _________ Net cash outflow from financing
activities (247,768) (261,305) _________ _________ Increase in cash in the year 1,459,321 1,952,578 Cash and cash equivalents at beginning of year 10,171,966 8,219,388 _________ _________ Cash and cash equivalents at end of year 11,631,287 10,171,966 _________ _________
Notes
1. The profit and loss account incorporates the consolidated results of World Careers Network PLC and its subsidiary for the year ended 31 July 2017. The accounting policies used in the preparation of these audited results are unchanged from those adopted by the company in previously published annual financial statements.
2. Earnings per share
Basic earnings per share
This is calculated by dividing the profit of GBP616,687 (2016 - GBP1,105,695), being the profit attributable to ordinary shareholders by the weighted average number of ordinary shares in issue throughout the year of 7,568,480 (2016 - 7,561,263)
Diluted earnings per share
The weighted average number of shares for 2017 for this calculation was 7,662,261 (2016 - 7,645,920). This is calculated based on the weighted average number of ordinary shares adjusted by 93,781 (2016 - 84,657) to recognise the effect of the potential issue of further ordinary shares as a result of the exercise of share options
3. The directors are recommending the payment of a dividend of 3.5p per share.
4. The preliminary announcement was approved by the board on 2 November 2017. The Company's annual accounts will be sent to shareholders on 17 November 2017 and copies will be available from the company's office at 5-7 Bridgeworks, The Crescent, London SW19 8DR and on the Company's website at www.wcn.co.uk.
5. The financial information does not constitute the company's statutory accounts, within the meaning of Section 435 of the Companies Act 2006, for the years ended 31 July 2017 or 2016 but is derived from those accounts. Statutory accounts for 2016 have been delivered to the Registrar of Companies and those for 2017 will be delivered following the company's forthcoming annual general meeting. The auditors have reported on those accounts; their reports were unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their reports and did not contain statements under the Companies Act 2006, s498(2) or (3).
Enquiries
World Careers Network Plc
Charles Hipps, Managing Director,
Telephone: +44 (0)20 8946 9876
Email:chipps@wcn.co.uk.
Panmure Gordon (UK) Limited
Nominated Adviser
Andrew Potts
Telephone: +44 (0)20 7886 2956
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
November 02, 2017 07:09 ET (11:09 GMT)
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