Interim Results

Prime People PLC 23 November 2007 23 November 2007 Prime People Plc Interim Results for the six months ended 30 September 2007 Prime People Plc ('Prime People' or the 'Group'), the international real estate, infrastructure and commercial property recruitment specialist, today announces its interim results for the year half ended 30 September 2007. Highlights: ---------------------- ----------- ----------- -------- Gross fee income Â£11.97m Â£9.29m + 29% Net fee income Â£7.11m Â£4.91m + 45% Pre-tax profit Â£1.02m Â£0.78m + 31% Fully diluted earnings per share 5.63p 4.40p + 28% Interim dividend* 1.35p 1.25p + 8% ---------------------- ----------- ----------- -------- *The interim dividend will be paid on 21 December 2007 to shareholders on the register on 7 December 2007 Peter Moore Managing Director of Prime People, commented: 'I am very pleased with this set of results, which reflect continued growth in the UK and excellent progress on our international expansion strategy. Demand for our services remained solid through the period, driven by the ongoing pipeline of major UK infrastructure projects and, in commercial property internationally, by the demand for increasingly sophisticated expertise in property management and investment. We anticipate that there will continue to be opportunities for good organic growth both in the UK and internationally. 'Looking forward, our order books are at record levels, but we are mindful of the current macroeconomic environment and will manage our operations as future circumstances may require. However, I have confidence that our continued commitment to the globalisation of our business and our market leading position will provide access to further opportunities for good growth.' -Ends- For further information please contact: Prime People 020 74935689 Robert Macdonald, Executive Chairman Peter Moore, Managing Director Hogarth Partnership 020 7357 9477 James Longfield Arbuthnot Securities 020 7012 2000 Andrew Fullerton Ian Williams Prime People plc Interim Results for the six months ended 30 September 2007 Chairman's Statement Introduction I am pleased to report the results for Prime People for the half year ended 30 September 2007, with continuing good progress made in our core UK market as well as on our international expansion strategy. Our principal business activity is the provision of recruitment services to the UK and international real estate, infrastructure and commercial property sectors. This activity is operated through our main trading subsidiary, Macdonald & Company. Reflecting the positive conditions in the half year within the markets the Group serves, gross fee income increased 29 per cent to Â£11.97 million (2006: Â£9.29 million). This translated to net fee income ('NFI') for the half year of Â£7.11 million, a 45 per cent increase on the previous year (2006: Â£4.91 million). Pre tax profit for the half year was Â£1.02 million, which is a 31 per cent increase on the pre tax profit for the previous half year of Â£0.78 million. Fully diluted earnings per share for the period have increased by 28 per cent to 5.63p from 4.40p in 2006. In the UK, demand for property professionals remained strong in the period being reported. The people we place are involved in the investment, development and management of all types of property asset. Our main revenues are generated from placing permanent and contract staff who are specialists in disciplines such as fund management, investment, development and financing, project management, quantity surveying and building surveying, facilities management, town and country planning, architecture and social housing. With a steady pipeline of development, infrastructure and regeneration projects already committed to in the UK and in the Middle and Far East, we currently continue to see strong demand for candidates. Our recently established architecture and social housing businesses have strengthened our offering and provide good opportunities for future revenue growth. The fulfilment of our plans to broaden the Group's business overseas in the Middle and Far East, Australasia and Africa have made a substantial contribution to our half year outcome and our overseas offices, accessing areas of continuing high economic growth, are expected to provide strong support to performance in the second half. In the period being reported, the four overseas offices contributed 21 per cent of Group NFI (2006: 6 per cent). We expect NFI derived from these offices to continue to increase as a proportion of total NFI in the years ahead. Chairman's Statement (continued) Dividend The Board declares an interim dividend of 1.35p per ordinary share (2006:1.25p). This will be paid on 21 December 2007 to shareholders on the register on 7 December 2007. Results summary The net fee income split is: --------------------- ------------ ----------- --------- Permanent -UK 4,358 3,352 +30% -International 1,519 310 +390% --------------------- ------------ ----------- --------- 5,877 3,662 +60% Temporary (UK only) 1,063 1,065 - Other 172 182 -5% --------------------- ------------ ----------- --------- Total 7,112 4,909 +45% --------------------- ------------ ----------- --------- Longer-term growth opportunities In pursuing our overall growth strategy, we continue to focus on organic expansion - adding new consultants in existing and complementary areas in the UK and internationally. The opening of further offices in new overseas locations is being investigated. Outlook The performance of the Group in the year to date has been encouraging and in line with our expectations, with both our international and UK operations continuing to perform well. Whilst our order books and business are at record levels, we are mindful of the current macroeconomic environment and will manage operations as future circumstances may require. However, we have confidence that our continued commitment to the globalisation of our business and our market leading position will provide access to further opportunities for good growth. R J G Macdonald Executive Chairman 23 November 2007 Consolidated income statement for the six months ended 30 September 2007 (unaudited) ________________________________________________________________________________ Notes Six months Six months Year ended ended ended 30 September 30 September 31 March 2007 2006 2007 Â£000 Â£000 Â£000 Continuing operations Gross fee income 11,966 9,289 20,179 Direct costs (4,854) (4,380) (9,344) ---------- ---------- --------- Net fee income 7,112 4,909 10,835 Administrative expenses (6,044) (4,088) (8,748) ---------- ---------- --------- Operating profit 1,068 821 2,087 Interest receivable and similar income 1 5 18 Interest payable and similar charges 2 (49) (50) (96) ---------- ---------- --------- Profit before taxation 1,020 776 2,009 Taxation 3 (306) (247) (665) ---------- ---------- --------- Profit for the period 714 529 1,344 ---------- ---------- --------- Profit attributable to equity shareholders 714 529 1,344 ========== ========== ========= Earnings per share 5 - Basic 5.94p 4.56p 11.38 - Diluted 5.63p 4.40p 10.93p ========== ========== ========= Consolidated statement of changes in shareholders equity for the six months ended 30 September 2007 (unaudited) Called up Share Shares to be Share premium Other reserve Share option Retained Total capital issued account reserve earnings Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 -------- ------- -------- ------- ------- -------- ------- At 1 1,084 1,000 6,214 173 - 1,816 10,287 April 2006 === New shares 119 (1,000) 881 - - - - issued Profit for the - - - - - 529 529 period Share option - - - - 23 - 23 charge Equity dividends - - - - - (120) (120) -------- ------- -------- ------- ------- -------- ------- At 30 September 1,203 - 7,095 173 23 2,225 10,719 2006 Profit for the - - - - - 815 815 period Share option - - - - 55 - 55 charge Equity dividends - - - - - (151) (151) -------- ------- -------- ------- ------- -------- ------- At 31 March 1,203 - 7,095 173 78 2,889 11,438 2007 Profit for the - - - - - 714 714 period Share option - - - - 26 - 26 charge Equity dividends - - - - - (271) (271) -------- ------- -------- ------- ------- -------- ------- At 30 September 1,203 - 7,095 173 104 3,332 11,907 2007 ======== ======= ======== ======= ======= ======== ======= Consolidated balance sheet at 30 September 2007 (unaudited) As at As at As at 30 September 30 September 31 March 2007 2006 2007 Â£'000 Â£'000 Â£'000 Assets Non-current assets - Intangible assets 9,769 9,769 9,769 - Property, plant and equipment 341 281 316 - Deferred tax asset 141 70 91 ---------- ---------- ---------- 10,251 10,120 10,176 ---------- ---------- ---------- Current assets Trade and other receivables 5,907 3,838 4,601 Cash and cash equivalents 260 35 304 ---------- ---------- ---------- 6,167 3,873 4,905 ---------- ---------- ---------- Total assets 16,418 13,993 15,081 ---------- ---------- ---------- --- --- Liabilities Current liabilities --- --- Financial liabilities - borrowings 916 394 308 Trade and other payables 2,353 1,654 2,034 Current tax liabilities 542 246 461 ---------- ---------- ---------- === === 3,811 2,294 2,803 ---------- ---------- ---------- === === Non current liabilities === Financial liabilities - borrowings 700 980 840 ---------- ---------- ---------- 700 980 840 ---------- ---------- ---------- Total liabilities 4,511 3,274 3,643 ---------- ---------- ---------- Net assets 11,907 10,719 11,438 ========== ========== ========== --- --- Capital and reserves === === Called up share capital 1,203 1,203 1,203 Share premium account 7,095 7,095 7,095 Other reserve 173 173 173 Share option reserve 104 23 78 Retained earnings 3,332 2,225 2,889 ---------- ---------- ---------- === --- Equity shareholders' funds 11,907 10,719 11,438 ========== ========== ========== Consolidated Cash Flow Statement for the six months ended 30 September 2007(unaudited) Notes Six months Six months Year ended ended ended 30 September 30 September 31 March 2007 2006 2007 Â£'000 Â£'000 Â£'000 Cash flows from operating activities Cash generated by operations 6 177 270 1,266 Corporation tax paid (275) (300) (525) --- ---------- ---------- ---------- Net cash (used)/from operating activities (98) (30) 741 ---------- ---------- ---------- Cash flows from investing activities Interest received 1 4 18 Interest paid (49) (50) (96) Disposal of investment held for resale - 178 178 Net purchase of property, plant and equipment (95) (70) (164) ---------- ---------- ---------- Net cash (used)/from investing activities (143) 62 (64) ---------- ---------- ---------- Cash flows from financing activities --- Repayment of borrowings (140) (140) (280) Capital element of hire purchase obligations (3) (4) (7) Dividends paid to shareholders (271) (120) (271) ---------- ---------- ---------- Net cash used in financing activities (414) (264) (558) ---------- ---------- ---------- === === === === Net (decrease)/increase in cash and cash equivalents (655) (232) 119 === Cash and cash equivalents at start of period 279 160 160 ---------- ---------- ---------- === === (Net debt)/cash and cash equivalents at end of period (376) (72) 279 ========== ========== ========== === === === Notes to the Interim Financial Statements for the six months ended 30 September 2007(unaudited) 1. Accounting Policies The consolidated interim financial statements are for the six months ended 30 September 2007. They have been prepared in accordance with International Financial Reporting Standards (IFRS) using the same accounting policies as those used in the preparation of the accounts for the year ended 31 March 2007. 2. Interest Six months Six months Year ended ended ended 30 September 30 September 31 March 2007 2006 2007 Â£'000 Â£'000 Â£'000 Interest expense: Interest payable on bank borrowings 49 49 95 Interest payable on finance leases - 1 1 ---------- ---------- ---------- 49 50 96 ========== ========== ========== 3. Taxation on profit on ordinary activities Taxation has been provided by applying the standard rate of corporation tax in the UK. 4. Dividends Six months Six months Year ended ended ended 30 September 30 September 31 March 2007 2006 2007 Â£'000 Â£'000 Â£'000 Final dividend for 2006 of 1.00 pence per share - 120 120 Interim dividend for 2007 of 1.25 pence per share - - 151 Final dividend for 2007 of 2.25 pence per share 271 - - ---------- ---------- ---------- 271 120 271 ========== ========== ========== An interim dividend for 2008 of 1.35 pence per ordinary share will be paid on 21 December 2007 to those shareholders whose names are on the register on 7 December 2007. Notes to the Interim Financial Statements (continued) for the six months ended 30 September 2007 (unaudited) 5. Earnings per share Earnings per share (EPS) has been calculated in accordance with IAS 33 'Earnings per share' and is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period. Earnings and weighted average number of shares used in the calculations are shown below: Six months Six months Year ended ended ended 30 September 30 September 31 March 2007 2006 2007 Â£'000 Â£'000 Â£'000 Retained profit for basic earnings per share 714 529 1,344 ========== ========== ========== Number Number Number '000 '000 '000 Weighted average number of shares used for basic and continuing earnings per share 12,029 11,593 11,810 Dilutive effect of share options and shares to be issued 653 434 483 ---------- ---------- ---------- Diluted weighted average number of shares ---------- ---------- ---------- used for diluted earnings per share 12,682 12,027 12,293 ========== ========== ========== Pence Pence Pence Basic diluted earnings per share 5.94p 4.56p 11.38p Diluted earnings per share 5.63p 4.40p 10.93p Notes to the Interim Financial Statements (continued) for the six months ended 30 September 2007 (unaudited) 6. Reconciliation of operating profit to net cash inflow from operating activities Six months Six months Year ended ended ended 30 September 30 September 31 March 2007 2006 2007 Â£'000 Â£'000 Â£'000 Operating profit 1,068 821 2,087 Depreciation 69 49 108 Share option reserve movement 26 23 78 Increase in debtors (1,306) (505) (1,268) Increase/(decrease) in creditors 320 (118) 261 ---------- ---------- --------- Net cash inflow from operating activities 177 270 1,266 ========== ========== ========= 7. Nature of the financial information The interim financial information for the six months ended 30 September 2007, was approved by the board on 23 November 2007. The financial information set out above does not constitute full accounts within the meaning of Section 240 of the Companies Act 1985. The comparative results for the year ended 31 March 2007 have been extracted from the Group's financial statements for that period which have received an unqualified audit report and have been filed with the Registrar of Companies. A copy of the interim results will be available on the company's website: www.prime-people.co.uk This information is provided by RNS The company news service from the London Stock Exchange

Companies

Macdonald & Company Holdings ltd (formerly Prime People plc - PRP) (MAC1)

Friday, 5th December 2025

COMPANIES COVERED:

OCDO BYG TRST

Ocado jumps on settlement news with Kroger and Trustpilot rebound to an extent after Thursday’s heavy selling but Big Yellow Group slides as prospect of a private equity buyout wanes.

Full Archive

UK 100

Latest directors dealings

1 day ago Compass Group
1 day ago Rathbones Group
1 day ago Sage Group
1 day ago NATWEST GROUP
1 day ago Kier Group

All directors dealings today