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World Careers Netwk. (OLEE)

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Tuesday 26 April, 2016

World Careers Netwk.

Half-year Report

RNS Number : 2672W
World Careers Network PLC
26 April 2016
 

WORLD CAREERS NETWORK PLC

 

Interim statement for the six months to 31 January 2016

Chairman's statement

 

 

Dear Shareholder

 

I am pleased to present the interim accounts of World Careers Network ("WCN") for the half year to 31 January 2016.

 

Financial Review

 

Half year revenues were up 7.5% to £3.76m compared to £3.50m at the same time last year.  Costs, however, rose by just over £200k compared to the first half of 2014-15, leaving the profit for the half year at £360k slightly ahead of last year's £309k.

 

The income from implementations fell during the last half year as large scale assignments were completed but this was more than compensated by the increase in support fees from sales secured in the second half of our previous financial year.

 

Outlook

 

We expect to see a significantly higher level of costs during the second half of the year as we increase both our support and sales teams. These investments are required to ensure a high level of ongoing service to our clients and to drive future growth. 

 

 

At the time of my last Chairman's statement I indicated that I expected to see a significant reduction in profitability in the current financial year. In the event certain of our investment plans took longer to implement than expected.

 

I, therefore, expect our profits for the year to be broadly in line with last year but I anticipate that the cumulative impact of the additional costs we are incurring in this year will, inevitably, be felt in our next financial year

 

I would like to thank the WCN team for their dedication to our clients and their ongoing support in developing the business.

 

Charles Hipps

Chairman, World Careers Network Plc

 

 



 

WORLD CAREERS NETWORK PLC

 

consolidated income statement  

 

For the 6 Months Ended 31 January 2016

                                                                                                                                                                    
 
Note
Unaudited
Unaudited
Audited
 
 
6 months ended
6 months ended
Year to
 
 
31 Jan 2016
31 Jan 2015
31 Jul 2015



£

£







Revenue


3,766,688

3,503,799

7,856,506






Administrative expenses


3,420,988

3,217,073

6,701,553



_________

_________

_________






Operating Profit


345,700

286,726

1,154,953






Finance income


19,061

22,643

42,926



_________

_________

_________






Profit on ordinary activities before taxation

 


364,761

309,369

1,197,879






Taxation on profit on ordinary activities


75,000

62,000

262,500



_________

_________

_________

 
 
 
 
 
Profit on ordinary activities after taxation
 
289,761
247,369
935,379



_________

_________

_________






Earnings per share










Basic


3.83p

3.26p

12.29p



_________

_________

_________






Diluted


3.75p

3.18p

12.04p



_________

_________

_________

 

 

 

 


WORLD CAREERS NETWORK PLC

 

Consolidated Statement of Financial Position

 

As at 31 January 2016

 




Unaudited



Unaudited



Audited




31 January 2016



31 January 2015



31 July 2015


Note

£

£


£

£


£

£











Assets

Non-current assets










     Property, plant and

     equipment



 

138,707



 

102,896



 

116,743

Current assets

     Trade and other

     receivables


 

 

2,019,806



 

 

2,039,184



 

 

2,567,678


     Cash and cash

     equivalents


 

9,212,497



 

8,318,212



 

8,219,388


Total current assets



11,232,303



10,357,396



10,787,066

Total assets



11,371,010



10,460,292



10,903,809

 

Equity










     Issued capital


7,560



7,624



7,559


     Share premium


1,592,962



1,581,302



1,591,703


          Capital redemption reserve


 

689



 

614



 

689


     Translation reserve


9,966



-



9,966


     Retained earnings


7,113,307



6,539,972



7,088,194


Total equity



8,724,484



8,129,512



8,698,111











Liabilities

Non-current liabilities

     Deferred tax

6,945

 

 

 

6,945

11,843

 

Liabilities

Current liabilities

     Trade and other

      payables


2,547,985



 

 

 

2,262,813



2,042,599


     Income tax


91,596



61,022



151,256


Total current liabilities



 

2,639,581



 

2,323,835



 

2,193,855

Total liabilities



2,646,526



2,330,780



2,205,698

Total equity and liabilities



 

11,371,010



 

10,460,292



 

10,903,809


WORLD CAREERS NETWORK PLC

 

Consolidated statement of cash flows

                                               

For the 6 Months Ended 31 January 2016

 



Unaudited

Unaudited

Audited



6 months ended

6 months ended

Year to



31 Jan 2016

31 Jan 2015

31 July 2015



£

£

£

Cash flows from operating activities





Operating profit


345,700

286,726

1,154,953

Depreciation

Exchange difference on translation of foreign operations


42,378

 

-

40,452

 

-

81,267

9,966

Share based payments


7,500

7,500

17,710

(Increase)/decrease in receivables


547,872

35,580

(492,914)

Increase/(decrease) in payables


497,885

359,472

146,761



_________

_________

_________








1,441,335

729,730

917,743

Taxation


(139,558)

(319,376)

(424,745)



_________

_________

_________

Net cash inflow from operating activities


1,301,777

410,354

492,998



_________

_________

_________






Cash flows from investing activities





Interest received


19,061

22,643

42,926

Purchase of property, plant and equipment


(64,341)

(35,205)

(89,868)



_________

_________

_________

Net cash outflow from investing activities


(45,280)

(12,562)

(46,942)

 
 

_________

_________

_________

 
 
 
 
 

Cash flows from financing activities





Proceeds from issue of shares


1,260

15,572

25,983

Purchase of own shares


-

-

(157,500)

Equity dividends paid


(264,648)

(266,646)

(266,645)



_________

_________

_________

Net cash outflow from financing activities


(263,388)

(251,074)

(398,162)



_________

_________

_________






Increase in cash in the year


993,109

146,718

47,894











Cash and cash equivalents at beginning of year


8,219,388

8,171,494

8,171,494



_________

_________

_________






Cash and cash equivalents at end of year


9,212,497

8,318,212

8,219,388



_________

_________

_________

 



 

WORLD CAREERS NETWORK PLC

 

Notes to the interim financial statements

 

 

 

 

1

a)

The basic earnings per share has been calculated by dividing the profit by the weighted average number of shares in issue during the relevant periods.

 

 

 

b)

The diluted earnings per share takes into account the potential issue of further shares as a result of the exercise of share options.

 

 

2

This interim report was approved by the board of directors on 25 April 2016

 

 

 

The financial information contained in this interim report does not comprise statutory accounts as defined by the Companies Act 2006.

 

 

 

The interim financial information has been prepared using accounting polices consistent with those adopted by World Careers Network Plc in its financial statements for the year ended 31 July 2015.

 

 

 

The financial information for the year ended 31 July 2015 is an extract from the latest company accounts.  These accounts received an unqualified auditor's report and have been filed with the Registrar of Companies.

 

 

 

The financial information for the periods ended 31 January 2015 and 2016 is unaudited and has not been reviewed by the company's auditors.

 

 

3

Interim Report

 

 

 

A copy of the Interim Report will be distributed to shareholders shortly and will be available from World Careers Network at 5-7 Bridgeworks, The Crescent, London SW19 8DR in the week commencing 12 May 2016

 

Enquiries

 

World Careers Network Plc

Charles Hipps, Managing Director,

Telephone: +44 (0)20 8946 9876 Email: [email protected]

 

Panmure Gordon (UK) Limited

Nominated advisor

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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