TIDMPRP
RNS Number : 7807H
Prime People PLC
19 November 2018
19(th) November 2018
Prime People Plc
Unaudited Condensed Consolidated Interim Report
for the six months ended 30 September 2018
CHAIRMAN'S STATEMENT
Overview
I am pleased to report the results for Prime People Plc for the
half-year ended 30 September 2018.
As referred in our 2018 Annual Report, the Financial Statements
for H1 reflect the Group's adoption of IFRS 15, which has required
a change in the Group's accounting policy for revenue recognition.
We are now reporting revenue based on invoices delivered as opposed
to the previous treatment based on the value of contracts
formed.
Further detail on the impact of the IFRS 15 is set out in Note 2
of the financial statements.
The Group recorded a profit before tax for the period of
GBP1.59m (H1 2018: GBP0.65m) on revenue of GBP12.57m (H1 2018:
GBP11.27m). It is estimated that the Group's profit before tax for
H1 2019, if prepared under the previous accounting standard and
adjusted for the contribution from Command Recruitment Group (HK)
Ltd ("CMD"), in which we acquired a 60% holding in October 2017,
would have been in line with last year. During the period, after
deducting minorities, CMD contributed profit before tax of
GBP0.35m.
The change in accounting policy did not have any impact on the
reporting of Net Fee Income ("NFI") of our contract business or
that reported by CMD.
Financial Results
Group revenue was 11.54% higher than the same period last year
at GBP12.57m (H1 2018: GBP11.27m).
Group NFI, which now describes invoices delivered during the
period, was GBP7.99m (H1 2018: GBP6.15m). Our overseas business,
which includes a contribution from CMD, showed strong NFI
performance increasing to GBP4.13m (H1 2018: GBP2.31m) and
contributed 55.76% of Group permanent NFI (H1 2018: 42.27%). NFI
recorded by CMD during the period was GBP1.68m (H1 2018: GBPNil),
disclosed in Note 3 under the Group's Asia regional performance.
NFI for the UK business remained stable at GBP3.86m (H1 2018:
GBP3.84m).
As noted above, contract NFI is not affected by IFRS 15 and
decreased by 16.28% against the comparative period, as a
consequence of a change in public sector client requirements
resulting from ITEPA Act 2003 legislative changes. The ratio of NFI
derived from contract as against permanent placements was 7:93
(2017: 11:89).
CHAIRMAN'S STATEMENT (cont)
Administrative costs for the group were GBP6.40m during the
period (H1 2018: GBP5.50m). The increase over the first six months
of last year relates to the inclusion of CMD operating costs,
investment in a new CRM system, improved information technology
platforms, increased spend on talent training and higher property
costs associated with our Hong Kong office relocation at the start
of the period.
In the UK, profit before tax grew to GBP0.62m from GBP0.51m in
the same period in the prior year.
Our Asia business, which covers the Group activities in Hong
Kong and Singapore, closed H1 2019 with profit before tax of
GBP0.95m (H1 2018: GBP0.26m), of which GBP0.58m related to CMD
before adjustment for minority interest.
Our business in Dubai, disclosed under Rest of the World below,
reported a small profit of GBP21k which is an improvement on the
reported loss of GBP117k in the comparative period last year.
The charge for taxation of GBP0.10m (H1 2018: GBP0.14m) is based
on the expected annual effective tax rate of 19% (2017: 19%).
Basic earnings per share for the period were 12.60p (2017:
4.16p).
Cash Flow
The Group continues to maintain a strong net cash position. At
the start of the current financial year, the Group had cash of
GBP1.23m, and at this period end, had cash of GBP1.77m (H1 2018:
GBP2.57m), after paying GBP0.44m for assets in Asia.
Dividend
The Board will be declaring an increased interim dividend of
1.80p (2017: 1.75p) payable on 7 December 2018 to those
shareholders whose names are on the register on 30 November
2018.
Outlook
Given the uncertainties of UK markets through to March 2019 and
potentially beyond, we do not expect the second half trading to
exceed the first half. We expect underlying trading from our Asia
offices to be comparable to the first half of this financial
year.
The present focus for the Group is managing the business costs
in relation to revenue, improving productivity and increasing
profitability. Notwithstanding the mixed economic picture in
today's markets, we continue to seek opportunities to create
shareholder value.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon the
publication of this announcement via Regulatory Information
Service, this inside information is now considered to be in the
public domain.
Robert Macdonald
Executive Chairman
19(th) November 2018
For further information please contact:
Prime People 020 7318 1785
Robert Macdonald, Executive Chairman
Donka Zaneva-Todorinski, Finance
Director
Cenkos Securities 020 7397 8900
Nicholas Wells
Harry Hargreaves
PRIME PEOPLE PLC
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF
COMPREHENSIVE INCOME
For the six months ended 30 September 2018
Six months ended Year ended
30 September 30 September 31 March
2018 2017 2018
Note GBP'000 GBP'000 GBP'000
Revenue 3 12,572 11,271 22,916
Cost of sales (4,584) (5,123) (9,769)
---------------------------------- ----- --- ---------- --- ---------------------- --- --------------
Net fee income 7,988 6,148 13,147
Administrative expenses (6,399) (5,501) (11,954)
---------------------------------- ----- --- ---------- --- ---------------------- --- --------------
Operating profit 1,589 647 1,193
Profit before taxation 1,589 647 1,193
Income tax expense 4 (104) (139) (166)
---------------------------------- ----- --- ---------- --- ---------------------- --- --------------
Profit for the period/year 1,485 508 1,027
Other comprehensive income /
(loss)
Exchange gain/ (loss) on translating
foreign operations 121 (170) (243)
---------------------------------------------- ---------- --- ---------------------- --- --------------
Other Comprehensive income/ (loss)
for the period/ year, net of
tax 121 (170) (243)
---------------------------------------------- ---------- --- ---------------------- --- --------------
Total comprehensive income for
the period/year 1,606 338 784
---------------------------------------------- --- ---------------------- --- --------------
Attributable to:
Equity shareholders of
the parent 1,412 338 779
Non-controlling interest 194 - 5
---------------------------------- ----- --- ---------- --- ---------------------- --- --------------
Earnings per share 6
Basic earnings per share 12.60p 4.16p 8.72p
Diluted earnings per
share 12.43p 4.06p 8.58p
---------------------------------- ----- --- --------------- --------------------------- --------------
The above results relate to continuing operations.
The notes on pages 8 to 15 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 2018
30 September 30 September 31 March
2018 2017 2018
Note GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Goodwill 10,527 9,769 10,527
Property, plant and equipment 577 228 242
Deferred tax asset 45 43 45
11,149 10,040 10,814
---------------------------------- ----- --------- ---- --------- --- ---------
Current assets
Trade and other receivables 9 4,242 4,735 5,616
Current tax asset - - 41
Cash and cash equivalents 1,778 2,569 1,234
---------------------------------- ----- --------- ---- --------- --- ---------
6,020 7,304 6,891
---------------------------------- ----- --------- ---- --------- --- ---------
Total assets 17,169 17,344 17,705
---------------------------------- ----- --------- ---- --------- --- ---------
Liabilities
Current Liabilities
Trade and other payables 10 2,746 2,221 2,679
Current tax liabilities 61 84 -
---------------------------------- ----- --------- ---- --------- --- ---------
2,807 2,305 2,679
---------------------------------- ----- --------- ---- --------- --- ---------
Non-current liabilities
Deferred tax liabilities 22 - 22
---------------------------------- ----- --------- ---- --------- --- ---------
Total liabilities 2,829 2,305 2,701
---------------------------------- ----- --------- ---- --------- --- ---------
Net assets 14,340 15,039 15,004
---------------------------------- ----- --------- ---- --------- --- ---------
Capital and reserves attributable to the Company's equity holders
Called up share capital 1,229 1,229 1,229
Capital redemption reserve 9 9 9
Treasury shares (439) (45) (421)
Share premium account 5,371 5,371 5,371
Merger reserve 173 173 173
Share option reserve 411 329 314
Currency translation differences 611 563 490
Retained earnings 6,706 7,410 7,764
---------------------------------- ----- --------- ---- --------- --- ---------
Equity shareholders' funds 14,071 15,039 14,929
Non-controlling interest 269 - 75
---------------------------------- ----- --------- ---- --------- --- ---------
Total Equity 14,340 15,039 15,004
---------------------------------- ----- --------- ---- --------- --- ---------
The notes on pages 8 to 15 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 2018
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
2017 1,229 9 (21) 5,371 173 280 733 7,299 15,073 - 15,073
Profit
for the
period - - - - - - - 508 508 - 508
Other
comprehensive
income - - - - - - (170) - (170) - (170)
Adjustment
in respect
of share
options - - - - - 49 - - 49 - 49
Shares
purchased
for treasury - - (24) - - - - - (24) - (24)
Dividend - - - - - - - (397) (397) - (397)
--------------- -------- ----------- --------- -------- -------- -------- ------------ --------- ------------- ---------------- ---------
At 30 Sept
2017 1,229 9 (45) 5,371 173 329 563 7,410 15,039 - 15,039
--------------- -------- ----------- --------- -------- -------- -------- ------------ --------- ------------- ---------------- ---------
PRIME PEOPLE PLC
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN
EQUITY
For the six months ended 30 September 2018
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
2017 1,229 9 (45) 5,371 173 329 563 7,410 15,039 - 15,039
Profit
for the
period - - - - - - - 514 514 5 519
Other
comprehensive
income - - - - - - (73) - (73) - (73)
Adjustment
in respect
of share
schemes - - - - - (15) - 60 45 - 45
Shares
purchased
for treasury - - (384) - - - - - (384) - (384)
Shares
issued
from treasury - - 3 - - - - - 3 - 3
Acquisition
of subsidiary
with
Non-Controlling
interest - - - - - - - - - 70 70
Adjustment
on share
disposal - - 5 - - - - (5) - - -
Dividend - - - - - - - (215) (215) - (215)
----------------- -------- ----------- --------- -------- -------- -------- ------------ ---------- ------------- ---------------- ----------
At 31 March
2018 1,229 9 (421) 5,371 173 314 490 7,764 14,929 75 15,004
----------------- -------- ----------- --------- -------- -------- -------- ------------ ---------- ------------- ---------------- ----------
Profit
for the
period - - - - - - - 1,291 1,291 194 1,485
Adjustment
in respect
of IFRS
15 - - - - - - - (1,977) (1,977) - (1,977)
Other
comprehensive
income - - - - - - 121 - 121 - 121
Adjustment
in respect
of share
schemes - - - - - 97 - - 97 - 97
Shares
purchased
for treasury - - (16) - - - - - (16) - (16)
Shares
issued
from treasury - - 2 - - - - - 2 - 2
Adjustment
on share
disposal - - (4) - - - - 10 6 - 6
Dividend - - - - - - - (382) (382) - (382)
----------------- -------- ----------- --------- -------- -------- -------- ------------ ---------- ------------- ---------------- ----------
At 30 Sept
2018 1,229 9 (439) 5,371 173 411 611 6,706 14,071 269 14,340
----------------- -------- ----------- --------- -------- -------- -------- ------------ ---------- ------------- ---------------- ----------
PRIME PEOPLE PLC
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH
FLOW
For the six months ended 30 September 2018
Six months ended Year ended
30 September 2018 30 September 31 March
2017 2018
Note GBP'000 GBP'000 GBP'000
Cash generated from underlying
operations 7 1,260 1,028 1,320
Income tax paid (4) (128) (256)
Income tax received 2 - -
---------------------------------------- ----- ---- -------------- --- ------------------ --- -----------------
Net cash from operating activities 1,258 900 1,064
Cash flows from investing activities
Net purchase of property, plant and equipment (438) (149) (209)
Purchase of subsidiary, net of cash acquired - - (771)
----------------------------------------------- ---- -------------- --- ------------------ --- -----------------
Net cash used in investing activities (438) (149) (980)
---------------------------------------- ----- ---- -------------- --- ------------------ --- -----------------
Cash flows from financing activities
Issue of ordinary share capital - - -
Shares issued from treasury 2 - -
Shares purchased for treasury (16) (24) (408)
Dividend paid to shareholders (383) (397) (612)
Net cash used in financing activities (397) (421) (1,020)
----------------------------------------------- ---- -------------- --- ------------------ --- -----------------
Net increase/ (decrease) in cash and cash
equivalents 423 330 (936)
Cash and cash equivalents at beginning of
period/year 1,234 2,409 2,409
Effect of foreign exchange rate changes 121 (170) (239)
----------------------------------------------------- -------------- --- ------------------ --- -----------------
Cash and cash equivalents at end of period/year 1,778 2,569 1,234
----------------------------------------------------- -------------- --- ------------------ --- -----------------
The notes on pages 8 to 15 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 2018
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 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 Alternative Investment Market (AIM) of the London
Stock Exchange. The registered number of the company is
1729887.
This unaudited condensed consolidated interim report for the six
months ended 30 September 2018 (including comparatives) is
presented in GBP '000 and was approved and authorised for issue by
the Board of Directors on 19 November 2018.
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 2018 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 2018 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
2018 which were prepared in accordance with IFRSs as adopted by the
European Union.
The Group was profitable for the period and has considerable
financial resources comprising GBP1.77m of net cash at 30 September
2018. 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.
PRIME PEOPLE PLC
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM REPORT
For the six months ended 30 September 2018
Basis of preparation (continued)
The Group adopted IFRS 15 standard- Revenue from Contracts with
Customers from 1st April 2018. Under the standard, revenue is
recognized at an amount that reflects the consideration to which an
entity expects to be entitled in exchange of transferring goods or
services to a customer.
The Group has applied IFRS 15 using the cumulative effect method
- i.e. by recognising the cumulative effect of initially applying
IFRS 15 as an adjustment to the opening balance of equity at 1
April 2018. Therefore, the comparative information has not been
restated and continues to be reported under IAS 18 and IAS 11. The
following table summarise the impacts of adopting IFRS 15 on the
Group's consolidated interim report for the period ending 30
September 2018.
Reported as at Adjustments Balance without
30 September 2018 Under IFRS 15 adopting IFRS
GBP'000 15
GBP'000 GBP'000
Revenue 12,572 (322) 12,250
------------------- --------------- ----------------
Accrued Income - 1,654 1,654
------------------- --------------- ----------------
Retained Earnings 6,706 1,654 8,360
------------------- --------------- ----------------
Retained profit
for basic and
diluted earnings
per share 1,485 (459) 1,026
------------------- --------------- ----------------
Basic earnings
per share 12.60p (3.89p) 8.71p
------------------- --------------- ----------------
Diluted earnings
per share 12.43p (3.84p) 8.59p
------------------- --------------- ----------------
The resulting changes in the timing of revenue and cost
recognition aligns the financial results more closely with the
timing of the delivery of services to our clients. The standard
introduces direct link between the value provided to a client and
the timing of revenue recognition, as revenue is recognised when a
candidate starts an assignment.
Permanent revenue is recognised from permanent placements based
on a percentage of candidate's remuneration package. The impact of
the transition to IFRS 15 resulted in revenue recognised at the
point that the candidate starts the job, as opposed to the previous
policy which recognised permanent revenue at the date an offer is
made. A provision is made against cancellation of placements
shortly after commencement of employment. The transition to IFRS 15
on permanent revenue has been accounted for under the cumulative
effect method.
Contract revenue, which represents amounts billed for the
services of temporary staff, including the salary costs of these
staff, is recognised when the service has been provided. This basis
of revenue recognition is consistent with IFRS 15 with no effect on
revenue earned on temporary placements.
The accounting policies have been applied consistently
throughout the Group for the purposes of preparation of the
condensed consolidated interim report
PRIME PEOPLE PLC
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM REPORT
For the six months ended 30 September 2018
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 2018 30 September 30 September 31 March 2018
2018 2017 2018 2017
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
UK 8,439 8,963 17,515 3,855 3,840 7,746
Asia 3,866 2,121 5,060 3,866 2,121 5,060
Rest of World 267 187 341 267 187 341
---------------- -------- ------------- -------------- ------------- ------------- --------------
12,572 11,271 22,916 7,988 6,148 13,147
---------------- -------- ------------- -------------- ------------- ------------- --------------
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 2018 30 September 30 September 31 March 2018
2018 2017 2018 2017
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Permanent
- UK 3,279 3,227 6,551 3,279 3,152 6,548
- Asia 3,866 2,121 5,060 3,866 2,121 5,060
- Rest of World 267 187 341 267 187 341
Contract (UK) 5,160 5,736 10,964 576 688 1,198
12,572 11,271 22,916 7,988 6,148 13,147
------------------- ---- -------- ----- --------- ---- --------- ----- ---------- ----- --------- ---- ---------
PRIME PEOPLE PLC
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM REPORT
For the six months ended 30 September 2018
(c) Profit before taxation by geographical region
Six months ended Year ended
30 September 30 September 2017 31 March 2018
2018
GBP'000 GBP'000 GBP'000
UK 621 508 906
Asia 947 256 489
Rest of World 21 (117) (202)
Profit before taxation 1,589 647 1,193
Net finance income - - -
--------------------------------- ------------- ------------------ --------------
Profit before taxation 1,589 647 1,193
--------------------------------- ------------- ------------------ --------------
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.
(d) Segment Assets and Liabilities by Geographical Region
Total assets Total liabilities
30September 2018 30September 2017 30September 2018 30September 2017
GBP'000 GBP'000 GBP'000 GBP'000
UK 11,725 13,153 1,553 1,834
Asia 5,033 3,683 1,215 435
Rest of World 411 508 61 36
---------------- ----------------- ----------------- ----------------- -----------------
Total 17,169 17,344 2,829 2,305
---------------- ----------------- ----------------- ----------------- -----------------
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 GBP104k (2017: GBP139k) an effective rate of 19% (2017:
19%).
PRIME PEOPLE PLC
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM REPORT
For the six months ended 30 September 2018
Segment reporting (continued)
5. Dividends
Six months ended Year ended
30 September 30 September 31 March
2018 2017 2018
GBP'000 GBP'000 GBP'000
Final dividend for 2018: 3.25p per share
(2017: 3.25p per share) 383 397 397
Interim dividend for 2018 1.75p per share
(2017: 1.75p per share) - - 215
383 397 612
The interim dividend for 2019 of 1.80 pence (2018: 1.75 pence
paid on 24 November 2017), was approved by the board on 19 November
2018 and will be paid on 7 December 2018 to those shareholders
whose names are on the register on 30 November 2018.
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
2018 2017 2018
GBP'000 GBP'000 GBP'000
Retained profit for basic and diluted earnings per share 1,485 508 1,027
---------------------------------------------------------------- ------------- -------------- -------------
Number Number Number
Weighted average number of shares used for basic earnings per
share 11,784,523 12,244,023 11,784,523
Dilutive effect of share options 163,413 302,018 184,146
---------------------------------------------------------------- ------------- -------------- -------------
Diluted weighted average number of shares used for
diluted earnings per share 11,974,936 12,546,041 11,968,669
---------------------------------------------------------------- ------------- -------------- -------------
PRIME PEOPLE PLC
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM REPORT
For the six months ended 30 September 2018
Earnings per share (continued)
Six months ended Year ended
30 September 30 September 31 March
2018 2017 2018
GBP'000 GBP'000 GBP'000
Pence Pence Pence
Basic earnings per share 12.60p 4.16p 8.72p
Diluted earnings per share 12.43p 4.05p 8.58p
----------------------------- ---- ------------ -------------- ---------------
7. Reconciliation of profit before tax to cash flow from operating activities
Six months ended Year ended
30 September 30 September 31 March
2018 2017 2018
GBP'000 GBP'000 GBP'000
Profit before taxation 1,589 647 1,193
Adjust for:
Depreciation 104 56 123
Share based payment expense 97 50 94
Operating cash flow before changes in working
capital 1,790 753 1,410
(Increase)/ decrease in receivables (596) 365 (434)
Increase/ (decrease) in payables 66 (90) 344
----------------------------------------------------- ----------------------- ---------------- ----------------
Cash generated from / (use by) underlying
operations 1,260 1,028 1,320
----------------------------------------------------- ----------------------- ---------------- ----------------
8. Reconciliation of net cash flow to movement in net funds
Six months ended Year ended
30 September 30 September 31 March
2018 2017 2018
GBP'000 GBP'000 GBP'000
Increase/ (decrease) in cash and cash equivalents in
period/year 423 330 (936)
Net funds at the start of the period/year 1,234 2,409 2,409
Other non-cash changes 121 (170) (239)
-------------------------------------------------------------- ----------------- ------------- ----------------
Net funds at the end of the period/year 1,778 2,569 1,234
PRIME PEOPLE PLC
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM REPORT
For the six months ended 30 September 2018
9. Trade and other receivables
30 September 30 September 2017 31 March 2018
2018
GBP'000 GBP'000 GBP'000
Trade receivables 4,229 2,521 3,050
Allowance for doubtful debts (882) (20) (178)
Prepayments and accrued income 808 2167 2,633
Other receivables 87 67 111
-------------------------------- -------------------- ------------------ ---------------------
4,242 4,735 5,616
-------------------------------- -------------------- ------------------ ---------------------
10. Trade and other payables
30 September 30 September 2017 31 March 2018
2018
GBP'000 GBP'000 GBP'000
Trade payables 182 182 307
Taxation and social security 797 774 845
Other payables 456 328 307
Accruals and deferred income 1,311 937 1,220
------------------------------ -------------------- ------------------- ------------------
2,746 2,221 2,679
------------------------------ -------------------- ------------------- ------------------
11. Treasury Shares
At 30 September 2018, the total number of ordinary shares held
in Treasury and their values were as follows:
30 September 2018 30 September 2017
Number GBP'000 Number GBP'000
As at 1 April 505,676 421 21,276 21
Shares purchased for
treasury 20,000 16 27,900 24
Shares issued from treasury (20,000) (2) - -
Equity reclassification -
on disposal of treasury - 4 -
shares
----------------------------- ---------------- ------------ ----------- --------
As at 30 September 505,676 439 46,176 45
----------------------------- ---------------- ------------ ----------- --------
Nominal value 51 5
Market value 425 47
----------------------------- ---------------- ------------ ----------- --------
PRIME PEOPLE PLC
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM REPORT
For the six months ended 30 September 2018
12. Related Party Transactions
Prime People Plc provides various management services to its
subsidiary undertakings. These services take the form of
centralised finance and operations support. The total amount
charged by the Company to its subsidiaries during the period is
GBP384k (2017: GBP352k). The balance owed to the subsidiary
undertakings at the period-end is GBP409k (2017: GBP689k).
This information is provided by RNS, the news service of the
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END
IR FKCDQDBDDNDD
(END) Dow Jones Newswires
November 19, 2018 07:00 ET (12:00 GMT)
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