RNS Number:3105K
World Careers Network PLC
24 April 2003
World Careers Network PLC (WCN)
Interim Statement to 31st January 2003
I am pleased to present the interim accounts of WCN which show the results of
the company for the half-year to 31 January 2003.
Financial Review
Despite extremely tough conditions WCN has continued its growth record with
revenues for the half-year to 31 January 2003 of #815,939 compared to #766,946 for
the same period last year.
The whole business moved from a loss of #117,383 for the same period last year
to a reported maiden profit of #31,082 reflecting growing profits in the UK
business and a narrowing of the losses in France.
The UK has continued the progress shown last year reporting an operating profit
of #67,000. Progress has also been made in restructuring the French operation
and the loss for the half year has been reduced to #49,000.
Operating Review
In an uncertain economy and low recruitment activity our continued growth
reflects our strong position in the applicant tracking market and our clients'
confidence in our systems.
Over the last six months we have maintained our stronghold in the UK graduate
market. At the same time we have continued to expand successfully in the
experienced hires market place and in France have enjoyed some modest success in
generating our first high profile French clients.
Our headcount has remained fairly static and our internal focus has been to
concentrate our resources on our core products and to raise our professional
standards to ensure that we deliver outstanding value and high quality service.
Outlook
We continue to keep a very close eye on France ensuring the right decisions are
made for the long-term benefit of the business. Despite poor conditions, we
continue to make progress and have moved the consolidated business into profit.
The world economy remains difficult and we are, therefore, cautious about the
future.
Our maiden profit and #1m cash in the bank means our financial position remains
solid and puts us in a strong position to take advantage of any improvements in
the market.
I would like to thank the dedicated team who have worked so hard during the past
six months to achieve the very creditable results. Like most other service
companies WCN's most valuable asset is the workforce. We are fortunate to have
a dedicated, experienced and hardworking team developing our software and
providing a service to our clients.
Enquiries
Ian Moore, Chairman
Charles Hipps, Managing Director
World Careers Network Tel: 020 8946 9876
WORLD CAREERS NETWORK PLC
Profit and loss account for the six months to 31 January 2003
Unaudited Unaudited Audited
6 months to 6 months to Year to
31 January 31 January 31 July
2003 2002 2002
# # #
Turnover 815,939 766,946 1,519,323
Administrative expenses 797,852 (896,520) (1,727,187)
________ ________ ________
Operating profit/(loss) 18,087 (129,574) (207,864)
Interest receivable 12,995 12,191 22,841
________ ________ ________
Profit/(loss) on ordinary activities
before and after taxation 31,082 (117,383) (185,023)
________ ________ ________
Profit/(loss) per share - basic and diluted 0.38p (1.45p) (2.29p)
________ ________ ________
Notes to the interim financial statements
1 The profit/(loss) per share has been calculated by dividing the profit/
(loss) by the number of shares in issue during the relevant periods.
2 This interim report was approved by the board of directors on 23 April 2003.
The financial information contained in this interim report does not
comprise statutory accounts as defined by section 240 of the Companies Act
1985.
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 2002.
The financial information for the year ended 31 July 2002 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 2002 and 2003
is unaudited and has not been reviewed by the company's auditors.
WORLD CAREERS NETWORK PLC
Balance sheet at 31 January 2003
Unaudited Unaudited Audited
31 January 31 January 31 July
2003 2002 2002
# # # # # #
Fixed assets
Intangible assets 205,427 234,397 219,917
Tangible assets 60,374 80,294 74,566
________ ________ ________
265,801 314,691 294,483
Current assets
Debtors 317,259 323,855 327,779
Cash at bank 1,018,521 888,690 802,752
________ ________ ________
1,335,780 1,212,545 1,130,531
Creditors: amounts
falling due
within one year 289,485 208,898 168,001
________ ________ ________
Net current assets 1,046,295 1,003,647 962,530
________ ________ ________
Total assets less 1,312,096 1,318,338 1,257,013
current liabilities
Provisions for (13,954) (16,835) (10,954)
liabilities and charges
________ ________ ________
1,298,142 1,301,503 1,246,059
________ ________ ________
Capital and reserves
Called up share 8,070 8,070 8,070
capital
Share premium 1,527,375 1,527,375 1,527,375
account
Share scheme 150,914 117,718 129,914
reserve
Profit and loss (388,217) (351,660) (419,300)
account
________ ________ ________
1,298,142 1,301,503 1,246,059
Shareholders' funds ________ ________ ________
Analysis of
shareholders' funds
Equity interest 1,298,142 1,301,503 1,246,059
________ ________ ________
WORLD CAREERS NETWORK
Cash flow statement for the six months to 31 January 2003
Unaudited Unaudited Audited
6 months to 6 months to Year to
31 January 31 January 31 July
2003 2002 2002
# # #
Reconciliation of operating loss to
net cash outflow from operating activities
Operating profit/(loss) 18,087 (129,574) (207,864)
Amortisation of goodwill 14,490 14,520 29,000
Depreciation of tangible assets 20,623 18,932 39,768
Operating costs not represented by 24,000 37,500 43,815
cash flows
Decrease in debtors 10,520 17,410 13,486
Increase/(decrease) in creditors 121,484 7,643 (33,254)
________ ________ ________
Net cash inflow/(outflow) from 209,204 (33,569) (115,049)
operating activities
________ ________ ________
Net cash inflow/(outflow) from 209,204 (33,569) (115,049)
operating activities
Returns on investments and servicing
of finance
Interest received 12,995 12,191 22,841
Capital expenditure and financial
investment
Purchase of tangible fixed assets (6,430) (21,359) (36,467)
________ ________ ________
Increase/(decrease) in cash 215,769 (42,737) (128,675)
________ ________ ________
Reconciliation of net cash flow to
net funds and
analysis of net funds
Increase/(decrease) in cash in the 215,769 (42,737) (128,675)
period
Opening net funds 802,752 931,427 931,427
________ ________ ________
1,018,521 888,690 802,752
Closing net funds
________ ________ ________
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