Interim Results
15 Novembre 2007 - 8:01AM
UK Regulatory
RNS Number:7378H
Carlisle Group Limited
15 November 2007
CARLISLE GROUP ANNOUNCES INTERIM RESULTS FOR THE
SIX MONTHS ENDED 30th SEPTEMBER 2007
Belize City, Belize, 15th November, 2007 Carlisle Group Limited (London: CXG)
(the 'Company' or 'Carlisle')
Interim results for the six months ended 30th September 2007
Carlisle Group Limited, a leading provider of staffing and outsourced
people-related services, reported turnover for the quarter ended 30th September
2007 of #100.2m (2006 - #91.8m) and operating profit of #1.8m (2006 - #1.7m).
Net profit for the quarter amounted to #1.3m (2006 - #1.5m) and diluted earnings
per share amounted to 5.4 pence (2006 - 6.1 pence).
For the six months ended 30th September 2007, turnover was #195.6m (2006 -
#178.6m) and operating profit was #2.9m (2006 - #2.4m). Net profit for the six
month period was #2.2m (2006 - #2.5m) and diluted earnings per share was 9.1
pence (2006 - 10.1 pence).
Richard Bradford, Chief Executive, said:
"The results for both the quarter and the half year to date highlight the
overall progress being made within the Group. Operating profits have increased
by more than 20% over last year's first half despite the ongoing cost of
investment in organic growth and the one-time costs relating to the recently
announced cash shell dividend.
There is an improving trend in the performance and ratios in Staffing Services
whilst the Support Services operations have produced another stable contribution
in the quarter".
Staffing Services
Turnover for the quarter ended 30th September 2007 was #69.5m (2006 - #67.2m),
with operating profit of #1.0m (2006 - #0.6m). For the six month period,
turnover was #138.4m (2006 - #132.4m) with operating profit of #1.8m (2006 -
#0.9m).
Strong sector growth has been enjoyed in a number of brands, particularly in
Technical markets, Accounting, Legal, Aviation and Managed Solutions.
Investment has continued in fee earning staff in the key growth markets and a
total of 50 further staff have been added since April. The targeted increase in
permanent fee income has continued to show progress. Permanent fees now
represent 8% of Staffing Services sales in the half year to date compared with
5.1% for the same period last year.
As well as investment in new fee earners within the supply brands the division
has incurred costs in larger contracts. These contracts provide some certainty
of future income but can be dilutive to earnings during the implementation
phase. The Managed Solutions business has successfully renewed contracts with
both KPMG and Ernst & Young in the quarter whilst implementing the previously
announced contract gain with Friends Provident in August.
A new contract has been won with the UK Healthcare Commission and CSCI
principally based in London and Newcastle Upon Tyne commencing in November.
Furthermore, a new contract has been awarded due to commence in 2008, for a
three year period, with Jet Aviation. This principally involves Engineering and
Aviation specialists provided internationally through the S.Com brand.
Support Services
Turnover for the quarter ended 30th September, 2007 was #30.7m (2006 - #24.6m),
with operating profit of #1.3m (2006 - #1.4m) from the three business segments
that, in aggregate, comprise the Support Services division. For the six month
period, turnover was #57.2m (2006 - #46.2m) with operating profit of #2.0m (2006
- #2.1m). Profitability did not grow due to a combination of implementation
costs of new contract wins in Security Services and retailer cost reduction
initiatives which impacted gross margins in the Retail Support Services
operations.
Within the regulated services businesses, the quarter and the year to date show
a significant uplift in revenue which is yet to be reflected in profitability.
In UK security services, in particular, new contract gains have incurred
start-up costs which have impacted short-term earnings in a sector where margins
and profitability remain tight. Events services has enjoyed a successful and
busy summer, especially boosted by a presence at major cricket matches
throughout the UK.
In Retail Support Services, the quarter and year to date continue to show the
increasing scale of the merchandising and store support activities. All services
remain in demand and revenue growth continues although this is not matched by
profit growth as margin pressures remain. The order book of retail projects in
the third quarter looks strong.
For further information contact Carlisle Group:
In the UK 01707 824000
In Belize 00 501 22 35989
This press release is available at the Company's website:
www.carlislegroup.co.uk
Background Information
Carlisle Group is a leading provider of staffing and outsourced people-related
services, with more than 17,000 people deployed at any one time across all
working environments. The Staffing Services division provides temporary and
permanent staff recruitment services and solutions through a number of market
specific brands. Carlisle Managed Solutions is a recruitment outsourcing
business that delivers tailored solutions to manage a client's resourcing needs.
The Support Services division provides a range of outsourced services
including Cleaning, Security and Event Services and Retail merchandising and
support services.
Consolidated Income Statements (Unaudited)
3 months 3 months 6 months 6 months
ended ended ended ended
30 Sept 2007 30 Sept 30 Sept 30 Sept 2006
2006 2007
#'m #'m #'m #'m
Revenue 100.2 91.8 195.6 178.6
Cost of sales (80.5) (75.1) (157.9) (146.1)
Gross profit 19.7 16.7 37.7 32.5
Administrative expenses (17.9) (15.0) (34.8) (30.1)
Operating profit 1.8 1.7 2.9 2.4
Profit on disposal of subsidiary undertaking - - - 0.5
Financial expenses (0.3) (0.2) (0.5) (0.4)
Profit before taxation 1.5 1.5 2.4 2.5
Taxation (0.2) - (0.2) -
Net profit for the period 1.3 1.5 2.2 2.5
Earnings per ordinary share (in pence)
Basic 5.6p 6.2p 9.5p 10.4p
Diluted 5.4p 6.1p 9.1p 10.1p
Earnings per ordinary share has been calculated using the weighted average
number of shares in issue during the three month period of 23,011,000 (2006 -
24,067,000) and diluted number of shares of 24,086,000 (2006 - 24,791,000). The
weighted average number of shares in issue during the six month period was
23,047,000 (2006 - 24,067,000) and diluted number of shares was 24,123,000 (2006
- 24,791,000).
Consolidated Statements of Changes in Equity (Unaudited)
Share Other Cumulative Retained Total
capital translation earnings
reserves adjustments Equity
#'m #'m #'m #'m #'m
Balance at 1 April 2006 2.4 91.2 - (25.6) 68.0
Net profit for the period - - 2.5 2.5
Currency translation differences - - (0.3) - (0.3)
Equity share incentives - 0.2 - - 0.2
Balance at 30 September 2006 2.4 91.4 (0.3) (23.1) 70.4
Balance at 1 April 2007 2.4 90.6 (0.4) (20.3) 72.3
Net profit for the period - - - 2.2 2.2
Currency translation differences - - (0.1) - (0.1)
Equity share incentives - 0.2 - - 0.2
Purchase of own shares - (0.1) - - (0.1)
Balance at 30 September 2007 2.4 90.7 (0.5) (18.1) 74.5
Consolidated Balance Sheets (Unaudited)
30 Sept 31 March
2007 2007
#'m #'m
ASSETS
Non-current assets
Property, plant and equipment 4.3 4.3
Goodwill 57.2 57.2
Other intangible assets 1.2 1.2
Other non-current assets 0.3 0.3
Total non-current assets 63.0 63.0
Current assets
Trade receivables 54.5 47.7
Prepayments and accrued income 16.1 14.0
Other current assets 0.2 0.2
Cash and cash equivalents 4.3 2.1
Total current assets 75.1 64.0
Total assets 138.1 127.0
LIABILITIES
Current liabilities
Trade payables 8.2 7.6
Other tax and social security 12.4 11.7
Accruals and deferred income 26.3 27.8
Financial liabilities - amounts due under invoice discount
facility 14.2 5.0
Financial liabilities - obligations under finance leases 0.2 0.3
Income tax payable 0.7 0.6
Total current liabilities 62.0 53.0
Non-current liabilities
Other payables 1.3 1.3
Financial liabilities - obligations under finance leases 0.3 0.4
Total non-current liabilities 1.6 1.7
Total liabilities 63.6 54.7
Equity
Called up share capital 2.4 2.4
Other reserves 90.7 90.6
Cumulative translation adjustments (0.5) (0.4)
Retained earnings (deficit) (18.1) (20.3)
Equity shareholders' funds 74.5 72.3
Equity minority interests - -
Total equity 74.5 72.3
Total equity and liabilities 138.1 127.0
Consolidated Cash Flow Statements (Unaudited)
6 months 6 months
ended Ended
30 Sept 30 Sept 2006
2007
#'m #'m
Cash flows from operating activities
Cash used in operations (5.3) (2.8)
Interest paid (0.4) (0.4)
Tax paid (0.1) -
Net cash used in operating activities (5.8) (3.2)
Cash flows from investing activities
Acquisition of subsidiary, net of cash acquired (0.1) -
Purchase of property, plant & equipment - net (0.9) (0.9)
Purchase of intangibles (0.2) (0.3)
Disposal of subsidiary, net of cash disposed 0.3 0.4
Net cash used in investing activities (0.9) (0.8)
Cash flows from financing activities
Net movement in short term borrowings 9.2 4.8
Capital element of finance lease repayments (0.2) (0.2)
Purchase of own shares (0.1) -
Net cash generated from financing activities 8.9 4.6
Exchange effect on cash and cash equivalents - (0.1)
Net increase in cash and cash equivalents 2.2 0.5
Cash and cash equivalents at beginning of the period 2.1 1.2
Cash and cash equivalents at end of the period 4.3 1.7
Notes to the unaudited interim consolidated information
1. Basis of preparation
This statement of Carlisle Group Limited and subsidiaries interim results has
been prepared in accordance with International Financial Reporting Standards
(IFRS) as adopted for use by the European Union. The financial information
presented herein has been prepared in accordance with the accounting policies
expected to be used in preparing the Company's annual report and accounts for
the year ending 31 March 2008. The Company's annual report and accounts for the
year ended 31 March 2007 were prepared in accordance with UK GAAP. Details of
the Company's transition from UK GAAP to IFRS are set out in the Company's
interim results announcement dated 14th September 2007.
The preparation of financial information in conformity with IFRS requires the
use of certain critical accounting estimates. It also requires management to
exercise its judgement in the process of applying the Company's accounting
policies. Although these estimates and judgements are based on management's best
knowledge of the amount, event or actions, actual results ultimately may differ
from those estimates.
2. Financial information
The financial information does not constitute statutory accounts within the
meaning of Section 240 of the UK Companies Act 1985.
3. Segmental information 3 months 3 months 6 months 6 months
ended ended ended Ended
30 Sept 2007 30 Sept 2006 30 Sept 2007 30 Sept 2006
#'m #'m #'m #'m
Revenue
Staffing services 69.5 67.2 138.4 132.4
Cleaning and Support services 8.5 9.5 17.1 19.2
Retail Support services 10.0 6.7 17.0 10.8
Security services 12.2 8.4 23.1 16.2
Support services 30.7 24.6 57.2 46.2
Revenue 100.2 91.8 195.6 178.6
Operating profit
Staffing services 1.0 0.6 1.8 0.9
Cleaning and Support services 0.7 0.5 1.2 1.1
Retail Support services 0.6 0.8 0.8 1.0
Security services - 0.1 - -
Support services 1.3 1.4 2.0 2.1
Corporate expenses (0.5) (0.3) (0.9) (0.6)
Operating profit 1.8 1.7 2.9 2.4
Profit on disposal of subsidiary undertaking - - - 0.5
Net financial expenses (0.3) (0.2) (0.5) (0.4)
Profit before taxation 1.5 1.5 2.4 2.5
4. Cash generated from operations 6 months 6 months
ended Ended
30 Sept 2007 30 Sept 2006
#'m #'m
Net profit for the period 2.2 2.5
Adjustments for:
taxation 0.2 -
depreciation and amortisation 1.1 1.2
profit on disposal of subsidiary undertaking - (0.5)
interest paid 0.5 0.4
share based payment expense 0.2 0.2
Changes in working capital
trade and other receivables (9.5) (6.2)
trade and other payables - (0.4)
Cash used in operations (5.3) (2.8)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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