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(RWA.L) Robert Walters PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 11-03-10 | RNS |
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RNS Number : 4641I Robert Walters PLC 11 March 2010 11 March 2010
ROBERT WALTERS PLC ("the Company") Acquisition of Shares by Directors Robert Walters plc has been notified that: Mr Philip Aiken, a Non-executive Director and Chairman of the Company, purchased 4,000 shares on 10 March 2010 at a price of £2.13 per share. As a result, Mr Aiken's holding in Robert Walters plc is now 15,176 shares, representing 0.02% of the issued share capital of the Company. Mr Martin Griffiths, a Non-executive Director of the Company, purchased 8,000 shares on 11 March 2010 at a price of £2.17 per share. As a result, Mr Griffiths' holding in Robert Walters plc is now 20,000 shares, representing 0.03% of the issued share capital of the Company. ENQUIRIES:
Alan Bannatyne, Group Finance Director & Company Secretary
Pelham Bell Pottinger
This information is provided by RNS The company news service from the London Stock Exchange END
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| 04-03-10 | RNS |
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RNS Number : 1019I Robert Walters PLC 04 March 2010
ROBERT WALTERS PLC ("the Company") Acquisition of Shares by Directors Robert Walters plc announces that Robert Walters, the Company's Chief Executive, Giles Daubeney, Chief Operating Officer and Alan Bannatyne, Group Finance Director, have today acquired a total of 139,473 shares in the Company. A total of 99,425 shares were purchased in the market at a price of £2.08 and Mr Bannatyne has exercised options to acquire 25,000 shares at £1.35 per share and 15,048 shares at £1.03 per share, under the terms of The Robert Walters Executive Share Option Scheme. As a result of the above transactions, Mr Walters', Mr Daubeney's and Mr Bannatyne's overall shareholdings in the Company have increased, as follows:
Following the transactions above, for the purposes of the Financial Services Authority's Disclosure and Transparency Rules, we would like to notify the market of the following: Robert Walters plc's issued share capital consists of 85,283,751 ordinary shares with voting rights. Robert Walters plc holds 8,497,075 ordinary shares in Treasury. Therefore, the total number of voting rights in Robert Walters plc is 76,786,676. The above figure (76,786,676) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Robert Walters plc under the FSA's Disclosure and Transparency Rules. ENQUIRIES:
Pelham Bell Pottinger
This information is provided by RNS The company news service from the London Stock Exchange END
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| 04-03-10 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 0614I
Robert Walters PLC
04 March 2010
ROBERT WALTERS PLC
Preliminary Results for the year ended 31 December 2009
FINANCIAL HIGHLIGHTS
· Results ahead of expectations.
· Net fee income (gross profit) down 25% (31% in constant currency*) to £104.4m (2008: £138.6m).
· 68% of the Group's net fee income now generated from outside of the UK (2008: 67%).
· Operating profit of £1.6m (£1.6m in constant currency) (2008: £18.6m).
· Profit before taxation of £1.3m (2008: £18.2m).
· Basic earnings per share of 0.3p (2008: 17.2p).
· Final dividend maintained at 3.35p per share, giving a total dividend for the year of 4.75p per share (2008: 4.75p).
· Strong cash position maintained, with £17.3m of net cash as at 31 December 2009 (31 December 2008: £22.2m).
OPERATIONAL HIGHLIGHTS
· Grew market share as clients gravitated to Robert Walters as one of the larger recruitment brands with a global presence.
· Group has maintained its presence in all the markets in which it operates.
· Took advantage of lease expiry dates and consolidated two offices in Hong Kong and two offices in Tokyo into single office locations.
· Emerged from 2009 as a stronger, leaner business.
FOCUS FOR 2010
· Entry into Latin American recruitment market, with new office opening in Sao Paulo.
· Building on our established position in Asia Pacific:
- Office opening in Beijing.
- Actively assessing opportunities in other cities in mainland China and the Asia Pacific region.
· Continued investment to grow our Walters Interim business across Continental Europe.
· Strategic hiring activity across all regions.
Robert Walters, Chief Executive, commented:
"During the year, we controlled our costs and managed our cash in the face of a global downturn that was unprecedented. In June we took the decision not to reduce headcount any further, nor to withdraw from any of our markets. This enabled us to maintain our strong international presence and we are now well positioned to take advantage of any improvements in trading conditions.
"We have emerged from last year as a stronger business. We are selectively hiring, we are investing in those regions where growth prospects are most evident and we are actively assessing opportunities to grow our coverage in existing markets."
* Constant currency is calculated by applying 2008 exchange rates to local currency results for the current and prior years.
ENQUIRIES:
Robert Walters plc +44 (0) 20 7379 3333
Robert Walters, Chief
Executive
Alan Bannatyne, Group Finance
Director
Pelham Bell Pottinger
James Henderson +44 (0) 20 7337 1501
jhenderson@pelhambellpottinger.co.uk
Archie Berens +44 (0) 20 7337 1509
aberens@pelhambellpottinger.co.uk
Robert Walters plc
Preliminary results for the year ended 31 December 2009
Chairman's Statement
Despite the challenging economic environment that prevailed across the globe during 2009, the Group delivered a creditable performance and I would like to take this opportunity, on behalf of the Board, to thank all Robert Walters staff for their hard work, continued commitment and loyalty.
Results
Revenue decreased by 11% to £300.4m (2008: £337.3m) and gross profit ('net fee income') by 25% (31% in constant currency) to £104.4m (2008: £138.6m). Operating profit decreased to £1.6m (£1.6m in constant currency) (2008: £18.6m) whilst profit before taxation fell to £1.3m (2008: £18.2m). The Group maintained a strong cash position with net cash of £17.3m as at 31 December 2009 (2008: £22.2m).
In response to some of the toughest trading conditions experienced in the Group's history, action was taken to manage the cost base, principally by reducing headcount by 19% to 1,269 (2008: 1,571). As expected, our contract business proved more resilient than our permanent business and at the year-end had generated 40% of the Group's recruitment net fee income (2008: 35%).
The first half of the year was marked by a significant decline in hiring activity right across the globe.
Signs of market stabilisation did, however, emerge early in the second half of the year, driven by increases in permanent hiring activity, particularly in the financial services sector and Asia Pacific. As a result, we began selectively hiring to take advantage of these opportunities.
The Group now generates 68% (2008: 67%) of its net fee income from outside of the UK and has 37 offices in 17 countries.
The Board is recommending maintaining the final dividend at 3.35p per share (2008: 3.35p), which together with the interim dividend of 1.40p per share represents a total dividend of 4.75p per share (2008: 4.75p). The Board will be seeking shareholder approval for the renewal of the authority to repurchase shares of up to 10% of the Group's issued share capital at the Annual General Meeting on 21 May 2010.
Strategy
Our strategy has been to streamline our business through sensible cost reductions and strong cash management. We have also taken steps to ensure that we retain the best talent. Most significantly though, the Group has successfully maintained its global presence and has not withdrawn from any markets in which it operates. As one of the leading global recruiters, with an internationally recognised brand, this has enabled the Group to grow its market share. We are now well placed to capitalise further as the global economy recovers.
The Group will continue to invest in areas where it sees the most opportunity. We have identified Latin America as a key new market and will be opening an office in Sao Paulo. We will also be building on our established positions in Asia and Europe.
Philip Aiken
Chairman
3 March 2010
Chief Executive Officer's Statement
Introduction
During the year, we controlled our costs and managed our cash in the face of a global downturn that was unprecedented. In June we took the decision not to reduce headcount any further, nor to withdraw from any of our markets. This has enabled us to maintain a strong international presence and we are now well positioned to take advantage of any improvements in trading conditions.
Clients have continued to gravitate towards large, international recruitment brands, such as Robert Walters, with the ability to provide specialist recruitment solutions on both a global and local scale. The ability of the Group to also provide a full spectrum of complementary offerings such as recruitment process outsourcing, payroll, candidate assessments and reference checking has also been a significant competitive advantage.
Review of Operations
Asia Pacific (41% of net fee income)
Revenue was £122.5m (2008: £137.1m) and net fee income decreased by 26% (36% in constant currency) to £43.0m (2008: £58.1m) producing an operating profit of £3.3m (£3.2m in constant currency) (2008: £12.3m).
Whilst trading conditions across the region were particularly difficult during the first half, markets stabilised and recovered towards the end of the year. All of our operations increased net fee income and profitability during the second half, with particularly strong performances delivered in Australia, Singapore, Malaysia and mainland China. The dates of the expiry of lease agreements in Tokyo and Hong Kong enabled the Group to consolidate its operations in both cities into single office locations.
The Group is widely recognised as one of the leading specialist professional recruitment businesses in Asia. With the region expected to continue to lead the world's markets out of recession, the Group will invest in developing both existing and new markets and is well positioned to grow both net fee income and profitability.
UK (32% of net fee income)
Revenue was £116.5m (2008: £133.2m) and net fee income decreased by 26% to £33.8m (2008: £45.4m) producing an operating loss of £0.8m (2008: profit of £1.9m).
Despite an increase in hiring activity in the financial services sector during the second half, market conditions remained generally weak across all sectors and disciplines. Resource Solutions, our recruitment process outsourcing business, proved the exception, successfully growing the scope of services delivered to existing clients and securing a number of new accounts.
Our contract divisions continued to provide some hedge against the decline in permanent hiring and our regional UK offices showed a degree of resilience with a relatively modest decline in net fee income.
With visibility limited, the outlook for the UK market remains uncertain.
Europe (25% of net fee income)
Revenue was £59.4m (2008: £64.9m) and net fee income decreased by 22% (31% in constant currency) to £25.6m (2008: £33.0m) producing an operating loss of £0.7m (£0.6m in constant currency) (2008: profit of £4.5m).
Net fee income levels across the region stabilised in the second half of the year, after a decline during the first half. France was the region's strongest performer, benefiting from the investment made in the Walters Interim business over the last four years. We continued to invest in Walters Interim, opening a second office in Belgium during the first half. The Group also opened an office in Zurich, our first in Switzerland.
Whilst some markets in Europe have stabilised, the timing of a sustained recovery across the region is difficult to predict.
USA and South Africa (2% of net fee income)
Revenue was £2.0m (2008: £2.1m) and net fee income decreased by 8% (22% in constant currency) to £2.0m (2008: £2.1m) producing an operating loss of £0.2m (£0.2m in constant currency) (2008: £0.1m).
Our office in Johannesburg benefited from a market shortage of high calibre candidates and delivered an increase in both net fee income and operating profit. Our New York office increased net fee income during the second half of the year as the local market began to stabilise, but still returned a small loss for the year.
Current Trading & Outlook
Net fee income for January and February is ahead of the equivalent period in 2009.
The Group's balance sheet remains strong and we have emerged from last year as a stronger, leaner business. We are selectively hiring, we are investing in those regions where growth prospects are most evident and we are actively assessing opportunities to grow our coverage in existing markets.
Robert Walters
Chief Executive
3 March 2010
Consolidated Income Statement
FOR THE YEAR ENDED 31 DECEMBER 2009
2009 2008
£'000 £'000
Revenue
Continuing operations 300,442 337,311
Cost of sales (196,079) (198,726)
Gross profit 104,363 138,585
Administrative expenses (102,785) (119,943)
Operating profit 1,578 18,642
Finance income 241 530
Finance costs (388) (821)
Loss on foreign exchange (118) (169)
Profit before taxation 1,313 18,182
Taxation (1,073) (5,967)
Profit for the year 240 12,215
Attributable to:
Equity holders of the parent 240 12,242
Minority interest - (27)
240 12,215
Earnings per share (pence):
Basic 0.3 17.2
Diluted 0.3 16.6
Consolidated Statement of Recognised Income and Expense
FOR THE YEAR ENDED 31 DECEMBER 2009
2009 2008
£'000 £'000
Profit for the year 240 12,215
Exchange differences on translation of overseas operations (363) 8,480
Total recognised income and expense for the year (123) 20,695
Attributable to:
Equity holders of the parent (123) 20,722
Minority interest - (27)
(123) 20,695
Consolidated Balance Sheet
AS AT 31 DECEMBER 2009
2009 2008
£'000 £'000
Non-current assets
Intangible assets 8,913 9,638
Property, plant and equipment 4,271 6,228
Deferred tax assets 3,930 2,771
17,114 18,637
Current assets
Trade and other receivables 66,744 68,419
Corporation tax receivables 2,247 579
Cash and cash equivalents 19,812 28,525
88,803 97,523
Total assets 105,917 116,160
Current liabilities
Trade and other payables (48,592) (47,618)
Corporation tax liabilities (692) (2,031)
Bank loans (2,100) (4,822)
(51,384) (54,471)
Net current assets 37,419 43,052
Non-current liabilities
Bank loans (441) (1,532)
Deferred tax liabilities (758) (502)
(1,199) (2,034)
Total liabilities (52,583) (56,505)
Net assets 53,334 59,655
Equity
Called-up share capital 17,034 17,034
Share premium account 20,586 20,586
Other reserves (73,410) (73,410)
Own shares held (12,763) (9,834)
Treasury shares held (18,865) (18,865)
Foreign exchange reserves 8,555 8,918
Retained earnings 112,197 115,226
Equity attributable to equity holders of the parent 53,334 59,655
Total equity 53,334 59,655
Consolidated Cash Flow Statement
FOR THE YEAR ENDED 31 DECEMBER 2009
2009 2008
£'000 £'000
Cash generated from operating activities 7,952 29,549
Income taxes paid (4,005) (9,102)
Net cash from operating activities 3,947 20,447
Investing activities
Acquisition of subsidiary (net of cash acquired) (445) (237)
Proceeds on disposal of investments 20 -
Interest paid (147) (348)
Purchases of computer software (403) (1,677)
Purchases of property, plant and equipment (874) (2,438)
Proceeds on disposal of property, plant and equipment 5 132
Net cash used in investing activities (1,844) (4,568)
Financing activities
Equity dividends paid (3,344) (3,303)
Proceeds from issue of equity - 41
Proceeds from bank loans 925 3,028
Repayment of bank loans (4,288) (6,814)
Purchase of own shares (net of proceeds from option (3,288) (9,658)
exercises)
Shares purchased for cancellation - (401)
Net cash used in financing activities (9,995) (17,107)
Net decrease in cash and cash equivalents (7,892) (1,228)
Cash and cash equivalents at beginning of year 28,525 23,953
Effect of foreign exchange rate changes (821) 5,800
Cash and cash equivalents at end of year 19,812 28,525
Consolidated statement of changes in equity
FOR THE YEAR ENDED 31 DECEMER 2009
Share capital Share premium Other reserves Own shares held Treasury shares held Foreign exchange Retained earnings Total
reserves
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2008 17,086 40,553 (73,470) (1,073) (18,865) 438 85,030 49,699
Profit for the year - - - - - - 12,242 12,242
Foreign currency translation - - - - - 8,480 - 8,480
differences
Total recognised income and - - - - - 8,480 12,242 20,722
expense for the year
Dividends paid - - - - - - (3,303) (3,303)
Own shares purchased - - - (9,658) - - - (9,658)
Shares purchased for (60) - 60 - - - 151 151
cancellation
Reduction of share premium - (20,000) - - - - 20,000 -
Adjustment in respect of share - - - 897 - - 1,106 2,003
schemes
New shares issued 8 33 - - - - - 41
Balance at 31 December 2008 17,034 20,586 (73,410) (9,834) (18,865) 8,918 115,226 59,655
Profit for the year - - - - - - 240 240
Foreign currency translation - - - - - (363) - (363)
differences
Total recognised income and - - - - - (363) 240 (123)
expense for the year
Dividends paid - - - - - - (3,344) (3,344)
Own shares purchased - - - (3,542) - - - (3,542)
Adjustment in respect of share - - - 613 - - 75 688
schemes
Balance at 31 December 2009 17,034 20,586 (73,410) (12,763) (18,865) 8,555 112,197 53,334
Statement of Accounting Policies
FOR THE YEAR ENDED 31 DECEMBER 2009
Basis of preparation
The financial report for the year ended 31 December 2009 has been prepared in accordance with the historical cost convention and with International Financial Reporting Standards, including International Accounting Standards and Interpretations (IFRSs) as adopted for use by the European Union, though this announcement does not itself contain sufficient information to comply with IFRSs.
Although in certain markets and sectors our clients and suppliers are still experiencing difficult trading conditions, the Group has considerable financial resources including £17.3m of net cash at 31 December 2009 together with a diverse range of clients and suppliers across different geographic locations and sectors. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully. After making enquiries, the Directors have formed a judgement, at the time of approving the accounts, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For this reason the Directors continue to adopt the going concern basis in preparing the accounts.
The financial information in this announcement, which was approved by the Board of Directors on 3 March 2010, does not constitute the Company's statutory accounts for the year ended 31 December 2009 but is derived from these accounts. Statutory accounts for 2008 have been delivered to the Registrar of Companies and those for 2009 will be delivered following the Company's Annual General Meeting. The auditors have reported on these accounts; their reports were unqualified, did not draw attention to any matters by way of emphasis without qualifying their report and did not contain statements under Section 498(2) or (3) of the Companies Act 2006.
The Annual General Meeting of Robert Walters plc will be held on 21 May 2010 at 55 Strand, London WC2N 5WR.
1. Segmental information
2009 2008
£'000 £'000
i) Revenue:
Asia Pacific 122,495 137,092
UK 116,578 133,213
Europe 59,407 64,884
USA and South Africa 1,962 2,122
300,442 337,311
ii) Gross profit:
Asia Pacific 42,988 58,053
UK 33,772 45,448
Europe 25,651 32,969
USA and South Africa 1,952 2,115
104,363 138,585
1. Segmental information (continued)
2009 2008
£'000 £'000
iii) Profit before taxation:
Asia Pacific 3,292 12,345
UK (830) 1,894
Europe (697) 4,508
USA and South Africa (187) (105)
Operating profit 1,578 18,642
Net finance cost (265) (460)
Profit before taxation 1,313 18,182
iv) Net Assets:
Asia Pacific 17,326 14,983
UK 5,102 11,324
Europe 9,492 10,781
USA and South Africa (584) (421)
Unallocated corporate assets and liabilities 21,998 22,988
53,334 59,655
The analysis of revenue by destination is not materially different to the analysis by origin and the analyses of finance income and costs and inter-segment revenue are not significant.
The Group is divided into geographical areas for management purposes, and it is on this basis that the segmental information has been prepared.
v) Other information - Fixed asset Depreciation and Non-current assets Assets Liabilities
2009 additions amortisation
£'000 £'000 £'000 £'000 £'000
Asia Pacific 466 1,230 9,865 30,143 (12,817)
UK 574 1,785 1,920 35,970 (30,868)
Europe 212 322 1,317 20,478 (10,986)
USA and South Africa 25 44 82 381 (965)
Unallocated - - 3,930 25,989 (3,991)
corporate assets and
liabilities
1,277 3,381 17,114 112,961 (59,627)
1. Segmental information (continued)
v) Other information - Fixed asset Depreciation and Non-current assets Assets Liabilities
2008 additions amortisation
£'000 £'000 £'000 £'000 £'000
Asia Pacific 1,537 967 10,917 30,374 (15,391)
UK 2,352 1,655 3,249 35,255 (23,930)
Europe 248 266 1,600 24,369 (13,588)
USA and South Africa 24 27 100 394 (815)
Unallocated - - 2,771 31,875 (8,888)
corporate assets and
liabilities
4,161 2,915 18,637 122,267 (62,612)
2009 2008
£'000 £'000
vi) Revenue by business grouping:
Robert Walters 265,184 312,758
Resource Solutions (recruitment process outsourcing) 35,258 24,553
300,442 337,311
For the purposes of segmental information, unallocated corporate assets and liabilities include cash, bank loans and corporate deferred tax balances.
2. Finance costs
2009 2008
£'000 £'000
Interest on bank overdrafts 11 162
Interest on long-term loans 377 360
Other - 299
388 821
3. Taxation
2009 2008
£'000 £'000
Current tax charge
Corporation tax - UK - 19
Corporation tax - Overseas 1,164 6,225
Adjustments in respect of prior years
Corporation tax - UK 330 (310)
Corporation tax - Overseas (105) 283
1,389 6,217
Deferred tax
Deferred tax - UK (501) (390)
Deferred tax - Overseas 184 347
Adjustments in respect of prior years
Deferred tax - Overseas 1 (207)
(316) (250)
Total tax charge for the year 1,073 5,967
Profit before taxation 1,313 18,182
Tax at standard UK corporation tax rate of 28% (2008: 368 5,182
28.5%)
Effects of:
Unrelieved (relieved) losses 274 (151)
Other expenses not deductible for tax purposes 188 759
Overseas earnings taxed at different rates 17 411
Adjustments to tax charges in previous years 226 (234)
Total tax charge for the year 1,073 5,967
4. Dividends
2009 2008
£'000 £'000
Amounts recognised as
distributions to
equity holders in the
year:
Interim dividend paid 990 974
of 1.40p per share
(2008 1.40p)
Final dividend for 2,354 2,329
2008 of 3.35p (2007:
3.35p)
3,344 3,303
Proposed final 2,314 2,359
dividend for 2009 of
3.35p (2008: 3.35p)
The proposed final dividend of £2,314,000 is subject to approval
by shareholders at the Annual General Meeting and has not been
included as a liability in these financial statements.
If approved, the dividend will be paid on 18 June 2010 to those
shareholders on the register as at 28 May 2010.
5. Earnings per share
The calculation of earnings per share is based on the profit for
the year attributable to equity holders of the parent and the
weighted average number of shares of the Company.
2009 2008
£'000 £'000
Profit for the year 240 12,242
attributable to equity
holders of the parent
2009 2008
Number Number
of shares of shares
Weighted average
number of shares:
Shares in issue 85,168,703 85,428,703
throughout the year
Share issued in the - 19,397
year
Shares buy-backs and - (279,644)
cancellations
Treasury and own (14,869,591) (14,279,043)
shares held
For basic earnings per 70,299,112 70,889,413
share
Outstanding share 6,750,325 2,548,118
options
For diluted earnings 77,049,437 73,437,531
per share
6. Intangible assets
Goodwill Computer software Total
£'000 £'000 £'000
Cost:
At 1 January 2008 6,847 3,390 10,237
Additions 768 1,677 2,445
Disposals - (34) (34)
Foreign currency translation 293 120 413
differences
At 31 December 2008 7,908 5,153 13,061
Additions - 403 403
Disposals - (117) (117)
Foreign currency translation (68) (33) (101)
differences
At 31 December 2009 7,840 5,406 13,246
Accumulated depreciation and
impairment:
At 1 January 2008 - 2,415 2,415
Charge for the year - 992 992
Disposals - (33) (33)
Foreign currency translation - 49 49
differences
At 31 December 2008 - 3,423 3,423
Charge for the year - 994 994
Disposals - (70) (70)
Foreign currency translation - (14) (14)
differences
At 31 December 2009 - 4,333 4,333
Carrying value:
At 1 January 2008 6,847 975 7,822
At 31 December 2008 7,908 1,730 9,638
At 31 December 2009 7,840 1,073 8,913
The carrying value of goodwill relates to the acquisition of Talent Spotter (£993,000) and the historic acquisition of the Dunhill Group in Australia (£6,847,000). Goodwill is tested annually for impairment, or more frequently if there are indications that goodwill might be impaired. The recoverable amount of the goodwill is based on value in use over the next five years, calculated by preparing cash flow forecasts derived from the most recent financial budgets and an assumed growth rate of 3%, which does not exceed the long-term average potential growth rate of the respective operations. The value of the cash flows is then discounted at a post tax rate of 7.3% (pre-tax rate of 10.1%), based on the Group's weighted average cost of capital.
7. Property, plant and equipment
Fixtures, fittings Computer equipment Motor vehicles Total
and office equipment £'000 £'000 £'000
Leasehold £'000
improvements
£'000
Cost:
At 1 January 2008 3,208 5,695 2,658 34 11,595
Additions 519 812 1,101 6 2,438
Acquisition of - 46 - - 46
subsidiary
Disposals (114) (244) (274) (1) (633)
Foreign currency 651 1,003 417 17 2,088
translation
differences
At 31 December 2008 4,264 7,312 3,902 56 15,534
Additions 267 255 342 10 874
Disposals (393) (460) (204) - (1,057)
Foreign currency (181) 129 (99) (2) (153)
translation
differences
At 31 December 2009 3,957 7,236 3,941 64 15,198
Accumulated
depreciation and
impairment:
At 1 January 2008 1,962 2,865 2,012 11 6,850
Charge for the year 620 661 630 12 1,923
Disposals (89) (175) (195) - (459)
Foreign currency 380 391 201 20 992
translation
differences
At 31 December 2008 2,873 3,742 2,648 43 9,306
Charge for the year 732 945 699 11 2,387
Disposals (316) (266) (196) - (778)
Foreign currency (103) 180 (63) (2) 12
translation
differences
At 31 December 2009 3,186 4,601 3,088 52 10,927
Carrying value:
At 1 January 2008 1,246 2,830 646 23 4,745
At 31 December 2008 1,391 3,570 1,254 13 6,228
At 31 December 2009 771 2,635 853 12 4,271
Trade and other receivables
8.
2009 2008
£'000 £'000
Receivables due within one year:
Trade receivables 49,358 51,601
Other receivables 2,656 2,488
Prepayments and accrued income 14,730 14,330
66,744 68,419
Trade and other payables: amounts falling within one year
9.
2009 2008
£'000 £'000
Trade payables 2,352 4,378
Other taxation and social security 11,986 10,667
Other trade payables 11,242 10,717
Accruals and deferred income 23,012 21,856
48,592 47,618
There is no material difference between the fair value and the carrying value of the Group's trade and other payables.
Bank loans
10.
2009 2008
£'000 £'000
Bank loans: current 2,100 4,822
Bank loans: non-current 441 1,532
2,541 6,354
The borrowings are repayable as follows:
Within one year 2,100 4,822
In the second year 257 564
In the third to fifth year inclusive 184 968
2,541 6,354
A euro denominated bank loan was taken out on 8 November 2006 at a fixed interest rate of 5.36% per annum and thus exposed the Group to fair value interest rate risk, currency risk being addressed by the Group's European operations. The initial value was £5.0m and the final repayment was made in June 2009.
Bank loans (continued)
10.
A pounds sterling denominated bank loan was taken out on 8 November 2006 at a fixed rate of 6.94% per annum and thus exposed the Group to a fair value interest rate risk. The initial value was £5.0m and the final repayment was made in June 2009.
In March 2008, the Group borrowed renminbi 20m at a rate of the People Bank of China base rate plus 10% to finance the acquisition of Talent Spotter and provide working capital. Renminbi 10m is repayable over four years and the remainder is a short-term facility. The loan is secured against cash deposits in Hong Kong.
In May 2008, the Group entered into a trade loan facility of £12.5m at a rate of LIBOR plus 0.75%. This facility expired in April 2009.
In August 2009, the Group entered into a committed, three-year, £10m receivables financing agreement. At 31 December 2009, £0.9m was drawn down under this facility.
Notes to the cash flow statement
11.
2009 2008
£'000 £'000
Operating profit 1,578 18,642
Adjustments for:
Depreciation and amortisation charges 3,381 2,915
Loss on disposal of property, plant and equipment 321 42
Gain on disposal of investments (20) -
Movement in share scheme balance (216) 3,566
Operating cash flows before movements in working capital 5,044 25,165
Decrease in receivables 1,184 10,368
Increase (decrease) in payables 1,724 (5,984)
Cash generated from operating activities 7,952 29,549
12. Reconciliation of net cash flow to movement in net
cash
2009 2008
£'000 £'000
Decrease in cash and cash equivalents in the year (7,892) (1,228)
Cash outflow from decrease in bank loans 3,363 3,786
Foreign currency translation differences (372) 4,019
Movement in net cash in the year (4,901) 6,577
Net cash at beginning of year 22,172 15,595
Net cash at end of year 17,271 22,172
Net cash is defined as cash and cash equivalents less bank loans.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UOSRRRWAORUR
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| 05-02-10 | RNS |
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RNS Number : 7513G Robert Walters PLC 05 February 2010
ROBERT WALTERS PLC
NOTIFICATION OF RESULTS Robert Walters plc, the leading international recruitment consultancy, will be announcing its preliminary results for the year ended 31 December 2009 on Thursday 4 March 2010. An analyst presentation is scheduled for 10.00am that morning at No.1 Cornhill, London EC3V 3ND. Enquiries: Pelham Bell Pottinger
aberens@pelhambellpottinger.co.uk
sboston@pelhambellpottinger.co.uk This information is provided by RNS The company news service from the London Stock Exchange END
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I purchased 5000 shares today at 1.55p. They have been creeping up for while and they are not obviously undervalued. Investors Chronicle and a number of brokers have a "sell" rating on the stock.
However I think these analysts are missing the obvious potential for a takeover offer from a major international recruiter such as Adecco. The real catalyst for me purchasing this stock is Adecco's recently announced takeover of Spring Group for 62p per share valuing Spring at around a £100m or around £50m net of cash on Spring's balance sheet. The deal values Spring (net of cash) at about x8 y/e 2007 earnings of 3.76p - I choose 2007 because this was a cyclically "normal" growth year. That is a very good deal for Adecco. I half expected Spring to get taken over and liked them for the obvious balance sheet strength but sadly just never got round to making the investment. I didn't want to make the same mistake of missing the boat on Robert Walters if it too gets an offer which I expect it will. Let's value RWA on the basis as the Spring takeover. RWA's 2007 earnings were 24.9p. Assume the market cap is £119m or about £100m net of cash on the balance sheet. Then applying the same multiple of x8 (paid by Addeco for Spring) of 2007 earnings of 24.9 we get fair value of about 200p per share. 200p per share would give an immediate 30% upside on the current share price but I think this is too low for Robert Walters which is a business of far greater scale and global reach than Spring and once the underlying market recovers it will grow earnings faster than Spring. Any bidder is likely to pay a further premium for RWA's international scale and growth prospects and as a guesstimate (and I admit it is nothing more) let's assume 10% for the international angle. That would give a takeover price of 220p per RWA share a 40% premium over today's closing price. The industry is going through the usual cycle of consolidation seen at the tail of a cyclical recession and mid-sized plays such as Robert Walters (although quite a large one compared to Spring) will gradually get swallowed up by the big boys e.g the Adeccos and Michael Pages of this world. For this reason I am in. Good luck whatever you decide to do! ValueProphet |
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First piece of positive news Ive seen from a broker on RWA for a long long time so things must be looking up at last even though its a hold. Note out late yesterday.
Robert Walters PLC FORECASTS 2009 2010 Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p) Investec Securities [D] 29-06-09 HOLD -2.00 -2.78 4.75 1.00 0.69 4.75 |
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Must be on the back of the Michael Page news.
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The contents of the postings summarised here represents the opinions of the authors and not of Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
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