Editor's Pick: Markets: The week that was (16-20/11/09)
(WORK.L) Work Group PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 29-10-09 | RNS |
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RNS Number : 5909B Work Group plc 29 October 2009 Work Group Plc (the "Company") EBT Purchase The Company was notified on 29 October 2009 by the trustees of Louvre Trust (Guernsey) Limited, the trustees of the Company's Employee Benefit Trust (the "EBT"), that, on 28 October 2009, the EBT purchased 1,000,000 ordinary shares of 2 pence each in the Company ("Ordinary Shares") at a price of 10 pence per Ordinary Share. Following this purchase, the EBT holds 3,571,473 Ordinary Shares representing 12.5 per cent of the Company's issued Ordinary Shares. Enquiries: Michael Warren Finance Director
This information is provided by RNS The company news service from the London Stock Exchange END
MSCBBBDGLXDGGCC More |
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| 28-09-09 | RNS |
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RNS Number : 7880Z Work Group plc 28 September 2009 Work Group Plc (the "Company") EBT Transfer The Company was notified on 23 September 2009 by the trustees of Louvre Trust (Guernsey) Limited, the trustees of the Company's Employee Benefit Trust (the "EBT"), that, on 23 September 2009, the EBT transferred for nil consideration 87,500 ordinary shares of 2 pence each in the Company ("Ordinary Shares") to a former employee of the Company. Following this transfer, the EBT holds 2,571,473 Ordinary Shares representing 8.98 per cent of the Company's issued Ordinary Shares. Enquiries: Michael Warren Finance Director Telephone: 020 7492 0000
This information is provided by RNS The company news service from the London Stock Exchange END
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| 22-09-09 | AFX UK Focus |
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LONDON, Sept 22 (Reuters) - Work Group Plc:
year.
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 22-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 4153Z
Work Group plc
22 September 2009
22 September 2009
Work Group plc
Results for the six months ended 30 June 2009
Work Group plc ("Work Group" or the "Company") announces its results for the six months ended 30 June 2009.
Headlines
* Break even at the operating profit line* despite weak market
* UK business achieved an operating profit* of £0.3m (2008: £1.3m)
* Net cash of £1.5m (2008: £0.4m)
* Balance sheet remains strong with no debt
* Firm action taken to reduce cost base
* Net fee income down 32% to £5.43m (2008: £7.99m)
* before exceptional costs
Commenting, Simon Howard, Executive Chairman said:
"In the context of such extremely difficult trading conditions, Work Group has achieved a creditable set of results and remains in a strong cash position.
We continue to witness extreme caution from our client base with budgets having been reduced and considerable uncertainty about future plans. We do not believe that the market will provide any growth momentum for the remainder of the year.
However, despite these depressed market conditions, our trading continues in line with our expectations."
www.workgroup.plc.uk
Further enquiries:
Work Group Tel: +44 (0)20 7492 0000
Simon Howard, Executive Chairman
Michael Warren, Finance Director
Altium Tel: +44 (0)20 7484 4040
Tim Richardson
Sam Fuller
About Work Group
Work Group is a marketing services company which offers a range of solutions which enable employers to win the war for talent. It focuses on providing services in "talent acquisition and talent development" which enable employers to more effectively recruit and retain key staff.
Work Group's approach is to help employers reduce their traditional reliance on third-party recruiters such as head-hunters and recruitment firms through helping them establish and maintain a direct relationship between employer and prospective employee. It also helps employers reduce attrition costs through better employee engagement and retention of key talent.
Work Group currently operates through two divisions; Communications and Talent Management, providing services from its five locations in the UK and offices in New York and Hong Kong.
Chairman's review
The key challenge of recession is how to lead and manage a company through a period of significant decline - because it is the decline and consequent adjustment which can be particularly painful within a people business.
As reported in the operating review, headcount has been reduced, salary cuts implemented and office space rationalised. Despite this, our teams have worked with enormous commitment and to have reached the half year having broken even at the operating level (before exceptional costs) is a creditable achievement. It is also pleasing to have seen non-UK and Europe income increase and cash remain strong throughout the period.
However, recessions are not just about challenge. They present opportunities too - not least that change is accelerated. We are in the business of changing the way employers recruit and retain talent, and so our task now is to exploit that opportunity.
I do not believe that we will see any significant level of growth return to the market this year and so our challenge is to improve our performance through winning more projects from more clients.
Simon Howard
Chairman
Operating review
During a period of severe economic slowdown the Group achieved an operating break even position (before exceptional costs) and generated positive cash flow from operations. At the period end net cash was £1.5m, only marginally down from the 2008 year end position of £1.6m.
Group net fee income fell by 32% to £5.43m (2008: £7.99m). All service lines and all sectors were impacted by the recession. Although most of our services are not directly related to recruitment volumes, clients cut their budgets available to us due to the magnitude of economic and corporate uncertainty.
Outsourcing and assessment service income (reported in Talent Management) proved the most resilient service line where net fee income fell 15%. The economic slowdown has hastened the decline in advertising income which fell 39%. Across the Group, income from fee based services increased to 81% of total income (2008: 79%) and helped improve the gross margin further to 44.6% (2008: 42.6%).
Income from continuing global contracts of £0.53m decreased 42% (2008: £0.92m). However income from outside the UK and Europe increased by 35% to £0.68m (2008: £0.5m).
6 months to 30 June 6 months to 30 June 2008 Year ended
2009 £'000 £'000 31 Dec 2008 £'000
Gross profit (net fee income)
Communications 3,275 4,723 8,807
Talent Management 2,157 3,265 6,070
Group gross profit 5,432 7,988 14,877
Operating profit before
exceptional items
Communications 49 772 544
Talent Management 121 510 747
Corporate (non-recharged) (166) (277) (236)
Group operating profit before
exceptional items 4 1,005 1,055
Operating (loss)/profit
Communications (169) 772 408
Talent Management (220) 510 699
Corporate (non-recharged) (166) (277) (236)
Group operating (loss)/profit (555) 1,005 871
The Group has reduced its cost base considerably through headcount reductions, property rationalisation and cost re-alignments throughout the business. Total costs in the period of £5.4m (excluding exceptional costs) are 23% less than last year (2008: £7.0m). In the UK the cost reduction has been 27%.
Headcount across the Group has fallen by 30% to 166 (2008: 238) through a combination of natural attrition, voluntary measures and redundancies. Redundancy costs of £0.28m are included in exceptional costs. From 1st April 2009 everyone in the Group agreed to a salary
cut. Voluntary measures such as sabbaticals were also introduced. These actions have enabled the Group to retain a higher proportion of front line income generators. Of total costs in the period, people related costs have risen to 79% (2008: 72%).
Property costs in the North West have been rationalised through a lease surrender and co-locating Armstrong Craven people in our existing Hale office. The one-off costs for this totalled £0.28m and are included in exceptional costs.
In total, the cost base in 2009 has been reduced by more than £3.3m.
In the US, from a small base, net fee income has doubled and Hong Kong has generated incremental Group income. The losses from the overseas businesses totalled £0.3m (2008: £0.3m). Investment by necessity has been modest. Before overseas losses, the UK business achieved an operating profit before exceptional items of £0.3m (2008: £1.3m).
Key priorities have been the preservation of cash and the continued focus on working capital management. This has resulted in positive cash generation from operations. A loan of £0.14m was made to the employee benefit trust which purchased shares in the company to be used in the future for employee incentives. With net cash of £1.5m and no debt, the balance sheet remains strong.
Group Financial Performance 6 months to 30 June 6 months to 30 June 2008 £'000 Year ended
2009 £'000 31 Dec 2008 £'000
Adjusted profit (Operating 4 1,005 1,055
profit before exceptional
items)
Operating (loss) /profit (555) 1,005 871
(Loss)/profit before tax (579) 1,011 873
(Loss)/profit after tax (499) 723 411
Loss/earnings per share (1.74) 2.55 1.44
(pence)
Michael Warren
Finance Director
Consolidated income statement
for the 6 month period ended 30 June 2009
Note Unaudited Unaudited Audited
6 month period ended 6 month period ended Year ended 31 December 2008
30 June 2009 30 June 2008
£'000 £'000 £'000
Revenue 3 12,178 18,731 35,679
Cost of sales (6,746) (10,743) (20,802)
Gross profit 5,432 7,988 14,877
Net operating expenses (5,987) (6,983) (14,006)
Operating (loss)/profit 3 (555) 1,005 871
Operating profit before 4 1,005 1,055
exceptional items
Exceptional items (559) - (184)
Finance costs (27) (16) (26)
Finance income 3 22 28
(Loss)/profit before taxation (579) 1,011 873
Taxation 4 80 (288) (462)
(Loss)/profit for the period (499) 723 411
(Loss)/earnings per share 6 (1.74) 2.55 1.44
(pence)
Diluted (loss)/earnings per 6 (1.74) 2.38 1.36
share (pence)
Dividend paid per share 5 - 0.5 0.5
(pence)
The results above are all in respect of continuing operations.
Consolidated statement of comprehensive income
for the 6 month period ended 30 June 2009
Note Unaudited Unaudited Audited
6 month period ended 6 month period ended Year ended 31
30 June 2009 30 June 2008 December 2008
£'000 £'000 £'000
(Loss)/profit for the period (499) 723 411
Other comprehensive income
Currency translation (43) 1 100
differences
Total comprehensive (542) 724 511
(loss)/profit for the period
Total comprehensive (542) 724 511
(loss)/profit for the period
attributable to equity
shareholders
Consolidated balance sheet as at 30 June 2009
Note Unaudited Unaudited Audited
6 month period ended 6 month period ended Year ended 31
30 June 2009 30 June 2008 December 2008
£'000 £'000 £'000
Assets
Non-current assets
Goodwill 12,197 12,197 12,197
Property, plant & equipment 612 769 721
Deferred tax assets 102 212 24
12,911 13,178 12,942
Current assets
Inventories 320 496 314
Trade and other receivables 4,551 8,448 4,972
Cash and cash equivalents 1,462 384 1,566
6,333 9,328 6,852
Liabilities
Current liabilities
Trade and other payables (4,894) (6,217) (4,753)
Current tax liabilities (253) (1,093) (265)
(5,147) (7,310) (5,018)
Net current assets 1,186 2,018 1,834
Net assets 14,097 15,196 14,776
Shareholders' equity
Ordinary share capital 572 572 572
Share premium 8,240 8,240 8,240
Other reserves 2,826 2,826 2,826
Shares held by EBT (136) - -
Foreign exchange reserve 57 1 100
Retained earnings 2,538 3,557 3,038
Total shareholders' equity 14,097 15,196 14,776
Consolidated statement of changes
in Shareholders' equity as at 30 June 2009
Unaudited Note Share Share premium Special reserve Total
capital Shares held by EBT Foreign exchange Retained reserves
reserve earnings
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2008
542 7,261 2,826 - - 3,004 13,633
Profit for the period 723 723
Foreign exchange - - - - 1 - 1
Comprehensive profit for the - - - - 1 723 724
period
Value of employee services - - - - - 60 60
Deferred taxation on share - - - - - (87) (87)
options
Ordinary shares issued
30 979 - - - - 1,009
Dividends paid 5 - - - - - (143) (143)
At 30 June 2008 572 8,240 2,826 - 1 3,557 15,196
Loss for the period - - - - - (312) (312)
Foreign exchange - - - - 99 - 99
Comprehensive (loss)/profit - - - - 99 (312) (213)
for the period
Value of employee services - - - - - (92) (92)
Deferred taxation on share - - - - - (115) (115)
options
At 31 December 2008 572 8,240 2,826 - 100 3,038 14,776
Loss for the period - - - - - (499) (499)
Foreign exchange - - - - (43) - (43)
Comprehensive (loss)for the - - - - (43) (499) (542)
period
Purchase of ordinary shares in - - - (136) - - (136)
Work Group plc
Value of employee services - - - - - (1) (1)
At 30 June 2009 572 8,240 2,826 (136) 57 2,538 14,097
Consolidated cash flow statement for the 6 month period ended 30 June 2009
Note Unaudited Unaudited Audited
6 month period ended 6 month period ended Year ended 31
30 June 2009 30 June 2008 December 2008
£'000 £'000 £'000
Cash flows from operating
activities
Cash generated from operations 7 124 726 2,920
Finance cost paid (32) (17) (30)
Tax paid (12) (124) (1,037)
Net cash inflow from operating 80 585 1,853
activities
Cash flows from investing
activities
Deferred consideration paid - (1,000) (1,000)
Finance income received 3 18 31
Purchase of property, plant (49) (117) (220)
and equipment
Proceeds from sale of - - 4
property, plant and equipment
Net cash used in investing (46) (1,099) (1,185)
activities
Cash flows from financing
activities
Net proceeds from issue of - 9 9
ordinary share capital
Purchase of shares in Work (136) - -
Group plc by EBT
Loan notes repaid - (9) (9)
Dividend paid 5 - (143) (143)
Finance lease payments (2) (2) (2)
Net cash outflow from (138) (145) (145)
financing
(Decrease)/increase in cash in (104) (659) 523
the period/year
Cash and cash equivalents at 1,566 1,043 1,043
start of period/year
Cash and cash equivalents at 1,462 384 1,566
end of period/year
Notes to the interim financial information
1 Financial information and presentation
The financial information contained in this Interim Report does not constitute statutory accounts within the meaning of the Companies Act 1985 and has not been audited.
The financial information for the year ended 31 December 2008 is derived from the statutory accounts for that period, which have been filed with the Registrar of Companies and on which the auditors gave an unqualified opinion.
2 Principal accounting policies
Basis of preparation
This interim consolidated financial information is for the six months ended 30 June 2009 and has been prepared in accordance with IAS 34 "Interim financial reports" and with the accounting policies set out in the Group's 2008 annual report as amended for new standards effective during the period where relevant. These accounting policies are based on the EU-adopted IFRS and IFRIC interpretations that are applicable at the balance sheet date. IFRS and IFRIC interpretations that will be applicable at 31 December 2009, including those that will be applicable on an optional basis, are not known with certainty at the time of preparing this interim financial information. It is therefore possible that further changes to the accounting policies and the comparative financial information may be required before their publication in the 2009 annual report and financial statements.
This consolidated interim financial information has been prepared under the historical cost convention.
The following new standards and amendments to standards are mandatory for the first time for the financial year beginning 1 January 2009.
IAS 1 (revised), 'Presentation of financial statements'. The revised standard prohibits the presentation of items of income and expense (that is 'non-owner changes in equity') in the statement of changes in equity, requiring 'non-owner changes in equity' to be presented separately from owner changes in equity. All 'non-owner changes in equity' are required to be shown in a performance statement.
Entities can choose whether to present one performance statement (the statement of comprehensive income) or two statements (the income statement and statement of comprehensive income). The Group has elected to present two statements. The interim financial statements have been prepared under the revised disclosure requirements.
IFRS 8, 'Operating segments'. IFRS 8 replaces IAS 14, 'Segment reporting'. It requires a 'management approach' under which segment information is presented on the same basis as that used for internal reporting purposes. The operating segment presentation is the same as that reported in the accounts for the year ended 31 December 2008.
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker has been identified as the Board.
Goodwill is allocated by management to groups of cash-generating units on a segment level. IFRS 8 has not resulted in any additional goodwill impairment. There has been no impact on the measurement of the Group's assets and liabilities.
The following new standards, amendments to standards and interpretations are mandatory for the first time for the financial year beginning 1 January 2009, but are not currently relevant for the Group.
IFRIC 13, 'Customer loyalty programmes'.
IFRIC 14, IAS 19- 'The limit on a defined benefit asset, minimum funding requirements and their interaction'. This is not relevant to the Group as the Group has no defined benefit pension schemes.
IFRIC 15, 'Agreements for the construction of real estate'.
IFRIC 16, 'Hedges of a net investment in a foreign operation'.
IAS39 (amendment), 'Financial instruments: Recognition and measurement'.
The following new standards, amendments to standards and interpretations have been issued, but are not effective for the financial year beginning 1 January 2009 and have not been early adopted:
IFRS 3 (revised), 'Business combinations' and consequential amendments to IAS 27, 'Consolidated and separate financial statements', IAS 28, 'Investments in associates' and IAS 31, 'Interests in joint ventures', effective prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 July 2009. Management is assessing the impact of the new requirements regarding acquisition accounting, consolidation and associates on the Group. The Group does not have any joint ventures.
The revised standard continues to apply to the acquisition method to business combinations, with some significant changes. For example, all payments to purchase a business are to be recorded at fair value at the acquisition date, with contingent payments classified as debt subsequently re-measured through the income statement. There is a choice on an acquisition-by-acquisition basis to measure the minority interest in the acquiree either at fair value or at the minority interest's proportionate share of the acquiree's net assets. All acquisition-related costs should be expensed. The Group will apply IFRS 3 (revised) to all business combinations from 1 January 2010, subject to endorsement by the EU.
IFRC 17, 'Distributions of non-cash assets to owners', effective for annual periods beginning on or after 1 July 2009.
IFRIC 18, 'Transfers of assets from customers', effective for transfers of assets received on or after 1 July 2009. This is not relevant to the Group, as it has not received any assets from customers.
3 Segmental analysis
This is the first period in which the Group has adopted IFRS 8 "Operating Segments". IFRS 8 requires operating segments to be identified on the basis of internal reports which are regularly reviewed by the chief operating decision-maker to allocate resources to the segments and to assess their performance. The chief operating decision-maker has been identified as the Board. The Board considers that there are two operating segments, Communications and Talent Management. Communications represents the employer marketing services offered by the business. Talent Management combines search and intelligence and recruitment process outsourcing. The Board assesses the performance of the operating segments based on net fee income, operating profit before exceptional items and adjusted EBITDA.
Unaudited Communications Talent Management Total continuing operations
6 month period ended 30 June
2009
£'000 £'000 £'000
Total revenue 9,431 2,788 12,219
Inter-segment revenue - (41) (41)
Revenue (from external 9,431 2,747 12,178
customers)
Net fee income 3,275 2,157 5,432
Operating profit before 49 121 170
exceptional items
Adjusted EBITDA (before 132 171 303
exceptional items)
Unaudited Communications Talent Management Total continuing operations
6 month period ended 30 June
2008
£'000 £'000 £'000
Total revenue 14,735 3,996 18,731
Inter-segment revenue - - -
Revenue (from external 14,735 3,996 18,731
customers)
Net fee income 4,723 3,265 7,988
Operating profit before 772 510 1,282
exceptional items
Adjusted EBITDA (before 862 580 1,442
exceptional items)
Audited Communications Talent Management Total continuing operations
Year ended 31 December 2008
£'000 £'000 £'000
Total revenue 28,340 7,378 35,718
Inter-segment revenue (1) (38) (39)
Revenue (from external 28,339 7,340 35,679
customers)
Net fee income 8,807 6,070 14,877
Operating profit before 544 747 1,291
exceptional items
Adjusted EBITDA (before 735 868 1,603
exceptional items)
A reconciliation of total adjusted EBITDA to total (loss)/profit before tax is provided as follows:
Unaudited Unaudited Audited
30 June 2009 30 June 2008 31 December 2008
£'000 £'000 £'000
Adjusted EBITDA for reportable
segments 303 1,442 1,603
Corporate overheads (166) (277) (236)
Exceptional items (559) - (184)
Depreciation (133) (160) (312)
Operating (loss)/profit (555) 1,005 871
Finance income 3 22 28
Finance costs (27) (16) (26)
(Loss)/profit before taxation (579) 1,011 873
4 Taxation
A deferred tax asset has been recognised for trading losses for the company and its UK subsidiary Armstrong Craven Limited. The deferred tax asset for the six month period ended 30 June 2009 is based on the estimated expected effective tax rate of 28% for the year ended 31 December 2009 (2008 actual rate: 28.5%). No deferred tax asset has been recognised for the trading losses of the foreign subsidiaries.
5 Dividends
Unaudited Unaudited Audited Year ended
Period ended Period 31 December
30 June ended 2008
2009 30 June
2008
£'000 £'000 £'000
2008 Final dividend - nil
pence per share (2007 final - 143 143
dividend : 0.5 pence per
share)
6 Earnings per share
Unaudited Unaudited Audited
6 month period ended 30 June 2009 6 month period ended 30 June 2008 Year ended 31 December 2008
Losses Weighted average Per share amount Earnings Weighted average Per share amount Earnings Weighted average Per share amount
number number of shares number of shares
of shares
£'000 '000 Pence £'000 '000 Pence £'000 '000 Pence
Basic (losses)/ (499) 28,622 (1.74) 723 28,377 2.55 411 28,504 1.44
earnings per share
Effect of dilutive share - - - - 2,015 (0.17) - 1,825 (0.08)
options
Diluted (losses)/ (499) 28,622 (1.74) 723 30,392 2.38 411 30,329 1.36
earnings per share
Adjusted basic (losses)/ (20) 28,622 (0.07) 723 28,377 2.55 543 28,504 1.90
earnings per share
Effect of dilutive share - - - - 2,015 (0.17) - 1,825 (0.11)
options
Adjusted diluted (losses)/ (20) 28,622 (0.07) 723 30,392 2.38 543 30,329 1.79
earnings per share
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period.
For diluted earnings per share, the weighted average number of shares is adjusted to reflect the impact of all dilutive potential ordinary shares.
30 June 2009 30 June 2008 31 December 2008
£'000 £'000 £'000
Statutory (losses)/earnings (579) 723 411
Add back exceptional items 559 - 184
Tax on exceptional items 28%
(2008 28.5%)
- - (52)
Adjusted (losses)/earnings (20) 723 543
Adjusted losses/earnings per share excludes the cost of exceptional items less tax at 28% (2008: 28.5%).
7 Reconciliation of operating (loss)/profit to net cash inflow from operations
Unaudited Unaudited Audited
6 month period ended 6 month period ended Year ended 31 December
30 June 2009 30 June 2008 2008
£'000 £'000 £'000
Profit attributable to (499) 723 411
shareholders
Adjustments:
Taxation (80) 288 462
Finance income (3) (22) (28)
Finance costs 27 16 26
Depreciation of plant property 133 160 312
and equipment
Loss on disposal of plant 20 - (3)
property and equipment
Share based payments (1) 60 (32)
Increase in inventories (6) (255) (74)
Decrease/(increase) in trade 339 (1,271) 2,057
and other receivables
Increase/(decrease) in trade 194 1,027 (211)
and other payables
Net cash inflow from 124 726 2,920
operations
Statement of directors' responsibilities
The directors confirm that this interim report has been prepared in accordance with IAS 34 as adopted by the European Union.
The directors are also responsible for the maintenance and integrity of the Company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The directors of Work Group plc are listed in the Work Group plc Annual Report for 31 December 2008. A list of current directors is maintained on the Work Group plc website: www.workgroup.plc.uk.
Principal risks and uncertainties
The Board consider the principal risks and uncertainties relating to the Group for the next six months to be the same as detailed in our last Annual Report and Accounts to 31 December 2008. Full details of the risks and uncertainties are detailed in the Directors' report section of those accounts. The principal risks to the business are:
Economic uncertainty
Loss of clients
Loss of key employees
Financial risk
By order of the Board
Simon Howard Michael Warren
Chairman Finance Director
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EASNFALXNEFE
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Allwill... looking at the fundamentals of this business and their p&l record their market cap/share price doesn't make sense. Do you have any theories? Why are you so optimistic about Work.L?
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| 17-08-09 | ||||
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lots of activity here mostly sells but who knows why
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| 11-05-09 | ||||
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Been a fan for a while and still adding to my holding. Debt free and making a profit even if at lower levels this company is certainly a recovery play and wouldn't take much to see it over 30p again.The only downside is you can't trade online.Anyway all will be clearer with results 25 may.
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| 11-05-09 | ||||
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Anyone watching these?
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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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