TIDMWOR
RNS Number : 4615M
World Careers Network PLC
30 April 2018
30 April 2018
WORLD CAREERS NETWORK PLC
Interim statement for the six months to 31 January 2018
Chairman's statement
Dear Shareholder
I am pleased to present the interim accounts of World
Careers Network Plc ("WCN") for the half year to 31
January 2018.
Financial Review
Half year revenues were GBP5.06m compared to GBP5.10m
in the first half of 2016 -17, with a drop in implementation
revenues partially offset by an increase in ongoing
subscription revenues.
Costs rose by just under GBP0.3m compared to the same
period last year, primarily due to increases in employment
costs - in sales, customer success and delivery and
product development - and higher marketing expenses.
As a consequence operating profits for the six months
decreased from GBP670k to GBP389k.
Outlook
The higher cost base is expected to continue in the
second half as a result of our ongoing commitment
to delivering great transformational products, high
levels of customer service and satisfaction, and to
growing the business. In addition, we expect to see
further increases in costs particularly in product
development and marketing.
As we continue to grow the business, we want our brand
to best reflect why we exist, what we believe in,
and where we are heading. In order to achieve this
we intend to change our logo, our visual identity
and the branding of our products and services and,
alongside this, the name of the company.
You will, therefore, find enclosed with the announcement
of our results for the half year, notice of an Extraordinary
General Meeting at which a resolution will be tabled
changing the name of the company from World Careers
Network Plc to Oleeo Plc.
Low new sales in the first half of the year, and known
reductions in subscription revenues from the existing
client base, mean that we expect profits for the second
half of the year to be lower than the first half and
for this to be reflected in a lower profit for the
full year than we achieved in 2017.
I would like to thank my colleagues for their tremendous
dedication to our clients and the success of the business.
Charles Hipps
Chairman, World Careers Network Plc
---------------------------------------------------------------
WORLD CAREERS NETWORK PLC
consolidated income statement
For the 6 Months Ended 31 January 2018
Unaudited Unaudited Audited
6 months 6 months Year to
ended ended
31 Jan 2018 31 Jan 2017 31 Jul
2017
GBP GBP GBP
Revenue 5,063,331 5,104,301 9,848,048
Total administrative
expenses 4,674,072 4,433,829 9,075.921
_________ _________ _________
Operating Profit 389,259 670,472 772,127
Finance income 5,363 37,279 39,416
_________ _________ _________
Profit on ordinary
activities
before taxation 394,622 707,751 811,543
Income tax 80,000 153,000 194,856
_________ _________ _________
Profit for the Period 314,622 554,751 616,687
_________ _________ _________
Earnings per share
Basic 4.15p 7.32p 8.15p
_________ _________ _________
Diluted 4.10p 7.24p 8.05p
_________ _________ _________
WORLD CAREERS NETWORK PLC
Consolidated Statement of Financial Position
As at 31 January 2018
Unaudited Unaudited Audited
31 January 31 January 31 July
2018 2017 2017
GBP GBP GBP GBP GBP GBP
Assets
Non-current
assets
Property,
plant and
equipment 173,279 146,026 170,848
Current assets
Trade and
other
receivables 2,294,334 3,305,586 1,454,107
Cash and
cash
equivalents 10,951,314 10,309,098 11,631,288
Total current
assets 13,245,648 13,614,684 13,085,395
Total assets 13,418,927 13,760,710 13,256,243
Equity
Issued capital 7,610 7,577 7,586
Share premium 1,679,930 1,614,311 1,649,024
Capital
redemption
reserve 708 689 708
Translation
reserve (3,369) (1,409) (1,188)
Retained
earnings 8,330,603 8,242,935 8,273,990
Total equity 10,015,482 9,864,103 9,930,120
Liabilities
Non-current
liabilities
Deferred
tax 21,822 16,643 21,822
Liabilities
Current liabilities
Trade and
other
payables 3,295,919 3,729,958 3,183,567
Income tax 85,704 150,006 120,734
Total current
liabilities 3,381,623 3,879,964 3,304,301
Total liabilities 3,403,445 3,896,607 3,326,123
Total equity
and liabilities 13,418,927 13,760,710 13,256,243
WORLD CAREERS NETWORK PLC
Consolidated statement of cash flows
For the 6 Months Ended 31 January 2018
Unaudited Unaudited Audited
6 months 6 months Year to
ended ended
31 Jan 2018 31 Jan 2017 31 July
2017
GBP GBP GBP
Cash flows from operating
activities
Operating profit 389,259 670,472 772,127
Depreciation
Exchange difference on 54,686 45,495 94,104
translation of foreign -
operations (2,181) (7,746) (6,783)
Share based payments 7,500 7,500 13,652
(Increase)/decrease in
receivables (840,226) (1,006,402) 845,076
Increase/(decrease) in
payables 112,352 862,713 316,322
_________ _________ _________
(278,610) 572,032 2,034,498
Taxation (115,030) (176,097) (242,047)
_________ _________ _________
Net cash (outflow)/inflow
from operating activities (393,640) 395,935 1,792,451
_________ _________ _________
Cash flows from investing
activities
Interest received 5,363 37,279 39,416
Purchase of property, plant
and equipment (57,116) (50,623) (124,778)
_________ _________ _________
Net cash outflow from investing
activities (51,753) (13,344) (85,362)
_________ _________ _________
Cash flows from financing
activities
Proceeds from issue of
shares 30,930 19,286 54,027
Purchase of own shares - - (37,050)
Equity dividends paid (265,510) (264,745) (264,745)
_________ _________ _________
Net cash outflow from financing
activities (234,580) (245,459) (247,768)
_________ _________ _________
(Decrease)/Increase in
cash in the year (679,973) 137,132 1,459,321
Cash and cash equivalents
at beginning of year 11,631,287 10,171,966 10,171,966
_________ _________ _________
Cash and cash equivalents
at end of year 10,951,314 10,309,098 11,631,287
_________ _________ _________
WORLD CAREERS NETWORK PLC
Notes to the interim financial statements
1 a) The basic earnings per share has been calculated
by dividing the profit by the weighted average
number of shares in issue during the relevant
periods.
b) The diluted earnings per share takes into account
the potential issue of further shares as a result
of the exercise of share options.
2 This interim report was approved by the board
of directors on 27 April 2018.
The financial information contained in this interim
report does not comprise statutory accounts as
defined by the Companies Act 2006.
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 2017.
The financial information for the year ended
31 July 2017 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 2017 and 2018 is unaudited and has
not been reviewed by the company's auditors.
Enquiries:
World Careers Network Plc
Charles Hipps, Chief Executive
Officer,
Telephone: +44 (0)20 8946 9876
Email: chipps@wcn.co.uk.
Panmure Gordon (UK) Limited
Nominated advisor
Andrew Potts
Telephone: +44 (0)20 7886 2956
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGUMACUPRGAM
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