TIDMPRP

RNS Number : 2780N

Prime People PLC

29 January 2021

29 January 2021

Prime People Plc

Interim Results

Prime People Plc ("Prime People" or the "Group"), the global specialist recruitment business for professional and technical staff working in the Real Estate & Built Environment, Energy & Environmental and Technology, Digital & Data Analytics sectors, announces its unaudited interim results for the six months ended 30 September 2020.

CHAIRMAN'S STATEMENT

Overview

Covid-19 has had a very considerable impact on many businesses through reductions in external staffing spend and hiring freezes. As previously reported, the Group's trading was severely impacted in the first six months of the financial year by Covid-19. As a result, the Group's Net Fee Income fell by 43.24% in the period compared to the six months to 30 September 2019. However, the Group remained profitable through a combination of timely and decisive cost savings realised across the Group to reflect expected levels of business and aided by our diversity, both by sector and geography, as well as taking advantage of governmental support where possible.

The Group recorded an operating profit for the period of GBP0.13m (H1 2020: GBP1.73m) on revenue of GBP8.66m (H1 2020: GBP13.17m).

Financial Results

Group revenue of GBP8.66m was 34.24% lower than the same period last year (H1 2020: GBP13.17m).

Group Net Fee Income ("NFI") was GBP4.99m (H1 2020: GBP8.80m). NFI for the UK business was GBP2.15m (H1 2020: GBP3.71m). Our overseas performance was Asia NFI of GBP2.67m (H1 2020: GBP4.83m); Rest of World NFI GBP0.17m (H1 2020: GBP0.26m); Command Recruitment Group (HK) Ltd ("CMD"), our Hong Kong subsidiary, recorded NFI of GBP0.94m (H1 2020: GBP2.28m). Contract NFI represented 7.14% of Group NFI (H 2020: 5.71%) during the period.

Administrative costs for the Group in the period were GBP4.86m (H1 2020: GBP7.07m). As reported in April and November 2020, the Group has utilised any available Government Employment Protection Schemes in the regions where they were relevant. While significant cost reductions were put in place, we have protected key investments in core technologies, as these are critical for the Group in maximising recovery post the pandemic and our ability to successfully deliver on our strategic objectives.

In the UK, profit before tax was GBP0.12m against GBP0.48m in H1 2020. Our Asia business, which covers the Group activities in Hong Kong and Singapore, generated a profit before tax before adjustment for minority interest of GBP0.21m for the period (H1 2020: GBP1.24m).

In September 2020, we were pleased to open our first office in the United States in Houston, Texas. The newly established business has started well and is performing ahead of management expectations, and it is disclosed within the Rest of the World.

The charge for Group taxation of GBP0.01m (H1 2020: GBP0.31m) is based on the expected annual effective tax rate of 19% in the UK (H1 2020: 19%), 16.5% in Hong Kong (H1 2020: 16.50%), and 17% in Singapore (H1 2020: 17%).

Basic earnings per share for the period were 0.95p (H1 2020: 9.33p).

Cash Flow

As previously announced, in June 2020, the Group secured a Coronavirus Business Interruption Loan ("CBILS") of GBP2m which remains un-utilised at the time of this announcement.

At the start of the current financial year, the Group had cash of GBP2.1m. At the period end the Group had available cash of GBP4.15m, and net cash after the CBILS of GBP2.15m (H1 2020: GBP3.04).

Dividend

The Board will not be declaring an interim dividend this year (H1 2020: 1.80p).

Outlook

As stated in our Final Results announcement on 4 November 2020, all our markets have been and continue to be impacted by Covid-19, and, whilst we experienced reasonable progress in the UK following the easing of the lockdown imposed on 26th March 2020, levels of activity did not recover to pre Covid-19 levels. This was also the case in Asia, where the region experienced a very similar contraction in trading to that in the UK. We had anticipated a gradual improvement in trading in H2 to 31st March 2021. However, the significant new lockdown measures imposed or being imposed around the World could see progress slow.

The information communicated in this announcement contains inside information for the purposes of Article 7 of the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.

Robert Macdonald

Executive Chairman

28 January 2021

For further information please contact:

 
 Prime People                            020 7318 1785 
 Robert Macdonald, Executive Chairman 
 Donka Zaneva-Todorinski, Finance 
  Director 
 Cenkos Securities                       020 7397 8900 
 Katy Birkin 
  Nicholas Wells 
 

PRIME PEOPLE PLC

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 September 2020

 
                                                            Six months ended                               Year ended 
                                                   30 September                      30 September            31 March 
                                                           2020                              2019                2020 
                                                                                                            (audited) 
                                Note                    GBP'000                           GBP'000             GBP'000 
 
 Revenue                          3                       8,660                            13,166              23,992 
 Cost of Sales                                          (3,665)                           (4,365)             (8,471) 
-----------------------------  ------  ----  ------------------  ------  ------------------------  -----  ----------- 
 
 Net Fee Income                                           4,995                             8,801              15,521 
 
  Administrative expenses                               (4,866)                           (7,072)            (13,560) 
   Goodwill impairment                                                                          -             (4,018) 
-----------------------------  ------  ----  ------------------  ------  ------------------------  -----  ----------- 
 
 Operating profit/ (loss)                                   129                             1,729             (2,057) 
  Interest payable                                         (32)                                 -                (76) 
 
 
 Profit/(loss) before 
  taxation                                                   97                             1,729             (2,133) 
 Income tax expense               4                        (15)                             (308)               (175) 
-----------------------------  ------  ----  ------------------  ------  ------------------------  -----  ----------- 
 
   Profit/(loss) for the 
   period/year                                               82                             1,421             (2,308) 
 Other comprehensive income 
  Exchange (loss)/ (gain) on translating 
  foreign operations                                       (81)                               115               (105) 
-------------------------------------------  ------------------  ------  ------------------------  -----  ----------- 
 
   Other Comprehensive (loss)/ income 
   for the period/ year, net of 
   tax                                                     (81)                               115               (105) 
-------------------------------------------  ------------------  ------  ------------------------  -----  ----------- 
 
   Total comprehensive income/ (loss) 
   for the period/year                                        1                             1,536             (2,413) 
 
 
 Profit/ (loss) attributable 
  to: 
  Equity shareholders of 
   the parent                                               116                             1,139             (2,384) 
  Non-controlling interest                                 (34)                               282                  76 
-----------------------------  ------  ----  ------------------  ------  ------------------------  -----  ----------- 
 
 
 Total Comprehensive Income 
  /(loss) attributable 
  to: 
 Equity shareholders of 
  the parent                                                 35                             1,254             (2,489) 
  Non-controlling interest                                 (34)                               282                  76 
 Earnings /(loss) per 
  share                           6 
 Basic earnings/(loss) 
  per share                                                 0.95p                                9.33p       (19.36)p 
 Diluted earnings/(loss) 
  per share                                                     0.95p                            9.22p       (19.36)p 
-----------------------------  ------  ----  --------------------------  -------------------------------  ----------- 
 
 
 

The above results relate to continuing operations.

The notes below form an integral part of this unaudited condensed consolidated interim report.

PRIME PEOPLE PLC

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

As at 30 September 2020

 
                                           30 September     30 September         31 March 
                                                   2020             2019             2020 
                                                                                (audited) 
                                       Note   GBP ' 000        GBP ' 000        GBP ' 000 
 
 Assets 
 Non-current assets 
 Goodwill                                         6,509           10,527            6,509 
 Property, plant and equipment                    1,632            1,847            1,890 
 Deferred tax asset                                  40               18               40 
------------------------------------  -----  ----------  ---  ----------  ---  ---------- 
                                                  8,181           12,392            8,439 
------------------------------------  -----  ----------  ---  ----------  ---  ---------- 
 
 Current assets 
 Trade and other receivables            9         3,250            5,069            3,868 
 Cash and cash equivalents                        4,149            3,037            2,055 
------------------------------------  -----  ----------  ---  ----------  ---  ---------- 
 
                                                  7,399            8,106            5,923 
------------------------------------  -----  ----------  ---  ----------  ---  ---------- 
 
 Total assets                                    15,580           20,498           14,362 
------------------------------------  -----  ----------  ---  ----------  ---  ---------- 
 
 Liabilities 
 Current Liabilities 
 Trade and other payables               10        2,576            2,681            3,205 
 Lease liabilities                                  542              383              497 
 Current tax liabilities                            225              481              166 
  Deferred tax liability                             22                -               22 
------------------------------------  -----  ----------  ---  ----------  ---  ---------- 
                                                  3,365            3,545            3,890 
------------------------------------  -----  ----------  ---  ----------  ---  ---------- 
 Non-current liabilities 
 Financial Liabilities - borrowings               2,000                -                - 
 Lease liabilities                                  811            1,058            1,027 
 Total liabilities                                6,176            4,603            4,917 
------------------------------------  -----  ----------  ---  ----------  ---  ---------- 
 
 Net assets                                       9,404           15,895            9,445 
------------------------------------  -----  ----------  ---  ----------  ---  ---------- 
 
 
 Capital and reserves attributable to the Company's equity holders 
 Called up share capital                          1,231            1,229            1,231 
 Capital redemption reserve                           9                9                9 
 Treasury shares                                   (42)            (168)                - 
 Share premium account                            3,376            5,371            3,376 
 Merger reserve                                     173              173              173 
 Share option reserve                               187              392              187 
 Currency translation differences                   410              711              491 
 Retained earnings                                3,430            7,308            3,314 
------------------------------------  -----  ----------  ---  ----------  ---  ---------- 
 Equity shareholders' funds                       8,774           15,025            8,781 
  Non-controlling interest                          630              870              664 
------------------------------------  -----  ----------  ---  ----------  ---  ---------- 
 Total Equity                                     9,404           15,895            9,445 
 
 

The notes below form an integral part of this unaudited condensed consolidated interim report.

PRIME PEOPLE PLC

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 September 2020

 
 -                  Called      Capital   Treasury     Share    Merger     Share   Translation   Retained          Total   Non-controlling      Total 
                        up   Redemption     shares   premium   reserve    option       reserve   Earnings   attributable          interest     equity 
                     share      reserve              account             reserve                               to equity 
                   capital                                                                                       holders 
                                                                                                                  of the 
                                                                                                                  parent 
                   GBP'000      GBP'000    GBP'000   GBP'000   GBP'000   GBP'000       GBP'000    GBP'000        GBP'000           GBP'000    GBP'000 
 
 
   At 1 April 
   2019              1,229            9      (161)     5,371       173       337           596      6,857         14,411               588     14,999 
 
 Profit 
  for the 
  period                 -            -          -         -         -         -             -      1,254          1,254               282      1,536 
 
 IFRS 16 
  adjustment 
  for leases             -            -          -         -         -       -               -      (396)          (396)                 -      (396) 
 Other 
  comprehensive 
  income                 -            -          -         -         -         -           115          -            115                 -        115 
 
 Equity-settled 
  share-based 
  payments               -            -          -         -         -        55             -          -             55                 -         55 
 
 Shares 
  purchased 
  for treasury           -            -       (16)         -         -         -             -          -           (16)                 -       (16) 
 
 Shares 
  issued 
  from treasury          -            -         13         -         -         -             -          -             13                 -         13 
 
 Adjustment 
  on share 
  disposal               -            -        (4)         -         -         -             -          4              -                 -          - 
 
 Dividend                -            -          -         -         -         -             -      (411)          (411)                 -      (411) 
----------------  --------  -----------  ---------  --------  --------  --------  ------------  ---------  -------------  ----------------  --------- 
 
   At 30 Sept 
   2019              1,229            9      (168)     5,371       173       392           711      7,308         15,025               870     15,895 
----------------  --------  -----------  ---------  --------  --------  --------  ------------  ---------  -------------  ----------------  --------- 
 

PRIME PEOPLE PLC

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 September 2020

 
                   Called      Capital   Treasury       Share    Merger     Share   Translation    Retained          Total   Non-controlling       Total 
                       up   Redemption     shares     premium   reserve    option       reserve    Earnings   attributable          interest      equity 
                    share      reserve                account             reserve                                to equity 
                  capital                                                                                          holders 
                                                                                                                    of the 
                                                                                                                    parent 
                  GBP'000      GBP'000    GBP'000     GBP'000   GBP'000   GBP'000       GBP'000     GBP'000        GBP'000           GBP'000     GBP'000 
 
   At 30 Sept 
   2019             1,229            9      (168)       5,371       173       392           711       7,308         15,025               870      15,895 
 Total 
  Comprehensive 
  loss for 
  the period            -            -          -           -         -         -             -     (3,638)        (3,638)             (206)     (3,844) 
 Other 
  comprehensive 
  income                -            -          -           -         -         -         (220)           -          (220)                 -       (220) 
 IFRS 16 
  adjustment 
  for leases            -            -          -           -         -         -             -          99             99                 -          99 
 Adjustments 
  in respect 
  of share 
  schemes               -            -          -           -         -     (205)             -         236             31                 -          31 
 Adjustment 
  in respect 
  of treasury 
  shares                -            -          -           -         -         -             -           -              9                 -           9 
 Issue of 
  ordinary 
  shares                2            -          -           -         -         -             -           -            (2)                 -         (2) 
 Capital 
  Repayment             -            -          -     (2,000)         -         -             -           -        (2,000)                 -     (2,000) 
 Shares 
  purchased 
  for treasury          -            -        (7)           -         -         -             -           -            (7)                 -         (7) 
 Shares 
  issued 
  from treasury         -            -         21           -         -         -             -           -             21                 -          21 
 Adjustment 
  on share 
  disposal              -            -        154           -         -         -             -       (154)              -                 -           - 
 Dividend               -            -          -           -         -         -             -       (537)          (537)                 -       (537) 
---------------  --------  -----------  ---------  ----------  --------  --------  ------------  ----------  -------------  ----------------  ---------- 
 
   At 31 March 
   2020             1,231            9          -       3,376       173       187           491       3,314          8,781               664       9,445 
---------------  --------  -----------  ---------  ----------  --------  --------  ------------  ----------  -------------  ----------------  ---------- 
 Profit/ 
  (loss) 
  for the 
  period                -            -          -           -         -         -             -         116            116              (34)          82 
 Other 
  comprehensive 
  loss                  -            -          -           -         -         -          (81)           -           (81)                 -        (81) 
 Shares 
  purchased 
  for treasury          -            -       (42)           -         -         -             -           -           (42)                 -        (42) 
 At 30 Sept 
  2020              1,231            9       (42)       3,376       173       187           410       3,430          8,774               630       9,404 
---------------  --------  -----------  ---------  ----------  --------  --------  ------------  ----------  -------------  ----------------  ---------- 
 

PRIME PEOPLE PLC

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOW

For the six months ended 30 September 2020

 
                                                                          Six months ended                  Year ended 
                                                                30 September               30 September       31 March 
                                                                        2020                       2019           2020 
                                                      Note           GBP'000                    GBP'000        GBP'000 
 
 
 Cash generated from underlying operations               7               572                      1,498          3,642 
 Income tax paid                                                           -                        (1)          (160) 
  Income tax received                                                      -                         19              - 
---------------------------------------------------  ------  ---  ----------  ---  --------------------  ---  -------- 
 
 Net cash from operating activities                                      572                      1,516          3,482 
 
 
 Cash flows from investing activities 
 Net purchase of property, plant and equipment and software             (32)                       (94)          (122) 
 
 
   Net cash used in investing activities                                (32)                       (94)          (122) 
---------------------------------------------------  ------  ---  ----------  ---  --------------------  ---  -------- 
 
 Cash flows from financing activities 
 Issue of ordinary share capital                                           -                          -              2 
 Shares issued from treasury                                               -                         13              - 
 Shares purchased for treasury                                          (42)                       (16)           (21) 
 Return of capital from share premium                                      -                          -        (2,000) 
 Dividend paid to shareholders                                             -                      (411)          (948) 
 Lease payments                                                        (289)                      (338)          (566) 
 Lease interest                                                         (30)                       (57)              - 
 Finance Interest paid                                                   (4)                          -              - 
 Proceeds from CBILS Loan                                              2,000                          -              - 
---------------------------------------------------  ------  ---  ----------  ---  --------------------  ---  -------- 
 
 Net cash generated by financing activities                            1,635                      (809)        (3,533) 
-----------------------------------------------------------  ---  ----------  ---  --------------------  ---  -------- 
 
 Net increase in cash and cash equivalents                             2,175                        613          (173) 
 
 Cash and cash equivalents at beginning of period/year                 2,055                      2,309          2,309 
 
 Effect of foreign exchange rate changes                                (81)                        115           (81) 
----------------------------------------------------------------  ----------  ---  --------------------  ---  -------- 
 
 Cash and cash equivalents available at end of period/year             4,149                      3,037          2,055 
----------------------------------------------------------------  ----------  ---  --------------------  ---  -------- 
 
   Debt borrowing at the beginning of period/year                          -                          -              - 
 Increase - CBILS loan                                               (2,000)                          -              - 
----------------------------------------------------------------  ----------  ---  --------------------  ---  -------- 
 
   Debt borrowing at the end of the period/year                      (2,000)                          -              - 
----------------------------------------------------------------  ----------  ---  --------------------  ---  -------- 
 
   Net cash after CBILS loan at period/year end                        2,149                      3,037          2,055 
 
 
 

The notes below form an integral part of this unaudited condensed consolidated interim report.

PRIME PEOPLE PLC

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM REPORT

For the six months ended 30 September 2020

   1.   General information 

Prime People Plc ('the Company') and its subsidiaries (together 'the Group') is an international recruitment services organisation with offices in the United Kingdom, the USA, Germany, the Middle East and the Asia Pacific region from which it serves an international client base. The Group offers both permanent and contract specialist recruitment consultancy for large and medium sized organisations.

Prime People Plc is the Group's ultimate parent company. The Company is a limited liability company incorporated and domiciled in the United Kingdom. The address of Prime People Group's registered office and its principal place of business is 2 Harewood Place, London, W1S 1BX, England. Prime People Group's shares are quoted on the AIM Market of the London Stock Exchange ("AIM"). The registered number of the Company is 1729887.

This unaudited condensed consolidated interim report for the six months ended 30 September 2020 (including comparatives) is presented in GBP '000 and was approved and authorised for issue by the Board of Directors on 28 January 2021.

Copies of the interim results are available at the Company's registered office and on the Company's website - www.prime-people.co.uk .

This unaudited condensed consolidated interim report does not constitute statutory accounts of the Group within the meaning of section 434 of the Companies Act 2006. The financial information for the year ended 31 March 2020 has been extracted from the statutory accounts for that year, which have been filed with the Registrar of Companies. The auditor's report on those accounts was unqualified and did not contain a statement under section 498 of the Companies Act 2006.

   2.     Basis of preparation 

The unaudited condensed consolidated interim report for the six months ended 30 September 2020 has been prepared using accounting policies consistent with International Financial Reporting Standards ("IFRSs") and in accordance with 'IAS 34, Interim financial reporting', as adopted by the European Union. The condensed consolidated interim report should be read in conjunction with the annual financial statements for the year ended 31 March 2020 which were prepared in accordance with IFRSs as adopted by the European Union.

The Group was profitable for the period and has financial resources comprising GBP2.15m of net cash as at 30 September 2020. After making enquiries, the Directors have formed a judgement, at the time of approving the six months results, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, a period of not less than 12 months. For this reason, the Directors continue to adopt the going concern basis in preparing the condensed set of financial statements.

These financial statements have been prepared under the historical cost convention.

IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance sets out the accounting for, and the disclosure of, government grants and the disclosure of other forms of government assistance. Government grants are recognised in profit or loss on a systematic basis over the periods in which the Group recognises expenses for the related costs for which the grants are intended to compensate.

Note 3 provides further information on how the Group accounts for Government grants.

   3.   Segment reporting 

(a) Revenue and net fee income by geographical region

 
                           Revenue                                 Net fee income 
                       Six months ended         Year ended        Six months ended            Year ended 
                30 September   30 September       31 March   30 September   30 September   31 March 2020 
                        2020           2019           2020           2020           2019 
                   GBP ' 000      GBP ' 000      GBP ' 000      GBP ' 000      GBP ' 000       GBP ' 000 
 
 UK                    5,780          8,072         15,677          2,154          3,707           7,262 
 
 Asia                  2,706          4,832          8,176          2,667          4,832           8,120 
 
 Rest of World           174            262            139            174            262             139 
---------------   ----------  -------------  -------------  -------------  -------------  -------------- 
 
                       8,660         13,166         23,992          4,995          8,801          15,521 
---------------   ----------  -------------  -------------  -------------  -------------  -------------- 
 
 
 

All revenues disclosed by the Group are derived from external customers and are for the provision of recruitment services. The accounting policies of the reportable segments are the same as the Group's accounting policies. Segment profit before taxation represents the profit earned by each segment after allocations of central administration costs.

(b) Revenue and net fee income by classification

 
                                     Revenue                                           Net fee income 
                                 Six months ended            Year ended               Six months ended            Year ended 
                         30 September     30 September    31 March 2020       30 September     30 September    31 March 2020 
                                 2020             2019                                2020             2019 
                            GBP ' 000            GBP '            GBP '          GBP ' 000            GBP '            GBP ' 
                                                   000              000                                 000              000 
 
 Permanent 
 - UK                           1,807            3,252            6,344              1,807            3,252            6,344 
  - Asia                        2,658            4,832            8,110              2,658            4,832            8,110 
  - Rest of World                 174              262              139                174              262              139 
 
 Contract (UK)                  3,973            4,820            9,333                346              455              918 
 Contract (Asia)                   48                                66                 10                -               10 
-------------------  ----  ----------  -----  --------  ----  ---------  -----  ----------  -----  --------  ----  --------- 
 
                                8,660           13,166           23,992              4,995            8,801           15,521 
-------------------  ----  ----------  -----  --------  ----  ---------  -----  ----------  -----  --------  ----  --------- 
 
 
 

(c) Profit before taxation by geographical region

 
                                                     Six months ended               Year ended 
                                              30 September   30 September 2019   31 March 2020 
                                                      2020 
                                                 GBP ' 000           GBP ' 000       GBP ' 000 
 
 UK                          Note 1 & 2                121                 478             299 
 
 Asia                                                  209               1,243           1,672 
 
 Rest of World                                       (201)           8                    (10) 
----------------------------------------------  ----------  ------------------  -------------- 
 
   Profit before taxation      Note 3                  129               1,729           1,961 
--------------------------  ------------------  ----------  ------------------  -------------- 
 
 
 

Note 1

Operating profit is the measure of profitability regularly viewed by the Board, which collectively acts as the Chief Decision Maker. Consequently, no segmental analysis of interest or tax expenses is provided.

Note 2

UK Operating profit for 31 March 2020 is before Goodwill impairment costs of GBP4.02m

Note 3

Profit before taxation in the six months to September 2020 is after a total of GBP0.55m Covid-19 Job Retention Government Support received in the UK, Asia, and Germany.

Government grants utilised in the period were UK Job Retention Scheme, Germany "Kurzarbeit" Scheme, Hong Kong Anti-epidemic Fund Employment Support Scheme ("ESS") and Singapore Job Support Scheme (JSS).

Government grants of GBP0.55m (2020 - GBPNil) are included in the 'Administrative expenses' line item, offset against staff costs. There are no unfulfilled conditions or other contingencies attaching to these grants.

(d) Segment Assets and Liabilities by Geographical Region

 
                               Total assets                          Total liabilities 
                   30 September 2020   30 September 2019   30 September 2020   30 September 2019 
                             GBP'000             GBP'000             GBP'000             GBP'000 
 
 UK                           10,289              12,211               4,403               2,474 
 Asia                          5,210               7,916               1,740               2,080 
 Rest of World                    81                 371                  33                  49 
----------------  ------------------  ------------------  ------------------  ------------------ 
 
   Total                      15,580              20,498               6,176               4,603 
----------------  ------------------  ------------------  ------------------  ------------------ 
 

The analysis above is of the carrying amount of reportable segment assets and liabilities. Segment assets and liabilities include items directly attributable to a segment and include income tax assets and liabilities.

   4.   Income tax expense 

The charge for taxation on profits for the interim period amounted to GBP15k (2020: GBP308k) an effective rate of 15.00% (2020: 17.81%).

   5.   Dividends 
 
                                                                            Six months ended            Year ended 
                                                                         30 September    30 September     31 March 
                                                                                 2020            2019         2020 
                                                                              GBP'000         GBP'000      GBP'000 
 
 Final dividend for 2019: 3.40p per share                                            -            411          411 
 Interim dividend for 2019: 1.80p per share                                          -              -          220 
                                                                                     - 
 Command Recruitment Group (HK) Limited dividend to non-controlling 
  shareholders                                                                       -              -          317 
---------------------------------------------------------------------  ---------------  -------------  ----------- 
                     -                                                                            411          948 
 
 
 
   6.   Earnings per share 

Earnings per share (EPS) are calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period.

Fully diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares by existing share options assuming dilution through conversion of all existing options.

Earnings and weighted average number of shares from continuing operations used in the calculations are shown below:

 
                                                                         Six months ended           Year ended 
                                                                    30 September   30 September       31 March 
                                                                            2020           2019           2020 
                                                                         GBP'000        GBP'000        GBP'000 
 
   Profit/(loss) for basic and diluted earnings per share                116              1,139        (2,384) 
-----------------------------------------------------------------  -------------  -------------  ------------- 
 
 
                                                                          Number         Number         Number 
 
 Weighted average number of shares used for basic earnings per 
  share                                                               12,222,273     12,204,023     12,307,273 
                                 Dilutive effect of share options              -        136,491        - 
-----------------------------------------------------------------  -------------  -------------  ------------- 
 
               Diluted weighted average number of shares used for 
                                       diluted earnings per share     12,222,273     12,340,514     12,307,273 
-----------------------------------------------------------------  -------------  -------------  ------------- 
 
 
 
 
                                         Six months ended           Year ended 
                                  30 September   30 September         31 March 
                                          2020           2019             2020 
                                       GBP'000        GBP'000          GBP'000 
                                         Pence          Pence            Pence 
 
 Basic earnings per share                0.95p          9.33p      (19.36)p 
 Diluted earnings per share              0.95p          9.22p         (19.36)p 
-----------------------------  ----  ---------  -------------  --------------- 
 
 
 
   7.   Reconciliation of profit before tax to cash flow from operating activities 
 
                                                                               Six months ended         Year ended 
                                                                          30 September   30 September     31 March 
                                                                                  2020           2019         2020 
                                                                               GBP'000        GBP'000      GBP'000 
 
 Profit/(loss) before taxation                                                      97          1,729      (2,133) 
 Adjustments for: 
 Depreciation of property, plant and equipment and software 
  amortisation                                                                     134            323          737 
 Impairment of Goodwill                                                              -              -        4,018 
 Share based payment expense                                                         -             90           49 
 Finance costs                                                                      32             49           76 
 (Profit)/Loss on sale of tangible asset                                             -              -            1 
-------------------------------------------------------------------  -----------------  -------------  ----------- 
 
 
 Operating cash flow before changes in working capital                             263          2,191        2,748 
                                                                                                    - 
 Decrease/ (increase) in receivables                                               618          (423)          778 
 (Decrease)/ increase in payables                                                (309)          (270)          116 
-------------------------------------------------------------------  -----------------  -------------  ----------- 
 
   Cash generated from underlying operations                                       572          1,498        3,642 
-------------------------------------------------------------------  -----------------  -------------  ----------- 
 
 
 
   8.   Reconciliation of net cash flow to movement in net funds 
 
                                                                               Six months ended         Year ended 
                                                                          30 September   30 September     31 March 
                                                                                  2020           2019         2020 
                                                                               GBP'000        GBP'000      GBP'000 
 
 Net increase/(decrease) in cash and cash equivalents in 
  period/year                                                                    2,180            613        (173) 
 Net funds at the start of the period/year                                       2,055          2,309        2,309 
 Effect of foreign exchange changes                                               (81)            115         (81) 
-------------------------------------------------------------------  -----------------  -------------  ----------- 
 
 Net funds at the end of the period/year                                         4,154          3,037        2,055 
-------------------------------------------------------------------  -----------------  -------------  ----------- 
 
 
 
   9.   Trade and other receivables 
 
                                 30 September   30 September 2019   31 March 
                                         2020                           2020 
                                      GBP'000             GBP'000    GBP'000 
 
 Trade receivables                      2,608               4,765      3,312 
 Allowance for doubtful debts           (378)               (650)      (340) 
 Prepayments                              755                 722        612 
 Other receivables                        265                 232        284 
------------------------------  -------------  ------------------  --------- 
 
                                        3,250               5,069      3,868 
 
 

10. Trade and other payables

 
                                                30 September            30 September 2019                 31 March 
                                                        2020                                                  2020 
                                                     GBP'000                      GBP'000                  GBP'000 
 
 Trade payables                                          504                          187                      371 
 Taxation and social security                            663                          674                      685 
 Other payables                                          510                          212                    1,248 
 Accruals                                                899                        1,608                      901 
------------------------------  ----------------------------  ---------------------------  ----------------------- 
                                                       2,576                        2,681                    3,205 
 
 

11. Treasury Shares

At 30 September 2019, the total number of ordinary shares held in Treasury and their values were as follows:

 
                                 30 September 2020     30 September 2019 
                                  Number    GBP'000      Number   GBP'000 
 
 As at 1 April                         -          -     195,676       161 
 Shares purchased for 
  treasury                        85,000         42      19,000        16 
 Shares issued from treasury           -          -   (128,500)      (13) 
 Equity reclassification 
  on disposal of treasury 
  shares                               -          -           -         4 
-----------------------------  ---------  ---------  ----------  -------- 
 As at 30 September               85,000         42      86,176       168 
-----------------------------  ---------  ---------  ----------  -------- 
 
   Nominal value                       9                      -         9 
 Market value                         41                      -        75 
-----------------------------  ---------  ---------  ----------  -------- 
 

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January 29, 2021 02:00 ET (07:00 GMT)

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