Interim Results
11 August 2006 - 9:00AM
UK Regulatory
RNS Number:4466H
Carlisle Group Limited
11 August 2006
EMBARGOED UNTIL 11TH AUGUST, 2006
Carlisle Group Limited announces interim results for the quarter ended
30th June, 2006
Belize City, Belize, - Carlisle Group Limited (London AIM: CXG), a leading
provider of staffing and business support services, reported turnover for the
quarter ended 30th June, 2006 of #86.8m (2005 - #87.1m) and operating profit of
#0.7m (2005 - #0.8m). Net profit for the quarter amounted to #1.0m (2005 -
#0.5m) and diluted earnings per share amounted to 4.0 pence (2005 - 2.1 pence).
Chairman, David Hammond, said:
"The business has met expectations in the first quarter of Fiscal 2007,
completing the disposal of a small recruitment business whilst carrying out
planned investment in target markets and with certain customers where future
growth is anticipated."
Staffing Services
Turnover for the quarter ended 30th June, 2006 was #65.2m (2005 - #63.6m), with
operating profit of #0.3m (2005 - #0.5m). The current quarter was impacted by
Easter falling in April this year and the consequent non-trading public holidays
in several sectors, as well as the Easter school holiday affecting the Education
sector. At the same time, there has been investment in people and new office
locations, particularly in certain Professional and Executive markets, where
future growth is anticipated.
The business continues to develop its respective positions within a broad range
of market sectors. Performance in the challenging markets of General and
Industrial as well as the Office sectors is generally stable with a similar
position for both Education and Healthcare sectors. Current growth, combined
with investment for future growth, is a feature of the Professional and
Executive markets, specifically in Accounting and Finance, Technology/Telecoms
and Scientific. The Managed Solutions customer base continues to develop with
solid implementation of recent contract gains and further new wins with The
Learning Trust and ICI Paints.
Support Services
Turnover for the quarter ended 30th June, 2006 was #21.6m (2005 - #23.5m), with
operating profit of #0.7m (2005 - #0.7m). Contract retention has been good and
expectations have been met for this first quarter. However, Retail Merchandising
activities experienced the anticipated reduced volume requirement from UK
retailers following the exceptionally high sales achieved in the same quarter
last year. Retail Merchandising remains well-positioned to benefit from future
planned volume uplift from retailer range reviews as well as store
refurbishments and extensions.
Cleaning and related services recorded revenue growth over both previous quarter
and prior year first quarter, adding a contract gain with First Group to the
already strong Transport sector presence. The Security Services market continues
to adjust to the newly regulated UK environment and this business unit is
aligning itself accordingly, building upon successful contract start-ups such as
that achieved with Docklands Light Railway in the quarter.
For further information contact Carlisle Group:
In Belize 00 50122 35989
In the UK 0207 248 6700
This press release is available at the Company's website:
www.carlislegroup.co.uk
Background Information
Carlisle Group is a leading provider of staffing and outsourced people-related
services, working with over 14,000 people in contract and full and part time
roles. The Staffing Services division provides temporary and permanent staff
recruitment services and solutions through a number of market specific brands
across a range of industry sectors. Carlisle Managed Solutions is a recruitment
outsourcing business that delivers tailored solutions to manage a client's
resourcing needs. The Support Services division provides a range of outsourced
services including Cleaning, Security, Retail Merchandising Services and Event
Support Services.
Summarised Consolidated Profit and Loss Account (Unaudited)
Notes
Three months ended 30th June 2006 2005
#'m #'m
Turnover 2 86.8 87.1
Cost of sales (71.0) (70.3)
_______________________________________________________________________________________________________________
Gross profit 15.8 16.8
Administrative expenses (15.1) (16.0)
_______________________________________________________________________________________________________________
Operating profit 0.7 0.8
Profit on disposal of subsidiary undertaking 0.5 -
Interest payable and similar charges (0.2) (0.3)
_______________________________________________________________________________________________________________
Profit on ordinary activities before taxation 2 1.0 0.5
Tax on profit on ordinary activities - -
_______________________________________________________________________________________________________________
Profit on ordinary activities after taxation for the period 1.0 0.5
===============================================================================================================
Earnings per ordinary share (in pence)
Basic 4.2p 2.1p
Diluted 4.0p 2.1p
===============================================================================================================
Earnings per ordinary share has been calculated using the weighted average
number of shares in issue during the period of 24,067,000 (2005 - 24,067,000)
and 24,791,000 diluted (2005 - 24,067,000).
Consolidated Statement of Total Recognised Gains and Losses (Unaudited)
Profit for the financial period 1.0 0.5
Exchange differences on foreign currency net investments (0.3) -
________________________________________________________________________________________________________________
Total recognised gains and losses for the period 0.7 0.5
================================================================================================================
Summarised Consolidated Balance Sheet (Unaudited)
30th June 31st March
2006 2006
#'m #'m
Fixed assets
Intangible assets 113.4 113.6
Tangible assets 6.0 5.9
_________________________________________________________________________________________________________________
119.4 119.5
_________________________________________________________________________________________________________________
Current assets
Trade debtors 48.6 42.3
Prepayments, accrued income and other debtors 14.2 13.0
Cash at bank and in hand 1.6 1.2
_________________________________________________________________________________________________________________
64.4 56.5
_________________________________________________________________________________________________________________
Creditors: amounts falling due within one year
Bank and other borrowings (12.7) (4.0)
Finance lease obligations (0.3) (0.3)
Trade creditors (5.9) (5.4)
Taxes and social security (12.0) (12.0)
Accruals and deferred income (23.4) (25.5)
_________________________________________________________________________________________________________________
(54.3) (47.2)
________________________________________________________________________________________________________________
Total assets less current liabilities 129.5 128.8
Creditors: amounts falling due after
more than one year (0.5) (0.6)
_________________________________________________________________________________________________________________
Net assets 129.0 128.2
=================================================================================================================
Capital and reserves
Called up share capital 2.4 2.4
Reserves 126.6 125.8
_________________________________________________________________________________________________________________
Equity shareholders' funds 129.0 128.2
=================================================================================================================
Summarised Consolidated Cash Flow Statement (Unaudited) Notes
Three months ended 30th June 2006 2005
#'m #'m
Net cash (outflow) from operating activities 3 (7.6) (1.8)
Returns on investments and servicing of finance (0.2) (0.3)
Capital expenditure and financial investment (0.7) (0.6)
Acquisitions and disposals 0.4 -
_________________________________________________________________________________________________________________
Cash (outflow) before financing (8.1) (2.7)
Financing (0.1) (0.1)
Net investment by former parent undertaking - 1.0
________________________________________________________________________________________________________________
(Decrease) in net cash in the period (8.2) (1.8)
================================================================================================================
Reconciliation of Net Cash Flow to Movement in Net Debt
Net (debt) brought forward 4 (3.7) (4.3)
(Decrease) in cash in the period (8.2) (1.8)
Net movement in finance lease borrowings 0.1 -
Exchange adjustments (0.1) -
_________________________________________________________________________________________________________________
Net (debt) carried forward 4 (11.9) (6.1)
=================================================================================================================
Notes to the unaudited interim results
1. Basis of preparation
The financial information in this report for the three months ended 30th June
2006 represents the consolidated results of Carlisle Group Limited and its
subsidiary undertakings. It has been prepared on a consistent basis using the
same accounting policies as for the preliminary announcement for the year ended
31st March 2006. The financial information contained in this report does not
constitute statutory financial statements as set out in applicable accounting
standards in the United Kingdom.
2. Segmental information
Three months ended 30th June 2006 2005
#'m #'m
Analysis by class of business
Turnover
Staffing services 65.2 63.6
Support services 21.6 23.5
_________________________________________________________________________________________________________________
Total 86.8 87.1
_________________________________________________________________________________________________________________
Profit before taxation
Staffing services 0.3 0.5
Support services 0.7 0.7
Corporate expenses (0.3) (0.4)
________________________________________________________________________________________________________________
Operating profit 0.7 0.8
Profit on disposal of subsidiary undertaking* 0.5 -
Interest expense (0.2) (0.3)
________________________________________________________________________________________________________________
Profit before taxation 1.0 0.5
================================================================================================================
* After a charge of #0.2m from the write off of related goodwill
3. Net cash outflow from operating activities
Three months ended 30th June 2006 2005
#'m #'m
Operating profit 0.7 0.8
Depreciation 0.6 0.7
Other non-cash items 0.1 -
(Increase) in debtors (7.9) (3.2)
(Decrease) in creditors (1.1) (0.1)
_________________________________________________________________________________________________________________
Net cash (outflow) from operating activities (7.6) (1.8)
=================================================================================================================
4. Analysis of net debt
30th June 31 March
2006 2006
#'m #'m
Cash at bank and in hand 1.6 1.2
Bank and other borrowings due within one year (12.7) (4.0)
_________________________________________________________________________________________________________________
(11.1) (2.8)
Finance leases due within one year (0.3) (0.3)
Finance leases due after more than one year (0.5) (0.6)
_________________________________________________________________________________________________________________
(11.9) (3.7)
=================================================================================================================
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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