Final Results
25 Mai 2007 - 9:01AM
UK Regulatory
RNS Number:1183X
Carlisle Group Limited
25 May 2007
Belize City, Belize
Carlisle Group Limited announces fourth quarter and full year preliminary
results for the year ended 31st March, 2007
Carlisle Group Limited (London AIM: CXG), a leading provider of staffing and
outsourced business support services, reported turnover for the year ended 31st
March, 2007 of #369.5m (2006 - #349.3m) and operating profit of #5.6m (2006 -
#4.4m). Net profit for the year amounted to #5.3m (2006 - #2.0m) and diluted
earnings per share amounted to 21.5 pence (2006 - 8.2 pence).
For the final quarter ended 31st March, 2007, turnover was #94.6m (2006 -
#84.1m) with operating profit of #1.6m (2006 - #1.1m). Net profit for the
quarter amounted to #1.5m (2006 - loss of #0.4m) and diluted earnings per share
amounted to 6.1 pence (2006 - loss per share of 1.6 pence).
Chairman, David Hammond, said:
"Increased sales and profitability reflect our consistent progress, principally
driven by organic growth. Improved performance in both Staffing Services and
Support Services contributed to a significant uplift in earnings per share.
Continuing investment in the business, particularly in respect of new locations
and additional sales head count in staffing services, is starting to yield
benefits."
Staffing Services
Turnover for the year ended 31st March, 2007 was #267.9m (2006 - #252.0m).
Operating profit amounted to #2.8m (2006 - #2.6m).
For the final quarter ended 31st March, 2007, turnover was #66.5m (2006 -
#63.1m) with operating profit of #1.1m (2006 - #1.1m).
The brands that concentrate on placement of staff in technical positions, S.Com
and SRG, achieved strong growth. Continued growth in the Managed Services
business has added further contracts with Bedfordshire County Council and NM
Rothschild during the fourth quarter. The investment in brands covering the
Professional and Executive markets has continued and the addition of new
headcount and locations is gaining momentum. The Chadwick Nott acquisition
announced in December 2006 has been integrated and an additional location has
recently been opened in Manchester to extend the brand presence in the UK
regional legal market.
Contract and temporary gross margins generally remain pressured in the office
and industrial recruitment sectors where growth is more difficult.
Management continues to concentrate on developing and sharpening brand
penetration in both customer and candidate markets as well as increasing the
volume of permanent placement income, whilst continually improving the
effectiveness of support functions and technology development.
Support Services
Turnover for the year ended 31st March, 2007 was #101.6m (2006 - #97.3m).
Operating profit amounted to #4.1m (2006 - #3.2m).
For the final quarter ended 31st March, 2007, turnover was #28.1m (2006 -
#21.0m), with operating profit of #0.9m (2006 - #0.4m).
Each of the respective businesses is developing independent services to
customers whilst offering additional related or combined services to meet
customer demand.
In security services, the post-licensing market in England and Wales continues
to evolve to the benefit of professional operators. Recent contract gains with
Tubelines, NYK Logistics and Cranfield University will add to improving volumes
which have also grown through additional work for existing customers.
In cleaning and support services, growth has been limited but productivity
improvements, often shared with key customers, have helped to maintain progress.
Existing customer development continues in transport as well as in retail.
In retail merchandising and support services, store development projects
continue in both DIY and FMCG sectors, whilst new relationships with customers
such as Wyevale Garden Centres further extend the customer base with an
expanding service offering.
For further information contact Carlisle Group:
In the UK 01707 824000
In Belize 00 501 22 35989
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.
Consolidated Profit and Loss Account (Unaudited)
3 months ended 3 months ended Year ended Year ended
31 Mar 07 31 Mar 06 31 Mar 07 31 Mar 06
#'m #'m #'m #'m
Turnover 94.6 84.1 369.5 349.3
--------------------------------------------------------------------------------------------------------
Cost of sales (76.1) (67.0) (301.8) (281.4)
--------------------------------------------------------------------------------------------------------
Gross profit 18.5 17.1 67.7 67.9
Administrative expenses (16.9) (16.0) (62.1) (63.5)
--------------------------------------------------------------------------------------------------------
Operating profit 1.6 1.1 5.6 4.4
Profit/(loss) on disposal of subsidiary undertakings 0.2 (1.3) 0.7 (1.3)
Net interest payable and similar charges (0.2) (0.2) (0.9) (1.0)
--------------------------------------------------------------------------------------------------------
Profit/(loss) on ordinary activities before taxation 1.6 (0.4) 5.4 2.1
Tax on profit/(loss) on ordinary activities (0.1) (0.1) (0.1) (0.1)
--------------------------------------------------------------------------------------------------------
Profit/(loss) on ordinary activities after taxation 1.5 (0.5) 5.3 2.0
Equity minority interest - 0.1 - -
--------------------------------------------------------------------------------------------------------
Profit/(loss) for the financial period 1.5 (0.4) 5.3 2.0
========================================================================================================
Earnings/(loss) per ordinary share in pence
Basic 6.5p (1.7)p 22.3p 8.3p
Diluted 6.1p (1.6)p 21.5p 8.2p
========================================================================================================
Earnings (loss) per ordinary share has been calculated using the weighted average number of shares in
issue during the three month period of 23,246,000 (2006 - 24,067,000) and for the twelve month period of
23,817,000 (2006 - 24,067,000), and diluted number of shares of 24,400,000 (2006 - 24,791,000) and
24,659,000 (2006 - 24,331,000) respectively.
Consolidated Statement of Total Recognised Gains and Losses (Unaudited)
Profit/(loss) for the financial period 1.5 (0.4) 5.3 2.0
Exchange differences on foreign currency net investments 0.1 0.1 (0.4) 0.1
--------------------------------------------------------------------------------------------------------
Total recognised gains and losses for the period 1.6 (0.3) 4.9 2.1
========================================================================================================
Consolidated Balance Sheet (Unaudited)
31 Mar 07 31 Mar 06
#'m #'m
Fixed assets
Intangible assets 118.5 113.6
Tangible assets 5.7 5.9
---------------------------------------------------------------------------------
124.2 119.5
---------------------------------------------------------------------------------
Current assets
Trade debtors 47.7 42.3
Prepayments, accrued income and other debtors 14.5 13.2
Cash at bank and in hand 2.1 1.2
---------------------------------------------------------------------------------
64.3 56.7
---------------------------------------------------------------------------------
Creditors: amounts falling due within one year
Amounts due under confidential invoice discounting (5.0) (4.0)
Finance lease obligations (0.3) (0.3)
Trade creditors (7.6) (5.4)
Taxes and social security (12.3) (12.0)
Accruals and deferred income (27.5) (25.7)
---------------------------------------------------------------------------------
(52.7) (47.4)
---------------------------------------------------------------------------------
Net current assets 11.6 9.3
Total assets less current liabilities 135.8 128.8
Creditors: amounts falling due after more than one year
Finance lease obligations (0.4) (0.6)
Other creditors (2.9) -
---------------------------------------------------------------------------------
(3.3) (0.6)
---------------------------------------------------------------------------------
Net assets 132.5 128.2
=================================================================================
Capital and reserves
Called up share capital 2.4 2.4
Other reserves 130.1 125.8
---------------------------------------------------------------------------------
Equity shareholders' funds 132.5 128.2
Equity minority interests - -
--------------------------------------------------------------------------------
Capital employed 132.5 128.2
=================================================================================
Consolidated Cash Flow Statement (Unaudited)
Year ended Year ended
31 Mar 07 31 Mar 06
#'m #'m
Net cash inflow from operating activities 5.8 3.8
Returns on investments and servicing of finance (0.9) (0.9)
Taxation (0.3) (0.2)
Capital expenditure and financial investment (2.0) (2.8)
Acquisitions and disposals (1.3) (0.1)
------------------------------------------------------------------------------------
Cash inflow/(outflow) before financing 1.3 (0.2)
Financing
Purchase of own shares (0.9) -
Capital element of finance lease payments (0.4) (0.4)
Net investment by former parent undertaking - 1.0
------------------------------------------------------------------------------------
Increase in net cash in the year - 0.4
====================================================================================
Reconciliation of Net Cash Flow to Movement in Net Debt
Net (debt) brought forward (3.7) (4.3)
Increase in cash in the year - 0.4
Net movement in finance lease borrowings 0.4 0.4
Non-cash movements (0.2) (0.1)
Exchange adjustments (0.1) (0.1)
------------------------------------------------------------------------------------
Net (debt) carried forward (3.6) (3.7)
====================================================================================
Notes to the unaudited preliminary results
1. Basis of preparation
The financial information in this report for the three month period and
year ended 31 March 2007 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 the audited
financial statements for the year ended 31 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
3 months ended 3 months ended Year ended Year ended
31 Mar 07 31 Mar 06 31 Mar 07 31 Mar 06
#'m #'m #'m #'m
Turnover
Staffing services 66.5 63.1 267.9 252.0
Support services 28.1 21.0 101.6 97.3
--------------------------------------------------------------------------------------------------------
Total 94.6 84.1 369.5 349.3
--------------------------------------------------------------------------------------------------------
Profit before taxation
Staffing services 1.1 1.1 2.8 2.6
Support services 0.9 0.4 4.1 3.2
Corporate expenses (0.4) (0.4) (1.3) (1.4)
--------------------------------------------------------------------------------------------------------
Operating profit 1.6 1.1 5.6 4.4
Profit/(loss) on disposal of subsidiary undertakings 0.2 (1.3) 0.7 (1.3)
Net interest expense (0.2) (0.2) (0.9) (1.0)
--------------------------------------------------------------------------------------------------------
Profit/(loss) before taxation 1.6 (0.4) 5.4 2.1
========================================================================================================
3. Net cash inflow from operating activities
Year ended Year ended
31 Mar 07 31 Mar 06
#'m #'m
Operating profit 5.6 4.4
Depreciation 2.4 2.6
Other non-cash items 0.4 0.1
(Increase) in debtors (6.4) (5.8)
Increase in creditors 3.8 2.5
-----------------------------------------------------------------------------------------
Net cash inflow from operating activities 5.8 3.8
=========================================================================================
4. Analysis of net debt
31 Mar 07 31 Mar 06
#'m #'m
Cash at bank and in hand 2.1 1.2
Amounts due under confidential invoice
discounting facility (5.0) (4.0)
-----------------------------------------------------------------------------------------
(2.9) (2.8)
Finance leases due within one year (0.3) (0.3)
Finance leases due after more than one year (0.4) (0.6)
-----------------------------------------------------------------------------------------
(3.6) (3.7)
=========================================================================================
This information is provided by RNS
The company news service from the London Stock Exchange
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