Prime People PLC Trading Update and Notice of Results (9773T)
October 18 2017 - 8:37AM
UK Regulatory
TIDMPRP
RNS Number : 9773T
Prime People PLC
18 October 2017
Prime People Plc
Trading Update and Notice of Results
18(th) October 2017
The Board of Prime People plc (AIM: PRP) (the "Company")
provides the following update on the Company's trading performance
for the first half of its financial year and confirms that it
intends to announce the interim results for the six months ended 30
September 2017 on 9(th) November 2017.
Group Net Fee Income is broadly in line with the same period in
the prior year. Our UK business has performed in line with our
expectations during the first half with a modest increase in Net
Fee Income over the comparable period last year. Whilst continuing
to contribute to profit, our international business experienced a
tightening of activity in the first half compared with the same
period in the prior year. Before taking account of exceptional
acquisition costs relating to the acquisition of the majority
interest in Command Recruitment Group (HK) limited ("CMD"), we
expect profit before tax for the first half on a like for like
basis to be approximately 10% lower than for the same period in the
prior year.
With the acquisition of the majority interest in CMD, we have
continued to advance our international strategy by extending our
reach and capability both in Asia and the Middle East. Our existing
international business will benefit from increased dominance in
built environment recruitment in the Asia region. October trading
in the region is in line with expectations and our international
businesses are expected to contribute positively to the full year
outcome.
The business continues to be cash generative. Net cash at the
date of this statement is GBP2.10m (after GBP1.00m consideration
paid for the Command purchase). The March 2017 year-end position
was GBP2.40m.
We are committed to paying dividends and creating and returning
value to our shareholders. The Company intends to declare an
interim dividend of 1.75p (2016: 1.75p) per share after publication
of its interim results.
For further information, please contact:
Prime People Plc
Robert Macdonald, Chairman 020 7318 1785
Donka Zaneva-Todorinski, Finance Director
Cenkos Securities plc 020 7397 8900
This information is provided by RNS
The company news service from the London Stock Exchange
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