TIDMSAVG
RNS Number : 6445A
Savile Group PLC
25 March 2013
Savile Group plc
("Savile", the "Group" or the "Company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED
31 December 2012
Savile Group plc (SAVG.L), the AIM quoted human resources
consulting group announces its unaudited interim results for the
six months ended 31 December 2012.
Financial Summary
Six months ended Six months ended Year ended
31 December 31 December 2011 30 June 2012
2012
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
---------------------------- ------------------ ------------------- ---------------
Revenue on continuing
operations 3,828 3,596 7,390
---------------------------- ------------------ ------------------- ---------------
Operating (loss)/profit
before non-recurring
exceptional items (443) 69 (40)
---------------------------- ------------------ ------------------- ---------------
Non-recurring exceptional
items (351) - (62)
---------------------------- ------------------ ------------------- ---------------
Cash at bank 554 758 1,043
---------------------------- ------------------ ------------------- ---------------
Diluted (loss)/earnings
per share on continuing
operations (5.29)p 0.82p (0.62)p
---------------------------- ------------------ ------------------- ---------------
Enquiries to:
Savile Group plc Cairn Financial Advisers LLP
David Harrel Tony Rawlinson
Chairman Nominated advisor
Tel: 020 7204 6990 Tel: 020 7148 7901
Further information on the Company can be found on its website,
at www.savile.com
Chairman's Statement
The first six months of the current financial year have been
extremely challenging for the Group. As noted in our recent trading
update, like for like income, excluding the CMC acquisition was
around 20% below the same period in 2011 (6% above last year
including CMC), with demand in the first quarter being particularly
slow. This continued into the second quarter, with customers
delaying committing to projects. In addition, reorganisation costs
added to the loss as detailed in note 2.
These reorganisation costs relate to a work programme to fully
integrate the operations of CMC and improve efficiency. The
majority of the total costs relating to this project, including
redundancies have been incurred in the first half of the year.
The Group's unaudited revenue on continuing activities in the
six months ended 31 December 2012 was GBP3.83m (2011: GBP3.60m) and
operating loss before exceptional items was GBP(0.44m) (2011:
Profit GBP0.07m). Net assets at 31 December 2012 were GBP0.96m
(2011: GBP2.00m) including net cash of GBP0.55m (2011: GBP0.76m).
The Group has no debt.
The poor trading and losses incurred in the 6 month period to 31
December 2012 has impacted the Group's cash at bank.
2013 has started on a more positive note and if this continues
it will result in an improved performance in the second half of the
year to 30 June 2013 compared to the first half.
The trading environment remains challenging but we believe the
restructured Group is taking steps to meet these challenges.
David Harrel
Chairman
25 March 2013
Group Statement of Comprehensive Income
for the six months ended 31 December 2012
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2012 2011 2012
Note Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue 3,828 3,596 7,390
Operating expenses (4,271) (3,527) (7,430)
Operating (loss)/profit before
non-recurring
exceptional items (443) 69 (40)
Non-recurring exceptional items 2 (351) - (62)
-------------- ----------------- ------------
Operating (loss)/profit (794) 69 (102)
Finance income 4 5 10
(Loss)/profit before taxation
on continuing activities (790) 74 (92)
Taxation - 50 -
-------------- ----------------- ------------
(Loss)/profit after taxation on
continuing operations (790) 124 (92)
Loss on discontinued operations 3 - (1,076) (1,136)
Loss and total comprehensive income
for the period attributable to
equity owners of the parent (790) (952) (1,228)
-------------- ----------------- ------------
Loss per ordinary share (total) 4 Pence Pence Pence
Basic (5.29) (6.37) (8.22)
-------------- ----------------- ------------
Diluted (5.29) (6.33) (8.22)
-------------- ----------------- ------------
(Loss)/earnings per ordinary share 4 Pence Pence Pence
(continuing operations)
Basic (5.29) 0.83 (0.62)
-------------- ----------------- ------------
Diluted (5.29) 0.82 (0.62)
-------------- ----------------- ------------
Group Balance Sheet
as at 31 December 2012
As at As at As at
31 December 31 December 30 June
2012 2011 2012
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Assets
Non current assets
Property, plant and equipment 293 237 312
Intangible assets 498 123 505
791 360 817
-------------- -------------- ----------
Current assets:
Inventories 9 25 11
Trade and other receivables 2,193 2,409 2,796
Cash and cash equivalents 554 758 1,043
-------------- -------------- ----------
2,756 3,192 3,850
-------------- -------------- ----------
Total assets 3,547 3,552 4,667
-------------- -------------- ----------
Liabilities:
Current liabilities
Trade and other payables 2,589 1,552 2,878
Total liabilities 2,589 1,552 2,878
Net assets 958 2,000 1,789
-------------- -------------- ----------
Capital and reserves attributable
to equity holders of the company
Share capital 448 448 448
Share premium account 1,851 1,851 1,851
Merger reserve 329 194 329
Capital redemption reserve 800 800 800
Retained earnings (2,470) (1,293) (1,639)
Total equity 958 2,000 1,789
-------------- -------------- ----------
Group Statement of Changes in Equity
for the six months ended 31 December 2012
Share Capital
capital Share premium Merger redemption Retained Total
account reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2012 448 1,851 329 800 (1,639) 1,789
Treasury shares - - - - (41) (41)
Loss and total comprehensive
income for the period - - - - (790) (790)
At 31 December 2012 448 1,851 329 800 (2,470) 958
---------- --------------- ----------- ------------- ------------ ---------
At 1 July 2011 448 1,851 329 800 (415) 3,013
Transfer on liquidation
of 7 Days Limited - - (135) - 135 -
Reversal of share based
payment charge - - - - (61) (61)
Loss and total comprehensive
income for the period - - - - (952) (952)
At 31 December 2011 448 1,851 194 800 (1,293) 2,000
---------- --------------- ----------- ------------- ------------ ---------
At 1 July 2011 448 1,851 329 800 (415) 3,013
Loss and total comprehensive
income for the year - - - - (1,228) (1,228)
Share based payments - - - - 4 4
At 30 June 2012 448 1,851 329 800 (1,639) 1,789
---------- --------------- ----------- ------------- ------------ ---------
Group Cash Flow Statement
for the six months ended 31 December 2012
Six months Six months
ended ended
31 December 31 December Year ended
2012 2011 30 June 2012
Unaudited Unaudited Audited
Cash flow from operating activities GBP'000 GBP'000 GBP'000
(Loss)/profit before tax - continued
operations (790) 74 (92)
Loss before tax - discontinued operations - (1,076) (1,136)
-------------- --------------- ---------------
(790) (1,002) (1,228)
Amortisation and impairment of intangibles 7 806 809
Net liabilities of 7 Days on liquidation
excluding cash - (112) 85
Depreciation 63 48 95
Share-based payment charge - - 4
Interest received (4) (5) (10)
-------------- --------------- ---------------
66 737 983
-------------- --------------- ---------------
Changes in working capital:
Inventories 2 (11) 3
Trade and other receivables 603 169 587
Trade and other payables (289) (335) (477)
-------------- --------------- ---------------
316 (177) 113
-------------- --------------- ---------------
Tax paid - - (26)
-------------- --------------- ---------------
Net cash used by operations (408) (442) (158)
Investing activities
Purchase of property, plant and
equipment (44) (3) (104)
Acquisition of CMC Limited (net
of cash acquired) - - 97
Interest received 4 5 10
Net cash (used)/from in investing
activities (40) 2 3
-------------- --------------- ---------------
(448) (440) (155)
Financing activities
Purchase of own shares (41) - -
Net cash used in financing activities (41) - -
-------------- --------------- ---------------
Net decrease in cash and cash equivalents (489) (440) (155)
Cash and cash equivalents at beginning
of period 1,043 1,198 1,198
Cash and cash equivalents at end
of period 554 758 1,043
============== =============== ===============
Notes to the interim results
for the six months ended 31 December 2012
1. Accounting policies
The financial information in these interim results has been
prepared using the recognition and measurement principles of
International Accounting Standards, International Financial
Reporting Standards and Interpretations adopted for use in the
European Union (collectively Adopted IFRSs). The principal
accounting policies used in preparing the interim results are those
the Group expects to apply in its financial statements for the year
ending 30 June 2013 and, are unchanged from those disclosed in the
Group's Report and Financial Statements for the year ended 30 June
2012.
The financial information for the year ended 30 June 2012 does
not constitute the full statutory accounts for that period. The
Annual Report and Financial Statements for 2012 have been filed
with the Registrar of Companies. The Independent Auditors' Report
on those accounts for 2012 was unqualified, did not draw attention
to any matters by way of emphasis, and did not contain a statement
under 498(2) or 498(3) of the Companies Act 2006.
2. Exceptional items
Exceptional items comprise two main elements; Costs incurred by
the Group in reorganising the Fairplace and Cedar businesses and
costs arising from the acquisition and reorganisation of Career
Management Services Limited.
31 December 31 December 30 June
2012 2011 2012
GBP'000 GBP'000 GBP'000
Reorganisation costs
Personnel - - 12
Costs relating to Career Management
Services Limited
Personnel - redundancies and termination
payments 193 - 31
Property costs relating to unoccupied
premises 94 - 15
Legal 64 - 4
------------- ------------- ---------
351 - 62
------------- ------------- ---------
3. Discontinued operations
The appointment of a liquidator for 7 Days Limited in October
2011 resulted in the following charges for discontinued
operations:
31 December 31 December 30 June
2012 2011 2012
GBP'000 GBP'000 GBP'000
Revenue - 98 98
Operating expenses - (454) (454)
Taxation - - -
Impairment of goodwill - (661) (661)
Intangibles write off - (144) (144)
Net liabilities on liquidation - 82 82
Settlement of leases - (53) (52)
Remuneration costs relating to shares - 61 -
issued
Legal and professional - (5) (5)
- (1,076) (1,136)
Taxation - - -
-------------- ------------- ----------
- (1,076) (1,136)
------------------------------------------------------- ------------- ----------
4. Earnings per share
31 December 31 December 30 June
2012 2011 2012
GBP'000 GBP'000 GBP'000
Numerator
(Loss)/profit for the period on continued
operations (790) 124 (92)
Loss for the period on discontinued
operations - (1,076) (1,136)
------------- ------------- ------------
(790) (952) (1,228)
------------- ------------- ------------
Denominator Number Number Number
Weighted average of shares used in
basic EPS 14,941,822 14,941,822 14,941,822
Effects of:
Employee share options - 104,494 -
------------- ------------- ------------
Weighted average of shares used in
diluted EPS 14,941,822 15,046,316 14,941,822
------------- ------------- ------------
Employee options whose exercise price is greater than the weighted
average share price during the year (i.e. they are out of the money)
are excluded from the earnings per share calculations.
5. Availability of Interim statement
The interim statement was approved by the Board of Directors on
22 March 2013. .
This Interim Statement is being sent by post to all registered
shareholders. Additional copies are available from the Company's
registered office, 36-38 Cornhill, London, EC3V 3PQ and on its
website: www.savile.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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