9 Month Interim Results

Prime People PLC 09 December 2005 9 December 2005 PRIME PEOPLE plc O Unaudited results for the nine months ended 30 September 2005 O Payment of dividend of 0.125p per Ordinary Share O Proposed reverse take-over of Macdonald & Company Group Limited ('Macdonald') Chairman's Statement At the time of the interims released in August, the Board announced that it had significantly increased the intensity of its effort to achieve its stated short to medium term strategic aim of identifying acquisitions, which will provide platforms to generate profitable growth and shareholder value. I am pleased that as a result we have today announced the proposed reverse take-over of Macdonald. As a result of the transaction the year end of Prime People plc will change to 31 March to align with that of Macdonald. Accordingly, we are today publishing second interim financial statements for the 9 months to 30 September 2005. Prime People plc reports a loss on ordinary activities before taxation of Â£115,400 for the nine-month period ended 30 September 2005 compared to a profit of Â£713,696 in the nine months to 30 September 2004. The profit before tax for the corresponding period in 2004 included an operating profit contribution of Â£165,767 from Portfolio International Limited, and a profit of Â£609,844 on the disposal of Portfolio, which took place on 5 August 2004. Harper Craven continues to trade in line with expectations and generated a profit before tax of Â£27,897 (2004: Â£27,769). Our associate, Cameron Kennedy, is investing in its business in the year to date with the recruitment of new consultants, the payment of higher bonuses and the cost of moving to new premises being incurred. Our share of losses was Â£20,825 compared to a profit of Â£49,549 in the corresponding period in 2004. Of the administrative expenses charged to the period under review some Â£237,112 related to the head office and public company costs of Prime People. A dividend of 0.125p per Ordinary Share will be paid on 21 December 2005 to ordinary Shareholders on the register on 1 December 2005. Peter Hearn Non-executive Chairman Consolidated Profit and Loss Account for the nine months ended 30 September 2005 Nine months Nine months Year ended ended ended 31 December 30 September 30 September 2004 2005 2004 Unaudited Unaudited Audited Notes Â£ Â£ Â£ Turnover - Continuing operations 490,049 544,039 708,653 - Discontinued - 1,585,895 1,585,895 operations ----------- ----------- ----------- 490,049 2,129,934 2,294,548 ----------- ----------- ----------- Cost of sales - Continuing operations (141,304) (139,041) (179,571) - Discontinued - (7,240) (7,240) operations ----------- ----------- ----------- (141,304) (146,281) (186,811) ----------- ----------- ----------- Gross profit 348,745 1,983,653 2,107,737 Administrative expenses (533,982) (1,964,926) (2,197,259) ----------- ----------- ----------- Group operating loss - Continuing operations (185,237) (174,994) (283,243) - Discontinued - 193,721 193,721 operations ----------- ----------- ----------- (185,237) 18,727 (89,522) Share of operating (loss)/ profit (20,825) 49,549 87,133 in associate Amortisation of goodwill (9,000) (9,000) (12,000) ----------- ----------- ----------- (Loss)/profit on ordinary activities before interest (215,062) 59,726 (14,389) Profit on disposal of - 609,844 609,844 subsidiary Interest receivable and similar 100,760 44,576 79,530 income Interest payable and similar charges (1,098) - (487) ----------- ----------- ----------- (Loss)/profit on ordinary activities before taxation (115,400) 713,696 674,498 Tax on (loss)/profit on ordinary 2 - (2,112) (2,112) activities ----------- ----------- ----------- (Loss)/profit on ordinary activities after taxation transferred to reserves 5 (115,400) 711,584 672,386 ======= ======= ======= (Loss)/earnings per ordinary share - Basic 4 (0.31)p 1.93p 1.82p - Diluted (0.31)p 1.93p 1.82p ======= ======= ======= Consolidated Balance Sheet at 30 September 2005 30 September 30 September 31 December 2005 2004 2004 Unaudited Unaudited Audited Notes Â£ Â£ Â£ Fixed assets Tangible assets 35,717 38,564 44,028 Investment in associate 381,851 377,092 411,676 ----------- ----------- ----------- 417,568 415,656 455,704 ----------- ----------- ----------- Current assets Debtors 290,183 135,176 262,052 Cash at bank and in hand 2,722,309 2,968,156 2,835,981 ----------- ----------- ----------- 3,012,492 3,103,332 3,098,033 Creditors: Amounts falling due (198,249) (125,081) (200,903) within one year ----------- ----------- ----------- Net current assets 2,814,243 2,978,251 2,897,130 Creditors: Amount falling due (6,874) (14,372) (12,497) after one year ----------- ----------- ----------- Net assets 3,224,937 3,379,535 3,340,337 ======= ======= ======= Capital and reserves Called up share capital 368,467 368,467 368,467 Share premium account 5 909,925 909,925 909,925 Merger reserve 5 173,077 173,077 173,077 Profit and loss account 5 1,773,468 1,928,066 1,888,868 ----------- ----------- ----------- Shareholders' funds 6 3,224,937 3,379,535 3,340,337 ======= ======= ======= Consolidated Cash Flow Statement for the nine months ended 30 September 2005 Nine months Nine months Year ended ended ended 31 December 30 September 30 September 2004 2005 2004 Unaudited Unaudited Audited Notes Â£ Â£ Â£ Net cash (outflow)/inflow from 7 (218,102) 64,164 (93,986) operating activities Return on investment and servicing of finance Interest received 100,760 44,576 79,530 Interest paid (1,098) - (487) ----------- ----------- ----------- 99,662 44,576 79,043 Taxation - 74,350 74,350 Capital expenditure and financial investment Purchase of tangible fixed (3,774) (28,059) (37,592) assets Sale of tangible fixed 900 800 1,800 assets ----------- ----------- ----------- (2,874) (27,259) (35,792) Acquisitions and disposals Sale of subsidiary - 1,905,284 1,905,284 undertaking Net cash disposal with - (53,986) (53,986) subsidiary ----------- ----------- ----------- - 1,851,298 1,851,298 Net cash (outflow)/inflow before (121,314) 2,007,129 1,874,913 management of liquid resources and financing Management of liquid resources Sale/(purchase) of deposits 154,464 (1,944,000) (1,647,000) Financing Capital element of finance (5,623) (625) (2,501) leases ----------- ----------- ----------- Increase in cash 8 27,527 62,504 225,412 ======= ======= ======= Notes to the Interim Financial Statements for the nine months ended 30 September 2005 1. Accounting policies The interim results have been prepared on the same basis and using the same accounting policies as those used in the preparation of the accounts for the year ended 31 December 2004. 2. Taxation on profit on ordinary activities Group ---------------- 2005 2004 Â£ Â£ UK corporation tax - 2,112 Share of associate's tax - - ----------- ----------- - 2,112 ======= ======= 3. Dividends A dividend of 0.125p per Ordinary Share will be paid on 21 December 2005 to shareholders on the register on 1 December 2005. 4. Loss per share The loss per share is calculated based on a weighted average number of shares of 36,846,692 (2004: 36,846,692) and the loss of Â£154,400 giving a loss per share of 0.31p (2004: earnings per share of 1.93p). Outstanding share options are not considered to be dilutive in view of the loss in the period. 5. Reserves Share Merger Profit and Premium Reserve Loss Account Account Â£ Â£ Â£ At 1 January 2005 909,925 173,077 1,888,868 Transfer from Profit and Loss Account - - (115,400) ----------- ----------- ----------- At 30 September 2005 909,925 173,077 1,773,468 ======= ======= ======= 6. Reconciliation of movement in shareholders' funds 30 September 30 September 31 December 2005 2004 2004 Unaudited Unaudited Audited Notes Â£ Â£ Â£ (Loss)/profit for the period (115,400) 711,584 672,386 Goodwill eliminated on disposal - 641,006 641,006 of subsidiary Opening shareholders' funds 3,340,337 2,026,945 2,026,945 ----------- ----------- ----------- Closing shareholders' funds 3,224,937 3,379,535 3,340,337 ======= ======= ======= 7. Reconciliation of operating (loss)/profit to net cash (outflow)/inflow from operating activities Nine months Nine months Year ended ended ended 31 December 30 September 30 September 2004 2005 2004 Unaudited Unaudited Audited Â£ Â£ Â£ Group operating (loss)/profit (185,237) 18,727 (89,522) Depreciation 11,096 29,715 33,784 Loss/(profit) on sale of tangible fixed assets 90 (800) (1,800) Increase/(decrease) in debtors (28,131) (28,685) (155,561) (Decrease)/increase in creditors (15,920) 45,207 119,113 ----------- ----------- ----------- Net cash (outflow) / inflow from operating activities (218,102) 64,164 (93,986) ======= ======= ======= 8. Reconciliation of net cash outflow to movement in net funds Nine months Nine months Year ended ended ended 31 December 30 September 30 September 2004 2005 2004 Unaudited Unaudited Audited Â£ Â£ Â£ Increase in cash in the period 27,527 62,504 225,412 Cash outflow from decrease in debt and lease financing 5,623 625 2,501 Cash inflow/(outflow) from decrease/(increase) in liquid (154,464) 1,944,000 1,647,000 resources ----------- ----------- ----------- (Decrease)/increase in net funds resulting from cash flows (121,314) 2,007,129 1,874,913 New finance leases - (22,496) (22,496) Opening net funds 2,800,187 947,770 947,770 ----------- ----------- ----------- Closing net funds 2,678,873 2,932,403 2,800,187 ======= ======= ======= 9. Analysis of net funds At Cash flow At 1 January 30 September 2005 2005 Â£ Â£ Â£ Cash at bank and in hand 192,981 40,793 233,774 Bank Overdraft (15,799) (13,266) (29,065) ----------- ----------- ----------- 177,182 27,527 204,709 Liquid resources 2,643,000 (154,464) 2,488,536 Finance leases (19,995) 5,623 (14,372) ----------- ----------- ----------- Total 2,800,187 (121,314) 2,678,873 ======= ======= ======= 10. Nature of the financial information The interim financial information for the nine months ended 30 September 2005, was approved by the board on 8 December 2005. The financial information set out above does not constitute full accounts within the meaning of Section 254 of the Companies Act 1985. The results for the year to 31 December 2004 are extracts from the published accounts for that year which have received an unqualified audit report and have been filed with the Registrar of Companies. This information is provided by RNS The company news service from the London Stock Exchange

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Macdonalds & Company Holdings ltd (formerly Prime People plc - PRP) (MAC.AMPX)

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