Final Results
Prime People PLC
07 June 2006
Prime People plc
Preliminary Results for the 15 months ended 31 March 2006
2005 was a year of transformation for Prime People ('Prime' or 'the Group') as
the Board delivered on its stated strategy, announced in May 2005, to develop
and broaden the activities of the business.
This objective was achieved in January 2006, with the £10.52m acquisition of
Macdonald & Company Group Limited ('Macdonald'), the UK's leading independent
professional recruitment consultancy focused on the commercial property sector.
As a consequence of this transaction and a change of year-end, the statutory
results for Prime People are for the fifteen months ended 31 March 2006 and only
includes three months trading for Macdonald.
Statutory* financial results:
15 Months ended 12 Months ended
31 March 2006 31 December 2004
£'000 £'000
Gross fee income 5,373 2,295
Net Fee Income 3,117 2,108
Operating profit/(loss) 132 (90)
(Loss)/profit before tax (11) 674
Basic EPS (0.52p) 18.25p
Basic EPS continuing 6.69p (4.50p)
*Statutory accounts are made up of results for Prime People for the 15 months to
31 March 2006 and for Macdonald for the period from 3 January to 31 March 2006.
In order to give shareholders a more meaningful assessment of the ongoing
business, pro forma consolidated results for the enlarged business for the two
years to 31 March 2006, presented as if the ongoing business had been in
existence throughout those years, are outlined below:
Pro forma** financial highlights:
Year ended 31 Year ended Change
March 2006 31 March 2005 %
£'000 £'000
Gross Fee Income 16,504 12,372 +33.4%
Direct Costs (7,699) 6,004)
______ ______
Net Fee Income 8,805 6,368 +38.3%
Admin Expenses (6,997) (5,397)
______ ______
Operating Profit 1,808 971 +86.2%
Net Interest (51) (70)
______ ______
Profit before tax 1,757 901 +95.0%
Taxation at 30% (527) (270)
______ ______
Profit after tax 1,230 631 +94.9%
====== ======
Fully diluted EPS 10.23p 5.25p +94.9%
** The basis of preparation of the pro forma calculations is set out below. This
information in unaudited:
• Mar 05 and Mar 06 are pro forma for the enlarged Group including Macdonald
• Mar 05 and Mar 06 excludes discontinued operations, associated undertakings
(Cameron Kennedy Resources Limited) and exceptional costs
• Fully diluted EPS includes existing share options and assumes that all shares
due to the vendors of Macdonald including those to be issued to satisfy the
deferred consideration have been issued.
Pro forma Operational highlights:
• Macdonald net fee income growth of 40.2% to £8.23m (2005: £5.87m);
• Fully diluted earnings per share increased by 94.9% to 10.23p
• Fee earners increased by 21%;
• International expansion on track with Dubai representation operational in
January 2006 and Hong Kong office planned to open in June 2006;
• Macdonald ranked 20th by the Sunday Times in the 'Best 100 Small
Companies to Work For'.
Peter Moore, Managing Director of Prime People said: '2005 was a milestone year
for Prime People, in which it was transformed through the reverse takeover of
Macdonald & Company into the UK's leading property recruitment company.
'Pro forma results show continued strong performance during the year, with net
fee income increasing 38% and operating profits nearly doubling to £1.8m. This
reflects both increased levels of activity in the property recruitment sector
and our ability to manage the business to take advantage of our increasing
scale.
'2006 has got off to a strong start with net fee income in the two month period
to the end of May some 20% ahead of the same period last year. We are looking
for continued growth from overseas revenues and early indications from our new
business in the Middle East are very encouraging. We are also actively seeking
to expand the business through acquisition.
'These internal growth opportunities, together with the continued high levels of
activity in the global commercial property sector, including the forthcoming
introduction of Real Estate Investment Trusts ('REITs') to the UK from January
2007, gives the Board confidence in the future progress of the Company.'
-Ends-
For further information please contact:
Prime People 020 7318 1785
Robert Macdonald, Executive Chairman
Peter Moore, Managing Director
Hogarth Partnership 020 7357 9477
James Longfield / Georgina Briscoe / Charlie Field
Chairman's Statement
Introduction
I am pleased to report on the results of Prime People Plc for the 15 months
ended 31 March 2006.
2005 was a milestone year for the Company, its employees and shareholders as the
business was transformed by the reverse takeover of Macdonald & Company Group
Ltd ('Macdonald') in January 2006 for £10.52 million. I joined the Board of
Prime People on completion as Executive Chairman, a position I held at
Macdonald, and I am delighted to welcome our new investors and colleagues to the
business.
On 16 May 2005, Simon Murphy was appointed to the Board as Chief Executive, with
the specific mandate to create shareholder value 'by developing and broadening
the activities of the business, initially through acquisition'. This was
successfully achieved with the acquisition of Macdonald, which transformed Prime
People into the UK's only listed professional recruitment consultancy focused on
the commercial property industry. I would like to thank Simon for his
significant contribution to this process and am delighted he has agreed to
remain on the Board, as a non-executive director.
The acquisition led to changes to the composition of the Board, reflecting the
changed focus of the business. I would like to take this opportunity of
introducing my two fellow executive directors.
Peter Moore is Managing Director, with overall responsibility for operational
activity in the Group. Peter, a Chartered Surveyor, has been with Macdonald for
the last twelve years, and Managing Director for the last ten. He has managed
the business through its nine years of double-digit growth. Chris Heayberd
remains as Finance Director, having been with Prime People since 2000. Chris has
over seventeen years experience of working with, acquiring and integrating
recruitment businesses as well as thirteen years as a director of publicly
listed companies. I am delighted Chris has agreed to remain in his role as
Finance Director of the enlarged Group and his experience will be invaluable as
we continue to expand the business. My own experience includes over 30 years in
the recruitment sector and founder of Macdonald.
Peter Hearn and David Coubrough, formerly Chairman and non-executive Director,
respectively, stepped down from the Board at the time of the transaction.
Statutory Results
The statutory results for Prime People are for the fifteen months ended 31 March
2006 and include three months trading for Macdonald. These are set out in full
in the financial statements at the end of this release.
Following the acquisition of Macdonald, Prime People was transformed into a very
different business, with a changed year end. In order to give shareholders a
more meaningful assessment of the ongoing business, pro forma consolidated
results for the enlarged business for the year to 31 March 2006, presented as if
the ongoing business had been in existence throughout the year are set out
below.
Pro forma Results for the ongoing business for the year to 31 March 2006
With Prime People's new focus on the property recruitment market, I am pleased
to report that the sector has enjoyed significant growth in recent years. This
is reflected in our pro forma results which are presented below for the twelve
months to 31 March 2006 as if the ongoing businesses had all been in existence
throughout the year. Comparatives have been prepared on the same basis.
Pro forma financial results:
Year ended Year ended Change
31 March 2006 31 March 2005 %
£'000 £'000
Gross Fee Income 16,504 12,372 + 33.4%
Direct Costs (7,699) (6,004)
______ ______
Net Fee Income 8,805 6,368 + 38.3%
Admin Expenses (6,997) (5,397)
______ ______
Operating Profit 1,808 971 + 86.2%
Net Interest (51) (70)
______ ______
Profit before tax 1,757 901 + 95.0%
Taxation at 30% (527) (270)
______ ______
Profit after tax 1,230 631 +94.9%
====== ======
Fully diluted EPS 10.23p 5.25p +94.9%
Prime People includes the trading businesses of Macdonald and Harper Craven
Associates. Pro forma Net Fee Income has grown by 38% to £8.8m (2005: £6.4m).
Pro forma profit before tax for 2006 was £1.76m (2005: £0.9m) a 95% increase.
In addition to the tight management of our business, a number of external
factors have been driving this growth. I am pleased to report that these look
set to continue to be positive for us. The global strength of the commercial
property sector, combined with the advent of Real Estate Investment Trusts
('REITs') and the continuing investment in regeneration and major infrastructure
projects in the UK, give me added confidence in Prime People's future growth
prospects within its core business.
The strong underlying performance of Macdonald over the past year has led the
Board to propose a final dividend of 1p per ordinary share. This will be paid on
5 July 2006 to shareholders on the register on 16 June 2006 and brings the total
dividend paid to shareholders to 2.25 pence per share. Going forward, it is
anticipated that the Board will review the dividend in the light of trading and
likely cash requirements of the Group at the relevant time.
Future Activity
As announced in December, we believe our core business is a long way from
fulfilling its potential. We are actively planning organic growth whilst at the
same time considering acquisition targets of an appropriate size and operational
fit within the property sector, particularly those which may provide access to
additional areas of specialism.
As referred to below by Peter Moore, we are progressing our plans to broaden the
business overseas. We believe that, over time, and in addition to accessing
growth markets, an international business model should provide a degree of
counter-cyclical support to our business.
Currently our focus is on the property sector but the Board believes that when
appropriate, it may be possible to apply the Macdonald model to certain other
sectors and we have this under constant review.
I look forward to telling shareholders of developments in these various areas in
due course.
Robert Macdonald
Chairman
6 June 2006
Managing Director's Statement
Macdonald
Our core business is the provision of recruitment services to the Commercial
Property and Real Estate markets in the UK and around the world, a sector
managing assets in the UK alone valued at £640bn. It trades as Macdonald &
Company and is the only property recruitment consultancy to be approved by the
Royal Institution of Chartered Surveyors ('RICS').
We have seen a further increase in revenue and profit over the past year as the
business has maintained its record of consistent growth. Net fee income ('NFI')
increased by 40.3% from £5.87m to £8.23m reflecting an increase in fee earners
of 21%, bringing our total number of consultants to 64 at the year end. Details
of the split between temporary and permanent net fee income is shown below:
Year ended Year ended Change
31 March 2006 31 March 2005 %
£'000 £'000
Net fee income - temporary 1,951 1,411 + 38.27%
Net fee income - permanent 6,282 4,456 + 40.98%
___________ ___________
Total NFI 8,233 5,867 + 40.33%
In January 2006, we began the first stage of our international expansion
strategy, with the relocation of fee earning staff to Dubai. Progress in this
region has been rapid and we anticipate that the region will be a strong
contributor to NFI in 2006/2007. The operation will be expanded significantly in
the coming year to capitalise on the burgeoning opportunities across the Middle
East.
In March this year, the Board took the decision to begin operations in Hong Kong
and it is anticipated that staff will be relocating to the office there in the
summer of 2006 with plans for rapid growth. We are also actively seeking
opportunities to establish an operation in Australia.
In the UK, we moved to larger premises in central Manchester to accommodate the
growth in numbers employed in that region. Our head office remains in Mayfair,
London where we are benefiting from a refurbishment programme undertaken in 2005
to increase the number of fee earners that can be accommodated.
We have also reconfigured our data management process to allow secure access to
all records held on our centralised data-base. This new structure provides
immediate access to our central recruitment data-base for all fee earning staff,
including those based internationally.
Harper Craven
Harper Craven, which has been in the group for a number of years, provides
bespoke sales, marketing and management training and coaching programmes to a
broad range of corporate clients. It has made a contribution of £29,673 to group
profits before tax compared to £17,101 in 2004.
Outlook
2006 has got off to a strong start with net fee income in the two month period
to the end of May 20% ahead of the same period last year. Overseas revenue
generation is a key priority of the Board as the business expands into new
geographic territories. Early indications from business flows in the Middle East
are very encouraging.
This, combined with increasing fee earner numbers, the introduction of REITs to
the UK from January 2007 as well as the longer term opportunities offered by
regeneration and ongoing infrastructure projects in the UK, gives the Board
confidence in the future progress of the Group.
Our people
Finally, I should like to thank our staff for their hard work and commitment
over the last fifteen months and remind shareholders that these results are a
testament to their efforts. The Sunday Times ranked Macdonald 20th in their '100
Best Small Companies To Work For', recognising the positive culture we have
established in the business. The hallmark of a successful recruitment company is
the provision of outstanding candidates through exceptional service and industry
knowledge and I, my managers, our consultants and all members of staff are
committed to this.
Peter Moore
Managing Director
6 June 2006
Financial Review
The financial statements have been prepared for the first time in accordance
with International Financial Reporting Standards (IFRS). This is significantly
ahead of schedule as AIM quoted companies do not have to report under IFRS until
2007.
Trading Results
Gross fee income for the period ended 31 March 2006 increased by 134% to
£5,373,053 (31 December 2004: £2,294,548). The group generated operating profits
of £317,225 (2004: loss £283,243) before exceptional items of £185,700 relating
to restructuring and integration costs in 2006 and before an operating profit of
£193,721 in 2004 which relates to the discontinued business in 2004. This
turnaround is entirely as a result of the operating profit generated since the
acquisition of Macdonald in January 2006.
Associate Undertaking
Following the period end, we announced the disposal of our 44.66% interest in
Cameron Kennedy for a cash consideration of £180,000. This business was
significantly underperforming and the Board concluded it was in the best
interests of shareholders to dispose of it. The write down of the value of our
holding taken together with our share of the associate company's losses gives
rise to a loss on disposal of £234,676.
Interest
The interest receivable of £134,253 primarily arose in the twelve month period
leading up to the acquisition of Macdonald in January 2006.
The interest charged for the period of £42,109 comprises interest in respect of
the confidential invoice discounting facility, bank loan and overdraft.
Taxation
The taxation charge is £15,510 on a loss on ordinary activities before taxation
of £11,007. The reasons for the difference from the standard UK corporation tax
rate of 30% are detailed in note 8 of the accounts. The group has benefited from
utilisation of tax losses created in the year.
Earnings Per Share
The basic loss per share for the period is 0.52p (2004: earnings 18.25p); the
continuing basic earnings per share is 6.69p compared to a loss in 2004 of
4.50p.
The continuing diluted earnings per share is 6.09p (2004: loss per share 4.50p).
Dividend
As outlined in the chairman's statement, the directors propose a final dividend
of 1p which will be paid on 5 July 2006 to shareholders who are on the register
on the 16 June 2006 making a total dividend for the period of 2.25p.
Purchase of Macdonald & Company Group Limited
On 3 January 2006 the group completed the acquisition of the entire share
capital of Macdonald & Company Group Limited for an initial consideration of
£9.52 million satisfied by payment of £3.5 million in cash and the issue of New
ordinary shares in the company to the value of 6.02 million. Further
consideration of £1 million is payable immediately following the announcement of
the company's preliminary results and will be satisfied by issuing further new
ordinary shares in the group.
Share Consolidation
In conjunction with the acquisition of Macdonald the share capital of the
company was re-organised by the consolidation of every ten issued ordinary
shares of 1p each into one new ordinary share of 10p each.
Change of Accounting Reference Date
Following the acquisition of Macdonald the company changed its accounting
reference date from 31 December to 31 March to correspond with the year end of
Macdonald.
Treasury Management.
Net cash inflow of £154,792 (2004: outflow of £93,986) was generated from
operating activities during the period which after net taxation payments of
£584,864 (2004: net receipt of £74,350) resulting in a net cash outflow from
operating activities of £430,072 (2004: £19,636).
Net cash used in investing activities totaled £9.6 million and this was
principally financed by the issue of ordinary share capital to the value of
£6.02m to the vendors of Macdonald together with a new bank loan of £1.4m and
the use of existing cash resources from within the group.
The group maintains a range of facilities with a net debt position at 31 March
2006 of £1,250,248 compared to net funds of £2,800,187 at 31 December 2004. This
largely reflects the cash flows and debt relating to the acquisition of
Macdonald.
Christopher Heayberd
Finance Director
6 June 2006
Prime People Plc
Consolidated income statement for the 15 months ended 31 March 2006
Note 2006 2004
restated
£ £
Gross fee income
- ongoing 799,187 708,653
- acquisition 4,573,866 -
- discontinued - 1,585,895
__________ _________
5,373,053 2,294,548
Direct costs
- ongoing (243,700) (179,571)
- acquisition (2,012,703)
- discontinued - (7,240)
__________ _________
(2,256,403) (186,811)
Net fee income 3,116,650 2,107,737
Administrative expenses
- ongoing (819,675) (812,325)
- acquisition (1,979,750) -
- discontinued - (1,384,934)
- exceptional item (185,700) -
__________ _________
(2,985,125) (2,197,259)
Operating profit /(loss)
- ongoing (264,188) (283,243)
- acquisition 581,413 -
- discontinued - 193,721
- exceptional item (185,700) -
__________ _________
131,525 (89,522)
__________ _________
Share of operating (loss)/profit in
associate (78,756) 87,133
Amortisation of goodwill - (12,000)
Impairment loss in associated
undertaking (155,920) -
__________ _________
(234,676) 75,133
__________ _________
Loss before interest (103,151) (14,389)
Profit on disposal of subsidiary - 609,844
Interest receivable and similar income 134,253 79,530
Interest payable and similar charges (42,109) (487)
__________ _________
(Loss)/profit before taxation (11,007) 674,498
Prime People Plc
Consolidated income statement for the 15 months ended 31 March 2006 (continued)
Note 2006 2004
restated
£ £
Taxation (15,510) (2,112)
__________ ___________
__________ ___________
Profit after tax for continuing
activities 52,239 585,253
Share of (loss)/profit after tax in
associate (78,756) 87,133
__________ ___________
(Loss)/profit for the period
attributable to equity shareholders (26,517) 672,386
========== ===========
(Loss)/earnings per share 2
- Basic (0.52p) 18.25p
- Diluted (0.52p) 17.65p
- Continuing basic 6.69p (4.50p)
- Continuing diluted 6.37p (4.50p)
All recognised gains and losses are included in the profit and loss account.
Prime People Plc
Consolidated statement of changes in shareholders' equity at 31 March 2006
__________________________________________________________________________
Called up Shares to Share Other Retained Total
Share be issued premium reserve earnings
capital account
£ £ £ £ £ £
At 1 January 2004 368,467 - 909,925 173,077 575,476 2,026,945
Profit for the year - - - - 672,386 672,386
Goodwill eliminated on
disposal of subsidiary - - - - 641,006 641,006
_________ _________ _________ ________ _________ __________
At 31 December 2004 368,467 - 909,925 173,077 1,888,868 3,340,337
New shares issued 715,559 - 5,304,441 - - 6,020,000
Consideration shares
to be issued - 1,000,000 - - - 1,000,000
Equity dividends - - - - (46,090) (46,090)
Loss for the year - - - - (26,517) (26,517)
_________ _________ _________ ________ _________ __________
At 31 March 2006 1,084,026 1,000,000 6,214,366 173,077 1,816,261 10,287,730
========= ========= ========= ======== ========= ==========
Prime People Plc
Consolidated balance sheet at 31 March 2006
______________________________________________________________________________
2006 2004
restated
£ £
Assets
Non-current assets
Goodwill 9,769,229 -
Property, plant and equipment 259,861 44,028
Investment in associate - 411,676
Deferred tax asset 74,669 -
__________ ___________
10,103,759 455,704
Current assets
Investment held for sale 177,000 -
Trade and other receivables 3,332,890 262,052
Cash and cash equivalents 317,877 2,835,981
__________ ___________
3,827,767 3,098,033
__________ ___________
Total assets 13,931,526 3,553,737
Liabilities
Current liabilities
Financial liabilities - borrowings 445,001 23,297
Trade and other payables 1,771,922 177,598
Current tax liabilities 303,749 8
__________ ___________
2,520,672 200,903
__________ ___________
Non-current liabilities
Financial liabilities - borrowings 1,123,124 12,497
__________ ___________
1,123,124 12,497
__________ ___________
Total liabilities 3,643,796 213,400
__________ ___________
Net assets 10,287,730 3,340,337
========== ===========
Prime People Plc
Consolidated balance sheet at 31 March 2006 (continued)
2006 2004
restated
£ £
Capital and reserves
Called up share capital 1,084,026 368,467
Share premium account 6,214,366 909,925
Other reserve 173,077 173,077
Consideration shares to be issued 1,000,000 -
Retained earnings 1,816,261 1,888,868
__________ ___________
Equity shareholders' funds 10,287,730 3,340,337
========== ===========
Prime People Plc
Consolidated cash flow statement for the 15 months ended 31 March 2006
______________________________________________________________________________
Note 2006 2004
restated
£ £
Cash flows from operating activities
Cash generated by operations 3 154,792 (93,986)
Taxation received 4,815 74,350
Corporation tax paid (589,679) -
__________ ___________
Net cash used in operating activities (430,072) (19,636)
Cash flows from investing activities
Interest received 134,253 79,530
Interest paid (42,109) (487)
Purchase of subsidiary undertaking (9,875,994) -
Net cash acquired with business 202,368 -
Proceeds from sale of subsidiary
undertaking - 1,905,284
Net cash disposed with subsidiary - (53,986)
Net purchase of property, plant and
equipment (12,791) (35,792)
__________ ___________
Net cash (from)/used in investing
activities (9,594,273) 1,894,549
__________ ___________
Cash flows from financing activities
Issue of ordinary share capital 6,020,000 -
New bank loan 1,400,000 -
Capital element of finance leases (9,373) (2,501)
Dividend paid to shareholders (46,090) -
__________ ___________
Net cash used in/(from) financing
activities 7,364,537 (2,501)
__________ ___________
Net (decrease)/increase in cash
and cash equivalents (2,659,808) 1,872,412
Cash and cash equivalents at 1 January 2005 2,820,182 947,770
__________ ___________
Cash and cash equivalents at 31 March 4 160,374 2,820,182
========== ===========
Prime People Plc
Notes to the preliminary announcement for the 15 month period ended 31 March
2006
______________________________________________________________________________
1 Accounting policies
The principal accounting policies applied in the preparation of these financial
statements are outlined below.
Basis of preparation
These financial statements have been prepared for the first time in accordance
with International Financial Reporting Standards (IFRS) and the International
Financial Reporting Interpretations Committee (IFRIC) interpretations applicable
at the balance sheet date, and with those parts of the Companies Act 1985
applicable to companies reporting under IFRS. These financial statements have
been prepared under the historical cost convention. The Group is required to
provide comparative information for the prior reporting period.
The disclosures required by IFRS 1 concerning the transition from UK GAAP to
IFRS did not require the company to change accounting policies resulting in a
change in the value of the figures reported in the accounts. The only changes
identified under IFRS have been in the presentation of the figures.
The group used the equity accounting method to include the group's share of
operating profit and corporation tax charge, for its associated undertaking. In
the current period the associated undertaking has been written down to its fair
value.
2 Earnings per share
Earnings per share (EPS) has been calculated in accordance with IAS 33 'Earnings
per share' and is calculated by dividing the (loss)/profit attributable to
ordinary shareholders by the weighted average number of ordinary shares in issue
during the year.
Earnings and weighted average number of shares used in the calculations are
shown below.
Prime People Plc
Notes to the preliminary announcement for the 15 month period ended 31 March
2006 (continued)
______________________________________________________________________________
2006 2004
restated
£ £
Retained (loss)/profit for basic (loss)/earnings
per share (26,517) 672,386
Tax on (loss)/ profit 15,510 2,112
Exceptional item 185,700 -
Loss/(profit) arising from associate undertaking 234,676 (75,133)
Operating profit from discontinued business - (193,721)
Profit on disposal of subsidiary - (609,844)
________ ________
Profit before tax, exceptional items 409,369 (204,200)
Taxation (71,220) 38,564
________ ________
Adjusted retained profit/(loss) for adjusted
earnings per share 338,149 (165,636)
======== ========
Number Number
Weighted average number of shares
used for basic and continuing earnings per share 5,052,844 3,684,670
Dilutive effect of share options and shares to be
issued 257,522 124,126
________ ________
Diluted weighted average number of shares
used for diluted earnings per share 5,310,366 3,808,796
========= =========
The weighted average number of shares in 2004 has been calculated as if the
consolidation of every 10 issued ordinary shares of 1p each into one new ordinary
share of 10p each had taken place at the beginning of the year.
Pence Pence
Basic earnings per share (0.52p) 18.25p
Diluted earnings per share (0.52p) 17.65p
Continuing basic earnings per share 6.69p (4.5p)
Continuing diluted earnings per share 6.09p (4.5p)
Discontinued basic earnings per share - 22.75p
Discontinued diluted earnings per share - 22.15p
Prime People Plc
Notes to the preliminary announcement for the 15 month period ended 31 March
2006 (continued)
______________________________________________________________________________
3 Reconciliation of operating profit/(loss) to net cash inflow/(outflow) from
operating activities
Ongoing Discontinued Total Total
2006 2004 2006 2004 2006 2004
£ £ £ £ £ £
Group operating
profit/(loss) 131,525 (283,243) - 193,721 131,525 (89,522)
Depreciation 38,127 11,189 - 22,595 38,127 33,784
Loss/(profit) on sale
of tangible
fixed assets 90 (1,800) - - 90 (1,800)
Increase in
debtors (205,943) (41,329) - (114,232) (205,943) (155,561)
Increase/(decrease)
in creditors 190,993 193,676 - (74,563) 190,993 119,113
_________ ________ ________ ________ ________ ________
Net cash inflow/
(outflow) from
operating
activities 154,792 (121,507) - 27,521 154,792 (93,986)
========= ========= ======== ========= ========= =========
Prime People Plc
Notes to the preliminary announcement for the 15 month period ended 31 March
2006 (continued)
______________________________________________________________________________
4 Analysis of net funds/(debt)
At At
1 January Cash 31 March
2005 flow 2006
£ £ £
Cash at bank and in hand 2,835,981 (2,518,104) 317,877
Bank overdraft (15,799) (141,704) (157,503)
__________ __________ __________
2,820,182 (2,659,808) 160,374
Bank loans due within one year - (280,000) (280,000)
Bank loans due after one year - (1,120,000) (1,120,000)
Hire purchase obligations (19,995) 9,373 (10,622)
__________ __________ __________
Total funds/(debt) 2,800,187 (4,050,435) (1,250,248)
========== ========== ==========
5 Nature of the financial information
The financial information does not constitute statutory accounts as defined in
section 240 of the Companies Act 1985. The financial information for the period
ended 31 March 2006 is extracted from the group's financial statements to that
date which received an unqualified auditors' report and will be filed with the
Registrar of Companies. The financial information for the year ended 31 December
2004 is extracted from the financial statements to that date which received an
unqualified auditors' report and have been filed with the Registrar of
Companies.
6 Availability of Annual Report
Copies of the annual report will be posted to shareholders on 12 June.
Additional copies will be available to the public, free of charge, from the
Company's registered office: 40a Dover Street, Mayfair, London W1S 4NW.
This information is provided by RNS
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