3rd Quarter Results
March 03 2008 - 2:00AM
UK Regulatory
RNS Number:0465P
Carlisle Group Limited
03 March 2008
CARLISLE GROUP ANNOUNCES INTERIM RESULTS FOR THE
QUARTER ENDED 31ST DECEMBER 2007
Belize City, Belize, 3rd March, 2008 Carlisle Group Limited (London: AIM - CXG)
(the 'Company' or 'Carlisle')
Interim results for the nine months ended 31st December 2007
Carlisle Group Limited, a leading provider of staffing and outsourced
people-related services, reported turnover for the quarter ended 31st December
2007 of �102.8m (2006 - �96.3m) and operating profit of �2.2m (2006 - �1.6m).
Net profit for the quarter amounted to �1.7m (2006 - �1.3m) and diluted earnings
per share amounted to 7.1 pence (2006 - 5.3 pence).
For the nine months ended 31st December 2007, turnover was �298.4m (2006 -
�274.9m) and operating profit was �5.1m (2006 - �4.0m). Net profit for the nine
month period was �3.9m (2006 - �3.8m) and diluted earnings per share was 16.2
pence (2006 - 15.4 pence).
Richard Bradford, Chief Executive, said:
"The third quarter showed operating profit growth of 37%, thereby enhancing the
year on year uplift for the nine months of the year to date. Our broad range of
Staffing Services brands contributed towards continued improvement in
performance ratios and trends whilst our Support Services businesses produced a
strong quarter, particularly boosted by high seasonal activity levels in Retail
Support Services. "
Staffing Services
Turnover for the three month period ended 31st December 2007 was �72.0m (2006 -
�69.0m), with operating profit of �1.2m (2006 - �0.8m). For the nine month
period, turnover was �210.4m (2006 - �201.4m) with operating profit of �3.0m
(2006 - �1.7m).
Growth in profitability has been driven principally in the professional and
technical market sectors, which represent 59% of the division's gross profits in
the year to date. In particular the operating brands in Aviation and
Engineering, Scientific, Accountancy and Legal have grown strongly. At the same
time, the Managed Solutions business has continued to add further volume and has
a good pipeline of new business opportunities.
The Jet Aviation contract was successfully implemented in January with the
establishment of a new office in Basel, Switzerland. A three year contract with
Ordnance Survey was also commenced in January involving the transfer of around
240 UK field-based workforce.
Support Services
Turnover for the three month period ended 31st December 2007 was �30.8m (2006 -
�27.3m), with operating profit of �1.4m (2006 - �1.1m). For the nine month
period, turnover was �88.0m (2006 - �73.5m) with operating profit of �3.4m (2006
- �3.2m).
Overall growth was achieved in the quarter, helped by a partly seasonal peak in
demand for our retail merchandising and store support activities in which we
completed a small acquisition at the end of December. This adds further
assembly, fitting and installation services to our existing service offer.
The Security related services operating in regulated markets continue to trend
positively, with strong revenue growth in UK Security Services in particular.
However, both margins and profitability remain tight in this sector.
Cleaning and Support services has maintained a stable contract base but not
added growth in the year to date. However, further new store gains from Tesco
and the award of an airport contract by BAA are scheduled for implementation
during the next quarter.
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, with more than 17,000 people deployed at any one time across all
working environments. The Staffing Services division provides temporary and
permanent staff recruitment services and solutions through a number of market
specific brands. 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 and Event Services and Retail merchandising and
support services.
Consolidated Income Statements
(Unaudited)
3 months 3 months 9 months 9 months
ended ended ended ended
31 Dec 31 Dec 31 Dec 31 Dec
2007 2006 2007 2006
�m �m �m �m
Revenue 102.8 96.3 298.4 274.9
Cost of sales (83.2) (79.6) (241.1) (225.7)
Gross profit 19.6 16.7 57.3 49.2
Administrative expenses (17.4) (15.1) (52.2) (45.2)
Operating profit 2.2 1.6 5.1 4.0
Profit on disposal of subsidiary - - - 0.5
undertaking
Financial expenses - net (0.3) (0.3) (0.8) (0.7)
Profit before taxation 1.9 1.3 4.3 3.8
Taxation (0.2) - (0.4) -
Profit for the period 1.7 1.3 3.9 3.8
Earnings per ordinary share (in pence)
Basic 7.4p 5.4p 16.9p 15.8p
Diluted 7.1p 5.3p 16.2p 15.4p
Earnings per ordinary share has been calculated using the weighted average number of
shares in issue during the three month period of 23,011,000 (2006 - 23,879,000) and
diluted number of shares of 24,086,000 (2006 - 24,604,000). Earnings per ordinary
share has been calculated using the weighted average number of shares in issue during
the nine month period of 23,367,000 (2006 - 24,004,000) and diluted number of shares
of 24,091,000 (2006 - 24,728,000).
Consolidated Statement of Changes in
Shareholders' Equity (Unaudited)
Share Other Currency Retained
capital reserves translation deficit Total
reserve equity
�m �m �m �m �m
Balance at 1 April 2007 2.4 90.6 (0.4) (20.3) 72.3
Profit for the period - - - 3.9 3.9
Currency translation differences - - 0.1 - 0.1
Equity share based awards - 0.3 - - 0.3
Purchase of own shares - (0.1) - - (0.1)
Equity dividends paid - - - (3.0) (3.0)
Balance at 31 December 2007 2.4 90.8 (0.3) (19.4) 73.5
Consolidated Balance Sheets (Unaudited)
31 December 31 March
2007 2007
�m �m
Assets
Non-current assets
Goodwill 57.8 57.2
Intangible assets 1.3 1.2
Property, plant and equipment 4.3 4.3
Other non-current assets 0.3 0.3
Total non-current assets 63.7 63.0
Current assets
Trade receivables 56.9 47.7
Prepayments, accrued income and other 14.0 14.2
current assets
Cash and cash equivalents 2.1 2.1
Total current assets 73.0 64.0
Total assets 136.7 127.0
Liabilities
Current liabilities
Trade payables 10.3 7.6
Other taxes and social security 14.5 11.7
Accruals and deferred income 25.4 27.8
Financial liabilities - amounts due under 10.4 5.0
invoice discount facility
Financial liabilities - obligations under 0.2 0.3
finance leases
Current tax liabilities 0.9 0.6
Total current liabilities 61.7 53.0
Non-current liabilities
Other payables 1.3 1.3
Financial liabilities - obligations under 0.2 0.4
finance leases
Total non-current liabilities 1.5 1.7
Total liabilities 63.2 54.7
Shareholders' equity
Called up share capital 2.4 2.4
Other reserves 90.8 90.6
Currency translation reserve (0.3) (0.4)
Retained deficit (19.4) (20.3)
Total equity 73.5 72.3
Total equity and liabilities 136.7 127.0
Consolidated Cash Flow Statements
(Unaudited)
9 months 9 months
ended ended
31 Dec 31 Dec
2007 2006
�m �m
Cash flows from operating activities
Cash generated by operations 1.8 1.4
Interest paid (0.7) (0.7)
Tax paid (0.3) (0.2)
Net cash flow generated from operating 0.8 0.5
activities
Cash flows from investing activities
Acquisition of subsidiary, net of cash (1.3) (1.7)
acquired
Purchase of property, plant & equipment - (1.3) (1.2)
net
Purchase of other intangible assets (0.5) (0.4)
Disposal of subsidiaries, net of cash 0.3 0.4
disposed
Net cash flow used in investing activities (2.8) (2.9)
Cash flows from financing activities
Net movement in short-term borrowings 5.4 4.8
Capital element of finance lease (0.3) (0.3)
repayments
Purchase of own shares (0.1) (0.7)
Equity dividends paid (3.0) -
Net cash flow generated from financing 2.0 3.8
activities
Effect of exchange rate changes - (0.1)
Net decrease in cash and cash equivalents - 1.3
Cash and cash equivalents at beginning of 2.1 1.2
the period
Cash and cash equivalents at end of the 2.1 2.5
period
Notes to the Unaudited Interim Consolidated Financial Information
1. Basis of preparation
This statement of Carlisle Group Limited and subsidiaries interim results has
been prepared in accordance with International Financial Reporting Standards
(IFRS) as adopted for use by the European Union. The financial information
presented herein has been prepared in accordance with the accounting policies
expected to be used in preparing the company's annual report and accounts for
the year ending 31 March 2008. The company's annual report and accounts for the
year ended 31 March 2007 was prepared in accordance with UK GAAP.
The preparation of financial statements in conformity with IFRS requires the use
of certain critical accounting estimates and assumptions. It also requires
management to exercise its judgement in the process of applying the company's
accounting policies. Although these estimates and judgements are based on
management's best knowledge of the amount, event or actions, actual results
ultimately may differ from those estimates.
2. Financial information
The financial information does not constitute statutory accounts within the
meaning of Section 240 of the UK Companies Act 1985.
3. Segment information 3 months 3 months 9 months 9 months
ended ended ended ended
31 Dec 2007 31 Dec 31 Dec 2007 31 Dec
2006 2006
�m �m �m �m
Revenue
Staffing services 72.0 69.0 210.4 201.4
Cleaning and support services 8.8 9.4 25.9 28.6
Retail support services 11.1 10.1 28.1 20.9
Security services 10.9 7.8 34.0 24.0
Support services 30.8 27.3 88.0 73.5
Total 102.8 96.3 298.4 274.9
Operating profit
Staffing services 1.2 0.8 3.0 1.7
Cleaning and support services 0.4 0.6 1.6 1.7
Retail support services 1.1 0.8 1.9 1.8
Security services (0.1) (0.3) (0.1) (0.3)
Support services 1.4 1.1 3.4 3.2
Corporate expenses (0.4) (0.3) (1.3) (0.9)
Operating profit 2.2 1.6 5.1 4.0
Profit on disposal of subsidiary - - - 0.5
undertaking
Financial expenses - net (0.3) (0.3) (0.8) (0.7)
Profit before taxation 1.9 1.3 4.3 3.8
4. Cash generated by operations 9 months 9 months
ended ended
31 Dec 2007 31 Dec
2006
�m �m
Profit before taxation 4.3 3.8
Adjustments for:
depreciation and amortisation 1.7 1.8
profit on disposal of subsidiary - (0.5)
undertaking
Financial expenses 0.8 0.7
Other - net 0.3 0.3
Changes in working capital:
current assets (7.5) (4.0)
current liabilities 2.2 (0.7)
Cash generated by operations 1.8 1.4
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
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