TIDMWOR
RNS Number : 2990E
World Careers Network PLC
03 November 2015
PRELIMINARY ANNOUNCEMENT OF THE AUDITED RESULTS OF
WORLD CAREERS NETWORK PLC
WORLD CAREERS NETWORK PLC
Chairman's Statement
I am pleased to present the annual accounts of WCN, which show
the results of the company for the year to 31 July 2015.
Financial review
As set out in the announcement on 20 April 2015 of the Interim
Statement for the six months to 31 January trading has improved
compared to the first half of the year, however, sales and profits
remain below the levels achieved in 2013-14. Sales were GBP7.9m, 9%
below those of 2013-14 (GBP8.6m) and profits were GBP1.20m compared
to GBP2.47m achieved in 2013-14. The profit represents basic
earnings per share of 12.29p (2014 - 25.25p).
The Board will be seeking at the Annual General Meeting the
extension of the authority granted last year to make market
purchases of ordinary shares, within the usual limits for a listed
company. In assessing whether in practice to use this authority,
the Board will take into account all relevant factors including the
effect on earnings per share and assets per share ratios and other
benefits to shareholders.
Dividends
The directors are pleased to recommend the payment of a dividend
of 3.5p per share, which is the same as that paid in respect of the
previous year. This dividend will be subject to the approval of
shareholders at the Annual General Meeting to be held at 5-7
Bridgeworks, The Crescent, London SW19 8DR at 10.30 am, on 14
December 2015, and, if approved, will be payable on 16 December
2015 to shareholders on the register as at 20 November 2015
Operating review
Sales fell principally as a result of the renewal of a major
contract at a significantly lower fee. New business performed
relatively well, but only partly offset this fall in revenues.
Increased sales in the second half of the year (GBP4.4m) versus the
first half year (GBP3.5m) reflect these new contracts coming
online.
At the same time we significantly increased our cost base as we
made widespread investments in product development, delivery and
customer support, sales and marketing and overseas expansion in
order to provide a sound basis for the long term future of the
business.
Principal risks and uncertainties
Competitive pressure and economic instability is a continuing
risk for the company. The company manages this risk by providing
leading edge products and high levels of customer service, by
managing resource levels and pursuing opportunities for continuous
improvement.
The business is dependent upon clients' ability to safely access
data held on our servers. In order to ensure that this is not
affected by a breakdown in power supplies or by other physical
hazards our servers are housed offsite in secure facilities on the
premises of a specialist provider of such facilities. Third party
security experts are also regularly engaged to advise on data
security.
Outlook
WCN has long term relationships delivering significant value to
our clients and a world class product. which, together with our
ongoing investments, provide a good foundation for success in a
highly dynamic and competitive market place.
Inevitably it will take some time for our investments to
generate a meaningful return and for the coming year, we expect to
see a continued and significant reduction in profitability as the
full year impact of last year's cost increases and the further
investments we are currently making impact upon the business.
During the year the team have continued to provide high levels
of client support, to work agilely and continuously to release
updated versions of our software and at the same time have
successfully launched a number of large scale client projects. I
would like to thank the whole team for their tireless efforts.
Charles EH Hipps
Chairman, World Careers Network Plc
Date 2 November 2015
consolidated income statement
For the Year Ended 31 July 2015
2015 2014
GBP GBP
Revenue 7,856,506 8,583,571
Total administrative expenses 6,701,553 6,152,087
_________ _________
Operating Profit 1,154,953 2,431,484
Finance income 42,926 43,300
_________ _________
Profit on Ordinary Activities
before taxation 1,197,879 2,474,784
Income tax 262,500 548,667
_________ _________
Profit for the year 935,379 1,926,117
_________ _________
Earnings per share
Basic 12.29p 25.25p
_________ _________
Diluted 12.04p 24.82p
_________ _________
Consolidated Statement of Financial Position
Company number 3813540
As at 31 July 2015
2015 2014 2013
GBP GBP GBP
Assets
Non-current assets
Property, plant and equipment 116,743 108,142 100,276
116,743 108,142 100,276
------------- ------------- ------------
Current assets
Trade and other receivables 2,567,678 2,074,764 1,702,413
Cash and cash equivalents 8,219,388 8,171,494 6,726,116
------------- ------------- ------------
Total current assets 10,787,066 10,246,258 8,428,529
------------- ------------- ------------
Total assets 10,903,809 10,354,400 8,528,805
------------- ------------- ------------
Equity
Issued capital 7,559 7,603 7,658
Share premium 1,591,703 1,565,751 1,548,695
Capital redemption reserve 689 614 540
Translation reserve 9,966 - -
Retained earnings 7,088,194 6,559,250 5,030,634
------------- ------------- ------------
Total equity 8,698,111 8,133,218 6,587,527
------------- ------------- ------------
Liabilities
Non-current liabilities
Deferred tax 11,843 6,945 5,940
------------- ------------- ------------
Liabilities
Current liabilities
Trade and other payables 2,042,599 1,895,838 1,719,190
Income tax 151,256 318,399 216,148
Total current liabilities 2,193,855 2,214,237 1,935,338
------------- ------------- ------------
Total liabilities 2,205,698 2,221,182 1,941,278
------------- ------------- ------------
Total equity and liabilities 10,903,809 10,354,400 8,528,805
------------- ------------- ------------
Consolidated Statement of Changes in Equity
For the Year Ended 31 July 2015
Share Share Capital Translation Retained Total
capital Premium redemption reserve Earnings
reserve
GBP GBP GBP GBP GBP GBP
Balance at 1 August
2013 7,658 1,548.695 540 - 5,030,634 6,587,527
-------- --------- ------------ ------------- ----------- -----------
Comprehensive income
Profit for the year - - - - 1,926,117 1,926,117
Total comprehensive
income for the year - - - - 1,926,117 1,926,117
-------- --------- ------------ ------------- ----------- -----------
Transactions with
owners
Issue of shares 19 17,056 - - - 17,075
Purchase of own shares (74) - 74 - (143,325) (143,325)
Dividends paid - - - - (268,667) (268,667)
Share based payments - - - - 14,491 14,491
Balance at 31 July
2014 7,603 1,565,751 614 - 6,559,250 8,133,218
-------- --------- ------------ ------------- ----------- -----------
Balance at 1 August
2014 7,603 1,565,751 614 - 6,559,250 8,133,218
-------- --------- ------------ ------------- ----------- -----------
Comprehensive income
Profit for the year - - - - 935,379 935,379
Other comprehensive
income - - - 9,966 - 9,966
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