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RNS
FDM Group (Holdings) plc   -  FDM   

Final Results

Released 07:00 11-Mar-2020

RNS Number : 6915F
FDM Group (Holdings) plc
11 March 2020
 

FDM Group (Holdings) plc 

Preliminary Results

FDM Group (Holdings) plc ("the Company") and its subsidiaries (together "the Group" or "FDM"), today announces its results for the year ended 31 December 2019.

Highlights

 

31 December 2019

31 December 2018

Restated

for IFRS 16 1

% change

Revenue

£271.5m

£244.9m

+11%

Mountie revenue2

£268.2m

£239.0m

+12%

Adjusted operating profit3

£55.2m

£51.8m

+7%

Profit before tax

£52.5m

£48.2m

+9%

Adjusted profit before tax3

£54.5m

£51.2m

+6%

Basic earnings per share

37.3p

34.2p

+9%

Adjusted basic earnings per share3

38.8p

36.3p

+7%

Cash flow generated from operations

£57.7m

£49.3m

+17%

Cash conversion4

108.4%

100.9%

+7%

Ordinary dividend per share

34.5p

30.0p

+15%

Net cash position at period end

£37.0m

£33.9 m

+9%

 

·      Solid operational and financial progress

·      Mounties assigned to client sites at week 525 were up 5% at 3,924 (2018: 3,747)

·      Mountie utilisation6 rate is down marginally at 96.1% (2018: 97.3%)

·      2,115 training completions in 2019, a 2% decrease (2018: 2155), with the timing of training courses flexed to align with client demand 

·      97 new clients secured globally during the year (2018: 77); continued sector diversification, with 67% of new clients outside the financial services sector 

·      Continued investment in people, training, technology and new disciplines to support future growth, including major new Academy in Sydney

·      Global total training capacity7 of 988 at year end, up by 5% over December 2018

·      Further geographic expansion, including strong growth in Mounties on site in EMEA (+48%) and APAC (+29%); Mounties placed for the first time in the Netherlands and good progress in Australia

·      Non-core revenue generated from contractors continues its managed decline, down 44% 

·      Final dividend of 18.5 pence per share giving a total ordinary dividend for the year of 34.5 pence, an increase of 15% on 2018

·      Group well positioned for continued success in 2020 and beyond

The Company has restated comparative figures following the fully retrospective adoption of IFRS 16 'Leases' at 1 January 2019. See Note 4 for more information.

Mountie revenue excludes revenue from contractors.

The adjusted operating profit and adjusted profit before tax are calculated before Performance Share Plan expenses (including social security costs) of £2.0 million (2018: £3.0 million). The adjusted basic earnings per share is calculated before the impact of Performance Share Plan expenses (including social security costs and associated deferred tax).

4   Cash conversion is calculated by dividing cash flow from operations by operating profit. Previously cash conversion was calculated by dividing cash flows from operations by profit before tax. Following the adoption of IFRS 16 'Leases', the calculation was amended and the 2018 comparative restated, to provide a more meaningful indicator.

5  Week 52 in 2019 commenced on 16 December 2019 (2018: week 52 commenced on 17 December 2018).

6  Utilisation is calculated as the ratio of cost of utilised Mounties to the total Mountie payroll cost.

7  Total training capacity seats is combined permanent capacity (2019: 844; 2018: 848) and temporary capacity (2019:144; 2018: 90).

 

Rod Flavell, Chief Executive Officer, said:

"The strength and flexibility of our business model enabled FDM to deliver a solid performance in 2019 against a backdrop of challenging conditions in certain of our markets. 

2020 has started promisingly and in line with management expectations, with strong levels of client activity and demand. We anticipate a further year of good operational and financial progress. The Coronavirus is presenting us with a range of challenges relating to remote working, attendance on client sites and mobility for our trainers; the financial impact to date of these has not been significant, but we continue to monitor the situation closely."

Enquiries

For further information:

FDM

Rod Flavell - CEO

Mike McLaren - CFO

0203 056 8240

0203 056 8240

Nick Oborne (financial public relations)

 

07850 127526

 

Forward-looking statements

This announcement contains statements which constitute 'forward-looking statements'. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. Because these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements.

We are FDM

FDM operates in the Recruit, Train and Deploy ("RTD") sector. Our mission is to bring people and technology together, creating and inspiring exciting careers that shape our digital future.

The Group's principal business activities involve recruiting, training and deploying its own permanent IT and business consultants ('Mounties') at client sites. FDM specialises in a range of technical and business disciplines including Development, Testing, IT Service Management, Project Management Office, Data Services, Business Analysis, Business Intelligence, Murex, Salesforce, Cyber Security and Robotic Process Automation.

The FDM Careers Programme bridges the gap for graduates, ex-Forces and returners to work, providing them with the training and experience required to make a success of launching or re-launching their careers. We have dedicated training centres and sales operations located in London, Leeds, Glasgow, Birmingham, New York NY, Herndon VA, Charlotte NC, Austin TX, Toronto, Frankfurt, Singapore, Hong Kong, Shanghai and Sydney. We also operate in Ireland, France, Switzerland, Austria, Spain, Luxembourg, the Netherlands and South Africa.

FDM is a collective of over 5,000 people, from a multitude of different backgrounds, life experiences and cultures. We are a strong advocate of diversity and inclusion in the workplace and the strength of our brand arises from the talent within.

INTRODUCTION

Notwithstanding some challenging conditions in certain of our markets, the strength and flexibility of our business model has enabled us to deliver a solid financial and operating performance in 2019. The Group has continued to increase overall Mountie headcount and revenue, closing the year with 3,924 Mounties placed on client sites.

The Group's financial position remains robust with a closing cash balance of £37.0 million and no debt.

STRATEGY

FDM's strategy is straightforward. We aim to deliver customer-led, sustainable, profitable growth on a consistent basis, through our well-established and proven Mountie model. This strategy requires that all activities and investments produce the appropriate level of profit and return on cash, that they deliver sustained and measurable improvements for all our stakeholders including customers, staff and shareholders, and that they further our objective of launching the careers of talented people worldwide, which remains core to everything we do.

This strategy is underpinned by four key objectives: Attract, train and develop high-calibre Mounties; Invest in leading-edge training Academies; Grow and diversify our client base; and Expand our geographic presence.

GROUP RESULTS

2019 was a year of solid financial performance and continued growth, against a backdrop of political uncertainties in the UK, our largest market. We delivered 11% growth in revenue to £271.5 million (2018: £244.9 million) and a 7% increase in adjusted operating profit1 to £55.2 million (2018 restated: £51.8 million), with adjusted basic earnings per share1 up 7%, to 38.8 pence (2018: 36.3 pence). We remain well positioned for future growth with investment plans appropriate to the market opportunity for each of the geographies in which we operate, a robust balance sheet and a proven business model.

Summary income statement

 

Year ending

31 December 2019

Year ending

31 December 2018

Restated

% change

Revenue

£271.5m

£244.9m

+11%

Mountie revenue

£268.2m

£239.0m

+12%

Contractor revenue

£3.3m

£5.9m

-44%

Adjusted operating profit

£55.2m

£51.8m

+7%

Adjusted profit before tax

£54.5m

£51.2m

+6%

Profit before tax

£52.5m

£48.2m

+9%

 

Pence per share

Pence per share

Restated

% change

Adjusted basic EPS1

38.8

36.3

+7%

Basic EPS

37.3

34.2

+9%

 

Mountie revenue increased by 12% to £268.2 million (2018: £239.0 million), an 11% increase at constant currencies. Contractor revenue decreased, in line with our plan of curtailing such revenues, by 44% to £3.3 million (2018: £5.9 million). Gross margin remained constant at 48.5% (2018: 48.6%). The Group's strategy remains focussed on growing Mountie numbers and revenues whilst contractor revenues, which have been ancillary to the Group for some time now, will continue to reduce and will cease entirely in the UK at the end of the first quarter 2020. An analysis of Mountie revenue and headcount by region is set out in the table below:

 

2019

Mountie

revenue

£m

2018

Mountie

revenue

£m

2019

Mounties

assigned to client site

at week 522

2018

Mounties

assigned to client site

at week 522

UK and Ireland

134.2

126.1

1,910

2,004

North America

95.7

81.4

1,277

1,196

EMEA

16.0

13.5

240

162

APAC

22.3

18.0

497

385

 

268.2

239.0

3,924

3,747

Adjusted group operating profit margin decreased to 20.3% (2018 restated: 21.2%) of revenues, reflecting the increase in our overheads in the year to £78.4 million (2018 restated: £70.2 million), as we continue to invest in our people and infrastructure and diversify our target markets to underpin future growth.

The adjusted operating profit and adjusted profit before tax are calculated before Performance Share Plan expenses (including social security costs). The adjusted basic earnings per share is calculated before the impact of Performance Share Plan expenses (including social security costs and associated deferred tax).

2  Week 52 in 2019 commenced on 16 December 2019 (2018: week 52 commenced on 17 December 2018).

Restated comparative figures

The Group has adopted IFRS 16 'Leases' applying the full retrospective transition approach and has restated the 2018 results as a result. Under IFRS 16 a liability and a right-of-use asset are recognised at the inception of the lease, the lease liability being the present value of future lease payments. The charge to the Income Statement comprises i) an interest expense on the lease liability (included within finance expense) and ii) a depreciation expense on the right-of-use asset (included within operating costs). 

Application of the new standard on the Income Statement for the year to 31 December 2019 resulted in operating costs decreasing by £0.5 million and finance expense increasing by £0.7 million. As at 31 December 2018 there was an increase in assets of £13.9 million and liabilities of £15.3 million on the Statement of Financial Position, with a corresponding £1.4 million reduction in retained earnings.

Adjusting items

The Group presents adjusted results, in addition to the statutory results, as the Directors consider that they provide a useful indication of underlying performance. The adjusted results are stated before Performance Share Plan expenses including associated taxes. The Performance Share Plan expenses including social security costs were £2.0 million in 2019 (2018: £3.0 million). The Directors believe that excluding these costs provides a more meaningful comparison of performance and cash generation.

Net finance expense

The finance expense costs include a lease liability interest of £0.8 million (2018 restated: £0.7 million). The Group has no bank borrowings. The reduction in the other financial expense in the period is as a result of no longer incurring non-utilisation charges on the undrawn element of the Group's revolving credit facility. The Group's revolving credit facility expired on 14 August 2018 and was not renewed given the Group's strong cash position.

Taxation

The Group's total tax charge for the year was £11.9 million, equivalent to an effective tax rate of 22.7%, on profit before tax of £52.5 million (2018 restated: effective tax rate of 23.3% based on a tax charge of £11.3 million and a profit before tax of £48.2 million). The effective tax rate in 2019 is higher than the underlying UK tax rate of 19% primarily due to Group profits earned in higher tax jurisdictions. The effective tax rate reflects the Group's geographical mix of profits and the impact of items considered to be non-taxable or non-deductible for tax purposes, with the decrease year-on-year primarily due to changes in these factors.

Earnings per share

The basic earnings per share increased in the year to 37.3 pence (2018 restated: 34.2 pence), whilst adjusted basic earnings per share was 38.8 pence (2018 restated: 36.3 pence). Diluted earnings per share was 37.2 pence (2018 restated: 33.7 pence).

Dividends

The Group continues to apply a progressive dividend policy, aimed at increasing the annual dividend broadly in line with growth in the Group's earnings per share, whilst taking into account the Board's desire to maintain a cash buffer of approximately £30 million at a Group level, the ongoing needs for funding of organic growth across the business and the distributable reserves available to the Group. We intend to pay a final dividend of 18.5 pence per share, taking the total ordinary dividend to 34.5 pence per share, an increase of 15% on 2018.

The Board reviews the Group's dividend policy on a regular basis and is confident that there are currently no significant constraints which would impact this policy. The Group is debt free, has no significant capital commitments (with the exception of its leasehold properties) and has sufficient distributable reserves and cash balances to continue to apply this policy. As at 31 December 2019, the Company had distributable reserves of £40.2 million.

Cash flow and Statement of Financial Position

At the end of the year, the Group had cash balances of £37.0 million (2018: £33.9 million) and no debt. Net cash flow from operating activities increased from £38.0 million in 2018 (restated) to £46.8 million in 2019. Dividends paid in the year totalled £34.1 million (2018: £30.7 million). Net capital expenditure was £3.0 million (2018: £2.7 million) and tax paid was £11.0 million (2018: £11.4 million). During the year, the Group, via an employee benefit trust ('EBT'), purchased shares sold by option holders upon the exercise of options under the FDM Performance Share Plan for a net cash cost of £3.0 million (2018: £3.7 million). The shares held in the EBT are available to satisfy future awards. Cash conversion is strong at 108.4% (2018 restated: 100.9%). 

HMRC has recently introduced changes to accelerate the timing of UK quarterly corporation tax payments, which for FDM become effective in the current year. As a consequence, FDM expects to accelerate corporation tax payments of approximately £3 - £4 million into 2020; this does not impact the Group's cashflow generated from operations or cash conversion KPIs or its tax charge.

SEGMENTAL PERFORMANCE

UK and Ireland

In 2019, Mountie revenue grew 7%, with 1,910 Mounties placed on client sites, a decrease of 5% on last year (2018: 2,004). Adjusted operating profit1 increased by 2% to £37.8 million (2018 restated: £37.0 million). The UK and Ireland gained 46 new clients, 76% of which were from outside the financial services and banking sector.

Performance in the insurance and banking sectors was strong during the year. However, uncertainty over Brexit and potential changes in political leadership resulted in a reduced demand from UK Government Ministerial Departments during the second quarter and for the remainder of the year. This reduction in headcount offset good progress made in other sectors in the region.

Training completions were 964, a fall of 9% on last year as we flexed our training in line with demand. During 2019 we operated pop-up Academies in Birmingham, Cardiff and Dublin. These training centres allow us to tap into the graduate and client markets in the respective local areas.

Getting Back to Business headcount has increased by 14% to 98 placed at clients at year end. There were 11 Getting Back to Business courses delivered across our London, Glasgow and Leeds Academies.

North America

North America Mountie revenue grew by 18%. Mounties placed on site increased by 7% to 1,277 at year end (2018: 1,196). Adjusted operating profit1 increased by 20% to £16.5 million (2018 restated: £13.8 million).

We won 17 new clients in the year. This new client growth has been primarily in banking and financial services, with demand in that sector improving in the second half of the year after weaker market conditions had slowed activity in the second quarter. We have also widened our presence in insurance, retail and professional services.

Our Canadian business, centred in our Toronto base, continues to perform well, supported by our pop-up Academy in Montreal. The lease on our Reston Academy ended during 2019 and we set up a pop-up Academy in nearby Herndon. The Austin and Charlotte centres are both performing well, with increased training capacity and Mountie placements.

Training completions in the region have decreased by 14% as we flexed the timing of training courses to meet client requirements.

Our work for former Veterans was again recognised when we were included in the Military Times Best for Vets: Employers listing 2019. Our ex-Forces headcount grew to 53 from 42.

EMEA (Europe, Middle East and Africa, excluding UK and Ireland)

Mountie revenue from our EMEA business grew by 19% to £16.0 million (2018: £13.5 million). Adjusted operating profit1 was 57% higher at £2.2 million (2018 restated: £1.4 million). Mounties on client sites increased by 48% to 240 at year end (2018: 162). Our headcount in Luxembourg continues to grow steadily. The Netherlands had 51 Mounties placed at year end, sourced and trained locally at our Rotterdam pop-up Academy, which was opened towards the end of 2018.

Reflecting a change in management reporting, 30 Mounties included within UK & Ireland Mounties deployed as at 30 June 2019 have been re-allocated to EMEA Mounties deployed as at 31 December 2019; there is no change to the reported 31 December 2018 Mounties deployed.

APAC (Asia Pacific)

APAC Mountie revenue increased by 24% to £22.3 million (2018: £18.0 million), with 497 Mounties placed on client site at year end (2018: 385). We gained 21 new customers.

The adjusted operating loss1 increased from £0.4 million in 2018 to £1.3 million in 2019, as result of the ongoing investment costs in our Sydney Academy. This new state-of-the-art Academy became operational in February 2019 and provides us with six classrooms. Australian headcount increased by 64, an increase of 133% over 2018.

The Hong Kong office has also had a strong year of growth, despite the social and political disruption taking place there. During 2019, we operated pop-up Academies in Beijing and Shanghai to provide local training.

1 The adjusted operating profit/ (loss) is calculated before Performance Share Plan expenses (including social security costs). 2018 is restated for IFRS 16 'Leases'.

THE BOARD

The Board has seen a number of changes since the publication of our last Annual Report. In March 2019 Ivan Martin stepped down from the Board and David Lister took on the role of Chairman.

Jacqueline de Rojas CBE joined us on 1 October 2019. She is a highly regarded leader in technology in the UK, with a strong reputation as a champion of women in the sector, and as an advocate for diversity and inclusion. The Board has designated Jacqueline as the Non-Executive Director with responsibility for ensuring that the views of our employees are understood and taken into account in the Board's decision making.

Alan Kinnear joined the Board on 1 January 2020. As a former audit partner with PricewaterhouseCoopers LLP, Alan brings many years of experience in corporate governance, risk management, financial reporting and regulation.

Robin Taylor, who has been a Non-Executive Director since June 2014 and Chair of the Audit Committee since October 2015, will be stepping down from the Board at the end of our Annual General Meeting on 29 April 2020. The Board thanks Robin for his dedication and support over that remarkable period for the Group, and we wish him all the best for the future. Alan Kinnear will take on the role of Chair of the Audit Committee when Robin steps down.

Sheila Flavell was recognised in the 2020 New Year's Honours List, being awarded a CBE for her services to gender equality in IT and the employment of graduates and returners.

OUR PEOPLE

Our results this year reflect the dedication and hard work of all our colleagues - our Mounties working on clients' sites and also our recruiters, trainers, sales staff and those in support roles. Our people understand that our clients' success is our success. The Board thanks them for their great contribution to our performance during the year.

GLOBAL HEALTH ISSUES

Our business requires people to interact with people. The Coronavirus is presenting us with a range of challenges relating to remote working, attendance on client sites and mobility for our trainers. The financial impact to date of these to date has not been significant, but we continue to monitor the situation closely. We review our business continuity plan regularly and have recently updated it in the light of the Coronavirus outbreak, adding enhanced mitigations designed to ensure that our academies, sales, recruitment, and other internal teams can continue to operate in several potential scenarios.

We are liaising with our clients to understand their own arrangements to respond to the challenges of the outbreak, with a view to the wellbeing of our consultants and, where possible, to help clients minimise the impact which the outbreak has on the ability of our consultants to carry out their work for our clients. We are monitoring the latest official advice given by the relevant authorities, and our Executive Management Team is liaising closely with our managers in our locations around the world, to assist them in keeping our response under review, ensuring that it evolves appropriately as circumstances change.

CURRENT TRADING AND OUTLOOK

2020 has started promisingly and in line with management expectations, with strong levels of client activity and demand. We anticipate a further year of good operational and financial progress.

 

Consolidated Income Statement                               

for the year ended 31 December 2019

 

 

 

Note

 

2019

2018

Restated*

 

 

 

£000

£000

 

Revenue

5

 

271,529

 

244,910

 

 

 

 

 

Cost of sales

 

 

(139,953)

(125,875)

 

 

 

              

              

Gross profit

 

 

131,576

119,035

 

 

 

 

 

Administrative expenses

 

 

(78,401)

(70,210)

 

 

 

              

              

Operating profit

6

 

53,175

48,825

 

 

 

              

              

Finance income

7

 

194

140

Finance expense

7

 

(886)

(763)

 

 

 

             

            

Net finance expense

 

 

(692)

(623)

 

 

 

             

             

Profit before income tax

 

 

52,483

48,202

 

 

 

 

 

Taxation

8

 

(11,856)

(11,252)

 

 

 

             

             

Profit for the year

 

 

40,627

36,950

 

 

 

             

             

Earnings per ordinary share

 

 

 

pence

pence

 

 

 

 

 

Basic

9

 

37.3

34.2

 

 

 

             

              

Diluted

9

 

37.2

33.7

 

 

 

             

             

*See note 4 for details regarding the restatement as a result of the adoption of IFRS 16 'Leases'.

 

The results for the year shown above arise from continuing operations.

 

Consolidated Statement of Comprehensive Income

for the year ended 31 December 2019

 

 

 

2019

2018

 

 

 

 

 

£000

Restated*

£000

 

 

 

 

 

 

 

Profit for the year

 

 

 

40,627

36,950

 

Other comprehensive (expense)/ income

 

 

 

 

 

Items that may be subsequently reclassified to profit or loss

 

 

 

 

 

Exchange differences on retranslation of foreign operations (net of tax)

 

 

(496)

630

 

 

 

 

              

              

 

Total other comprehensive (expense)/ income

 

 

(496)

630

 

 

 

 

              

              

 

Total comprehensive income for the year

 

 

40,131

37,580

 

 

 

 

               

             

                 

 

*See note 4 for details regarding the restatement as a result of the adoption of IFRS 16 'Leases'.

 

Consolidated Statement of Financial Position

as at 31 December 2019

 

 

 

2019

2018

 

 

 

Restated*

 

Note

£000

£000

Non-current assets

 

 

 

Right-of-use assets

 

17,832

14,045

Property, plant and equipment

 

6,789

6,117

Intangible assets

 

19,799

19,409

Deferred income tax assets

 

1,732

2,692

 

 

             

              

 

 

46,152

42,263

 

 

             

              

Current assets

 

 

 

Trade and other receivables

 

39,937

37,152

Cash and cash equivalents

 

36,979

33,907

 

 

            

              

 

 

76,916

71,059

 

 

              

              

Total assets

 

123,068

113,322

 

 

              

              

Current liabilities

 

 

 

Trade and other payables

 

22,737

23,070

Lease liabilities

10

5,680

4,656

Current income tax liabilities

 

2,105

3,166

 

 

            

              

 

 

30,522

30,892

 

 

              

              

Non-current liabilities

 

 

 

Lease liabilities

10

17,482

13,485

 

 

            

              

 

 

            

              

Total liabilities

 

48,004

44,377

 

 

              

              

Net assets

 

75,064

68,945

 

 

            

              

Equity attributable to owners of the parent

 

 

 

Share capital

11

1,092

1,083

Share premium

 

9,687

8,771

All other reserves

 

(3,241)

3,221

Retained earnings

 

67,526

55,870

 

 

            

              

Total equity

 

75,064

68,945

 

 

            

              

*See note 4 for details regarding the restatement as a result of the adoption of IFRS 16 'Leases'.

 

 

Consolidated Statement of Cash Flows

for the year ended 31 December 2019

 

 

Note

 

2019

2018

Restated*

 

 

 

 

 

£000

£000

 

Cash flows from operating activities

 

 

 

 

 

 

Group profit before tax for the year

 

 

 

52,483

48,202

 

Adjustments for:

 

 

 

 

 

 

Depreciation and amortisation

 

6

 

6,237

4,934

 

(Profit)/ loss on disposal of non-current assets

 

 

 

(9)

3

 

Finance income

 

7

 

(194)

(140)

 

Finance expense

 

7

 

886

763

 

Share-based payment charge (including associated social security costs)

 

 

 

2,106

2,972

 

Increase in trade and other receivables

 

 

 

(3,283)

(7,013)

 

Decrease in trade and other payables

 

 

 

(564)

(439)

 

 

 

 

 

             

               

 

Cash flows generated from operations

 

 

 

57,662

49,282

 

Interest received

 

 

 

194

140

 

Income tax paid

 

 

 

(11,009)

(11,407)

 

 

 

 

 

              

                

 

Net cash flow from operating activities

 

 

 

46,847

38,015

 

                    

 

 

 

             

                

 

Cash flows from investing activities

 

 

 

 

 

 

Acquisition of property, plant and equipment

 

 

 

(2,711)

(2,684)

 

Acquisition of intangible assets

 

 

 

(321)

(16)

 

 

 

 

 

             

             

 

Net cash used in investing activities

 

 

 

(3,032)

(2,700)

 

 

 

 

 

             

             

 

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from issuance of ordinary shares

 

 

 

9

8

 

Proceeds from sale of shares from EBT

 

 

 

271

-

 

Principal elements of lease payments

 

 

 

(4,828)

(3,732)

 

Interest elements of lease payments

 

 

 

(827)

(632)

 

Lease incentives received

 

 

 

1,930

-

 

Payment for shares bought back

 

 

 

(2,958)

(3,664)

 

Finance costs paid

 

 

 

(59)

(94)

 

Dividends paid

 

12

 

(34,113)

(30,718)

 

 

 

 

 

              

              

 

Net cash used in financing activities

 

 

 

(40,575)

(38,832)

 

 

 

 

 

             

             

 

Exchange (losses)/ gains on cash and cash equivalents

 

 

 

(168)

578

 

 

 

 

 

              

              

 

 

 

 

 

 

 

 

Net increase/ (decrease) in cash and cash equivalents

 

 

 

3,072

(2,939)

 

 

 

 

 

 

Cash and cash equivalents at beginning of year

 

 

 

33,907

36,846

 

 

 

 

               

              

Cash and cash equivalents at end of year

 

 

 

36,979

33,907

 

 

 

 

               

              

               

 

*See note 4 for details regarding the restatement as a result of the adoption of IFRS 16 'Leases'.

 

Consolidated Statement of Changes in Equity

for the year ended 31 December 2019

 

 

Share capital

Share

premium

All Other reserves

 

Retained

earnings

Total

equity

 

£000

£000

£000

£000

£000

Balance at 1 January 2019 (Restated)*

1,083

8,771

3,221

55,870

68,945

 

              

              

              

              

              

Profit for the year

-

-

-

40,627

40,627

Other comprehensive income for the year

-

-

(496)

-

(496)

 

              

              

              

              

              

Total comprehensive (expense)/ income for the year

-

-

(496)

40,627

40,131

 

 

 

 

 

 

Share-based payments

-

-

2,825

-

2,825

Transfer to retained earnings

-

-

(5,189)

5,189

-

New share issue

9

916

-

-

925

Own shares bought back

-

-

(3,921)

-

(3,921)

Own shares sold

-

-

319

(47)

272

Dividends (note 12)

-

-

-

(34,113)

(34,113)

 

              

                

              

              

              

Total transactions with owners, recognised directly in equity

9

916

(5,966)

(28,971)

(34,012)

 

              

              

              

              

              

Balance at 31 December 2019

1,092

9,687

(3,241)

67,526

75,064

 

              

              

              

              

              

 

 

 

 

 

 

 

Share

capital

 

Share

premium

 

 

All Other  reserves

 

Retained

earnings

 

Total

equity

 

 

£000

£000

£000

£000

£000

Balance at 1 January 2018 (Restated)*

1,075

7,873

6,991

47,122

63,061

 

              

              

              

              

              

Profit for the year (Restated)*

-

-

-

36,950

36,950

Other comprehensive income for the year

-

-

630

-

630

 

              

              

              

              

              

Total comprehensive income for the year (Restated)*

-

-

630

36,950

37,580

 

 

 

 

 

 

Share-based payments

-

-

2,678

-

2,678

Transfer to retained earnings

-

-

(2,516)

2,516

-

New share issue

8

898

-

-

906

Own shares bought back

-

-

(4,562)

-

(4,562)

Dividends (note 12)

-

-

-

(30,718)

(30,718)

 

              

                

              

              

              

Total transactions with owners, recognised directly in equity

8

898

(4,400)

(28,202)

(31,696)

 

              

              

              

              

              

Balance at 31 December 2018 (Restated)*

1,083

8,771

3,221

55,870

68,945

 

              

              

              

              

              

 

 

 

 

               

 

*See note 4 for details regarding the restatement as a result of the adoption of IFRS 16 'Leases'.

 

 

Notes to the Consolidated Financial Statements

1          General information

The Group operates in the Recruit, Train and Deploy ("RTD") sector. The Group's principal business activities involve recruiting, training and deploying its own permanent IT and business consultants at client sites.

The Company is a public limited company incorporated and domiciled in the UK with a Premium Listing on the London Stock Exchange. The Company's registered office is 3rd Floor, Cottons Centre, Cottons Lane, London,

SE1 2QG and its registered number is 07078823.

2          Basis of preparation

The financial information set out in this preliminary announcement does not constitute statutory accounts for the years ended 31 December 2019 and 31 December 2018, for the purpose of the Companies Act 2006, but is derived from those accounts. The audited statutory accounts for 2018 have been delivered to the Registrar of Companies and those for 2019 were approved for issue on 10 March 2020. The Group's auditor reported on the Annual Report and Accounts for the year ended 31 December 2019 on 10 March 2020. Their report was unqualified, did not draw attention to any matters by way of emphasis without qualifying their report and did not contain statements under Section 498(2) or (3) of the Companies Act 2006.

Whilst the financial information included in this preliminary announcement has been prepared in accordance with the International Financial Reporting Standards (IFRSs) as adopted for the use in the European Union and as issued by the International Accounting Standards Board, this announcement does not itself contain sufficient information to comply with IFRS. The accounting policies applied in preparing this financial information are consistent with the Group's financial statements for the year ended 31 December 2018 with the exception of the following standards and amendments which were effective from 1 January 2019 and were adopted by the Group in preparing the financial statements. With the exception of IFRS 16 'Leases' the adoption of these standards and amendments has not had a material impact on the Group's financial statements in the year, see note 4 for details of the impact of the fully retrospective adoption of IFRS16 'Leases':

·      IFRS 16, 'Leases'

·      Interpretation 23, 'Uncertainty over Income Tax Treatments'

·      Amendment to IAS 1 and IAS 8 regarding the definition of materiality

·      Amendment to IFRS 9, 'Financial instruments', on prepayment features with negative compensation'

·      Amendments to IAS 28, 'Investments in associates', on long term interests in associates and joint ventures

·      Amendments to IAS 19, 'Employee benefits', plan amendment, curtailment or settlement

·      Amendment to IFRS 3, 'Business combinations'

·      Amendment to IFRIC 23, 'Uncertainty over income tax'

3          Going concern

The Group's business activities, together with the factors likely to affect its future development, performance and position are summarised in the Strategic Report. The principal risks and uncertainties and risk management processes are also described in the Strategic Report.

The Group's continued and forecast global growth, positive operating cash flow and liquidity position, together with its distinctive business model and infrastructure, enable the Group to manage its business risks. The Group's forecasts and projections show that it will continue to operate with adequate cash resources and within the current working capital facilities.

The Directors therefore have a reasonable expectation that the Company and the Group will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis for preparing the financial statements.

4          Adoption of IFRS 16 'Leases'

Under IFRS 16 'Leases', a liability and an asset are recognised at the inception of the lease, the lease liability being the present value of future lease payments. A right-of-use asset is recognised as the same amount adjusted for; any initial direct costs, lease incentives received, or lease payments made at or before the commencement date, as applicable.

The charge to the Income Statement comprises i) an interest expense on the lease liability (included within finance expense) and ii) a depreciation expense on the right-of-use asset (included within operating costs). 

The liabilities are measured at the present value of the remaining lease payments, discounted using the lessee company's incremental borrowing rate at the date of lease inception. The associated right-of-use assets for leases are measured on a retrospective basis as if the new rules had always applied.

For short-term leases and leases of low-value assets, the Group has chosen to recognise the associated lease payments as an expense on a straight-line basis over the lease team.

Initial adoption

The Group has adopted IFRS 16 retrospectively and has restated the comparatives for the 2018 reporting period. The decision to adopt the full retrospective approach upon transition was made as it provides increased comparability of the Group's results year on year.

The discount rate applied to leases has been calculated based on an estimated borrowing rate available to the lessee companies at the date of lease inception.

The following tables show the adjustments recognised for individual line items as at 1 January 2018 and 31 December 2018. Line items that were not affected by the changes have not been included. All adjustments made relate to property leases.

Income Statement for year ending 31 December 2018 (extract)

 

 As previously reported

£000

 

IFRS 16

£000

 

Restated

£000

 

 

 

 

Administrative expenses

(70,748)

538

(70,210)

Operating profit

48,287

538

48,825

Finance expense

(94)

(669)

(763)

 

 

 

 

Profit before income tax

48,333

(131)

48,202

Taxation

(11,275)

23

(11,252)

 

 

 

 

Profit for the period

 

37,058

(108)

36,950

 

 

 

 

 

             

Statement of Financial Position (extract)

 

  1 January 2018

   31 December 2018

 

As previously reported

£000

 

IFRS 16

£000

 

Restated

£000

 As previously reported

£000

 

IFRS 16

£000

 

Restated

£000

Non-current assets

 

 

 

 

 

 

Right-of-use assets

-

17,223

17,223

-

14,045

14,045

Deferred income tax assets

2,275

391

2,666

2,282

410

2,692

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Trade and other receivables

30,716

(539)

30,177

37,729

(577)

37,152

 

 

 

 

 

 

 

Total assets

94,234

17,075

111,309

99,444

13,878

113,322

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Trade and other payables

26,616

(3,394)

23,222

25,907

(2,837)

23,070

Lease liabilities

-

4,398

4,398

-

4,656

4,656

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

Lease liabilities

-

17,389

17,389

-

13,485

13,485

 

 

 

 

 

 

 

Total liabilities

29,855

18,393

48,248

29,073

15,304

44,377

 

 

 

 

 

 

 

Net assets

64,379

(1,318)

63,061

70,371

(1,426)

68,945

 

 

 

 

 

 

 

Retained earnings

48,440

(1,318)

47,122

57,296

(1,426)

55,870

Translation reserve

791

-

791

1,421

-

1,421

 

 

 

 

 

 

 

Total equity

64,379

(1,318)

63,061

70,371

(1,426)

68,945

 

 

 

 

 

 

 

 

                   

 

Statement of cash flows for year ending 31 December 2018 (extract)

 

 

IFRS 16

£000

 

Restated

£000

Cash flows generated from operations

44,918

4,364

49,282

 

 

 

 

Principal elements of lease payments

-

(3,732)

(3,732)

Interest elements of lease payments

-

(632)

(632)

 

 

 

 

Net cash outflow from financing activities

(34,468)

(4,364)

(38,832)

 

 

 

 

Net decrease in cash and cash equivalents

(2,939)

-

(2,939)

 

 

 

 

Lease liabilities as at 31 December 2018

The table below reconciles the Group's operating lease commitments as at 31 December 2018 (as disclosed in note 23 in Annual Report 2018) to the lease liabilities recognised under IFRS 16.

 

£000

Operating leases commitment

(as disclosed in note 23 in Annual Report 2018)

27,578

Discounted using the lessee's lease incremental borrowing rates

(1,850)

Add: adjustment where lessee is reasonably certain to exercise its option to extend the lease

2,602

Less: adjustment for lease not yet commenced to which lessee is committed 

(10,189)

 

              

Lease liabilities recognised

18,141

 

              

Of which are:

 

Current lease liabilities

4,656

Non-current lease liabilities

13,485

 

              

 

18,141

 

              

5          Segmental reporting

Management has determined the operating segments based on the operating reports reviewed by the Board of Directors that are used to assess both performance and strategic decisions. Management has identified that the Executive Directors are the chief operating decision maker in accordance with the requirements of IFRS 8 'Operating segments'.

At 31 December 2019, the Board of Directors considers that the Group is organised on a worldwide basis into four core geographical operating segments:

(1)   UK and Ireland;

(2)   North America;

(3)   Rest of Europe, Middle East and Africa, excluding UK and Ireland ("EMEA"); and

(4)   Asia Pacific ("APAC").

Each geographical segment is engaged in providing services within a particular economic environment and is subject to risks and returns that are different from those of segments operating in other economic environments.

All segment revenue, profit before taxation, assets and liabilities are attributable to the principal activity of the Group, being a global professional services provider with a focus on IT.

For the year ended 31 December 2019

 

UK and

North

 

 

 

 

Ireland

America

EMEA

APAC

Total

 

£000

£000

£000

£000

£000

 

 

 

 

 

 

Revenue

136,921

96,024

15,961

22,623

271,529

 

             

              

              

              

               

Depreciation and amortisation

(2,534)

(1,866)

(252)

(1,585)

(6,237)

 

 

 

 

 

 

Segment operating profit/ (loss)

35,916

16,455

2,152

(1,348)

53,175

 

 

 

 

 

 

Finance income*

231

191

9

2

433

Finance costs*

(388)

(143)

(61)

(533)

(1,125)

 

              

              

              

              

              

Profit/ (loss) before income tax

35,759

16,503

2,100

(1,879)

52,483

 

              

              

              

              

              

As at 31 December 2019

 

 

 

 

 

Total assets

72,523

25,341

8,647

16,557

123,068

 

              

              

              

              

              

Total liabilities

(17,742)

(7,330)

(3,525)

(19,407)

(48,004)

 

              

              

              

              

              

 

* Finance income and finance costs include intercompany interest which is eliminated upon consolidation

Included in total assets above are non-current assets (excluding deferred tax) as follows:

 

UK and

North

 

 

 

 

Ireland

America

EMEA

APAC

Total

 

£000

£000

£000

£000

£000

 

 

 

 

 

 

31 December 2019

29,586

4,134

1,435

9,265

44,420

 

              

              

              

              

              

For the year ended 31 December 2018 (Restated)

 

UK and

North

 

 

 

 

Ireland

America

EMEA

APAC

Total

 

£000

£000

£000

£000

£000

 

 

 

 

 

 

Revenue

130,978

82,119

13,519

18,294

244,910

 

             

              

              

              

              

Depreciation and amortisation

(2,436)

(1,596)

(252)

(650)

(4,934)

 

 

 

 

 

 

Segment operating profit/ (loss)

34,615

13,224

1,416

(430)

48,825

 

 

 

 

 

 

Finance income

120

156

2

2

280

Finance costs

(482)

(172)

(62)

(187)

(903)

 

              

              

              

              

              

Profit/ (loss) before income tax

34,253

13,208

1,356

(615)

48,202

 

              

              

              

              

              

As at 31 December 2018

 

 

 

 

 

Total assets

73,407

25,543

6,487

7,885

113,322

 

              

              

              

              

              

Total liabilities

(23,535)

(9,406)

(2,696)

(8,740)

(44,377)

 

              

              

              

              

              

 

Included in total assets above are non-current assets (excluding deferred tax) as follows:

 

UK and

North

 

 

 

 

Ireland

America

EMEA

APAC

Total

 

£000

£000

£000

£000

£000

 

 

 

 

 

 

31 December 2018

30,745

5,470

1,728

1,628

39,571

 

              

              

              

              

              

Information about major customer

2019 revenue from customer A is attributed across all four operating segments. Customer A represents 10% or more of the Group's 2019 and 2018 revenues.

 

2019

2018

 

£000

£000

 

 

 

Revenue from customer A

28,838

25,874

 

              

              

6          Operating profit

Operating profit for the year has been arrived at after (crediting)/ charging:

 

2019

2018

 

 

Restated

 

£000

£000

 

 

 

Net foreign exchange differences

(24)

74

Depreciation of right-of-use assets

4,265

3,315

Depreciation and amortisation of other assets

1,972

1,619

Expense relating to short-term leases

526

590

 

              

              

7          Finance income and expense

 

 

 

2019

2018

Restated

 

 

 

£000

£000

 

 

 

 

 

Bank interest

 

 

194

140

 

 

 

              

              

Finance income

 

 

194

140

 

 

 

              

              

 

 

 

 

 

 

 

 

2019

2018

Restated

 

 

 

£000

£000

 

 

 

 

 

Interest on lease liabilities

 

 

(827)

(669)

Non utilisation fees on revolving credit facility

 

 

-

(47)

Finance fees and charges

 

 

(59)

(47)

 

 

 

             

             

Finance expense

 

 

(886)

(763)

 

 

 

              

              

8          Taxation

The major components of income tax expense for the years ended 31 December 2019 and 2018 are:

 

 

2019

2018

Restated

 

 

£000

£000

Current income tax:

 

 

 

Current income tax charge

 

13,144

11,820

Adjustments in respect of prior periods

 

(308)

71

 

 

             

             

Total current tax

 

12,836

11,891

Deferred tax:

 

 

 

Relating to origination and reversal of temporary differences

 

(980)

(639)

 

 

             

             

Total deferred tax

 

(980)

(639)

 

 

            

            

Total tax expense reported in the income statement

 

11,856

11,252

 

 

             

             

The standard rate of corporation tax in the UK is 19%, accordingly, the profits for 2018 and 2019 are taxed at 19%. The tax charge for the year is higher (2018: higher) than the standard rate of corporation tax in the UK. The differences are set out below:

 

 

2019 

2018

Restated

 

 

£000

£000

 

 

 

 

Profit before income tax

 

52,483

48,202

 

 

              

              

 

 

 

 

Profit multiplied by UK standard rate of corporation tax of 19% (2018: 19%)

 

9,972

9,158

Effect of different tax rates on overseas earnings

 

1,985

1,732

Expenses not deductible for tax purposes

 

207

291

Adjustments in respect of prior periods

 

(308)

71

 

 

           

             

Total tax charge

 

11,856

11,252

 

 

           

              

Factors affecting future tax charges

Deferred tax assets and liabilities are measured at the rate that is expected to apply to the period when the asset is realised or the liability is settled, based on the rates that have been enacted or substantively enacted at the reporting date. Therefore, at each year end, deferred tax assets and liabilities have been calculated based on the rates that have been substantively enacted by the reporting date.

At 31 December 2019 and 31 December 2018, deferred tax assets and liabilities have been calculated based upon the rate at which the temporary difference is expected to reverse.

9          Earnings per ordinary share

Basic earnings per share is calculated by dividing the profit attributable to ordinary equity holders of the Parent Company by the weighted average number of ordinary shares in issue during the year.

 

 

 

 

2019

 

2018

Restated

Profit for the year

 

 

£000

40,627

36,950

Average number of ordinary shares in issue (thousands)

 

108,822

107,978

 

 

 

 

                

                

 

 

 

 

 

 

Basic earnings per share

 

 

Pence

37.3

34.2

 

 

 

 

                    

                      

 

 

 

 

 

 

Adjusted basic earnings per share is calculated by dividing the profit attributable to ordinary equity holders of the Parent Company, excluding Performance Share Plan expense (including social security costs and associated deferred tax), by the weighted average number of ordinary shares in issue during the year.

 

 

2019

2018

Restated

 

 

 

 

Profit for the year (basic earnings)

£000

40,627

36,950

Share-based payment expense (including social security costs)

£000

2,037

2,972

Tax effect of share-based payment expense

£000

(468)

(685)

 

 

               

                

 

 

 

 

Adjusted profit for the year

£000

42,196

39,237

 

 

                

                

 

 

 

 

Average number of ordinary shares in issue (thousands)

 

108,822

107,978

 

 

              

              

 

 

 

 

Adjusted basic earnings per share

Pence

38.8

36.3

 

 

              

              

 

Diluted earnings per share

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The company has one type of dilutive potential ordinary shares in the form of share options; the number of shares in issue has been adjusted to include the number of shares that would have been issued assuming the exercise of the share options.

 

 

 

 

2019

2018

 

 

 

 

 

Restated

 

Profit for the year (basic earnings)

 

£000

40,627

36,950

 

 

 

 

 

 

 

Average number of ordinary shares in issue (thousands)

 

 

108,822

107,978

 

Adjustment for share options (thousands)

 

 

492

1,594

 

 

 

 

                 

               

 

Diluted number of ordinary shares in issue (thousands)

 

 

109,314

109,572

 

 

 

 

              

              

 

 

 

 

 

 

 

Diluted earnings per share

Pence

 

37.2

33.7

 

 

 

 

              

              

 

 

 

 

 

 

 

10        Leases

(i)         Right-of-use assets

 

 

 

Properties

2019

£000

2018

£000

 

Cost

 

Restated

 

At 1 January

28,641

28,200

 

Additions

8,502

 -

 

Disposals

(787)

 -

 

Effect of movements in foreign exchange

(517)

441

 

 

              

              

 

At 31 December

35,839

28,641

 

 

              

              

 

Accumulated depreciation

 

 

 

At 1 January

14,596

10,976

 

Depreciation charge for the year

4,265

3,315

 

Disposals

(603)

 -

 

Effect of movements in foreign exchange

(251)

305

 

 

              

              

 

At 31 December

18,007

14,596

 

 

              

              

 

Net book value at 31 December

17,832

14,045

 

 

              

              

 

(ii)        Lease liabilities

 

 

 

2019

2018

 

 

 

£000

£000

 

 

 

 

Restated

Current lease liabilities

 

 

5,680

4,656

Non-current lease liabilities

 

 

17,482

13,485

 

 

 

              

              

 

 

 

23,162

18,141

 

 

 

              

              

Contractual maturities of lease liabilities (at net present value)

 

 

 

2019

2018

 

 

 

£000

£000

 

 

 

 

Restated

Less than one year

 

 

5,013

4,205

Between 1 and 2 years

 

 

4,384

3,948

Between 2 and 5 years

 

 

8,780

8,214

Over 5 years

 

 

4,985

1,774

 

 

 

              

              

Total lease liabilities at net present value

 

 

23,162

18,141

 

 

 

              

              

Total contractual cashflows

 

 

25,566

19,688

 

 

 

              

              

The total cash outflow for leases was £5,655,000 (2018; £4,363,000). Where there is reasonable certainty that an option to extend a lease will be exercised, lease liabilities have been recognised accordingly.

(iii)       Amounts recognised in the Income Statement

The Income Statement shows the following amounts relating to leases:

 

2019

2018

 

£000

£000

 

 

Restated

Depreciation of right-of-use assets - properties

4,265

3,315

Interest expense (included in finance cost)

827

669

Expense relating to short-term leases

526

590

 

 

 

 

              

              

11        Share capital 

Authorised, called up, allotted and fully paid share capital

 

 

 

 

 

 

2019

2019

2018

2018

 

 

Number of

shares

£000

Number of

shares

£000

Ordinary shares of £0.01 each

 

 

 

 

 

At 1 January

 

108,271,708

1,083

107,517,506

1,075

 

 

 

 

 

 

New issues

 

915,031

9

754,202

 8

 

 

                      

              

                    

              

 

 

 

 

 

 

At 31 December

 

109,186,739

1,092

108,271,708

1,083

 

 

                    

             

                   

          

             

Ordinary shares

All ordinary shares rank equally for all dividends and distributions that may be declared on such shares. At general meetings of the Company, each shareholder who is present (in person, by proxy or by representative) is entitled to one vote on a show of hands and, on a poll, to one vote per share.

During the year 915,031 shares were issued, the difference between market value and par value at issue resulted in an amount of £916,000 being recognised in share premium with £9,000 being recognised as an increase in issued share capital.

12        Dividends

 

 

 

2019

2018

 

 

 

£000

£000

Dividends paid

 

 

 

 

Paid to shareholders

 

 

34,113

30,718

 

 

 

             

            

2019

An interim dividend of 16.0 pence per ordinary share was declared by the Directors on 22 July 2019 and was paid on 20 September 2019 to holders of record on 23 August 2019.

The Board is proposing a final dividend of 18.5 pence per share in respect of the year to 31 December 2019, for approval by shareholders at the AGM on 29 April 2020.

Subject to shareholder approval the dividend will be paid on 12 June 2020 to shareholders of record on 22 May 2020.

This brings the Company's total dividend for the year to 34.5 pence per share (2018: 30.0 pence per share). The total ordinary dividends of 34.5 pence per share will be covered 1.08 times by basic earnings per share.

The Board has adopted a progressive dividend policy; the Group will retain sufficient capital to fund ongoing operating requirements, maintain an appropriate level of dividend cover and sufficient funds to invest in the Group's longer term growth.

2018

An interim dividend of 14.5 pence per ordinary share was declared by the Directors on 20 July 2018 and was paid on 21 September 2018 to holders of record on 24 August 2018. The final dividend of 15.5 pence per share in respect of the year to 31 December 2018 was approved shareholders at the AGM on 25 April 2019, the dividend was paid on 14 June 2019 to shareholders of record on 24 May 2019.

13        Directors' remuneration

Details of the Directors' (who also represent the key management personnel of the Group) remuneration in respect of the year ended 31 December 2019 is set out below:

 

 

2019

2018

 

 

£000

£000

 

 

 

 

Short term employee benefits

 

2,395

2,428

Post-employment benefits

 

33

33

Share-based payments

 

364

526

 

 

              

              

 

 

2,792

2,987

 

 

             

              

14        Financial instruments

There are no differences between the fair value of the financial assets and liabilities included within the following categories in the Consolidated Statement of Financial Position and their carrying value:

•      Trade and other receivables

•      Cash and cash equivalents

•      Trade and other payables


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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Final Results - RNS