TIDMSTAF
RNS Number : 5977T
Staffline Group PLC
21 March 2023
21 March 2023
STAFFLINE GROUP PLC
("Staffline", the "Company" or the "Group")
AUDITED RESULTS FOR THE YEARED 31 DECEMBER 2022
- Strong performance across FY 2022 with underlying operating profit ahead of expectations
- Strong balance sheet, with net cash of GBP5.0m
Staffline Group plc, the recruitment and training group,
announces its audited results for the year ended 31 December 2022
('FY 2022').
Financial Highlights(1)
FY 2022 FY 2021 Change
Revenue GBP940.5m GBP942.7m -0.2%
------------ ---------- ---------
Gross sales value(2) GBP1,031.3m GBP996.5m +3.5%
------------ ---------- ---------
Gross profit GBP83.2m GBP82.8m +0.5%
------------ ---------- ---------
Gross margin % 8.8% 8.8%
------------ ---------- ---------
Underlying operating profit (3) GBP12.0m GBP10.3m +16.5%
------------ ---------- ---------
Gross profit to underlying operating
profit conversion % 14.4% 12.4% +2.0%pts
------------ ---------- ---------
Profit after tax GBP3.8m GBP1.6m +GBP2.2m
------------ ---------- ---------
Underlying EBITDA GBP17.6m GBP16.9m +0.7m
------------ ---------- ---------
Net cash(4) GBP5.0m GBP6.9m -GBP1.9m
------------ ---------- ---------
(1) Presented on a continuing basis.
Alternative performance measures
(2) Gross sales value represents the fair value of the
consideration received or receivable for the supply of services,
including agency sales, (excluding fees) which are subject to an
IFRS 15 agency adjustment, net of value added tax, rebates and
discounts
(3) Underlying results exclude goodwill impairment, amortisation
of intangible assets arising on business combinations,
reorganisation costs and other non-underlying charges
(4) Presented on a pre-IFRS16 basis which excludes lease
liabilities and also excludes refinancing costs
-- Revenue broadly flat - strong permanent recruitment and
customer wins in temporary recruitment, offset softer demand from
customers previously benefitting from the pandemic as well as a
weaker Skills division within PeoplePlus
o Gross sales value increased by 3.5% generated from organic
growth and new business wins predominantly in the Group's managed
service provision
-- Gross profit from Recruitment up 4.7% offsetting reduction in
PeoplePlus, resulting in flat year-on-year gross margin of 8.8%
o Gross profit from permanent recruitment increased by 64.9% to
GBP6.1m (2021: GBP3.7m), representing 7.3% of Group gross profit
compared to 2.9% in 2020
-- Gross profit to underlying operating margin conversion ratio
increased strongly to 14.4% (2021: 12.4%) due to efficiencies and
tight cost control
-- Underlying operating profit(3) marginally ahead of market expectations at GBP12.0m
-- Interest rate cap purchased in October 2021 significantly
limited the increase in net finance costs, to GBP2.7m (2021:
GBP2.4m)
-- Net cash (4) of GBP5.0m (2021: GBP6.9m) was materially ahead
of expectations delivering a strengthened balance sheet with
accretive trading cashflow
o Repayment of c.GBP12m of Covid-related government support and
advance payments
-- The Group's strong balance sheet continues to support growth opportunities
Operational Highlights
-- Strong financial and operational performance across the Recruitment divisions:
o Secured new contracts with BMW and Sainsbury's/Argos,
confirming Group's market leadership in blue-collar recruitment
o Contract extensions secured with Causeway Coast and Glens
Borough Council in Northern Ireland and VINCI Construction UK
supplying labour and managed services to the London to Southampton
pipeline project
o Opened new office in Limerick, Republic of Ireland and
launched new executive search service, further highlighting the
Group's growth momentum in Ireland
-- PeoplePlus
o Delivered a solid performance from the Restart contracts,
underpinned by first profit since inception in July 2021 of
GBP1.2m
o Strong demand for labour resulted in potential candidates
bypassing additional training programmes and moving straight into
employment, which held back Skills division
Current Trading and Outlook
-- Staffline delivered a strong performance across FY 2022,
exceeding original expectations in terms of both profitability and
cashflow, despite facing challenging macroeconomic conditions,
which management expect to continue across FY 2023
-- The Group expects to grow market share across the temporary
recruitment market, but anticipates short term market challenges
within the retail and consumer sectors subduing growth in permanent
recruitment with low unemployment trends expected to further
constrain volumes within PeoplePlus' Skills and Restart
businesses
-- As highlighted in the trading update in January 2023, the
Board has adopted a cautious approach to FY 2023, however, the
Group's strengthened balance sheet, experienced management team,
and healthy pipeline mean the business is well placed to capitalise
on the considerable market opportunities that lie ahead
Albert Ellis, Chief Executive Officer, commented:
"I am pleased to report such a strong trading performance across
the Group in FY 2022, with Staffline increasing its overall profits
and further strengthening its balance sheet.
In addition to these solid results, the Group secured two
significant new contracts with BMW and Sainsbury's/ Argos, and
extended important existing relationships with VINCI Construction
UK and Causeway Coast and Glens Borough Council. Our experienced
management and staff continue to ensure Staffline delivers an
outstanding service in a tight labour market, further highlighting
our credentials as the UK's preferred recruitment and training
provider during this time of uncertainty.
"As we move further into 2023, we will focus our efforts on
delivering on the Group's organic growth pipeline and leveraging
Staffline's leading market position to capitalise on a number of
exciting new business opportunities and further expand our market
share."
Staffline Group plc via Vigo Consulting
www.stafflinegroupplc.co.uk
Albert Ellis, Chief Executive Officer
Daniel Quint, Chief Financial Officer
Liberum Nominated Adviser and Joint
Broker 020 3100 2222
www.liberum.com 020 3829 5000
Richard Lindley / William Hall
Zeus Joint Broker
www.zeuscapital.co.uk
David Foreman (Investment Banking)
Nick Searle (Sales)
Vigo Consulting Investor Relations & 020 7390 0230
Financial PR staffline@vigoconsulting.com
www.vigoconsulting.com
Jeremy Garcia / Kate Kilgallen
About Staffline - Recruitment, Training and Support
Enabling the Future of Work(TM)
Staffline is the UK's market leading Recruitment and Training
group. It has three divisions:
Recruitment GB
Staffline is a leading provider of flexible blue-collar workers,
supplying c.31,000 staff per day on average from around 400 sites,
across a wide range of industries including supermarkets, drinks,
driving, food processing, logistics and manufacturing.
Recruitment Ireland
The Recruitment Ireland business is a leading end to end
solutions provider operating across twenty industries, ten branch
locations and ten onsite customer locations, supplying c.4,500
staff per day on average, and offering RPO, MSP, temporary and
permanent solutions across the island of Ireland.
PeoplePlus Division
Staffline is the leading adult skills and training provider in
the UK, delivering adult education, prison education and
skills-based employability programmes across the country.
Chairman's Statement
Introduction
This is my first statement as Interim Chairman and I would like
to take this opportunity to express my passion for ensuring the
Staffline Group communicates as effectively as possible regarding
our strategy, operational progress, and crucially, the financial
health of our business going forward. I believe all shareholders
should remain fully informed about the growth plans and ambitions
of the Group, so they continue to have confidence in Staffline as
an investment.
Year in Review
The Group's performance over the last 12 months has been strong.
We delivered on our promise to grow underlying operating profit to
GBP12.0m (2021: GBP10.3m), which is up 16.5% on the prior year.
Equally importantly, we further strengthened the balance sheet with
tight management of working capital, control of costs and capital
expenditure, and through retaining our trading cash flow to finance
future growth.
As of 31 December 2022, the Group is operating with significant
financing headroom relative to available committed banking
facilities. I have long been a strong advocate of prudent cash
management, making sure the business remains self-financing and
avoiding an over-reliance on external borrowing.
I firmly believe that Staffline has the means and expertise to
both protect, and indeed expand, its enviable market position.
Management is highly in tune with the individual workings of each
of our divisions and, rest assured, will act decisively to redeploy
capital, be this to new activities, or to existing operations with
historically higher margins, to ensure continued progress across
the Group. Our investors rightly seek value, and we, as a Board and
management team, are working hard to deliver enhanced shareholder
value.
Dividends & Capital Allocation
Our capital allocation policy will be guided by the
macro-environment in which we operate, we will strive first and
foremost to maintain the strength of our balance sheet and deliver
long-term value for our shareholders, considering share buybacks or
dividends as and when appropriate to do so. With regard to any
acquisitions or organic investment in the business, the Board will
seek to finance these through trading cash flow alone, as opposed
to assuming fixed term debt.
Board Changes
In March 2022, Richard Thomson advised the Board that he would
not stand for re-election as Senior Independent Director, leaving
in May to pursue other opportunities after three years of
exceptional service to the Company. May 2022 also saw the departure
of our former Chairman Ian Lawson, who resigned after two years
spent expertly guiding the business through a period of significant
change. In addition, Ian Starkey, Senior Independent Director,
informed the Board in November 2022 that he will not stand for
re-election at the Group's AGM in 2023. Ian has been a tremendous
asset to the business both in his capacity as Chair of the Audit
Committee, and more recently as a Senior Independent Director,
supporting the Group through its 2021 refinancing, transformation,
and return to growth. On behalf of the Board, I extend our sincere
thanks to each of them for the truly instrumental roles they have
played in transforming Staffline into the strong and resilient
business we see today. We wish them every success in the
future.
Closing remarks
I would like to thank my extraordinary colleagues at Staffline
who continue to deliver excellent results, as well as our Managing
and Executive Directors. I believe we are privileged to have such a
strong and experienced operational team supported by top-quality
talent at the senior leadership level. One of my first priorities
when I assumed the role of Interim Chairman was to ensure that our
talent was retained and locked in through a variety of incentives
both short and long term, aligning the interests of management with
the Group's shareholders and ensuring we have the bench strength to
execute on our plans.
Ultimately, we are not just a people business, we are a
people-focused business; striving to match rewarding work
opportunities with those that seek them. Our passion for helping
our extraordinary clients achieve their objectives through
first-class recruitment is evidenced by both the enduring
relationships we have forged with so many of our partners, and our
ability to consistently secure top-level client wins.
In the new financial year, it is clear there are a number of
external headwinds we will have to navigate. Despite this testing
macro environment, I remain hugely encouraged by the nature of our
business mix, which I believe leaves Staffline well equipped to
face these challenges head-on and take advantage of the
opportunities they present.
Tom Spain
Interim Chairman
20 March 2023
Chief Executive Officer's Review
Introduction
The Group traded strongly across 2022, and I am delighted that
the increased gross sales and client activity throughout FY 2022
has resulted in a positive flow through to operating profit and
trading cash flows. We continue to see the benefits of the
restructuring and significant strengthening of the Group's balance
sheet achieved in the previous year. As a result, the Group
delivered an excellent trading performance with increases in the
Group's gross profit, operating profit, conversion ratios and
profit before tax.
Following the pandemic-related volatility of the past couple of
years, 2022 continued to provide eventful macroeconomic conditions.
The global economy was hit hard by geopolitical uncertainty across
the world, with sharp rises in interest rates and faster than
expected inflation reducing consumers' disposable income all
contributing to a slowing macroeconomic environment.
Nevertheless, despite the challenges facing the Group, I am
pleased to report our businesses have proven highly resilient. Our
commitment to delivering excellent customer service at scale, in a
tight labour market, has proven to be a key differentiator and our
management have forged even stronger relationships with the Group's
customers.
In the year ended 31 December 2022, the Group generated revenues
of GBP940.5m (2021: GBP942.7m), and a 0.5% increase in gross profit
to GBP83.2m (2021: GBP82.8m). Underlying(1) operating profit
increased 16.5% to GBP12.0m (2021: GBP10.3m), with net cash
(pre-IFRS 16)(2) as at 31 December of GBP5.0m (2021: net cash
GBP6.9m).
This success could not have been achieved without the
outstanding quality of our people. During 2022 we refreshed and
reorganised our management and organisational structure, bringing
exceptional talent into the Group whilst promoting high performers
from within the business. The rollout of performance related
compensation and long-term equity plans has further reduced churn
and attracted and retained the best people in preparation for the
growth journey over the next 3-5 years.
The business has moved from strength to strength in financial
terms too. In particular, our excellent Finance team has worked
hard to convert our trading profits into cash through tight control
of debtors and implementing significant cost-saving initiatives,
resulting in a real term reduction in the Group's cost base. The
interest rate cap purchased in October 2021 has delivered
significant interest savings and all outstanding historic
Covid-related liabilities have been settled over the course of the
year.
A year of positive momentum
I am pleased to say that 2022 can be characterised as a year of
consistent, positive growth momentum for Staffline.
Group gross profit grew by 0.5%, largely attributable to the
onboarding of two significant new recruitment customers, the first
profit from our Restart contract, and solid trading across the
Christmas peak period. Our strategy of growing higher margin, cash
generative permanent recruitment contracts (up 65% compared with
2021), continues to yield positive results; driving further
increases in revenue, as well as improvements to our cash
position.
Within PeoplePlus, offsetting the weakness in the Skills
business, which was due to high employment, robust demand for
labour supported a strong performance for our employability
programmes, and we were pleased to see the division recognise its
first operating profit from its Restart sub-contracts during the
second half.
As announced in H1 2022, Recruitment GB successfully secured
several substantial new contracts, including a long-term agreement
with BMW Group to supply the flexible operational workforces and a
number of specialist roles for its manufacturing sites in
England.
T he division's managed services arm, Datum RPO, has delivered
an impressive performance, with record results driven by
consistently high levels of demand for its services. New business
wins include a five-year contract extension with specialist
construction company, VINCI Construction UK, as well as the
onboarding of new customer Argos, part of the Sainsbury's Group,
which appointed Datum RPO i n early 2022 as its temporary labour
Managed Service Provider ('MSP') for its sizeable driving
estate.
The senior team at Datum RPO has committed significant time and
resource to developing the business' technology platform to meet
Argos' specific requirements, seamlessly rolling out its MSP
solution across 45 locations and Argos' 70-strong supplier network.
Following on from this success, Staffline has since become a
specialist supplier of driver resource for key locations within
Argos' home delivery network.
Recruitment Ireland saw strong traction in its permanent
recruitment business, including for the first time in the executive
search sector, and expanded its branch network in the Republic of
Ireland where it opened a new office in Limerick and extended its
Causeway Coast and Glens Borough Council contract for a further 5
years. Tight cost control and an increase in gross margins led to
an increase in gross profit to operating profit conversion rate to
24.8%, up from 22.1% in the year prior.
As we move further into 2023, management will focus its efforts
on delivering additional organic growth across the Group through
both increasing business volumes in existing customers, and by
leveraging Staffline's enviable market position to capitalise on
new business opportunities and further expand our market share.
Vision and strategy
Staffline's business vision is clear: to be a market leading,
world-class recruitment and training group, known for excellent
service and integrity, and driven by digital innovation. Our
strategic priorities for consistent, sustainable growth are as
follows:
-- To further capitalise on the Group's market leadership in recruitment:
Staffline's Recruitment divisions have market leading positions
in the supply of temporary workers, especially in the blue-collar
warehouse and driving sectors. Our focus now is on securing
additional organic growth in new and existing clients which are
actively growing their own market share, and also introducing
permanent recruitment services to support our clients' core
headcount requirements. The Group's strong governance and
compliance offer will be increasingly important going forward.
-- To broaden the portfolio of services:
The Group will continue to introduce Datum RPO's services to
customers that will benefit from a fully managed service and we
believe the current push for cost savings is a key driver in
increasing client demand in this market. The Group will support
Omega's ambitions to grow its technical and engineering niche,
which will expose the Group to higher margin growth opportunities
in the white-collar recruitment sector.
-- To drive ongoing profit growth within PeoplePlus:
Our strategy remains focused on further stabilising the annuity
revenue and profit streams of the business, winning new contracts
and consolidating our market share in prison education and
employability.
-- To grow in the Republic of Ireland:
The Republic of Ireland continues to be an attractive
recruitment market with a positive growth outlook. The Group is
growing through investing in additional branches and services, and
hiring additional fee-earning headcount including during the
current downturn. We believe these initiatives will help facilitate
a step change in scale and profitability in the recovery when it
comes.
Operational review
Recruitment GB
The Group's Recruitment GB division delivered a strong
performance across 2022 having successfully expanded its
operational footprint during the period. The implementation of the
BMW contract, a major win in 2022, remains ongoing, with the Group
seeing further momentum from additional sectors, including
manufacturing and travel. Investment in headcount and technology
remained a key theme for the business, and despite much reported
labour shortages, the division continued to expand its branch
network, reinforcing the strong platform which will underpin future
growth. The Group's managed services business, Datum RPO, continued
to perform well as customers seek to consolidate their recruitment
supply chains using an independent expert, as evidenced by the
award of a five-year contract extension with VINCI Construction UK.
Omega, the Group's technical and engineering recruiter, also posted
strong increases in its permanent recruitment fees, which across
the wider division were up c.80% over 2021, representing a c.176%
increase over the last two years. The division continued to control
overhead costs tightly, increasing its gross profit to underlying
operating profit conversion rate from 14.0% to 16.0%.
Recruitment Ireland
The Recruitment Ireland business, which is more dependent on the
permanent recruitment market and less dependent upon temporary
placements than the Recruitment GB business, produced an excellent
trading performance across the year. The division delivered a 45%
increase in permanent recruitment fees, its strongest results since
2019, which offset marginally weaker blue-collar demand. The
increase in permanent recruitment fees, coupled with a record
trading performance in the Republic of Ireland, which has been
underpinned by ongoing investment in fee-earning headcount, further
demonstrates the inherent strength of our Recruitment Ireland
platform. A pivot to white-collar recruitment in the Republic of
Ireland, the opening of a new office in Limerick, and the retention
of key public sector contracts in Northern Ireland, all contributed
to record growth across 2022. The strength of permanent
recruitment, and for the first time, executive search, helped
increase gross margins. Additionally, our entry into the executive
search market alongside tight control of the cost base resulted in
the gross profit to underlying operating profit conversion rate
improving to 24.8%, up from 22.1% in the prior year.
PeoplePlus
PeoplePlus reported a solid performance in 2022, but as expected
was held back by lower revenues in Skills training. Labour
shortages, and the resulting demand squeeze, resulted in potential
candidates bypassing established training programmes and moving
straight into employment. Conversely, these labour market
conditions aided our Employability programmes which performed
particularly well, and we were pleased to see PeoplePlus
successfully deliver profit from the Restart sub-contracts during
the year, with the division reporting its first operating profit
from those contracts in the second half of 2022. During the year it
was determined that PeoplePlus had overstated revenues totalling
GBP2.6m in relation to the period prior to 31 December 2021, as
PeoplePlus had not met some of its revenue related performance
obligations. Due to the legacy nature of these revenues, management
have accounted for the adjustment of these errors through
reserves.
The labour market and recruitment landscape
The labour market experienced severe shortages which were
exacerbated by the Covid pandemic. Since then, we have seen a
slight easing in supply but also in demand, particularly in HGV
driving. The logistics and online sector which reported buoyant
results during the Covid related lockdowns has reduced demand for
temporary labour as online volumes returned to more normalised
levels and consumers reverted to pre-pandemic behaviours. However,
the labour shortage continues as vacancies remain above 1 million
and combined with the cost-of-living crisis, this has affected the
training market as candidates are going straight into paid work
without seeking additional training. The Group has responded to
these changes by reducing its cost base in Skills to align with the
forecasted lower level of demand going forward, and by reorganising
its labour delivery to leverage the Group's strengths in regional
differences in supply and demand.
Board Changes
In May 2022, Tom Spain was appointed Interim Chairman following
the announcement that Ian Lawson would step down from his role as
Non-Executive Chairman. Additionally, in April 2022, Richard
Thomson stepped down from the Board as the Senior Independent
Director, a role assumed by Ian Starkey in May 2022.
In November 2022, we announced that Ian Starkey, Audit Chairman
and Senior Independent Director, had informed the Company that he
would not be standing for re-election at the 2023 AGM. Accordingly,
the Board has begun the process of searching for a replacement. The
search is at an advanced stage and the Board expects to make an
announcement shortly.
Outlook
As a business, we are pleased with the excellent progress
delivered by Staffline across 2022, achieving strong growth in
profitability and cash flows, investing in the senior operational
leadership, and embedding governance at the core of our company
culture to further differentiate our customer offering in a market
that is increasingly prioritising compliance.
As referenced in our January 2023 trading update, we anticipate
the current uncertainty to persist through 2023, with continuing
low unemployment constraining volumes within PeoplePlus's Skills
and Restart businesses. Our Recruitment GB and Recruitment Ireland
divisions are likely to be affected by the widely reported
weakening in demand for permanent hiring.
However, we are confident in our ability to leverage our brand,
geographic scale and governance advantage to continue to expand our
market share in preparation for the economic recovery when it
comes.
Albert Ellis
Chief Executive Officer
20 March 2023
Alternative performance measures
(1) Underlying results exclude goodwill impairment, amortisation
of intangible assets arising on business combinations,
reorganisation costs and other non-underlying charges
(2) Presented on a pre-IFRS16 basis, which excludes lease
liabilities, and also excludes refinancing costs
Financial Review
Introduction
The Group traded strongly during 2022 and exceeded both net cash
and underlying operating profit expectations, despite the
continuing economic challenges. Gross sales for 2022 increased by
3.5% to GBP1,031.3m (2021: GBP996.5m) driven by new managed service
provider customer wins. Total revenue for the year of GBP940.5m
(2021: GBP942.7m) was lower than the previous year by 0.2%. Gross
profit across the recruitment businesses increased by 4.7% to
GBP64.9m (2021: GBP62.0m), offset by a reduction in PeoplePlus'
gross profit to GBP18.3m (2021: GBP20.8m). This resulted in Group
gross profit increasing to GBP83.2m (2021: GBP82.8m), with gross
profit margin stable at 8.8%. The Group continued to control
overhead costs tightly, increasing its gross profit to underlying
operating profit conversion rate from 12.4% to 14.4%, delivering a
16.5% increase in underlying operating profit to GBP12.0m (2021:
GBP10.3m). The Group's reported profit after tax increased to
GBP3.8m (2021: GBP1.2m).
The Group has pursued a policy of organic growth with a focus on
cost control and working capital, conserving its cash reserves, and
further strengthening its balance sheet. The Group ended the year
with pre-IFRS16 net cash of GBP5.0m (2021: GBP6.9m),
notwithstanding the two Covid-19 pandemic-related one-off payments
of the final repayment of deferred VAT of GBP5.8m and GBP6.2m
advance payments from the Ministry of Justice. This means that the
Group generated an underlying improvement in net cash of
GBP10.1m.
The Group's purchase of a 3-year interest rate cap in October
2021, in order to manage its debt financing costs, meant that the
impact of the increase in the Bank of England base rate from 0.25%
to 3.50% during 2022 was largely mitigated.
The Group's strengthened balance sheet and its significant
financing headroom leaves it well placed to navigate the ongoing
global macroeconomic headwinds as well as capitalise on market
opportunities to further grow market share.
The Group comprises three divisions, namely, Recruitment GB,
flexible blue-collar recruitment; Recruitment Ireland, generalist
recruitment; and PeoplePlus, adult skills and training
provision.
Underlying(1) divisional performance - continuing operations
Recruitment Recruitment Group Total Recruitment Recruitment Group Total
GB Ireland PeoplePlus Costs Group GB Ireland PeoplePlus Costs Group
2022 2022 2022 2022 2022 2021 2021 2021 2021 2021
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
------------------- ----------- ----------- ---------- ----- ------ ----------- ----------- ---------- ----- -----
Revenue 752.0 110.6 77.9 - 940.5 747.9 111.7 83.1 - 942.7
------------------- ----------- ----------- ---------- ----- ------ ----------- ----------- ---------- ----- -----
Year-on-year
revenue
increase/(decline) 0.5% (1.0)% (6.3)% - (0.2)% 2.2% (7.3)% 10.8% - 1.6%
------------------- ----------- ----------- ---------- ----- ------ ----------- ----------- ---------- ----- -----
Gross sales
value(3) 842.8 110.6 77.9 1031.3 801.7 111.7 83.1 996.5
------------------- ----------- ----------- ---------- ----- ------ ----------- ----------- ---------- ----- -----
Year-on-year gross
sales value
increase 5.1% (1.0)% (6.3)% - 3.5% 5.6% (7.3)% (10.8)% - 2.7%
------------------- ----------- ----------- ---------- ----- ------ ----------- ----------- ---------- ----- -----
Gross profit 52.0 12.9 18.3 - 83.2 50.7 11.3 20.8 - 82.8
------------------- ----------- ----------- ---------- ----- ------ ----------- ----------- ---------- ----- -----
Year-on-year gross
profit
increase/(decline) 2.6% 14.2% (12.0)% - 0.5% 9.7% 7.6% 16.2% - 11.0%
------------------- ----------- ----------- ---------- ----- ------ ----------- ----------- ---------- ----- -----
Gross profit as
a % of revenue 6.9% 11.7% 23.5% - 8.8% 6.8% 10.1% 25.0% - 8.8%
------------------- ----------- ----------- ---------- ----- ------ ----------- ----------- ---------- ----- -----
Underlying
operating
profit/(loss)
before tax 8.3 3.2 3.8 (3.3) 12.0 7.1 2.5 4.1 (3.4) 10.3
------------------- ----------- ----------- ---------- ----- ------ ----------- ----------- ---------- ----- -----
Underlying
operating
profit as a %
of revenue 1.1% 2.9% 4.9% - 1.3% 0.9% 2.2% 4.9% - 1.1%
------------------- ----------- ----------- ---------- ----- ------ ----------- ----------- ---------- ----- -----
Underlying
operating
profit as a %
of gross profit 16.0% 24.8% 20.8% - 14.4% 14.0% 22.1% 19.7% - 12.4%
------------------- ----------- ----------- ---------- ----- ------ ----------- ----------- ---------- ----- -----
Pre-IFRS 16(2)
net cash excluding
unamortised
refinancing
costs - - - - 5.0 - - - - 6.9
------------------- ----------- ----------- ---------- ----- ------ ----------- ----------- ---------- ----- -----
Post-IFRS 16 net
cash excluding
unamortised
refinancing
costs - - - - 0.1 - - - - 2.3
------------------- ----------- ----------- ---------- ----- ------ ----------- ----------- ---------- ----- -----
Key performance indicators - continuing operations
Recruitment Recruitment Total Recruitment Recruitment Total
GB Ireland PeoplePlus Group GB Ireland PeoplePlus Group
2022 2022 2022 2022 2021 2021 2021 2021
---------------------- ----------- ----------- ---------- -------- ----------- ----------- ---------- --------
Hours worked by
temporary
workers 44.0m 6.7m - 50.7m 51.1m 7.1m - 58.2m
---------------------- ----------- ----------- ---------- -------- ----------- ----------- ---------- --------
Gross profit per fee GBP76.5k GBP102.2k - GBP80.6k GBP71.5k GBP111.5k - GBP76.5k
earner
---------------------- ----------- ----------- ---------- -------- ----------- ----------- ---------- --------
Revenue per employee - - GBP55.7k - - - GBP62.6k -
---------------------- ----------- ----------- ---------- -------- ----------- ----------- ---------- --------
For management reporting purposes the Recruitment GB division
presents its 'gross sales value', which includes sales under agency
arrangements. The reporting of gross sales gives an indication of
the full level of activity undertaken by the division. This value
is adjusted for reporting revenue in accordance with IFRS 15. The
adjustment relative to reported revenue for the Group is as
follows:
2022 2021
GBPm GBPm
---------------------------- ------- ------
Gross sales value 1,031.3 996.5
Agency sales excluding fees (90.8) (53.8)
---------------------------- ------- ------
Revenue as reported 940.5 942.7
---------------------------- ------- ------
Alternative performance measures
1 Underlying results exclude goodwill impairment, amortisation
of intangible assets arising on business combinations,
reorganisation costs and other non-underlying charges.
2 Presented on a pre-IFRS 16 basis, which excludes lease
liabilities, and also excludes refinancing costs.
3 Gross sales value represents the fair value of consideration
received or receivable for the supply of servicess, including
agency sales, (excluding fees) net of VAT.
Recruitment GB
Revenues in the Recruitment GB division increased by GBP4.1m to
GBP752.0m. The division experienced some reduction of volumes from
retail and logistics customers that had benefited from increased
workload during the Covid-19 pandemic, which was more than offset
by significant new contracts, and increased demand from some
existing customers, BMW and Sainsbury's/Argos being prominent
examples.
Gross profit of GBP52.0m (2021: GBP50.7m) resulted in gross
profit margin increasing to 6.9% (2021: 6.8%), reflecting the
slight shift from lower margin sectors such as food production,
toward marginally higher returns from recovering sectors such as
travel and aviation, as well as the increase in permanent
recruitment activity commented on below. Increases in general pay
rates, in many cases double-digit percentages, combined with the
increase in the National Minimum Wage in April 2022, from GBP8.91
to GBP9.50 per hour for over 23's, does not impact absolute gross
profit but does negatively impact gross margin percentage
achieved.
Gross profit generated from temporary recruitment reduced as a
proportion of the total to 92.5% (2021: 95.7%), with the remaining
7.5% (2021: 4.3%) of gross profit generated from permanent
recruitment. This represented a 77% increase in gross profit
generated from permanent recruitment to GBP3.9m (2021: GBP2.2m).
Hours worked reduced to 44.0m (2021: 51.1m) reflecting reduced
year-over-year supermarket and online retail volumes and the
strategic exit from a significant high volume, low margin contract
during 2021. Revenues were boosted in the second half by the
successful implementation of the new contract with BMW Group,
whilst also generating strong organic growth with existing
customers. The division continued to control overhead costs
tightly, increasing its gross profit to underlying operating profit
conversion rate from 14.4% to 16.0%, delivering a 16.9% increase in
underlying operating profit to GBP8.3m (2021: GBP7.1m).
Recruitment Ireland
Revenues in the Recruitment Ireland division reduced by GBP1.1m
to GBP110.6m, reflecting the reduction in temporary worker hours to
6.7m (2021: 7.1m). A 45% increase in permanent recruitment fees
enabled the division to deliver its strongest results since 2019,
as well as a record trading performance in the Republic of
Ireland.
Gross profit of GBP12.9m (2021: GBP11.3m) resulted in gross
profit margin increasing to 11.7% (2021: 10.1%), reflecting the
further shift toward permanent recruitment business. Gross profit
generated from temporary recruitment accounted for 82.9% (2021:
86.7%) of the total, with the remaining 17.1% (2021: 13.3%) of
gross profit generated from permanent recruitment.
Additionally, tight control of the cost base resulted in the
gross profit to underlying operating profit conversion rate
improving to 24.8%, up from 22.1% in the prior year, generating an
underlying operating profit of GBP3.2m (2021: GBP2.5m).
PeoplePlus
PeoplePlus revenues reduced by 6.3%, from GBP83.1m to GBP77.9m,
primarily as a result of reduced revenues from Skills training,
which was severely impacted by a significant reduction in the
number of candidates available as a result of the tight labour
market which enabled workers to enter jobs without workplace skills
training. The division successfully delivered its first operating
profit of GBP1.2m from the Restart sub-contracts in the second half
of the year and the tight labour market conditions aided other
Employability programmes, which performed well.
Following the rebuild of the division's overhead base that
commenced in 2021, the division has maintained its revenue to
operating profit conversion at 4.9%, resulting in underlying
operating profit of GBP3.8m (2021: GBP4.1m).
During the year it was determined that PeoplePlus had overstated
revenues totalling GBP2.6m in relation to the period prior to 31
December 2021, as PeoplePlus had not met some of its revenue
related performance obligations. Due to the legacy nature of these
revenues, management have accounted for the adjustment of these
errors through reserves, (see note 3).
Revenue per employee was GBP55.7k during 2022 (2021: GBP62.6k),
an 11% decrease, resulting from the reduced revenues from Skills
training. PeoplePlus achieved a gross margin of 23.5% in 2022,
which compares to 25.0% in 2021, largely due to the reduced
contribution from skills training.
Group costs
Group costs, which include Directors' remuneration costs, have
decreased to GBP3.3m (2021: GBP3.4m) reflecting continued close
management of corporate spend.
Group result
Underlying operating profit was GBP12.0m (2021: GBP10.3m), an
increase of 16.5%, and marginally ahead of market expectations for
the year. Total non-underlying charges on continuing activities
before tax, which are described below, were GBP7.4m (2021:
GBP8.0m), which was all non-cash.
The underlying profit before taxation on continuing operations
for 2022 was GBP9.3m (2021: GBP7.9m). Underlying profit before
taxation as a percentage of revenue was 1.0% (2021: 0.8%). The
underlying profit after tax on continuing operations for the year
was GBP9.4m (2021: GBP8.7m).
The Group's reported profit before taxation was GBP1.9m in the
year (2021: loss GBP(0.1)m).
Net Finance Charges
Net finance charges incurred in the year amounted to GBP2.7m
(2021: GBP2.4m), reflecting part of the increase in overnight SONIA
rates during 2022 from c.0.25% to c.3.40%. However, the Group
limited its exposure to these interest rate increases through the
use of an interest rate cap, which was purchased in October 2021.
This reduces exposure to interest rate increases above 1% of SONIA
on an aggregated two-thirds of the Receivables Finance Agreement
(GBP26.0m at 31 December 2022) and the customer finance
arrangements (GBP51.7m at 31 December 2022). The instrument, which
has a term of three years from 13 October 2021, is based on
quarterly notional amounts varying between GBP39.5m and GBP62.5m,
with an average of GBP51.9m.
Taxation
The total tax credit for the year was GBP1.9m (2021: GBP1.7m),
which included the movement of deferred tax balances. The Group has
an estimated current corporation tax liability of GBP0.1m (2021:
GBPnil) in respect of the year. Remaining tax losses of GBP17.8m
carried forward in all divisions have been recognised as a deferred
tax asset.
The amortisation charge relating to intangible assets arising on
business combinations is not deductible under UK corporation tax
and is therefore added back to taxable profits. A deferred tax
liability is recognised in respect of other intangible assets. This
liability is reduced each year in line with the amortisation
charge, giving rise to a deferred tax credit each year.
Alternative Performance Measures
In the reporting of its financial performance, the Group uses a
limited number of alternative performance measures that are not
defined under IFRS, the Generally Accepted Accounting Principles
("GAAP") under which the Group reports. The Directors believe that
these non-GAAP measures assist with the understanding of the
performance of the business and are not given undue prominence in
these financial statements. These non-GAAP measures are not a
substitute for, or superior to, any IFRS measures of performance,
but they have been included as an additional means of comparing
performance year-on-year.
Non-underlying Items
Non-underlying items of income or expenditure are items that are
either non-recurring or of a particular size or nature such that
they require separate identification. Non-underlying items are
included in total reported results but are excluded from underlying
results. Certain items can vary significantly from year to year and
therefore create volatility in reported earnings. It should be
noted that whilst the amortisation of intangible assets arising on
business combinations has been added back, the revenue from those
acquisitions has not been eliminated.
Non-underlying charges on continuing activities before tax
amounted solely to GBP7.4m in the year (2021: GBP8.0m), relating
solely to amortisation of intangible assets arising on business
combinations. As stated below the existing intangible assets on
business combinations will all be fully amortised by the end of
2023.
The charge in the year for amortisation of intangible assets
arising on business combinations relates to the following
acquisitions: Vital Recruitment (charge GBP3.0m: asset will be
fully amortised by February 2023), Passionate about People (charge
GBP2.3m: asset will be fully amortised by October 2023), Grafton
(GBP1.3m: asset will be fully amortised by June 2023), Brightwork
(charge GBP0.2m: asset fully amortised during 2022), others (charge
GBP0.6m: asset fully amortised during 2022).
Non-underlying charges - continuing 2022 2021
operations GBPm GBPm
------------------------------------------ ----- -----
Amortisation of intangible assets arising
on business combinations 7.4 8.0
------------------------------------------ ----- -----
Government Support
During the first year of the Covid-19 pandemic in 2020, the
Group took advantage of the forbearance scheme for the deferral of
VAT due between March and June 2020. The total deferral agreed with
HMRC under the UK scheme amounted to GBP42.4m after offset of a
corporation tax refund due in relation to the financial year 2018.
Repayment of the balance commenced in June 2021 and the final
instalment of GBP5.8m was paid in January 2022.
Earnings Per Share
Statutory basic and diluted loss per share on continuing
activities in 2022 were both 2.3p (2021: both 1.3p).
For the year, the weighted average number of shares (basic) is
163,753,217 (2021: 122,178,126).
Removing the non-underlying charges, and their respective
taxation impacts, results in underlying basic earnings per share of
5.7p (2021: 7.1p) and diluted earnings per share of 5.7p on
continuing activities (2021: 7.1p).
The table below reconciles underlying EBITDA (earnings before
interest, taxation, depreciation and amortisation), on continuing
operations to operating profit.
Reconciliation of operating loss to EBITDA 2022 2021
GBPm GBPm
------------------------------------------- ----- -----
Operating profit 4.6 2.3
Non-underlying costs 7.4 8.0
------------------------------------------- ----- -----
Underlying operating profit 12.0 10.3
------------------------------------------- ----- -----
Depreciation and loss on disposals 5.6 6.6
------------------------------------------- ----- -----
Underlying EBITDA 17.6 16.9
------------------------------------------- ----- -----
Lease rental payments (1.6) (1.7)
------------------------------------------- ----- -----
Underlying EBITDA (pre-IFRS 16) 16.0 15.2
------------------------------------------- ----- -----
Note: Underlying operating profit is before goodwill impairment,
amortisation of intangible assets arising on business combinations,
reorganisation costs and other non-underlying costs. EBITDA
represents Earnings Before Interest, Taxation, Depreciation and
Amortisation.
Statement of Financial Position, Cash Generation and
Financing
Since 2020 strong trading cash flows, alongside the equity raise
in 2021 have increased the Group's equity by GBP54.1m to
GBP71.7m.
The movement in net debt is shown in the table below. Strong
trading cash flows were offset by working capital movements, which
included the final repayments of deferred VAT of GBP5.8m and
GBP6.2m of Covid-19 related advance payments from the Ministry of
Justice.
Movement in net debt 2022 2021
GBPm GBPm
---------------------------------------------------------- ----- ------
Opening net cash/(debt) (pre-IFRS 16) 6.9 (8.8)
Cash generated before change in working capital and share
options 17.6 16.5
Principal repayment of lease liabilities (1.6) (1.7)
Change in trade and other receivables 1.5 (12.2)
Repayment of advance receipts from the MoJ (6.2) 4.2
Deferred VAT (net of corporation tax offset) (5.8) (36.6)
Change in trade, other payables and provisions (0.9) (0.7)
Taxation and interest received (2.3) 3.9
Capital investment (net of disposals) (3.6) (4.5)
Net proceeds from equity issue - 46.4
Payments from restricted funds for NMW - 0.9
Settlement of NMW liabilities from restricted funds - (0.9)
Other (0.6) 0.4
---------------------------------------------------------- ----- ------
Closing net cash (pre-IFRS 16) 5.0 6.9
---------------------------------------------------------- ----- ------
IFRS 16 lease liabilities (4.9) (4.6)
---------------------------------------------------------- ----- ------
Closing net cash (post-IFRS 16) 0.1 2.3
---------------------------------------------------------- ----- ------
Note: Underlying operating profit is before goodwill impairment,
amortisation of intangible assets arising on business combinations,
reorganisation costs and other non-underlying costs. EBITDA
represents Earnings Before Interest, Taxation, Depreciation and
Amortisation.
The Group's headroom relative to available committed banking
facilities as at 31 December 2022 was GBP75.9m (2021: GBP78.4m) as
set out below:
2022 2021
GBPm GBPm
----- -----
Cash at bank 31.0 29.8
----------------------------------------------- ----- -----
Undrawn receivables finance facility agreement 44.9 48.6
----------------------------------------------- ----- -----
Banking facility headroom 75.9 78.4
----------------------------------------------- ----- -----
Working capital financing
The Group manages its working capital requirements using a
Receivables Financing Agreement ("RFA"), and a number of separate,
non-recourse, customer financing arrangements whereby specific
customers' invoices are settled in advance of their normal
settlement date via a funding intermediary.
The principal terms of the RFA are described in note 14. The RFA
leverages the Group's trade receivables with sufficient headroom
and flexibility to manage the variability and size of weekly cash
outflows. The balance outstanding at 31 December 2022 was GBP26.0m
(2021: GBP22.9m).
The balance funded under the customer financing arrangements at
31 December 2022 was GBP51.7m (2021: GBP42.3m).
Dividends
The Board is not proposing a final dividend payment for
2022.
Going Concern
For the period to 31 December 2024, the Group's cash flow
forecasts indicate ongoing headroom in the Receivables Finance
Agreement and also full compliance with the financial covenants
contained therein. The Group has sufficient day to day liquidity to
ensure that short-term liabilities can be satisfied as and when
they fall due.
The financial statements have been prepared on a going concern
basis. The Directors have reviewed this basis and have made full
disclosure in note 3, concluding that there is a reasonable
expectation that the Group and Company have adequate resources to
continue in operational existence for the foreseeable future.
Daniel Quint
Chief Financial Officer
20 March 2023
Alternative performance measures
(1) Underlying results exclude goodwill impairment, amortisation
of intangible assets arising on business combinations,
reorganisation costs and other non-underlying charges
(2) Presented on a pre-IFRS16, which excludes lease liabilities,
and also excludes refinancing costs
Consolidated statement of comprehensive income
For the year ended 31 December 2022
2022 2021
Note GBPm GBPm
---------------------------------------------------- ---- ------- -------
Continuing operations
---------------------------------------------------- ---- ------- -------
Revenue 4 940.5 942.7
Cost of sales 5 (857.3) (859.9)
---------------------------------------------------- ---- ------- -------
Gross profit 83.2 82.8
---------------------------------------------------- ---- ------- -------
Administrative expenses 5 (78.6) (80.5)
---------------------------------------------------- ---- ------- -------
Operating profit 4.6 2.3
---------------------------------------------------- ---- ------- -------
Underlying operating profit before non-underlying
administrative expenses 12.0 10.3
Administrative expenses (non-underlying) 5 (7.4) (8.0)
---------------------------------------------------- ---- ------- -------
Operating profit 4.6 2.3
---------------------------------------------------- ---- ------- -------
Finance income 6 0.7 -
Finance charges 6 (3.4) (2.4)
---------------------------------------------------- ---- ------- -------
Net finance charges (2.7) (2.4)
---------------------------------------------------- ---- ------- -------
Profit/(loss) for the year before taxation 1.9 (0.1)
---------------------------------------------------- ---- ------- -------
Tax credit 7 1.9 1.7
---------------------------------------------------- ---- ------- -------
Profit from continuing activities 3.8 1.6
---------------------------------------------------- ---- ------- -------
Loss from discontinued operations - (0.4)
---------------------------------------------------- ---- ------- -------
Profit for the year 3.8 1.2
---------------------------------------------------- ---- ------- -------
Items that will not be reclassified to profit and
loss - actuarial gains, net of tax 0.4 0.7
Items that will be reclassified to profit and loss:
- effective portion of gain on hedging instrument
measured at fair value 1.5 0.2
- cumulative translation loss 0.1 (0.3)
Total comprehensive income 5.8 1.8
---------------------------------------------------- ---- ------- -------
Earnings per ordinary share 8
Continuing operations: Basic and diluted 2.3p 1.3p
Discontinued operations: Basic and diluted - (0.3)p
---------------------------------------------------- ---- ------- -------
Total earnings per share: Basic and diluted 2.3p 1.0p
---------------------------------------------------- ---- ------- -------
The accompanying notes form an integral part of these financial
statements.
Consolidated statement of changes in equity
For the year ended 31 December 2022
Share- Cash
based flow Profit
Share Own Share payment hedge and loss Total
capital shares premium reserve reserve account equity
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
----------------------------------- -------- ------- -------- -------- -------- --------- -------
At 31 December 2020 (reported) 6.9 (4.8) 75.1 0.6 - (57.9) 19.9
----------------------------------- -------- ------- -------- -------- -------- --------- -------
Prior year adjustment (note
3) - - - - - (2.3) (2.3)
----------------------------------- -------- ------- -------- -------- -------- --------- -------
At 31 December 2020 (restated) 6.9 (4.8) 75.1 0.6 - (60.2) 17.6
----------------------------------- -------- ------- -------- -------- -------- --------- -------
Cancellation of JSOP shares - - - (0.4) - 0.4 -
Save As You Earn ("SAYE") share
scheme - equity-settled - - - 0.1 - - 0.1
Proceeds from share issue 9.7 - 36.7 - - - 46.4
----------------------------------- -------- ------- -------- -------- -------- --------- -------
Transactions with owners 9.7 - 36.7 (0.3) - 0.4 46.5
----------------------------------- -------- ------- -------- -------- -------- --------- -------
Profit for the year - - - - - 1.2 1.2
Cash flow hedge reserve - - - - 0.2 - 0.2
Actuarial gain on pension scheme,
net of taxation - - - - - 0.7 0.7
Cumulative translation adjustments - - - - - (0.3) (0.3)
----------------------------------- -------- ------- -------- -------- -------- --------- -------
Total comprehensive income for
the year, net of tax - - - - 0.2 1.6 1.8
----------------------------------- -------- ------- -------- -------- -------- --------- -------
At 31 December 2021 16.6 (4.8) 111.8 0.3 0.2 (58.2) 65.9
----------------------------------- -------- ------- -------- -------- -------- --------- -------
Save As You Earn ("SAYE") share
scheme - equity-settled - - - 0.3 - - 0.3
Issue of shares to management - 0.7 - - - (0.6) 0.1
Own shares purchased - (0.4) - - - - (0.4)
----------------------------------- -------- ------- -------- -------- -------- --------- -------
Transactions with owners - 0.3 - 0.3 - (0.6) -
----------------------------------- -------- ------- -------- -------- -------- --------- -------
Profit for the year - - - - - 3.8 3.8
Cash flow hedge reserve - - - - 1.5 - 1.5
Actuarial gain on pension scheme,
net of taxation - - - - - 0.4 0.4
Cumulative translation adjustments - - - - - 0.1 0.1
----------------------------------- -------- ------- -------- -------- -------- --------- -------
Total comprehensive income for
the year, net of tax - - - - 1.5 4.3 5.8
----------------------------------- -------- ------- -------- -------- -------- --------- -------
At 31 December 2022 16.6 (4.5) 111.8 0.6 1.7 (54.5) 71.7
----------------------------------- -------- ------- -------- -------- -------- --------- -------
The accompanying notes form an integral part of these financial
statements.
Consolidated and Company statements of financial position
As at 31 December 2022
Consolidated Company
--------------------------------- ---------------------------- --------------
1 January
2021 2021
2022 Restated Restated 2022 2021
Note GBPm GBPm GBPm GBPm GBPm
--------------------------------- ---- ------ --------- --------- ------ ------
Assets
Non-current
Goodwill 9 59.6 59.6 59.6 - -
Other intangible assets 9.4 16.5 24.3 - -
Investments - - - 59.6 67.8
Property, plant and equipment 10 7.6 8.0 9.6 - -
Deferred tax asset 5.0 4.9 4.7 0.4 0.8
Retirement benefit net asset 0.2 - - - -
--------------------------------- ---- ------ --------- --------- ------ ------
81.8 89.0 98.2 60.0 68.6
--------------------------------- ---- ------ --------- --------- ------ ------
Current
Trade and other receivables 119.8 113.6 102.2 3.2 3.0
Current tax asset 0.3 0.6 1.7 - -
Derivative financial instruments 12 3.0 0.5 - 3.0 0.5
Cash and cash equivalents 13 31.0 29.8 24.5 0.1 -
Restricted cash - - 0.9 - -
--------------------------------- ---- ------ --------- --------- ------ ------
154.1 144.5 129.3 6.3 3.5
--------------------------------- ---- ------ --------- --------- ------ ------
Debtors: amounts falling due
after more than one year - - - 32.2 30.8
--------------------------------- ---- ------ --------- --------- ------ ------
Total assets 235.9 233.5 227.5 98.5 102.9
--------------------------------- ---- ------ --------- --------- ------ ------
Liabilities
Current
Trade and other payables 130.3 134.3 155.6 1.0 3.4
Borrowings 14 26.0 22.9 13.0 - -
Provisions 0.9 1.4 3.8 - -
Lease liabilities 11 1.5 1.3 1.6 - -
--------------------------------- ---- ------ --------- --------- ------ ------
158.7 159.9 174.0 1.0 3.4
--------------------------------- ---- ------ --------- --------- ------ ------
Non-current
Borrowings 14 - - 20.0 - -
Other liabilities - 0.3 7.3 - -
Provisions 0.6 1.4 1.2 - -
Lease liabilities 11 3.4 3.3 3.9 - -
Deferred tax liabilities 1.5 2.7 3.5 0.6 -
--------------------------------- ---- ------ --------- --------- ------ ------
5.5 7.7 35.9 0.6 -
--------------------------------- ---- ------ --------- --------- ------ ------
Total liabilities 164.2 167.6 209.9 1.6 3.4
--------------------------------- ---- ------ --------- --------- ------ ------
Equity
Share capital 15 16.6 16.6 6.9 16.6 16.6
Own shares (4.5) (4.8) (4.8) (4.5) (4.8)
Share premium 111.8 111.8 75.1 111.8 111.8
Share-based payment reserve 0.6 0.3 0.6 - -
Cash flow hedge reserve 1.7 0.2 - - 0.2
Profit and loss account (54.5) (58.2) (60.2) (27.0) (24.3)
--------------------------------- ---- ------ --------- --------- ------ ------
Total equity 71.7 65.9 17.6 96.9 99.5
--------------------------------- ---- ------ --------- --------- ------ ------
Total equity and liabilities 235.9 233.5 227.5 98.5 102.9
--------------------------------- ---- ------ --------- --------- ------ ------
The accompanying notes form an integral part of these financial
statements.
Consolidated statement of cash flows
For the year ended 31 December 2022
2022 2021
Note GBPm GBPm
------------------------------------------------------ ---- ----- ------
Cash flows from operating activities 16 5.5 (28.7)
------------------------------------------------------ ---- ----- ------
Taxation received 0.4 5.8
------------------------------------------------------ ---- ----- ------
Net cash inflow/(outflow) from operating activities 5.9 (22.9)
------------------------------------------------------ ---- ----- ------
Cash flows from investing activities - trading
Purchases of property, plant and equipment 10 (1.0) (2.4)
Sale of property, plant and equipment - -
Purchase of intangible assets - software (2.3) (2.1)
------------------------------------------------------ ---- ----- ------
Total cash flows arising from investing activities (3.3) (4.5)
------------------------------------------------------ ---- ----- ------
Total cash flows arising from operating and investing
activities 2.6 (27.4)
------------------------------------------------------ ---- ----- ------
Cash flows from financing activities
Net movements on Receivables Finance Agreement 14 3.1 9.9
Loan repayments 14 - (20.0)
Principal repayment of lease liabilities 11 (1.6) (1.7)
Net interest paid (2.5) (1.9)
Payment from restricted fund - 0.9
Settlement of NMW liabilities from restricted fund - (0.9)
Own shares purchased (0.4) -
Gross proceeds from the issue of share capital 15 - 48.4
Costs relating to the issue of share capital 15 - (2.0)
------------------------------------------------------ ---- ----- ------
Net cash flows from financing activities (1.4) 32.7
------------------------------------------------------ ---- ----- ------
Net change in cash and cash equivalents 1.2 5.3
------------------------------------------------------ ---- ----- ------
Cash and cash equivalents at beginning of year 29.8 24.5
------------------------------------------------------ ---- ----- ------
Cash and cash equivalents at end of year 14 31.0 29.8
------------------------------------------------------ ---- ----- ------
The accompanying notes form an integral part of these financial
statements.
Notes to the financial information
For the year ended 31 December 2022
1 Nature of operations
The principal activities of Staffline Group plc and its
subsidiaries ("the Group") include the provision of recruitment and
outsourced human resource services to industry and the provision of
skills and employment training and support.
2 General information and statement of compliance
Staffline Group plc, a Public Limited Company limited by shares
listed on AIM ("the Company"), is incorporated and domiciled in
England, United Kingdom. The Company acts as the holding company of
the Group. The Company's registration number is 05268636.
The financial information set out in this document does not
constitute the Group's statutory accounts for the years ended 31
December 2022 or 2021 but is derived from those accounts. Statutory
accounts for 2021 have been delivered to the registrar of
companies. The auditors have reported on those accounts; their
reports were (i) unqualified, and (ii) did not contain a statement
under section 498 (2) or (3) of the Companies Act 2006. Statutory
accounts for 2022 will be delivered to the registrar of companies
in due course. The auditors have reported on those accounts; their
reports were (i) unqualified, and (ii) did not contain a statement
under section 498 (2) or (3) of the Companies Act 2006.
The financial statements for the year ended 31 December 2022
(including the comparatives for the year ended 31 December 2021)
were approved and authorised for issue by the Board of Directors on
20 March 2023. This results announcement for the year ended 31
December 2022 was also approved by the Board on 20 March 2023.
3 Accounting policies
Basis of preparation
The Consolidated financial statements are prepared for the year
ended 31 December 2022. The Consolidated financial statements of
the Group have been prepared on a going concern basis using the
significant accounting policies and measurement bases summarised
below, and in accordance UK adopted International Accounting
Standards. The financial statements are prepared under the
historical cost convention except for equity-settled share options,
derivative financial instruments and the retirement benefit net
asset, which are measured at fair value.
There are no new accounting pronouncements which have become
effective in the year.
Going concern
The Group's business activities, together with the factors
likely to affect its future development, performance and position
are set out in the Chief Executive Officer's Review. The financial
position of the Group, its cash flows, liquidity position and
borrowing facilities are described in the Financial Review.
As described in the Chief Executive Officer's Review, despite
the challenging trading conditions experienced across all divisions
in the Group during 2022, the Group reported an underlying
operating profit for the year on continuing activities. In the
recruitment divisions, the recovery from Covid-19 pandemic in early
2022 was mixed following the gradual return to work for most
sectors, which was accompanied by unexpected high levels of labour
shortages, especially in logistics-based sectors. The Group's
PeoplePlus division continued to be impacted by the disruption to
its skills training as a result of the tight labour market with
workers being able to go straight into jobs without pre-job
training.
The Directors maintained tight cost control throughout with
overheads at reduced levels, additionally benefiting from previous
restructuring programmes. These initiatives resulted in improved
performance in the second half of the year generating increased
underlying profit and positive cash generation.
The Directors have prepared updated forecasts and cash flow
projections to 31 December 2024, which is considered to be a
reasonable period over which a reasonable view can be formed. These
forecasts have been used to assess going concern and have been
stress-tested by applying basic sensitivity analysis, involving a
reduction to revenues across all three divisions, over the forecast
period.
In forming their opinion, the Directors have performed a robust
assessment of the principal risks and uncertainties facing the
Group. Consequently, the Directors believe that the Group is well
placed to manage its business risks successfully.
At 31 December 2022, the Group had net cash of GBP5.0m (2021:
net cash of GBP6.9m), on a pre-IFRS 16 basis, and has committed
debt facilities until 1 December 2025. For the period to 31
December 2024, the Group's cash flow forecasts indicate ongoing
headroom in the Receivables Finance Agreement and also full
compliance with the financial covenants contained therein. The
Group has sufficient day to day liquidity to ensure that short-term
liabilities can be satisfied as and when they fall due. Further
details of the financial position of the Group, its cash flows,
liquidity position and borrowing facilities are described in the
Financial Review.
As a result, the Directors have formed a judgement, at the time
of approving the financial statements, that there is a reasonable
expectation that the Group has adequate resources to continue in
operational existence and meet its liabilities as they fall due
over the assessment period. The Directors have not identified any
material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the
Group's ability to continue as a going concern for a period of at
least 18 months from when the financial statements are authorised
for issue. For this reason, the Directors continue to adopt the
going concern basis in preparing the financial statements.
Prior year restatement
Prior year restatements
During the year it was determined that PeoplePlus had overstated
revenues totalling GBP2.6m in relation to the period prior to 31
December 2021, as PeoplePlus had not met some of its revenue
related performance obligations.
As with any prior year adjustment, management have applied their
judgement based on relevant information now available which
management should have had access to at the time. The GBP2.6m error
is based on management's best estimate of the amount of the revenue
reversal but this remains subject to final agreement between the
respective parties.
Due to the legacy nature of these revenues, management have
accounted for the adjustment of these errors through reserves.
The required adjustment is set out in the table below; trade
receivables, as included in current assets, is overstated by
GBP2.6m and deferred tax assets, as included in non-current assets,
is understated by GBP0.3m.
Restatement of Consolidated statement of financial position
As at 1 January 2021 and at 31 December 2021
2020 Revenue 2020 2021 Revenue 2021
Reported overstated Restated Reported overstated Restated
GBPm GBPm GBPm GBPm GBPm GBPm
----------------------------- --------- ----------- --------- --------- ----------- ---------
Assets
Non-current 97.9 0.3 98.2 88.7 0.3 89.0
----------------------------- --------- ----------- --------- --------- ----------- ---------
Current 131.9 (2.6) 129.3 147.1 (2.6) 144.5
----------------------------- --------- ----------- --------- --------- ----------- ---------
Total assets 229.8 (2.3) 227.5 235.8 (2.3) 233.5
----------------------------- --------- ----------- --------- --------- ----------- ---------
Liabilities
Current 174.0 - 174.0 159.9 - 159.9
----------------------------- --------- ----------- --------- --------- ----------- ---------
Non-current 35.9 - 35.9 7.7 - 7.7
----------------------------- --------- ----------- --------- --------- ----------- ---------
Total liabilities 209.9 - 209.9 167.6 - 167.6
----------------------------- --------- ----------- --------- --------- ----------- ---------
Equity
Total equity 19.9 (2.3) 17.6 68.2 (2.3) 65.9
----------------------------- --------- ----------- --------- --------- ----------- ---------
Total equity and liabilities 229.8 (2.3) 227.5 235.8 (2.3) 233.5
----------------------------- --------- ----------- --------- --------- ----------- ---------
Consolidation of subsidiaries
The Group financial statements consolidate those of the parent
Company and all of its subsidiaries as at 31 December 2022 in
accordance with IFRS 10. Subsidiaries are all entities to which the
Group is exposed to or has rights to variable returns and the
ability to affect those returns through control over the
subsidiary. The results of subsidiaries whose accounts are prepared
in a currency other than sterling; are translated at the average
rates of exchange during the period and their year-end balances at
the year-end rate of exchange. Translation adjustments are taken to
the profit and loss reserves.
Material intra-group balances and transactions, and any
unrealised gains or losses arising from intra-group transactions,
are eliminated in preparing these financial statements.
Underlying profit - non-GAAP measures of performance
In the reporting of its financial performance, the Group uses
certain measures that are not defined under IFRS, the Generally
Accepted Accounting Principles ("GAAP") under which the Group
reports. The Directors believe that these non-GAAP measures assist
with the understanding of the performance of the business. These
non-GAAP measures are not a substitute, or superior to, any IFRS
measures of performance but they have been included as the
Directors consider them to be an important means of comparing
performance year-on-year and they include key measures used within
the business for assessing performance.
Gross sales value
Gross sales value represents the fair value of the consideration
received or receivable for the supply of services, including agency
sales, (excluding fees), which are subject to an IFRS 15 agency
adjustment, net of value added tax, rebates and discounts and after
eliminating sales within the Group.
Non-underlying items of income and expenditure
These non-underlying charges are regarded as recurring or
non-recurring items of income or expenditure of a particular size
and/or nature relating to the operations of the business that in
the Directors' opinion require separate identification. These items
are included in "total" reported results but are excluded from
"underlying" results. These items can vary significantly from year
to year and therefore create volatility in reported earnings which
does not reflect the Group's underlying performance.
Underlying EBITDA
Underlying operating profit before the deduction of underlying
depreciation and amortisation charges. This is considered a useful
measure because it approximates the underlying cash flow by
eliminating depreciation and amortisation charges.
Net debt
Net debt is the amount of bank debt less available cash balances
excluding escrow funds. This is a key measure as it is one on which
the terms of the banking facilities are based and shows the level
of external debt utilised by the Group to fund operations. Net debt
is also presented on a pre-IFRS 16 basis which excludes lease
liabilities.
The Directors acknowledge that the adjustments made to arrive at
underlying profit may not be comparable to those made by other
companies and it should be noted that whilst the amortisation of
acquisition-related intangible assets has been added back, the
revenue from those acquisitions has not been eliminated.
These alternative performance measures are utilised by the Board
to monitor performance and financial position. They show a
comparable level of performance excluding one-off items, with which
underlying performance and ability to service debt can be
judged.
Business combinations
The Group applies the acquisition method in accounting for
business combinations. The consideration transferred by the Group
to obtain control of a subsidiary is calculated as the sum of the
acquisition-date fair value of assets transferred, liabilities
incurred and the equity interests of the Group, which includes the
fair value of any asset or liability arising from a contingent
consideration arrangement. Acquisition costs are expensed as
incurred.
Goodwill is stated after separate recognition of identifiable
intangible assets. It is calculated as the sum of a) fair value of
consideration transferred, b) the recognised amount of any
non-controlling interest in the acquiree and c) acquisition-date
fair value of any existing equity interest in the acquiree, over
the acquisition-date fair values of identifiable net assets. If the
fair values of identifiable net assets exceed the sum calculated
above, the excess amount (i.e. gain on a bargain purchase) is
recognised in the statement of comprehensive income
immediately.
Segment reporting
The Group has three material operating segments: the provision
of recruitment and outsourced human resource services to industry,
in Great Britain (Recruitment GB) an also in Ireland (Recruitment
Ireland), plus the provision of skills training and probationary
services, together "PeoplePlus". Each of these operating segments
is managed separately as each requires different technologies,
marketing approaches and other resources. For management purposes,
the Group uses the same measurement policies as those used in its
financial statements.
4 Segment reporting
Management currently identifies three operating segments:
Recruitment GB, the provision of workforce recruitment and
management to industry, Recruitment Ireland, the provision of
generalist recruitment services and PeoplePlus, the provision of
skills and employment training and support. The Group's reporting
segments are determined based on the Group's internal reporting to
the Chief Operating Decision Maker (CODM). The CODM has been
determined to be the Group Chief Executive, with support from the
Board.
Whilst there are individual legal entities within the three
operating segments, they are operated and reviewed as single units
by the Board of Directors. Each legal entity within an operating
segment has the same management team, head office and have similar
economic characteristics. The Group's strategy, historically and
going forward, has been to integrate new acquisitions into the main
trading entities within each operating segment.
Segment information for the reporting year is as follows:
Recruitment Recruitment Group Total Recruitment Recruitment Group Total
GB Ireland PeoplePlus Costs Group GB Ireland PeoplePlus Costs Group
2022 2022 2022 2022 2022 2021 2021 2021 2021 2021
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
--------------- ----------- ----------- ---------- ----- ------- ----------- ----------- ---------- ----- -------
Sales revenue
from external
customers 752.0 110.6 77.9 - 940.5 747.9 111.7 83.1 - 942.7
Cost of sales (700.0) (97.7) (59.6) - (857.3) (697.2) (100.4) (62.3) - (859.9)
--------------- ----------- ----------- ---------- ----- ------- ----------- ----------- ---------- ----- -------
Segment gross
profit 52.0 12.9 18.3 - 83.2 50.7 11.3 20.8 - 82.8
--------------- ----------- ----------- ---------- ----- ------- ----------- ----------- ---------- ----- -------
Administrative
expenses (40.5) (9.3) (12.5) (3.3) (65.6) (40.4) (8.4) (14.0) (3.4) (66.2)
Depreciation,
software &
lease
amortisation (3.2) (0.4) (2.0) - (5.6) (3.2) (0.4) (2.7) - (6.3)
--------------- ----------- ----------- ---------- ----- ------- ----------- ----------- ---------- ----- -------
Segment
underlying
operating
profit* 8.3 3.2 3.8 (3.3) 12.0 7.1 2.5 4.1 (3.4) 10.3
--------------- ----------- ----------- ---------- ----- ------- ----------- ----------- ---------- ----- -------
Amortisation
of intangibles
arising on
business
combinations (5.9) (1.3) (0.2) - (7.4) (6.4) (1.4) (0.2) - (8.0)
--------------- ----------- ----------- ---------- ----- ------- ----------- ----------- ---------- ----- -------
Segment profit
from
operations 2.4 1.9 3.6 (3.3) 4.6 0.7 1.1 3.9 (3.4) 2.3
--------------- ----------- ----------- ---------- ----- ------- ----------- ----------- ---------- ----- -------
Finance
(costs)/income (3.1) (0.1) - 0.5 (2.7) (2.0) (0.3) - (0.1) (2.4)
--------------- ----------- ----------- ---------- ----- ------- ----------- ----------- ---------- ----- -------
Segment
profit/(loss)
before
taxation (0.7) 1.8 3.6 (2.8) 1.9 (1.3) 0.8 3.9 (3.5) (0.1)
--------------- ----------- ----------- ---------- ----- ------- ----------- ----------- ---------- ----- -------
Tax credit 1.8 - (0.2) 0.3 1.9 0.3 (0.1) - 1.5 1.7
--------------- ----------- ----------- ---------- ----- ------- ----------- ----------- ---------- ----- -------
Segment
profit/(loss)
from
continuing
operations 1.1 1.8 3.4 (2.5) 3.8 (1.0) 0.7 3.9 (2.0) 1.6
--------------- ----------- ----------- ---------- ----- ------- ----------- ----------- ---------- ----- -------
* Segment underlying operating profit before goodwill
impairment, amortisation of intangible assets arising on business
combinations, reorganisation costs and other non-underlying
costs.
Total
Recruitment Recruitment Staffline Total Recruitment Recruitment PeoplePlus Staffline Group
GB Ireland PeoplePlus Group Group GB Ireland 2021 Group Restated
2022 2022 2022 2022 2022 2021 2021 Restated 2021 2021
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
--------------- ----------- ----------- ---------- --------- ----- ----------- ----------- ---------- --------- --------
Total
non-current
assets 28.4 12.2 36.2 - 76.8 36.0 11.6 36.5 - 84.1
Total current
assets 117.6 19.9 13.3 3.3 154.1 106.6 20.1 17.3 0.5 144.5
--------------- ----------- ----------- ---------- --------- ----- ----------- ----------- ---------- --------- --------
Total assets
(consolidated) 146.0 32.1 49.5 3.3 230.9 142.6 31.7 53.8 0.5 228.6
--------------- ----------- ----------- ---------- --------- ----- ----------- ----------- ---------- --------- --------
Total
liabilities
(consolidated) 135.1 11.0 17.5 0.6 164.2 128.0 13.2 26.3 0.1 167.6
--------------- ----------- ----------- ---------- --------- ----- ----------- ----------- ---------- --------- --------
Cash capital
expenditure
inc software 2.0 0.5 0.8 - 3.3 2.8 - 1.7 - 4.5
--------------- ----------- ----------- ---------- --------- ----- ----------- ----------- ---------- --------- --------
The analysis above excludes deferred tax assets as required by
IFRS 8 Operating segments.
Revenues can be analysed by country as follows (96.7% of
revenues arising within the UK in 2022, 97.0% in 2021):
Recruitment Recruitment Total Recruitment Recruitment
GB Ireland PeoplePlus Group GB Ireland PeoplePlus Total Group
2022 2022 2022 2022 2021 2021 2021 2021
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
------------ ----------- ----------- ---------- ------ ----------- ----------- ---------- -----------
UK 751.8 80.0 77.9 909.7 747.8 83.9 83.1 914.8
Republic of
Ireland - 30.6 - 30.6 - 27.8 - 27.8
Portugal 0.2 - - 0.2 0.1 - - 0.1
------------ ----------- ----------- ---------- ------ ----------- ----------- ---------- -----------
752.0 110.6 77.9 940.5 747.9 111.7 83.1 942.7
------------ ----------- ----------- ---------- ------ ----------- ----------- ---------- -----------
No customer contributed more than 10% of the Group's revenue
during either 2021 or 2020.
5 Expenses by nature
Expenses by nature are as follows:
Underlying expenses
2022 2021
GBPm GBPm
------------------------------------------------------------ ----- -----
Employee benefits expenses - cost of sales 836.2 834.1
Other cost of sales 21.1 25.7
Employee benefits expenses - administrative expenses 47.3 46.1
Depreciation and software amortisation 5.6 6.3
Operating lease expenses 1.2 1.5
Other administrative expenses 17.1 18.7
------------------------------------------------------------ ----- -----
928.5 932.4
------------------------------------------------------------ ----- -----
Disclosed as:
Cost of sales 857.3 859.9
Administrative expenses - excluding non-underlying expenses 71.2 72.5
------------------------------------------------------------ ----- -----
928.5 932.4
------------------------------------------------------------ ----- -----
Auditors' remuneration
2022 2021
GBP'000 GBP'000
--------------------------------------------------------- -------- --------
Fees payable to the Company's auditor for the audit of
the Company's annual accounts 17 15
Fees payable to the Company's auditor and its associates
for other services:
- Audit of the accounts of subsidiaries 682 620
- Audit of the pension scheme 18 16
- Audit-related assurance services 15 15
- Audit fee expenses 13 20
--------------------------------------------------------- -------- --------
Total 745 686
--------------------------------------------------------- -------- --------
Non-underlying expenses - continuing operations
2022 2021
GBPm GBPm
------------------------------------------------------ ----- -----
Amortisation of intangible assets arising on business
combinations (licences, customer contracts) 7.4 8.0
Tax credit on above non-underlying expenses (1.8) (0.9)
------------------------------------------------------- ----- -----
Post taxation effect on above non-underlying expenses 5.6 7.1
------------------------------------------------------- ----- -----
The charge for amortisation of intangible assets arising on
business combinations relates principally to the acquisitions of
the Endeavour Group, Passionate About People, Grafton Recruitment,
Milestone and Brightwork.
6 Finance income and charges
Finance income
2022 2021
GBPm GBPm
--------------------------- ----- -----
Receipts from derivative 0.3 -
Derivative ineffectiveness 0.4 -
--------------------------- ----- -----
Total 0.7 -
--------------------------- ----- -----
Finance charges
2022 2021
GBPm GBPm
------------------------------------------- ----- -----
Interest payable on bank and other funding 2.9 1.8
Interest on lease liabilities 0.1 0.1
Amortisation of refinancing costs 0.3 0.5
Amortisation of derivative cost 0.1 -
------------------------------------------- ----- -----
Total 3.4 2.4
------------------------------------------- ----- -----
Net finance charges 2.7 2.4
-------------------- --- ---
7 Tax expense
The tax credit on the loss for the year consists of:
2022 2021
Continuing activities GBPm GBPm
-------------------------------------------- ----- -----
Corporation tax
UK corporation tax at 19.00% (2021: 19.00%) 0.1 -
Adjustments in respect of prior years - (0.5)
-------------------------------------------- ----- -----
UK current tax charge/(credit) 0.1 (0.5)
-------------------------------------------- ----- -----
Deferred tax
Timing differences arising in the year (0.6) (0.6)
Adjustments in respect of prior years (1.4) (0.6)
-------------------------------------------- ----- -----
UK deferred tax credit (2.0) (1.2)
-------------------------------------------- ----- -----
Total UK tax credit for the year (1.9) (1.7)
-------------------------------------------- ----- -----
The tax credit for the year, as recognised in the statement of
comprehensive income, is lower than the standard rate of
corporation tax in the UK of 19.00% (2021: lower than the 19.00%
standard rate). The differences are explained below:
2022 2021
GBPm GBPm
Total Total
------------------------------------------------------- ------ ------
Profit/(loss) for the year before taxation 1.9 (0.1)
Tax rate 19% 19%
------------------------------------------------------- ------ ------
Tax on profit/(loss) for the year at the standard rate 0.4 -
------------------------------------------------------- ------ ------
Effect of:
Remeasurement of deferred tax for changes in tax rates (0.4) (0.7)
Expenses not allowable - -
Income not taxable - (0.1)
Adjustments in respect of prior years (1.0) (1.1)
Tax losses available (0.7) (0.8)
Deferred tax not recognised 0.2 1.0
------------------------------------------------------- ------ ------
Actual tax credit (1.9) (1.7)
------------------------------------------------------- ------ ------
On underlying profit (0.1) (0.8)
On non-underlying loss (1.8) (0.9)
------------------------------------------------------- ------ ------
Actual tax credit (1.9) (1.7)
------------------------------------------------------- ------ ------
The total tax credit for the year of GBP1.9m (2021: GBP1.7m)
arises principally from the movement of deferred tax balances. The
Group has an estimated current corporation tax liability of GBP0.1m
(2021: GBPnil) for the current year and is anticipating a refund
relating to Research & Development tax relief claims.
Corporation tax losses of GBP17.8m carried forward in all divisions
and the Company have been recognised as a deferred tax asset. This
includes tax losses, amounting to GBP4.3m (2021: GBP6.6m) whose
short-term recoverability was previously less certain, which have
now been recognised as a deferred tax asset.
A deferred tax liability is recognised in respect of intangible
assets arising on acquired businesses. This liability is reduced
each year in line with the amortisation charge, giving rise to a
deferred tax credit each year.
The deferred tax assets and liabilities at 31 December 2022 and
at 31 December 2021 have been calculated based on 25%, reflecting
the expected timing of reversal of the related timing
differences.
No material tax charges arise on overseas profits or losses and
accordingly no disclosures relating to overseas tax are included
within the financial statements.
8 Earnings per share and dividends
The calculation of basic earnings per share is based on the
earnings attributable to ordinary shareholders divided by the
weighted average number of shares in issue during the year, after
deducting the "own shares" held in the Group's Employee Benefit
Trust of 2,014,511 shares (2021: 1,140,400 shares). The calculation
of the diluted earnings per share is based on the basic earnings
per share as adjusted to further take into account the potential
issue of Ordinary Shares resulting from share options granted to
certain Directors and senior staff under long-term incentive
schemes and share options granted to employees under the SAYE
scheme.
Details of the earnings and weighted average number of shares
used in the calculations are set out below:
Basic Basic Diluted Diluted
2022 2021 2022 2021
------------------------------------------------ ----------- ----------- ----------- -----------
Profit from continuing operations (GBPm) 3.8 1.6 3.8 1.6
Weighted average number of shares 163,753,217 122,178,126 165,163,334 122,682,511
Earnings per share from continuing operations
(p) 2.3p 1.3p 2.3p 1.3p
------------------------------------------------ ----------- ----------- ----------- -----------
Underlying earnings (post tax) from continuing
operations (GBPm) 9.4 8.7 9.4 8.7
Underlying earnings per share (p)* 5.7p 7.1p 5.7p 7.1p
------------------------------------------------ ----------- ----------- ----------- -----------
Loss from discontinued operations (GBPm) - (0.4) - (0.4)
Weighted average number of shares - 122,178,126 - 122,682,511
Loss per share from discontinued operations
(p) - (0.3)p - (0.3)p
------------------------------------------------ ----------- ----------- ----------- -----------
Underlying loss from discontinued operations - - - -
(GBPm)
Underlying loss per share from discontinued - - - -
operations (p)*
------------------------------------------------ ----------- ----------- ----------- -----------
Profit/(loss) for the year (GBPm) 3.8 1.2 3.8 1.2
Weighted average number of shares 163,753,217 122,178,126 165,163,334 122,682,511
Total earnings/(loss)per share (p) 2.3p 1.0p 2.3p 1.0p
------------------------------------------------ ----------- ----------- ----------- -----------
* Underlying earnings before goodwill impairment, amortisation
of intangible assets arising on business combinations,
reorganisation costs and other non-underlying costs.
For the year ended 31 December 2021, the weighted average number
of shares was increased by 54,388,040 shares to take account of the
effect of the Placing, Subscription and Open Offer in June 2021
whereby 96,837,242 new Ordinary Shares were issued.
The total number of dilutive share options held in LTIP and SAYE
schemes is 1,410,117 (2021: 504,384).
Dividends
The Board is not proposing a final dividend payment for 2022
(2021: GBPnil).
9 Goodwill
Gross carrying amount by operating segment
Recruitment Recruitment
GB Ireland PeoplePlus Total
Gross carrying amount GBPm GBPm GBPm GBPm
--------------------------------------- ----------- ----------- ---------- -----
At 1 January 2022 and 31 December 2022 54.5 5.7 57.0 117.2
--------------------------------------- ----------- ----------- ---------- -----
Impairment adjustment
--------------------------------------- ----------- ----------- ---------- -----
At 1 January 2022 and 31 December 2022 33.1 - 24.5 57.6
--------------------------------------- ----------- ----------- ---------- -----
Net book amount at 31 December 2022 21.4 5.7 32.5 59.6
--------------------------------------- ----------- ----------- ---------- -----
Net book amount at 31 December 2021 21.4 5.7 32.5 59.6
--------------------------------------- ----------- ----------- ---------- -----
Impairment - Goodwill
Management considers there to be three cash-generating units
("CGUs"), being Recruitment GB, Recruitment Ireland and PeoplePlus,
in line with the operating segments defined in note 4. These three
cash-generating units have been tested for impairment.
An impairment review was conducted as at 31 December 2022. The
recoverable amount of goodwill was determined based on a
value-in-use calculation, using forecasts for 2023-25, followed by
an extrapolation of expected cash flows over the next two years
with a long-term growth rate of 2% for each cash-generating unit.
The forecasts are prepared by the individual operating segments of
the Group, which are considered to be the same as the determined
CGU's. The cash flow forecasts are based on current levels of
trading for each CGU, with income and cost increases generally in
line with inflation at 2% and no significant contract wins or
losses.
Pre-tax discount rates of 17.3% for Recruitment GB, 16.5% for
Recruitment Ireland and 14.2% for PeoplePlus (2021: 14.4% for
Recruitment GB, 12.0% for Recruitment Ireland and 11.7% for
PeoplePlus) were used based on the weighted average costs of
capital for each operating segment. The recoverable amounts of the
CGUs, having considered the higher of value-in-use and fair value
less costs to sell, were GBP58.8m for Recruitment GB, GBP24.1m for
Recruitment Ireland and GBP42.2m for PeoplePlus, all being
value-in-use. The discount rates used are based on appropriate,
current long-term market rate indicators to give a long-term
forward view, whilst also acknowledging historical information.
The results of the impairment review showed headroom in all
cash-generating units and accordingly no impairment was noted. The
same calculations indicated that an impairment adjustment of
GBP8.2m is required to the Company's carrying value of its
investment in PeoplePlus, but that no other impairment adjustments
were indicated.
In making the assessment of the recoverability of assets within
each CGU a number of judgements and assumptions were required.
The critical judgement relates to the determination of the CGUs.
Whilst there are individual legal entities within the three
operating segments, they are operated and reviewed as single units
by the Board of Directors. Each operating segment has its own
management team and head office. The Group's strategy, historically
and going forward, has been to integrate new acquisitions into the
main trading entities within each operating segment.
The key estimates in determining the value of each CGU are:
1. The discount rate. In the calculations we have utilised a
pre-tax discount rate of 17.3% for Recruitment GB, 16.5% for
Recruitment Ireland and 14.2% for PeoplePlus and a terminal growth
value of 2%. These rates are based on the latest weighted average
costs of capital for each operating segment. These rates have
increased this year primarily due to a movement in the risk-free
rate. The calculations highlighted headroom of GBP29.5m for
Recruitment GB, headroom of GBP13.0m for Recruitment Ireland and
headroom of GBP6.3m for PeoplePlus. A 1% increase in the discount
rates reduces the headroom to GBP25.8m for Recruitment GB, reduces
headroom to GBP11.3m for Recruitment Ireland and reduces headroom
to GBP3.0m for PeoplePlus.
2. The achievability of the forecasted future cash flows. There
is an inherent uncertainty regarding the achievability of
forecasts, as there are macro-economic factors outside of the
Group's control. A sustained underperformance of 10% reduces the
headroom to GBP23.7m for Recruitment GB, reduces headroom to
GBP10.6m for Recruitment Ireland and reduces headroom to GBP2.1m
for PeoplePlus. A sustained underperformance of 17% would be
required before any impairment was necessary to the goodwill.
As at 31 December 2022, the Company had no goodwill (2021:
GBPnil).
10 Property, plant and equipment
Land and Computer Fixtures Motor
buildings equipment and fittings vehicles Total
Gross carrying amount GBPm GBPm GBPm GBPm GBPm
--------------------------------- ---------- ---------- ------------- --------- -----
At 1 January 2021 14.7 11.3 1.3 0.2 27.5
Additions 1.4 1.8 0.3 0.3 3.8
Disposals (1.4) (0.8) (0.4) - (2.6)
--------------------------------- ---------- ---------- ------------- --------- -----
At 31 December 2021 14.7 12.3 1.2 0.5 28.7
--------------------------------- ---------- ---------- ------------- --------- -----
Additions 2.3 0.6 0.3 - 3.2
Disposals (1.7) (1.5) (0.1) (0.1) (3.4)
Transfer 0.4 (0.4) - - -
--------------------------------- ---------- ---------- ------------- --------- -----
At 31 December 2022 15.7 11.0 1.4 0.4 28.5
--------------------------------- ---------- ---------- ------------- --------- -----
Depreciation
--------------------------------- ---------- ---------- ------------- --------- -----
At 1 January 2021 7.9 8.6 1.2 0.2 17.9
Charged in the year - operating 1.7 1.8 0.2 0.1 3.8
Charged in the year - impairment 0.7 - - - 0.7
Disposals (0.7) (0.7) (0.3) - (1.7)
--------------------------------- ---------- ---------- ------------- --------- -----
At 31 December 2021 9.6 9.7 1.1 0.3 20.7
--------------------------------- ---------- ---------- ------------- --------- -----
Charged in the year - operating 1.7 1.5 0.2 0.2 3.6
Charged in the year - impairment (0.6) - - - (0.6)
Disposals (1.3) (1.4) - (0.1) (2.8)
Transfer 0.2 (0.2) - - -
--------------------------------- ---------- ---------- ------------- --------- -----
At 31 December 2022 9.6 9.6 1.3 0.4 20.9
--------------------------------- ---------- ---------- ------------- --------- -----
Net book value
--------------------------------- ---------- ---------- ------------- --------- -----
At 31 December 2022 6.1 1.4 0.1 - 7.6
--------------------------------- ---------- ---------- ------------- --------- -----
At 31 December 2021 5.1 2.6 0.1 0.2 8.0
--------------------------------- ---------- ---------- ------------- --------- -----
Land and buildings and computer equipment includes the following
right-of-use assets:
At 31 December 2022
Carrying Depreciation
amount expense Impairment
------------------- -------- ------------ ----------
Office buildings 4.7 (1.5) 0.6
Computer equipment - - -
------------------- -------- ------------ ----------
4.7 (1.5) 0.6
------------------- -------- ------------ ----------
At 31 December 2021
Carrying Depreciation
amount expense Impairment
------------------- -------- ------------ ----------
Office buildings 3.6 (1.6) (0.7)
Computer equipment 0.2 - -
------------------- -------- ------------ ----------
3.8 (1.6) (0.7)
------------------- -------- ------------ ----------
As at 31 December 2022, the Company had no property, plant and
equipment assets (2021: GBPnil).
11 Leases
Lease liabilities are presented in the statement of financial
position as follows:
2022 2021
GBPm GBPm
------------ ----- -----
Current 1.5 1.3
Non-current 3.4 3.3
------------ ----- -----
4.9 4.6
------------ ----- -----
The Group has leases for its operational and administrative
offices. With the exception of short-term leases and leases of
low-value underlying assets, each lease is reflected on the balance
sheet as a right-of-use asset and a lease liability. The Group
classifies its right-of-use assets in a consistent manner to its
property, plant and equipment (see note 10).
Unless there is a contractual right for the Group to sublet the
asset to another party, the right-of-use asset can typically only
be used by the Group. Leases are either non-cancellable or may only
be cancelled by incurring a substantive termination fee. Some
leases contain an option to extend the lease for a further term.
The Group is prohibited from selling or pledging the underlying
leased assets as security. For leases over office buildings the
Group must keep those properties in a good state of repair and
return the properties in their original condition at the end of the
lease. Further, the Group must insure items of property, plant and
equipment and incur maintenance costs on such items in accordance
with the lease contracts.
The table below describes the nature of the Group's leasing
activities by type of right-of-use asset recognised on the balance
sheet:
No of Average No of
right-of-use Range remaining leases
assets of remaining lease with extension
Right-of-use asset leased term (years) term options
------------------- ------------- ------------- ---------- ---------------
Office building 51 0.1-12.2 2.8 -
------------------- ------------- ------------- ---------- ---------------
The lease liabilities are secured by the related underlying
assets. Future minimum lease payments at 31 December 2022 were as
follows:
Minimum lease payments due
------------------ -----------------------------------------------------------
Within After
one year 1-2 years 2-3 years 3-4 years 5 years Total
------------------ --------- --------- --------- --------- -------- -----
31 December 2022
Lease payments 1.6 1.2 0.8 0.6 1.0 5.2
Finance charges (0.1) (0.1) (0.1) - - (0.3)
------------------ --------- --------- --------- --------- -------- -----
Net present value 1.5 1.1 0.7 0.6 1.0 4.9
------------------ --------- --------- --------- --------- -------- -----
31 December 2021
Lease payments 1.4 1.2 0.8 0.5 0.9 4.8
Finance charges (0.1) (0.1) - - - (0.2)
------------------ --------- --------- --------- --------- -------- -----
Net present value 1.3 1.1 0.8 0.5 0.9 4.6
------------------ --------- --------- --------- --------- -------- -----
Lease payments not recognised as a liability
The Group has elected not to recognise a lease liability for
short-term leases (leases with an expected term of 12 months or
less) or for leases of low-value assets. Payments made under such
leases are expensed on a straight-line basis. In addition, certain
variable lease payments are not permitted to be recognised as lease
liabilities and are expensed as incurred.
The expense relating to payments not included in the measurement
of the lease liability is as follows:
2022 2021
GBPm GBPm
--------------------------- ----- -----
Short-term leases 0.5 0.8
Leases of low-value assets 0.6 0.7
--------------------------- ----- -----
1.1 1.5
--------------------------- ----- -----
The Group had not committed to any leases that had not yet
commenced.
Total cash outflow for leases for the year ended 31 December
2022 was GBP2.8m (2021: GBP3.2m).
12 Derivative financial instruments
2022 2022 2021 2021
Group Company Group Company
GBPm GBPm GBPm GBPm
------------------------------------ ------ -------- ------ --------
Cash flow hedge - interest rate cap 3.0 3.0 0.5 0.5
------------------------------------ ------ -------- ------ --------
During 2021 the Group entered into an amortising interest rate
cap instrument, which reduces exposure to interest rate increases
above 1% of SONIA on an aggregated two-thirds of the Receivables
Finance Agreement and the customer finance arrangements. The
instrument, which has a term of three years from 13 October 2021,
is based on quarterly notional amounts varying between GBP39.5m and
GBP62.5m, with an average of GBP51.9m.
The Group has designated the interest rate cap contract as a
hedged instrument in a cash flow hedge relationship. All derivative
financial instruments used for hedge accounting are recognised
initially at fair value and reported subsequently at fair value in
the statement of financial position. To the extent that the hedge
is effective, changes in the fair value of derivatives designated
as hedging instruments in cash flow hedges are recognised in other
comprehensive income and included within the cash flow hedge
reserve in equity. Any ineffectiveness in the hedge relationship is
recognised immediately in profit or loss.
The fair value of the derivative is based on market data to
calculate the present value of all estimated flows associated with
it at the balance sheet date. The interest rate cap is classed as a
level 2 financial instrument in accordance with IFRS 13
classification hierarchy. Level 2 financial instruments are not
traded in an active market, but the fair value is based on quoted
market prices, broker/dealer quotations, or alternative pricing
sources with reasonable levels of price transparency.
The movements on the fair value of the derivative financial
asset and on the cash flow hedge reserve are as follows:
Cash flow Derivative
hedge financial
reserve asset
GBPm GBPm
-------------------------------------------------------------- --------- ----------
Initial cost - 0.4
Movement through comprehensive income - (0.1)
Movement through cash flow hedge reserve 0.2 0.2
--------------------------------------------------------------- --------- ----------
At 31 December 2021 0.2 0.5
--------------------------------------------------------------- --------- ----------
Movement through comprehensive income - hedge ineffectiveness - 0.4
Movement through cash flow hedge reserve 2.1 2.1
Deferred taxation (0.6) -
--------------------------------------------------------------- --------- ----------
At 31 December 2022 1.7 3.0
--------------------------------------------------------------- --------- ----------
13 Cash
2022 2022 2021 2021
Group Company Group Company
GBPm GBPm GBPm GBPm
-------------------------- ------ -------- ------ --------
Cash and cash equivalents 31.0 0.1 29.8 -
-------------------------- ------ -------- ------ --------
Cash and cash equivalents consist of cash on hand and balances
with banks only. The majority of cash on hand and balances with
banks are held by subsidiary undertakings; however, the balances
are available for use by the Group.
Long-term credit ratings for the Group's banks are currently as
follows:
Standard
Fitch & Poor's Moody's
----------------------------- ----- --------- -------
Royal Bank of Scotland plc A+ A A1*/A1
----------------------------- ----- --------- -------
National Westminster Bank plc A+ A A1*/A1
----------------------------- ----- --------- -------
The Group's headroom versus available committed bank facilities
is as follows:
2022 2021
GBPm GBPm
---------------------------------------------- ----- -----
Cash at bank (as above) 31.0 29.8
Undrawn receivable finance facility agreement 44.9 48.6
---------------------------------------------- ----- -----
Banking facility headroom 75.9 78.4
---------------------------------------------- ----- -----
14 Borrowings
Borrowings are repayable as follows:
2022 2022 2021 2021
Group Company Group Company
GBPm GBPm GBPm GBPm
-------------------------------------------- ------ -------- ------ --------
In one year or less or on demand* 27.5 - 24.2 -
In more than one year but not more than two
years* 1.1 - 1.1 -
In more than two years but not more than
five years* 1.3 - 1.3 -
In more than five years 1.0 - 0.9 -
-------------------------------------------- ------ -------- ------ --------
Total borrowings 30.9 - 27.5 -
-------------------------------------------- ------ -------- ------ --------
* Ageing of balances above is shown excluding unamortised refinancing costs.
2022 2022 2021 2021
Group Company Group Company
GBPm GBPm GBPm GBPm
------------------------------ ------ -------- ------ --------
Split:
Current liabilities:
Receivables finance agreement 26.0 - 22.9 -
Lease liabilities 1.5 - 1.3 -
------------------------------ ------ -------- ------ --------
27.5 - 24.2 -
------------------------------ ------ -------- ------ --------
Non-current liabilities:
Lease liabilities 3.4 - 3.3 -
Total borrowings 30.9 - 27.5 -
------------------------------ ------ -------- ------ --------
Less: Cash (note 13) (31.0) (0.1) (29.8) -
------------------------------ ------ -------- ------ --------
Net cash (0.1) (0.1) (2.3) -
------------------------------ ------ -------- ------ --------
On 10 June 2021, the Group entered into a Receivables Financing
Agreement ("RFA") to replace the existing Group funding
arrangements. The RFA contained certain requirements to be met
before completion, the most significant of which was that the
Company raise new equity capital of at least GBP40.0m. This
condition was satisfied and the RFA became effective on 10 June
2021.
The key terms of the facility, which is provided jointly by RBS
Invoice Finance Limited, ABN AMRO Asset Based Finance N.V., UK
Branch and Leumi ABL Limited, are set out below:
i) Maximum receivables financing facility of GBP90.0m over a
four-and-a-half-year term, with a one-year extension option;
ii) An Accordion option of up to an additional GBP15.0m, subject to lender approval;
iii) Security on all of the assets and undertakings of the
Company and certain subsidiary undertakings;
iv) Interest accruing at 2.75% over SONIA, with a margin ratchet
downward to 2.0%, dependent upon the Group's leverage reducing to
3.00x;
v) A non-utilisation fee of 35% of the margin;
vi) Maximum net debt (averaged over a rolling three months) to
EBITDA leverage covenant commencing at 5.95x followed by a gradual
reduction to 4.0x by October 2023;
vii) Minimum interest cover covenant of 2.25x the last 12 months EBITDA to finance charges; and
EBITDA is defined as earnings before interest, taxation,
depreciation and amortisation.
On entering into the RFA, the Group's existing facilities, which
comprised a Revolving Credit Facility of GBP20.0m, a Receivables
Finance Facility of GBP68.2m and a non-recourse Receivables
Purchase Facility of GBP25.0m, were cancelled. The Group retained
its Customer Financing arrangements whereby specific customer
invoices are settled in advance of their normal settlement date.
The value of invoices funded under the Customer Financing
arrangements was GBP51.7m at 31 December 2022 (2021: GBP42.3m).
Costs incurred in relation to these arrangements are charged to
profit and loss as finance charges when incurred.
For the period to 31 December 2024, the Group's cash flow
forecasts indicate ongoing headroom in the Receivables Finance
Agreement and also full compliance with the financial covenants
described above.
15 Share capital
2022 2021
GBPm GBPm
-------------------------------- ----- -----
Allotted and issued
165,767,728 ordinary 10p shares 16.6 16.6
-------------------------------- ----- -----
2022 2021
Number Number
----------------------------------------------------- ----------- -----------
Shares issued and fully paid at the beginning of the
year 165,767,728 68,930,486
Shares issued during the year - 96,837,242
----------------------------------------------------- ----------- -----------
Shares issued and fully paid at the end of the year 165,767,728 165,767,728
----------------------------------------------------- ----------- -----------
All Ordinary Shares have the same rights and there are no
restrictions on the distribution of dividends or repayment of
capital with the exception of the 2,014,511 shares held at 31
December 2022 (2021: 1,140,400 shares) by the Employee Benefit
Trust where the right to dividends has been waived.
On 21 May 2021 the Group announced a proposed Placing,
Subscription and Open Offer (the "Fundraise") following conditional
agreement of a debt refinancing the previous day. The Fundraise
comprised the following elements:
-- A total of 87,249,500 new ordinary shares of 10 pence each
placed at a price of 50 pence per share (the "Issue Price") to
certain existing shareholders and new institutional investors;
-- A total of 750,500 new ordinary shares of 10 pence each to
certain Directors and employees of the Group at the issue price;
and
-- An open offer to existing shareholders for 10 shares for
every 78 ordinary shares held, for a total of 8,837,242 new
ordinary shares of 10 pence each at the issue price.
The total proceeds of the Fundraise, which was approved by the
shareholders in a General Meeting on 9 June 2021, was GBP48.4m and
the new ordinary shares were admitted by the London Stock Exchange
for trading on AIM on the following day.
16 Cash flows from operating activities - consolidated
Reconciliation of loss before taxation to net cash
inflow/(outflow) from operating activities
2022 2021
GBPm GBPm
----------------------------------------------------------- ----- ------
Profit/(loss) before taxation from:
Continuing operations 1.9 (0.1)
Discontinued operations - (0.4)
----------------------------------------------------------- ----- ------
1.9 (0.5)
Adjustments for:
Finance income (0.7) -
Finance charges 3.4 2.4
Depreciation and amortisation - underlying 5.6 6.3
Amortisation - non-underlying 7.4 8.0
Loss on disposal of property, plant and equipment 0.1 0.3
----------------------------------------------------------- ----- ------
Cash generated before changes in working capital and share
options 17.7 16.5
Change in trade and other receivables (3.8) (12.2)
Change in trade, other payables and provisions (8.7) (33.1)
----------------------------------------------------------- ----- ------
Cash generated from/(used by) operations 5.2 (28.8)
Employee cash-settled share options 0.3 0.1
----------------------------------------------------------- ----- ------
Net cash inflow/(outflow) from operating activities 5.5 (28.7)
----------------------------------------------------------- ----- ------
Movement in net debt
2022 2021
GBPm GBPm
-------------------------------------------------- ------ ------
Net cash/(debt) at 1 January 2.3 (14.3)
Loan repayments - 20.0
Net drawdowns from Receivables Finance Agreement (3.1) (9.6)
Lease payments, additions, disposals and interest (0.3) 0.9
Change in cash and cash equivalents 1.2 5.3
-------------------------------------------------- ------ ------
Net cash at 31 December 0.1 2.3
-------------------------------------------------- ------ ------
Represented by:
Cash and cash equivalents (note 13) 31.0 29.8
Current borrowings (note 14) (26.0) (22.9)
Lease liabilities (note 11) (4.9) (4.6)
-------------------------------------------------- ------ ------
Net cash at 31 December 0.1 2.3
-------------------------------------------------- ------ ------
The movements in net debt, excluding refinancing costs, can be
further summarised as follows:
Revolving Receivables Movements
Lease credit Finance from financing
Liabilities facility Agreement activities Cash Total
GBPm GBPm GBPm GBPm GBPm GBPm
------------------------- ------------ --------- ----------- --------------- ----- ------
Net debt as at 1 January
2021 (5.5) (20.0) (13.3) (38.8) 24.5 (14.3)
Cash flows during the
year 1.7 20.0 (9.6) 12.2 5.3 17.5
Non-cash movements in
leases (0.8) - - (0.9) - (0.9)
-------------------------- ------------ --------- ----------- --------------- ----- ------
Net cash/(debt) at 31
December 2021 (4.6) - (22.9) (27.5) 29.8 2.3
-------------------------- ------------ --------- ----------- --------------- ----- ------
Cash flows during the
year 1.6 - (3.1) (1.5) 1.2 (0.3)
Non-cash movements in
leases (1.9) - - (1.9) - (1.9)
-------------------------- ------------ --------- ----------- --------------- ----- ------
Net cash/(debt) at 31
December 2022 (4.9) - (26.0) (30.9) 31.0 0.1
-------------------------- ------------ --------- ----------- --------------- ----- ------
17 Changes in accounting policies
There were no new accounting pronouncements requiring adoption
in the year.
18 Post balance sheet events
There were no events between the balance sheet date of 31
December 2022 and the approval of these accounts on 20 March 2023,
that are required to be brought to the attention of
shareholders.
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END
FR EADDEAEFDEAA
(END) Dow Jones Newswires
March 21, 2023 03:00 ET (07:00 GMT)
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