TIDMIPEL TIDM68TX
RNS Number : 1994Y
Impellam Group plc
28 August 2009
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The Corporate Services Group Limited
28 August 2009
?
The Corporate Services Group Limited
Interim Financial Report
28 August 2009
The Corporate Services Group Limited ("CSG") has today published its interim
financial report for the six months ended 30 June 2009.
About The Corporate Services Group Limited
CSG is a wholly owned subsidiary of Impellam Group plc ("Impellam"), a human
capital resource solutions group whose shares are admitted to trading on the AIM
market of the London Stock Exchange plc. Impellam was formed in May 2008 when
Carlisle Group Limited merged with The Corporate Services Group plc ("CSG plc").
Upon completion of the merger CSG plc became a subsidiary of Impellam and
subsequently re-registered as a private company.
For further information please contact:
+----------------------------------------------+-------------------------+
| Impellam Group plc | |
+----------------------------------------------+-------------------------+
| Cheryl Jones - Chairman | Tel: 01582 692658 |
+----------------------------------------------+-------------------------+
| Andrew Burchall - Group Finance Director | Tel: 01582 692658 |
+----------------------------------------------+-------------------------+
| | |
+----------------------------------------------+-------------------------+
| Cenkos Securities plc | |
+----------------------------------------------+-------------------------+
| Nicholas Wells | Tel: 020 7397 8900 |
+----------------------------------------------+-------------------------+
| Beth McKiernan | Tel: 020 7397 8900 |
+----------------------------------------------+-------------------------+
| | |
+----------------------------------------------+-------------------------+
| Threadneedle Communications | |
+----------------------------------------------+-------------------------+
| John Coles | Tel: 020 7653 9848 |
+----------------------------------------------+-------------------------+
| Josh Royston | Tel: 020 7653 9844 |
+----------------------------------------------+-------------------------+
28 August 2009
INTERIM FINANCIAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2009
Financial results and business review for the six months to 30 June 2009
The results for the six months ended 30 June 2009 show a retained loss of
GBP3.7 million. This compares to a profit of GBP8.5 million for the six months
ended 30 June 2008 and GBP13.4 million profit for the 12 months ended 31
December 2008. This movement is due wholly to currency movements on investments
denominated in US Dollars which have been adverse this year reflecting the
relative weakness of Sterling against the US Dollar. The company remains an
investment holding company and as such its activities have remained unchanged.
Board changes
On 14 May 2009 Desmond Doyle stepped down as a Director of the Company and Nigel
Millinson was appointed on the same date.
Going concern
The company is dependent, in the absence of other funding, on the continued
support of the ultimate parent company, Impellam Group plc. The ultimate parent
company has confirmed that it will continue to support the company for a period
of at least twelve months. On this basis, the Directors consider it appropriate
to prepare the accounts on the going concern basis.
Principal risks and uncertainties
The principal risks and uncertainties of Impellam Group plc ("the Group"), which
include those of the Company, are discussed in the Group Financial Director's
Report in the Group's annual report which does not form part of this report. The
Group's business and financial risks are managed at a group level, rather than
at an individual company level. For this reason, the Company's Directors believe
that a discussion of the Group's risks would not be appropriate for an
understanding of the development, performance or position of the Company as
there are many risks at the group level which are not applicable at the Company
level. These risks and uncertainties for the remaining six months remain as
they were at December 2008 and are fully detailed in the Group annual report and
accounts which are available for download on the Group's web-site.
Audit
This interim financial report has not been audited or reviewed by Auditors
pursuant to the Auditing Practice Board guidance on Review of Interim financial
information.
Disclaimer on forward looking statements
Certain statements in this interim report are forward-looking. Although the
company believes that the expectations reflected in these forward-looking
statements are reasonable, it gives no assurance that these expectations will
prove to have been correct. Because these statements involve risks and
uncertainties, actual results may differ materially from those expressed or
implied by these forward-looking statements.
The company undertakes no obligation to update any forward-looking statements
whether as a result of new information, future events or otherwise.
Statement of Directors' responsibilities
The Directors confirm that this condensed interim financial report has been
prepared in accordance with applicable accounting standards and the Companies
Act 1985. They also confirm that the interim management report contained herein
includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8,
namely:
* An indication of important events that have occurred during the first six months
and the impact on the condensed set of financial statements, and a description
of the principal risks and uncertainties for the remaining six months of the
financial year, and;
* Material related party transactions in the first six months and any material
changes in the related party transactions described in the last annual report.
The Directors of The Corporate Services Group Ltd are as listed in the 2008
annual report and accounts, with the exception of the resignation of Desmond
Doyle on 14 May 2009 and the appointment of Nigel Millinson on the same date.
By order of the Board,
Andrew Burchall
Director
Consolidated income statement
For the six months ended 30 June 2009
+--------------------------------------+-------+-------------+-------------+-------------+
| | | Six | Six | Twelve |
| | | months | months | months |
| | | ended | ended | ended |
| | | 30 June | 30 June | 31 December |
| | | 2009 | 2008 | 2008 |
+--------------------------------------+-------+-------------+-------------+-------------+
| |Notes | GBP 000 | GBP 000 | GBP 000 |
+--------------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------------------+-------+-------------+-------------+-------------+
| Turnover | | - | - | - |
+--------------------------------------+-------+-------------+-------------+-------------+
| Administrative expenses | | (4,912) | 6,395 | 9,941 |
+--------------------------------------+-------+-------------+-------------+-------------+
| | | __________ | __________ | __________ |
+--------------------------------------+-------+-------------+-------------+-------------+
| Operating (loss)/profit | | (4,912) | 6,395 | 9,941 |
+--------------------------------------+-------+-------------+-------------+-------------+
| Excluding exceptional items | | (4,912) | 8,159 | 11,705 |
+--------------------------------------+-------+-------------+-------------+-------------+
| Exceptional items | | - | (1,764) | (1,764) |
+--------------------------------------+-------+-------------+-------------+-------------+
| | | __________ | __________ | __________ |
+--------------------------------------+-------+-------------+-------------+-------------+
| Operating (loss)/profit | | (4,912) | 6,395 | 9,941 |
+--------------------------------------+-------+-------------+-------------+-------------+
| Interest receivable | | 989 | 1,688 | 3,270 |
+--------------------------------------+-------+-------------+-------------+-------------+
| Interest payable and similar charges | | (1,097) | (2,239) | (2,523) |
+--------------------------------------+-------+-------------+-------------+-------------+
| | | __________ | __________ | __________ |
+--------------------------------------+-------+-------------+-------------+-------------+
| (Loss) / profit on ordinary | | (5,020) | 5,844 | 10,688 |
| activities before taxation | | | | |
+--------------------------------------+-------+-------------+-------------+-------------+
| Tax on (loss)/profit on ordinary | 3 | 1,295 | 2,666 | 2,718 |
| activities | | | | |
+--------------------------------------+-------+-------------+-------------+-------------+
| | | __________ | __________ | __________ |
+--------------------------------------+-------+-------------+-------------+-------------+
| (Loss) / profit for the period | (3,725) | 8,510 | 13,406 |
+----------------------------------------------+-------------+-------------+-------------+
| | | __________ | __________ | __________ |
+--------------------------------------+-------+-------------+-------------+-------------+
Turnover and operating (loss) / profit derive wholly from continuing operations.
The company has no recognised gains or losses for the year other than the
results above.
There is no material difference between the result reported above and the result
on an unmodified historical cost basis.
Consolidated condensed balance sheet
At 30 June 2009
+-----------------------------------+------+--------------+--------------+-----------------+
| |
+-----------------------------------+
| | | 30 June 2009 | 30 June 2008 | 31 December |
| | | | | 2008 |
+-----------------------------------+------+--------------+--------------+-----------------+
| | | GBP 000 | GBP 000 | GBP 000 |
+-----------------------------------+------+--------------+--------------+-----------------+
| Fixed assets | | | | |
+-----------------------------------+------+--------------+--------------+-----------------+
| Investments | | 73,834 | 73,846 | 73,834 |
+-----------------------------------+------+--------------+--------------+-----------------+
| | | | | |
+-----------------------------------+------+--------------+--------------+-----------------+
| Current assets | | | | |
+-----------------------------------+------+--------------+--------------+-----------------+
| Debtors | | 54,159 | 55,491 | 53,638 |
+-----------------------------------+------+--------------+--------------+-----------------+
| Cash at bank and in hand | | 112 | 144 | 4,198 |
+-----------------------------------+------+--------------+--------------+-----------------+
| | | _________ | _________ | _________ |
+-----------------------------------+------+--------------+--------------+-----------------+
| | | 54,271 | 55,635 | 57,836 |
+-----------------------------------+------+--------------+--------------+-----------------+
| | | _________ | _________ | _________ |
+-----------------------------------+------+--------------+--------------+-----------------+
| Creditors: Amounts falling due | | (38,852) | (41,457) | (38,722) |
| within one year | | | | |
+-----------------------------------+------+--------------+--------------+-----------------+
| | | _________ | _________ | _________ |
+-----------------------------------+------+--------------+--------------+-----------------+
| Net current assets | | 15,419 | 14,178 | 19,114 |
+-----------------------------------+------+--------------+--------------+-----------------+
| | | _________ | _________ | _________ |
+-----------------------------------+------+--------------+--------------+-----------------+
| Total assets less current | | 89,253 | 88,024 | 92,948 |
| liabilities | | | | |
+-----------------------------------+------+--------------+--------------+-----------------+
| Creditors: Amounts falling due | | (19,886) | (19,824) | (19,855) |
| after more than one year | | | | |
+-----------------------------------+------+--------------+--------------+-----------------+
| | | _________ | _________ | _________ |
+-----------------------------------+------+--------------+--------------+-----------------+
| Net assets | | 69,367 | 68,200 | 73,093 |
+-----------------------------------+------+--------------+--------------+-----------------+
| | | _________ | _________ | _________ |
+-----------------------------------+------+--------------+--------------+-----------------+
+-----------------------------------+------+--------------+--------------+-----------------+
| Capital and reserves | | | | |
+-----------------------------------+------+--------------+--------------+-----------------+
| Called up share capital | | 10,772 | 10,772 | 10,772 |
+-----------------------------------+------+--------------+--------------+-----------------+
| Share premium reserve | | 280,816 | 280,816 | 280,816 |
+-----------------------------------+------+--------------+--------------+-----------------+
| Own shares | | - | - | - |
+-----------------------------------+------+--------------+--------------+-----------------+
| Other reserves | | 46,613 | 46,613 | 46,613 |
+-----------------------------------+------+--------------+--------------+-----------------+
| Profit and loss reserve | | (268,834) | (270,001) | (265,108) |
+-----------------------------------+------+--------------+--------------+-----------------+
| | | _________ | _________ | _________ |
+-----------------------------------+------+--------------+--------------+-----------------+
| Shareholders' funds | | 69,367 | 68,200 | 73,093 |
+-----------------------------------+------+--------------+--------------+-----------------+
| | | _________ | _________ | _________ |
+-----------------------------------+------+--------------+--------------+-----------------+
Notes to the interim financial statements
1 Basis of preparation
I. Statement of Compliance
The financial statements have been prepared on a going concern basis under the
historical cost convention and in accordance with applicable accounting
standards and the Companies Act 1985.
II. Accounting policies
The accounting policies used in this interim report are consistent with those
applied at 31 December 2008 by the Company.
2 Exceptional items
+----------------------------------------------+------------+------------+---------------+
| | Six | Six | Twelve months |
| | months | months | ended |
| | ended | ended | 31 December |
| | 30 | 30 | 2008 |
| | June | June | |
| | 2009 | 2008 | |
+----------------------------------------------+------------+------------+---------------+
| | GBP 000 | GBP 000 | GBP 000 |
+----------------------------------------------+------------+------------+---------------+
| Exceptional administrative expenses | - | 1,764 | 1,764 |
+----------------------------------------------+------------+------------+---------------+
| | ____ | ____ | ____ |
+----------------------------------------------+------------+------------+---------------+
In 2008 various provisions were established as a result of the purchase of the
company by Impellam Group plc. These provisions relate mainly to onerous
commitments on empty office space and the costs of related redundancies. Also
included within exceptional costs is an amount of GBP757,000 relating to
movements on the impairment of various loans to subsidiaries.
3 Taxation
Income tax expense is recognised based on management's best estimate of the
effective annual income tax rate expected for the full financial year.
4 Post balance sheet events
On 23 July 2009 the company completed a capital reorganisation under the terms
of Section 641 of the Companies Act 2006 by reducing the share premium account
from GBP280,815,747 to GBPnil. In accordance with the Companies (Reduction of
Share Capital) Order 2008, which deals with reserves arising from such a
reduction, this reserve will be treated as a realised profit.
This information is provided by RNS
The company news service from the London Stock Exchange
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