2023년 감사 결과
월 19 2024
직원 그룹 PLC
("직원", "회사" 또는 "그룹")
31년 2023월 XNUMX일로 종료된 회계연도의 감사 결과
· Robust performance delivered full year underlying operating profit slightly ahead of market expectations1
· Net cash (pre-IFRS 16) significantly ahead of original market expectations1 maintaining ongoing balance sheet strength that underpinned £5 million share buyback programme in 2023
스태프라인 그룹 plc, the recruitment and training group, announces its audited results for the year ended 31 December 2023 ('FY 2023').
재무 하이라이트2
FY 2023 | FY 2022 | 변화 | |
지속적인 활동 |
|
| |
수익 | £ 938.2m | £ 928.1m | 1.1% |
Gross sales value3 | £ 1,055.7m | £ 1,018.9m | 3.6% |
매출 총 이익 | £ 80.8m | £ 82.0m | -1.5 % |
총 마진 % | 8.6% | 8.8% | -0.2%포인트 |
기초영업이익4 | £ 10.3m | £ 12.0m | -14.2 % |
매출총이익을 기초 영업이익으로 전환한 비율(%) | 12.7% | 14.6% | -1.9%포인트 |
(Loss)/profit after tax (total activities) | 11.0만 파운드 | £ 3.8m | - 14.8억 XNUMX만 파운드 |
기본 EBITDA | £ 15.2m | £ 17.6m | - 2.4억 XNUMX만 파운드 |
순 현금5 | £ 3.8m | £ 5.0m | - 1.2억 XNUMX만 파운드 |
1Company-compiled original consensus for FY 2023 (pre the trading update on 23 January 2024) underlying operating profit and net debt (pre-IFRS 16), based on the mean average of two analyst estimates, stands at £10.15m and £3.0m, respectively
2Presented on a continuing basis
대체 성능 측정
3Gross sales value represents the 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
4기본 결과에는 영업권 손상, 사업 결합으로 인한 무형 자산 상각, 구조 조정 비용 및 기타 비기본 비용이 제외됩니다.
5리스부채와 재융자비용을 제외하고 IFRS16 이전 기준으로 표시됩니다.
· Delivered Underlying operating profit slightly ahead of market expectations1 against challenging trading conditions in FY 2023
· Net cash (pre-IFRS 16) of £3.8m (2022: £5.0m), ahead of original market expectations by £6.8m; strong trading cashflow supported £5m share buyback programme during FY 2023
· Revenue up 1.1% highlighting market share gains predominately in Recruitment GB, with H2 2023 revenues up by 3.7% for the Group
· Gross profit 0.8% lower in the Recruitment divisions as a result of reduced demand for permanent hires
· Refinanced banking facilities with improved terms in Q4 2023, reflecting progress in the business and ongoing balance sheet strength
운영 하이라이트
· Strong financial and operational performance across the Recruitment divisions:
o Recruitment GB: Expanded market share with several existing major customers, such as Tesco, GXO Logistics and Morrisons
o Strong performance from Omega, the Group's engineering technology recruitment business and solid results from Datum, the Group's Managed Services provider
o Further reduction in the cost base and ongoing efficiencies drove increased profit conversion. Restructuring programme incurred a non-underlying charge of £1.8m, which is expected to deliver annual savings of c.£3.5m
o Ireland: Substantial new opportunities secured in the Republic of Ireland with the ESB (Electricity Supply Board) and the An Garda Síochána (the national police and security service) commencing in 2024
· PeoplePlus:
o Delivered a solid performance from ongoing operations, underpinned by Prison Education and Employability
o Challenging market with continued low unemployment generating lower volumes. Exit of loss-making (in-person) skills business generated a charge of £3.1m, contributing to a non-cash goodwill impairment of £8.9m.
o Significant pipeline of bids outstanding for multi-year contracts (c.£310m) that would mainly benefit 2025 and future years
보드 변경
· Tom Spain was appointed as permanent Chair of the Board on 18 March 2024, having been Interim Chairman since May 2022
· Amanda Aldridge joined the board as a Non-Executive Director on 17 April 2023
현재 거래 및 전망
Staffline's performance throughout 2023 demonstrated the resilience of the business model and its ability to generate cash, despite the well-known economic challenges in the market.
Management are encouraged by the uplift in temp working hours which are c.5% higher for the first 10 weeks of 2024 compared to prior year, and the pipeline of permanent fees in Ireland, which is at record levels as a result of contract wins, and we await the outcomes from PeoplePlus' large outstanding bid pipeline. Accordingly, with our increasing market share and strong balance sheet we are confident that we can use our market leading positions to continue to grow the Group organically, positioning us well for the economic recovery when it comes.
CEO인 Albert Ellis는 다음과 같이 말했습니다.
"I am pleased to report that Staffline has delivered a robust trading performance across 2023, demonstrating the resilience of the Group's operating model against a challenging macro-economic backdrop and also the success of our strategy. We continued to grow our recruitment market share, driven by a healthy pipeline of contract renewals and awards, alongside further strengthening our cash position which enabled us to carry out a £5m share buyback programme, an important part of our capital allocation policy.
Our results for 2023 are a testament to not only the resilience of our business, but also the hard work of our team who have worked tirelessly to deliver these results. I would personally like to thank all our talented leadership and dedicated staff for their unwavering commitment to Staffline's success."
스태프라인 그룹 plc www.stafflinegroupplc.co.uk 앨버트 엘리스, 최고 경영자 다니엘 퀸트(Daniel Quint) 최고재무책임자(CFO)
| 비고 컨설팅을 통해 |
리베룸 지명 고문 및 공동 Broker www.liberum.com 리처드 린들리 / 사트비르 클레르
제우스 관절 Broker www.zeuscapital.co.uk 데이비드 포먼(투자 은행) 닉 설(영업)
| + 020 3100 2222
+ 020 3829 5000 |
| |
비고컨설팅 Investor Relations & 재무 홍보 www.vigoconsulting.com 제레미 가르시아 / 베리티 스노우 | + 020 7390 0230
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About Staffline - Recruitment, Training and Support
미래의 업무를 가능하게 하시나요?
Staffline은 영국 시장을 선도하는 채용 및 교육 그룹입니다. 세 가지 부문이 있습니다.
모집 GB
스탭라인은 leading provider of flexible blue-collar workers, supplying c.28,000 staff per day on average from around 400 sites, across a wide range of industries including supermarkets, drinks, driving, food processing, logistics and manufacturing.
모집 아일랜드
리크루트먼트 아일랜드 비즈니스는 4,000개 산업, XNUMX개 지점 및 XNUMX개 현장 고객 위치에서 운영되는 선도적인 엔드 투 엔드 솔루션 제공업체로서 하루 평균 XNUMX명의 직원에게 서비스를 제공하고 아일랜드 전역에서 RPO, MSP, 임시 및 영구 솔루션을 제공합니다. 아일랜드.
피플플러스 부문
스태프라인은 영국 전역에서 성인 교육, 교도소 교육 및 기술 기반 고용 가능성 프로그램을 제공하는 영국 최고의 성인 기술 및 훈련 제공업체입니다.
회장 성명서
개요
I would like to start by thanking our staff and management teams for their tireless work in 2023. Positive results are mostly a combination of a lot of hard work and skill, sometimes they get the assistance of a bit of luck. With a combination of higher interest rates and a gloomy outlook for the UK economy our luck was out in 2023. It would have been easy to adjust the goal posts, but credit to our management teams and staff, we found a way to deliver robust performance with full year underlying operating profit slightly ahead of market expectations.
We hope to continue to build on this platform by further strengthening relationships with our key customers in helping them to achieve their staffing and training needs with a trusted and reliable partner in 2024 and beyond.
There are three ways we can continue to grow our brand: be the cheapest, be the most convenient or be the best. It is an extremely rare thing for any company to do all three - we will attempt to be the best and try for one more. The dynamics of capitalism will mean everyone else will be trying to do a combination of the same. To succeed in a fast-paced world we will need to continue to adapt, stay relevant and deliver. Keeping our top talent and developing them further will be essential if we are to reach this goal.
자본 할당
Net cash (pre-IFRS 16) was also a highlight in 2023. The year ended significantly ahead of original market expectations by £6.8m, our ongoing balance sheet strength maintained with net cash of £3.8m (2022: £5.0m). The litmus test of creating shareholder value on a long-term basis will be how well we use the profits generated by the business.
The elegant name given to such decisions is 'capital allocation'. In simple terms, the success of any business is how well management make decisions on retained cash and its reinvestment, as well as their choices about when and how to redistribute that cash to shareholders.
In 2023 the stock market gave us an excellent opportunity to repurchase 10% of the Company's outstanding shares at what we regard to be very attractive prices. Yet, this begs the question "What is a buyback?" and "Why do we think our remaining shareholders should like them so much?" Well, it's really very simple; a buyback is another form of capital distribution.
When companies choose to distribute a dividend, our investors receive an income payment from the company whether they want it or not. With buybacks, the company purchases shares from investors who want to sell them (perhaps because they need the money, or perhaps because they have forgotten the reason why they bought their shares in the first place). When cancelling these shares after purchase, their proportional ownership of the business grows for those who hold on to their shares, as well as their claim on any future cashflows.
What's notable is that during that process we were able to buy back those shares at an average purchase price of 30p. While we won't provide a running commentary on what we regard the intrinsic value of the Company to be, we will repurchase shares when they are trading at a substantial discount to what we believe they are worth.
We don't know exactly what 2024 will hold for the price of our publicly traded shares. What we can say though, is that we intend to generate more cash and if some of that cash is better used in the repurchase of the Company's shares, we will not be slow in doing so.
보드 변경
In April 2023, we appointed Amanda Aldridge as a Non-Executive Director. Amanda chairs the Group's Audit Committee and was appointed to the Remuneration and Nominations Committees. We are very grateful for her significant contribution already towards the business' present and future achievements.
I am also humbled that my position of Chair has now been made permanent, and I look forward to continuing to work with all of the Group's staff, customers and other stakeholders to drive Staffline's ongoing prosperity.
앞서 찾고
As we navigate the inevitable challenges of 2024 and beyond, I am confident in Staffline's resilience and ability to seize opportunities in a testing macro environment. Ultimately, we are not just a people business, we are a people-focused business; striving to match rewarding work opportunities with those who 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. We hope to do more of the same in the year ahead.
톰 스페인
의장
월 18 2024
최고 경영자의 검토
개요
I am pleased to report that Staffline has delivered a robust trading performance across 2023, demonstrating the strength of the Group's operating model and the success of our strategy against a challenging macro-economic backdrop. We continued to grow our recruitment market share, driven by contract renewals and awards, alongside further strengthening our balance sheet, enabling us to carry out a £5m share buyback programme, which is an important component to our capital allocation policy.
In 2023, the Group generated Underlying operating profit of £10.3m, slightly ahead of market expectations, whilst cashflow performance was well ahead of original market expectations. Revenue was up 1.1%, set against a highly competitive recruitment market, and reinforced by market share gains predominantly in Recruitment GB which reported a 3.7% increase in revenues throughout the second half. In H2 2023 the Group outperformed the prior six months despite a weaker sector backdrop, showcasing the robustness of our strategy and the determination of our team. Staffline has continued to deliver on its strategy of market share gains and is expanding its business in the Republic of Ireland, evidenced by our success over the last 12 months and our new contract win with An Garda Síochána (the Republic of Ireland Police Service). The Group's reputation for outstanding service delivery, with market leading scale and reach, has underpinned new mandates with both existing and new customers.
Our results for 2023 are a testament to not only the resilience of our business, but also the hard work of our people who have worked tirelessly to deliver these results. I would personally like to thank all our talented leadership team and dedicated staff for their unwavering commitment to Staffline's success.
전략
Throughout 2023, Staffline successfully implemented its key strategic goals. We expanded our recruitment portfolio and were successful in increasing our operational footprint across both recruitment verticals with new contract awards won in Recruitment GB and Recruitment Ireland. We further leveraged our leadership across the blue-collar recruitment market through securing sole and majority supply with both new and existing customers. In addition, we invested in our technology infrastructure and delivery capacity in our Recruitment Ireland division, which will position us well to capitalise on the multiple contracts secured during 2023 and early 2024.
Furthermore, our PeoplePlus business was restructured in the year, with the strategic focus now being on Employability (including the Restart programme) and Prison Education. PeoplePlus has a strong market share across both sectors, and we expect to see growth in these areas as the benefits of the restructure start to impact the Group's progress.
Finally, we maintained a tight control over our cost base, prioritising operational efficiency and cost management, and further strengthening our balance sheet, which enabled the Group to execute a £5m share buyback programme (10% of outstanding shares) in H2 2023. The Board sees share buybacks as a valuable way of returning excess cash to shareholders and I am pleased that we were able to deliver on this in 2023.
모집 GB
I am pleased to report a strong fourth consecutive year of underlying profitable growth within Recruitment GB, despite a reduction in demand driven by the ongoing cost of living crisis continuing to dampen consumer confidence. In light of these weaker macro-economic conditions the division carried out a restructuring programme to optimise the cost base, incurring a non-underlying charge of £1.8m. This, alongside tight control of overheads enabled the division to report Underlying operating profit of £8.6m.
Revenues within the division were, as expected, weighted positively to the second-half, comparing favourably to the rest of the sector, which reported widespread declines. H2 2023 revenues increased by 3.7% year-on-year, driven by organic growth, which was supported by our traditional trading peak in the run up to Christmas. This significant increase offset weak demand in H1 2023 alongside lower permanent fees throughout the year. During the year we grew our market share, securing numerous contract renewals with major top 20 customers such as M&S, Bakkavor, Tesco, Laithwaites, and AMFRESH. We also concluded a sole supplier partnership with Morrisons, where we now supply over 95% of their blue-collar temporary labour requirements.
Datum, our managed service business, secured numerous major projects in the year, most notably for Pilgrims and Argos Sainsburys. Omega, our technical and engineering recruitment business, delivered year-on-year growth and outperformed many of its peers. Their performance was buoyed by expansion into new sectors such as technology. We also plan to add two additional regional offices in Birmingham and Leeds, expanding our presence in these regions.
모집 아일랜드
Recruitment Ireland, which has a higher proportion of white-collar recruitment than the rest of Staffline's operations, reported a decline in perm fees compared to the prior year. Despite this challenging backdrop, the team secured new wins with Avondale Foods and Maersk, and following a thorough public procurement process, secured a strategic partnership with An Garda Síochána to recruit white-collar roles across various support disciplines with revenues expected to flow through into the second half of the year. In addition, Recruitment Ireland invested in a digital platform to enable volume growth throughout 2024 and beyond. This was part of a long-term strategy of prioritising infrastructure preservation, fee-earning capacity and organisational strength to enable the business to capitalise on growth opportunities in the future. The short-term impact on operating profit is visible through much of 2023. However, permanent recruitment revenue began to recover in H2 2023, and we anticipate a stronger revenue performance in 2024 as the Northern Ireland government resumes.
피플플러스
PeoplePlus has strong market share across both the Justice and Employability markets, and we anticipate that we will continue to grow this position now that the division has transitioned to a simpler operating model. Tenders totalling c.£310m across several public service contracts have been bid for and results are awaited. If successful, results from these bids are expected to begin to come on stream at the end of H2 2024, impacting full year Group operating profits from 2025.
The Prison Education Framework contract was successfully extended to March 2025, with PeoplePlus performing particularly well under the new 'Payment by Results' terms. As previously reported, several long-term contracts have come to a natural end. However, our near-term bid pipeline remains substantial, and we are optimistic about potential revenue impact from 2025-26. Further progress across its portfolio of Restart sub-contracts was made, despite lower than anticipated participant volumes, with the announcement that an extension is being implemented to June 2027.
Additional initiatives to broaden our market reach resulted in the pilot programme 'Mid-Life MOT' for the DWP aimed at workforce retention, as well as our first contract with HMP Werrington, the young offender's institution. Investment has been made in diversifying the range of commercial services offered - notably in social value consultancy and social recruitment support - which are proving attractive to a growing portfolio of private sector employer customers. In recognition of the success of these new areas, PeoplePlus was voted the Social Responsibility Organisation of the Year 2023 by Investors in People.
PeoplePlus undertook a major restructuring exercise, exiting the in-person skills market and focusing on digital training. Accordingly, a charge relating to trading losses and exit costs of £3.1m has been disclosed as 'Discontinued' in these results. The low levels of unemployment associated with a reduction in demand for in-person skills training, as well as political uncertainty, has led to the reappraisal of the carrying value of goodwill, generating an impairment of £8.9m, which has no cash impact.
보드 변경
We were delighted to welcome Amanda Aldridge to the Board as a non-executive director ("NED") in April 2023. Amanda is an experienced NED and chairs the Group's Audit Committee and has been appointed to Staffline's Remuneration and Nomination Committees, replacing Ian Starkey.
I am also pleased to announce that Tom Spain has been appointed as permanent Chair of the Board. Tom was appointed Interim Chairman in May 2022 and his contribution has been invaluable, providing advice and support to the Board.
현재 거래 및 전망
Staffline's performance throughout 2023 demonstrated the resilience of the business model and its strong cash generating nature, despite the well-known economic challenges in the market.
Management are encouraged by the uplift in temp working hours which are c.5% higher for the first 10 weeks of 2024 compared to prior year, and the pipeline of permanent fees in Ireland, which is at record levels as a result of contract wins, and we await the outcomes from PeoplePlus' large outstanding bid pipeline. Accordingly, with our increasing market share and strong balance sheet we are confident that we can use our market leading positions to continue to grow the Group organically, positioning us well for the economic recovery when it comes.
앨버트 엘리스
최고 경영자(CEO)
월 18 2024
재무 검토
개요
On an underlying basis the Group delivered a resilient trading and cashflow performance for 2023, particularly in the Recruitment GB division, against a challenging macroeconomic backdrop in the UK. Underlying operating profit of £10.3m was slightly ahead of market expectations and strong cash flow was well ahead of original market expectations.
The Group incurred a non-underlying charge of £1.8m reflecting a reorganisation, rationalisation and restructuring programme in the Recruitment GB division. Additionally, PeoplePlus closed its in-person classroom-based training business to focus on digital training. This discontinued activity generated trading losses and exit costs totalling £3.1m before taxation. This contributed to the reappraisal of the value of goodwill associated with the PeoplePlus division, resulting in an impairment charge of £8.9m. These items contributed to a reported loss for the year of £11.0m (2022: profit £3.8m).
Gross sales for 2023 increased by 3.6% to £1,055.7m (2022: £1,018.9m) driven by strong growth in the Recruitment GB division. Total revenue for the year of £938.2m (2022: £928.1m) was higher than the previous year by 1.1%. Gross profit across the recruitment businesses decreased slightly to £64.2m (2022: £64.7m), alongside a reduction in PeoplePlus' gross profit to £16.6m (2022: £17.3m). This resulted in Group gross profit reducing to £80.8m compared to £82.0m in the previous year and gross profit margin reducing to 8.6% from 8.8%. The Group continued to control overhead costs tightly, resulting in an increase of under 1% in total overheads, despite considerable inflationary pressures. This contributed towards underlying operating profit on continuing activities of £10.3m, (2022: £12.0m).
The Group has continued to pursue its policy of organic growth with a focus on cost control and working capital, conserving cash reserves, and further strengthening the balance sheet.
The Group ended the year with pre-IFRS 16 net cash of £3.8m (2022: £5.0m), after returning £5.0m to shareholders via a share buyback programme. This means that the Group generated an underlying improvement in net cash of £3.8m.
Net underlying finance charges were £3.7m (2022: £2.7m) reflecting the significant increase in interest rates during 2023. However, 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 3.50% to 5.25% during the year was partly mitigated.
In December 2023, the Group refinanced its existing receivables facility with improved terms, reflecting progress in the business and ongoing balance sheet strength. The Group's balance sheet and its significant financing headroom have enabled a resilient performance despite the significant global macroeconomic headwinds and remain a strong platform to enable the Group to capitalise on market share growth opportunities.
그룹은 채용 GB, 유연한 블루칼라 채용의 세 가지 부문으로 구성됩니다. 채용 아일랜드, 일반 채용; PeoplePlus, 성인 기술 및 교육 제공.
Underlying1 부문별 성과 - 계속 운영
모집 GB 2023 £ m | 모집 아일랜드 2023 £ m | PeoplePlus 2023 £ m | Group costs 2023 £ m | 총 그룹 2023 £ m | 채용 GB 2022 재 작성 £ m | 채용 아일랜드 2022 £ m | 피플플러스 2022 재 작성 £ m | 그룹 비용 2022 £ m | 총 그룹 2022 재 작성 £ m | |
수익 | 763.0 | 108.3 | 66.9 | - | 938.2 | 751.8 | 110.6 | 65.7 | - | 928.1 |
전년대비 매출 증가/(감소) | 1.5% | (2.1) % | 1.8% | - | 1.1% | 0.5% | (1.0) % | 8.5% | - | 0.9% |
Gross sales value3 | 880.5 | 108.3 | 66.9 | 1055.7 | 842.6 | 110.6 | 65.7 | 1018.9 | ||
Year-on-year gross sales value increase | 4.5% | (2.1) % | (1.8) % | - | 3.6% | 5.1% | (1.0) % | 8.5% | - | 4.7% |
매출 총 이익 | 51.9 | 12.3 | 16.6 | - | 80.8 | 51.8 | 12.9 | 17.3 | - | 82.0 |
전년대비 매출총이익 증가/(감소) | 0.2% | (4.7) % | (4.0) % | - | (1.5) % | 2.6% | 14.2% | (4.0) % | - | 2.4% |
수익 대비 총 이익(%) | 6.8% | 11.4% | 24.8% | - | 8.6% | 6.9% | 11.7% | 26.3% | - | 8.8% |
세전 기초영업이익 | 8.6 | 1.8 | 3.1 | (3.2) | 10.3 | 8.3 | 3.2 | 3.8 | (3.3) | 12.0 |
수익 대비 기본 영업 이익 % | 1.1% | 1.7% | 4.6% | - | 1.1% | 1.1% | 2.9% | 5.8% | - | 1.3% |
총 이익 대비 기본 영업 이익 % | 16.6% | 14.6% | 18.7% | - | 12.7% | 16.0% | 24.8% | 22.0% | - | 14.6% |
IFRS 16 이전2 net cash excluding unamortised refinancing costs | - | - | - | - | 3.8 | - | - | - | - | 5.0 |
Post-IFRS 16 net cash excluding unamortised refinancing costs | - | - | - | - | (0.2) | - | - | - | - | 0.1 |
Comparatives for 2022 have been restated to exclude discontinued activities.
핵심 성과 지표 - 계속 운영
모집 GB 2023 | 모집 아일랜드 2023 | PeoplePlus 2023 | 금액 그룹 2023 | 모집 GB 2022 | 모집 아일랜드 2022 | PeoplePlus 2022 | 총 그룹 2022 | |
임시근로자의 근무시간 | 41.4m | 6.2m | - | 47.6m | 44.0m | 6.7m | - | 50.7m |
수수료 수익자당 총 이익 | £ 76.5k | £ 98.8k | - | £ 79.9k | £ 76.5k | £ 102.2k | - | £ 80.6k |
직원당 수익 | - | - | £ 49.3k | - | - | - | £ 55.7k | - |
대체 성능 측정
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 value of consideration received or receivable for the supply of services, including agency sales, (excluding fees) net of VAT.
For management reporting purposes the Recruitment GB division presents its 'gross sales', 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:
2023 £ m | 2022 재 작성 £ m | |
Gross sales value | 1,055.7 | 1,018.9 |
Agency sales excluding fees | (117.5) | (90.8) |
보고 된 수익 | 938.2 | 928.1 |
모집 GB
Revenues in the Recruitment GB division increased by £11.2m to £763.0m. The division experienced weak demand in the first half of the year, due to the cost of living crisis, as well as reduced permanent fees throughout the year, which held back a strong performance in the second half. The division benefited, particularly in the second half of the year, from its strategy of driving organic growth, expanding key strategic partnerships, whilst also renewing contracts with key customers.
Gross profit of £51.9m (2022: £51.8m) resulted in gross profit margin reducing slightly to 6.8% (2022: 6.9%), reflecting the sector-wide reduction in permanent recruitment activity. Increases in general pay rates combined with the increase in the National Minimum Wage in April 2023, from £9.50 to £10.42 per hour for over 23s, do not impact absolute gross profit but do negatively impact gross margin percentage achieved.
Gross profit generated from temporary recruitment increased as a proportion of the total to 93.3% (2022: 92.5%), with the remaining 6.7% (2022: 7.5%) of gross profit generated from permanent recruitment. Permanent recruitment fees reduced by 10.3% to £3.5m (2022: £3.9m). Hours worked reduced to 41.4m (2022: 44.0m) reflecting reduced year-on-year supermarket and online retail volumes.
Contrary to revenue declines in the first half of the year, revenues in the second half were 3.7% higher, year-on-year, at £421.8m (2022: £406.6m). This was driven by organic growth won earlier in the year as well as strong trading peak in the run up to Christmas, reflecting improved sentiment, particularly in the retail sector. The division continued to control overhead costs tightly, increasing its gross profit to underlying operating profit conversion rate from 16.0% to 16.6%, which delivered a 3.6% increase in underlying operating profit to £8.6m (2022: £8.3m). In light of the weak economic backdrop the division has taken a restructuring charge of £1.8m to rationalise its cost base, which is expected to deliver annual savings of c.£3.5m.
모집 아일랜드
Revenues in the Recruitment Ireland division reduced by £2.3m to £108.3m, reflecting the reduction in temporary worker hours to 6.2m (2022: 6.7m). This, combined with a 12% decrease in permanent recruitment fees, led to a reduction in profitability after the exceptionally strong result in 2022.
Gross profit of £12.3m (2022: £12.9m) resulted in gross profit margin reducing to 11.4% (2022: 11.7%), reflecting the lower permanent recruitment income. Gross profit generated from temporary recruitment accounted for 84.1% (2022: 82.9%) of the total, with the remaining 15.9% (2022: 17.1%) of gross profit generated from permanent recruitment.
Despite the lower levels of demand and local political uncertainty the division has continued to invest in its cost base and as a result has secured a significant contract win with the Republic of Ireland's Garda, which commences in 2024. Underlying operating profit for the year was £1.8m (2022: £3.2m).
피플플러스
As previously reported, PeoplePlus' Skills training division was restructured during the year, with a shift away from in-person classroom-based training to focus on digital training. Consequently, the divisional results reported below and elsewhere in these financial statements exclude the results of the Skills division, which is treated as a discontinued activity, generating trading losses and exit costs of £3.1m before taxation.
PeoplePlus revenues increased by 1.8%, from £65.7m to £66.9m, based on the continuing strength of its contracts in the Justice and Employability sectors. The division continues to deliver strong performance in its Restart sub-contracts but a number of other profitable contracts have come to a natural end, alongside a quieter commissioning period.
PeoplePlus achieved a gross margin of 24.8% in 2023, which compares to 26.3% in 2022, largely due to the completion of profitable Employability contracts.
Although the division reduced its overhead base in the second half of the year as contracts expired, this was unable to totally offset a reduction in underlying profit conversion, which reduced from 22.0% to 18.7%. Underlying operating profit for the year was £3.1m (2022: £3.8m).
In PeoplePlus, political uncertainty, low levels of unemployment and the impact of new contract revenue streams only flowing from 2025/6, will reduce short term profitability by around two thirds, in 2024, as announced in the January trading update. This and the exit from the Skills business, contributed to the reappraisal of the value of goodwill associated with the division, resulting in an impairment charge of £8.9m, which has no cash impact.
그룹 비용
Group costs, which include Directors' remuneration costs, have decreased to £3.2m (2022: £3.3m) reflecting continued tight control over corporate spend.
그룹 결과
Underlying operating profit, which was in line with market expectations, was £10.3m (2022: £12.0m), a reduction of 14.2%. Total non-underlying charges on continuing activities before tax, which are described below, were £14.0m (2022: £7.4m), of which £12.2m was non-cash.
The underlying profit before taxation on continuing operations for 2023 was £6.6m (2022: £9.3m). The underlying profit after tax on continuing operations for the year was £4.9m (2022: £9.4m).
The Group's reported loss before taxation was £(7.9)m in the year (2022: profit £1.9m).
순 금융 비용
Net underlying finance charges incurred in the year amounted to £3.7m (2022: £2.7m), reflecting part of the increase in overnight SONIA rates during the year from c.3.50% to c.5.25%. 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 ("RFA"). The instrument, which has a term of three years from 13 October 2021, delivered receipts totalling £1.9m (2022: £0.3m).
In 2022, the net finance charge benefited from a non-cash interest hedging credit adjustment of £0.4m, which has partially reversed in the current year, resulting in an interest hedging adjustment charge of £0.1m.
과세
The total tax charge for the year was £(0.5)m (2022: credit £1.9m), which relates to the movement of deferred tax balances. The Group does not have an estimated current corporation tax liability for the year. Remaining tax losses of £14.4m carried forward in all divisions have been recognised as a deferred tax asset.
The amortisation charge relating to intangible assets arising on business combinations and the goodwill impairment charge, which are not deductible under UK corporation tax, have been added back to taxable profit.
대체 성능 측정
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. The alternative performance measures used are described in Note 3.
기본이 아닌 항목
비기본 소득 또는 지출 항목은 비반복적이거나 특정 규모 또는 성격을 지닌 항목이므로 별도의 식별이 필요한 항목입니다. 기본이 아닌 항목은 보고된 전체 결과에 포함되지만 기본 결과에서는 제외됩니다. 특정 항목은 해마다 크게 달라질 수 있으므로 보고된 수익에 변동성이 발생할 수 있습니다. 사업결합으로 인해 발생하는 무형자산의 상각이 다시 추가되는 반면, 해당 인수로 인한 수익은 제거되지 않는다는 점에 유의해야 합니다.
Non-underlying charges on continuing activities before tax amounted to £14.0m in the year (2022: £7.4m), which is analysed below.
비기본 비용 - 계속 운영 | 2023 £ m | 2022 £ m |
조직 개편, 합리화 및 구조 조정 비용 | 1.8 | - |
사업결합으로 인한 무형자산의 상각 | 3.3 | 7.4 |
영업권 손상 | 8.9 | - |
14.0 | 7.4 | |
위의 비기본 비용에 대한 세금 공제 | (1.2) | (1.8) |
12.8 | 5.6 |
During the year the Recruitment GB division undertook a reorganisation, rationalisation and restructuring programme in response to the impact of economic and inflationary cost pressures on customers' permanent and temporary worker requirements. The scope of the activities included a reduction in administration headcount, a streamlining of the property portfolio and the consolidation of selected third-party spends.
The charge in the year for amortisation of intangible assets arising on business combinations relates to the following acquisitions: Vital Recruitment (charge £0.7m: asset was fully amortised by February 2023); Passionate about People (charge £1.7m: asset was fully amortised by October 2023); and Grafton (charge £0.9m: asset was fully amortised by June 2023). The intangible assets on business combinations are all fully amortised at the end of 2023.
The results of an impairment review showed that an impairment charge to goodwill of £8.9m was required in the PeoplePlus cash-generating unit. Further details are given in Note 10.
자사주 매입 프로그램
On 1 August 2023, the Group announced the launch of a share buyback programme to repurchase Ordinary Shares in the capital of the Company up to an aggregate value of £4.0m. The 12,672,174 Ordinary Shares purchased at an average price of 31.6p, pursuant to the share buyback were immediately cancelled. On 4 October 2023, the Group announced the launch of a further share buyback programme to repurchase up to 3,904,598 Ordinary Shares in the capital of the Company. The 3,904,598 Ordinary Shares purchased at an average price of 26.4p, pursuant to the share buyback were immediately cancelled. As a result of these programmes, the Company reduced the Ordinary Shares in issue from 165,767,728 to 149,190,956.
The share buybacks were operated in accordance with the terms of the Company's general authority to repurchase Ordinary Shares granted by shareholders at its annual general meeting, held on 12 June 2023.
주식 프리미엄 계정 해지
At the Company's Annual General Meeting held on 12 June 2023, the shareholders approved a special resolution to cancel the entire amount standing to the credit of the Company's share premium account, subject to the approval of the High Court of England and Wales. Approval was granted by the Court on 18 July 2023 and as a result the Company had distributable reserves of £85.8m with effect from 20 July 2023, being the date that the Court's decision was registered at Companies House.
주당 순이익
Statutory basic and diluted loss per share on continuing activities in 2023 were both (5.3)p (2022: both 2.3p).
Following the share buyback programme, under which the shares purchased were cancelled, the weighted average number of shares (basic) is 157,247,639 (2022: 163,753,217).
Removing the non-underlying charges, and their respective taxation impacts, results in underlying basic earnings per share of 3.1p (2022: 5.7p) and diluted earnings per share of 3.1p on continuing activities (2022: 5.7p).
Earnings before interest, taxation, depreciation and amortisation, "EBITDA"
The table below reconciles underlying EBITDA on continuing operations to operating profit.
EBITDA에 대한 영업 손실 조정 | 2023년 £m | 2022 £ m |
영업 이익 | (3.7) | 4.6 |
기본이 아닌 비용 | 14.0 | 7.4 |
기초영업이익 | 10.3 | 12.0 |
감가상각비 및 처분손실 | 4.9 | 5.6 |
기본 EBITDA | 15.2 | 17.6 |
임대 임대료 지불 | (1.8) | (1.6) |
기본 EBITDA(IFRS 16 이전) | 13.4 | 16.0 |
Note: Underlying operating profit is before goodwill impairment, amortisation of intangible assets arising on business combinations, reorganisation costs and other non-underlying expenses. EBITDA represents earnings before interest, taxation, depreciation and amortisation.
재무상태표, 현금창출 및 자금조달
The Group has continued to deliver strong trading cash flows with net cash (pre-IFRS 16) at the end of the year significantly ahead of original market expectations, maintaining ongoing balance sheet strength.
The movement in net debt is shown in the table below. Strong trading cash flows were offset by the outflow from the share buyback programme and additional working capital investment in receivables growth in the final quarter of the year.
순부채의 움직임 | 2023 £ m | 2022 £ m |
Opening net cash (pre-IFRS 16) | 5.0 | 6.9 |
운전 자본 및 주식 옵션 변경 전 창출된 현금 | 10.5 | 17.6 |
리스부채의 원금상환 | (1.8) | (1.6) |
매출채권 및 기타채권의 변동 | (9.5) | 1.5 |
Repayment of advance receipts from the MoJ | - | (6.2) |
Deferred VAT | - | (5.8) |
거래, 기타채무 및 충당금의 변경 | 10.8 | (0.9) |
Taxation and interest | (3.6) | (2.3) |
자본 투자(순 처분 금액) | (2.7) | (3.6) |
자사주 매입 | (5.5) | - |
기타 | 0.6 | (0.6) |
Closing net cash (pre-IFRS 16) | 3.8 | 5.0 |
IFRS 16 리스부채 | (4.0) | (4.9) |
Closing net (debt)/cash (post-IFRS 16) | (0.2) | 0.1 |
Note: Underlying operating profit is before goodwill impairment, amortisation of intangible assets arising on business combinations, reorganisation costs and other non-underlying expenses. EBITDA represents earnings before interest, taxation, depreciation and amortisation.
31년 2023월 62.4일 현재 이용 가능한 약정 은행 시설 대비 그룹의 헤드룸은 아래에 명시된 대로 £2022m(75.9년: £XNUMXm)였습니다.
2023년 £m | 2022 £ m | |
은행에서 현금 | 13.3 | 31.0 |
Undrawn receivables finance agreement | 49.1 | 49.1 |
은행 시설 헤드룸 | 62.4 | 75.9 |
운전 자본 자금 조달
The Group manages its working capital requirements using a receivables finance facility ("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 RFA leverages the Group's trade receivables with sufficient headroom and flexibility to manage the variability and size of weekly cash outflows. On 14 December 2023, the Group and its lenders agreed to an amendment to the RFA with improved terms, reflecting progress in the business and ongoing balance sheet strength. The key terms of the facility are set out below:
I) maximum receivables financing facility of £60.0m (previously £90.0m) over a four-year term, with a one-year extension option;
ii) an Accordion option of up to an additional £20.0m (previously £15.0m), subject to lender approval;
iii) security on all of the assets and undertakings of the Company and certain subsidiary undertakings;
iv) interest accruing at a maximum of 2.25% (previously 2.75%) over SONIA, with a margin ratchet downward to 1.5% (previously 2.0%), dependent upon the Group's leverage reducing to less than 1.00x;
v) a non-utilisation fee of 0.35% (previously 0.7% during 2023);
vi) maximum net debt (averaged over a rolling three months) to EBITDA leverage covenant of 4.0x; and
vii) minimum interest cover covenant of 2.25x the last 12 months EBITDA to finance charges. The balance outstanding on the RFA at 31 December 2023 was £9.5m (2022: £26.0m).
The balance funded under the customer financing arrangements at 31 December 2023 was £46.8m (2022: £51.7m).
배당
The Board is not proposing a final dividend payment for 2023 (2022: £nil).
관심가는
For the period to 31 December 2025, the Group's cash flow forecasts indicate ongoing headroom in the RFA 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.
다니엘 퀸트
최고 재무담당자(CFO)
월 18 2024
연결포괄손익계산서
31년 2023월 XNUMX일로 종료되는 연도에 대해
주의 사항 | 2023 £ m | 2022 재 작성 £ m | |
지속적인 운영 | |||
수익 | 4 | 938.2 | 928.1 |
매출원가 | 5 | (857.4) | (846.1) |
매출 총 이익 | 80.8 | 82.0 | |
관리비 | 5 | (84.5) | (77.4) |
운영 (손실) / 이익 | (3.7) | 4.6 | |
비기본 관리비 차감 전 기본 영업 이익 | 10.3 | 12.0 | |
관리비(비기본) | 5 | (14.0) | (7.4) |
운영 (손실) / 이익 | (3.7) | 4.6 | |
금융 수입 | 6 | 1.9 | 0.7 |
Finance charges - underlying | 6 | (5.6) | (3.4) |
Finance charges - non-underlying | 6 | (0.5) | - |
순 금융 비용 | (4.2) | (2.7) | |
(손실)/과세전년도 이익 | (7.9) | 1.9 | |
세금(경비)/신용 | 7 | (0.5) | 1.9 |
(Loss)/profit from continuing activities | (8.4) | 3.8 | |
중단 영업 손실 | (2.6) | - | |
(손실) / 연간 이익 | (11.0) | 3.8 | |
Items that will not be reclassified to profit and loss - actuarial gains, net of tax | 0.2 | 0.4 | |
당기손익으로 재분류되는 항목은 다음과 같습니다. | |||
- effective portion of (loss)/gain on hedging instrument measured at fair value | (0.8) | 1.5 | |
- Foreign exchange translation (loss)/gain | (0.4) | 0.1 | |
총 포괄 손익 | (12.0) | 5.8 | |
보통주당순이익 | 8 |
| |
계속 작업: 기본 및 희석 | (5.3:XNUMX)p | 2.3p | |
중단된 운영: 기본 및 희석 | (1.7:XNUMX)p | - | |
Total earnings per share: Basic and diluted | (7.0:XNUMX)p | 2.3p |
첨부된 주석은 이 재무제표의 불가분의 일부를 구성합니다.
연결자본변동표
31년 2023월 XNUMX일로 종료되는 연도에 대해
공유 자본 £ m | 소유 주식 £ m | 공유 프리미엄 £ m | 자본상환준비금 £ m | 몫- 기반으로 지불 비축 £ m | 현금 흐름 헤지 준비금 £ m | 외환 번역 준비금 £ m | 이익 그리고 손실 계정 £ m | 금액 공평 £ m | |
1년 2022월 XNUMX일 | 16.6 | (4.8) | 111.8 | - | 0.3 | 0.2 | (0.3) | (57.9) | 65.9 |
Share based payments - equity-settled | - | - | - | - | 0.3 | - | - | - | 0.3 |
Issue of shares to management | - | 0.7 | - | - | - | - | - | (0.6) | 0.1 |
자사주 매입 | - | (0.4) | - | - | - | - | - | - | (0.4) |
소유자와의 거래 | - | 0.3 | - | - | 0.3 | - | - | (0.6) | - |
올해의 이익 | - | - | - | - | - | - | - | 3.8 | 3.8 |
현금 흐름 헤지 준비금 | - | - | - | - | - | 1.5 | - | - | 1.5 |
연금제도에 대한 보험수리적 이득, 과세 순액 | - | - | - | - | - | - | - | 0.4 | 0.4 |
Foreign exchange translation adjustments | - | - | - | - | - | - | 0.1 | - | 0.1 |
해당 연도의 총포괄손익(세금 제외) | - | - | - | - | - | 1.5 | 0.1 | 4.2 | 5.8 |
31년 2022월 XNUMX일 | 16.6 | (4.5) | 111.8 | - | 0.6 | 1.7 | (0.2) | (54.3) | 71.7 |
Share based payments - equity-settled | - | - | - | - | 0.6 | - | - | - | 0.6 |
주식발행초과금의 양도 | - | - | (111.8) | - | - | - | - | 111.8 | - |
Issue of shares to management | - | 0.3 | - | - | - | - | - | (0.2) | 0.1 |
주식 매입 및 취소 | (1.7) | - | - | 1.7 | - | - | - | (5.0) | (5.0) |
자사주 매입 | - | (0.5) | - | - | - | - | - | - | (0.5) |
소유자와의 거래 | (1.7) | (0.2) | (111.8) | 1.7 | 0.6 | - | - | 106.6 | (4.8) |
올해의 손실 | - | - | - | - | - | - | - | (11.0) | (11.0) |
현금 흐름 헤지 준비금 | - | - | - | - | - | (0.8) | - | - | (0.8) |
연금제도에 대한 보험수리적 이득, 과세 순액 | - | - | - | - | - | - | - | 0.2 | 0.2 |
Foreign exchange translation adjustments | - | - | - | - | - | - | (0.4) | - | (0.4) |
해당 연도의 총포괄손익(세금 제외) | - | - | - | - | - | (0.8) | (0.4) | (10.8) | (12.0) |
31년 2023월 XNUMX일 | 14.9 | (4.7) | - | 1.7 | 1.2 | 0.9 | (0.6) | 41.5 | 54.9 |
첨부된 주석은 이 재무제표의 불가분의 일부를 구성합니다.
연결재무상태표
31 년 2023 월 XNUMX 일 기준
통합 | |||
주의 사항 | 2023 £ m | 2022 £ m | |
자산 | |||
비유류 | |||
친선 | 10 | 50.7 | 59.6 |
기타 무형 자산 | 6.7 | 9.4 | |
투자 | - | - | |
재산, 식물 및 장비 | 11 | 5.5 | 7.6 |
이연 법인세 자산 | 4.4 | 5.0 | |
Retirement benefit net asset | 0.5 | 0.2 | |
자회사의 미결제 금액 | - | - | |
67.8 | 81.8 | ||
Current | |||
매출 채권 및 기타 채권 | 129.4 | 119.8 | |
유동 법인세 자산 | - | 0.3 | |
파생 금융 상품 | 13 | 1.7 | 3.0 |
현금 및 현금성 자산 | 14 | 13.3 | 31.0 |
144.4 | 154.1 | ||
총자산 | 212.2 | 235.9 | |
부채 | |||
Current | |||
매입 채무 및 기타 채무 | 140.8 | 130.3 | |
차입금 | 15 | 9.5 | 26.0 |
현재 세금 부채 | 0.2 | - | |
식량 | 1.8 | 0.9 | |
리스 부채 | 12 | 1.4 | 1.5 |
153.7 | 158.7 | ||
비유류 | |||
식량 | 0.5 | 0.6 | |
리스 부채 | 12 | 2.6 | 3.4 |
이연 법인세 부채 | 0.5 | 1.5 | |
3.6 | 5.5 | ||
총 부채 | 157.3 | 164.2 | |
공평 | |||
주식 자본 | 16 | 14.9 | 16.6 |
자기주식 | (4.7) | (4.5) | |
프리미엄 공유 | - | 111.8 | |
자본상환준비금 | 1.7 | - | |
주식기준보상준비금 | 1.2 | 0.6 | |
현금 흐름 헤지 준비금 | 0.9 | 1.7 | |
외환 번역 준비금 | (0.6) | (0.2) | |
손익 계정 | 41.5 | (54.3) | |
총 자본 | 54.9 | 71.7 | |
총 지분 및 부채 | 212.2 | 235.9 |
첨부된 주석은 이 재무제표의 불가분의 일부를 구성합니다.
연결현금흐름표
31년 2023월 XNUMX일로 종료되는 연도에 대해
주의 사항 | 2023 £ m | 2022 £ m | |
영업 활동으로 인한 현금 흐름 | 17 | 12.4 | 5.5 |
세금을 받음 | 0.1 | 0.4 | |
영업활동으로 인한 순현금유입 | 12.5 | 5.9 | |
투자 활동으로 인한 현금 흐름 - 거래 | |||
재산, 식물 및 장비 구매 | 11 | (0.4) | (1.0) |
무형 자산 구매 - 소프트웨어 | (2.3) | (2.3) | |
투자 활동으로 인한 총 현금 흐름 | (2.7) | (3.3) | |
영업 및 투자 활동에서 발생하는 총 현금 흐름 | 9.8 | 2.6 | |
금융 활동으로 인한 현금 흐름 | |||
Net movements on Receivables Finance Agreement | 15 | (16.5) | 3.1 |
리스부채의 원금상환 | 12 | (1.8) | (1.6) |
순이자 지급 | (3.7) | (2.5) | |
자사주 매입 | (5.5) | (0.4) | |
재무활동으로 인한 순현금흐름 | (27.5) | (1.4) | |
현금 및 현금성 자산의 순 변동 | (17.7) | 1.2 | |
연초 현금 및 현금 등가물 | 31.0 | 29.8 | |
연말 현금 및 현금 등가물 | 14 | 13.3 | 31.0 |
첨부된 주석은 이 재무제표의 불가분의 일부를 구성합니다.
재무 정보에 대한 참고 사항
31년 2023월 XNUMX일로 종료되는 연도에 대해
1 운영의 성격
Staffline Group plc 및 그 자회사("그룹")의 주요 활동에는 채용 제공, 업계에 인적 자원 서비스 아웃소싱, 기술 제공, 고용 교육 및 지원이 포함됩니다.
2 일반 정보 및 준수 선언문
AIM에 상장된 주식으로 유한회사인 Staffline Group plc("회사")는 영국 영국에 법인을 설립하고 주소를 두고 있습니다. 회사는 그룹의 지주회사 역할을 합니다. 회사의 등록번호는 05268636입니다.
The financial information set out in this document does not constitute the Group's statutory accounts for the years ended 31 December 2023 or 2022 but is derived from those accounts. Statutory accounts for 2022 have been delivered to the registrar of companies. The auditors have reported on those accounts; their reports were (a) unqualified, and (ii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. Statutory accounts for 2023 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.
31년 2023월 31일에 종료된 연도의 재무제표(2022년 18월 2023일에 종료된 연도의 비교 포함)는 31년 2023월 18일 이사회에서 승인 및 발행 승인되었습니다. 2024년 XNUMX월 XNUMX일에 종료된 연도에 대한 이 결과 발표는 또한 XNUMX년 XNUMX월 XNUMX일 이사회에서 승인되었습니다.
3 회계 정책
준비의 기초
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.
당기 중 유효한 새로운 회계처리는 없습니다.
관심가는
그룹의 비즈니스 활동과 향후 개발, 성과 및 위치에 영향을 미칠 수 있는 요소는 CEO의 검토에 명시되어 있습니다. 그룹의 재무 상태, 현금 흐름, 유동성 상태 및 차입 시설은 재무 검토에 설명되어 있습니다.
As described in the Chief Executive Officer's Review, despite the challenging trading conditions experienced across all divisions in the Group during the year, the Group reported an underlying operating profit for the year on continuing activities. The recruitment divisions reported resilient results and are expecting further growth following significant contract extensions with existing customers and new contract wins. The Group's PeoplePlus division continued to be significantly impacted by the disruption to its Skills training programmes, which resulted in the closure of in-person training during the year. Volume reduction in the sector is expected to continue in the short-term.
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 2025, 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.
의견을 형성하면서 이사들은 그룹이 직면한 주요 위험과 불확실성에 대해 철저한 평가를 수행했습니다. 결과적으로, 이사들은 그룹이 비즈니스 위험을 성공적으로 관리할 수 있는 좋은 위치에 있다고 믿습니다.
At 31 December 2023, the Group had net cash of £3.8m (2022: net cash of £5.0m), on a pre-IFRS 16 basis, and has committed debt facilities until 1 December 2027. For the period to 31 December 2025, 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.
자회사 통합
그룹 재무제표는 IFRS 31에 따라 2022년 10월 XNUMX일 현재 모회사와 모든 자회사의 재무제표를 연결합니다. 자회사는 그룹이 변동 수익에 노출되어 있거나 변동 수익에 대한 권리와 그러한 수익에 영향을 미칠 수 있는 능력을 갖고 있는 모든 기업입니다. 자회사에 대한 통제를 통해. 파운드 이외의 통화로 계정이 작성된 자회사의 결과 해당 기간의 평균 환율로 환산하고, 연말 잔액은 연말 환율로 환산합니다. 환산 조정은 손익 적립금에 적용됩니다.
그룹 내 중요한 잔액과 거래, 그리고 그룹 내 거래로 인해 발생하는 미실현 손익은 이 재무제표 작성 시 제거됩니다.
기본 이익 - 비GAAP 성과 지표
재무 성과를 보고할 때 그룹은 그룹이 보고하는 일반적으로 인정되는 회계 원칙("GAAP")인 IFRS에서 정의되지 않은 특정 측정 기준을 사용합니다. 이사들은 이러한 비GAAP 기준이 비즈니스 성과를 이해하는 데 도움이 된다고 믿습니다. 이러한 비GAAP 측정은 IFRS 성과 측정을 대체하거나 우수하지 않지만 이사들이 이를 전년 대비 성과를 비교하는 중요한 수단으로 간주하고 다음에서 사용되는 주요 측정을 포함하므로 포함되었습니다. 성과를 평가하는 사업.
Gross sales value
Gross sales value represents the 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.
비기본 수입 및 지출 항목
이러한 비기본 비용은 사업 운영과 관련된 특정 규모 및/또는 성격의 반복적 또는 비반복적 소득 또는 지출 항목으로 간주되며 이사의 의견으로는 별도의 식별이 필요합니다. 이러한 항목은 보고된 "전체" 결과에 포함되지만 "기본" 결과에서는 제외됩니다. 이러한 항목은 해마다 크게 달라질 수 있으므로 보고된 수익에 그룹의 기본 성과를 반영하지 않는 변동성이 발생합니다.
기본 EBITDA
기본 감가상각비 및 상각비를 차감하기 전 기본 영업이익입니다. 이는 감가상각비와 상각비를 제거하여 기본 현금 흐름을 근사화하기 때문에 유용한 측정값으로 간주됩니다.
순 부채
순부채는 에스크로 자금을 제외한 은행 부채에서 사용 가능한 현금 잔액을 뺀 금액입니다. 이는 은행 시설의 조건을 기반으로 하고 그룹이 운영 자금을 조달하기 위해 활용하는 외부 부채 수준을 보여주기 때문에 중요한 척도입니다. 순부채도 리스부채를 제외한 IFRS 16 이전 기준으로 표시됩니다.
이사들은 기본 이익을 얻기 위해 이루어진 조정이 다른 회사의 조정과 비교할 수 없을 수 있다는 점을 인정하며 인수 관련 무형 자산의 상각이 다시 추가되었지만 해당 인수로 인한 수익은 포함되지 않았다는 점에 유의해야 합니다. 제거되었습니다.
이러한 대체 성과 측정법은 이사회에서 성과와 재무 상태를 모니터링하는 데 활용됩니다. 일회성 항목을 제외하면 유사한 수준의 성과를 보이고 있으며, 이를 통해 기초 성과와 채무상환 능력을 판단할 수 있습니다.
사업결합
연결실체는 사업결합 회계처리에 취득법을 적용하고 있습니다. 종속기업에 대한 지배력을 획득하기 위해 그룹이 이전한 대가는 이전된 자산, 발생한 부채의 취득일 공정가치와 그룹의 지분을 합산하여 계산되며, 여기에는 다음에서 발생하는 자산 또는 부채의 공정가치가 포함됩니다. 조건부 대가 약정. 취득원가는 발생시 비용으로 처리됩니다.
영업권은 식별 가능한 무형자산을 별도로 인식한 후에 표시됩니다. 이는 a) 이전대가의 공정가치, b) 피취득자에 대한 비지배지분의 인식금액, c) 인수에 대한 피취득자의 기존 지분의 취득일 공정가치의 합계로 계산됩니다. 식별 가능한 순자산의 날짜 공정 가치. 식별가능한 순자산의 공정가치가 위에서 계산한 금액을 초과하는 경우, 초과금액(즉, 염가매수차익)은 즉시 포괄손익계산서에 인식됩니다.
세그먼트보고
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 and employment training and support, 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 세그먼트 보고
Management currently identifies three operating segments: Recruitment GB, Recruitment Ireland and PeoplePlus. 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.
세 가지 운영 부문에는 개별 법인이 있지만 이사회에서는 단일 단위로 운영 및 검토합니다. 운영 부문 내의 각 법인은 동일한 관리 팀, 본사를 가지며 유사한 경제적 특성을 갖습니다. 역사적으로나 앞으로도 그룹의 전략은 신규 인수를 각 운영 부문 내의 주요 거래 기업에 통합하는 것이었습니다.
보고연도의 부문정보는 다음과 같습니다.
채용 GB 2023 £ m | 모집 아일랜드 2023 £ m | 피플플러스 2023 £ m | 그룹 비용 2023 £ m | 금액 그룹 2023 £ m | 채용 GB 2022 재 작성 £ m | 채용 아일랜드 2022 £ m | 피플플러스 2022 재 작성 £ m | 그룹 비용 2022 £ m | 금액 그룹 2022 재 작성 £ m | |
외부고객으로부터의 판매수익 | 763.0 | 108.3 | 66.9 | - | 938.2 | 751.8 | 110.6 | 65.7 | - | 928.1 |
매출원가 | (711.1) | (96.0) | (50.3) | - | (857.4) | (700.0) | (97.7) | (48.4) | - | (846.1) |
세그먼트 총 이익 | 51.9 | 12.3 | 16.6 | - | 80.8 | 51.8 | 12.9 | 17.3 | - | 82.0 |
관리비 | (40.8) | (9.9) | (11.7) | (3.2) | (65.6) | (40.3) | (9.3) | (11.5) | (3.3) | (64.4) |
감가상각, 소프트웨어 및 임대 상환 | (2.5) | (0.6) | (1.8) | - | (4.9) | (3.2) | (0.4) | (2.0) | - | (5.6) |
Segment underlying operating profit* | 8.6 | 1.8 | 3.1 | (3.2) | 10.3 | 8.3 | 3.2 | 3.8 | (3.3) | 12.0 |
개편 비용 | (1.8) | - | - | - | (1.8) | - | - | - | - | - |
영업권 손상 | - | - | (8.9) | - | (8.9) | - | - | - | - | - |
사업결합으로 인한 무형자산의 상각 | (3.2) | (0.1) | - | - | (3.3) | (5.9) | (1.3) | (0.2) | - | (7.4) |
Segment (loss)/profit from operations | 3.6 | 1.7 | (5.8) | (3.2) | (3.7) | 2.4 | 1.9 | 3.6 | (3.3) | 4.6 |
재정(비용)/수입 | (5.5) | (0.1) | - | 1.9 | (3.7) | (3.1) | (0.1) | - | 0.5 | (2.7) |
재융자 비용 | - | - | - | (0.5) | (0.5) | - | - | - | - | - |
부문(손실)/과세전 이익 | (1.9) | 1.6 | (5.8) | (1.8) | (7.9) | (0.7) | 1.8 | 3.6 | (2.8) | 1.9 |
세금(경비)/신용 | 0.9 | (0.2) | (1.4) | 0.2 | (0.5) | 1.8 | - | (0.2) | 0.3 | 1.9 |
Segment profit/(loss) from continuing operations | (1.0) | 1.4 | (7.2) | (1.6) | (8.4) | 1.1 | 1.8 | 3.4 | (2.5) | 3.8 |
* 세그먼트 기본 영업권 손상 전 영업 이익, 사업 결합으로 인한 무형 자산 상각, 재편성 비용 및 기타 비기본 비용.
채용 GB 2023 £ m | 모집 아일랜드 2023 £ m | 피플플러스 2023 £ m | 직원 그룹 2023 £ m | 금액 그룹 2023 £ m | 채용 GB 2022 £ m | 채용 아일랜드 2022 £ m | 피플플러스 2022 £ m | 직원 그룹 2022 £ m | 총 그룹 재 작성 2022 £ m | |
비유동 자산 | 24.7 | 12.3 | 26.4 | - | 63.4 | 28.4 | 12.2 | 36.2 | - | 76.8 |
총 유동 자산 | 112.6 | 15.7 | 13.8 | 2.3 | 144.4 | 117.6 | 19.9 | 13.3 | 3.3 | 154.1 |
총자산(연결) | 137.3 | 28.0 | 40.2 | 2.3 | 207.8 | 146.0 | 32.1 | 49.5 | 3.3 | 230.9 |
부채총계(연결) | 131.8 | 9.6 | 15.3 | 0.1 | 156.8 | 135.1 | 11.0 | 17.5 | 0.6 | 164.2 |
Cash capital expenditure in software | 1.9 | 0.6 | 1.1 | - | 3.6 | 2.0 | 0.5 | 0.8 | - | 3.3 |
The analysis above excludes deferred tax assets and liabilities as required by IFRS 8 Operating segments.
국가별로 수익을 다음과 같이 분석할 수 있습니다(97.0년 영국 내 수익의 2023%, 96.7년 2022%).
채용 GB 2023 £ m | 모집 아일랜드 2023 £ m | 피플플러스 2023 £ m | 금액 그룹 2023 £ m | 채용 GB 2022 재 작성 £ m | 채용 아일랜드 2022 £ m | 피플플러스 2022 재 작성 £ m | 총 그룹 2022 £ m | |
UK | 763.0 | 79.7 | 66.9 | 909.6 | 751.8 | 80.0 | 65.7 | 897.5 |
아일랜드 공화국 | - | 28.6 | - | 28.6 | - | 30.6 | - | 30.6 |
763.0 | 110.6 | 66.9 | 938.2 | 751.8 | 110.6 | 65.7 | 928.1 |
10년이나 2023년 동안 그룹 수익의 2022% 이상을 기여한 고객은 없습니다.
5 성격에 따른 비용
성격에 따른 비용은 다음과 같습니다.
기본 비용
2023 £ m | 2022 재 작성 £ m | |
직원 복지 비용 - 매출 원가 | 845.4 | 834.3 |
기타 매출원가 | 12.0 | 11.8 |
복리후생비 - 관리비 | 46.4 | 46.3 |
감가상각 및 소프트웨어 상각 | 4.9 | 5.6 |
운영리스 비용 | 0.7 | 1.2 |
기타 관리비 | 18.5 | 16.9 |
927.9 | 916.1 | |
공개: | ||
매출원가 | 857.4 | 846.1 |
Administrative expenses - excluding non-underlying expenses | 70.5 | 70.0 |
927.9 | 916.1 |
감사 보수
2023 £'000 | 2022 £'000 | |
회사의 연간 회계 감사를 위해 회사의 감사인에게 지불해야 하는 수수료 | 17 | 17 |
기타 서비스에 대해 회사의 감사인 및 그 동료에게 지불해야 하는 수수료: | ||
- 자회사 회계감사 | 748 | 682 |
- 연금제도 감사 | 17 | 18 |
- 감사 관련 보증 서비스 | 18 | 15 |
- Audit fee expenses | 13 | 13 |
금액 | 813 | 745 |
비기본 비용 - 계속 운영
2023 £ m | 2022 £ m | ||
개편 비용 | 1.8 | - | |
영업권 손상 | 8.9 | - | |
사업결합(라이센스, 고객 계약)으로 인해 발생하는 무형자산 상각 | 3.3 | 7.4 | |
위의 비기본 비용에 대한 세금 공제 | (1.2) | (1.8) | |
상기 비기본비용에 대한 과세후 효과 | 12.8 | 5.6 |
During the year the Recruitment GB division undertook a reorganisation, rationalisation and restructuring programme in response to the impact of economic and inflationary cost pressures on customer permanent and temporary worker requirements. The scope of the activities included a reduction in administration headcount, a streamlining of the property portfolio and the consolidation of selected third party spends.
The results of an impairment review indicated that an impairment charge of £8.9m was required against the goodwill held in respect of the PeoplePlus cash generating unit.
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 and Brightwork.
6 Finance income and charges
금융 수입
2023 £ m | 2022 £ m | |
Receipts from derivative | 1.9 | 0.3 |
Derivative ineffectiveness | - | 0.4 |
금액 | 1.9 | 0.7 |
금융 수수료
기본 금융 비용 | 2023 £ m | 2022 £ m |
Interest payable on bank and other funding | 5.0 | 2.9 |
리스부채에 대한 이자 | 0.1 | 0.1 |
Derivative ineffectiveness | 0.1 | - |
재융자 비용의 상각 | 0.3 | 0.3 |
Amortisation of derivative cost | 0.1 | 0.1 |
금액 | 5.6 | 3.4 |
Non-Underlying finance charges | 2023 £ m | 2022 £ m |
Arrangement fees and refinancing costs | 0.5 | - |
순 금융 비용 | 4.2 | 2.7 |
7 세금비용
The tax expense on the loss for the year consists of:
지속적인 활동 | 2023 £ m | 2022 £ m |
법인세 | ||
영국 법인세 23.5% (2022년: 19.00%) | - | 0.1 |
전년도에 대한 조정 | - | - |
UK current tax charge/(credit) | - | 0.1 |
이연 법인세 | ||
해당 연도에 발생하는 시간 차이 | 0.9 | (0.6) |
전년도에 대한 조정 | (0.4) | (1.4) |
UK deferred tax expense/(credit) | 0.5 | (2.0) |
Total UK tax expense/(credit) for the year | 0.5 | (1.9) |
The tax expense/(credit) for the year, as recognised in the statement of comprehensive income, is higher than the standard rate of corporation tax in the UK of 23.5% (2022: lower than the 19.00% standard rate). The differences are explained below:
2023 £ m 금액 | 2022 £ m 금액 | |
(손실)/과세전년도 이익 | (7.9) | 1.9 |
세율 | 23.5% | 19% |
Tax on (loss)/profit for the year at the standard rate | (1.9) | 0.4 |
의 효과: | ||
세율 변동에 따른 이연법인세 재측정 | - | (0.4) |
허용되지 않는 비용 | 2.3 | - |
과세되지 않는 소득 | (0.3) | - |
전년도에 대한 조정 | 0.4 | (1.0) |
세금 손실 가능 | - | (0.7) |
이연법인세 미인식 | - | 0.2 |
Actual tax expense/(credit) | 0.5 | (1.9) |
기초 이익에 대하여 | 1.7 | (0.1) |
비근본 손실에 대하여 | (1.2) | (1.8) |
Actual tax expense/(credit) | 0.5 | (1.9) |
XNUMXD덴탈의 total tax expense for the year of £0.5m (2022: credit £1.9m) arises principally from the movement of deferred tax balances. The Group does not have an estimated current corporation tax liability for the current year (2022: £0.1m). Corporation tax losses of £14.4m carried forward in all divisions and the Company have been recognised as a deferred tax asset. Previously, a deferred tax liability was recognised in respect of intangible assets arising on acquired businesses. This asset has been fully amortised in 2023 and the associated deferred tax liability has been extinguished.
The deferred tax assets and liabilities at 31 December 2023 and at 31 December 2022 have been calculated based on 25%, reflecting the expected timing of reversal of the related timing differences.
해외손익에 대해서는 중요한 세금이 부과되지 않으므로 재무제표에 해외 세금과 관련된 공시사항이 포함되지 않습니다.
8 주당순이익과 배당금
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 3,3163,391 shares (2022: 2,014,511 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.
계산에 사용된 수익 및 가중평균 주식수에 대한 세부 내용은 다음과 같습니다.
Basic 2023 | Basic 2022 | 희석 2023 | 희석 2022 | |
(Loss)/profit from continuing operations (£m) | (8.4) | 3.8 | (8.4) | 3.8 |
가중평균주식수 | 157,247,639 | 163,753,217 | 157,788,528 | 165,163,334 |
계속 영업으로 인한 주당 이익 (p) | (5.3:XNUMX)p | 2.3p | (5.3:XNUMX)p | 2.3p |
Underlying earnings (post tax) from continuing operations (£m) | 4.9 | 9.4 | 4.9 | 9.4 |
기본 주당 이익(p)* | 3.1p | 5.7p | 3.1p | 5.7p |
중단된 영업으로 인한 손실(£m) | (2.6) | - | (2.6) | - |
가중평균주식수 | 157,247,639 | - | 157,788,528 | - |
중단영업으로 인한 주당손실(p) | (1.7:XNUMX)p | - | (1.7:XNUMX)p | - |
(손실)/해당 이익(백만 파운드) | (11.0) | 3.8 | (11.0) | 3.8 |
가중평균주식수 | 157,247,639 | 163,753,217 | 157,788,528 | 165,163,334 |
Total (loss)/earnings per share (p) | (7.0:XNUMX)p | 2.3p | (7.0:XNUMX)p | 2.3p |
* 영업권 손상 전 기초 이익, 사업 결합으로 인한 무형 자산 상각, 구조 조정 비용 및 기타 비기본 비용입니다.
During the year the Company purchased and immediately cancelled 16,576,772 shares under its share buyback programme.
The total number of dilutive share options held in LTIP and SAYE schemes is 540,889 (2022: 1,410,117).).
배당
The Board is not proposing a final dividend payment for 2023 (2022: £nil).
9?Discontinued activities
On 1 August 2023, the Group announced the restructuring of the PeoplePlus division's Skills training activities with the closure of in-person training to focus on digital delivery in other parts of the division. The Skills training business has subsequently been wound down with the exit from leased teaching space and redundancy of affected staff. The results of the Skills business, which is treated as discontinued in the year, were as follows:
2023 £ m | 2022 £ m | |
수익 | 4.5 | 12.2 |
매출원가 | (5.3) | (11.2) |
총(손실)/이익 | (0.8) | 1.0 |
관리비 | (0.7) | (1.0) |
기본 영업 손실 | (1.5) | - |
Non-underlying costs - redundancies and property exit | (1.6) | - |
운영 손실 | (3.1) | - |
세금 공제 | 0.7 | - |
해당 기간 동안의 손실 | (2.4) | - |
The cashflows of the business were as follows:
2023 £ m | 2022 £ m | |
영업활동으로 인한 순현금유출 | (3.1) | - |
During December 2023 the Group's closed its operations in Portugal, the results of which have been treated as discontinued and are set out below.
2023 £ m | 2022 £ m | |
수익 | 0.1 | 0.2 |
매출원가 | - | - |
매출 총 이익 | 0.1 | 0.2 |
관리비 | (0.2) | (0.2) |
기본 영업 손실 | (0.1) | - |
Non-underlying costs - redundancies and property exit | (0.2) | - |
운영 손실 | (0.3) | - |
세금 공제 | 0.1 | - |
해당 기간 동안의 손실 | (0.2) | - |
The cashflows of the business were as follows:
2023 £ m | 2022 £ m | |
영업활동으로 인한 순현금유출 | (0.3) | - |
10?Goodwill
영업부문별 총 장부금액
총장부금액 | 모집 GB £ m | 모집 아일랜드 £ m | 피플플러스 £ m | 금액 £ m |
1년 2023월 31일 및 2023년 XNUMX월 XNUMX일 | 54.5 | 5.7 | 57.0 | 117.2 |
손상조정 | ||||
1년 2023월 XNUMX일 | 33.1 | - | 24.5 | 57.6 |
해당 연도에 청구됨 | - | - | 8.9 | 8.9 |
31년 2023월 XNUMX일 | 33.1 | - | 33.4 | 66.5 |
31년 2023월 XNUMX일 기준 순장부금액 | 21.4 | 5.7 | 23.6 | 50.7 |
31년 2022월 XNUMX일 기준 순장부금액 | 21.4 | 5.7 | 32.5 | 59.6 |
손상 - 영업권
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 2023. The recoverable amount of goodwill was determined based on a value-in-use calculation, using forecasts for 2024-26, followed by an extrapolation of expected cash flows over the next two years with a long-term growth rate of 2% (2022: 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 CGUs. 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% (2022: 2%) and no significant contract wins or losses.
Pre-tax discount rates of 17.0% for Recruitment GB, 13.8 % for Recruitment Ireland and 14.1% for PeoplePlus (2022: 17.3% for Recruitment GB, 16.5% for Recruitment Ireland and 14.2% 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 £67.3m for Recruitment GB, £33.9m for Recruitment Ireland and £25.2m for PeoplePlus, (2022: £58.8m for Recruitment GB, £24.1m for Recruitment Ireland and £42.2m 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 the Recruitment GB and Recruitment Ireland cash-generating units but that an impairment adjustment of £8.9m is required for the PeoplePlus CGU, which is monitored for impairment at the same level as investment. The same calculations indicated that an impairment adjustment of £17.0m (2022: £8.2m) is required to the Company's carrying value of its investment in PeoplePlus, but that no other impairment adjustments were indicated.
각 CGU 내 자산의 회수가능성을 평가하는 데에는 수많은 판단과 가정이 필요했습니다.
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.
각 CGU의 가치를 결정하는 주요 추정치는 다음과 같습니다.
1. The discount rate. The impairment calculations use a pre-tax discount rate of 17.0% for Recruitment GB, 13.8% for Recruitment Ireland and 14.1% 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 decreased this year primarily due to a movement in the risk-free rate. The calculations highlighted headroom of £42.7m (2022: £29.5m) for Recruitment GB, headroom of £22.8m (2022: £13.0m) for Recruitment Ireland and an impairment of £8.9m (2022: headroom £6.3m) for PeoplePlus. A 1% increase in the discount rates reduces the headroom to £38.4m (2022: £25.8m) for Recruitment GB, reduces headroom to £20.0m (2022: £11.3m) for Recruitment Ireland and increases the impairment to £10.9m (2022: reduces headroom to £3.0m) for PeoplePlus.
2. 예측된 미래 현금 흐름의 달성 가능성. There is an inherent uncertainty regarding the achievability of forecasts, as there are macroeconomic factors outside of the Group's control. A sustained underperformance of 10% reduces the headroom to £37.0m (2022: £23.7m) for Recruitment GB, reduces headroom to £18.5 (2022: £10.6m) for Recruitment Ireland and increases the impairment to £11.5m (2022: reduces headroom to £2.1m) for PeoplePlus.
11 유형자산
총장부금액 | 토지와 건물 £ m | 컴퓨터 장비 £ m | 비품 및 부속품 £ m | 모터 차량 £ m | 금액 £ m |
1년 2022월 XNUMX일 | 14.7 | 12.3 | 1.2 | 0.5 | 28.7 |
추가 | 2.3 | 0.6 | 0.3 | - | 3.2 |
폐기 | (1.7) | (1.5) | (0.1) | (0.1) | (3.4) |
토큰 전송 | 0.4 | (0.4) | - | - | - |
31년 2022월 XNUMX일 | 15.7 | 11.0 | 1.4 | 0.4 | 28.5 |
추가 | 0.9 | 0.2 | 0.1 | 0.1 | 1.3 |
폐기 | (0.2) | (1.1) | - | (0.1) | (3.4) |
토큰 전송 | 0.4 | (0.4) | - | - | - |
31년 2023월 XNUMX일 | 16.4 | 10.1 | 1.5 | 0.4 | 28.4 |
감가 상각 | |||||
1년 2022월 XNUMX일 | 9.6 | 9.7 | 1.1 | 0.3 | 20.7 |
연간 청구 - 운영 | 1.7 | 1.5 | 0.2 | 0.2 | 3.6 |
해당 연도에 부과 - 손상 | (0.6) | - | - | - | (0.6) |
폐기 | (1.3) | (1.4) | - | (0.1) | (2.8) |
토큰 전송 | 0.2 | (0.2) | - | - | - |
31년 2022월 XNUMX일 | 9.6 | 9.6 | 1.3 | 0.4 | 20.9 |
연간 청구 - 운영 | 1.9 | 1.1 | 0.2 | - | 3.2 |
폐기 | (0.2) | (0.9) | - | (0.1) | (1.2) |
31년 2023월 XNUMX일 | 11.3 | 9.8 | 1.5 | 0.3 | 22.9 |
순 장부가 | |||||
31년 2023월 XNUMX일 | 5.1 | 0.3 | - | 0.1 | 5.5 |
31년 2022월 XNUMX일 | 6.1 | 1.4 | 0.1 | - | 7.6 |
Land and buildings and computer equipment includes the following right-of-use assets:
31년 2023월 XNUMX일
장부 금액 | 감가 상각비 | 손상 | |
사무실 건물 | 3.9 | (1.7) | - |
31년 2022월 XNUMX일
장부 금액 | 감가 상각비 | 손상 | |
사무실 건물 | 4.7 | (1.5) | (0.6) |
12 임대
리스부채는 재무상태표에 다음과 같이 표시됩니다.
2023 £ m | 2022 £ m | |
Current | 1.4 | 1.5 |
비유류 | 2.6 | 3.4 |
4.0 | 4.9 |
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 11).
연결실체가 자산을 제XNUMX자에게 재임대할 수 있는 계약상 권리가 없는 한, 사용권자산은 일반적으로 연결실체만이 사용할 수 있습니다. 임대는 취소할 수 없거나 상당한 종료 수수료를 지불해야만 취소할 수 있습니다. 일부 임대에는 추가 기간 동안 임대를 연장할 수 있는 옵션이 포함되어 있습니다. 연결실체는 기초리스자산을 매각하거나 담보로 제공하는 것이 금지되어 있습니다. 사무실 건물에 대한 임대의 경우 그룹은 해당 부동산을 양호한 수리 상태로 유지해야 하며 임대 종료 시 부동산을 원래 상태로 반환해야 합니다. 또한, 연결실체는 유형자산의 항목에 대해 보험에 가입하고 리스계약에 따라 해당 항목에 대한 유지관리 비용을 부담해야 합니다.
아래 표는 대차대조표에 인식된 사용권 자산 유형별로 그룹의 리스 활동의 성격을 설명합니다.
사용권 자산 | 임대된 사용권자산 수 | 잔여기간 범위(년) | 평균 잔여 임대 기간 | 연장 옵션이 있는 임대 수 |
사무실 건물 | 55 | 0.1-11.2 | 2.3 | - |
리스부채는 관련 기초자산으로 담보로 설정되어 있습니다. 31년 2023월 XNUMX일 현재 최소 리스료는 다음과 같습니다.
최소 임대료 납부 기한 | ||||||
XNUMX 년 이내 | 1-2 년 | 2-3 년 | 3-4 년 | 5 년 후에 | 금액 | |
31 12월 2023 | ||||||
리스 지불 | 1.5 | 0.9 | 0.6 | 0.5 | 0.7 | 4.2 |
금융 수수료 | (0.1) | (0.1) | - | - | - | (0.2) |
순 현재 가치 | 1.4 | 0.8 | 0.6 | 0.5 | 0.7 | 4.0 |
31 12월 2022 | ||||||
리스 지불 | 1.6 | 1.2 | 0.8 | 0.6 | 1.0 | 5.2 |
금융 수수료 | (0.1) | (0.1) | (0.1) | - | - | (0.3) |
순 현재 가치 | 1.5 | 1.1 | 0.7 | 0.6 | 1.0 | 4.9 |
부채로 인식되지 않는 리스료
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.
리스부채 측정에 포함되지 않은 지급과 관련된 비용은 다음과 같습니다.
2023 £ m | 2022 £ m | |
단기리스 | 0.3 | 0.5 |
소액자산 임대 | 0.4 | 0.6 |
0.7 | 1.1 |
연결실체는 아직 개시되지 않은 리스계약을 약정하지 않았습니다.
31년 2023월 1.8일에 종료된 연도의 임대에 대한 총 현금 유출은 £2022m(2.8년: £XNUMXm)였습니다.
13 파생금융상품
| 2023 £ m | 2022 £ m |
Cash flow hedge - interest rate cap | 1.7 | 3.0 |
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 £39.5m and £62.5m, with an average of £51.9m.
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/딜러 견적 또는 합리적인 수준의 가격 투명성을 갖춘 대체 가격 소스.
The movements on the fair value of the derivative financial asset and on the cash flow hedge reserve are as follows:
현금 흐름 헤지 준비금 £ m | 파생금융자산 £ m | ||
31년 2021월 XNUMX일 | 0.2 | 0.5 | |
Movement through comprehensive income - hedge ineffectiveness | - | 0.4 | |
Movement through cash flow hedge reserve | 2.1 | 2.1 | |
이연과세 | (0.6) | - | |
31년 2022월 XNUMX일 | 1.7 | 3.0 | |
Movement through comprehensive income - hedge ineffectiveness | - | (0.1) | |
Movement through cash flow hedge reserve | (1.2) | (1.2) | |
이연과세 | 0.4 | - | |
31년 2023월 XNUMX일 | 0.9 | 1.7 |
14 현금
2023 £ m | 2022 £ m | |
현금 및 현금성 자산 | 13.3 | 31.0 |
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.
현재 연결은행의 장기신용등급은 다음과 같습니다.
화필 | 스탠다드 & 푸어스 | 무디스 | |
스코틀랜드 왕립 은행 plc | A | BBB + | A3 |
내셔널 웨스트민스터 은행 plc | A | BBB + | A3 |
그룹의 헤드룸과 이용 가능한 약정 은행 편의는 다음과 같습니다.
2023 £ m | 2022 £ m | |
은행 현금 (위와 같음) | 13.3 | 31.0 |
Undrawn receivables finance agreement | 49.1 | 44.9 |
은행 시설 헤드룸 | 62.4 | 75.9 |
15 차입금
차입금은 다음과 같이 상환됩니다.
2023 £ m | 2022 £ m | |
XNUMX년 이내 또는 요청 시* | 10.9 | 27.5 |
XNUMX년 이상 XNUMX년 이하* | 0.9 | 1.1 |
XNUMX년 이상 XNUMX년 이하* | 1.4 | 1.3 |
XNUMX년 이상 동안 | 0.3 | 1.0 |
총 차입금 | 13.5 | 30.9 |
* Ageing of balances above is shown excluding unamortised refinancing costs.
2023 £ m | 2022 £ m | |
스플릿: |
| |
유동 부채 : |
| |
Receivables finance agreement | 9.5 | 26.0 |
리스 부채 | 1.4 | 1.5 |
10.9 | 27.5 | |
비유동 부채 : |
| |
리스 부채 | 2.6 | 3.4 |
총 차입금 | 13.5 | 30.9 |
적음: 현금(주 14) | (13.3) | (31.0) |
순 현금 | (0.2) | (0.1) |
On 14 December 2023, the Group and its lenders agreed to a modification of the existing Receivables Finance Agreement ("RFA").
The key terms of the facility, which is provided jointly by RBS Invoice Finance Limited, ABN AMRO Asset Based Finance N.V., UK Branch, are set out below:
a) Maximum receivables financing facility of £60.0m (previously £90m) over a four-year term, with a one-year extension option;
ii) An Accordion option of up to an additional £20m (previously £15.0m), subject to lender approval;
iii) Security on all of the assets and undertakings of the Company and certain subsidiary undertakings;
iv) Interest accruing at a maximum of 2.25% (previously 2.75%) over SONIA, with a margin ratchet downward to 1.5% (previously 2.0%), dependent upon the Group's leverage reducing to less than 1.00x;
v) A non-utilisation fee of 0.35% (previously 0.7% during 2023);
vi) Maximum net debt (averaged over a rolling three months) to EBITDA leverage covenant of 4.0x; and
vii) Minimum interest cover covenant of 2.25x the last 12 months EBITDA to finance charges.
EBITDA is defined as earnings before interest, taxation, depreciation and amortisation.
The Group uses Customer Financing arrangements whereby specific customer invoices are settled on a weekly basis, in advance of their normal settlement date. The value of invoices funded under the Customer Financing arrangements was £46.8m at 31 December 2023 (2022: £51.7m). Costs incurred in relation to these arrangements are charged to profit and loss as finance charges when incurred. The amounts settled under each customer's agreement are limited to the amounts invoiced to that customer each week. The total finance charges incurred during the year amounted to £3.0m (2022: £1.5m).
For the period to 31 December 2025, the Group's cash flow forecasts indicate ongoing headroom in the RFA and full compliance with the financial covenants described above. The likelihood of a breach of the financial covenants is considered to be remote.
16 자본금
2023 £ m | 2022 £ m | |
할당 및 발행 | ||
149,190,956 (2022년: 165,767,728) 보통주 10p | 14.9 | 16.6 |
2023 번호 | 2022 번호 | |
연초에 발행되고 전액 지급된 주식 | 165,767,728 | 165,767,728 |
해당 연도에 취소된 주식 | (16,576,772) | - |
연말에 발행 및 전액 지급된 주식 | 149,190,956 | 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 3,316,391 shares held at 31 December 2023 (2022: 2,014,511 shares) by the Employee Benefit Trust where the right to dividends has been waived.
On 1 August 2023, the Group announced the launch of a share buyback programme to repurchase Ordinary Shares in the capital of the Company up to an aggregate value of £4.0m. The 12,672,174 Ordinary Shares purchased pursuant to the share buyback were immediately cancelled.
On 4 October 2023, the Group announced the launch of a further share buyback programme to repurchase up to 3,904,598 Ordinary Shares in the capital of the Company. The 3,904,598 Ordinary Shares purchased pursuant to the share buyback at a cost of £1.0m, were immediately cancelled.
The share buybacks were operated in accordance with the terms of the Company's general authority to repurchase Ordinary Shares granted by shareholders at its Annual General Meeting held on 12 June 2023.
17 영업활동으로 인한 현금흐름 - 연결
Reconciliation of loss before taxation to net cash inflow/(outflow) from operating activities
2023 £ m | 2022 £ m | |
(Loss)/Profit before taxation from: | ||
지속적인 운영 | (7.9) | 1.9 |
중단 된 운영 | (3.1) | - |
(11.0) | 1.9 | |
다음에 대한 조정 : | ||
금융 수입 | (1.9) | (0.7) |
금융 수수료 | 6.1 | 3.4 |
감가상각 및 상각 - 기본 | 5.0 | 5.5 |
상각 - 비기본 | 3.2 | 7.4 |
영업권 손상 | 8.9 | - |
재산, 식물 및 장비 처분 손실 | 0.2 | 0.1 |
운전 자본 및 주식 옵션 변경 전 창출된 현금 | 10.5 | 17.6 |
매출채권 및 기타채권의 변동 | (9.5) | (3.8) |
거래, 기타채무 및 충당금의 변경 | 10.8 | (8.6) |
운영에서 발생하는 현금 | 11.8 | 5.2 |
공유 기반 지불 비용 | 0.6 | 0.3 |
영업활동으로 인한 순현금유입 | 12.4 | 5.5 |
순부채의 움직임
2023 £ m | 2022 £ m | |
1월 XNUMX일 순현금 | 0.1 | 2.3 |
AR 금융 계약의 순 손실 | 16.5 | (3.1) |
리스료 지불, 추가, 처분 및 이자 | 0.9 | (0.3) |
현금 및 현금 등가물의 변동 | (17.7) | 1.2 |
Net (debt)/cash at 31 December | (0.2) | 0.1 |
대표 : | ||
현금 및 현금 등가물(주석 14) | 13.3 | 31.0 |
유동차입금(주석 15) | (9.5) | (26.0) |
임대부채(주석 12) | (4.0) | (4.9) |
Net (debt)/cash at 31 December | (0.2) | 0.1 |
The movements in net debt, excluding refinancing costs, can be further summarised as follows:
임대 부채 £ m | 채권 금융 계약 £ m | 금융활동으로 인한 움직임 £ m | 현금 £ m | 금액 £ m | ||
1년 2022월 XNUMX일 기준 순부채 | (4.6) | (22.9) | (27.5) | 29.8 | 2.3 | |
해당 연도의 현금 흐름 | 1.6 | (3.1) | (1.5) | 1.2 | (0.3) | |
리스의 비현금 움직임 | (1.9) | - | (1.9) | - | (1.9) | |
31년 2022월 XNUMX일 순현금/(부채) | (4.9) | (26.0) | (30.9) | 31.0 | 0.1 | |
해당 연도의 현금 흐름 | 1.8 | 16.5 | (18.3) | 17.7 | 0.6 | |
리스의 비현금 움직임 | (0.9) | - | (0.9) | - | (0.9) | |
Net (debt)/cash at 31 December 2023 | (4.0) | (9.5) | (13.5) | 13.3 | (0.2) |
18 회계정책의 변경
There were no new accounting pronouncements requiring adoption in the year.
19 사후 대차대조표 사건
31년 2023월 18일 대차대조표일과 2024년 XNUMX월 XNUMX일 해당 계정 승인 사이에 주주들의 주의를 환기시켜야 하는 사건은 없었습니다.
RNS는 귀하의 IP 주소를 사용하여 약관 준수 여부를 확인하고, 귀하가 이 커뮤니케이션에 포함된 정보를 사용하는 방식을 분석하고, 그러한 분석을 익명으로 다른 사람과 상용 서비스의 일부로 공유할 수 있습니다. RNS와 런던 증권 거래소가 귀하가 제공한 개인 데이터를 사용하는 방법에 대한 자세한 내용은 개인 정보 보호 정책을 참조하십시오.