TIDMOLEE
RNS Number : 2485G
Oleeo PLC
02 November 2018
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014
2 November 2018
PRELIMINARY ANNOUNCEMENT OF THE AUDITED RESULTS OF
OLEEO PLC
Chairman's Statement
I am pleased to present the preliminary statement of Oleeo Plc
("Oleeo" or the "Company"), which show the results of the Company
for the year to 31 July 2018.
Financial and Operating review
Revenues were GBP9,981,563, 1.4% up on GBP9,848,048 reported in
the previous year. Meanwhile, as anticipated in my full year
statement for 2017, profits before tax for 2018 are significantly
down at GBP490,504 compared to last year's profit of GBP811,543.
The slight increase in revenues was underpinned by an increase in
ongoing subscription revenues counteracted by lower implementation
revenues. The average headcount rose very slightly broadly in line
with sales, while operating profit fell as salary, marketing and
other costs increased.
The changes in Key Performance Indicators between the financial
years 2017/2018 and 2016/2017 were as follows:
2017/18 2016/17
GBP GBP
Sales per employee 86,796 86,513
Operating profit per employee 4,111 6,783
All Oleeo employees are motivated by two goals - highly
satisfied & retained clients and the acquisition and smooth
on-boarding of new clients - achieved through the development,
implementation and ongoing support of innovative technology to
enable our clients to recruit high quality and diverse new hires.
As we seek to support clients, innovate and broaden our markets,
these goals have been pursued over the past year by our existing
experienced team and through increased resources across customer
support, delivery, product development, and marketing. Inevitably
these increased costs have impacted heavily on our profits and will
continue to do so for the foreseeable future.
An experienced team, successful clients, and strong technology
provide a solid foundation. However an uncertain general economic
outlook, a tough environment for our clients and prospects, an
extremely competitive market, lower than expected new sales, known
reductions in revenues from the existing clients this year and
next, and upward pressure on costs as we seek to grow through
additional investments in customer success, marketing and product
development provide continued downward pressure on sales and
profits and a highly challenging and uncertain outlook for sales
and, more particularly, profits, which are expected to be
substantially lower in the current year than in the year which has
just closed.
The team at Oleeo always go above and beyond the call of duty, I
would like to thank everyone for their hard work and
dedication.
Principal risks and uncertainties
Commercial and operational risk
Competitive pressure and economic instability is a continuing
and growing risk for the Company. The Company manages this risk by
developing leading edge products capable of driving significant
transformation and value within our clients, through high levels of
customer service, by managing resource levels and pursuing
opportunities for continuous improvement.
The business is dependent upon clients' ability to safely access
data held on our servers and satisfy data protection legislation.
In order to ensure that service availability is not affected by a
breakdown in power supplies or by other physical hazards our
servers are housed offsite in secure facilities on the premises of
a specialist provider of such facilities. Third party security
experts are also regularly engaged to advise on data security and
to ensure the company has appropriate defences against "hacking".
In addition, we maintain a rigorous, ISO27001 accredited, security
management system.
Financial risk
The main risk arising from the Company's activities is currency
risk. This is monitored by the Board of directors and was not
considered to be significant at the balance sheet date.
Dividends and Share Buybacks
The directors are pleased to recommend the payment of a dividend
of 3.5p per share, which is the same as that paid in respect of the
previous year. This dividend will be subject to the approval of
shareholders at the Annual General Meeting to be held at 5-7
Bridgeworks, The Crescent, London SW19 8DR at 10.30 am, on 14
December 2018, and, if approved, will be payable on 21 December
2018 to shareholders on the register as at 23 November 2018.
The Board will be seeking at the Annual General Meeting the
extension of the authority granted last year to make market
purchases of ordinary shares, within the usual limits for a listed
company. In assessing whether in practice to use this authority,
the Board will take into account all relevant factors including the
effect on earnings per share and assets per share ratios and other
benefits to shareholders
This strategic report was approved on 2 November 2018 by the
Board.
Charles EH Hipps
Chairman, Oleeo Plc
consolidated income statement
For the Year Ended 31 July 2018
2018 2017
GBP GBP
Revenue 9,981,563 9,848,048
Total administrative expenses 9,508,835 9,075,921
_________ _________
Operating profit 472,728 772,127
Finance income 17,776 39,416
_________ _________
Profit on ordinary activities before taxation 490,504 811,543
Income tax 98,233 194,856
_________ _________
Profit for the year 392,271 616,687
_________ _________
Earnings per share
Basic 5.16p 8.15p
_________ _________
Diluted 5.10p 8.05p
_________ _________
Consolidated Statement of Financial Position
As at 31 July 2018
2018 2017
GBP GBP
Assets
Non-current assets
Property, plant and equipment 200,619 170,848
_________ _________
Current assets
Trade and other receivables 1,712,532 1,454,107
Short term investments 7,750,000 -
Cash and cash equivalents 3,503,758 11,631,288
_________ _________
Total current assets 12,966,290 13,085,395
_________ _________
Total assets 13,166,909 13,256,243
_________ _________
Equity
Issued capital 7,620 7,586
Share premium 1,690,158 1,649,024
Capital redemption reserve 708 708
Translation reserve 6,409 (1,188)
Retained earnings 8,414,702 8,273,990
_________ _________
Total equity 10,119,597 9,930,120
_________ _________
Liabilities
Non-current liabilities
Deferred tax 30,148 21,822
_________ _________
Liabilities
Current liabilities
Trade and other payables 2,977,024 3,183,567
Corporation tax 40,140 120,734
_________ _________
Total current liabilities 3,017,164 3,304,301
_________ _________
Total liabilities 3,047,312 3,326,123
_________ _________
Total equity and liabilities 13,166,909 13,256,243
_________ _________
Consolidated statement of cash flows
For the Year Ended 31 July 2018
2018 2017
GBP GBP
Cash flows from operating activities
Profit for the year 392,271 616,687
Adjusted for ;
Depreciation 112,570 94,104
Share based payments 13,951 13,652
(Increase)/decrease in receivables (258,425) 845,076
(Decrease)/increase in payables (206,543) 316,322
Finance income (17,776) (39,416)
Corporation tax expense 98,233 194,856
Loss on disposal of fixed assets 10,637 -
Other 7,598 (6,783)
_________ _________
152,516 2,034,498
Taxation (170,501) (242,047)
_________ _________
Net cash (outflow)/inflow from operating
activities (17,985) 1,792,451
_________ _________
Cash flows from investing activities
Interest received 17,776 39,416
Purchase of property, plant and equipment (152,978) (124,778)
Short term investments (7,750,000) -
_________ _________
Net cash outflow from investing activities (7,885,202) (85,362)
_________ _________
Cash flows from financing activities
Proceeds from issue of shares 41,168 54,027
Purchase of own shares - (37,050)
Equity dividends paid (265,510) (264,745)
_________ _________
Net cash outflow from financing activities (224,342) (247,768)
_________ _________
(Decrease)/increase in cash in the year (8,127,529) 1,459,321
Cash and cash equivalents at beginning of
year 11,631,287 10,171,966
_________ _________
Cash and cash equivalents at end of year 3,503,758 11,631,287
_________ _________
Notes
1. The income statement incorporates the consolidated results of
Oleeo Plc and its subsidiary for the year ended 31 July 2018. The
accounting policies used in the preparation of these audited
results are unchanged from those adopted by the company in
previously published annual financial statements.
2. Earnings per share
Basic earnings per share
This is calculated by dividing the profit of GBP392,271 (2017 -
GBP616,687), being the profit attributable to ordinary shareholders
by the weighted average number of ordinary shares in issue
throughout the year of 7,603,029 (2017 - 7,568,480)
Diluted earnings per share
The weighted average number of shares for 2018 for this
calculation was 7,688,598 (2017 - 7,662,261). This is calculated
based on the weighted average number of ordinary shares adjusted by
85,569 (2017 - 93,781) to recognise the effect of the potential
issue of further ordinary shares as a result of the exercise of
share options
3. The directors are recommending the payment of a dividend of 3.5p per share.
4. The preliminary announcement was approved by the board on 2
November 2018. The Company's annual accounts will be sent to
shareholders on 21 November 2018 and copies will be available from
the company's office at 5-7 Bridgeworks, The Crescent, London SW19
8DR and on the Company's website at www.oleeo.co.uk.
5. The financial information does not constitute the company's
statutory accounts, within the meaning of Section 435 of the
Companies Act 2006, for the years ended 31 July 2018 or 2017 but is
derived from those accounts. Statutory accounts for 2017 have been
delivered to the Registrar of Companies and those for 2018 will be
delivered following the company's forthcoming annual general
meeting. The auditors have reported on those accounts; their
reports were unqualified, did not include references to any matters
to which the auditors drew attention by way of emphasis without
qualifying their reports and did not contain statements under the
Companies Act 2006, s498(2) or (3).
Enquiries
Oleeo Plc
Charles Hipps, Managing Director,
Telephone: +44 (0)20 8946 9876
Email:chipps@oleeo.com
Panmure Gordon (UK) Limited
Nominated Adviser
Andrew Potts
Telephone: +44 (0)20 7886 2956
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END
FR FKBDBABDDQDK
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November 02, 2018 12:28 ET (16:28 GMT)
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