TIDMOLEE
RNS Number : 6875S
Oleeo PLC
07 November 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014
7 November 2019
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 2019.
Financial and Operating review
The Directors present their strategic report with the audited
consolidated and parent company financial statements for the year
ended 31 July 2019.
Principal activity
The principal activity of the Oleeo PLC group of companies (the
"Group") is the provision of internet based recruitment software
for the tracking and selection of applicants.
Financial and operating review
Revenues for the year were GBP10,683,086 up 7% on the
GBP9,981,563 reported in the previous year while like-for-like
Operating Profit of GBP546,453 compared with the GBP472,728
achieved last year. However, the adoption of IFRS15 has increased
our reported Operating Profit to GBP592,142. As IFRS 15 has been
adopted on a modified retrospective basis, the prior year
comparatives have not been restated.
IFRS 15 is a new accounting standard on revenue recognition
which replaced IAS18 and for which this was the first year of
recognition for the Group.
The increase in finance income to GBP75,114, compared with
GBP17,776 in the previous year, results from a decision to move our
cash deposits from "on call" to fixed-term durations.
These two factors are reflected in the increase in the profits
before tax of GBP667,256 compared with GBP490,504 last year.
Shortly before our 2018 year end we submitted claims for
Research and Development expenditure incurred in the two years to
31 July 2016 and 2017 which have been accepted by HM Revenue &
Customs and resulted in a refund of GBP308,838. The credit in our
2019 Consolidated Income Statement of GBP199,390 is, therefore, the
net impact of the prior year refund less the tax payable on the
profit for the year to 31 July 2019 of GBP109,448.
Whilst we intend to make further Research and Development claims
in respect of the two years to 31 July 2018 and 2019 we anticipate
that they will be for lower figures than the claims reflected in
this year's accounts. We have not recognised any associated tax
asset as, at the year end, we do not have reasonable assurance that
any such claim will meet the relevant conditions and that such
claim will be received.
The changes in Key Performance Indicators between the financial
years 2018/2019 and 2017/2018 were as follows:
2018/19 2017/18
GBP GBP
Sales per employee GBP95,385 GBP86,796
Operating profit per employee GBP5,287 GBP4,111
The increase in revenues reflects growth in new and ongoing
contracts offset by known terminations, supplemented by higher
change requests and online test revenues.
Meanwhile costs increased as we pursued our strategy of product
innovation and putting customers at the heart of our business. This
included an increase in product development costs and the first
trials of our machine learning based solution. At the same time, we
continued to focus on looking after and delighting our customers.
Ongoing efforts to continually improve service, were augmented by
the re-deployment of resources into customer focused teams and the
growth of our customer success resources. As a result, during the
year we saw an increase in customer satisfaction measured by our
net promoter score.
Our focus remains on innovation, growth and the success of our
customers and we expect to continue to invest particularly in
product development resources and marketing. As a result, costs are
expected to grow putting continued downward pressure on
profitability. The new business team are buoyed by some new
business success at the turn of the new financial year and positive
prospects for the first half, however known reductions and an
extremely competitive environment mean that the outlook for both
sales and profits remain uncertain.
Principal risks and uncertainties
Commercial and operational risk
Competitive pressure and economic instability are continuing and
growing risks 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 of 31 July
2019.
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 3
December 2019 and, if approved, will be payable on 6 December 2019
to shareholders on the register as at 15 November 2019.
The Board will be seeking at the Annual General Meeting the
extension of the authority granted last year to make purchases of
ordinary shares. 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. In the year ended 31
July 2019, 16,500 ordinary shares were purchased.
Our Team
I am very fortunate to have an extremely dedicated team who
apply a huge depth of domain expertise and a fantastic commitment
to our customers. I would like to thank everyone for their
tenacity, skill and support.
This strategic report was approved on 7 November 2019 by the
Board.
Charles EH Hipps
Chairman, Oleeo Plc
consolidated income statement
For the Year Ended 31 July 2019
2019 2018
GBP GBP
Revenue 10,683,086 9,981,563
Total administrative expenses (10,090,944) (9,508,835)
_________ _________
Operating profit 592,142 472,728
Finance income 75,114 17,776
_________ _________
Profit on ordinary activities before taxation 667,256 490,504
Income tax credit / (charge) 199,390 (98,233)
_________ _________
Profit for the year 866,646 392,271
_________ _________
Earnings per share
Basic 11.37p 5.16p
_________ _________
Diluted 11.30p 5.10p
_________ _________
Consolidated Statement of Financial Position
As at 31 July 2019
Note 2019 2018
GBP GBP
Assets
Non-current assets
Property, plant and equipment 11 235,325 200,619
Trade and other receivables 12 46,515 -
_________ _________
Total non-current assets
281,840 200,619
_________ _________
Current assets
Trade and other receivables 12 2,620,588 1,712,532
Short term investments 19 7,650,000 7,750,000
Cash and cash equivalents 13 4,022,470 3,503,758
_________ _________
Total current assets 14,293,058 12,966,290
_________ _________
Total assets 14,574,898 13,166,909
_________ _________
Equity
Issued capital 15 7,628 7,620
Share premium 16 1,713,256 1,690,158
Capital redemption reserve 16 725 708
Translation reserve 16 16,660 6,409
Retained earnings 16 8,639,924 8,414,702
_________ _________
Total equity 10,378,193 10,119,597
_________ _________
Liabilities
Non-current liabilities
Deferred tax 8 38,007 30,148
_________ _________
Liabilities
Current liabilities
Trade and other payables 14 4,136,486 2,977,024
Corporation tax 22,212 40,140
_________ _________
Total current liabilities 4,158,698 3,017,164
_________ _________
Total liabilities 4,196,705 3,047,312
_________ _________
Total equity and liabilities 14,574,898 13,166,909
_________ _________
Consolidated statement of cash flows
For the Year Ended 31 July 2019
2019 2018
GBP GBP
Cash flows from operating activities
Profit for the year 866,646 392,271
Adjusted for:
Depreciation 128,064 112,570
Foreign exchange on revaluation of fixed 946 -
assets
Share based payments 16,510 13,951
(Increase) in receivables (682,491) (258,425)
Increase / (decrease) in payables 522,550 (206,543)
Finance income (75,114) (17,776)
Corporation tax (income) / expense (199,390) 98,233
Loss on disposal of fixed assets - 10,637
_________ _________
577,721 144,918
Taxation received / (paid) 189,321 (170,501)
_________ _________
Net cash inflow / (outflow) from operating
activities 767,042 (25,583)
_________ _________
Cash flows from investing activities
Interest received 75,114 17,776
Purchase of property, plant and equipment (163,716) (152,978)
Short term investments 100,000 (7,750,000)
_________ _________
Net cash inflow / (outflow) from investing
activities 11,398 (7,885,202)
_________ _________
Cash flows from financing activities
Proceeds from issue of shares 23,123 41,168
Purchase of own shares (26,400) -
Equity dividends paid (266,702) (265,510)
_________ _________
Net cash outflow from financing activities (269,979) (224,342)
_________ _________
Exchange differences on translation of foreign 10,251 7,598
operations _________ _________
Increase / (decrease) in cash in the year
518,712 (8,127,529)
Cash and cash equivalents at beginning of
year 3,503,758 11,631,287
_________ _________
Cash and cash equivalents at end of year 4,022,470 3,503,758
_________ _________
Notes
1. The income statement incorporates the consolidated results of
Oleeo Plc and its subsidiary for the year ended 31 July 2019. The
Company has adopted IFRS 15 and IFRS 9 with effect from 1 August
2018. Other than these two new Accounting standards, 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 GBP866,646 (2018 -
GBP392,271) by the weighted average number of ordinary shares in
issue throughout the year of 7,624,054 (2018 - 7,603,029).
Diluted earnings per share
The weighted average number of shares for 2019 for this
calculation was 7,667,957 (2018 - 7,688,598). This is calculated
based on the weighted average number of ordinary shares adjusted by
43,903 (2018 - 85,569) 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 which 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 3
December 2019 and, if approved, will be payable on 6 December 2019
to shareholders on the register as at 15 November 2019.
4. The preliminary announcement was approved by the board on 7
November 2019. The Company's annual accounts are expected to be
sent to shareholders on or around 8 November 2019 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 2019 or 2018 but is
derived from those accounts. Statutory accounts for 2018 have been
delivered to the Registrar of Companies and those for 2019 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, Chairman & CEO
Telephone: +44 (0)20 8946 9876
Email: chipps@oleeo.com
Panmure Gordon (UK) Limited
Nominated Adviser
Alina Vaskina
Telephone: +44 (0)20 7886 2956
This information is provided by RNS, the news service of the
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END
FR CKODQNBDDADK
(END) Dow Jones Newswires
November 07, 2019 08:50 ET (13:50 GMT)
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