Financial Results
Net Profit After Tax for the full year of 2011 was $4.7
million (before non cash impairment write down and de-recognition
of tax losses), up 55% from $3.0 million in 2010.
The cash flow for the full year was positive at $8.7 million
compared to a net outflow of $1.2 million in 2010.
The significant improvement in cash flow
reflects an intense focus on working capital management, allowing
for the repayment of borrowings and providing surplus cash at
balance date. The company is well positioned for further growth
opportunities and strategic acquisitions.
A heightened focus on delivery has resulted
in the maximising of the limited opportunities presented in a
challenging market. Strong permanent revenues in the first half
provided a solid platform for growth, and a flattening of permanent
demand in the second half was accompanied by an increase in demand
for contractors towards the end of the financial year.
Following an extensive review of the
carrying value of acquired assets at balance date, an impairment
write down of $14.6 million has been recorded at 30 June 2011. This
write down is attributable to a number of the Company's brands and
recognises the impact of the volatility of the current market on
the trading of acquisitions made during peaks in the economic cycle
together with the impact of restructuring of a number of the
recruitment brands that has been undertaken over several
years.
The Board have resolved to pay a final dividend of $0.02 cents
per share, fully franked, payable on 14 October 2011 and that the
Dividend Reinvestment Plan operate with a
2.5% discount in relation to this final dividend.
Results at a Glance
|
Year ended 30
June
|
2011
|
2010
|
2009
|
|
Revenue
|
$267m
|
$266m
|
$293m
|
|
Group Profit
|
$4.7m (1)
|
$3.0m
|
$3.2m (2)
|
|
Dividend per share (cents)
|
4.0c
|
-
|
-
|
|
Basic Earnings per Share (cents)
|
(11.9)c
|
3.8c
|
(14.0)c
|
(1) Before non cash impairment write down and
de-recognition of tax losses
(2) Pre one off non-recurring costs and impairment