Part 2 : For preceding part double click [nRn1N7516F]
Merger reserve 224 224 0 0
Share based payment reserve 794 386 0 0
Profit and loss account 12,771 7,154 59 48
SHAREHOLDERS' FUNDS 17,066 10,823 3,336 3,107
These financial statements were approved by the directors on the 14th October
2008, and signed on its behalf by:
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31st July 2008
2008 2007 2008 2007
£'000 £'000 £'000 £'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit after taxation 9,092 6,776 3,321 6,765
Depreciation 643 499 0 0
Profit on disposal of discontinued operation 0 (59) 0 0
Foreign exchange gain on disposal of discontinued 0 (3) 0 0
Loss on disposal of property, plant and equipment 27 0 0 0
Interest income (79) (20) (16) (8)
Interest expense 1,074 831 0 0
Taxation expense recognised in profit and loss 3,705 3,162 5 3
Increase in trade and other receivables (6,385) (7,514) (678) (996)
Increase in trade and other payables 6,313 4,119 0 (652)
Share based payment charge 540 321 0 0
Investment income 0 0 (3,309) (5,428)
Cash generated from operations 14,930 8,112 (677) (316)
Interest paid (1,074) (831) 0 0
Income taxes paid (3,241) (2,205) (2) (1)
NET CASH FROM OPERATING ACTIVITIES 10,615 5,076 (679) (317)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of Matchtech Inc 0 105 0 0
Purchase of plant and equipment (880) (960) 0 0
Proceeds from sale of plant 62 28 0 0
Interest received 79 20 16 8
Dividend received 0 0 3,309 5,428
NET CASH USED IN INVESTING ACTIVITIES (739) (807) 3,325 5,436
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of share capital 218 829 218 829
(Repayments to)/proceeds from long-term borrowings (7,257) 699 0 0
Dividends paid (3,309) (5,428) (3,309) (5,428)
NET CASH USED IN FINANCING (10,348) (3,900) (3,091) (4,599)
NET INCREASE IN CASH AND CASH EQUIVALENTS (472) 369 (445) 520
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 659 290 656 136
CASH AND CASH EQUIVALENTS AT END OF PERIOD 187 659 211 656
ANALYSIS OF CASH AND CASH EQUIVALENTS 2008 2007 2008 2007
£'000 £'000 £'000 £'000
Cash and cash equivalents 297 836 211 656
Bank Overdraft (110) (177) 0 0
187 659 211 656
forming part of the financial statements
1 THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES
i The business and address of the Group
Matchtech Group plc is a human capital resources business dealing with contract
and permanent recruitment in the Private and Public sector. The Group is
organised in three sectors, Engineering, Built Environment and Support Services,
with niche activities within each sector. The Group's address is: Matchtech
Group plc, 1450 Parkway, Whiteley, Fareham PO15 7AF.
ii Basis of preparation of the financial statements
The financial statements have been prepared in accordance with applicable
International Financial Reporting Standards as adopted by the European Union
(EU) and which are effective at 31 July 2008, our first annual reporting date at
which we are required to use IFRS accounting standards as adopted by the EU.
Matchtech Group plc's consolidated and company financial statements were
prepared in accordance with United Kingdom Accounting Standards (United Kingdom
Generally Accepted Accounting Practice) until 31 July 2007. The date of
transition to IFRS was 1 August 2006. The comparative figures in respect of 2007
have been restated to reflect changes in accounting policies as a result of
adoption of IFRS. The disclosures required by IFRS 1 concerning the transition
from UK GAAP to IFRS are given in the reconciliation schedules, presented and
explained in note 2.
These financial statements have been prepared under the historical cost
convention. The accounting policies have been applied consistently throughout
both the Group and the Company for the purposes of preparation of these
financial statements. A summary of the principal accounting policies of the
group are set out below.
IFRS 1 permits companies adopting IFRS for the first time to take certain
exemptions from the full requirements of IFRS in the transition period. These
financial statements have been prepared on the basis of taking the following
* business combinations prior to 1 August 2006, the Group's date of transition
to IFRS, have not been restated to comply with IFRS 3 "Business Combinations".
* cumulative translation differences on foreign operations are deemed to be nil
at 1 August 2006. Any gains and losses recognised in the consolidated income
statement on subsequent disposal of foreign operations will exclude translation
differences arising prior to the transition date.
* the transitional arrangements of IFRS 2 Share Based Payments have been
applied. In accordance with transitional arrangements, IFRS has been applied to
all grants of equity instruments after 7 November 2002 that were unvested at 1
iii Basis of consolidation
The group financial statements consolidate those of the company and all of its
subsidiary undertakings drawn up to the balance sheet date. Subsidiaries are
entities over which the group has power to control the financial and operating
policies so as to obtain benefits from its activities. The group obtains and
exercises control through voting rights.
Acquisitions of subsidiaries are dealt with by the purchase method. The purchase
method involves the recognition at fair value of all identifiable assets and
liabilities, including contingent liabilities of the subsidiary, at the
acquisition date, regardless of whether or not they were recorded in the
financial statements of the subsidiary prior to acquisition. On initial
recognition, the assets and liabilities of the subsidiary are included in the
consolidated balance sheet at their fair values, which are also used as the
bases for subsequent measurement in accordance with group accounting policies.
Intra-group transactions are eliminated on consolidation
Revenue is measured by reference to the fair value of consideration received or
receivable by the group for services provided, excluding VAT and trade
discounts. Revenue on temporary placements is recognised upon receipt of a
client approved timesheet or equivalent. Revenue from permanent placements,
which is based on a percentage of the candidate's remuneration package, is
recognised when candidates commence employment at which point it is probable
that the economic benefits associated with the transaction will be transferred.
v Property, plant and equipment
Property, plant and equipment is stated at cost, net of depreciation and any
provision for impairment.
Depreciation is calculated so as to write off the cost of an asset, less its
estimated residual value, over the useful economic life of that asset as
Motor Vehicles 25.00% Reducing balance
Computer equipment 25.00% Straight line
Equipment 12.50% Straight line
Residual value estimates are updated as required, but at least annually, whether
or not the asset is revalued.
vi Intangible assets
Separately acquired software licences are included at cost and amortised on a
straight-line basis over the useful economic life of that asset at 20%-33%.
Provision is made against the carrying value of intangible assets where an
impairment in value is deemed to have occurred. Amortisation is recognised in
the income statement under administrative expenses.
vii Disposal of assets
The gain or loss arising on the disposal of an asset is determined as the
difference between the disposal proceeds and the carrying amount of the asset
and is recognised in the income statement.
viii Operating lease agreements
Rentals applicable to operating leases are charged against profits on a straight
line basis over the lease term. Lease incentives are spread over the term of the
Current tax is the tax currently payable based on taxable profit for the year.
Deferred income taxes are calculated using the liability method on temporary
differences. Deferred tax is generally provided on the difference between the
carrying amounts of assets and liabilities and their tax bases. However,
deferred tax is not provided on the initial recognition of goodwill, nor on the
initial recognition of an asset or liability unless the related transaction is a
business combination or affects tax or accounting profit.
Deferred tax liabilities are provided in full, with no discounting. Deferred tax
assets are recognised to the extent that it is probable that the underlying
deductible temporary differences will be able to offset against future taxable
income. Current and deferred tax assets and liabilities are calculated at tax
rates that are expected to apply to their respective period of realisation,
provided they are enacted or substantively enacted at the balance sheet date.
Deferred tax on temporary differences associated with shares in subsidiaries is
not provided if these temporary differences can be controlled by the Group and
it is probable that reversal will not occur in the foreseeable future.
Changes in deferred tax assets or liabilities are recognised as a component of
tax expense in the income statement, except where they relate to items that are
charged or credited directly to equity (such as share based payments) in which
case the related deferred tax is also charged or credited directly to equity.
x Pension costs
The company operates a defined contribution pension scheme for employees. The
assets of the scheme are held separately from those of the company. The annual
contributions payable are charged to the income statement as they accrue.
xi Share based payment
The transitional arrangements of IFRS 2 have been applied to all grants of
equity instruments after 7 November 2002 that were unvested at 1 August 2006.
All share-based remuneration is ultimately recognised as an expense in the
income statement with a corresponding credit to "share-based payment reserve".
All goods and services received in exchange for the grant of any share-based
remuneration are measured at their fair values. Fair values of employee services
are indirectly determined by reference to the fair value of the share options
awarded. Their value is appraised at the grant date and excludes the impact of
non-market vesting conditions (for example, profitability and sales growth
If vesting periods or other non-market vesting conditions apply, the expense is
allocated over the vesting period, based on the best available estimate of the
number of share options expected to vest. Estimates are subsequently revised if
there is any indication that the number of share options expected to vest
differs from previous estimates. Any cumulative adjustment prior to vesting is
recognised in the current period. No adjustment is made to any expense
recognised in prior periods if share options ultimately exercised are different
to that estimated on vesting. Upon exercise of share options, proceeds received
net of attributable transaction costs are credited to share capital and share
The Group operates a share incentive plan (SIP) which is HMRC approved, and
enables employees to purchase company shares out of pre-tax salary. For each
share purchased the company grants an additional share at no cost to the
employee. The expense in relation to these 'free' shares is recorded as employee
remuneration and measured at fair value of the shares issued as at the date of
xii Exceptional items
Non-recurring items which are sufficiently material are presented separately
within their relevant consolidated income statement category. This helps to
provide a better understanding of the group's financial performance.
xiii Business combinations completed prior to date of transition to IFRS
The group has elected not to apply IFRS 3 Business Combinations retrospectively
to business combinations prior to 1 August 2006.
Accordingly the classification of the combination (merger) remains unchanged
from that used under UK GAAP. Assets and liabilities are recognised at date of
transition if they would be recognised under IFRS, and are measured using their
UK GAAP carrying amount immediately post-acquisition as deemed cost under IFRS,
unless IFRS requires fair value measurement. Deferred tax is adjusted for the
impact of any consequential adjustments after taking advantage of the
xiv Discontinued operations
A discontinued operation is a cash-generating unit, or a group of cash
-generating units, that either has been disposed of, or is classified as held
for sale, and:
* represents a separate line of business or geographic area of operations
* is part of a single coordinated plan to dispose of a separate major line of
business or geographical area of operations or
* is a subsidiary acquired exclusively with a view to resale.
The disclosures for discontinued operations in the prior period relate to all
operations that have been discontinued by the balance sheets date for the latest
xv Financial assets
All financial assets are recognised when the group becomes a party to the
contractual provisions of the instrument. Financial assets are recognised at
fair value plus transaction costs.
In the company financial statements, investment in the subsidiary company is
measured at cost.
Loans and receivables are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market. Trade receivables
are classified as loans and receivables. Loans and receivables are measured
subsequent to initial recognition at amortised cost using effective interest
method, less provision for impairment. Any change in their value through
impairment or reversal of impairment is recognised in the income statement.
Provision against trade receivables is made when there is objective evidence
that the group will not be able to collect all amounts due to it in accordance
with the original terms of those receivables. The amount of the write-down is
determined as the difference between the asset's carrying amount and the present
value of estimated future cash flows.
A financial asset is derecognised only where the contractual rights to cash
flows from the asset expire or the financial asset is transferred and that
transfer qualifies for derecognition. A financial asset is transferred if the
contractual rights to receive the cash flows of the asset have been transferred
or the group retains the contractual rights to receive the cash flows of the
asset but assumes a contractual obligation to pay the cash flows to one or more
recipients. A financial asset that is transferred qualifies for derecognition if
the group transfers substantially all the risks and rewards of ownership of the
asset, or if the group neither retains nor transfers substantially all the risks
and rewards of ownership but does transfer control of that asset.
Trade receivables subject to the invoice discounting facility are recognised in
the balance sheet until they are settled by the customer.
xvi Financial liabilities
Financial liabilities are obligations to pay cash or other financial assets and
are recognised when the group becomes a party to the contractual provisions of
the instrument and comprise trade and other payables and bank loans. Financial
liabilities are recorded initially at fair value, net of direct issue costs and
are subsequently measured at amortised cost using the effective interest rate
A financial liability is derecognised only when the obligation is extinguished,
that is, when the obligation is discharged or cancelled or expires.
xvii Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, on demand deposits and bank
Dividend distributions payable to equity shareholders are included in "other
short term financial liabilities" when the dividends are approved in general
meeting prior to the balance sheet date.
Equity comprises the following:
* "Share capital" represents the nominal value of equity shares.
* "Share premium" represents the excess over nominal value of the fair value of
consideration received for equity shares, net of expenses of the share issue.
* "Share based payment reserve" represents equity-settled share-based employee
remuneration until such share options are exercised.
* "Merger reserve" represents the equity balance arising on the merger of
Matchtech Engineering and Matchmaker Personnel.
* "Foreign currency reserve" represents the foreign exchange difference arising
on retranslation of the assets of Matchtech Inc.
* "Profit and loss reserve" represents retained profits.
xx Foreign currencies
Transactions in foreign currencies are translated at the exchange rate ruling at
the date of the transaction. Monetary assets and liabilities in foreign
currencies are translated at the rates of exchange ruling at the balance sheet
date. Non-monetary items that are measured at historical cost in a foreign
currency are translated at the exchange rate at the date of the transaction.
Non-monetary items that are measured at fair value in a foreign currency are
translated using the exchange rates at the date when the fair value was
Any exchange differences arising on the settlement of monetary items or on
translating monetary items at rates different from those at which they were
initially recorded are recognised in the profit or loss in the period in which
The assets and liabilities in the financial statements of foreign subsidiaries
are translated at the rate of exchange ruling at the balance sheet date. Income
and expenses are translated at the actual rate. The exchange differences arising
from the retranslation of the opening net investment in subsidiaries are taken
directly to the "Foreign currency reserve" in equity. On disposal of a foreign
operation the cumulative translation differences are transferred to the income
statement as part of the gain or loss on disposal.
As permitted by IFRS 1, the balance on the cumulative translation adjustment on
retranslation of subsidiaries' net assets has been set to zero at the date of
transition to IFRS.
xxi Employee Benefit Trust
The assets and liabilities of the Employee Benefit Trust (EBT) have been
included in the group accounts. Any assets held by the EBT cease to be
recognised on the group balance sheet when the assets vest unconditionally in
The costs of purchasing own shares held by the EBT are shown as a deduction
against equity. The proceeds from the sale of own shares held increase equity.
Neither the purchase nor sale of own shares leads to a gain or loss being
recognised in the group income statement.
xxii Financial risk management
Details of the Group's financial risk management policies and objectives as they
relate to financial instruments, comprising discussion of the risks the Group
faces, including liquidity risk, and its responses to them, are included within
the Group Finance Director's Review under the heading Group Financial Risk
xxiii Significant accounting estimates and judgments
Estimates, assumptions concerning the future and judgments are made in the
preparation of the financial statements. They affect the application of the
Group's accounting policies, reported amounts of assets, liabilities, income and
expenses, and disclosures made. They are assessed on an on-going basis and are
based on experience and relevant factors, including expectations of future
events that are believed to be reasonable under the circumstances.
The judgments made which, in the opinion of the Directors, are critical in
drawing up the financial statements are as follows:
Invoice discounting facility:
The terms of this arrangement are judged to be such that the risk and rewards of
ownership of the trade receivables do not pass to the finance provider. As such
the receivables are not derecognised on draw-down of funds against this
Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation
uncertainty at the balance sheet date are discussed below. These are included
for completeness, although it is the Directors' view that none of these have
significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year.
Estimated useful lives of property, plant and equipment
The cost of equipment is depreciated on a straight line basis and the cost of
motor vehicles is depreciated on a reducing balance basis over their useful
lives. Management estimates the useful lives of property, plant and equipment to
be within 2 to 4 years. These are common life expectances applied in the
industry in which the Group operates. Changes in the expected level of usage and
technological development could impact the economic useful lives and the
residual values of these assets, therefore future depreciation charges could be
Impairment loss of trade and other receivables
The Group's policy for doubtful receivables is based on the on-going evaluation
of the collectability and aging analysis of the trade and other receivables and
on management's judgments. Considerable judgment is required in assessing the
ultimate realisation of these receivables, including the current
creditworthiness and the past collection history of each debtor. If the
financial conditions of the Group's debtors were to deteriorate, resulting in an
impairment of their ability to make payments, additional impairment loss of
trade and other receivables may be required. The carrying amounts of these
assets are shown in note 16.
Share based payments
The key assumptions used in estimating the fair values of options granted to
employees under IFRS 2 are detailed under Note 21.
xxiv Employee benefits
The financial liability arising in relation to outstanding holiday pay is
recognised on the balance sheet with the expense being charged as a payroll
2 TRANSITIONAL ARRANGEMENTS
These are the Group's first annual consolidated financial statements prepared in
accordance with IFRS.
An explanation of how the transition from UK GAAP to IFRS has affected the
Group's financial position, financial performance and cash flows is set out
below. There were no changes to the Company's financial statements resulting
from the transition therefore no transition statement has been presented for the
Reconciliation of equity at 1 August 2006
UK GAAP IAS 12 IAS 17 IAS 19 IFRS
Income Taxes Leases Employee Benefits as restated
£'000 £'000 £'000 £'000 £'000
Called-up equity share capital 221 0 0 0 221
Share premium account 2,009 0 0 0 2,009
Other reserves 567 0 0 0 567
Retained earnings 4,454 566 (64) (72) 4,884
TOTAL EQUITY 7,251 566 (64) (72) 7,681
Reconciliation of consolidated balance sheet and equity at 31 July 2007
UK GAAP IAS 1 IAS 12 IAS 17 IAS 19 IFRS
Presentation of financial statements Income Taxes Leases Employee Benefits as restated
£'000 £'000 £'000 £'000 £'000 £'000
Intangible assets 133 0 0 0 0 133
Property, plant and equipment 1,699 0 0 0 0 1,699
Deferred tax assets 0 124 405 0 0 529
Trade and other receivables 32,108 (124) 0 0 0 31,984
Cash and cash equivalents 836 0 0 0 0 836
Trade and other payables (12,474) 0 0 (67) (76) (12,617)
Tax liability (1,068) 0 0 0 0 (1,068)
Bank loans and overdrafts (8,590) 0 0 0 0 (8,590)
Bank loan (2,083) 0 0 0 0 (2,083)
NET ASSETS 10,561 0 405 (67) (76) 10,823
Called-up equity share capital 230 0 0 0 0 230
Share premium account 2,829 0 0 0 0 2,829
Other reserves 610 0 0 0 0 610
Retained earnings 6,892 0 405 (67) (76) 7,154
TOTAL EQUITY 10,561 0 405 (67) (76) 10,823
Reconciliation of consolidated income statement for year ended 31 July 2007
UK GAAP IAS 1 IAS 12 (1) IAS 17 IAS 19 IAS 21 IFRS
Presentation of financial statements Income Taxes Leases Employee Benefits Foreign Exchange Rates as restated
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Revenue 202,914 (135) 0 0 0 0 202,779
Cost of sales (176,019) 117 0 0 0 0 (175,902)
Gross profit 26,895 (18) 0 0 0 0 26,877
Administration Costs (15,627) 10 0 (2) (4) 0 (15,623)
Cost of admission to AIM (572) 0 0 0 0 0 (572)
Profit on sale of discontinued operation 59 (59) 0 0 0 0
Finance Income 19 0 0 0 0 0 19
Finance Cost (830) 0 0 0 0 0 (830)
Profit before tax 9,944 (67) 0 (2) (4) 0 9,871
Taxation (2,359) 3 (806) 0 0 0 (3,162)
Profit for the period 7,585 (64) (806) (2) (4) 0 6,709
Profit from discontinued operations 0 64 0 0 3 67
Profit for the period from total operations 7,585 0 (2) (4) 3 6,776
Notes to the reconciliations
IAS 1 Presentation of financial statements
Under UK GAAP, the deferred tax asset was classified as a current asset. Under
IFRS the deferred tax asset is classified as a non-current asset.
Under UK GAAP, the income statement provided full disclosure of each line item
relating to discontinued operations. Under IFRS, only the profit from the
discontinued operation is disclosed on the income statement.
IAS 12 Income Taxes
Under FRS 19, deferred tax was recognised only on timing differences; in
contrast IAS 12 "Income Taxes" requires the recognition of deferred tax on all
temporary differences which specifically impacts the recognition of deferred tax
in relation to share based payments.
Under FRS 19, the deferred tax asset on the cost of options recognised was
restricted to the amount calculated by applying the prevailing corporation tax
rate to the total cost in the year calculated under FRS20. Under IFRS the
deferred tax asset recognised is the cost of options outstanding based on the
fair value at the period end date multiplied by the prevailing rate of
corporation tax. The deferred tax asset has been adjusted in line with IFRS
The tax effect of gains and losses on exercise of share options in the period is
recognised through the income statement only to the extent that a corresponding
charge has been recorded as remuneration expense under the requirements of
IFRS2, Share Based Payments. The excess of the tax effect over the cumulative
IFRS2 charge is recognised directly in equity.
(1) This adjustment was not reflected in the transition statements presented in
the interim financial statements for the period to 31 January 2008. The impact
of this adjustment is an increase of £806,000 to the tax charge and a
corresponding decrease in profit for the year ended 31 July 2007.
IAS 17 Leases
Under UK GAAP, the rent-free period lease incentive was spread over the period
from the start of the lease to the first break clause. Under IFRS, the incentive
is spread over the non-cancellable contracted period of the lease term.
IAS 19 Employee benefits
Under UK GAAP, the company chose not to accrue for outstanding staff holiday pay
at the balance sheet date. IFRS requires that the accrual be calculated at each
balance sheet date.
IAS 21 The Effects of Changes in Foreign Exchange Rates
On the disposal of Matchtech Inc the cumulative translation differences are
transferred to the income statement as part of the gain or loss on disposal.
Under UK GAAP the difference was shown as a movement in reserves.
Cash Flow statement
Application of IFRS has resulted in reclassification of certain items in the
cash flow statement as follows:
Profit after taxation has been adjusted as per the reconciliation above.
(Operating profit was used in the Annual Report for 2007 in the reconciliation
to net cash inflow from operating activities).
Movements in trade and other receivables and trade and other payables have been
adjusted to account for the IFRS adjustments to the provisions on the balance
sheet as shown in the reconciliations of consolidated balance sheets and income
statements above. These relate to the reclassification of the deferred tax asset
between trade and other receivables and non current assets and the adjustments
to the rent free period and staff holiday reserves.
3 SEGMENTAL INFORMATION
The revenue, gross profit and profit before tax are attributable to the one
principal activity of the group.
A segmental analysis of revenue is given below:
Engineering 147,977 129,299
Built Environment 69,186 40,046
Support Services 41,667 33,434
Continuing operations 258,830 202,779
Discontinued Operations 0 135
Total 258,830 202,914
A segmental analysis of gross profit is given below:
Engineering 16,786 14,833
Built Environment 9,039 6,000
Support Services 7,409 6,044
Continuing operations 33,234 26,877
Discontinued Operations 0 18
Total 33,234 26,895
A segmental analysis of operating profit is given below:
Engineering 7,562 5,896
Built Environment 3,977 2,384
Support Services 2,253 2,402
Continuing operations 13,792 10,682
Discontinued Operations 0 8
Total 13,792 10,690
The Group operates from a single site with assets being centrally held. For this
reason a segmental analysis of assets and liabilities has not been presented.
The Directors consider that the group does not generate material profits from
overseas operations and have therefore not presented geographic information.
4 OPERATING PROFIT
Operating profit is stated after charging:
Depreciation 643 499
Loss on disposal of property, plant and equipment 31 0
Auditors' remuneration - fees payable for the audit of the annual accounts 39 30
- tax services 4 11
- other services pursuant to legislation 14 119
Operating lease costs: - Plant and machinery 12 8
- Land and buildings 536 424
Net (profit)/loss on foreign currency translation (6) 4
5 DISCONTINUED OPERATIONS
On 31st August 2006 Matchtech Group UK Ltd sold the shares of Matchtech Inc for
consideration of £105,000, giving a profit on disposal of £59,000. The profit
from Matchtech Inc has been included under discontinued operations in the
consolidated income statement. The income statement of Matchtech Inc is set out
Revenue 0 135
Cost of Sales 0 (117)
GROSS PROFIT 0 18
Administrative Expenses 0 (10)
OPERATING PROFIT 0 8
Finance income 0 0
Finance cost 0 0
PROFIT BEFORE TAX 0 8
Profit on disposal of discontinued operation 0 59
Income tax expense 0 (3)
Foreign exchange gain 0 3
PROFIT FROM DISCONTINUED OPERATIONS 0 67
6 PARTICULARS OF EMPLOYEES
The average number of staff employed by the group during the financial year
Selling 215 148
Administration 60 66
Directors 7 7
Total 282 221
The aggregate payroll costs of the above were:
More to follow, for following part double-click [nRn3N7516F]