Interim Accounts for the six months ended 30 June 2017

29 September 2017

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Chairmen's Statement

I am delighted to report the consolidated results of Healthperm Resourcing Ltd ("Healthperm", the "Company" or the "Group") six months ended 30 June 2017.

Basis of presentation of financial information

This consolidated financial information has been published to enable the Company to comply with its financial reporting obligations under the rules of NEX Exchange Growth Market.

Background

Healthperm was founded with the objective of addressing the acknowledged shortage of permanent nurses in the healthcare systems in the United Kingdom and the United Arab Emirates, through the recruitment of experienced professionals from the Philippines. The Board believes that Healthperm has the potential to provide both capital growth and income through dividends for shareholders.

According to WHO statistics, there are five million vacancies for doctors, nurses and allied health professionals in the global permanent healthcare recruitment market. The United Kingdom and the United Arab Emirates are showing strong growth and there is clear demand for healthcare professionals, which is not currently being met locally.

Key Operational Highlights

  • Steve Howson was appointed Chief Executive Officer on 1 June 2017.
  • Delivered over £100,000 revenue through placements in the United Kingdom and Middle East.
  • The quality of our candidates continues to be supported by their high pass rate for the Objective Structured Clinical Examination ("OSCE") in United Kingdom placements.
  • The opening of our IELTS training centre in United Arab Emirates provides a supply of well-trained International English Language Testing System ("IELTS") passers into our network for the Middle East and United Kingdom.
  • The Group has signed 3 mandates in the United Kingdom and 2 in the Middle East, building on its 2016 pipeline with further interview sessions

Healthperm continues to build on its business growth from 2016, conducting numerous interview sessions with candidates sourced from the Philippines, as well as business development meetings with NHS trusts in the UK and healthcare providers in the Middle East.

For the remainder of 2017, the Board anticipates the Group will agree additional mandates with NHS hospitals and healthcare organisations in the Middle East for the recruitment of nurses, doctors and other allied professionals from the Philippines.

On 28 April 2017 the Company announced an increase in the loan notes for which David Sumner, Co-Chairman, had irrevocably agreed to subscribe to £1.8 million. On 28 September 2017, the Board of Healthperm authorised an increase in the quantum of loan notes to £3.0 million. On the same date David Sumner agreed to increase the quantum of loan notes for which he has irrevocably agreed to subscribe to £3.0 million, to be available in maximum tranches of £150,000 per month subject to the Company's working capital requirements. The loan facility is repayable on or before 31 December 2018.

Finally, the Group places considerable value on the involvement of its employees and has continued its practice of keeping them informed of matters affecting them as employees and the various factors affecting the performance of the Group. The Directors would again like to mention and thank all staff for their efforts, and we look forward to your continued support in for 2017.

 

David Sumner and Alan Kitchin
Chairmen

 

Enquiries:

Healthperm Resourcing Ltd. www.healthperm.com
Steve Howson, Chief Executive Officer Tel: +44 (0)7815 927943
   
WH Ireland Ltd (Corporate Adviser) Tel: +44 (0)113 394 6600
Tim Feather/James Sinclair-Ford  
   
Daniel Stewart & Company PLC (Broker) Tel: +44 (0)20 7776 6550
David Lawman/Daphne Zhang  
   
Walbrook PR (PR advisers) Tel: +44 (0)20 7933 8790 or
Paul McManus Mob: +44 (0)7980 541893
  healthperm@walbrookpr.com

 

Condensed consolidated statement of comprehensive income
for the six months ended 30 June 2017

        6 months ended
30 June 2017
  6 months ended
30 June 2016
        (unaudited)   (unaudited)
    Note   £000   £000
             
Revenue       103   -
Cost of sales       (41)   -
Gross profit       62   -
             
Other income       87   43
Operating costs       (941)   (695)
Operating loss       (792)   (652)
             
Finance costs       (48)   (28)
Loss before taxation       (840)   (680)
Income tax   4   50   51
Loss after tax       (790)   (629)
             
Other comprehensive loss            
Items that may be reclassified subsequently to profit or loss:            
Exchange difference on translation of foreign operation       4   9
Total comprehensive loss for the year attributable to equity holders       (786)   (620)
             
Basic and diluted loss per share (pence)   8   9.12   7.26

The notes to the financial statements form an integral part of these interim financial statements.

All amounts are derived from continuing operations.

 

Condensed consolidated statement of financial position
as at 30 June 2017

        As at
30 June
2017
(unaudited)
  As at
31 December 2016
(audited)
    Note   £000   £000
Non-current assets            
Property, plant and equipment       3   1
Intangible assets   5   235   270
Deferred tax asset   4   201   160
        439   431
             
Current assets            
Trade and other receivables       276   84
Cash       206   22
        481   106
             
Current liabilities            
Trade and other payables       (502)   (590)
             
Net current (liabilities)/asset       (21)   (484)
             
Non-current liabilities            
Debt   7   (1,633)   (371)
Deferred tax liabilities   4   (36)   (41)
             
Net liabilities       (1,251)   (465)
             
Equity attributable to owners            
Share capital   6   14,840   14,840
Translation reserves       180   176
Capital restructuring reserve       (11,746)   (11,746)
Merger reserve       54   54
Accumulated loss       (4,579)   (3,789)
             
Total equity and merger reserve       (1,251)   (465)

The notes to the financial statements form an integral part of these interim financial statements.

This report was approved by the board and authorised for issue on 28 September 2017 and signed on its behalf by:

 

John-Paul Etheridge

 

Condensed consolidated statement of changes in equity
for the six months ended 30 June 2017

  Share
capital
Translation
reserves
Capital
restructuring
reserve
Merger
reserve
Accumulated
loss
Total
  £000 £000 £000 £000 £000 £000
             
At 1 January 2016 2,247 (10) (2,246) 54 (687) (642)
Loss for the year - - - - (3,102) (3,102)
Exchange differences - 186 - - - 186
Total comprehensive loss for the year - 186 - - (3,102) (2,916)
             
Transaction with owners            
Issuance of shares on capital restructuring 11,200 - (9,500) - - 1,700
Issuance of shares 1,408 - - - - 1,408
issuance costs (15) - - - - (15)
As at 31 December 2016 14,840 176 (11,746) 54 (3,789) (465)
             
Loss for the year - - - - (790) (790)
Exchange differences - 4 - - - 4
Total comprehensive loss for the year  

-
 

4
 

-
 

-
 

(790)
 

(786)
             
As at 30 June 2017 14,840 180 (11,746) 54 (4,579) (1,251)

The notes to the financial statements form an integral part of these interim financial statements.

 

Condensed consolidated statement of cash flows
for the six months ended 30 June 2017

  6 months ended
30 June 2017
  6 months ended
30 June 2016
  £000   £000
       
Cash flows from operating activities      
Loss before taxation (840)   (680)
Adjustments for:      
Depreciation and amortization 36   5
Interest expenditure 48   28
Operating cash flow before changes in working capital (756)   (647)
       
Movement in trade and other receivables (192)   18
Movement in trade and other payables 88   150
Net cash flow from operating activities (1,076)   (479)
       
Investing activities      
Purchase of property, plant and equipment (3)   -
Net cash flow from investing activities (3)   -
       
Issue of shares -   500
Debt financing 1,262   -
Net cash flow from financing activities 1,262   500
       
Net increase in cash and cash equivalents 183   21
Cash and cash equivalent at the beginning of the year 22   19
Effect of exchange rate fluctuations on cash held 1   16
Cash and cash equivalents at the end of the year 206   56

The notes to the financial statements form an integral part of these interim financial statements.

 

Notes

The full results including Notes can be downloaded in pdf format.

 

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