20th Sep 2006 07:01
Work Group plc20 September 2006 20th September 2006 Work Group plc Interim Results for the six months ended 30 June 2006 Work Group plc, the UK recruitment services provider, announces its InterimResults for the six months ended 30 June 2006. Headlines Financial •Gross profit up to £6.5m (2005: £4.0m) •Operating profit before goodwill amortisation (EBITA) up to £1.1m (2005: £0.5m) •Operating profit up to £0.9m (2005: £0.4m) •Profit before tax up to £0.8m (2005: £0.3m) •Diluted EPS up to 2.1p (2005: 1.2p) •Strong cash flow with cash at period end of £1.1m Business •Strong profit contribution from Armstrong Craven, acquired in October 2005 •Operating profit increases in all three divisions •Continuing successful migration of Adcomms income from advertising to fee-based services •Successful flotation on AIM in March 2006 •Increasing joint-selling across the Group Simon Howard, Chairman, said: "This is our first report since admission to AIM in March 2006 and we aredelighted that the Group continues to make real progress. "During the first half of the current year we have maintained positive growth,both in gross profit and margins, across all three operating divisions. Lastyear's acquisition of Armstrong Craven has proved a particular success and hasmaterially strengthened our 'direct resourcing' positioning within therecruitment services market. In the Work Adcomms and Managed Resourcingbusinesses the positive trend away from lower margin media-based income hascontinued, with a 32% rise in fee-based activities over the same period lastyear. "We continue to see pleasing trends in our current trading and are confident ofour ability to meet expectations for the full year." Further enquiries: Fishburn Hedges Tel: +44 (0)20 7839 4321Andy BerryMichelle James About Work Group Work Group offers a range of bespoke resourcing solutions aiming to enableemployers to recruit and retain staff more effectively, thereby reducing theirtraditional reliance on third parties such as head-hunters and recruitmentfirms. Central to Work Group's approach is the concept of 'direct resourcing' -the establishment and maintenance of a direct relationship between employer andprospective employee. Direct resourcing provides an efficient and cost effectivealternative to traditional third party based recruitment strategies and is agrowing trend among UK employers. Work Group currently operates through three trading divisions; Advertising andCommunications ("Adcomms"), Managed Resourcing, and Executive Research. Cont/...Chairman's Review Chairman's Review This is our first report since admission to AIM in March 2006 and we aredelighted that the Group continues to make real progress. During the first half of the current year we have maintained positive growth,both in gross profit and margins, across all three operating divisions. Lastyear's acquisition of Armstrong Craven has proved a particular success and hasmaterially strengthened our 'direct resourcing' positioning within therecruitment services market. In the Work Adcomms and Managed Resourcingbusinesses the positive trend away from lower margin media-based income hascontinued, with a 32% rise in fee-based activities over the same period lastyear. We remain actively engaged in identifying potential further acquisitions, aspart of our strategy to construct a group of direct resourcing interests. Wewill continue to be highly selective and are confident that our acquisitionstrategy will be able to enhance both our direct resourcing capability as wellas earnings for shareholders. At the time of our IPO we outlined our view that employers would increasingly beseeking greater efficiencies from their recruitment budgets and that as aconsequence of this, they would be seeking to reduce their dependence on thirdparty recruiters - i.e. employment and recruitment agencies. We continue to see an acceleration of this trend as it becomes an explicittarget of an increasing number of employers. As a result, our volume ofweb-based work continues to increase - in particular the creation of websiteswhich enable employers to harness better the recruitment benefits of theinternet. Within executive search we witness similar concerns from employers to containtheir recruitment costs, and this has been a significant driver in the 23%growth in gross profit on a pro forma basis (assuming the acquisition ofArmstrong Craven on 1 January 2005). As further endorsement of the direct resourcing approach, our divisions areincreasingly engaged in cross-selling with more clients buying more servicesfrom other parts of the Group. In addition, the divisions are also joint-sellingto potential clients, reflecting a growing demand from employers for alternativeapproaches to the traditional agency route. The appointment of Steve Bodger and Keith Cameron as Non-Executive Directors atthe time of the IPO has considerably strengthened the Board. We enjoy workingtogether as a team and their extensive experience has already brought the Groupgreat benefit. The Board will always keep the potential for a dividend payment under review,but does not make any recommendation for the period ended 30 June 2006, despiteour strong cash position. We continue to see pleasing trends in our current trading and are confident ofour ability to meet expectations for the full year. Simon HowardChairman Cont/...Operating Review Operating Review We have continued to make solid progress in all aspects of company performance.At Group level, gross profit for the period ended 30 June 2006 increased by 63%to £6.5m (2005: £4.0m) and EBITA by 111% to £1.1m (2005: £0.5m). EBITA margins(EBITA divided by gross profit) improved at Group level to 17.0% (2005: 13.2%)despite increased corporate costs as a result of the admission to AIM. Within each operating division, there was growth in gross profit and EBITA.Margins also increased, reflecting the benefits of both scale and costmanagement. --------------------------------------------------------------------------------Divisional Financial 6 months to 30 6 months to 30 Increase 12 months to 31Performance June 2006 June 2005 Dec 2005£'000--------------------------------------------------------------------------------Gross profit Adcomms 3,263 3,155 3% 6,627Managed Resourcing 907 795 14% 1,507Executive Research 2,281 - 978 --------------------------------------------------------------------------------Group Gross Profit 6,451 3,950 63% 9,112-------------------------------------------------------------------------------- Operating profit beforegoodwill amortisation (EBITA) Adcomms 538 449 20% 1,179Managed Resourcing 248 182 36% 268Executive Research 503 - 137Corporate costs (192) (110) (227) --------------------------------------------------------------------------------Group EBITA 1,097 521 111% 1,357-------------------------------------------------------------------------------- Operating profit Adcomms 467 376 24% 1,030Managed Resourcing 228 164 39% 235Executive Research 362 - 66Corporate costs (192) (110) (227) --------------------------------------------------------------------------------Group Operating Profit 865 430 101% 1,104-------------------------------------------------------------------------------- Note: Executive Research profit in 2005 relates to three months' contributionfrom Armstrong Craven following its acquisition. Adcomms In the Adcomms division, we continue to help clients migrate their spend fromadvertising to exploit more effective channels to market. This has significantlyincreased the level of demand for our fee-based services such as web marketing,website design and development, employer branding, employment research andinternal communications. In the six months to 30 June 2006 advertising grossprofit fell by 15% but fee-based gross profit grew by 49% - with the net effectbeing a 3% increase in divisional gross profit. This is a continuing trend whichhas accelerated in 2006 and underpins our focus on delivering increasing levelsof fee-based services. We are well on course to achieving our internal target of deriving over 80% ofGroup gross profit from non-media activities by the end of the year. In thefirst six months of 2006 on a pro forma basis (assuming the acquisition ofArmstrong Craven on 1 January 2005) media related income made up 22% of Groupgross profit, while gross profit from fee-based activities grew by 32%. Managed Resourcing In Managed Resourcing gross profit grew by 14% and EBITA by 36%, reflecting agrowing demand for recruitment process outsourcing. Two particularly pleasingtrends in the division were the increasing volumes of work from existing Groupclients and a high re-appointment rate on outsourced graduate recruitmentcontracts. Executive Research In Executive Research, on a pro forma basis (assuming the acquisition ofArmstrong Craven on 1 January 2005) gross profit increased by 23% and EBITA by41% representing a sound endorsement of the acquisition. Increasingly employersare recognising the benefits of direct executive search as well as our broaderknowledge and information services. In addition, we continue to grow our incomein the private equity community through our range of specialist servicestargeted at this market. Group Across the Group, on a pro forma basis (assuming the acquisition of ArmstrongCraven on 1 January 2005), gross profit increased by 12% and EBITA by 24%despite the increase in the corporate cost base as a result of becoming apublicly quoted company. Profit before and after tax is shown in the table below. The tax charge for thesix month period ended 30 June 2006 is based on the expected effective tax ratefor the year ended 31 December 2006. --------------------------------------------------------------------------------Group Financial 6 months to 30 6 months to 30 Increase 12 months to 31Performance £'000 June 2006 June 2005 Dec 2005-------------------------------------------------------------------------------- Profit before tax 767 327 135% 835 Profit after tax 513 197 160% 750 EPS diluted (pence) 2.12 1.15 84% 4.32-------------------------------------------------------------------------------- The proceeds of the IPO were principally used to eliminate debt on the balancesheet. Cash flow has continued to be strong during 2006 and contributedsignificantly to the increase in net cash to £1.1m at 30 June 2006. The companyhas an agreed credit arrangement with Barclays Bank of £3.0m to facilitate anyacquisition activity. Michael WarrenGroup Finance Director Independent review report to Work Group plc Introduction We have been instructed by the company to review the financial information forthe six months ended 30 June 2006 which comprises the consolidated profit andloss account, the consolidated balance sheet, the consolidated cash flowstatement, the comparative figures and the related notes. We have read the otherinformation contained in the interim report and considered whether it containsany apparent misstatements or material inconsistencies with the financialinformation. Directors' responsibilities The interim report, including the financial information contained therein, isthe responsibility of, and has been approved by the directors. The directors areresponsible for preparing the interim report and ensuring that the accountingpolicies and presentation applied to the interim figures are consistent withthose applied in preparing the preceding annual accounts except where anychanges, and the reasons for them, are disclosed. This interim report has been prepared in accordance with the basis set out inNote 1. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4issued by the Auditing Practices Board for use in the United Kingdom. A reviewconsists principally of making enquiries of group management and applyinganalytical procedures to the financial information and underlying financial dataand, based thereon, assessing whether the accounting policies and presentationhave been consistently applied unless otherwise disclosed. A review excludesaudit procedures such as tests of controls and verification of assets,liabilities and transactions. It is substantially less in scope than an auditperformed in accordance with Auditing Standards and therefore provides a lowerlevel of assurance. Accordingly we do not express an audit opinion on thefinancial information. This report, including the conclusion, has been preparedfor and only for the company for the purpose of meeting its obligations underthe AIM rules and for no other purpose. We do not, in producing this report,accept or assume responsibility for any other purpose or to any other person towhom this report is shown or into whose hands it may come save where expresslyagreed by our prior consent in writing. Review conclusion On the basis of our review we are not aware of any material modifications thatshould be made to the financial information as presented for the six monthsended 30 June 2006. PricewaterhouseCoopers LLPChartered AccountantsLondon 19 September 2006 Consolidated profit and loss accountfor the 6 month period ended 30 June 2006 Note Unaudited Audited Audited 6 month period (Restated) (Restated) ended 30 June 6 month period Year ended 31 2006 ended 30 June December 2005 2005 ---------------------------------------------------- £ £ £Turnover 16,251,736 16,109,661 31,307,973Cost of sales (9,800,596) (12,159,274) (22,195,873) ----------------------------------------------------Gross profit 6,451,140 3,950,387 9,112,100Administrativeexpenses (5,586,215) (3,520,394) (8,008,166) ----------------------------------------------------Operatingprofit beforegoodwillamortisationand exceptionalitems 1,097,210 521,415 1,357,211Goodwillamortisation (232,285) (91,422) (253,277) ----------------------------------------------------Operating profit 864,925 429,993 1,103,934Interestreceivable andsimilar income 16,998 1,576 7,840Interestpayable andsimilar charges (114,785) (104,894) (277,230) ----------------------------------------------------Profit onordinaryactivitiesbefore taxation 767,138 326,675 834,544Taxation onprofit onordinaryactivities 2 (254,130) (129,910) (84,476) ----------------------------------------------------Profit for thefinancialperiod/year 513,008 196,765 750,068 ---------------------------------------------------- Earnings pershare (pence) 4 2.45 1.41 5.29Dilutedearnings pershare (pence) 2.12 1.15 4.32 The results above are all in respect of continuing operations. The group had no gains or losses in the period/year, other than those includedin the profit and loss account above, therefore no separate statement of totalrecognised gains and losses has been presented. Consolidated balance sheetas at 30 June 2006 Note Unaudited Audited Audited 30 June 2006 30 June 31 December 2005 2005 £ £ £ Fixed assetsTangible 837,428 672,480 854,942Intangible 8,411,179 3,215,003 8,643,465 ------------ ------------ ------------ 9,248,607 3,887,483 9,498,407Current assetsStock and work in progress 137,091 50,410 33,358Debtors 6,068,724 5,193,210 4,751,989Cash at bank 1,100,684 46,884 60,470 ------------ ------------ ------------ 7,306,499 5,290,504 4,845,817Creditors: amounts falling duewithin one year 5 (8,078,975) (6,590,002) (7,749,359) ------------ ------------ ------------Net current liabilities (772,476) (1,299,498) (2,903,542) ------------ ------------ ------------Total assets less currentliabilities 8,476,131 2,587,985 6,594,865Creditors: amounts falling dueafter more than one year - (1,500,000) (4,488,770)Provisions for liabilities andcharges (30,992) (195,666) (113,112) ------------ ------------ ------------Net assets 8,445,139 892,319 1,992,983 ============ ============ ============Capital and reservesCalled up share capital 6 477,094 2,793,097 296,331Share premium account 5,763,474 50,103 -Special reserve 2,825,806 - 2,825,806Profit and loss account (621,235) (1,950,881) (1,129,154) ------------ ------------ ------------Shareholders' funds 7 8,445,139 892,319 1,992,983 ============ ============ ============ The financial information which comprises the consolidated profit and lossaccount, the consolidated balance sheet, the consolidated cash flow statement,the comparative figures and the related notes, was approved by the board ofdirectors on 19 September 2006 and was signed on its behalf by: Michael Warren Simon HowardGroup Finance Director Chairman Consolidated cash flow statementfor the 6 month period ended 30 June 2006 Note Unaudited Audited Audited 6 month period 30 June 2005 Year ended 31 ended 30 June December 2005 2006 £ £ £Net cash inflow from operatingactivities 8 762,800 1,545,659 2,337,405Returns on investments andservicing of financeInterest paid (322,451) (121,862) (175,269)Interest received 16,998 1,576 5,652 ------------ ------------ ------------ (305,453) (120,286) (169,617)Corporation tax paid - - -Capital expenditurePurchase of tangible fixedassets (125,000) (78,380) (176,625)Proceeds from sale of tangible fixed assets - - 200 ------------ ------------ ------------ (125,000) (78,380) (176,625)AcquisitionsPurchase of subsidiaryundertakings - - (2,753,983)Net cash/(overdraft) acquiredwith subsidiary - - (203,223)Acquisition expenses - - (279,264) ------------ ------------ ------------ - - (3,236,470) ------------ ------------ ------------Net cash inflow before financing 332,347 1,346,993 (1,245,307)FinancingInvoice discounting advancesrepaid - (1,353,105) (1,459,139)Issue of share capital (netof expenses) 5,944,237 - -Deferred consideration paid (400,000) - -Preference shares redeemed (500,000) - -Loan notes repaid (1,500,000) - -Expenses of bank loan issue - - (24,915)Bank loan issued/(repaid) (2,653,983) - 2,578,687Finance lease payments (18,572) - (5,037) ------------ ------------ ------------Net cash inflow/(outflow) fromfinancing 871,682 (1,353,105) 1,088,966 ------------ ------------ ------------Increase/(decrease) in cash in the period/year 9 1,204,029 (6,112) (156,341) ============ ============ ============ Notes to the interim reportfor the 6 month period ended 30 June 2006 1 Basis of preparation The financial information in this report has been prepared under the historiccost convention and incorporates the consolidated results of Work Group plc andits subsidiary undertakings (together "the group") for the six month periodended 30 June 2006. The accounting policies for all periods are in accordance with those set out inthe Consolidated financial statements for the year ended 31 December 2005, otherthan as set out below. The Consolidated financial statements for the year ended31 December 2005, on which the auditors gave an unqualified opinion, have beendelivered to the Registrar of Companies. FRS 20 "Share based payment" applies for accounting periods beginning on orafter 1 January 2006 and has been adopted in this interim report. The impact ofthe adoption of this standard on the results for the period is a credit to theprofit and loss account of £5,089, which has been offset by a correspondingdebit to reserves. The adoption of the standard represents a change inaccounting policy and the comparative figures have been restated accordingly.Please refer to note 7. The financial information for the year ended 31 December 2005 is derived fromthe statutory accounts for that period. The financial information for the sixmonth period ended 30 June 2005 is derived from the audited interim report forthat period, on which the auditors gave an unqualified opinion. The financial information contained in this Interim Statement does notconstitute accounts as defined by section 240 of the Companies Act 1985. 2 Taxation on profit on ordinary activities The tax charge for the six month period ended 30 June 2006 is based on theexpected effective tax rate for the year ended 31 December 2006. 3 Dividends No dividend is proposed 4 Earnings per share Weighted average number Per share Earnings of shares amount £ '000 PenceUnaudited - Year ended 31 December 2005Basic earnings per share 750,068 14,166 5.29Effect of dilutive share options - 3,209 (0.97) --------- ---------- ----------Diluted earnings per share 750,068 17,375 4.32 --------- ---------- ---------- Unaudited - Period ended 30 June 2005Basic earnings per share 196,765 13,965 1.41Effect of dilutive share options - 3,085 (0.26) --------- ---------- ----------Diluted earnings per share 196,765 17,050 1.15 --------- ---------- ---------- Unaudited - Period ended 30 June 2006Basic earnings per share 513,008 20,938 2.45Effect of dilutive share options - 3,283 (0.33) --------- ---------- ----------Diluted earnings per share 513,008 24,221 2.12 --------- ---------- ---------- Basic earnings per share is calculated by dividing the earnings attributable toordinary shareholders by the weighted average number of ordinary shares in issueduring the period. As detailed in note 6, on 2 February 2006, the existing 10p ordinary shares weresubdivided into 2p ordinary shares. The weighted average number of shares forthe year ended 31 December 2005 and six month period ended 30 June 2005 has beenadjusted for this change in the nominal value of the share capital and theconversion of cumulative preferred ordinary shares into 2p ordinary shares. The weighted average number of shares for 2006 also includes the impact of the8,695,652 new ordinary shares issued on flotation on AIM. For diluted earnings per share, the weighted average number of shares isadjusted to reflect the impact of all dilutive potential ordinary shares. 5 Creditors: amounts due within one year Unaudited Audited Audited period ended period ended year ended 31 30 June 2006 30 June 2005 December 2005 £ £ £Invoice discountingadvances - 106,064 -Bank loans and overdrafts - - 1,138,900Preference shares - 500,000 500,000Trade creditors 2,933,051 3,708,633 2,285,879Corporation tax 209,772 638,082 64,668Other taxation andsocial security costs 748,618 - 726,141Other creditors 1,136,235 1,117,125 1,058,396Deferred contingentconsideration 1,830,000 - 400,000Finance leaseagreements 4,787 - 18,572Loan stock - - 500,000Loan notes 417,684 - 346,017Accruals and deferredincome 798,828 520,128 710,786 ----------- ----------- ----------- 8,078,975 6,590,002 7,749,359 ----------- ----------- ----------- The three year term bank loan from Barclays plc was repaid in March 2006following the admission to AIM. Interest was chargeable at 2.0625 per cent,above the LIBOR rate. The overdraft facility bears interest at 1.75 per cent above the Bank of Englandbase rate. Deferred contingent consideration relates to the acquisition of Armstrong CravenLimited. Loan notes are repayable on demand and bear interest at a fixed rate of 2 percent. Obligations under finance lease arrangements are secured on the assets acquiredunder these arrangements. On 6 March 500,000 preference shares of £1 each were redeemed at par by thecompany. 6 Called up share capital Unaudited Audited Audited 30 June 2006 30 June 2005 31 December 2005Authorised £ £ £75,000,000 ordinary shares of 2p each (30 June 2005: 2,447,100 ordinary shares of £1 each; 31 December 2005: 2,447,100 ordinary shares of 10p each) 1,500,000 2,447,100 244,7101,271,897 cumulative preferred ordinary shares of £1 each (31 December 2005: 10p) - 1,271,897 127,190 ----------- ----------- ----------- 1,500,000 3,718,997 371,900 ----------- ----------- -----------Allotted and called up23,854,707 ordinary shares of 2p each (30 June 2005: 1,521,200 ordinary shares of £1 each; 31 December 2005: 1,691,414 ordinary share of 10p each) 477,094 1,521,200 169,1411,271,897 cumulative preferred ordinary shares of £1 each (31 December 2005: 10p) - 1,271,897 127,190 ----------- ----------- ----------- 477,094 2,793,097 296,331 ----------- ----------- -----------Allotted, called up and fully paid8,457,070 ordinary shares of 2p each (30 June 2005: 1,485,906 ordinary shares of £1 each; 31 December 2005: 1,691,414 ordinary shares of 10p each) 169,141 1,485,906 169,141Conversion of 1,271,897 cumulative preferred ordinary shares of 10p each to 6,359,485 ordinary shares of2p each 127,190 - -Issue of 342,500 ordinary shares of 2p each on exercise of share options 6,850 - -Issue of 8,695,652 ordinary shares of 2p each on admission to AIM 173,913 - -1,271,897 cumulative preferred ordinary shares of 10p each (30 June 2005: £1 each) - 1,271,897 127,190 ----------- ----------- ----------- 477,094 2,793,097 296,331 ----------- ----------- ----------- On 2 February 2006 all of the issued and unissued ordinary shares of 10p weresub-divided into five ordinary shares of 2p each. On the same date all of theissued cumulative preferred ordinary shares of 10p each were sub-divided intofive cumulative ordinary shares of 2p each. Also on 2 February 2006 the authorised share capital of the company wasincreased to £1.5million by the creation of 31,405,015 new ordinary shares of 2peach. On 22 February 2006 share options were exercised over 230,000 ordinary shareswhich were consequently issued for cash and all 6,359,485 cumulative preferredordinary shares were redesignated as ordinary shares. On 1 March 2006 8,695,652 new ordinary shares of 2p each were issued for cash onadmission to AIM. On 28 March share options were exercised over 112,500 shares which wereconsequently issued for cash. 7 Reconciliation of movements in shareholders' funds Unaudited Audited Audited 30 June 2006 (Restated) (Restated) 30 June 2005 31 December 2005 £ £ £Opening shareholders' funds 1,992,983 695,554 835,073Issue of new share capital 5,944,237 - 170,214Share premium on acquisition ofArmstrong Craven - - 229,786Share based payment (5,089) - 7,842Profit for the financial period 513,008 196,765 750,068 ----------- ----------- -----------Closing shareholders' funds 8,445,139 892,319 1,992,983 ----------- ----------- ----------- There is no impact on opening shareholders' funds as at 1 January 2005 from theintroduction of FRS 20. 8 Reconciliation of operating profit to net cash inflow from operating activities (Restated) (Restated) Unaudited Audited Audited 6 month 6 month Year ended 31 period ended period ended December 2005 30 June 2006 30 June 2005 £ £ £Operating profit 864,925 429,993 1,103,934Depreciation 139,836 81,392 194,152Loss on disposal of fixed assets 1,912 - 138Amortisation of goodwill 232,285 91,422 253,277Share based payment (5,089) - 7,842(Increase)/decrease in stock and work (103,733) 11,313 28,365in progress(Increase)/decrease in debtors (1,425,633) (457,967) 1,001,619Increase/(decrease) in creditors 1,140,417 1,472,060 (86,814)Decrease in provisions for liabilities (82,120) (82,554) (165,108)and charges ----------- ----------- -----------Net cash inflow from operating 762,800 1,545,659 2,337,405activities ----------- ----------- ----------- 9 Reconciliation of net cash inflow to movement in net funds/(debt) Unaudited Audited Audited 6 month 6 month Year ended 31 period ended period ended December 2005 30 June 2006 30 June 2005 £ £ £Increase/(decrease) in cash in the 1,204,029 (6,112) (156,341)period/yearInvoice discounting advances received - 1,353,105 1,459,139Loan notes issued (71,667) - (346,017)Bank loan repaid/(issued) 2,653,983 - (2,629,068)Bank loan issued with Armstrong Craven - - (75,926)LimitedBank loan repaid - - 75,926Finance leases acquired with Armstrong - - (28,396)Craven LimitedPreference share repaid (500,000) - -Loan stock repaid (1,500,000) - -Finance leases repaid 18,572 - 5,037Other non-cash changes (24,915) - -Net debt at 1 January 2006 (5,101,789) (2,906,143) (3,406,143) ----------- ----------- -----------Net funds/(debt) at 30 June 2006 678,213 (1,559,150) (5,101,789) ----------- ----------- ----------- 10 Analysis of changes in net (debt)/funds At 1 January Cash flows Non cash At 30 June 2006 movements 2006 £ £ £ £ Cash at bank 60,470 1,040,214 - 1,100,684Overdraft (163,815) 163,815 - - ---------- ---------- ---------- ---------- (103,345) 1,204,029Finance leases (23,359) 18,572 - (4,787)Bank loan- due less than (975,085) 1,000,000 (24,915) -one yearBank loan - due within one (1,653,983) 1,653,983 - -yearLoan notes (346,017) - (71,667) (417,684)Preference shares (500,000) 500,000 - -Loan Stock - due within one (500,000) 500,000 - -yearLoan Stock - due within two (1,000,000) 1,000,000 - -to five years ---------- ---------- ---------- ----------Total (5,101,789) 5,876,584 (96,582) 678,213 ---------- ---------- ---------- ---------- 11 Interim Report A copy the interim report will be circulated to all registered shareholders of the Company and copies will be available for members of the public uponapplication to the Registered Office at Safron House, 6 - 10 Kirby Street,London EC1N 8EQ or on the Company's website at www.workgroupplc.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
INCE.L