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Impellam Announces CSG results

Impellam Announces CSG results

The Impellam Group plc has announced that its wholly owned subsidiary, The Corporate Services Group Limited has day published its interim financial report for the six months ended 30 June 2009. The CSG Report relates to CSG only and, is not and should not, be read as being representative of the financial position of Impellam for the six months ending 30 June 2009, which will be released by Impellam.

INTERIM FINANCIAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2009

The results for the six months ended 30 June 2009 show a retained loss of 3.7 million. This compares to a profit of 8.5 million for the six months ended 30 June 2008 and 13.4 million profit for the 12 months ended 31 December 2008. This movement is due wholly to currency movements on investments denominated in US Dollars which have been adverse this year reflecting the relative weakness of Sterling against the US Dollar. The company remains an investment holding company and as such its activities have remained unchanged.

Board changes
On 14 May 2009 Desmond Doyle stepped down as a Director of the Company and Nigel Millinson was appointed on the same date.

Going concern
The company is dependent, in the absence of other funding, on the continued support of the ultimate parent company, Impellam Group plc. The ultimate parent company has confirmed that it will continue to support the company for a period of at least twelve months. On this basis, the Directors consider it appropriate to prepare the accounts on the going concern basis.

The Directors of The Corporate Services Group Ltd are as listed in the 2008 annual report and accounts, with the exception of the resignation of Desmond Doyle on 14 May 2009 and the appointment of Nigel Millinson on the same date.

By order of the Board,

Andrew Burchall
Director

Consolidated income statement
For the six months ended 30 June 2009

Sixmonths ended 30 June 2009

Sixmonths ended
30 June 2008

Twelve months ended
31 December 2008

Notes

000

000

000

Turnover

-

-

-

Administrative expenses

(4,912)

6,395

9,941

Operating (loss)/profit

(4,912)

6,395

9,941

Excluding exceptional items

(4,912)

8,159

11,705

Exceptional items

-

(1,764)

(1,764)

Operating (loss)/profit

(4,912)

6,395

9,941

Interest receivable

989

1,688

3,270

Interest payable and similar charges

(1,097)

(2,239)

(2,523)

(Loss) / profit on ordinary activities before taxation

(5,020)

5,844

10,688

Tax on (loss)/profit on ordinary activities

3

1,295

2,666

2,718

(Loss) / profit for the period

(3,725)

8,510

13,406

Turnover and operating (loss) / profit derive wholly from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

There is no material difference between the result reported above and the result on an unmodified historical cost basis.

Consolidated condensed balance sheet
At 30 June 2009

30 June 2009

30 June 2008

31 December 2008

000

000

000

Fixed assets

Investments

73,834

73,846

73,834

Current assets

Debtors

54,159

55,491

53,638

Cash at bank and in hand

112

144

4,198

54,271

55,635

57,836

Creditors: Amounts falling due within one year

(38,852)

(41,457)

(38,722)

Net current assets

15,419

14,178

19,114

Total assets less current liabilities

89,253

88,024

92,948

Creditors: Amounts falling due after more than one year

(19,886)

(19,824)

(19,855)

Net assets

69,367

68,200

73,093

Capital and reserves

Called up share capital

10,772

10,772

10,772

Share premium reserve

280,816

280,816

280,816

Own shares

-

-

-

Other reserves

46,613

46,613

46,613

Profit and loss reserve

(268,834)

(270,001)

(265,108)

Shareholders' funds

69,367

68,200

73,093

Notes to the interim financial statements
1 Basis of preparation
I. Statement of Compliance
The financial statements have been prepared on a going concern basis under the historical cost convention and in accordance with applicable accounting standards and the Companies Act 1985.
II. Accounting policies
The accounting policies used in this interim report are consistent with those applied at 31 December 2008 by the Company.

2 Exceptional items

Six months ended
30 June 2009

Six months ended
30 June 2008

Twelve months
ended
31 December 2008

000

000

000

Exceptional administrative expenses

-

1,764

1,764

In 2008 various provisions were established as a result of the purchase of the company by Impellam Group plc. These provisions relate mainly to onerous commitments on empty office space and the costs of related redundancies. Also included within exceptional costs is an amount of 757,000 relating to movements on the impairment of various loans to subsidiaries.
3 Taxation
Income tax expense is recognised based on management's best estimate of the effective annual income tax rate expected for the full financial year.
4 Post balance sheet events
On 23 July 2009 the company completed a capital reorganisation under the terms of Section 641 of the Companies Act 2006 by reducing the share premium account from 280,815,747 to nil. In accordance with the Companies (Reduction of Share Capital) Order 2008, which deals with reserves arising from such a reduction, this reserve will be treated as a realised profit.

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