‘Resilient’ results for HCL
Healthcare staffing specialist Healthcare Locums has seen a “resilient” performance in line with expectations, according to unaudited results for the six months ended 30 June 2011.
Healthcare staffing specialist Healthcare Locums has seen a “resilient” performance in line with expectations, according to unaudited results for the six months ended 30 June 2011.
The group’s results reveal:
| Consolidated Income Statement | 2011 H1 | 2010 H1 | 2010 |
| Unaudited | Unaudited | Year | |
| Restated | Audited | ||
| £m | £m | £m | |
| Revenue | 116.8 | 74.9 | 154.9 |
| Gross Profit | 26.3 | 20.9 | 40.7 |
| Gross Profit % | 23% | 28% | 26% |
| Adjusted EBITDA * | 3.7 | 2.7 | (0.2) |
| Adjusted Profit/(Loss) from operations ** | 0.5 | 1.7 | (3.0) |
| Highlighted items: | |||
| Goodwill impairment | - | - | (46.0) |
| Others (net) ** | (9.7) | (0.2) | (3.1) |
| (Loss)/Profit from operations | (9.2) | 1.5 | (52.1) |
| Foreign exchange gains (net) | 0.4 | - | 1.5 |
| Finance expense (net) | (10.2) | (0.7) | (5.9) |
| (Loss)/Profit before taxation | (19.0) | 0.8 | (56.5) |
| Tax benefit/(expense) | 1.2 | - | 2.1 |
| (Loss)/Profit for the period from continuing operations | (17.8) | 0.8 | (54.4) |
| Profit for the period from discontinued operations, net of tax | 0.7 | - | - |
| (Loss)/Profit for the period | (17.1) | 0.8 | (54.4) |
| Basic earnings per share from continuing operations (pence) | (15.7) p | 0.7 p | (50.0) p |
| * | Adjusted EBITDA is adjusted profit/(loss) from operations before depreciation of property, plant and equipment, amortisation of intangibles and share scheme charges. |
| ** | Adjusted Profit / (loss) from operations refers to profit/(loss) from operations before impairment of goodwill and other highlighted items as analysed in Note 8 to the interim results. |
HCL says underlying results were as expected in a challenging environment and, following shareholder approval of the refinancing on 12 September, is well positioned for improved performance over the medium term.
Chief executive Stephen Burke says: “We anticipated difficult markets and continue to take timely action to ensure we are able to respond effectively to our clients’ changing demands, These underlying results demonstrate the group’s resilience as it has performed to our expectations in challenging conditions.
“Our UK and Australian footprints mean that we are well positioned for improved performance.”
HCL has also announced that interim chief financial officer, Colin Whipp, is stepping down following the successful stabilisation and recapitalisation of HCL. As from 1 October, William Jessup will be appointed to the board as the interim CFO. Joining Jessup on the board is Mark Andrews as non-executive director.
HCL adds that it is recruiting a permanent CFO and is seeking to appoint an additional non-executive director.
