TIDMNBB
RNS Number : 2366C
Norman Broadbent PLC
28 September 2018
Norman Broadbent plc
("Norman Broadbent" "NBB" "the Company" or "the Group")
Interim Results
The board (the "Board") of Norman Broadbent plc, is pleased to
announce the Groups unaudited interim results for the six months
ended 30 June 2018.
Highlights
-- Significant progress towards a return to profitability
-- Group revenue increased by GBP1.37m (+42%) to GBP4.7m
-- Net Fee Income ("NFI") increased by GBP0.7m (+27%) to GBP3.3m
-- Loss after tax reduced by GBP0.4m (-61%) to a H1 2018 loss of GBP0.3m
-- Interim Management NFI increased by GBP464,000 (+139%) to GBP799,000
-- H1 2018 Group operating performance (loss of GBP0.2m) a
significant improvement on preceding period (H2 2017 loss of
GBP1m)
-- Successfully relocated to new Central London offices
generating projected annual savings of GBP0.3m
-- H1 2018 Group performance slightly ahead of Board expectations
Mike Brennan, CEO of Norman Broadbent, said:
"As Phase Two of our transformation maintains momentum, we are
increasingly and consistently delivering high quality innovative
solutions for clients, often combining a number of our different
service lines.
From an NFI perspective, we have created a more balanced Group
combining recurring annuity revenue, with a range of consulting,
research-related and high-quality fully-retained Talent Acquisition
fees.
Having posted a loss of GBP1m in H2 2017, I am pleased with the
significant improvement in H1 2018, reducing the loss to
GBP0.3m.
With the Group delivering ahead of Board expectations in the
first half, I would like to thank my colleagues for their hard
work, innovation and commitment, our clients for placing their
continued trust in us, and our supportive shareholders".
For further information please contact:
Norman Broadbent plc
Mike Brennan/Will Gerrand 020 7484 0000
WH Ireland Limited
Adrian Hadden/ Jessica Cave 020 7220 1666
About Norman Broadbent plc:
Norman Broadbent plc (AIM: NBB) is a leading Professional
Services firm focusing on Talent Acquisition & Advisory
Services. Since its formation nearly 40 years ago, NBB has
developed a portfolio of complementary service centered on Board
& Leadership/Executive Search, Senior Interim Management,
Research & Insight, Leadership Consulting & Assessment, and
executive level Recruitment Solutions. Unusually, NBB is one of the
few businesses of its type offering clients an integrated Executive
Search and Interim Management offering. This innovative approach
gives clients access to business critical executive-level Talent,
meeting both short and longer-term needs.
CEO Review:
The Group, in the six months to 30 June 2018 incurred an
operating loss of GBP234,000 (2017: loss GBP667,000) on turnover of
GBP4,667,000 (2017: GBP3,292,000). This improved performance
represents a 65% reduction compared with H1 2017. In addition the
Group has reduced the operating loss from the preceding period (six
months ended 31 December 2017) by GBP659,000 or 74%.
The results for the previous two six month periods demonstrate
the positive and ongoing impact of the transformational changes
being made across the Group.
The results evidence how we are creating a more balanced Group
made up of complementary high-quality and recurring annuity revenue
streams.
Whilst our established Search business (which currently
incorporates our growing Research & Insight revenues)
contributed 54% of NFI, our Interim, Solutions, Insight, and
Consulting brands are increasing their percentage share of Group
NFI. As they grow, even greater balance will be created across the
Group.
Our diverse portfolio of services continues to gain traction in
the market as clients increasingly utilise our more integrated,
progressive and sophisticated offerings in addition to our proven
'Search' service.
We are on track to strategically scale the business with further
high quality additions to the teams. As our transformation
progresses, we will maintain our focus on innovation,
client-service, enhancing our established brand, the continued
growth of high-quality recurring revenues, and ultimately a return
to profitability.
Board Updates
Having served as Non-Executive Chairman since 2016, Frank Carter
is stepping down to pursue other interests. On behalf of the Board
I would like to thank Frank for his help and insight as we
transformed the Company into a more balanced, integrated and
innovative Professional Services business. Our Search for a
successor is already underway and we will announce the new
appointment in due course.
I am pleased to announce the appointment of Fiona McAnena as a
Non-Executive Director. Fiona, 54, will join the Board with
immediate effect. She will serve alongside long-standing NED, Brian
Stephens.
Fiona has a background in strategic marketing and brand
consultancy. She is a business adviser and NED with broad expertise
in creating and executing consumer and customer led strategies for
growth and commercial impact. She has continuous and diverse
experience as an NED over twenty years, having sat on committees
such as finance, audit and risk, and nominations across three
boards. With executive experience in major corporates such as
PepsiCo (Vice President, Innovation), WPP (Group Development
Director, Kantar Insight & Consulting and CEO of MEC UK), and
BUPA (Global Brand Director) she brings a customer and consumer
lens to business questions.
As we seek to further enhance our brands, and refine our
messaging into the markets, Fiona's experience will be a great
asset to the Group.
Further disclosures as required under Schedule 2(g) of the AIM
Rules are set out below.
Present Directorships/Partnerships Previous Directorships/Partnerships
Clearhound Stagecoach Performing Arts
British Rowing PK Food concepts Ltd
City West Homes
Meadway (Esher) Residents' Association
CS Healthcare
Summarised Financial Results:
The table below summarises the results for the Group.
Six months Six months Year ended
to 30 June to 30 June 31 Dec
2018 2017 2017
GBP000's GBP000's GBP000's
Continuing operations
Revenue 4,667 3,292 6,523
Cost of sale (1,377) (696) (1,484)
------------ ------------ -----------
Gross profit / Net Fee Income 3,290 2,596 5,039
Operating expenses (3,524) (3,263) (6,599)
Group operating loss (234) (667) (1,560)
------------ ------------ -----------
Net finance cost (31) (12) (42)
Loss before tax (265) (679) (1,602)
Income tax - - -
------------ ------------ -----------
Loss after tax (265) (679) (1,602)
------------ ------------ -----------
Norman Broadbent Executive Search ("NBES")
NBES continued to recover momentum after the significant
restructure of the last 12 months. Net Fee Income for H1 2018 was
GBP1,775,000, an increase of GBP356,000 from H1 2017 (+25%), and up
GBP199,000 (+13%) from H2 2017. NBES made a small loss of GBP18,000
for H1 2018 compared with a loss of GBP566,000 in H1 2017.
Research & Insight ("R&I")
NBES revenues above include those generated by our R&I team
where we continue to invest. The R&I team not only serves our
own internal requirements, but also provides complementary services
to our other businesses, and increasingly to external clients who
buy stand-alone Research & Insight services.
Norman Broadbent Interim Management ("NBIM")
NBIM was re-launched at the end of 2016 and continues to grow.
Net Fee Income for H1 2018 was GBP799,000, an increase of
GBP464,000 from H1 2017 (+139%), and up GBP423,000 (+113%) from H2
2017. NBIM has reported a profit of GBP118,000 for H1 2018 compared
to a loss of GBP113,000 in H1 2017. NBIM made a loss of GBP124,000
in H2 2017.
NB Solutions ("NBS")
NBS Net Fee Income for H1 2018 was GBP618,000, an increase of
GBP245,000 from H1 2017 (+66%), and up GBP174,000 (+39%) from H2
2017. NBS posted a Profit Before Tax of GBP66,000 compared with a
loss of GBP62,000 in H1 2017.
Norman Broadbent Leadership Consulting ("NBLC")
NBLC was not able to replicate the success of H1 2017, declining
from a profit before tax of GBP365,000 in H1 2017 to a loss of
GBP44,000 in H1 2018 (NBLC made a loss of GBP71,000 in H2 17). This
reflected a pause in the assessment and development programmes of
some of our larger customers.
Financial Position
Equity shareholders' funds were GBP1,765,000 as at 30 June 2018
(GBP2,049,000 at 31 December 2017), with net current liabilities of
(GBP39,000) (net current assets GBP316,000 at 31 December 2017).
Cash and cash equivalents at 30 June 2018 amounted to GBP260,000
(GBP678,000 at 31 December 2017).
Net cash outflow from operations was GBP255,000 (GBP2,079,000 at
31 December 2017) and net cash inflow from financing activities
amounted to GBP20,000 (GBP1,851,000 at 31 December 2017).
The Group continues to closely manage its costs and with trading
improving, the Board looks forward to the Group becoming cash
generative.
Outlook
The business is now well positioned and our aim is to continue
building on the significant work carried out to date.
These are positive results for us, and evidence our progression.
With the Group delivering slightly ahead of Board expectations in
the first half, I would like to thank my colleagues for their hard
work, innovation and commitment, our clients for placing their
continued trust in us, and our supportive shareholders.
Michael J. Brennan
Group Chief Executive Officer
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six month period ended 30 June 2018
Note Six months Six months Year ended
ended 30 ended 30
June 2018 June 2017
(unaudited) (unaudited) 31 December
2017
(audited)
GBP000 GBP000 GBP000
Continuing operations
Revenue 4,667 3,292 6,523
Cost of Sales (1,377) (696) (1,484)
-------------- -------------- --------------
Gross profit 3,290 2,596 5,039
Operating expenses (3,524) (3,263) (6,599)
Group operating profit / (loss) (234) (667) (1,560)
Net finance cost (31) (12) (42)
Loss on ordinary activities
before income tax (265) (679) (1,602)
Income tax expense - - -
Loss for the period (265) (679) (1,602)
============== ============== ==============
Other comprehensive income
Total comprehensive loss (265) (679) (1,602)
============== ============== ==============
Loss attributable to:
Owners of the Company (294) (651) (1,543)
Non-controlling interests 29 (28) (59)
-------------- -------------- --------------
Loss for the period (265) (679) (1,602)
============== ============== ==============
Total comprehensive loss attributable
to:
Owners of the Company (294) (651) (1,543)
Non-controlling interests 29 (28) (59)
-------------- -------------- --------------
Total comprehensive loss for
the period (265) (679) (1,602)
============== ============== ==============
Loss per share 4
- Basic (0.55p) (1.56)p (3.52)p
- Diluted (0.55p) (1.56)p (3.52)p
Adjusted loss per share
- Basic (0.53p) (1.53)p (3.48)p
- Diluted (0.53p) (1.53)p (3.48)p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2018
Note As at As at As at
30 June 30 June 31 December
2018 2017 2017
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Non-current assets
Intangible assets 1,363 1,363 1,363
Property, plant and equipment 174 60 47
Trade and other receivables 168 201 195
Deferred tax 69 69 69
Total non-current assets 1,774 1,693 1,674
Current assets
Trade and other receivables 2,597 1,935 2,093
Cash and cash equivalents 260 304 678
------------ ------------ ---------------
Total current assets 2,857 2,239 2,771
Total assets 4,631 3,932 4,445
------------ ------------ ---------------
Current Liabilities
Trade and other payables (1,599) (1,208) (1,179)
Provisions 5 (125) (125) (125)
Loan Note (300) - (300)
Bank overdraft and interest
bearing loans (872) (833) (851)
Total current liabilities (2,896) (2,166) (2,455)
Net current assets (39) 73 316
Total liabilities (2,896) (2,166) (2,455)
------------ ------------ ---------------
Total assets less total liabilities 1,735 1,766 1,990
------------ ------------ ---------------
Equity
Issued share capital 6,266 6,143 6,266
Share premium account 13,706 12,685 13,706
Retained earnings (18,207) (17,034) (17,923)
Equity attributable to owners
of the Company 1,765 1,794 2,049
Non-controlling interests (30) (28) (59)
Total equity 1,735 1,766 1,990
------------ ------------ ---------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six month period ended 30 June 2018
Attributable to owners of
the Company
-----------------------------------------------
CONSOLIDATED GROUP
Share Capital Share Retained Total Non-controlling Total
Premium Earnings Equity interests Equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1 January 2017 6,143 12,685 (16,394) 2,434 - 2,434
Loss for the period - - (651) (651) (28) (679)
Adjustment for discontinued - - - - - -
operation
Total other comprehensive - - - - - -
income
-------------- --------- ---------- -------- ---------------- --------
Total comprehensive income
for the period - - (651) (651) (28) (679)
-------------- --------- ---------- -------- ---------------- --------
Transactions with owners of the Company,
recognised directly in equity:
Issue of ordinary shares - - - - - -
Credit to equity for share
based payments - - 11 11 - 11
-------------- --------- ---------- -------- ---------------- --------
Total transactions with
owners of the Company, recognised
directly in equity - - 11 11 - 11
-------------- --------- ---------- -------- ---------------- --------
Balance at 30 June 2017 6,143 12,685 (17,034) 1,794 (28) 1,766
============== ========= ========== ======== ================ ========
Balance at 1 July 2017 6,143 12,685 (17,034) 1,794 (28) 1,766
Loss for the period - - (892) (892) (31) (923)
Total other comprehensive - - - - - -
income
-------------- --------- ---------- -------- ---------------- --------
Total comprehensive income
for the period - - (892) (892) (31) (923)
-------------- --------- ---------- -------- ---------------- --------
Transactions with owners
of the Company, recognised
directly in equity:
Issue of ordinary shares 123 1,021 - 1,144 - 1,144
Credit to equity for share
based payments - - 3 3 - 3
Total transactions with
owners of the Company, recognised
directly in equity 123 1,021 3 1,147 - 1,147
-------------- --------- ---------- -------- ---------------- --------
Changes in ownership interest
in subsidiaries
Disposal of non-controlling
interests with change of
control - - - - - -
-------------- --------- ---------- -------- ---------------- --------
Total transactions with
owners of the company 123 1,021 3 1,147 - 1,147
-------------- --------- ---------- -------- ---------------- --------
Balance at 31 December 2017 6,266 13,706 (17,923) 2,049 (59) 1,990
============== ========= ========== ======== ================ ========
Balance at 1 January 2018 6,266 13,706 (17,923) 2,049 (59) 1,990
Loss for the period - - (294) (294) 29 (265)
Total other comprehensive - - - - - -
income
-------------- --------- ---------- -------- ---------------- --------
Total comprehensive income
for the period - - (294) (294) 29 (265)
-------------- --------- ---------- -------- ---------------- --------
Transactions with owners
of the Company, recognised
directly in equity:
Credit to equity for share
based payments - - 10 10 - 10
Balance at 30 June 2018 6,266 13,706 (18,207) 1,765 (30) 1,735
============== ========= ========== ======== ================ ========
CONSOLIDATED STATEMENT OF CASH FLOW
For the six month period ended 30 June 2018
Notes Six months ended 30 June 2018 (unaudited) Six months ended 30 June 2017 (unaudited) Year ended 31 December 2017
(audited)
GBP000 GBP000 GBP000
Net cash used in operating activities (i) (255) (1,024) (2,079)
Cash flows from investing activities and servicing of finance
Net finance cost (31) (12) (42)
Payments to acquire tangible fixed assets (152) (11) (16)
Disposal of discontinued operation, net of cash disposed of 6 - - -
Net cash used in investing activities (183) (23) (58)
------------------------------------------ ------------------------------------------ ---------------------------------
Cash flows from financing activities
Repayment of borrowings - - 300
Net cash inflows from equity placing - - 1,144
Increase in invoice discounting 20 388 407
Net cash from financing activities 20 388 1,851
------------------------------------------ ------------------------------------------ ---------------------------------
Net (decrease)/increase in cash and cash equivalents (418) (659) (286)
Net cash and cash equivalents at beginning of period 678 963 963
Effects of exchange rate changes on cash balances held in foreign currencies - - 1
------------------------------------------ ------------------------------------------ ---------------------------------
Net cash and cash equivalents at end of period 260 304 678
========================================== ========================================== =================================
Analysis of net funds
Cash and cash equivalents 260 304 678
Borrowings due within one year (1,171) (832) (1,151)
Net funds (911) (528) (473)
========================================== ========================================== =================================
Note (i)
Reconciliation of operating profit to net cash from operating activities Six months ended 30 June 2018 (unaudited) Six months ended 30 June 2017 (unaudited) Year ended 31 December 2017
(audited)
------------------------------------------ ------------------------------------------ ---------------------------------
Operating loss from continued operations (234) (667) (1,560)
Depreciation/ impairment of property, plant and equipment 23 19 37
Share based payment charge 10 11 14
Increase in trade and other receivables (477) (555) (707)
Increase/(decrease) in trade and other payables 423 168 137
Net cash used in operating activities (255) (1,024) (2,079)
========================================== ========================================== =================================
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
1.1 Basis of preparation
The financial information set out in this interim report does
not constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. The Group's statutory financial statements for
the year ended 31 December 2017, prepared under International
Financial Reporting Standards (IFRS), have been filed with the
Registrar of Companies. The auditor's report on those statements
was unqualified.
The interim financial information for the six months ended 30
June 2018, has been prepared in accordance with the AIM Rules for
Companies. The Group has not elected to apply IAS 34 'Interim
Financial Reporting'. The principal accounting policies used in
preparing the interim results are those the Group expects to apply
in its financial statements for the year ending 31 December 2018
and are unchanged from those disclosed in the Group's Annual Report
for the year ended 31 December 2017. The interim financial
statements have not been audited.
1.2 Basis of consolidation and business combinations
Group financial statements consolidate those of the Company and
of the following subsidiary undertakings:
Principal Group investments: Country of incorporation or
registration and operation Description and proportion
of shares held by the
Principal activities Company
---------------------------- --------------------------- ---------------------------- ---------------------------
Norman Broadbent Executive England and Wales Executive Search 100 per cent ordinary
Search Ltd shares
Norman Broadbent Overseas England and Wales Executive Search 100 per cent ordinary
Ltd shares
Norman Broadbent England and Wales Assessment, coaching and 100 per cent ordinary
Leadership Consulting Ltd Talent Mgmt. shares
Norman Broadbent Solutions England and Wales Mezzanine Level Search 100 per cent ordinary
Ltd shares
Norman Broadbent Interim England and Wales Interim Management 75 per cent ordinary shares
Management Ltd
Norman Broadbent (Ireland) Republic of Ireland Dormant 100 per cent ordinary
Ltd * shares
Bancomm Ltd England and Wales Dormant 100 per cent ordinary
shares
* 100 per cent of the issued share capital of this company is
owned by Norman Broadbent Overseas Ltd.
2. copies of the unaudited interim report
Copies of this report are available on request from the
Company's registered office at 10(th) Floor, Portland House,
Bressenden Place, London, SW1E 5BH and are also available on the
Company's website at www.normanbroadbent.com.
3. SEGMENTAL ANALYSIS
Management has determined the operating segments based on the
reports reviewed regularly by the Board for use in deciding how to
allocate resources and in assessing performance. The Board
considers Group operations from both a class of business and
geographic perspective.
Each class of business derives its revenues from the supply of a
particular recruitment related service, from retained executive
search through to executive assessment and coaching. Business
segment results are reviewed primarily to operating profit level,
which includes employee costs, marketing, office and accommodation
costs and appropriate recharges for management time.
Group revenues are primarily driven from UK operations, however
when revenue is derived from overseas business the results are
presented to the Board by geographic region to identify potential
areas for growth or those posing potential risks to the Group.
i) Class of Business:
The analysis by class of business of the Group's turnover and
profit before taxation is set out below:
BUSINESS SEGMENTS
Six months Un
ended 30 June NBES NBLC NBS NBIM allocated Total
2018 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------------------- --------- --------- --------- ------------------ ------------ ---------
Revenue 1,778 161 618 2,110 - 4,667
Cost of sales (3) (63) - (1,311) - (1,377)
-------------------- --------- --------- --------- ------------------ ------------ ---------
Gross profit 1,775 98 618 799 - 3,290
Operating expenses (1,760) (139) (548) (675) (379) (3,501)
Other operating - - - - - -
income
Finance costs (11) (3) (3) (6) (8) (31)
Depreciation
and amort. (22) (1) - - (23)
Profit/(Loss)
before tax (18) (44) 66 118 (387) (265)
-------------------- --------- --------- --------- ------------------ ------------ ---------
BUSINESS SEGMENTS
Six months Un
ended 30 June NBES NBLC NBS NBIM allocated Total
2017 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------------------- --------- --------- --------- ------------------ ------------ ---------
Revenue 1,430 662 393 807 - 3,292
Cost of sales (11) (193) (20) (472) - (696)
-------------------- --------- --------- --------- ------------------ ------------ ---------
Gross profit 1,419 469 373 335 - 2,596
Operating expenses (1,963) (102) (432) (444) (303) (3,244)
Other operating - - - - - -
income
Finance costs (6) (2) (1) (3) - (12)
Depreciation
and amort. (16) (2) (1) - (19)
Restructuring
costs - - - - - -
Exceptional
items - - - - - -
Loss on disposal - - - - - -
of investment
Profit/(Loss)
before tax (566) 365 (62) (113) (303) (679)
-------------------- --------- --------- --------- ------------------ ------------ ---------
BUSINESS SEGMENTS
Year ended Un
31 December NBES NBLC NBS NBIM allocated Total
2017 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------------------- --------- --------- --------- ------------------ ------------ ---------
Revenue 3,061 728 842 1,892 - 6,523
Cost of sales (66) (212) (25) (1,181) - (1,484)
-------------------- --------- --------- --------- ------------------ ------------ ---------
Gross profit 2,995 516 817 711 - 5,039
Operating expenses (3,954) (215) (824) (942) (627) (6,562)
Other operating - - - - - -
income
Finance costs (15) (6) (3) (5) (13) (42)
Depreciation
and amort. (31) (1) (4) (1) - (37)
Restructuring - - - - - -
costs
Exceptional - - - - - -
items
Profit on disposal - - - - - -
of investment
Profit/(Loss)
before tax (1,005) 294 (14) (237) (640) (1,602)
-------------------- --------- --------- --------- ------------------ ------------ ---------
ii) Revenue and gross profit by geography:
Revenue GBP'000 Gross Profit GBP'000
Six Months Ended Year Ended Six Months Ended Year Ended
30 June 30 June 31 Dec 30 June 30 June 31 Dec
2018 2017 2017 2018 2017 2017
---------------- --------- -------- ----------- --------- -------- -----------
United Kingdom 4,486 3,292 6,196 3,119 2,596 4,712
Rest of
the World 181 - 327 171 - 327
Total 4,667 3,292 6,523 3,290 2,596 5,039
----------------- --------- -------- ----------- --------- -------- -----------
4. earnings PER ORDINARY SHARE
i) Basic earnings per share:
This is calculated by dividing the profit attributable to equity
holders of the company by the weighted average number of ordinary
shares in issue during the period:
Six months Year ended
ended 31 December
Six months ended 30 June 2018 30 June 2017 2017
(unaudited) (unaudited) (audited)
------------------------------ ---------------------- ---------------------------
(Loss)/profit attributable to
shareholders (294,000) (651,000) (1,543,350)
------------------------------ ---------------------- ---------------------------
Weighted average number of
ordinary shares 53,885,570 41,633,320 43,882,363
============================== ====================== ===========================
ii) Diluted earnings per share:
This is calculated by adjusting the weighted average number of
ordinary shares outstanding to assume conversion of all dilutive
potential ordinary shares. The company has issued share options
which are potentially dilutive. A calculation is done to determine
the number of shares that could have been acquired at fair value
(determined as the average annual market share price of the
company's shares) based on the monetary value of the subscription
rights attached to the outstanding options. The number of shares
calculated as above is compared with the number of shares that
would have been issued assuming the exercise of the share
options.
Six months ended 30 June Six months ended 30 June Year ended 31 December
2018 2017 2017
(unaudited) (unaudited) (audited)
--------------------------- --------------------------- ---------------------------
(Loss)/profit attributable
to shareholders (294,000) (651,000) (1,543,350)
--------------------------- --------------------------- ---------------------------
Weighted average no. of
ordinary shares 53,885,570 41,633,320 43,882,363
- assumed conversion of
share options - - -
Weighted average number of
ordinary shares for diluted
earnings per share 53,885,570 41,633,320 43,882,363
=========================== =========================== ===========================
iii) Adjusted earnings per share
Adjusted earnings per share has also been calculated in addition
to the basic and diluted earnings per share and is based on
earnings adjusted to eliminate charges for share based payments. It
has been calculated to allow shareholders to gain a clearer
understanding of the trading performance of the Group.
Six months ended 30 June Six months ended 30 June 2017 Year ended 31 December 2017
2018
Basic Diluted Basic Diluted Basic Diluted
pence per pence per pence per pence per pence per pence per
share share share share share share
GBP000 GBP000 GBP000
-------- ---------- --------- -------- ---------- ---------- -------- ---------- ----------
Basic earnings
(Loss)/Profit
after tax (294) (0.55) (0.55) (651) (1.56) (1.56) (1,543) (3.52) (3.52)
-------- ---------- --------- -------- ---------- ---------- -------- ---------- ----------
Adjustment
======== ==========
Share based
payment
charge 10 0.02 0.02 11 0.03 0.03 14 0.04 0.04
Adjusted
earnings (284) (0.53) (0.53) (640) (1.53) (1.53) (1,529) (3.48) (3.48)
5. PROVISIONS
Six months ended 30 June Six months ended 30 June Year ended 31 December 2017
2018 2017 GBP000
GBP000 GBP000
---------------------------- ---------------------------- ---------------------------
Balance at beginning of
period 125 125 125
Provisions made during the - - -
period
Balance at end of period 125 125 125
============================ ============================ ===========================
Non-current
Current 125 125 125
---------------------------- ---------------------------- ---------------------------
125 125 125
============================ ============================ ===========================
The Company moved offices on the 30(th) of April 2018.
Discussions are underway with the Landlord of St James Square to
finalise the dilapidation position, The Group expects to have all
negotiations concluded shortly.
6. RELATED PARTY TRANSACTIONS
i) Purchase of services: Six months ended 30 June Six months ended 30 June Year ended 31 December 2017
2018 2017 GBP000
GBP000 GBP000
---------------------------- ---------------------------- ---------------------------
Brian Stephens & Company
Limited 12 12 24
Total 12 12 24
============================ ============================ ===========================
Brian Stephens & Company Limited invoiced the Group for the
directors' fees and corporate finance services of B Stephens
(GBP10,000) and business related travel costs of GBP2,000. B
Stephens is a director of Brian Stephens & Company Limited.
All related party expenditure took place via "arms-length"
transactions.
ii) Period-end payables Six months ended 30 June Six months ended 30 June Year ended 31 December 2017
arising from the purchases 2018 2017 GBP000
of services: GBP000 GBP000
---------------------------- ---------------------------- ---------------------------
Brian Stephens & Company
Limited 4 2 6
Total 4 2 6
============================ ============================ ===========================
The payables to related parties arise from purchase transactions
and are due one month after date of purchase. The payables bear no
interest.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR QDLFLVKFFBBL
(END) Dow Jones Newswires
September 28, 2018 02:00 ET (06:00 GMT)
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