TIDMNBB
RNS Number : 6907N
Norman Broadbent PLC
26 September 2019
26 September 2019
Norman Broadbent plc
("Norman Broadbent" "NBB" "the Company" or "the Group")
Interim Results
The Board (the "Board") of Norman Broadbent plc (AIM: NBB) - a
leading London quoted Professional Services firm offering a
diversified portfolio of integrated Leadership Acquisition &
Advisory Services (Board & Leadership Search, Senior Interim
Management, Research & Insight, Leadership Consulting &
Assessment, and executive level Talent Solutions) - is pleased to
announce the Group's unaudited interim results for the six months
ended 30 June 2019
Highlights
-- The Group posted a small profit before tax
-- Group revenue increased by GBP0.6m (+13%) to GBP5.2m
-- Net Fee Income (NFI) increased by GBP0.2m (+7%) to GBP3.5m
-- Group Operating Profit was GBP55,000 against a Group
Operating Loss of GBP234,000 in H1 2018
-- PBT was GBP16,000 against a loss of GBP265,000 in H1 2018
-- Interim Management NFI for H1 2019 was GBP900,000, an
increase of GBP101,000 from H1 2018 (+13%)
-- Following a change in leadership, Solutions H1 2019 NFI was
GBP901,000, an increase of GBP283,000 (+46%) on the prior six
months, and the best ever NFI and PBT results
-- New and enhanced Working Capital Facility agreed with Bibby Financial Services
Mike Brennan, Norman Broadbent Group CEO, said:
"I am pleased to report that the first six months of 2019 have
seen continued positive top line growth. We also recorded a small
profit before tax - the first for many years. The return to
profitability in H1 is an extremely important milestone for the
Group. Having posted a loss of GBP0.3m in H1 2018, and a loss of
GBP0.5m in H2 2018, I am pleased with the significant improvement
in H1 2019 which saw the Group return to profit.
These results validate our strategy of building a more
diversified business supplying high value, more relevant services
to clients. As we build a disruptive, market leading Professional
Services business, we continue to attract, and invest in,
high--quality Talent keen to join us on our journey.
On achieving this milestone, I would like to again thank my
colleagues for their continued hard work, innovation and
commitment, our clients for placing their continued trust in us,
and our supportive shareholders"
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
For further information please contact:
Norman Broadbent plc
Mike Brennan/Will Gerrand 020 7484 0000
WH Ireland Limited
Adrian Hadden/Darshan Patel
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:
In the six months to 30 June 2019, the Group posted an operating
profit of GBP55,000 (2018: loss GBP234,000) on turnover of
GBP5,260,000 (2018: GBP4,667,000). The achievement of operating
profit for the first six months is a major landmark in our
strategic journey.
The Group has changed from a predominantly single service
executive search business to an enterprise providing our clients
with an integrated range of complementary, progressive, and
sophisticated offerings geared specifically to their needs. This
not only helps us serve our clients better, but also enables us to
differentiate ourselves in what is becoming an increasingly
transactional/commoditised traditional executive search market.
This also helps build a more balanced Group with complementary,
high-quality recurring annuity type revenue streams.
The rebalancing of our service mix saw our established Executive
Search business, (including Insight and Research revenue),
contribute 46% of Net fee Income (56% in the year to 31 December
2018) with Interim and Solutions both growing and increasing their
percentage share of Group Net Fee Income. This continued overall
growth across the Group, and the introduction of new services has
created a more relevant and balanced business.
Our aim is to continue strategically scaling all of the business
units via the development of our existing resources and, where
appropriate, the selective recruitment of high quality Talent to
the Group. As we continue to grow, we will maintain our focus on
innovation, client-service, enhancing our established brand, the
growth of high-quality recurring revenues, and a return to
profitability.
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
2019 2018 2018
GBP000's GBP000's GBP000's
Continuing operations
Revenue 5,260 4,667 9,414
Cost of sale (1,738) (1,377) (2,770)
------------ ------------ -----------
Gross profit / Net Fee Income 3,522 3,290 6,644
Operating expenses (3,467) (3,524) (7,308)
Group operating profit / (loss) 55 (234) (664)
------------ ------------ -----------
Net finance cost (39) (31) (77)
Profit / (Loss) before tax 16 (265) (741)
Income tax - - -
------------ ------------ -----------
Profit / (Loss) after tax 16 (265) (741)
------------ ------------ -----------
Norman Broadbent Executive Search ("NBES")
Net Fee Income for H1 2019 was GBP1,612,000, a decrease of
GBP163,000 from H1 2018 (-9%). NBES made a loss of GBP71,000 for H1
2019 compared with a loss of GBP18,000 in H1 2018.
Research & Insight ("R&I")
NBES revenues shown above include those generated by our R&I
Practice where we continue to invest. The R&I Practice not only
serves our own internal requirements, but also provides
complementary services to our other businesses, and increasingly to
external clients who buy our stand-alone Research & Insight
services.
Norman Broadbent Interim Management ("NBIM")
NBIM continues to grow. Net Fee Income for H1 2019 was
GBP900,000, an increase of GBP101,000 from H1 2018 (+13%), and up
GBP215,000 (+31%) from the underlying H2 2018 Net Fee income. We
have continued to invest into NBIM and our aim is to selectively
and carefully scale as and when appropriate. Profit in H1 was
GBP13,000 (GBP118,000 in H1 2018).
NB Solutions ("NBS")
NBS Net Fee Income for H1 2019 was GBP901,000, an increase of
GBP283,000 from H1 2018 (+46%). NBS posted a Profit before Tax of
GBP258,000 compared with a profit of GBP66,000 in H1 2018.
Following a change in leadership within NBS, this part of the
business posted its "best ever" results in H1 2019 and indeed NBS
H1 Net Fee Income was 56% up as compared to that achieved in H2
2018.
Norman Broadbent Leadership Consulting ("NBLC")
NBLC Net Fee Income for H1 2019 was GBP108,000, an increase of
GBP10,000 (+10%) from H1 2018. NBLC reported a loss of GBP30,000
for H1 2019 compared to a loss of GBP44,000 in H1 2018.
Financial Position
Equity shareholders' funds were GBP1,294,000 as at 30 June 2019
(GBP1,268,000 at 31 December 2018), with net current liabilities of
(GBP418,000) (net current liabilities GBP454,000 at 31 December
2018). Cash and cash equivalents at 30 June 2019 amounted to
GBP258,000 (GBP684,000 at 31 December 2018, GBP260,000 at 30 June
2018).
Net cash outflow from operations was GBP529,000 (Net cash inflow
from operation was GBP354,000 at 31 December 2018) and net cash
inflow from financing activities amounted to GBP160,000 (GBP103,000
outflow at 31 December 2018).
Outlook
These are positive results and evidence our progression. We
remain confident that we will see continued top line and Net Fee
Income growth, along with an improved bottom line for 2019. 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 2019
Note Six months Six months Year ended
ended 30 ended 30
June 2019 June 2018
(unaudited) (unaudited) 31 December
2018
(audited)
GBP000 GBP000 GBP000
Continuing operations
Revenue 5,260 4,667 9,414
Cost of Sales (1,738) (1,377) (2,770)
-------------- -------------- --------------
Gross profit / Net Fee Income 3,522 3,290 6,644
Operating expenses (3,467) (3,524) (7,308)
Group operating Profit / (Loss) 55 (234) (664)
Net finance cost (39) (31) (77)
Profit / (Loss) on ordinary
activities before income tax 16 (265) (741)
Income tax expense - - -
Profit / (Loss) for the period 16 (265) (741)
============== ============== ==============
Other comprehensive income - - -
Total comprehensive Profit
/ (Loss) 16 (265) (741)
============== ============== ==============
Profit / (Loss) attributable
to:
Owners of the Company 13 (294) (763)
Non-controlling interests 3 29 22
-------------- -------------- --------------
Profit / (Loss) for the period 16 (265) (741)
============== ============== ==============
Total comprehensive profit
/ (loss) attributable to:
Owners of the Company 13 (294) (763)
Non-controlling interests 3 29 22
-------------- -------------- --------------
Total comprehensive profit
/ (loss) for the period 16 (265) (741)
============== ============== ==============
Profit /(Loss) per share 4
- Basic 0.02p (0.55p) (1.42)p
- Diluted 0.02p (0.55p) (1.42)p
Adjusted profit/ (loss) per
share
- Basic 0.04p (0.53p) (1.38)p
- Diluted 0.04p (0.53p) (1.38)p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2019
Note As at As at As at
30 June 30 June 31 December
2019 2018 2018
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Non-current assets
Intangible assets 1,363 1,363 1,363
Property, plant and equipment 127 174 155
Trade and other receivables 153 168 135
Deferred tax 69 69 69
Total non-current assets 1,712 1,774 1,722
Current assets
Trade and other receivables 2,732 2,597 2,175
Cash and cash equivalents 258 260 684
------------ ------------ ---------------
Total current assets 2,990 2,857 2,859
Total assets 4,702 4,631 4,581
------------ ------------ ---------------
Current Liabilities
Trade and other payables (1,959) (1,599) (2,025)
Provisions 5 (240) (125) (240)
Loan Note (233) (300) (272)
Bank overdraft and interest
bearing loans (976) (872) (776)
Total current liabilities (3,408) (2,896) (3,313)
Net current assets / (liabilities) (418) (39) (454)
Total liabilities (3,408) (2,896) (3,313)
------------ ------------ ---------------
Total assets less total liabilities 1,294 1,735 1,268
------------ ------------ ---------------
Equity
Issued share capital 6,266 6,266 6,266
Share premium account 13,706 13,706 13,706
Retained earnings (18,644) (18,207) (18,667)
Equity attributable to owners
of the Company 1,328 1,765 1,305
Non-controlling interests (34) (30) (37)
Total equity 1,294 1,735 1,268
------------ ------------ ---------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six month period ended 30 June 2019
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 2018 6,266 13,706 (17,923) 2,049 (59) 1.990
Loss for the period - - (294) (294) 29 (265)
Adjustment for discontinued - - - - - -
operation
Total other comprehensive - - - - - -
income
-------------- --------- ---------- --------- ---------------- --------
Total comprehensive income
for the period - - (294) (294) (29) (265)
-------------- --------- ---------- --------- ---------------- --------
Transactions with owners of the Company,
recognised directly in equity:
Issue of ordinary shares - - - - - -
Credit to equity for share
based payments - - 10 10 - 10
-------------- --------- ---------- --------- ---------------- --------
Total transactions with - - - - - -
owners of the Company, recognised
directly in equity
-------------- --------- ---------- --------- ---------------- --------
Balance at 30 June 2018 6,266 13,706 (18,207) 1,765 (30) 1,735
============== ========= ========== ========= ================ ========
Balance at 1 July 2018 6,266 13,706 (18.207) 1,765 (30) 1,735
Loss for the period - - (469) (469) (7) (476)
Total other comprehensive - - - - - -
income
-------------- --------- ---------- --------- ---------------- --------
Total comprehensive income
for the period - - (469) (469) (7) (476)
-------------- --------- ---------- --------- ---------------- --------
Transactions with owners
of the Company, recognised
directly in equity:
Issue of ordinary shares - - - - - -
Credit to equity for share
based payments - - 9 9 - 9
Total transactions with
owners of the Company, recognised
directly in equity - - 9 9 - 9
-------------- --------- ---------- --------- ---------------- --------
Changes in ownership interest - - - - - -
in subsidiaries
-------------- --------- ---------- --------- ---------------- --------
Total transactions with - - - - - -
owners of the Company
-------------- --------- ---------- --------- ---------------- --------
Balance at 31 December 2018 6,266 13,706 (18,667) 1,305 (37) 1,268
============== ========= ========== ========= ================ ========
Balance at 1 January 2019 6,266 13,706 (18,667) 1,305 (37) 1,268
Profit for the period - - 13 13 3 16
Total other comprehensive - - - - - -
income
-------------- --------- ---------- --------- ---------------- --------
Total comprehensive income
for the period - - 13 13 3 16
-------------- --------- ---------- --------- ---------------- --------
Transactions with owners
of the Company, recognised
directly in equity:
Credit to equity for share
based payments - - 10 10 - 10
Balance at 30 June 2019 6,266 13,706 (18,644) 1,328 (34) 1,294
-------------- --------- ---------- --------- ---------------- --------
CONSOLIDATED STATEMENT OF CASH FLOW
For the six month period ended 30 June 2019
Notes Six months ended 30 June 2019 (unaudited) Six months ended 30 June 2018 (unaudited) Year ended 31 December 2018
(audited)
GBP000 GBP000 GBP000
Net cash generated / (used) in operating activities (i) (528) (255) 354
Cash flows from investing activities and servicing of finance
Net finance cost (39) (31) (77)
Payments to acquire tangible fixed assets (20) (152) (168)
Net cash used in investing activities (59) (183) (245)
------------------------------------------ ------------------------------------------ ---------------------------------
Cash flows from financing activities
Repayment of borrowings (39) - (28)
Net cash inflows from equity placing - - -
Increase / (decrease) in invoice discounting 200 20 (75)
Net cash from financing activities 161 20 (103)
------------------------------------------ ------------------------------------------ ---------------------------------
Net (decrease)/increase in cash and cash equivalents (426) (418) 6
Net cash and cash equivalents at beginning of period 684 678 678
Effects of exchange rate changes on cash balances held in foreign - - -
currencies
------------------------------------------ ------------------------------------------ ---------------------------------
Net cash and cash equivalents at end of period 258 260 684
========================================== ========================================== =================================
Analysis of net funds
Cash and cash equivalents 258 260 684
Borrowings due within one year (1,209) (1,171) (1,048)
Net funds (951) (911) (364)
========================================== ========================================== =================================
Note (i)
Reconciliation of operating profit to net cash from operating activities Six months ended 30 June 2019 (unaudited) Six months ended 30 June 2018 (unaudited) Year ended 31 December 2018
(audited)
------------------------------------------ ------------------------------------------ ---------------------------------
Operating profit / (loss) from continued operations 55 (234) (664)
Depreciation/ impairment of property, plant and equipment 46 23 60
Share based payment charge 10 10 19
Increase in trade and other receivables (573) (477) (22)
Increase/(decrease) in trade and other payables (66) 423 846
Increase/(decrease) in Provisions - - 115
Net cash generated / (used) in operating activities (528) (255) 354
========================================== ========================================== =================================
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 2018, 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 2019, 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 2019
and are unchanged from those disclosed in the Group's Annual Report
for the year ended 31 December 2018. 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 NBES NBLC NBS NBIM allocated Total
30 June 2019 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------- ---------------- -------- -------- -------- --------------- --------
Revenue 1,617 130 901 2,611 - 5,259
Cost of sales (5) (22) - (1,711) - (1,738)
--------------- ---------------- -------- -------- -------- --------------- --------
Gross profit /
Net Fee
Income 1,612 108 901 900 - 3,521
Operating
expenses (1,631) (136) (640) (879) (134) (3,420)
Other - - - - - -
operating
income
Finance costs (8) (2) (2) (7) (20) (39)
Depreciation
and
amort. (44) (1) (1) - (46)
Profit/(Loss)
before tax (71) (30) 258 13 (154) 16
--------------- ---------------- -------- -------- -------- --------------- --------
Six months Un
ended NBES NBLC NBS NBIM allocated Total
30 June 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 /
Net Fee
Income 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)
--------------- ---------------- -------- -------- -------- --------------- --------
Year ended Un
31 December NBES NBLC NBS NBIM allocated Total
2018 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
---------------- ---------------- -------- -------- -------- --------------- --------
Revenue 3,737 345 1,196 4,136 - 9,414
Cost of sales (12) (106) - (2,652) - (2,770)
---------------- ---------------- -------- -------- -------- --------------- --------
Gross profit /
Net Fee Income 3,725 239 1,196 1,484 - 6,644
Operating
expenses (3,908) (272) (1,115) (1,384) (569) (7,248)
Other operating - - - - - -
income
Finance costs (57) - (2) (1) (35) (60)
Depreciation
and amort. (20) (5) (5) (12) - (77)
Profit/(Loss)
before tax (260) (38) 74 87 (604) (741)
---------------- ---------------- -------- -------- -------- --------------- --------
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 2018 2018 2018 2018 2018
---------------- --------- -------- ----------- --------- -------- -----------
United Kingdom 4,902 4,486 8,671 3,165 3,119 5,901
Rest of
the World 357 181 743 356 171 743
Total 5,259 4,667 9,414 3,521 3,290 6,644
----------------- --------- -------- ----------- --------- -------- -----------
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 2019 30 June 2018 2018
(unaudited) (unaudited) (audited)
------------------------------ -------------------- ---------------------------
Profit / (loss) attributable to
shareholders 13,000 (294,000) (763,000)
------------------------------ -------------------- ---------------------------
Weighted average number of
ordinary shares 53,885,570 53,885,570 53,885,570
============================== ==================== ===========================
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
2019 2018 2018
(unaudited) (unaudited) (audited)
--------------------------- --------------------------- ---------------------------
Profit / (loss) attributable
to shareholders 13,000 (294,000) (763,000)
--------------------------- --------------------------- ---------------------------
Weighted average no. of
ordinary shares 53,885,570 53,885,570 53,885,570
- assumed conversion of
share options - - -
Weighted average number of
ordinary shares for diluted
earnings per share 53,885,570 53,885,570 53,885,570
=========================== =========================== ===========================
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 2018 Year ended 31 December 2018
2019
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 13 0.02 0.03 (294) (0.55) (0.55) (763) (1.42) (1.42)
-------- ---------- --------- -------- ---------- ---------- -------- ---------- ----------
Adjustment
======== ==========
Share based
payment
charge 10 0.02 0.02 10 0.02 0.02 19 0.04 0.04
Adjusted
earnings 23 0.04 0.05 (284) (0.53) (0.53) (744) (1.38) (1.38)
5. PROVISIONS
Six months ended 30 June Six months ended 30 June Year ended 31 December 2018
2019 2018 GBP000
GBP000 GBP000
---------------------------- ---------------------------- ---------------------------
Balance at beginning of
period 240 125 125
Provisions made during the
period - - 115
Balance at end of period 240 125 240
============================ ============================ ===========================
Non-Current - - -
Current 240 125 240
---------------------------- ---------------------------- ---------------------------
240 125 240
============================ ============================ ===========================
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 2018
2019 2018 GBP000
GBP000 GBP000
---------------------------- ---------------------------- ---------------------------
Brian Stephens & Company
Limited 12 12 20
Total 12 12 20
============================ ============================ ===========================
Brian Stephens & Company Limited invoiced the Group for the
directors' fees and corporate finance services of B Stephens
(GBP12,000) 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 2018
arising from the purchases 2019 2018 GBP000
of services: GBP000 GBP000
---------------------------- ---------------------------- ---------------------------
Brian Stephens & Company
Limited 2 4 2
Total 2 4 2
============================ ============================ ===========================
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 EAKNSAEXNEFF
(END) Dow Jones Newswires
September 26, 2019 02:00 ET (06:00 GMT)
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