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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Nakama Group Plc | LSE:NAK | London | Ordinary Share | GB0004251970 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.225 | 1.15 | 1.30 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMNAK
RNS Number : 0906N
Nakama Group Plc
04 August 2017
4 August 2017
Nakama Group PLC (AIM: NAK)
("Nakama" or "the Group")
"The AIM quoted recruitment consultancy working across the UK, Europe, Asia, USA and Australia
providing staff for the Web, Interactive, Digital Media sectors, IT and Business Change"
Preliminary Results
For the year ended 31 March 2017
Highlights
-- Group revenue increased by 7 per cent. to GBP22.5m (2016: GBP21.0m) -- Net fee income improved by 8 per cent. to GBP6.19m (2016: GBP5.73m) -- Net fee income percentage increased to 27.5 per cent. (2016: 27.3 per cent.) -- Revenue across the APAC region increased by 27 per cent. to GBP8.82m (2016: GBP6.92m) -- Loss for the year of GBP270,000 (2016: breakeven)
Rob Sheffield, CEO of Nakama, commented:
"As we advised on 20 June, we had been expecting a stronger second half performance, however fluctuations in headcount that we had seen in the first half and inconsistency in some of the global markets of our businesses meant that it regrettably took longer than expected to correct and the knock-on effect led to a slower than anticipated recovery, as reflected in the results. The business has benefitted from the infrastructure improvements over the past 12 months and we have seen improvements in efficiency of operations. The business will continue to invest in improving and increasing the consistency and output of its sales staff globally and ensuring that cost savings and improvements are implemented through the use of technology."
"From a wider perspective, however and whilst organic growth in the short to medium term will serve the business well for it to meet long-term objectives, we will and have continued our efforts to identify suitable businesses to join the Group, so as to enhance profitability, add new service lines and expand into new geographies. This includes identifying businesses within the staffing and technology space that provide the use of technology platforms and Human Capital services".
"Trading in the first two months of the current financial year is ahead of the same period last year. Whilst the market sectors in which Nakama operates are in high demand, the business needs stable local economies in the current trading locations, stability in current staff numbers and the continued hiring of new sales staff, to deliver against less specialised, but much larger competitors. The Board looks to 2018 as a year in which the Group will continue to grow organically in terms of net fee income and profit, whilst reviewing other options to build scale in its core markets".
Enquiries:
Nakama Group plc www.nakamaglobal.com Rob Sheffield, CEO Tel: +61 4 9812 7326 Angus Watson, CFO Tel: 01883 341144 WH Ireland Limited (Nomad and broker) Tel: 020 7220 1666 Paul Shackleton Peckwater PR Tel: 07879 458 364 Tarquin Edwards tarquin.edwards@peckwaterpr.co.uk
NOTES TO EDITORS
About Nakama Group plc
Nakama Group plc is the AIM-listed recruitment consultancy of two branded solutions placing people into specialist and management positions; the Nakama businesses operate in the digital, creative, media, marketing and technology sectors all over the world from offices in the UK, USA, Asia and Australia. The UK also specialises in the Financial Services sector, specifically Business Change and IT in Insurance and Investment Management currently in the UK. At Nakama, we're in the business of people solutions & consultancy and our vision is to be the best people business on the planet.
Our speciality is finding excellent career opportunities and assignments for senior digital, IT, business and professional services talent. We are constantly developing our relationships and networks to ensure we obtain the best available positions for such talent, whilst ensuring that their skills and personalities are compatible with the needs of our clients.
At Nakama, we work hard to develop and maintain long-term relationships with our clients, contractors and applicants. To do this, we focus on the development and retention of our experienced staff to ensure they are among the most knowledgeable in the industry, both in terms of recruitment best practice and the niche markets in which Nakama operates.
CHAIRMAN'S STATEMENT
Financial results
Group revenue for the year ended 31 March 2017 increased by 7 per cent. to GBP22.5m (2016: GBP21.0m) whereas Net Fee Income ("NFI") improved on the prior year by 8 per cent to GBP6.19m (2016: GBP5.73m). The results over the past year have seen lower than expected performance at a Group level. The investment in staff training and development and the introduction of a new CRM system will enhance the results going forward, but had a direct effect on the Group results to March 2017.
Whilst organic growth in the short to medium term will serve the business well for the business to meet our long-term objectives, the Board also continues to focus on identifying suitable businesses to join the Group to enhance profitability, add new service lines and expand into new geographies.
Strategy
Nakama Group's strategy has continued to concentrate on providing staffing solutions with two highly specialised businesses: Nakama, within the digital, creative, media, marketing and technology sectors and the UK business within the financial services sector. The approach focuses on delivering a local, regional and global solution. The business continues to maintain this as fundamental, but will look to broaden the service offerings across the Group with an emphasis on providing digital solutions to clients across recruitment, outsourcing, on site and consultancy through the use of technology. It is the strategy of the Board and management team to be a leading international specialist within staffing, delivering a quality service to our customers and candidates, whilst creating a sustainable business for the long-term benefit of all stakeholders.
The management team has stabilised over the past year and is now in a position to focus on delivering value to clients and shareholders going forward. We continue to look to recruit further excellent, driven individuals to meet our client and candidate needs.
There are currently no new offices planned for the next financial year as the Board intends to concentrate on improving the performance of the current operations.
Executives and staff
The Group retains a strong team of very knowledgeable and long-serving staff and we look forward to continuing to build the Nakama Group. The Board would like to acknowledge the loyalty and commitment of all the staff to the Group and we are extremely grateful for their efforts. Again, we extend a very warm welcome to all new members of the team.
Outlook
Trading in the first two months of the current financial year is ahead of the same period last year. Whilst the market sectors in which Nakama operates are in high demand, the business needs stable local economies in the current trading locations, stability in current staff numbers and the continued hiring of new sales staff to deliver against less specialised, but much larger competitors. The Board looks to 2018 as a year in which the Group will seek to grow organically and review other options to grow, in terms of net fee income and profit.
Ken Ford
Chairman
4 August 2017
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CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 MARCH 2017
============================================ ========= =========
2017 2016
GBP'000 GBP'000
============================================ ========= =========
Revenue 22,519 21,043
Cost of sales (16,326) (15,304)
============================================ ========= =========
Net fee income 6,193 5,739
Administrative costs (6,404) (5,702)
============================================ ========= =========
Operating (loss) (211) 37
Finance costs (59) (37)
================================================ ========= =========
(Loss)/profit before tax (270) -
Tax expenses (82) (70)
================================================ ========= =========
Loss for the period attributable to owners
of the parent (352) (70)
============================================ ========= =========
Loss per share
Basic and diluted loss per share from
continuing operations (0.25)p (0.13)p
================================================ ========= =========
All of the above relate to continuing operations.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 MARCH 2017
==================================================================================== ======== ========
2017 2016
GBP'000 GBP'000
==================================================================================== ======== ========
Loss for the year
Items that will or may be reclassified to profit or loss (352) (70)
==================================================================================== ======== ========
Exchange losses on translation of foreign operations (30) (9)
==================================================================================== ======== ========
Total comprehensive loss for the period attributable to owners of the parent (382) (79)
==================================================================================== ======== ========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2017
Company number 1700310
2017 2016
GBP'000 GBP'000
============================================================= ======= =======
Assets
Non-current assets
Intangible assets 524 680
Property, plant and equipment 86 106
Deferred tax asset 84 108
============================================================== ======= =======
Total 694 894
Current assets
Trade and other receivables 3,885 3,415
Cash and cash equivalents 259 582
============================================================== ======= =======
Total 4,144 3,997
============================================================== ======= =======
Total assets 4,838 4,891
============================================================== ======= =======
Current Liabilities
Trade and other payables (1,953) (1,848)
Borrowings (1,471) (1,247)
============================================================== ======= =======
Total (3,424) (3,095)
============================================================== ======= =======
Net Assets 1,414 1,796
============================================================== ======= =======
Equity
Share capital 1,602 1,602
Share premium account 2,580 2,580
Merger reserve 90 90
Employee share benefit trust reserve (61) (61)
Currency reserve 26 56
Retained earnings (2,823) (2,471)
============================================================== ======= =======
Total equity attributable to the shareholders of the Company 1,414 1,796
============================================================== ======= =======
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 31 MARCH 2017
Employee
Share Share Merger share benefit Currency Retained Total
======================================
capital premium reserve reserve reserve earnings equity
======================================
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
====================================== ======= ======= ======= =============== ======== ======== =======
At 1 April 2015 1,602 2,580 90 (61) 65 (2,401) 1,875
Loss for the year - - - - - (70) (70)
Other comprehensive income - - - - (9) - (9)
====================================== ======= ======= ======= =============== ======== ======== =======
Total comprehensive income for 2016 - - - - (9) (70) (79)
At 1 April 2016 1,602 2,580 90 (61) 56 (2,471) 1,796
Comprehensive income for the year
Loss for the year - - - - - (352) (352)
Other comprehensive income - - - - (30) - (30)
====================================== ======= ======= ======= =============== ======== ======== =======
Total comprehensive loss for the year - - - - (30) (352) (382)
====================================== ======= ======= ======= =============== ======== ======== =======
At 31 March 2017 1,602 2,580 90 (61) 26 (2,823) 1,414
====================================== ======= ======= ======= =============== ======== ======== =======
.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 MARCH 2017
2017 2016
GBP'000 GBP'000
========================================================= ======= =======
Operating activities
Loss for the year before tax (270) -
Depreciation of property, plant and equipment 80 51
Amortisation of intangible assets 156 169
Net finance costs 59 37
Foreign exchange (127) (43)
Tax paid (1) -
Changes in trade and other receivables (445) 114
Changes in trade and other payables 105 111
========================================================== ======= =======
Net cash generated by operating activities (443) 439
========================================================== ======= =======
Cash flows from investing activities
Purchase of property, plant and equipment (45) (91)
Net cash generated by investing activities (45) (91)
========================================================== ======= =======
Financing activities
Increase in invoice discounting facility 224 176
Finance cost paid (59) (37)
========================================================== ======= =======
Net cash from financing activities 165 139
========================================================== ======= =======
Net changes in cash and cash equivalents (323) 487
Cash and cash equivalents, beginning
of year 582 95
Cash and cash equivalents at end of year 259 582
========================================================== ======= =======
Cash and cash equivalents for the purpose
of the statement of cash flows comprises:
Cash at bank 259 582
Bank overdrafts - -
========================================================= ======= =======
Cash and cash equivalents at end of year 259 582
========================================================== ======= =======
Basis of Preparation
The financial information set out above does not constitute the company's statutory accounts for 2017 or 2016. Statutory accounts for the years ended 31 March 2017 and 31 March 2016 have been reported on by the Independent Auditors. The Independent Auditors' Reports on the Annual Report and Financial Statements for the years ended 31 March 2017 and 31 March 2016 were unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
Statutory accounts for the year ended 31 March 2016 have been filed with the Registrar of Companies. The statutory accounts for the year ended 31 March 2017 will be delivered to the Registrar in due course.
The financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS"), IFRIC interpretations and the parts of the Companies Act 2006 applicable to companies reporting under IFRS. The Financial Statements have been prepared under the historical cost convention.
The preparation of Financial Statements in conformity with IFRS require the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial information, including the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management's best knowledge of current events and actions, actual results may ultimately differ from those estimates.
Copies of the statutory accounts for the year ended 31 March 2017 will be posted to all shareholders. Additional copies will be available from the Company Secretary, Nakama Group plc, Quadrant House, 33/45 Croydon Road, Caterham, Surrey, CR3 6PB and will be available to download from the investor relations section on the Company's website www.nakamagroupplc.com
1.Loss per share 2017 2016
========================= ========= ======= ========================= =========
Weighted average number Weighted average number
of Loss of Earnings
Loss shares per share Loss shares per share
GBP'000 '000 p GBP'000 '000 p
================================= ========================= ========= ======= ========================= =========
Basic and diluted loss per
share (352) 117,791 (0.25) (70) 117,791 (0.13)
The weighted average number of shares excludes 183,953 (2016: 183,953) shares held by the Employee Share Benefit Trust.
2. Operating segments
Operating segments are reported on a geographical basis.
The Group has three main reportable segments based on the location revenue is derived from:
-- Asia Pacific - This segment includes Australia, Hong Kong and Singapore. -- UK - The UK segment includes candidates placed in the UK and Europe. -- USA - This start up includes candidates placed in the USA.
These segments are monitored by the Board of Directors and are reported in a manner consistent with the internal reporting provided to them. The Board of Directors are considered to be the chief operating decision makers. All revenue is derived from the supply of recruitment and human resource services.
Factors that management used to identify the Group's reportable segments
The Group's reportable segments are strategic business units that, although supplying the same product offerings, operate in distinct markets and are therefore managed on a day to day basis by separate teams.
Measurement of operating segment profit or loss, assets and liabilities
The accounts policies of the operating segments are the same as those described in the summary of significant accounting policies.
The Group evaluates performance on the basis of profit or loss from operations before tax not including overhead costs incurred by the head office such as plc AIM related costs not recharged, exceptional items, amortisation and share based payments.
The Board does not review assets and liabilities by segment.
Asia Pacific USA UK Total
2017 2017 2017 2017
GBP'000 GBP'000 GBP'000 GBP'000
======================================== ============ ======== ========= ========
Revenue from external customers 8,825 79 13,615 22,519
Segment profit/(loss) before income tax (20) (78) 42 (56)
======================================== ============ ======== ========= ========
The comparisons for 2016: Asia Pacific USA UK Total
2016 2016 2016 2016
GBP'000 GBP'000 GBP'000 GBP'000
========================================================================== ============ ======== ======== ========
Revenue from external customers 6,924 9 14,110 21,043
Segment profit/(loss)before income tax 189 (100) 63 152
========================================================================== ============ ======== ======== ========
Reconciliation of reportable segment profit to the Group's corresponding
amounts:
2017 2016
Profit or loss after income tax expense GBP'000 GBP'000
========================================================================== ============ ======== ======== ========
Total profit or loss for reportable segments (56) 152
PLC costs not cross charged (58) 17
Amortisation of intangibles (156) (169)
Share based payments - -
(Loss)/profit before income tax expense (270) -
Corporation taxes (82) (70)
========================================================================== ============ ======== ======== ========
(Loss) after income tax expense (352) (70)
========================================================================== ============ ======== ======== ========
The Group makes sales to Europe, Asia, USA and Australasia. All revenue is derived from the provision of services. An analysis of sales revenue by country is given below:
Revenue by country 2017 2016
GBP'000 GBP'000
======= =======
United Kingdom 13,223 13,771
Europe 392 339
Hong Kong 1,121 764
Singapore 630 736
Australia 7,074 5,424
USA 79 9
=================== ======= =======
22,519 21,043
=================== ======= =======
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAEPDEDSXEAF
(END) Dow Jones Newswires
August 04, 2017 02:01 ET (06:01 GMT)
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