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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 May 2019 to May 2024
TIDMNAK
RNS Number : 6070Q
Nakama Group Plc
01 December 2016
For release at 07:00am on 1 December 2016
Nakama Group plc (AIM: NAK)
("Nakama" or "the Group")
"The AIM quoted recruitment consultancy working across UK, Europe, Asia and Australia providing staff for the Web, Interactive, Digital media, IT and Business Change sectors
announces its interim results for the six months ended 30 September 2016"
INTERIM RESULTS
Highlights
-- Loss before tax GBP63,000 (2015: profit GBP169,000). -- Net fee income (NFI) of GBP2.9 million (2015: GBP3.0 million). -- Contractor revenue increased by 4.3 per cent to GBP9.3 million (2015: GBP8.9 million). -- Revenue across the APAC region increased by 14.7 per cent.
Rob Sheffield, CEO of Nakama, commented:
"The results are in line with our expectations for the first six months after a period of change and development."
"We see a stronger second half of the year from the Group as a whole this year compared to a softer second half last year. The outcome for the period reflects the Group's commitment to strengthen existing business lines whilst supporting new ones."
"We continue to recruit new heads into those markets where there is potential for NFI and profit growth. The Group strategy for growth in all regions is a key focus aligning all offices and enabling the business to grow globally."
Enquiries:
Nakama Group plc www.nakamaglobal.com Rob Sheffield, CEO Tel: 0061 498 127 326 Angus Watson, CFO Tel: 01883 341 144 WH Ireland Limited Paul Shackleton (NOMAD) Tel: 0207 220 1666 David Kilbourn (Broking) Peckwater PR Tel: 07879 458 364 Tarquin Edwards tarquin.edwards@peckwaterpr.co.uk
NOTES TO EDITORS
About Nakama Group plc
Nakama Group plc is a recruitment group of two branded solutions placing people into specialist and management positions;
-- Nakama operates in the digital, creative, media, marketing and technology sectors all over the world from offices in the UK, Asia and Australia and North America.
-- The Highams brand specialises in the Financial Services sector, specifically Business Change and IT in Insurance and Wealth Management currently in the UK and Europe.
Nakama Group plc was created in October 2011 through the acquisition of Nakama Ltd UK and its subsidiaries in Hong Kong, Sydney and Melbourne by AIM listed Highams Systems Services Group plc.
Since forming in 2011, the Group has opened offices in Singapore and New York for Digital, Creative, Media and Marketing.
Our aim is to offer all our services from both our brands in all our locations.
CHIEF EXECUTIVE OFFICER'S STATEMENT
I present the unaudited results of Nakama Group plc for the first six months of the financial year. The first half year showed a small increase in revenue across the Group, but a loss before tax of GBP63,000 (2015: profit GBP169,000), reflecting the investments made both in the UK, the USA and to Group infrastructure in the latter part of the last financial year.
Financial results
The Group revenue of GBP10.9 million (2015: GBP10.6 million) shows a small increase of 2 per cent for the period.
Segmental analysis shows that we have increased our revenue in the APAC region by GBP552,000 (14.7 per cent). UK revenues decreased slightly due to softer trading conditions.
Net Fee Income ("NFI") in the period for the Group was GBP2.9m (2015: GBP3.0m), which was a decrease of 4 per cent on last year. The first half of the financial year showed strong NFI performances in our Hong Kong and Sydney business units.
Administrative costs for the Group increased from GBP2.8m last year to GBP2.9m in the first half of this financial year driven by investment in infrastructure and systems.
Our markets
Market conditions in the period became softer for our UK businesses, which has since been addressed by a refocusing on service lines within both UK entities and a strengthening of the management teams in both businesses. Elsewhere, our businesses in Hong Kong and Australia performed strongly. We have seen a softer market in Singapore and South East Asia within our core markets and the business has moved to address this.
We are in line with our internal budgets for the first six months after a period of change and development. We have reasonable expectations that the UK businesses will perform better in the second half of the year after a strengthening of the management teams. In APAC, we expect a similar performance to the first six months from our businesses in Hong Kong and Sydney and an improved performance from our Singapore business in the second half, with increased opportunities for growth in the medium and long term.
The current focus for the Group is to maximize the returns from our investment in all our businesses following on from the strategic review last September and to increase the productivity of the business.
We see a stronger second half of the year from the Group as a whole compared to a softer second half last year. The outcome for the period reflects the Group's commitment to extend its international footprint and to strengthen existing business lines whilst supporting new ones.
Outlook
We continue to recruit new heads into those markets where there is potential for NFI and profit growth.
The Group strategy for growth in all regions is a key focus aligning all offices and enabling the business to grow globally.
Rob Sheffield
Chief Executive Officer
1 December 2016
Hot Features
Premium
Consolidated statement of
comprehensive income
for the six months to 30 6 Months 6 Months 12 Months
September 2016 to to to
30 Sep 30 Sep
2016 2015 31/3/2016
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Total Revenue 3 10,864 10,649 21,043
Cost of sales (7,968) (7,636) (15,304)
---------- ---------- ----------
Net Fee Income 2,896 3,013 5,739
---------- ---------- ----------
Administrative costs (2,930) (2,827) (5,702)
Operating profit /(loss) (34) 186 37
Finance costs (29) (17) (37)
---------- ---------- ----------
(Loss)/profit on ordinary
activities before taxation 3 (63) 169 0
---------- ---------- ----------
Tax expense/credit 0 (0) (70)
---------- ---------- ----------
(Loss)/profit for the period
attributable to equity shareholders (63) 169 (70)
========== ========== ==========
Basic (loss)/profit per
share (0.05) (0.14)p (0.13)p
Diluted (loss)/profit per
share (0.05) (0.13)p (0.06)p
Consolidated statement of
recognised income and
6 Months 6 Months 12 Months
expense to to to
for the 6 months ended 31 30 Sep 30 Sep 30 Mar
September 2016 2015 2015 2016
GBP'000 GBP'000 GBP'000
---------- ---------- ----------
(Loss)/Profit for the period (63) 169 (70)
Exchange gains/(losses)
arising on translation of
foreign operations (87) 10 (9)
---------- ---------- ----------
Total recognised income
and expense for the period
attributable to equity shareholders (151) 179 (79)
---------- ---------- ----------
Statement of changes in equity
At 30 September 2016
Employee
share
Share Share Merger 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
Comprehensive income
for the year
Income for the Year - - - - - (70) (70)
Other Comprehensive
Income - - - - (9) - (9)
Total Comprehensive
profit for the year - - - 56 244 216
---------------------- --------- --------- --------- --------- ------------------------ ---------- --------
Share based payment
credit - - - - - 7 7
At 1 April 2016 1,602 2,580 90 (61) 56 (2,471) 1,796
---------------------- --------- --------- --------- --------- ------------------------ ---------- --------
Income for the year - - - - - (63) (63)
Other comprehensive
income - - - - (87) - (97)
---------------------- --------- --------- --------- --------- ------------------------ ---------- --------
Total Comprehensive
income for the year 1,602 2,580 90 (61) (87) (63) (160)
---------------------- --------- --------- --------- --------- ------------------------ ---------- --------
Share based payment
credit - - - - - - -
---------------------- --------- --------- --------- --------- ------------------------ ---------- --------
At 30 September 2016 1,602 2,580 90 (61) (31) (2,534) 1,646
---------------------- --------- --------- --------- --------- ------------------------ ---------- --------
Consolidated statement
of financial position as 6 months 6 months 12 months
at 30 September 2016 to to to
30 Sep 30 Sep 31 March
2016 2015 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Assets
Non-current Assets
Intangible assets 114 274 193
Property, plant and equipment 100 70 106
Investments 0 0 0
Goodwill 487 487 487
Deferred Tax asset 108 178 108
------------------------------- ---------- ---------- ----------
Total 809 1,009 894
Current assets
Trade and other receivables 3,917 4,281 3,415
Cash and cash equivalents 383 498 582
Total 4,300 4,779 3,997
------------------------------- ---------- ---------- ----------
Total assets 5,109 5,788 4,891
------------------------------- ---------- ---------- ----------
Liabilities
Current Liabilities
Trade and other payables (2,170) (2,137) (1,848)
Borrowings (1,293) (1,597) (1,247)
Total (3,463) (3,734) (3,095)
------------------------------- ---------- ---------- ----------
Net assets/(liabilities) 1,646 2,054 1,796
------------------------------- ---------- ---------- ----------
Equity
Ordinary shares 1,602 1,602 1,602
Share premium 2,580 2,580 2,580
Merger reserve 90 90 90
Employee share benefit
trust reserve (61) (61) (61)
Currency reserve (31) 75 56
Retained earnings (2,534) (2,232) (2,471)
Total equity 1,646 2,054 1,796
------------------------------- ---------- ---------- ----------
Consolidated statement of
cash flows
6 months 6 Months 12 months
to 30 September 2016 to to to
31 Sep 30 Sep 31 March
2016 2015 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Profit before taxation (63) 169 0
Depreciation of property,
plant and equipment 16 27 51
Amortisation of intangible
assets 79 88 169
Net finance costs 29 17 37
Tax paid -- - -
Changes in trade and other
receivables (503) (767) 71
Change in trade and other
payables 322 37 111
Net cash generated in operating
activities (120) (429) 439
Cash flows from investing
activities
Acquisition of subsidiary
cash - - -
Purchase of property plant
and equipment (9) (30) (91)
Purchase of intangible assets - - -
Proceeds from the sale of
assets - - -
Net cash generated in investing
activities (9) (30) (91)
---------- ---------- ----------
Financing activities
increase/(decrease) in borrowings 46 526 176
Finance cost paid (29) (17) (37)
Net cash from financing
activities 17 509 139
---------- ---------- ----------
Net changes in cash and cash
equivalents (112) 51 487
Cash and cash equivalents,
beginning of year 582 95 95
Exchange losses on cash and
cash equivalent (87) 8 -
Cash and cash equivalents
at end of period 383 154 582
---------- ---------- ----------
Cash and cash equivalents
for the purposes of the Statement
of cash flows comprise:
Cash and cash equivalents 383 498 582
Bank overdrafts 0 (344) 0
383 154 582
---------- ---------- ----------
Notes to the Interim Report
1. Basis of Preparation
This unaudited consolidated interim financial information has been prepared in accordance with Financial Reporting Standard 100 Application of Financial Reporting Requirements ("FRS100") and Financial Reporting Standard 101 Reduced Disclosure Framework ("FRS 101"). The Group adopted IFRS 101 in the financial year to March 2016 having previously applied UK accounting standards. Other than the adoption of reduced disclosures there was no material effect of applying IFRS 101 for the first time. September 2016 is unreviewed and unaudited and does not constitute the Group's statutory financial statements for those periods. The comparative financial information for the full year ended 31 March 2016 has, however, been derived from the audited statutory financial statements for that period. A copy of those statutory financial statements has been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under section 498(2)-498(3) of the Companies Act 2006.
The financial information in the Interim Report is presented in Sterling and all values are rounded to the nearest thousand pounds (GBP'000) except when otherwise indicated.
2. Earnings per share
6 months 6 months 12 Months
to 30 to 30 to 31
Sep Sep March
2016 2015 2016
Unaudited Unaudited Audited
Weighted Weighted Weighted
average average average
number number number
of Loss of Profit of Loss
per per per
Loss shares share Profit shares share Loss shares share
GBP'000 '000 p GBP'000 '000 p GBP'000 '000 p
Basic earnings
per share (63) 117,791 (0.05) 169 117,791 0.14 (70) 117,791 (0.13)
Diluted earnings
per share (63) 126,469 (0.05) 169 126,469 0.13 (70) 126,571 (0.06)
3. Segmental Analysis
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 consist of the New York operation opened late last year. These segments are monitored by the board of directors. 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 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 UK USA Total
30 Sep 16 30 Sep 16 30 Sep 16 30 Sep16
GBP'000 GBP'000 GBP'000 GBP'000
Revenue from external customers 4,297 6,533 34 10,864
------------- -----------
Segment profit before tax 139 (12) (54) 73
------------- ----------- ----------- -----------
Asia Pacific UK USA Total
30 Sept 15 30 Sept 15 30 Sept 15 30 Sept 15
GBP'000 GBP'000 GBP'000 GBP'000
Revenue from external customers 3,745 6,904 0 10,649
------------- -----------
Segment profit before tax 241 84 0 325
------------- ----------- ----------- -----------
Reconciliation of reportable segment profit
to the Group's corresponding amounts:
30 Sept 16 30 Sept
15
Profit or loss after GBP'000 GBP'000
income tax expense
Total profit or loss
for reportable segments 73 325
PLC costs not cross
charged (restated) (30) (68)
Amortisation of intangibles (106) (88)
Share based payments - -
----------- --------
Profit before income
tax expense (63) 169
----------- --------
Corporation taxes - -
----------- --------
Profit after income
tax expense (63) 169
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR AKKDNABDDBDN
(END) Dow Jones Newswires
December 01, 2016 02:00 ET (07:00 GMT)
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