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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Nba Quantum | LSE:NAQ | London | Ordinary Share | GB00B4MTQK45 | ORD GBP100 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 8,750.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:3908K
NBA Quantum PLC
20 December 2007
NBA Quantum PLC
Preliminary Announcement
Year ended 30 June 2007
Chairman's Statement
Introduction
In my last statement, I explained that the Board had taken the decision to
return to the fundamental principles that differentiate the company from its
competitors and peers across all the markets that it works in.
In 2006, we undertook a thorough review of Group performance and developed and
implemented a framework around which the Group would pursue its future
development - driving growth and profit upwards.
The development of that framework has continued into 2007 with further changes
to the management structure of the company and the reorganisation of certain
elements of the business operation.
This year has seen the continuance of the return to form first evidenced last
year, and in March 2007, I was able to announce a healthy profit of £78,000
before tax and amortisation on an increased turnover of £2.16 million for the
six month period to 31st December 2006.
This clearly demonstrated that the strategy was succeeding.
Six months on, I am delighted to announce that this profit level has again risen
significantly and we have posted a healthy final profit of £815,000 before tax
and amortisation on a turnover of £3.9 million. This profit of £815,000
includes the exceptional profit of £571,000 arising on the disposal of the DMS
business.
This represents a gross turnaround in profit of £360,000 in the twelve month
period and I am pleased to say that this is the strongest indication yet that we
are back on track.
Despite showing a measurable improvement in performance, our Chief Executive,
Peter Elliott-Hughes said in 2006 that "we are not there yet" and I will repeat
that sentiment again today.
We are not there yet - there is still much to achieve.
The fundamentals that are at the heart of the company have been rediscovered and
the Chief Executive and his management team are looking at 2008 with a renewed
sense of confidence.
Business Review
Performance
As stated above, the problems of 2005/6 were a salutary lesson and the
subsequent measures introduced by the Chief Executive began to pay dividends.
These measures have vastly improved operating conditions, but the work does not
end there.
In 2006, the Board took the decision to write-off the balances that related to
previous years and which were associated with the problems brought about by the
previous management team. This resulted in a loss for the year of £127,000
before tax and amortisation.
However, whilst the medicine was unpleasant, even more work was undertaken
during 2007 to improve performance and I am pleased to be able to announce that
the Group has returned a sizeable profit for the year.
The resultant turnaround of over £360,000 has been achieved by a great deal of
hard work by all members of the team.
Group Companies
Quantum International Consulting ("QIC") and Taylor Rumford Consulting ("TRCL")
The turnover and profit contributed by the two UK businesses was a significant
factor in these improved figures.
TRCL was acquired in 2006 and as reported last year, both teams have worked very
well together servicing clients in the UK and overseas.
As part of the process, the decision was made in 2006 to relocate our head
office from London to Guildford and close the Birmingham office. This offered
opportunities to reduce significant unnecessary overheads.
This year we took the further decision to close TRCL's offices in Chichester and
consolidate their operations in Guildford and this decision has again helped
reduce current and future overheads and to improve operational efficiency.
The offices in London Colney will also be relocated in the near future and in
turn will allow us to realise further reductions in our overheads.
The decision was recently made to introduce (and thus streamline) several
time-consuming internal administrative and accounting processes, which will
offer significant improvements in operational efficiency.
It is the intention of the Board to consolidate TRCL into QIC in 2008, re-brand
the resultant UK company and affect a further rationalisation of the UK /
European management structure.
The Board also hopes to announce further changes to the UK and European business
in 2008, which we anticipate will further, strengthen and consolidate its
position in the market.
My thanks go to all concerned for their hard work and dedication.
Bionic Productions
Bionic Productions was a start-up company that brought many benefits to the
Group through the provision of its multi-media services. However, after several
years in which its performance was commendable, Bionics began to make
significant losses principally as a result of a decline in the PFI market and in
the demand for multi-media services generally.
The Board allowed Bionics management the time and means to improve their
performance, but it was unable to do so. Having made a loss in 2006 and further
losses in 2007, the decision was taken to scale back the entire operation and
remove the management team.
The focus of the market in which Bionics currently operates is under review by
the Board and a strategy to improve Bionics' results is being developed.
Quantum International Consulting (Australia)("QICA")
In 2007, as part of the new framework we installed a more focussed management
team who have been charged with turning the performance of QICA around.
We have not asked this team to deliver anything spectacular in 2007 as we prefer
to focus on more immediate opportunities elsewhere, but nonetheless the team has
been working to put the basics of a revised operational structure into place and
we expect to see significant advances in the coming year(s).
We consider that Australia and the S.E. Asian region offers great potential for
QICA and again my thanks must go to the team in Sydney.
Lucid Edge
Formed as a start-up in 2005, the company has continued to meet our expectations
and my appreciation must go to Malcolm Beddows who has worked tirelessly to
ensure that Lucid Edge delivers all that we believe it can.
Between Lucid Edge and QICA the two businesses have delivered a profit of some
£22,000 up from losses last year of £255,000.
DMS International
DMS International was sold at the end of 2006 through a management buy-out
although the company remains a source of cash through the agreed repayment
mechanism. The structure of the sale has also secured the goodwill of the
business and DMS continues to offer significant opportunities for us upon the
expiry of our non-compete period.
Quantum Qatar
Founded in February 2007 as a joint venture between Quantum International
Consulting and APM Project management, Quantum Qatar has thus far proven very
successful.
The results to-date have strongly indicated that the decision to move into the
market in the Gulf was a sound one and the successes that have been achieved are
a testimony to the efforts of the team there.
The Board
Last year, I was asked by Peter Elliot-Hughes to re-assume the position of
Chairman thus allowing him to focus on the implementation of Group strategy and
the development of the business as a whole.
This has been very effective and I continue to work closely with Peter in
addressing matters of strategy.
Finance Director Angela McBride has been joined by Group Accountant, Sandra
Lambert.
Further rationalisation has taken place at Board level where John Fyfe joined us
as our second Non-Executive officer alongside Mike Friend.
Peter Taylor has decided not offer himself up for re-election, preferring to
dedicate his time to dealing with technical matters associated with assignments.
The Board will go into 2008 a more streamlined and dynamic structure and for
2008, we shall be forming a Management Board comprising key individuals from
each regional company - UK and Europe, The Gulf and near East and Australia and
S.E. Asia.
Outlook
We now have a much improved management structure and a great palette of
opportunity with which to work and the Board's focus continues to be on
strengthening the company and delivering solid results.
More than ever, we feel that the company has regained a new lease of life and
that there is a genuine impetus within the business to improve further.
Summary
I believe that we have done what we set out to do at the end of 2005, namely to
address the fundamental problems that caused us to show below par results for
the last two years.
The Board rightly anticipates that the coming year will bring some very
interesting developments and we look forward to 2008 and beyond with much
anticipation.
I hope that you have a very happy Christmas and a peaceful 2008.
Robert G. Jervis
Chairman
Date: 19 December 2007
NBA Quantum Plc
Consolidated Profit And Loss Account
For The Year Ended 30 June 2007
Results
before
amortisation Amortisation
of
goodwill of goodwill 2007 2006
Note £ £ £ £
Turnover 2 -
Continuing operations 3,395,272 - 3,395,272 4,881,782
Discontinued operations 500,427 - 500,427 -
3,895,699 - 3,895,699 4,881,782
Staff costs (1,295,601) - (1,295,601) (1,585,884)
Depreciation (45,134) (251,324) (296,458) (306,788)
Other operating charges (2,321,604) - (2,321,604) (3,360,123)
(3,662,339) (251,324) (3,913,663) (5,252,795)
Continuing operations 141,933 (251,324) (109,391) (371,013)
Discontinued operations 91,427 - 91,427 -
Total operating
profit/(loss) 233,360 (251,324) (17,964) (371,013)
Profit/(loss) on disposal
of business
Discontinued operations 571,066 (610,065) (38,999) -
Profit/(loss) on ordinary
activities before interest 804,426 (861,389) (56,963) (371,013)
Interest receivable
and similar income 42,226 - 42,226 14,174
846,652 (861,389) (14,737) (356,839)
Interest payable and
similar charges (32,046) - (32,046) (14,663)
Profit/(loss) on ordinary
activities before taxation 814,606 (861,389) (46,783) (371,502)
Tax on profit/(loss)
on ordinary activities (239,450) - (239,450) (125,493)
Profit/(loss) on ordinary
activities after taxation 575,156 (861,389) (286,233) (496,995)
Equity minority interest 38,713 - 38,713 22,590
Retained profit/(loss)
for the group for the
financial year £ 613,869 £ (861,389) £ (247,520) £ (474,405)
Earnings/(loss) per share 3 9.29p (3.74p) (7.60)p
Consolidated Statement of Total Recognised Gains and Losses
For the year ended 30 June 2007
Note 2007 2006
£ £
Group loss for the year (247,520) (474,405)
Exchange movement on translation of
overseas net assets (78,943) (18,525)
Total recognised losses relating
to the year £ (326,463) £ (492,930)
Consolidated Balance Sheet
As at 30 June 2007
Note 2007 2006
£ £ £ £
Fixed Assets
Intangible assets 3,431,308 3,784,479
Tangible assets 54,128 154,861
Investments 4,807 806
3,490,243 3,940,146
Current Assets
Debtors 2,734,646 2,228,531
Investments - 62,113
Cash at bank and in hand 415,816 486,809
3,150,462 2,777,453
Creditors: Amounts falling due
within one year (1,195,088) (1,074,567)
Net Current Assets 1,955,374 1,702,886
Total Assets Less Current 5,445,617 5,643,032
Liabilities
Creditors: Amounts falling due
after more than one year (310,339) (393,636)
5,135,278 5,249,396
Provisions for liabilities and (291,708) (103,150)
charges
Net Assets £ 4,843,570 £5,146,246
Capital and Reserves
Called up share capital 674,529 654,037
Share premium account 5,259,375 5,217,367
Profit and loss account (1,046,328) (719,865)
Equity Shareholders' Funds 4 4,887,576 5,151,539
Equity Minority Interest (44,006) (5,293)
Capital Employed £ 4,843,570 £ 5,146,246
Consolidated Cash Flow Statement
For The Year Ended to 30 June 2007
Note 2007 2006
£ £ £ £
Net cash inflow/(outflow) from operating
activities 5a 233,856 (4,875)
Returns on investment and servicing of finance
Interest received 17,526 14,174
Interest paid (31,040) (12,273)
Interest element on finance lease payments (1,006) (2,390)
Net cash (outflow) for returns on
investment and servicing of finance (14,520) (489)
Taxation paid - UK Corporation Tax paid (80,206) (89,050)
- USA tax paid (44,979) (69,620)
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (5,264) (44,482)
Receipts from disposal of tangible fixed assets 42,099 -
Net cash outflow for capital expenditure and
financial investment 36,835 (44,482)
Acquisitions and disposals
Payment to acquire fixed asset investment (4,001) -
Payment to acquire subsidiary, net of cash
acquired 5b (112,616) (681,055)
Net cash outflow for acquisitions and disposals (116,617) (681,055)
Cash inflow/(outflow) before use of liquid
resources and financing 14,369 (889,571)
Management of liquid resources
Decrease/(Increase) in short term deposits and
investments
62,113 (1,627)
Net cash inflow/(outflow) before financing 76,482 (891,198)
Financing
Increase in loans - 600,000
Repayment of amounts borrowed (127,297) (56,364)
Capital element of finance leases (20,178) (60,613)
Net cash (outflow)/inflow for financing (147,475) 483,023
(Decrease) in cash 5c £ (70,993) £ (408,175)
NOTES:
1. The financial information set out above does not constitute the Company's
statutory accounts for the year ended 30 June 2007. The auditors have
reported on the accounts to 30 June 2006. Their report was unqualified and
did not contain a statement under Section 237 (2) or (3) of the Companies
Act 1985. The statutory accounts for 2007 will be finalised on the basis of
the preliminary information presented by the Directors in this preliminary
statement and will be delivered to the Registrar of Companies following the
Company's Annual General Meeting.
2. Segmental Analysis
The table below sets out turnover by geographical destination is as
follows:
2007 2006
£ £
UK 2,171,498 2,721,223
USA 500,427 1,221,625
Australia 937,711 645,598
Europe - 87,411
Rest of the world 286,063 205,925
£ 3,895,699 £ 4,881,782
3. Earnings Per Share
Consolidated earnings per ordinary share have been calculated by dividing
the profit/(loss) for the year by the weighted average number of ordinary
shares in issue for the year. A second calculation was performed using
earnings prior to amortisation of goodwill.
Results before Results after
amortisation of goodwill amortisation of goodwill
2007 2006 2007 2006
Profit/(loss) for the year £ 613,869 £ (230,363) £ (247,520) £ (474,405)
Weighted number of shares in issue 6,610,540 6,240,651 6,610,540 6,240,651
Basic earnings/(loss) per ordinary share 9.29p (3.69)p (3.74)p (7.60)p
During the year the average market price of ordinary shares was below the
exercise price of the share options and accordingly there is no dilutive
effect on earnings per share.
4. Reconciliation of Movement in Shareholders' Funds
Group
2007 2006
£ £
Retained (loss)/profit for the year (247,520) (474,405)
Exchange movement on translation of
overseas net assets (78,943) (18,525)
Issue of shares 62,500 250,000
Net reductions to shareholders' funds (263,963) (242,930)
Opening shareholders' funds 5,151,539 5,394,469
Closing shareholders' funds £ 4,887,576 £ 5,151,539
Shareholders' funds are attributable to equity interests only.
Consolidated Cash Flow Statement
5a. Reconciliation of operating profit to net cash inflow from operating
activities
2007 2006
£ £
Operating (loss) (56,963) (371,013)
Depreciation charges 45,134 62,746
Loss on disposal of fixed assets 18,764 1,236
Amortisation of goodwill 861,389 244,042
(Increase)/decrease in debtors (481,314) 30,765
(Decrease)/increase in creditors (74,211) 82,239
(Decrease) in provisions - (54,890)
Exchange losses (78,943) -
Net cash inflow from operating activities £ 233,856 £ (4,875)
5b. Acquisition of Subsidiary Undertaking
2007 2006
£ £
Net assets acquired:
Tangible fixed assets - 10,076
Debtors - 364,611
Cash at bank and in hand - 170,948
Creditors - (293,644)
Provisions for liabilities and - (1,991)
charges
Fair value of net assets acquired - 250,000
Goodwill arising upon acquisition 508,218 852,003
Total cost £ 508,218 £ 1,102,003
Satisfied by:
Cash 445,718 852,003
Issue of shares 62,500 250,000
£ 508,218 £ 1,102,003
Analysis of net cash outflow in respect of the acquisition of the subsidiary
undertaking
Total cash due/paid 445,718 852,003
Deferred consideration, not yet (333,102) -
paid
Cash at bank and in hand - (170,948)
Net cash outflow to acquire £ 112,616 £ 681,055
subsidiary
5c. Reconciliation of net cash flow to movement in net funds/(debt)
2007 2006
£ £
(Decrease) in cash in the year (70,993) (408,175)
Increase in debt (bank loan) - (600,000)
Cash outflow from repayment of 127,297 56,364
debt
Cash outflow from repayment of
hire purchase loans 20,178 60,613
(Decrease)/Increase in short term
deposits and investments (62,113) 1,627
Currency translation difference - (18,586)
Movement in net funds in the year 14,369 (908,157)
Net funds at 1 July 2006 (19,893) 888,264
Net funds at 30 June 2007 £ (5,524) £(19,893)
6. Copies of the Annual Report and Financial Statements
The Annual Report and Financial Statements will be sent to shareholders in due
course. Further copies will be available from the company's registered office,
3000, Cathedral Hill, Guildford, Surrey GU2 7YB.
Contact:
Angela McBride, Finance Director
NBA Quantum Plc 01483 243531
Brewin Dolphin (NOMAD) 0845 270 8600
Mark Brady / Alison Barrow
This information is provided by RNS
The company news service from the London Stock Exchange
END
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