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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 |
RNS Number : 0873J NBA Quantum PLC 27 November 2008 NBA Quantum Plc 27 November 2008 Preliminary Results for the Year ended 30 June 2008 Introduction In our interim results for the six months ending 31st December 2007 we were able to demonstrate that the changes introduced by the Board in 2007 had begun to deliver benefits as the company reported a return to profitability. Although the second half of the year has proved to be more difficult than we anticipated, we have still managed to generate a profit. In a year in which many companies are reporting losses, I am pleased to announce that the full year's profit before tax was £106,243 (2007 : £204,541). The measures implemented in 2007 have helped to maintain profit levels in difficult trading conditions and the Board is determined to continue with its policy of keeping overheads under review and strengthening the management structure. I am quite confident therefore that even in the current economic climate we will see improvements in the Group's performance in the next 12 months. This performance has been achieved by a combination of the Board's policies and the dedication and hard work of the management team and staff under the direction of the Chief Executive, Peter Elliott-Hughes. My thanks go to all those involved at this difficult time. Group Companies Quantum International ( QIC ) and Taylor Rumford Consulting ( TRCL ) The total integration of Taylor Rumford is now more or less complete and the benefits to the Group can now be more clearly seen. In addition, as referred to in the half year results, I was able to report with great pleasure the appointment of Jon Coates to the management team as Operations Director for the UK and Europe. Jon's appointment has been a great success and he has added significantly to the strength of the management team in the short period he has been with us. In addition we have continued to add to the strength of the UK operation by the acquisition of 51% of the shares in Rock Hunter in this period. Rock Hunter offers a wide range of services to the construction industry including visualisation services for architectural clients, multi-media services to dispute resolution issues and marketing and design for construction and engineering companies. We believe that the potential for this range of services will grow substantially in the near future and that Rock Hunter will bring considerable benefits to the Group. Quantum International Consulting Pty. Ltd ( QICA )and Lucid Edge Pty. Ltd ( LE) Whilst the operations of QICA have been less active this year those for LE have been encouraging. The Board retains high hopes that this region will show improved results during the next 12 months and has taken the necessary steps to streamline this operation in preparation. Quantum Qatar (QQ) As reported in last year's accounts this company was formed as a joint venture between QIC and APM WLL in Qatar. Its performance since then has been tremendously encouraging and has added significantly to the strength of the parent company in the short time since its start up. The initiative taken by the Chief Executive, with the full support of the Board, has proved therefore to be a very wise move. Bionic Productions Ltd. There had been little change in the market possibilities for this company during the year from that previously reported but there are opportunities which are currently being developed, the outcomes of which are felt will be successful. DMS International Inc. ( DMS ) Even with the current trading conditions in the USA, this still remains a potential market place for the company in the future and the Board continues to monitor the situation. In the meantime, the Group continues to benefit from the terms of DMS's buy-back commitments. Summary I am very encouraged by developments within the Group during 2008 as we have consolidated our position in the market place, during a period of very difficult trading conditions. The Board and Chief Executive continue taking steps to ensure that we have maintained our diversified marketing and trading strategy which we believe will now work to our advantage. We are looking forward to 2009 and anticipate a further improvement in our trading opportunities both in the UK and overseas in this period. Robert Jervis Chairman Date : 27 November 2008 NBA Quantum Plc Consolidated Income Statement for the Year Ended 30 June 2008 Note 2008 2007 £ £ Revenue Continuing operations 2 3,525,496 3,395,272 Discontinued operations 2 - 500,427 3,525,496 3,895,699 Employee benefits expense 3 721,244 1,295,601 Depreciation expense 3 29,844 45,134 Other operating costs 3 2,643,501 2,321,604 3,394,589 3,662,339 Continuing operations 130,907 141,933 Discontinued operations - 91,427 Profit from operating activities before disposal 130,907 233,360 of discontinued business Loss on disposal of business Discontinued operations - (38,999) Total operating profit 130,907 194,361 Finance income 4 13,841 42,226 Finance expense 5 (38,505) (32,046) Profit before tax 106,243 204,541 Income tax expense (171,755) (239,450) Loss for the year £ (65,512) £ (34,909) Attributable to: Equity shareholders of the company (101,774) 3,804 Minority interest 36,262 (38,713) £ (65,512) £ (34,909) Basic earnings per share from: Continuing operations 6 (1.50)p 0.63p Continuing and discontinued operations 6 (1.50)p 0.06p Diluted earnings per share from: Continuing operations 6 (1.42)p 0.60p Continuing and discontinued operations 6 (1.42)p 0.05p The comparative numbers shown above have been restated from those previously reported as the Group has adopted International Financial Reporting Standards (IFRS) for the first time this year and has restated comparatives accordingly. A reconciliation from the numbers previously reported can be found later in this announcement. Consolidated Statement of Recognised Income and Expense for the Year Ended 30 June 2008 2008 2007 £ £ Loss on foreign currency (28,271) (78,943) translation Net expense recognised directly (28,271) (78,943) in equity (Loss)/profit for the year from (101,774) 3,804 operations Total recognised income and expense for the year £ (130,045) £ (75,139) (all attributable to equity shareholders of the company) Consolidated Balance Sheet As At 30 June 2008 2008 2007 Assets £ £ Non current assets Property, plant and 59,113 54,128 equipment Goodwill 3,771,510 3,682,632 Other intangible assets 77,917 - Investments 806 4,807 3,909,346 3,741,567 Current assets Trade receivables 888,168 1,217,379 Other current assets 1,386,578 1,517,267 Cash and cash equivalents 574,597 415,816 2,849,343 3,150,462 Total assets £ 6,758,689 £ 6,892,029 Equity and liabilities Equity attributable to equity shareholders of the parent Share capital 704,529 674,529 Share premium 5,295,375 5,259,375 Retained earnings (817,835) (716,061) Currency translation reserve (107,214) (78,943) Total parent shareholders' 5,074,855 5,138,900 equity Minority interest 28,807 (44,006) Total equity 5,103,662 5,094,894 Non current liabilities Long term borrowings 284,547 310,339 Obligations under financial leases - due over one year 20,795 - Deferred tax 225,815 291,708 531,157 602,047 Current liabilities Trade and other payables 888,749 1,020,393 Current portion of long term 117,000 106,000 borrowings Current tax payable 107,724 63,694 Obligations under finance leases - due within one year 10,397 5,001 1,123,870 1,195,088 Total liabilities 1,655,027 1,797,135 Total equity and liabilities £ 6,758,689 £ 6,892,029 Consolidated Statement of Changes in Equity for the Year Ended 30 June 2008 Called up Share Currency Share Premium Translation Retained Minority Total Capital Account Reserve Earnings Interest Equity £ £ £ £ £ £ Balance 1 July 2006 674,529 5,259,375 - (681,152) (5,293) 5,247,459 Loss for the year - - - (34,909) - (34,909) Loss on foreign currency - - (78,943) - - (78,943) translation Movement in minority interest - - - - (38,713) (38,713) Balance 30 June 2007 674,529 5,259,375 (78,943) (716,061) (44,006) 5,094,894 Issue of shares (net of issue 30,000 36,000 - - - 66,000 costs) Loss for the year - - - (101,774) - (101,774) Loss on foreign currency - - (28,271) - - (28,271) translation Movement in minority interest - - - - 72,813 72,813 Balance 30 June 2008 £ 704,529 £5,295,375 £ (107,214) £ (817,835) £ 28,807 £ 5,103,662 Consolidated Cash Flow Statement for the Year Ended 30 June 2008 Note 2008 2007 £ £ Cash flows from operating activities Profit for the year before 106,243 204,541 taxation Adjustment for: Depreciation 29,844 45,134 Loss on disposal of assets 9,934 18,764 Loss on disposal of - 610,065 business Net negative goodwill (23,452) - Finance income (13,841) (42,226) Finance expense 38,505 32,046 40,990 663,783 Operating cash flows before movement in working capital 147,233 868,324 Decrease in trade and 287,441 155,661 other receivables Decrease/(increase) in 232,985 (730,827) prepayments (Decrease) in trade and (31,248) (262,769) other payables (Decrease)/increase in (65,893) 188,558 provisions 423,285 (649,377) Cash generated from operations 570,518 218,947 Income taxes paid (208,369) (125,185) Interest paid (38,505) (32,046) (246,874) (157,231) Net cash generated from operating activities 323,644 61,716 Cash flows from investing activities Interest received 38,541 17,526 Purchase of intangible (82,500) - assets Purchase of plant and (53,576) (5,264) equipment Receipts from sales of plant and equipment 5,385 42,099 Purchase of fixed asset - (4,001) investment Purchase of subsidiary - additional (88,878) (112,616) consideration Net cash outflow for new purchases of (11,246) - subsidiaries Net cash used in investment (192,274) (62,256) activities Cash flows from financing 131,370 (540) activities Repayment of borrowings (21,959) (127,297) Repayment of obligations under finance leases (5,416) (20,178) Receipt from issue of 66,000 - shares Net cash generated/(used) in financing activities 38,625 (147,475) Net increase/(decrease) in cash and cash equivalents 169,995 (148,015) Cash and cash equivalents at 1 415,816 548,922 July 2007 Effect of foreign exchange rate changes on cash and cash (11,214) 14,909 equivalents Cash and cash equivalents at £ 574,597 £ 415,816 30 June 2008 Notes 1. The financial information set out above does not constitute the Company's statutory accounts for the year ended 30 June 2008. The auditors have reported on the accounts to 30 June 2008. 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 2008 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. Basis of preparation The financial information is presented in pounds sterling and is prepared on the historical cost basis. The financial statements, upon which this financial information is based, have been prepared using accounting policies consistent with International Financial Reporting Standards (IFRS). The disclosures required by IFRS 1 concerning the transition from UK GAAP to IFRS are given in note 26. The financial information has been prepared on a going concern basis in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") at 30 June 2008 as well as all interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC") at 30 June 2008. The Group has not availed itself of early adoption options in such standards and interpretations. In the current year, the group has adopted all of the new and revised Standards and Interpretations issued by the IASB and the IFRIC of the IASB that are relevant to its operations and effective for accounting periods beginning on 1 July 2007. The adoption of the following IFRSs has not impacted the audited financial statements. IFRIC 10 - Interim Financial Reporting and Impairment At the date of authorisation of these financial statements, the following Standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective: IFRS 8 - Operating Segments IAS 23 - Borrowing Costs IFRIC 11 - Group and Treasury Share Transactions IFRIC 12 - Service Concession Arrangements These Standards and Interpretations are not expected to have any significant impact on the group's financial statements, in their periods of initial application, except for the additional disclosures on operating segments when the relevant standard comes into effect for periods commencing on or after 1 January 2009. 2. Segment Analysis The primary reporting format is by geographical area and the secondary reporting format is by business segment. Primary Analysis by Geographical Area The United Kingdom is the home country of the group and the majority of all of the group's operations occur within the United Kingdom. 30 June 2008 UK USA Australia Qatar Total Continuing £ £ £ £ £ Operations Revenue from sales 3,249,495 5,576 518,307 617,539 4,390,917 Inter-segment sales 860,950 - 4,471 - 865,421 Total external sales £ 2,388,545 £ 5,576 £ 513,836 £ 617,539 £ 3,525,496 Turnover by geographical destination is as follows: 2008 2007 £ £ UK 1,546,282 2,171,498 Middle East 1,400,269 - Australia 197,694 937,711 Rest of the world 381,251 286,063 3,525,496 3,395,272 Discontinued operations USA - 500,427 £ 3,525,496 £ 3,895,699 3. Operating (Loss)/Profit This is stated after charging/(crediting) 2008 2007 £ Wages and salaries 655,065 1,155,168 Social security costs 58,979 120,753 Other pension costs 7,200 19,680 Staff costs including directors £ 721,244 £ 1,295,601 Depreciation of tangible fixed assets - owned assets 28,063 36,938 - assets held under finance lease 1,781 8,196 Loss on disposal of fixed assets 9,934 18,764 Auditors' remuneration - audit - company 10,000 8,000 - group 27,500 24,500 Operating lease rentals - plant and machinery 6,297 12,099 - land and buildings 64,007 130,414 4. Finance Income 2008 2007 £ £ Bank interest receivable 13,841 17,526 Other interest receivable - 24,700 £ 13,841 £ 42,226 5. Finance Costs 2008 2007 £ £ Bank loan interest 37,741 31,040 Hire purchase contract interest 764 1,006 £ 38,505 £ 32,046 6. 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. 2008 2007 Continuing Continuing & Continuing Continuing & operations discontinued operations discontinued Numerators: earnings £ (101,774) £ (101,774) £ 42,803 £ 3,804 attributable to equity No. No. No. No. Denominators: Weighted average number of equity shares: Basic 6,814,133 6,814,133 6,745,281 6,745,281 Effect of dilutive 337,500 337,500 390,000 390,000 potential ordinary shares Diluted 7,151,633 7,151,633 7,135,281 7,135,281 7. Explanation of Transition to IFRS The group has applied IFRS 1 "First Time Adoption of International Financial Reporting Standards" as a starting point for reporting under IFRS. The group's date of transition is 1 July 2006 and comparative information has been restated to reflect in the group's adoption of IFRS except where otherwise required or permitted by IFRS 1. IFRS 1 requires an entity to comply with each IFRS and IAS effective as the reporting date for its first financial statements prepared under IFRS. As a general rule, IFRS 1 requires such standards to be applied retrospectively. However, the standard allows several optional exemptions from full retrospective application. The group has elected to take advantage of the following exemptions: * business combinations made prior to 1 July 2006 will not be accounted for under IFRS 3 "Business Combinations" and as such the value of goodwill in the balance sheet at that date will be the same amount under IFRS as that recorded in the UK GAAP financial statements, subject to the completion of an annual impairment review; * to deem cumulative translation differences for all foreign operations to be zero as at 1 July 2006. The reconciliations of equity at 1 July 2006 (date of transition to IFRS) and at 30 June 2007 (date of last UK GAAP financial statements) and the reconciliation of loss for 2006 and 2007, as required by IFRS1, are set out below. 2007 £ Reconciliation of loss from UK GAAP to IFRS UK GAAP loss for the financial period (286,233) Amortisation of goodwill 251,324 Loss from continuing operations - IFRS £(34,909) Reconciliation of net assets from UK GAAP to IFRS Net assets per UK GAAP at 30 June 2007 4,843,570 Amortisation of goodwill 251,324 Net assets per IFRS at 30 June 2007 £ 5,094,894 8. Goodwill International Financial Reporting Standards require goodwill to be subject to review for impairment rather than regular amortisation. Previously amortised amounts in the UK GAAP accounts for the year ended 30 June 2007 of £251,324 have been reversed in the IFRS income statement. The effect of the transition on the balance sheet is shown above. A detailed reconciliation document has been prepared and was circulated with the interim financial statements dated 31 December 2007. This document is published on the group website. 9. Copies of the Annual Report and Financial Statements The Annual Report and Financial Statements are being posted to shareholders on 27 November 2008 and will shortly be available to download from the Company's website at www.nbagroup.com. 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 FR PUGWWGUPRGPM
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