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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:1057U
NBA Quantum PLC
30 March 2007
30 March 2007
For immediate release
NBA QUANTUM PLC
Interim Results for the period to 31 December 2006
NBA Quantum PLC, the specialist Management Consultant to the construction and
engineering, petrochemical, marine and associated industries announces its
interim results for the six months ended the 31st December 2006.
Financial Highlights
The profit before tax and amortisation of goodwill has improved to #78,062 (2005
loss - #72,397) on an increased turnover of #2,161,196 (2005 - #2,070,962).The
earnings per share before amortisation of goodwill has also improved to 0.01p
(2005 loss - 2.53p).
Review of Operations
In his Chairman's Statement with the Annual Accounts in 2006, Peter
Elliott-Hughes referred to the various measures designed to correct certain
issues that had recently affected Group performance.
These interim results show how these changes have dramatically improved the
results for the six months under review and I am pleased to say that we are now
seeing the benefits coming through.
Quantum International Consulting Limited and Taylor Rumford Consulting Limited
Last year's acquisition of Taylor Rumford Consulting has greatly reinforced our
ability to provide services at a senior level and the two businesses are working
well together and servicing client needs both in the UK and overseas.
As this integration continues, I am confident of advantages that the business
and its personnel will bring to the Group. The lower cost base from
concentrating activities on the Guildford and Chichester offices has helped
profitability levels and I am confident that this trend will continue.
Quantum International Consulting Pty. Ltd and Lucid Edge Pty. Ltd
The performance of the Australian operation has improved again in the first six
months of the year. Having seen a great improvement in our results for 2006, we
are now installing an improved management structure for the combined Australia
and Far East operations which we believe will further strengthen this operation
and see continued growth in the region.
Quantum International Consulting Qatar
We have now put in place a completely new and self-managing operation in Qatar
which will cover the Middle East. This operation has got off to an excellent
flying start with three major projects in Dubai and Qatar and we are very
excited by the prospects in this busy region and expect this to be highly
profitable centre in the future.
Bionic Productions Limited
We have continued to endeavour to maintain a spread of business and geographical
interest across the Group, but work in this sector remains in short supply and
Bionics has unfortunately suffered again during the period due to the slow down
in the PFI market particularly among the large hospital projects.
Notwithstanding, we have implemented certain cost saving measures which will
off-set to some extent the effects of the slow-down.
DMS International Inc.
Following the disposal of the business assets at the end of last year, proceeds
from this disposal and the collection of cash and outstanding debts will be used
to facilitate the development and implementation of the Group strategy going
forward. The Management is also reviewing its operational options for future
years in the USA.
Summary
The first half of this year has seen a definite improvement in turnover and
profitability levels as the benefits from actions taken last year by the
Management team begins to show. We intend to continue with measures to improve
profitability and expect the work in the Middle East and Far East to add to
these successes.
As a result, we are confident that we will be able to continue to make further
progress as the new Management structures established become more effective.
Having suspended dividend payments in the recent years, it is the Board's
intention to return to a dividend paying policy at the appropriate time.
We now look forward to an exciting future programme of work in each region that
will deliver steady future progress and improved profit levels.
Bob Jervis
Chairman
30 March 2007
For further information please contact:
Bob Jervis Tel: 01483 243531
Unaudited Consolidated Profit and Loss Account
Consolidated
Profit and Loss Account
Results before Amortisation 6 months to 31 6 months to 31
amortisation of December December 2005
goodwill of goodwill
2006 #
Note # #
#
Turnover Continuing Operations 4 1,647,881 1,647,881 2,070,962
Discontinued Operations 513,315 513,315
2,161,196 2,161,196 2,070,962
Operating profit/(loss)
Continuing Operations (638) 112,914 (113,552) (191,959)
Discontinued Operations 55,748 21,532 34,216
55,110 134,446 (79,336) (191,959)
Interest receivable less interest payable 22,952 22,952 6,417
(Loss)/profit on ordinary activities before 78,062 134,446 (56,384) (185,542)
taxation
Tax on ordinary activities
Continuing Operations 91,190
Discontinued Operations 50,640 50,640
(Loss)/Profit on ordinary activities after 27,422 134,446 (107,024) (276,732)
taxation
Equity minority interests (30,537) (30,537) (10,690)
Retained (loss)/profit attributable to the 57,959 134,446 (76,487) (266,042)
Group
0.01p (0.01)p (4.40)p
Earnings/(loss) per share 3
Previous period (2.53)p
Unaudited Consolidated statement of total recognised gains and losses
2006 2005
# #
Group (loss)/profit for the period (76,487) (266,042)
(Loss)/gain on foreign currency translation (47,842) 41,808
Total recognised gains and losses relating to the (124,329) (224,234)
period
Unaudited summarised consolidated Balance Sheet
Note 31 December 2006 31 December 2005
# # # #
Fixed Assets 3,157,830 3,206,453
Other investments 806 806
3,158,636 3,207,259
Current Assets
Debtors 2,520,163 2,231,397
Investments 30,847 65,055
Cash at bank and in hand 567,848 599,506
3,118,858 2,895,958
Creditors: Amounts falling due within
one year 874,989 757,648
Net Current Assets 2,243,869 2,138,310
Total Assets less Current Liabilities 5,402,505 5,345,569
Creditors: Amounts falling due after 309,090 24,542
one year
5,093,415 5,321,027
Provisions for Liabilities and Charges 102,035 141,928
Net Assets 4,991,380 5,179,099
Capital and Reserves
Called up share capital 654,037 604,537
Share premium account 5,217,367 5,016,867
Profit and Loss account (844,194) (448,911)
Equity Shareholders' Funds 5,027,210 5,172,493
Equity minority interest (35,830) 6,606
Capital Employed 5 4,991,380 5,179,099
Unaudited Consolidated cash flow statement
6 months to 6 months to
31 December 31 December
Note 2006 2005
# #
Net cash inflow/(outflow) from operating 6 210,466 (216,102)
activities
Returns on investment and servicing of finance
Interest received less interest (9,439) 6,417
payable
Taxation UK Corporation Tax paid
Overseas taxation paid (7,433) (72,026)
Capital expenditure and financial investment (2,086) (7,286)
Acquisitions and disposals 25,304
(Decrease) in short term deposits 27,857 117
Financing
Increase in loans made (51,099)
Repayments of amounts borrowed (84,546)
Capital element of hire purchase (20,037) (45,974)
payments
Increase/(decrease) in cash in period 88,987 (334,854)
Notes
1 Basis of preparation
The unaudited interim financial information has been prepared on the basis of
the accounting policies set out in the Group's financial statements for the year
ended 30 June 2006.
2 Comparative figures
The comparative figures are the six months to 31 December 2005. The
financial information contained in this interim statement does not constitute
statutory accounts as defined in section 240 of the Companies Act 1985. The
financial information for the full preceding year is based on the statutory
accounts extracted from the statutory accounts for the financial year ended 30
June 2006. These accounts, which have been filed with the Registrar of
Companies, were audited and reported on without qualification by the auditors
and did not contain a statement under section 237 (2) or (3) of the Companies
Act 1985.
3 Earnings per share
The calculation of earnings per share before and after amortisation is based on
a profit of #57,959 and a loss of #76,487 respectively and the number of shares
in issue for the period of 6,540,363 (December 2005, loss #152,896, #266,042 and
6,045,363).
4 Segmental analysis
The table below sets out turnover for each geographic area of operation.
6 months to 6 months to
31 December 31 December
2006 2005
# #
UK 1,157,194 897,338
Australia 370,621 329,750
Rest of the World 120,066 158,835
USA 513,315 685,039
2,161,196 2,070,962
The operating profit of the Group and the net assets of the Group arose
in the UK, USA and Australia.
5 Reconciliation of movement in Shareholders' Funds
6 months to 6 months to
31 December 31 December
2006 2005
# #
(Loss)/ profit for the period (76,487) (266,042)
Recognised profit/(losses) (47,842) 41,808
New shares issued ______- ______-
Net additions to shareholders' funds (124,329) (224,234)
Opening shareholders' funds at 1 July 2006 5,151,539 5,396,727
Closing shareholders' funds at 31 December 2006 #5,027,210 #5,172,493
Shareholders' funds are attributable to equitable interests only.
6 Consolidated Cash Flow Statement
a) Reconciliation of operating profit to net cash inflow from operating
activities
6 months to 6 months to
31 December 31 December
2006 2005
# #
Operating (loss)/profit (79,336) (191,959)
Depreciation charges 24,732 29,702
Loss on disposal of assets 2,826 -
Amortisation of goodwill 134,446 113,146
Decrease/(increase) in debtors 363,303 (292,525)
(Decrease)/increase in creditors (240,125) 144,510
Increase/(decrease) in provisions 4,620 (18,976)
Net cash inflow/(outflow) from operating activities 210,466 (216,102)
b) Reconciliation of net cash flow to movement in net funds (debt)
6 months to 6 months to
31 December 31 December
2006 2005
# #
Increase/(decrease) in cash in period 88,987 (334,854)
Cash outflow from repayment of debt 84,546 -
Cash inflow/outflow on hire purchase loans 20,037 45,974
(Decrease)/increase in deposits and investments (27,857) (117)
Increase in loans granted 51,099 -
Currency translation difference (11,357) 25,476
Movement of net funds in the period 205,455 (263,521)
Opening net funds (19,893) 888,264
Closing net funds 185,562 624,743
c) Analysis of changes in net funds
At 1 July Cash Flow Exchange At 31 December
2006 Difference 2006
# # # #
Cash in hand 486,809 88,987 (7,948) 567,848
Hire purchase loans (25,179) 20,037 (5,142)
Deposits and investments 62,113 (27,857) (3,409) 30,847
Loan granted - 51,099 - 51,099
Debt due within one year (150,000) - (150,000)
Debt due after one year (393,636) 84,546 ______ (309,090)
(19,893) 216,812 (11,357) 185,562
Debtors due after more than one year
Accrued consideration in DMS International (Construction Consulting)
Inc. of #620,162 is receivable within two to three years. The transaction was
completed after 31st December 2006 and no allowance has been made for deferred
tax as the figure is not quantifiable at this stage.
7 Copies of Statement and Accounts
A copy of this report will be sent to shareholders and further copies of this
and of the report and accounts for the year ended 30 June 2006 are available on
request from the company's registered office, Allman House, Birdham, Chichester,
West Sussex, PO20 7BT.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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