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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Netb2B2 | LSE:NEB | London | Ordinary Share | GB00B064S128 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.375 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4546N Net b2b2 PLC 07 December 2006 7 December 2006 Netb2b2 plc Preliminary results for the year ended 30 June 2006 Netb2b2 plc ("Netb2b2" or "the Group"), the digital communications business, today announces its preliminary results for the year ended 30 June 2006. Financial and business highlights: *Turnover increased by 4.5% to #6.6 million (2005: #6.3 million) *Group operating loss before exceptionals of #158,000 (2005: profit of #132,000) *Group loss after tax of #316,000 (2005: profit of #114,000) *Loss per share of 5.4p (2005: profit of 2.3p) *Cash on group balance sheet #121,000 (2005: #571,000) *Strategic Review completed with new focus on Media and Entertainment *Major new clients secured including Royal National Institute of the Blind, Royal Institute for Chartered Surveyors and Ministry of Sound Keith Young, Chairman of Netb2b2, commented: "Following the changes introduced earlier in the summer, current trading is beginning to improve, boosted by some prestigious recent new contract wins secured by cScape, Blue Sky Hosting and Fernhart New Media. We are confident that by focusing more closely on Media and Entertainment, the trading momentum currently achieved will enhance the Group's profitability this year, and create a far stronger base going forward." Enquiries, please contact: Andrew Gannon Neil Boom Netb2b2 PLC Gresham PR Ltd. 020 7689 8800 020 7404 9000 Chairman's statement This year, parts of the business made progress, particularly in terms of winning prestigious new clients and increased focus, while other parts experienced some frustrating delays. In short, 2006 can best be characterised as a year of transition and building for the future. To drive the transition, the directors conducted a Strategic Review of the Group's entire portfolio of companies. This root and branch examination of all parts of the Group was aimed at identifying the right commercial structure that could take best advantage of realistic commercial opportunities in digital media for a company of our size. The main conclusion of the Review was that we should focus our offer more sharply on the Media and Entertainment markets. We have the benefit of already working in these fast-growing markets, serving blue chip clients including ITV, BBC, ITN and Sky, particularly through Fernhart New Media, our most recently acquired subsidiary. We have also identified other relevant media business opportunities in the Media and Entertainment space, including projects related to the forthcoming release of VISTA, Microsoft's new Windows operating system and have recruited a respected person from the gaming industry. Our track record and profile in streaming, interactive media and digital television gives us a strong platform from which to build further. We are particularly proud of our client retention and satisfaction rates, which we believe are higher than industry averages. Moving forward, we see the best opportunities as ones that lever the combined skills and experience of the Group companies, using our existing experience and increasingly strong position in digital media to gain new clients. This will be supplemented by combining forces, particularly between our long standing Group companies and Fernhart New Media, to cross-sell our new media offer more systematically. Another key Group objective for this trading year and beyond is to increase our recurring revenue streams. One of the best ways of achieving a recurring revenue base is by licensing the intellectual property to the client, which is invoiced on an annual basis. We believe much of the new turnover can be delivered without exposing Netb2b2 to the costs or risks inherent in attempting to make a major acquisition at this stage. Smaller acquisitions, of either small companies, teams of key people or particular items of technology, are still part of the board's strategic thinking. One of the most pleasing outcomes of the Review was that it indicated how we could substantially reduce Group overheads by reducing complexity of structure and leveraging capabilities between the holding and operating companies. Financial and operational review Group turnover improved slightly, rising 4.5% to #6.6 million (2005: #6.3m). The Group recorded a full year loss after tax of #316,000 compared with a profit of #114,000 in 2005. This is in the main attributable to a non-recurring exceptional item of #170,000 in respect of pension settlement costs relating to a former subsidiary and other costs of discontinuance, and to unexpected delays by customers in committing to new contracts as reported to shareholders on 28 July 2006. Our cash position at the period end of #121,000 (2005: #571,000) is considered satisfactory and our underlying cash flow is expected to improve as we reduce overheads and increase revenues from new contracts won. It also reflects maintained investment in technology and key personnel in order to deliver our goal of achieving greater critical mass in the digital world. Operationally, there were some impressive new business wins across most of the businesses and some attractive new services added. cScape, our largest subsidiary, has recently launched a new Customer Engagement Unit to create a highly engaging web experience for its clients, which it sees as a core element in its goal to become a full service provider. In terms of high profile clients, we are particularly pleased that cScape secured a major new contract to completely revamp the Royal National Institute of the Blind's ("RNIB") online presence and eCommerce capabilities in a contract valued at around #438,000. The RNIB site has been relaunched successfully and users have commented positively on its new look and additional functionality. cScape also secured a contract from youth record label Hed Kandi, part of the Ministry of Sound music group. The contract is for cScape to redevelop its site in Microsoft's new Office SharePoint Server 2007TM - the first live implementation of this product in the world. Fernhart New Media also recorded some impressive new contracts, including helping create a new online service for the Royal Institute for Chartered Surveyors (RICS) that enables anyone requiring the services of a chartered surveyor to find one at the right price and location. ITM Graphics also won a very pleasing contract with Dalton's Weekly. Outlook Following the changes introduced earlier in the summer, current trading is beginning to improve, boosted by some prestigious recent new contract wins secured by cScape, Blue Sky Hosting and Fernhart New Media. We are confident that by focusing more closely on Media and Entertainment, the trading momentum currently achieved will enhance the Group's profitability this year and create a far stronger base going forward. Keith Young Chairman 7 December 2006 GROUP PROFIT & LOSS ACCOUNT Year ended 30 June 2006 Note Year Year ended ended 30 June 30 June 2006 2005 #000 #000 TURNOVER 6,590 6,303 Cost of sales (1,614) (1,846) ----- ----- GROSS PROFIT 4,976 4,457 ----- ----- Administrative expenses before exceptional item (5,134) (4,325) Operating exceptional item (20) (18) ----- ----- Administrative expenses (5,154) (4,343) ----- ----- OPERATING (LOSS)/PROFIT Before exceptional item (158) 132 Operating exceptional item (20) (18) ----- ----- Total operating (loss)/profit (178) 114 ----- ----- Interest payable and similar charges (27) (19) Interest receivable and similar income 1 - ----- ----- (LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION (204) 95 Non-operating exceptional item Cost of discontinuance of business and settlement of pension liabilities 3 (170) - Surplus arising on discontinued activity 3 58 - ----- ----- (112) - Tax on (loss)/profit on ordinary activities - 19 ----- ----- (LOSS)/PROFIT FOR THE FINANCIAL YEAR (316) 114 ===== ===== (LOSS)/PROFIT PER SHARE (PENCE) 4 (5.4p) 2.3p ===== ===== All turnover and results arose from continuing operations apart from the non-operating exceptional items which relate to the closure of discontinued operations. No separate statement of Total Recognised Gains and Losses has been presented as all such gains and losses have been dealt with in the profit and loss account. GROUP BALANCE SHEET As at 30 June 2006 30 June 2006 30 June 2005 Note #000 #000 #000 #000 FIXED ASSETS Intangible assets 2,438 1,887 Tangible assets 570 416 ----- ----- 3,008 2,303 CURRENT ASSETS Stocks 141 98 Debtors 1,398 1,231 Cash at bank 121 571 ----- ----- 1,660 1,900 CREDITORS: amounts falling due (2,405) (2,172) within one year ----- ----- NET CURRENT LIABILITIES (745) (272) ----- ----- CREDITORS: amounts falling due (112) - after one year ----- ----- TOTAL ASSETS LESS CURRENT 2,151 2,031 LIABILITIES ===== ===== CAPITAL AND RESERVES Called up share capital 606 523 Share premium 553 200 Capital redemption reserve 6 6 Profit and loss account 986 1,302 ----- ----- EQUITY SHAREHOLDERS' FUNDS 2,151 2,031 ===== ===== GROUP CASHFLOW STATEMENT Year ended 30 June 2006 Note Year ended Year ended 30 June 30 June 2006 2005 #000 #000 Net cash (outflow)/inflow from operating activities 5 (296) 234 Returns on investments and servicing of finance (26) (19) Capital expenditure (336) (169) Acquisitions (200) - --- ---- Net cash (outflow)/inflow before financing (858) 46 Financing 537 (85) --- --- Decrease in cash in the year (321) (39) === === Reconciliation of net cash flow to movement in net funds Decrease in cash in the year 6 (321) (39) Decrease/(increase) in debt and lease financing (476) 301 --- --- Movement in net funds in the year (797) 262 Net funds/(debt) at start of year 268 6 --- --- Net (debt)/funds at end of year 6 (529) 268 === === Notes: 1. FINANCIAL INFORMATION The unaudited financial information set out above does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. Statutory accounts for the year ended 30 June 2006 will be finalised based on the information in this preliminary announcement and will be delivered to the Registrar of Companies in due course. The accounts for the year ended 30 June 2005, which received an unqualified auditor's report, have been filed with the Registrar of Companies. 2. SEGMENTAL INFORMATION The Group operates in the UK and the whole of its turnover is in the UK market. Turnover Operating (Loss)/Profit 2006 2005 2006 2005 #000 #000 #000 #000 Internet services 3,464 3,316 235 331 Publishing and digital communication services 1,945 2,307 46 112 Specialist hosting 668 671 151 204 Media and interactive technology 503 - (16) - Central and other costs 10 9 (574) (515) Exceptional item - - (20) (18) ----- ----- --- --- Group 6,590 6,303 (178) 114 ===== ===== === === (Loss)/Profit Net assets after tax 2006 2005 2006 2005 #000 #000 #000 #000 Internet services 228 330 476 642 Publishing and digital communication services 30 97 (439) (292) Specialist hosting 149 202 33 24 Media and interactive technology (18) - (1) - Central and other costs (573) (516) 2,082 1,657 Exceptional item (132) (18) - - --- --- ----- ----- Group (316) 95 2,151 2,031 === === ===== ===== 3. EXCEPTIONAL ITEMS A net charge of #170,000 has been made in 2006 in respect of the closure of the Typematters (London) Limited business in the year ended 30 June 2005, which relates primarily to the settlement of pension liabilities. A surplus of #58,000 arose during the year as a result of the liquidation of a non-trading subsidiary of the group. 4. (LOSS)/ PROFIT PER ORDINARY SHARE Basic (loss)/ profit per share is calculated by dividing the (loss)/ profit attributable to ordinary shareholders by the weighted average number of ordinary shares during the year. The diluted (loss)/ profit per share is the same as the actual (loss)/ profit per share. Year ended Year ended 30 June 2006 30 June 2005 Basic earnings attributable to ordinary shareholders: #000 (316) 114 ========= ========= Weighted average number of ordinary shares 5,846,909 4,911,048 ========= ========= (Loss) /profit per share: (5.4p) 2.3p ========= ========= 5. RECONCILIATION OF OPERATING (LOSS)/ PROFIT TO NET CASH (OUTFLOW)/ INFLOW FROM OPERATING ACTIVITIES 2006 2005 #000 #000 Operating (loss)/ profit (178) 114 Exceptional item (112) - Depreciation 147 140 Loss on disposal/write off of tangible fixed assets 74 - (Increase) in stocks (43) (19) (Increase) in debtors (71) (126) (Decrease)Increase in creditors (113) 125 --- --- Net cash (outflow)/inflow from operating activities (296) 234 === === 6. ANALYSIS OF CHANGES IN NET (DEBT)/ FUNDS At 1 July Cash At 30 June 2005 flow 2006 #000 #000 #000 Net cash Cash at bank and in hand 571 (450) 121 Bank overdrafts (270) 129 (141) --- --- --- 301 (321) (20) --- --- --- Debt Bank loan (invoice discounting) - (333) (333) Hire purchase agreements (33) (143) (176) --- --- --- Total 268 (797) (529) === === === 7. ACCOUNTING FOR GOODWILL The board has assessed each subsidiary with reference to its durability, ability to sustain future long term profitability and assessed ability to maintain market position. Based on this assessment the board is of the opinion that the goodwill elements have indefinite economic lives. The board has carried out impairment reviews on these goodwill elements and has concluded that their current recoverable amounts are in excess of their carrying values. 8. COPIES OF PRELIMINARY STATEMENT Copies of this announcement are available from www.netb2b2.com or the company secretary at 4th Floor Central House, 142 Central Street, London, EC1V 8AR. Copies of the Annual Report and Accounts of the Company for the year ended 30 June 2006 will be sent to shareholders in due course. This information is provided by RNS The company news service from the London Stock Exchange END FR LDLFBQLBZFBK
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