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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 |
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RNS Number:6413A
Net b2b2 PLC
30 March 2006
Netb2b2 plc
Interim results for the six months ended 31 December 2005
Netb2b2 plc ("Netb2b2" or "the Group"), the digital communications business
aggregator, today announces its interim results for the six months ended 31
December 2005.
Highlights:
*Turnover increased by 6% to #3.2 million (2004: #3.0 million)
*Strong growth in cScape, the largest Group business
*Newly-acquired Fernhart New Media's innovative online racing portal,
OneStopRacing.com, live in time for the Grand National
*Strategic Review and revised performance targets initiated
Commenting on the results, Keith Young, Chairman of Netb2b2 , said: "We continue
to make progress and the first three months of trading in 2006 offers further
encouragement. Netb2b2 now has sufficient positive momentum to accelerate the
Board's aim to deliver shareholder value through greater intra-Group synergies
and earnings enhancing acquisitions."
For further information, please contact:
Keith Young/Geoffrey Griggs John West/Claire Melly
Netb2b2 plc Tavistock Communications
Tel: 020 7878 1008 Tel: 020 7920 3150
Chairman's statement
The Group's performance in the period was encouraging but much remains to be
achieved. We are pleased to highlight the performance of our largest division,
cScape Strategic Internet Services, and of our latest acquisition, Fernhart New
Media, both of which continue to win new business, add services and broaden
their client bases.
As a Board, we are pleased that the Group is now operating in a much more mature
market, where digital communications are no longer considered "new media" but
are instead an established part of everyone's business and non-working life.
With broadband commonplace in homes and offices, and with WiFi networks allowing
business to be conducted outside the traditional workplace, the digital
marketplace is expanding rapidly. Given this, we believe there is an enormous
opportunity to be seized and the Board has agreed that the Group must now
accelerate its activities.
To this end, we are initiating a Strategic Review of the Group's entire
portfolio of companies to benchmark the added value delivered by each company.
We will also re-examine our acquisition strategy in order to produce a broad,
high quality pipeline of potential new Group companies.
The heads of individual operations that remain part of the Group anticipate
tougher new performance targets for the coming year, building on prior year
achievements.
Financial results
The Group saw an improvement in operating profits (before exceptional item)
assisted by a maiden turnover contribution of #232,000 from Fernhart New Media,
which we acquired last September. Turnover in the period rose 6% to #3.2
million (2004: #3.0 million). The Group broke even before tax and exceptional
item (2004: loss #5,000). Our cash position at the period end remains
satisfactory at #390,000 (2004: #181,000).
We have continued to invest in our Group companies in terms of staffing,
technology and administrative systems. We see continued investment as essential
to the Group's goal of achieving greater critical mass in the digital world.
The Group's overall financial performance for the year is summarised below:
Six Months Six Months Year
Ended Ended Ended
31.12.05 31.12.04 30.06.05
Unaudited Unaudited Audited
#000's #000's #000's
Turnover for Group 3,154 2,956 6,303
---------- ---------- ----------
Operating profit/(loss) before 6 4 132
exceptional item
Exceptional item (140) - (18)
Net interest paid (6) (9) (19)
---------- ---------- ----------
Group profit/(loss) for the period (140) (5) 95
before tax
Taxation - - 19
---------- ---------- ----------
Group profit/(loss) for the period after (140) (5) 114
tax ========== ========== ==========
As mentioned in our 30 June 2005 accounts, a provision has been made in respect
of further contributions claimed by the independent trustee in respect of
pensioners in a defined benefit scheme which has no active members. Consistent
with professional advice received, it is now considered prudent to increase this
provision and accordingly an exceptional amount of #140,000 has been charged to
these accounts which produces a retained loss of that figure. Although this will
have an impact on the Group's profitability at the year end, it is expected to
be a non-recurring item.
Due to the exceptional item referred to above we are reporting a loss per share
of 2.48p (2004: loss 0.10p). Net assets grew to #2.3 million (2004: #1.7
million).
The directors are not recommending the payment of an interim dividend, but will
continue to review this on an ongoing basis.
During the period the Group had four main areas of activity: internet services
(cScape and NetPen), publishing and digital communication services (ITM),
specialist hosting (Blue Sky) and media and interactive technology (Fernhart).
As can be seen from Note 3 to the accounts, like for like turnover growth was
once again achieved by cScape and we were pleased with the level of contribution
from Fernhart which is progressing well since we acquired it in September 2005.
Outlook
We continue to make progress and the first three months of trading in 2006
offers further encouragement. Netb2b2 now has sufficient positive momentum to
accelerate the Board's aim to deliver shareholder value through greater
intra-Group synergies and earnings enhancing acquisitions.
Keith Young
30 March 2006
Chairman
GROUP PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 31 DECEMBER 2005
Six Months Six Months Year
Ended Ended Ended
31.12.05 31.12.04 30.06.05
Unaudited Unaudited Audited
Note #000's #000's #000's
TURNOVER 3 3,154 2,956 6,303
Cost of sales (730) (806) (1,846)
-------- -------- --------
GROSS PROFIT 2,424 2,150 4,457
-------- -------- --------
Administrative expenses pre (2,418) (2,146) (4,325)
exceptional item
Exceptional Item (140) - (18)
-------- -------- --------
Administrative expenses (2,558) (2,146) (4,343)
-------- -------- --------
OPERATING PROFIT/(LOSS)
Pre exceptional item 6 4 132
Exceptional item (140) - (18)
-------- -------- --------
Total operating (loss)/profit 3 (134) 4 114
-------- -------- --------
Interest receivable and similar - 2 -
income
Interest payable and similar (6) (11) (19)
charges
-------- -------- --------
(LOSS)/PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION (140) (5) 95
Tax on (loss)/profit on ordinary 5 - - 19
activities
-------- -------- --------
(LOSS)/PROFIT FOR THE FINANCIAL (140) (5) 114
PERIOD ======== ======== ========
(LOSS)/PROFIT PER SHARE (PENCE)
Ongoing activities 6 (2.48p) (0.10p) 2.32p
======== ========= ========
GROUP BALANCE SHEET AT 31 DECEMBER 2005
Six Months Six Months Year
Ended Ended Ended
31.12.05 31.12.04 30.06.05
Unaudited Unaudited Audited
#000's #000's #000's
FIXED ASSETS
Intangible assets 2,436 1,887 1,887
Tangible assets 549 400 416
-------- -------- --------
2,985 2,287 2,303
CURRENT ASSETS
Stocks 112 79 98
Debtors 1,328 1,337 1,231
Cash at bank 390 181 571
-------- -------- --------
1,830 1,597 1,900
CREDITORS: amounts falling due
within one year
Bank loans and overdraft (125) (176) (270)
Trade and other creditors (2,413) (2,011) (1,902)
-------- -------- --------
(2,538) (2,187) (2,172)
NET CURRENT LIABILITIES (708) (590) (272)
-------- -------- --------
TOTAL ASSETS LESS CURRENT LIABILITIES 2,277 1,697 2,031
======== ======== ========
CAPITAL AND RESERVES
Called up share capital 596 2,873 523
Share premium 513 11,035 200
Capital redemption reserve 6 - 6
Profit and loss account 1,162 (12,211) 1,302
-------- -------- --------
EQUITY SHAREHOLDERS' FUNDS 2,277 1,697 2,031
======== ======== ========
GROUP CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2005
Six Months Six Months Year
Ended Ended Ended
31.12.05 31.12.04 30.06.05
Note Unaudited Unaudited Audited
#000's #000's #000's
Net cash inflow/(outflow) from 7 119 (230) 234
operating activities
Returns on investments and 8 (8) (9) (19)
servicing of finance
Taxation - - -
Capital expenditure 8 (170) (83) (169)
Acquisitions 8 (551) - -
-------- ------- -------
Net cash (outflow)/inflow before (610) (322) 46
financing
Financing 8 574 (13) (85)
-------- ------- -------
Decrease in cash in the period (36) (335) (39)
======== ======= =======
Reconciliation of net cash flow
to movement in net funds
Decrease in cash in the period 9 (36) (335) (39)
(Increase)/decrease in debt and 9 (186) 13 301
lease financing
------- ------- -------
Movement in net funds in the 9 (222) (322) 262
period
Net funds at start of period 9 268 296 6
------- ------- -------
Net funds/(debt) at end of 9 46 (26) 268
period ======= ======= =======
NOTES TO THE ACCOUNTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2005
1. FINANCIAL INFORMATION
The financial information is for the six months ended 31 December 2005 and is
neither audited nor reviewed as defined by APB Bulletin 1999/4. The balance
sheet and profit and loss account do not constitute statutory statements within
the meaning of section 240 Companies Act 1985. The results for the year ended
30 June 2005 have been extracted from the financial statements of the Group on
which an unqualified report from the auditors has been received and which have
been filed with the Registrar of Companies.
2. BASIS OF PREPERATION
The interim financial information has been prepared on the basis of the
accounting policies adopted for the audited accounts for the year ended 30 June
2005 under the historical cost convention and in accordance with applicable
accounting standards.
3. SEGMENTAL INFORMATION
The Group operates in the UK and the whole of its turnover and profit relate to
continuing activities and to the UK market.
Six months Six months Year
Ended Ended Ended
31.12.05 31.12.04 30.06.05
Unaudited Unaudited Audited
#000's #000's #000's
Turnover
Internet services 1,707 1,522 3,316
Publishing and digital 874 1,081 2,307
communication services
Specialist hosting 341 348 671
Media and interactive technology 232 - -
Central costs - 5 9
--------- --------- ---------
Group 3,154 2,956 6,303
========= ========= =========
Profit before interest and tax
Internet services 142 131 331
Publishing and digital 33 20 112
communication services
Specialist hosting 64 109 204
Media and interactive technology 30 - -
Central costs (263) (256) (515)
Exceptional costs (140) - (18)
--------- --------- ---------
Group (134) 4 114
========= ========= =========
4. 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.
5. TAXATION
No liability to UK corporation tax arose on ordinary activities for the period
owing to trading losses brought forward from previous periods.
6. PROFIT/(LOSS) PER ORDINARY SHARE
Basic profit/(loss) per share is calculated by dividing the loss attributable to
ordinary shareholders by the weighted average number of ordinary shares during
the year. The diluted profit/(loss) per share is the same as the actual loss
per share.
Six Months Six Months Year
Ended Ended Ended
31.12.05 31.12.04 30.06.05
Unaudited Unaudited Audited
#000's #000's #000's
Basic earnings attributable to ordinary (140) (5) 114
shareholders: ========== ========= =========
Weighted average number of ordinary 5,644,999 4,795,472 4,911,048
shares ========== ========= ==========
Profit/(loss) per share: (2.48p) (0.10p) 2.32p
========== ========= ==========
7. RECONCILIATION OF OPERATING PROFIT/(LOSS) TO NET CASH OUTFLOW FROM
OPERATING ACTIVITIES
Six Months Six Months Year
Ended Ended Ended
31.12.05 31.12.04 30.06.05
Unaudited Unaudited Audited
#000's #000's #000's
Operating (loss)/profit (134) 4 114
Depreciation charges 38 68 140
Increase in stocks (14) - (19)
Increase in debtors (95) (232) (126)
Increase/(decrease) in creditors 324 (70) 125
-------- -------- --------
Net cash inflow/(outflow) from operating 119 (230) 234
activities ======== ======== ========
8. ANALYSIS OF CASH FLOWS
Six Months Six Months Year
Ended Ended Ended
31.12.05 31.12.04 30.06.05
Unaudited Unaudited Audited
#000's #000's #000's
Returns on investments and servicing of
finance
Interest received - 2 -
Interest paid (6) (10) (13)
Interest element of hire purchase (2) (1) (6)
payments
-------- -------- --------
Net cash outflow for returns on investments
and servicing of finance (8) (9) (19)
======== ======== ========
Capital expenditure
Purchase of tangible fixed assets (170) (83) (169)
-------- -------- --------
Net cash outflow for capital expenditure (170) (83) (103)
======== ======== ========
Acquisitions
Purchase of goodwill (551) - -
-------- -------- --------
Net cash outflow for acquisitions (551) - -
======== ======== ========
Financing
Issue of ordinary share capital 386 - 250
Bank loans (invoice discounting) - - (290)
Capital element of hire purchase payments 188 (13) (11)
Share buy backs - - (34)
-------- -------- --------
Net cash inflow/ (outflow) from financing 574 (13) (85)
======== ======== ========
9. ANALYSIS OF CHANGES IN NET (DEBT)/ FUNDS
At 31 December
At 1 July 2005 Cash flow 2005
#000's #000's #000's
Net cash:
Cash at bank and in hand 571 (181) 390
Bank overdrafts (270) 145 (125)
-------- -------- -------
301 (36) 265
-------- -------- -------
Debt:
Hire purchase agreements (33) (186) (219)
-------- -------- -------
Total 268 (222) 46
======== ======== =======
At 31 December At 31 December At 1 July
2005 2004 2005
#000's #000's #000's
Analysed in balance sheet
Cash at bank and in hand 390 181 571
Bank overdrafts (125) (176) (270)
Hire purchase payments due within (219) (31) (33)
1 year
Hire purchase payments due after - - -
1 year ------- ------- -------
46 (26) 268
======= ======= =======
10. COPIES OF THE INTERIM REPORT
Copies of the interim report are available from www.netb2b2.com or the Company
Secretary at Netb2b2 Plc, Central House, 142 Central Street, London, EC1V 8AR.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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