We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Norman Broadbent Plc | LSE:NBB | London | Ordinary Share | GB00B3VF4Y66 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 9.75 | 9.00 | 10.50 | 9.75 | 9.75 | 9.75 | 46 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Business Consulting Svcs,nec | 8.7M | -338k | -0.0056 | -17.41 | 5.92M |
Hot Features
Premium
TIDMNBB
30 September 2016
Norman Broadbent plc
("Norman Broadbent" or "the Company" or "the Group")
Interim Results
Norman Broadbent (AIM: NBB) - a provider of time efficient, cost effective
Board & Executive Search, Senior Interim Management, Solutions, Insight and
Leadership Consulting services to companies ranging from established
corporations to high-growth innovators - today announces its unaudited interim
results for the six months ended 30 June 2016.
Highlights
* Appointment of Mike Brennan as Group CEO in April 2016
* Continued focus on restructuring of all businesses in H1 2016 with a
resulting decrease in net fee income to GBP3,214,000 (H1 2015: GBP3,794,000)
* Operating expenses decreased by 12% to GBP3,287,000 (H1 2015: GBP3,732,000)
* Group net loss decreased to GBP106,000 (H1 2015: GBP134,000), in comparison to
a Group net loss of GBP351,000 for the last six months of 2015
* Since the half year, the Board has appointed a new managing director of the
Norman Broadbent Interim Management division, who joins the Group in
October 2016
* Since the half year, Norman Broadbent has rebranded and repositioned its
mid-market business, AGP. As of 3 October 2016 this division will trade as
NB:Solutions under a new managing director. NB:Solutions is now positioned
to provide innovative cost effective and flexible executive level
recruitment solutions
* Frank Carter joined the Board as Non-Executive Chairman, replacing Scanes
Bentley, in September 2016
Mike Brennan, CEO of Norman Broadbent, said:
"Given the rightsizing of the cost base in recent years, we are now entering a
new phase of growth underpinned by the GBP2.3m of new capital raised in September
2016 from both existing and new shareholders. This capital will stabilise the
business from an operational perspective, has allowed us to repay expensive
debt, but more importantly enable the business to scale up through the hiring
of new and experienced fee earners across all of our three core offerings of
Executive Search, Solutions and Interim Management. We expect to start to see
the benefit of these new hires in 2017."
For further information please contact:
Norman Broadbent plc
Mike Brennan/James
Webber
020 7484 0000
Allenby Capital
Nick Naylor/Liz
Kirchner 020
3328 5656
Notes to Editors
Norman Broadbent plc is a provider of time efficient, cost effective Board &
Executive Search, Senior Interim Management, Solutions, Insight and Leadership
Consulting services to companies ranging from established corporations to
high-growth innovators.
For further information visit www.normanbroadbent.com
CEO Review:
Summarised Financial Results:
The table below summarises the results for the Group.
Six months Six months Year ended
to to 31 Dec
30 June 30 June 2015
2016 2015
GBP000's GBP000's GBP000's
Continuing operations
Revenue 3,639 4,883 8,644
Cost of sale (425) (1,089) (1,747)
Gross profit 3,214 3,794 6,897
Operating expenses (3,287) (3,732) (7,087)
Group operating profit / (loss) (73) 62 (190)
Net finance cost (33) (18) (41)
Exceptional Items - (125) (194)
(Loss) / profit before tax (106) (81) (425)
Income tax - - -
Loss from discontinued operation - (53) (60)
(Loss) / profit after tax (106) (134) (485)
In the first half of 2016 management continued its focus on the necessary
restructuring of the Group's businesses, resulting in a number of planned
reductions in headcount. As a result of these actions, net fee income (after
interim costs) declined by 16% to GBP3.2m (H1 2015: GBP3.8m), however encouragingly
group losses reduced by 21% to GBP0.10m (H1 2015: GBP0.13m).
Norman Broadbent Executive Search ("NBES") revenue declined by 15% to GBP2.4m (H1
2015: GBP2.8m) reflecting the impact of planned reduction in fee generating
headcount. Encouragingly, the net profit margin increased to 14% reflecting the
positive impact of restructuring the business in Q3 of 2015. Moving into the
second half of 2016 and 2017, our key focus will be on the recruitment of
senior consultants within our existing practices as well improving consultant
productivity. Group wide productivity will be driven by our new Head of
Business Development, the appointment of a Group Head of Research & Insight and
a more holistic approach to account management.
Norman Broadbent Leadership Consulting ("NBLC") had a slow first six months of
2016 with revenues excluding associate costs of GBP0.2m (H1 2015: GBP0.4m). The
decline was in part due to a large assessment project with a FTSE 100 business
being put on hold. The NBLC business operates using an associate model,
therefore if revenues decrease then the associated operating costs will also
fall. The business was marginally loss making in H1 2016, however this loss
includes the cost of two employees who left the business in Q2 2016. Despite
the small revenue contribution to the Group, NBLC has a high quality product
range which through better account management can be sold more effectively
across the Group.
Encouragingly AGP, which will be rebranded to NB Solutions ("NBS"), increased
gross profit by 26% to GBP0.4m (H1 2015: GBP0.3m), however, disappointingly the
business was still loss making. As a result, the business was restructured with
a number of staff leaving in Q2 2016. Since the restructure we have appointed a
new divisional managing director, re-defined NBS' proposition and are in the
process of re-building the team to enable NBS to leverage the NBES business
more effectively.
The Group has been missing a high value interim executive offering of
significant scale since the business was restructured in 2015. Such a business
gives clients flexibility during periods of economic uncertainty, and can also
be effectively cross-sold by the Group. In light of this the Board is delighted
to announce that we have appointed a new divisional managing director who will
join the Group from a well-regarded competitor at the beginning of October
2016.
Social Media Search ("SMS") has been restructured significantly in recent years
and its core offering refined. The business is now underpinned by long term
annuity contracts and encouragingly revenues increased by 46% to GBP0.3m (H1
2015: GBP0.2m), however the business was marginally loss making. This loss,
however, includes the cost of two underperforming consultants who were exited
from the business in June 2016.
Financial Position
Equity shareholders' funds were GBP1.1m as at 30 June 2016 (GBP1.2m at 31 December
2015), with net current assets of GBP0.1m (GBP0.2m at 31 December 2015). Cash and
cash equivalents at 30 June 2016 stood at GBP0.3m, down from GBP0.4m at 31 December
2015, reflecting the continued investment in the new businesses (most notably
AGP). The balance on the Group's revolving invoice discounting facility was GBP
0.6m (GBP0.9m at 31 December 2015), reflecting a trade receivables balance of GBP
0.9m (GBP1.2m at 31 December 2015).
Board Changes
As highlighted in the 2015 full year results, I joined the Company as Group CEO
in April 2016. Following my appointment and the GBP2.3m equity raise in September
2016, Frank Carter has joined the business as Non-Executive Chairman, taking
over from Scanes Bentley. Frank has been an adviser to the Company since June
2016. Frank has most recently worked as a Senior Adviser to KPMG, following 18
years as a Senior Partner in the firm's Corporate Finance business. Frank is a
highly experienced corporate adviser with over 25 years' experience advising at
board level on a range of strategic matters and transactions across a wide
variety of sectors. He has worked in the UK, Europe and the US with major
corporates, listed and private companies, financial sponsors and the public
sector.
Finally, Richard Robinson announced his retirement as a Non-Executive Director
of the Company on the 19th September 2016. The Board wishes to express its
gratitude to Richard for his considerable contribution to the business over
many years. In the short term, Richard will remain in his role as Company
Secretary.
Current Trading
Since the period end, we have concentrated on investing in hiring new talent
across our three brands and on further reductions in costs including exiting
poor performers. This investment in our staff will continue into 2017 and
beyond.
Monday 3rd October will see the formal launch of the rebranded business units
Norman Broadbent Interim Management and NB: Solutions under new and revitalised
leadership.
We anticipate that the refocussing and repositioning of the business and the
refreshment of our brands will result in an improved financial performance with
the benefits coming through during the second half of 2017.
Mike Brennan
Group CEO
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six month period ended 30 June 2016
Note Six months Six months Year ended
ended ended 31 December
30 June 30 June 2015 2015
2016 (unaudited) (audited)
(unaudited)
GBP000 GBP000 GBP000
Continuing operations
Revenue 3,639 4,883 8,644
Cost of Sales (425) (1,089) (1,747)
Gross profit 3,214 3,794 6,897
Operating expenses (3,287) (3,732) (7,087)
Group operating profit / (loss) (73) 62 (190)
Net finance cost (33) (18) (41)
Exceptional Items 6 - (125) (194)
Loss on disposal of investment - - -
Loss on ordinary activities before (106) (81) (425)
income tax
Income tax expense - - -
Loss from continuing operations (106) (81) (425)
Discontinued operations
Loss from discontinued operation 7 - (53) (60)
Loss for the period (106) (134) (485)
Other comprehensive income
Foreign currency translation 2 4 -
differences - foreign operations
Total comprehensive loss (104) (130) (485)
Loss attributable to:
Owners of the Company (104) (105) (452)
Non-controlling interests (2) (29) (33)
Loss for the period (106) (134) (485)
Total comprehensive loss attributable
to:
Owners of the Company (102) (101) (452)
Non-controlling interests (2) (29) (33)
Total comprehensive loss for the (104) (130) (485)
period
Loss per share 4
- Basic (0.60p) (0.60)p (2.59)p
- Diluted (0.60p) (0.60)p (2.59)p
Adjusted loss per share
- Basic (0.60p) (0.58)p (2.59)p
- Diluted (0.60p) (0.58)p (2.59)p
Loss per share - continuing 4
operations
- Basic (0.60p) (0.30)p (2.25)p
- Diluted (0.60p) (0.30)p (2.25)p
Adjusted loss per share - continuing
operations
- Basic (0.60p) (0.27)p (2.25)p
- Diluted (0.60p) (0.27)p (2.25)p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2016
Note As at As at As at
30 June 30 June 31 December
2016 2015 2015
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Non-current assets
Intangible assets 1,363 1,363 1,363
Property, plant and equipment 62 90 82
Deferred tax 69 69 69
Total non-current assets 1,494 1,522 1,514
Current assets
Trade and other receivables 1,707 2,722 2,172
Cash and cash equivalents 263 374 448
Total current assets 1,970 3,096 2,620
Total assets 3,464 4,618 4,134
Current Liabilities
Trade and other payables (1,243) (1,888) (1,536)
Bank overdraft and interest (645) (1,042) (918)
bearing loans
Total current liabilities (1,888) (2,930) (2,454)
Net current assets 82 166 166
Non-current liabilities
Provisions 5 (125) (125) (125)
Loan Note (350) (350)
Total liabilities (2,363) (3,055) (2,929)
Total assets less total 1,101 1,563 1,205
liabilities
Equity
Issued share capital 5,901 5,901 5,901
Share premium account 10,699 10,699 10,699
Retained earnings (15,203) (14,747) (15,101)
Equity attributable to owners of 1,397 1,853 1,499
the Company
Non-controlling interests (296) (290) (294)
Total equity 1,101 1,563 1,205
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six month period ended 30 June 2016
Attributable to owners of the Company
CONSOLIDATED GROUP
Non-controlling
Share Share Retained Total interests Total
Capital Premium Earnings Equity Equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1 January 2015 5,901 10,699 (14,649) 1,951 (261) 1,690
Loss for the period - - (106) (106) (29) (135)
Adjustment for discontinued - - - - - -
operation
Total other comprehensive income - - 4 4 - 4
Total comprehensive income for - - (102) (102) (29) (130)
the period
Transactions with owners of the
Company, recognised directly in equity:
Issue of ordinary shares - - - - - -
Credit to equity for share based - - 4 4 - 4
payments
Total transactions with owners of - - 4 4 - 4
the Company, recognised directly
in equity
Balance at 30 June 2015 5,901 10,699 (14,747) 1,853 (290) 1,563
Balance at 1 July 2015 5,901 10,699 (14,747) 1,853 (290) 1,563
Loss for the period - - (347) (347) (4) (351)
Total other comprehensive income - - (7) (7) - (7)
Total comprehensive income for - - (354) (354) (4) (358)
the period
Balance at 31 December 2015 5,901 10,699 (15,101) 1,499 (294) 1,205
Balance at 1 January 2016 5,901 10,699 (15,101) 1,499 (294) 1,205
Loss for the period - - (104) (104) (2) (106)
Total other comprehensive income - - 2 2 - 2
Total comprehensive income for - - (102) (102) (2) (104)
the period
Balance at 30 June 2016 5,901 10,699 (15,203) 1,397 (296) 1,101
CONSOLIDATED STATEMENT OF CASH FLOW
For the six month period ended 30 June 2016
Notes Six months Six months Year ended
ended 30 June ended 30 31 December
2016 June 2015 2015
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Net cash used in operating activities (i) 119 (477) (590)
Cash flows from investing activities and
servicing of finance
Net finance cost (33) (18) (41)
Dividends received - - -
Payments to acquire tangible fixed assets - (10) (22)
Disposal of discontinued operation, net of 7 - - -
cash disposed of
Repayment of deferred consideration - - -
Net cash inflow from disposal of - - -
investments
Net cash used in investing activities (33) (28) (63)
Cash flows from financing activities
Proceeds from borrowings - - 350
Net cash inflows from equity placing - - -
(Decrease)/increase in invoice discounting (273) 369 245
Net cash from financing activities (273) 369 595
Net (decrease)/increase in cash and cash (187) (136) (58)
equivalents
Net cash and cash equivalents at beginning 448 506 506
of period
Effects of exchange rate changes on cash 2 4 -
balances held in foreign currencies
Net cash and cash equivalents at end of period 263 374 448
Analysis of net funds
Cash and cash equivalents 263 374 448
Borrowings due within one year (645) (1,042) (918)
Net funds (381) (668) (470)
Note (i)
Reconciliation of operating profit to net Six months Six months Year
cash from operating activities ended 30 June ended 30 ended 31
2016 June 2015 December
(unaudited) (unaudited) 2015
(audited)
Operating loss from continued operations (73) 62 (190)
Operating loss from discontinued operations - (50) (56)
Depreciation/ impairment of property, plant 20 25 45
and equipment
Exceptional Items - (125) (194)
Share based payment charge - 4 -
Increase in trade and other receivables 465 (759) (209)
Increase/(decrease) in trade and other (293) 370 18
payables
Taxation paid - (4) (4)
Net cash used in operating activities 119 (477) (590)
NOTES TO THE FINACIAL STATEMENTS
1. ACCOUNTING POLICIES
1.1 Basis of preparation
The financial information set out in this interim report does not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006. The
Group's statutory financial statements for the year ended 31 December 2015,
prepared under International Financial Reporting Standards (IFRS), have been
filed with the Registrar of Companies. The auditor's report on those statements
was unqualified.
The interim financial information for the six months ended 30 June 2016, has
been prepared in accordance with the AIM Rules for Companies. The Group has not
elected to apply IAS 34 'Interim Financial Reporting'. The principal accounting
policies used in preparing the interim results are those the Group expects to
apply in its financial statements for the year ending 31 December 2016 and are
unchanged from those disclosed in the Group's Annual Report for the year ended
31 December 2015. The interim financial statements have not been audited.
1.2 Basis of consolidation and business combinations
The Group financial statements consolidate those of the Company and of the
following subsidiary undertakings:
Principal Group investments: Country of
incorporation or Description and
registration and proportion of
operation Principal shares held by the
activities Company
Norman Broadbent Executive England and Wales Executive 100 per cent
Search Ltd search ordinary shares
Norman Broadbent Overseas Ltd England and Wales Executive 100 per cent
search ordinary shares
Norman Broadbent Leadership England and Wales Assessment, 100 per cent
Consulting Ltd (formerly Human coaching and ordinary shares
Asset Development International talent mgmt.
Ltd)
AGP NB Ltd (formerly NBBI Ltd) England and Wales Contingent 100 per cent
Search ordinary shares
Norman Broadbent Interim England and Wales Executive 100 per cent
Management Ltd search ordinary shares
The NB Consultancy (Singapore) Republic of Executive 100 per cent
Pte Ltd Singapore Search ordinary shares
Norman Broadbent Inc United States of Executive 100 per cent
America Search ordinary shares
Norman Broadbent (Ireland) Ltd * Republic of Dormant 100 per cent
Ireland ordinary shares
Connecting Corporates Ltd England and Wales Social Media 51 per cent
Search and ordinary shares
Consulting
Social Media Search Ltd Scotland Dormant 100 per cent
ordinary shares
Bancomm Ltd England and Wales Dormant 100 per cent
ordinary shares
* 100 per cent of the issued share capital of this company is owned by Norman
Broadbent Overseas Ltd.
2. COPIES OF THE UNAUDITED INTERIM REPORT
Copies of this report are available on request from the Company's registered
office at 12 St James's Square, London, SW1Y 4LB and will shortly be available
on the Company's website at www.normanbroadbent.com.
3. SEGMENTAL ANALYSIS
Management has determined the operating segments based on the reports reviewed
regularly by the Board for use in deciding how to allocate resources and in
assessing performance. The Board considers Group operations from both a class
of business and geographic perspective.
Each class of business derives its revenues from the supply of a particular
recruitment related service, from retained executive search through to
executive assessment and coaching. Business segment results are reviewed
primarily to operating profit level, which includes employee costs, marketing,
office and accommodation costs and appropriate recharges for management time.
Group revenues are primarily driven from UK operations, however when revenue is
derived from overseas business the results are presented to the Board by
geographic region to identify potential areas for growth or those posing
potential risks to the Group.
i) Class of Business:
The analysis by class of business of the Group's turnover and profit before
taxation is set out below:
BUSINESS SEGMENTS
Six months ended
30 June 2016 Executive Disc. Un
Search NBLC AGP SMS NBIM Operation allocated Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
2,351 199 414 402 - - 3,639
Revenue 273
Cost of sales (55) (36) (2) (1) (330) - - (424)
Gross profit 2,296 163 412 272 72 - - 3,214
Operating (1,943) (167) (533) (282) (57) - (287) (3,269)
expenses
Other operating - - - - - - - -
income
Finance costs (10) - (2) - (2) - (19) (33)
Depreciation and (14) - (3) (2) - - - (19)
amort.
Restructuring - - - - - - - -
costs
Exceptional - - - - - - - -
items
Loss on disposal - - - - - - - -
of investment
Profit/(Loss) 329 (4) (126) (12) 13 - (306) (106)
before tax
BUSINESS SEGMENTS
Six months ended
30 June 2015 Executive Disc. Un
Search NBLC AGP SMS NBIM Operation allocated Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
2,781 370 499 187 1,044 3 5,002
Revenue 118
Cost of sales (3) (83) (173) - (830) (74) - (1,163)
Gross profit 2,778 287 326 187 214 44 3 3,839
Operating (2,409) (225) (353) (259) (282) (93) (179) (3,800)
expenses
Other operating - - - - - - - -
income
Finance costs (12) - (2) - (4) - - (18)
Depreciation and (20) - (3) (2) - (1) - (26)
amort.
Restructuring - - - - - - (125) (125)
costs
Exceptional - - - - - - - -
items
Loss on disposal - - - - - - - -
of investment
Profit/(Loss) 337 62 (32) (74) (72) (50) (301) (130)
before tax
BUSINESS SEGMENTS
Year ended 31
December 2015 Executive Disc. Un
Search NBLC AGP SMS NBIM Operation allocated Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
4,885 601 993 370 1,791 4 8,762
Revenue 118
Cost of sales (17) (128) (205) - (1,397) - - (1,747)
Gross profit 4,868 473 788 370 394 118 4 7,015
Operating (4,417) (403) (879) (457) (510) (173) (377) (7,216)
expenses
Other operating - - - - - - - -
income
Finance costs (22) - (4) - (8) - (7) (41)
Depreciation and (35) - (5) (4) - (1) - (45)
amort.
Restructuring - - - - - - - -
costs
Exceptional (68) - - - - - (126) (194)
items
Loss on disposal - - - - - - - -
of investment
Profit/(Loss) 326 70 (100) (91) (124) (56) (506) (481)
before tax
ii) Revenue and gross profit by geography:
Revenue GBP'000 Gross Profit GBP'000
Six Months Ended Year Ended Six Months Ended Year Ended
30 June 30 June 31 Dec 30 June 30 June 31 Dec
2016 2015 2015 2016 2015 2015
United 3,605 4,884 8,607 3,180 3,795 6,862
Kingdom
Rest of the 34 118 155 34 44 153
World
Total 3,639 5,002 8,762 3,214 3,839 7,015
4. EARNINGS PER ORDINARY SHARE
i) Basic earnings per share:
This is calculated by dividing the profit attributable to equity holders of the
company by the weighted average number of ordinary shares in issue during the
period:
Six months Six months Year ended
ended 30 June ended 31 December
2016 30 June 2015 2015
(unaudited) (unaudited) (audited)
(Loss)/profit attributable to (104,000) (105,000) (452,000)
shareholders
Weighted average number of 17,416,487 17,416,487 17,416,487
ordinary shares
ii) Diluted earnings per share:
This is calculated by adjusting the weighted average number of ordinary shares
outstanding to assume conversion of all dilutive potential ordinary shares. The
company has two categories of dilutive potential ordinary shares; share options
and warrants. For these options and warrants, a calculation is done to
determine the number of shares that could have been acquired at fair value
(determined as the average annual market share price of the company's shares)
based on the monetary value of the subscription rights attached to the
outstanding warrants and options. The number of shares calculated as above is
compared with the number of shares that would have been issued assuming the
exercise of the share options.
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2015
2016 2015
(unaudited) (unaudited) (audited)
(Loss)/profit attributable to shareholders (104,000) (105,000) (452,000)
Weighted average no. of ordinary shares 17,416,487 17,416,487 17,416,487
- assumed conversion of share options - - -
- assumed conversion of warrants - - -
Weighted average number of ordinary shares for 17,416,487 17,416,487 17,416,487
diluted earnings per share
iii) Adjusted earnings per share
Adjusted earnings per share has also been calculated in addition to the basic
and diluted earnings per share and is based on earnings adjusted to eliminate
charges for share based payments. It has been calculated to allow shareholders
to gain a clearer understanding of the trading performance of the Group.
Six months ended 30 June Six months ended 30 Year ended 31 December
2016 June 2015 2015
Basic Diluted Basic Diluted Basic Diluted
pence pence per pence pence pence pence
GBP000 per share GBP000 per per GBP000 per per
share share share share share
Basic
earnings
(Loss)/Profit (104) (0.60) (0.60) (105) (0.60) (0.60) (452) (2.59) (2.59)
after tax
Adjustment
Share based - - - 4 0.02 0.02 - - -
payment
charge
Adjusted (104) (0.60) (0.60) (101) (0.58) (0.58) (452) (2.59) (2.59)
earnings
5. PROVISIONS
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2016 2015 2015
GBP000 GBP000 GBP000
Balance at beginning of period 125 125 125
Provisions made during the period - - -
Balance at end of period 125 125 125
Non-current 125 125 125
Current - - -
125 125 125
On the 6 March 2013 the Company signed a new ten year lease with a five year
break for its main office in London. On signing the new lease the Company
inherited the office fit-out from the previous tenant. Under the terms of the
new lease the Company is obliged to return vacant possession to the landlord
with the office returned to its original state. The Company has had the present
cost of the future works required to return the office to its original state
valued by an independent firm of advisors and this non-current liability of GBP
125,000 is provided for in the financial period. The Company received a one-off
payment of GBP250,000 in 2013 from the previous tenant in satisfaction of various
costs and liabilities that it inherited with the new lease.
6. EXCEPTIONAL ITEMS
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2016 2015 2015
GBP000 GBP000 GBP000
Personnel - 125 194
Balance at end of period - 125 194
7. DISCONTINUED OPERATION
During 2015, the Group ceased its operations in both Singapore and the USA.
These two segments were classified as discontinued operations as at 30 June
2015 and at 31 December 2015.
.
Six months Six months Year ended
ended 30 ended 30 31 December
June June 2015
2016 2015 (audited)
(unaudited) (unaudited)
GBP000 GBP000 GBP000
Results from discontinued operation
Revenue - 118 118
Operating Expenses - (168) (174)
Results from operating activities - (50) (56)
Exceptional items - - -
Tax - (4) (4)
Results from operating activities, net of - (54) (60)
tax
Minority Interest - - -
Loss/Profit for the period - (54) (60)
Loss per share
- Basic - (0.31)p (0.34)p
- Diluted - (0.31)p (0.34)p
8. RELATED PARTY TRANSACTIONS
i) Purchase of services: Six months Six months Year ended
ended 30 June ended 30 31 December
2016 June 2015
GBP000 2015 GBP000
GBP000
Adelaide Capital Limited - 149 145
Anderson Barrowcliff LLP 14 5 13
Brian Stephens & Company Limited 12 19 30
Connecting Corporates Limited 7 23 35
Scanes Bentley & Associates Limited - - 25
Total 33 196 248
Brian Stephens & Company Limited invoiced the Group for the directors' fees and
corporate finance services of B Stephens (GBP10,000) and business related travel
costs of GBP2,000. B Stephens is a director of Brian Stephens & Company Limited.
Taxation services of GBP5,000, accounting services of GBP8,000 and business related
travel cost of GBP1,000 were acquired from Anderson Barrowcliff LLP, an
accountancy firm of which R Robinson was a partner in the prior year.
During the period the Group acquired research services from Connecting
Corporates Limited of GBP7,000. The Group owns a 51 per cent stake in Connecting
Corporates Limited.
All related party expenditure took place via "arms-length" transactions.
ii) Sales of services: Six months Six months Year ended
ended 30 June ended 30 June 31 December
2016 2015 2015
GBP000 GBP000 GBP000
Connecting Corporates Limited - 8 17
Total - 8 17
During the prior period the Group recharged group services incurred for the
benefit of Connecting Corporates Limited to Connecting Corporates Limited at a
cost of GBP8,000.
iii) Period-end payables arising from Six months Six months Year ended
the purchases of services: ended 30 June ended 30 June 31 December
2016 2015 2015
GBP000 GBP000 GBP000
Adelaide Capital Limited - 78 -
Anderson Barrowcliff LLP 5 4 8
Brian Stephens & Company Limited 2 10 4
Connecting Corporates Limited 30 23 -
Total 37 115 12
The payables to related parties arise from purchase transactions and are due
one month after date of purchase. The payables bear no interest.
END
(END) Dow Jones Newswires
September 30, 2016 02:00 ET (06:00 GMT)
1 Year Norman Broadbent Chart |
1 Month Norman Broadbent Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
