Share Name Share Symbol Market Type Share ISIN Share Description
Nakama Group Plc LSE:NAK London Ordinary Share GB0004251970 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 1.00p 0.90p 1.10p 1.00p 1.00p 1.00p 0 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 16.8 -1.5 -1.3 - 1.00

Nakama Group Plc Final Results

10/09/2018 7:00am

UK Regulatory (RNS & others)

Nakama (LSE:NAK)
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1 Year : From Jun 2018 to Jun 2019

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RNS Number : 2306A

Nakama Group Plc

10 September 2018

10 September 2018

Nakama Group PLC

("Nakama" or "the Group")

"The AIM quoted recruitment consultancy working across the UK, Europe, Asia, USA and Australia providing staff for the Web, Interactive, Digital Media sectors, IT and Business Change"

Final results for the year ended 31 March 2018

Nakama Group plc (AIM: NAK), the AIM quoted recruitment consultancy working across UK, Europe, Asia and Australia providing recruitment and related services for the web, interactive, digital media, IT and business change sectors, announces its final results for the year ended 31 March 2018, together with the publication of its audited report and accounts (the "Annual Report").

The Annual Report is being posted to shareholders this week and will shortly be made available on the Company's website,

Financial Highlights

   --      Group revenue decreased by 25.4 per cent. to GBP16.8m (2017: GBP22.5m) 
   --      Net fee income reduced by 14.2 per cent. to GBP5.3m (2017: GBP6.19m) 
   --      Net fee income percentage increased to 31.6 per cent. (2017: 27.5 per cent.) 

Andrea Williams, CEO of Nakama Group Plc, commented:

"After ceasing to trade with a high-volume client in Australia that location has struggled to deliver meaningful results as replacing such a large contract for services has proven to be far more challenging than expected. This has reduced the revenues significantly.

"We will embark on a journey to improve the development of our people as well as raise expectations around achieving better quality outputs, increasing levels of accountability in each unit".

All references to notes in this announcement are to the notes to the financial statements contained in the report and accounts.


 Nakama Group plc            
  Andrea Williams, CEO                 Tel: +44 (0)752 559 5100 
  Patrick Meehan, FD                   Tel: +44 (0)20 7236 2400 
 Allenby Capital Ltd (Nomad Adviser 
  and broker)                          Tel: +44 (0)20 3328 5656 
  Virginia Bull / Nick Naylor 

Notes to Editors:

Nakama Group plc is a recruitment group of two branded solutions placing people into specialist and management positions;

-- Nakama operates in the digital, creative, media, marketing and technology sectors all over the world from offices in the UK, Asia and Australia.

-- The Highams brand specialises in the Financial Services sector, specifically Business Change and IT in Insurance and Wealth Management currently in the UK and Europe.

Nakama Group plc was created in October 2011 through the acquisition of Nakama Ltd UK and its subsidiaries in Hong Kong, Singapore and Sydney by AIM listed Highams Systems Services Group plc.


Financial results

Group revenue for the year ended 31 March 2018 was lower by 25.4% compared to the prior year at GBP16.8m (2017: GBP22.5m) and Net Fee Income ("NFI") was 14.2% lower at GBP5.3m (2017: GBP6.19m). The results over the past year have been extremely disappointing at a Group level. The Group experienced significant change through this financial year at executive management level as well as at all other levels. Details of these changes are further explained in the CEO's report. This impacted the Group's ability to deliver any meaningful results.


Nakama Groups strategy is to provide recruitment solutions to a broad range of clients across Europe and Asia Pacific geographies. Our teams have deep domain knowledge in the high growth areas of digital, creative, technology, analytics, marketing and project/change management. It is the strategy of the Board and management team to be a leading international specialist within staffing, delivering a quality service to our customers and candidates whilst creating a sustainable business for the long-term benefit of all stakeholders.

Over the past year, the company has experienced considerable change, both at Board and executive management level. A new Chief Executive was appointed in February 2018. A new non Board Finance Director was also appointed in May 2018 and a new Non-Executive Director was appointed in July 2018, to replace a number of long serving executive and non-executive directors. We believe the leadership team is now more focused on delivering acceptable returns for shareholders and better positioned to take advantage of the considerable opportunities in the sectors in which we operate. Going forward, the group will be more disciplined in its financial management and more focused on expanding from its core strengths. There are currently no new offices planned for the next financial year as the Board intends to concentrate on improving the performance of the current operations.

Executives and staff

Under the leadership of the new Chief Executive, we have a small but unified management team, responsible for delivering growth and profitability in the offices where we operate. Each manager has clear goals and budgets to achieve, and we expect to see gradual improvement at both top and bottom line. Any priority investment will be concentrated around improving and expanding our core service offering. The group has a number of strong managers and consultants, however, in order to deliver acceptable returns for shareholders, specific performance metrics will be implemented and upgrades recruited where necessary.


Trading so far this year has been in line with expectations, however, exceptional costs will be incurred as we continue the restructuring of some local offices. Building a higher performance culture will take time to establish and therefore we remain cautious on achieving the long term operating profit margin set by the Board. Our objective is to focus on improving financial discipline and stabilizing revenues over the year ahead.

Tim Sheffield


07 September 2018


Financial review

                                              2018      2017 
                                           GBP'000   GBP'000 
 Revenue                                    16,792    22,519 
 NFI (Net fee income)                        5,311     6,193 
 EBITDA*                                     (845)        25 
 Operating loss for the financial year     (1,425)     (211) 
 Loss for the financial year before tax    (1,480)     (270) 
 Net current (liabilities)/assets            (231)       720 
 Equity                                      (139)     1,414 
 Loss per share                            (1.29)p   (0.30)p 

* EBITDA - Earnings before interest, tax, depreciation and amortisation

Group revenue for the year ended 31 March 2018 decreased by 25.4% and Net Fee Income ("NFI") decreased on the prior year by 14.2%. This was a result of APAC revenue decreasing to GBP5.32m from GBP8.82m last year and UK revenues decreasing to GBP11.5m from GBP13.6m in FY 2017. The decrease in both markets was predominantly due to a slowdown in the contractor market, which is explained in more detail in the Operational Review below.

The NFI percentage has increased to 31.6% (2017: 27.5%). The improvement in NFI percentage is due to a change in the revenue mix coming from higher permanent revenue which this year accounts for 19% of total revenue (2017:15%). This was mainly due to the loss of a high volume, but low margin contracting account in Australia.

The EBITDA loss of GBP845,000 for the year (2017: profit GBP25,000) was mainly as a result of a slowdown in the UK and APAC markets, as set out above, where overheads didn't reduce in line with the decrease in revenue. The year-end balance sheet shows borrowings decreased from GBP1.5m to GBP1.2m, this is due to a lower requirement for invoice finance as contractor revenue slowed down during the period, and a reduction in the cash position by GBP100,000.

There was an operating loss for the year of GBP1,425,000 (2017: loss of GBP211,000). The Group has seen a loss on foreign exchange of GBP72,000 (gain 2017: GBP127,000) due to the weakening of sterling against the other currencies in the markets the Group has been trading in. The Directors undertook an impairment review of the Group. Goodwill was reduced in value by GBP487,000 as a result of the downturn in performance.

The Directors are not recommending the payment of a dividend for the year.

UK operations

The London unit continued to see existing markets come under pressure from in-house recruitment teams, recruitment process outsourcing (RPO) and managed service providers. The market continues to become more heavily brokered and fragmented and the ability to generate value in traditional digital sectors has been eroded. The business has attempted to diversify its recruitment offerings into data and analytics as well as show a decreasing reliance on digital agencies as a client base, where it has been difficult to create value. Throughout the year staff turnover has been an issue as the UK market has created so many opportunities for the best recruiters and it has proven difficult not only to attract quality candidates but also to retain the best talent. The business, therefore, did not meet its hiring targets and struggled to cover its cost base due to lack of new revenue growth.

There have been gains made with new corporate client accounts secured and we expect these to have greater impact for the future. In addition, it is evident that the increasing levels of competition requires an increased focus on key disciplines in order to drive more specialist/ niche services.

In contrast, the Highams business, which is already highly specialized in its services and client base (insurance market - project focus) had a pleasingly profitable year further consolidating its position as a recruitment partner of choice across General Insurance, Life & Pensions and Asset Management markets. This market sector has seen an increase in M&A activity throughout the year which has increased the demand for Project Managers. Added to this, the increasing volume of digital transformation projects being undertaken across the insurance sector has also resulted in higher contractual demand for talent. We expect this level of activity to continue.

APAC Operations

Operating conditions across the APAC region have not changed much over the last 12 months. We have remained focused on servicing high value verticals in each location. The businesses have continued to drive retained services where possible.

External competition has been increasing in each location and despite the brand being viewed as strong across Hong Kong and Singapore the increased competition for top recruitment talent has been fierce and the business has struggled to secure the quality talent required, especially in Singapore.

After ceasing to trade with a high-volume client in Australia that location has struggled to deliver meaningful results as replacing such large contract for services has proven to be far more challenging than expected. This has reduced the revenues significantly. In addition, the company has faced some leadership challenges in Australia resulting in the downsizing of the Sydney operations and the closure of the Melbourne office post year end. This has made staff retention quite challenging which has further eroded NFI. Added to this the hiring restrictions in the Australian market, due to changes in legislation, will put further pressure on salaries and attracting consultants to the business.

It has been decided to strip back the Australian operation to focus on areas of strength (customer experience/user experience, tech, service & product design) in order to stabilise the business and create a stronger platform for growth in the future. A new leader has also been identified from FY 2018/19 onwards.

The digital and technology disruption seen globally is beneficial to Nakama as we provide staff in these areas. Traditional, non-digital businesses have also taken, or have started to undertake, wholesale reviews of where to position themselves, resulting in increased demand for suitable qualified digital experts. This continues to increase the demand for talent by our clients.

We continue to leverage our global networks to deliver against these increasing demands. We believe the Australian market has positive growth opportunities over the coming years as long as we position ourselves appropriately as a highly specialised, quality provider of staffing solutions.

Singapore focuses on the South East Asian corridor into Malaysia and Thailand. Hong Kong continues to build market share and has experienced higher demands from China and the wider region. However, the main focus is into the local markets where quickest and best gains can be made in the shorter term. The businesses benefit from a collaborative approach to business development and creating opportunity throughout the region based on this approach. We see the growth of these business units as essential to our strategy in the region.

The market continues to be competitive and the business has seen a higher than expected turnover of staff this year (Australia and Singapore), with high quality replacements very difficult to find. In light of this we plan to change the focus of our talent attraction strategies to include a higher proportion of less experienced staff who we can train and develop to our own standards which should also result in greater loyalty to the business.

Retaining high performing staff, as well as creating a future supply of high performing staff is critical in all regions for the business. We will embark on a journey to improve the development of our people as well as raise expectations around achieving better quality outputs, increasing levels of accountability in each unit. We maintain the outlook that a strong understanding and passion for local and global technology, digital and consultancy markets is essential in achieving the growth we seek to deliver to our shareholders, and we aim to build stronger, more focused/ specialised teams in each location in order to deliver on this goal.

Post Financial Year 2017-18 actions

The Board has decided that the opportunities to grow the Melbourne operation are not as positive as they should be and this business unit has continued to struggle to cover its costs and operate at the levels required. In light of this, the decision has been taken to close this operation and a liquidator was appointed in July, 2018. We believe that this will relieve the Sydney operation of any obligations to back-up the Melbourne business and allow the use of its capital to be focused on growth in that larger and more lucrative location.

After undertaking the annual goodwill impairment review it was decided that, given the losses in the period, a goodwill impairment charge of GBP478,000 is to be recognised in the financial statements. This represents a complete impairment of all outstanding goodwill values in the business.

Andrea Williams

Chief Executive Officer

07 September 2018



                                                           2018      2017 
                                                        GBP'000   GBP'000 
===================================================  ==========  ======== 
Revenue                                                  16,792    22,519 
 Cost of sales                                           11,481    16,326 
===================================================  ==========  ======== 
Net fee income                                            5,311     6,193 
Administrative costs                                      6,736     6,404 
===================================================  ==========  ======== 
Operating loss                                          (1,425)     (211) 
Finance costs                                              (55)      (59) 
===================================================  ==========  ======== 
Loss before tax                                         (1,480)     (270) 
Tax expense                                                (34)      (82) 
===================================================  ==========  ======== 
Loss for the period attributable to owners of the 
 parent                                                 (1,514)     (352) 
===================================================  ==========  ======== 
Loss per share 
Basic and diluted loss per share attributable 
 to owners of the parent                                (1.29)p   (0.30)p 
===================================================  ==========  ======== 

All of the above relate to continuing operations.



                                                           2018      2017 
                                                        GBP'000   GBP'000 
=====================================================  ========  ======== 
Loss for the year                                       (1,514)     (352) 
=====================================================  ========  ======== 
Exchange losses on translation of foreign operations       (39)      (30) 
=====================================================  ========  ======== 
Total comprehensive loss for the period attributable 
 to owners of the parent                                (1,553)     (382) 
=====================================================  ========  ======== 
AS AT 31 MARCH 2018 
                                                      2018     2017 
                                                   GBP'000  GBP'000 
=================================================  =======  ======= 
Non-current assets 
Intangible assets                                        -      524 
Property, plant and equipment                           37       86 
Deferred tax asset                                      55       84 
=================================================  =======  ======= 
Total                                                   92      694 
Current assets 
Trade and other receivables                          2,870    3,885 
Cash and cash equivalents                              141      259 
=================================================  =======  ======= 
Total                                                3,011    4,144 
=================================================  =======  ======= 
Total assets                                         3,103    4,838 
=================================================  =======  ======= 
Current Liabilities 
Trade and other payables                           (2,025)  (1,953) 
Borrowings                                         (1,217)  (1,471) 
=================================================  =======  ======= 
Total                                              (3,242)  (3,424) 
=================================================  =======  ======= 
Net (Liabilities)/Assets                             (139)    1,414 
=================================================  =======  ======= 
Share capital                                        1,602    1,602 
Share premium account                                2,580    2,580 
Merger reserve                                          90       90 
Employee share benefit trust reserve                  (61)     (61) 
Currency reserve                                      (13)       26 
Retained earnings                                  (4,337)  (2,823) 
=================================================  =======  ======= 
Total equity attributable to the shareholders of 
 the Company                                         (139)    1,414 
=================================================  =======  ======= 


AS AT 31 MARCH 2018

                                                          share benefit 
                        Share    Share    Merger                           Currency    Retained      Total 
                      capital  premium   reserve                reserve     reserve    earnings     equity 
                      GBP'000  GBP'000   GBP'000                GBP'000     GBP'000     GBP'000    GBP'000 
====================  =======  =======  ========  =====================  ==========  ==========  ========= 
At 1 April 2016         1,602    2,580        90                   (61)          56     (2,471)      1,796 
Loss for the 
 year                       -        -         -                      -           -       (352)      (352) 
Other comprehensive 
 income                     -        -         -                      -        (30)           -       (30) 
====================  =======  =======  ========  =====================  ==========  ==========  ========= 
Total comprehensive 
 loss for 2017              -        -         -                      -        (30)       (352)      (382) 
At 1 April 2017         1,602    2,580        90                   (61)          26     (2,823)      1,414 
 income for the 
Loss for the 
 year                       -        -         -                      -           -     (1,514)    (1,514) 
Other comprehensive 
 income                     -        -         -                      -        (39)           -       (39) 
====================  =======  =======  ========  =====================  ==========  ==========  ========= 
Total comprehensive 
 loss for the 
 year                       -        -         -                      -        (39)     (1,514)    (1,553) 
====================  =======  =======  ========  =====================  ==========  ==========  ========= 
At 31 March 
 2018                   1,602    2,580        90                   (61)        (13)     (4,337)      (139) 
====================  =======  =======  ========  =====================  ==========  ==========  ========= 
                                                           2018       2017 
                                                        GBP'000    GBP'000 
====================================================  =========  ========= 
Operating activities 
Loss for the year before tax                            (1,480)      (270) 
Depreciation of property, plant and equipment                56         80 
Impairment and amortization of intangible assets            524        156 
Net finance costs                                            55         59 
Tax paid                                                    (5)        (1) 
Decrease/(Increase) in trade and other receivables        1,015      (445) 
Increase in trade and other payables                         70        105 
====================================================  =========  ========= 
Net cash generated by operating activities                  235      (316) 
====================================================  =========  ========= 
Cash flows from investing activities 
Purchase of property, plant and equipment                  (14)       (45) 
Net cash outflow from investing activities                 (14)       (45) 
====================================================  =========  ========= 
Financing activities 
(Decrease)/Increase in invoice discounting facility       (254)        224 
Finance cost paid                                          (55)       (59) 
====================================================  =========  ========= 
Net cash outflow from financing activities                (309)        165 
====================================================  =========  ========= 
Net changes in cash and cash equivalents                   (88)      (196) 
Cash and cash equivalents, beginning of year                259        582 
Effect of foreign exchange rate movements                  (30)      (127) 
Cash and cash equivalents at end of year                    141        259 
====================================================  =========  ========= 
Cash and cash equivalents for the purpose of the 
 statement of cash flows comprises:                        2018       2017 
                                                        GBP'000    GBP'000 
Cash at bank                                                141        259 
Cash and cash equivalents at end of year                    141        259 
====================================================  ---------  ========= 



Basis of Preparation

This announcement and the financial information were approved by the Board on 7 September 2018. The financial information set out in this announcement does not constitute the Company's statutory accounts for the years ended 31 March 2018 and 31 March 2017. Statutory accounts for the years ended 31 March 2018 and 31 March 2017 have been reported on by the Independent Auditors. The Independent Auditors' Report on the Annual Report and Financial Statements for the year ended 31 March 2018 included a material uncertainty in respect of going concern, in the event that should trading be below or at the lower end of expectations there would be a requirement for further funding in order for the group to continue as a going concern and that obtaining this additional funding cannot be guaranteed. The audit report for the year ended 31 March 2017 was unqualified and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

Statutory accounts for the year ended 31 March 2017 have been filed with the Registrar of Companies. The statutory accounts for the year ended 31 March 2018 will be delivered to the Registrar in due course.

The financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS"), IFRIC interpretations and the parts of the Companies Act 2006 applicable to companies reporting under IFRS. The Financial Statements have been prepared under the historical cost convention.

The preparation of Financial Statements in conformity with IFRS require the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial information, including the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management's best knowledge of current events and actions, actual results may ultimately differ from those estimates.

Copies of the statutory accounts for the year ended 31 March 2018 will be posted to all shareholders. Additional copies will be available from the Company Secretary, Nakama Group plc, Quadrant House, 33/45 Croydon Road, Caterham, Surrey CR3 6PB and will be available to download from the investor relations section on the Company's website

Going concern

Based on the latest trading expectations and associated cash flow forecasts, the directors believe that the group and company will be able to trade within its existing facilities and therefore meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements and have therefore prepared the accounts on a going concern basis. However, the directors recognise that if trading was below or at the lower end of expectations there could be a requirement for additional funding and that obtaining this additional funding cannot be guaranteed. This is considered to be a material uncertainty that may cast doubt over the group and company's ability to continue as a going concern.

   1.      Operating segments 

Operating segments are reported on a geographical basis.

The Group has three main reportable segments based on the location revenue is derived from:

   --      Asia Pacific - This segment includes Australia, Hong Kong and Singapore. 
   --      UK - The UK segment includes candidates placed in the UK and Europe. 
   --      USA - This business is currently dormant. 

These segments are monitored by the Board of Directors and are reported in a manner consistent with the internal reporting provided to them. The Board of Directors are considered to be the chief operating decision makers. All revenue is derived from the supply of recruitment and human resource services.

Factors that management used to identify the Group's reportable segments

The Group's reportable segments are strategic business units that, although supplying the same product offerings, operate in distinct markets and are therefore managed on a day to day basis by separate teams.

Measurement of operating segment profit or loss, assets and liabilities

The accounts policies of the operating segments are the same as those described in the summary of significant accounting policies.

The Group evaluates performance on the basis of profit or loss from operations before tax not including overhead costs incurred by the head office such as plc AIM related costs not recharged, exceptional items, amortisation and share based payments.

The Board does not review assets and liabilities by segment.

                                                 Asia Pacific                USA                 UK              Total 
                                                         2018               2018               2018               2018 
                                                      GBP'000            GBP'000            GBP'000            GBP'000 
         Revenue from external 
          customers                                     5,320                  4             11,468             16,792 
         Segment profit/(loss) 
          income tax                                    (705)               (53)                 38              (720) 
====================================  =======================  =================  =================  ================= 
         The comparisons for 2017: 
                                                 Asia Pacific                USA                 UK              Total 
                                                         2017               2017               2017               2017 
                                                      GBP'000            GBP'000            GBP'000            GBP'000 
====================================  =======================  =================  =================  ================= 
         Revenue from external 
          customers                                     8,825                 79             13,615             22,519 
         Segment profit/(loss)before 
          income tax                                     (20)               (78)                 42               (56) 
====================================  =======================  =================  =================  ================= 
         Reconciliation of 
         segment profit to the 
         corresponding amounts: 
                                                                                               2018               2017 
          Profit or loss after                                                              GBP'000            GBP'000 
          tax expense 
====================================  =======================  =================  =================  ================= 
         Total profit or loss for 
          reportable segments                                                                 (720)               (56) 
         PLC costs not cross charged                                                          (236)               (58) 
         Amortisation and impairment 
          of intangibles                                                                      (524)              (156) 
         Loss before income tax 
          expense                                                                           (1,480)              (270) 
         Corporation taxes                                                                     (34)               (82) 
====================================  =======================  =================  =================  ================= 
         Loss after income tax 
          expense                                                                           (1,514)              (352) 
====================================  =======================  =================  =================  ================= 
   2.      Revenue 

The Group makes sales to Europe, Asia, USA and Australasia. All revenue is derived from the provision of services. An analysis of sales revenue by country is given below:

  Revenue by country                  2018                 2017 
                                   GBP'000              GBP'000 
---------------------  ===================  =================== 
 United Kingdom                     11,026               13,223 
 Europe                                305                  392 
 Hong Kong                           1,551                1,121 
 Singapore                             709                  630 
 Australia                           3,197                7,074 
 USA                                     4                   79 
=====================  ===================  =================== 
                                    16,792               22,519 
---------------------  ===================  =================== 
   3.      Operating loss 

The profit on ordinary activities before taxation is stated after charging:

The analysis of auditor's remuneration is as follows:

                                                                2018                 2017 
                                                             GBP'000              GBP'000 
-----------------------------------------------  -------------------  ------------------- 
 Remuneration received by Company's auditor 
  or an associate of the Company's auditor: 
 Company annual accounts                                           5                    5 
 Group annual accounts                                            10                   10 
-----------------------------------------------  -------------------  ------------------- 
                                                                  15                   15 
 Other fees payable to the Company's auditors: 
 Audit of subsidiary companies                                    48                   28 
 Tax compliance                                                   10                   13 
-----------------------------------------------  -------------------  ------------------- 
                                                                  73                   56 
-----------------------------------------------  -------------------  ------------------- 
 Amortisation of intangibles                                      37                  156 
 Impairment of goodwill                                          487                    - 
 Depreciation of equipment                                        56                   80 
 Foreign exchange loss/(gain)                                     72                (127) 
 Operating lease rentals: 
 Property                                                        492                  202 
 Plant and equipment                                              13                   24 
 Staff costs                                                   4,053                4,343 
-----------------------------------------------  -------------------  ------------------- 
   4.      Income tax expense 
                                                              2018                 2017 
                                                           GBP'000              GBP'000 
---------------------------------------------  -------------------  ------------------- 
 Current tax charge                                              5                   58 
 Deferred tax from timing difference between 
  depreciation and capital allowance                             1                    3 
 Deferred tax from trading losses                               28                   21 
---------------------------------------------  -------------------  ------------------- 
                                                                34                   82 
---------------------------------------------  -------------------  ------------------- 

The relationship between the expected tax expense based on the effective tax rate of the Group at 19% (2017: 20%) and the tax expense actually recognised in the income statement can be reconciled as follows:

                                                                  2018                 2017 
                                                               GBP'000              GBP'000 
-------------------------------------------------  -------------------  ------------------- 
 Result for the year before taxation                           (1,480)                (270) 
 Expected tax expense                                            (282)                 (54) 
 Expenses not deductible for tax purposes                          108                   20 
 Unrecognised deferred tax                                         266                  116 
 Difference in tax rates between UK and overseas                  (58)                    - 
 Total income tax expense                                           34                   82 
-------------------------------------------------  -------------------  ------------------- 
   5.      Loss per share 
                                      2018                              2017 
                    ========  ============  ==========  =======  ===========  =========== 
                                  Weighted                          Weighted 
                                   average                           average 
                                 number of    Loss per                number     Earnings 
                        Loss        shares       share     Loss    of shares    per share 
                     GBP'000          '000           p  GBP'000         '000            p 
==================  ========  ============  ==========  =======  ===========  =========== 
Basic and diluted 
 loss per share      (1,514)       117,607      (1.29)    (352)      117,607       (0.30) 
------------------  --------  ------------  ----------  -------  -----------  ----------- 

The weighted average number of shares excludes 183,953 (2017: 183,953) shares held by the Employee Share Benefit Trust.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit



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