Half Yearly Report

 

TIDMNAQ 
 
RNS Number : 6425P 
NBA Quantum PLC 
30 March 2009 
 

NBA Quantum PLC ("NBA" or the "Group") 
Interim Results for the six months to 31 December 2008 
NBA Quantum PLC, the specialist Management Consultant to the construction and 
engineering, petrochemical, marine and associated industries announces its 
interim results for the six months ended the 31 December 2008. 
Highlights 
  *  Group turnover up 59% to GBP2.3m (2007: GBP1.4m) 
  *  Increase in profit before tax of 258% to GBP0.2m 
  *  Basic earnings per share 0.40p (2007:0.86p) 
  *  Financial performance driven by Middle East business and exchange rate benefits 
  *  Mixed trading results across the Group's businesses 
  *  Measures in place to continue to reduce costs 
  *  Board decision to seek a delisting from AIM 
 
Chairman's statement 
The Group's profit before tax has improved substantially during the period to 
GBP0.2m, an increase of 258% when compared to the same period last year, whilst 
turnover increased to GBP2.3m (2007:GBP1.4m). The growth in turnover and profit 
was largely attributable to the performance of Quantum Qatar WLL, the Group's 
Middle East operation, which also benefitted from the strengthening of sterling 
against the dollar. As a result there was an increase in both the tax charge and 
the level of profit share paid to our Middle East partner and therefore the 
Group's basic earnings per share was 0.40p compared to 0.86p last year. 
As anticipated in my last Chairman's Statement the measures introduced by the 
Board over the last 12 months continue to show improved results. The Board 
intends to continue with the programme of changes introduced in order to reduce 
overhead costs further. 
 
 
Business Review 
Quantum International Consulting ("QIC") and Taylor Rumford Consulting ("TRCL") 
QIC and TRCL have continued to trade strongly in the UK and Europe and the Board 
remains confident that this level of activity and profitability will continue in 
the foreseeable future despite the current economic climate and subsequent 
downturn in the construction industry. 
Rock Hunter 
Rock Hunter, the multimedia business acquired in May 2008, has consolidated well 
into our UK operation and is now beginning to demonstrate the potential 
anticipated by the Board both in the UK and, more recently, in the Middle East. 
The Board has every confidence that this trend will continue and that Rock 
Hunter will add greatly to QIC's turnover and to its ability to project and 
market itself more strongly. 
Quantum International Consulting Pty. ( QICA ) and Lucid Edge Pty ("LE"). 
Whilst costs within QICA have been reduced in light of the current difficult 
trading conditions in Australia, LE has been able to use its skills to turn in a 
very encouraging set of results for the half year giving Australia an overall 
profit for the period. 
Bionics and DMS 
Neither of these companies traded during the period and the Board has reduced 
costs in both to a minimum. The Board intends to review the strategy for these 
companies in the future as and when trading conditions improve. 
Quantum Qatar WLL ("QQ") 
Despite the current economic situation QQ has met the Board's expectations and 
delivered very good results for the period which have been helped by the 
strengthening of sterling against the dollar. 
The Board anticipates that this Company will continue to grow and to show 
encouraging results in the second half of the year. 
Proposed delisting from AIM 
Following careful consideration the Board has concluded that it is no longer in 
the best interests of the Company or its shareholders to maintain the Group's 
trading facility on AIM and consider that the costs of remaining quoted on AIM 
far outweigh the benefits. 
The Group's quotation on AIM involves considerable direct costs which are not 
appropriate for a Company of the size of NBA.  Additionally, the Directors 
consider that the Company's listing on AIM results in a disproportionate amount 
of senior management time being spent meeting the various regulatory 
requirements. 
At the same time as seeking the delisting, the Company also intends to propose a 
consolidation of the share capital of the Company. The Company has approximately 
180 shareholders. Some 150 of these Shareholders hold approximately 74,000 of 
the Group's ordinary shares and represent approximately 1% of the current issued 
share capital of the Company. Following the delisting from AIM the Directors 
consider that a more appropriate capital structure will be required. The share 
consolidation will offer an exit route for some of the Group's minority 
shareholders. 
The Directors propose to consolidate NBA's existing ordinary shares on the basis 
of 1 new ordinary share for every 1,000 existing ordinary shares held to create 
new ordinary shares of GBP10 each. In order to effect the consolidation it will 
be necessary to allot 628 additional ordinary shares so that the Company's 
issued share capital is exactly divisible by 1,000. The Company's mid-market 
closing price on 25 March 2009 was 7.5 pence per ordinary share however the 
price of allotment of the new shares will be 10 pence per share being the 
Company's nominal value of each ordinary share. 
As a consequence of the consolidation, holders of more than 1,000 existing 
ordinary shares will only be entitled to one new ordinary share for every 1,000 
existing ordinary shares they hold. They will not be entitled to receive new 
ordinary shares in respect of their fractional entitlements. In addition, 
holders of fewer than 1,000 existing ordinary shares will not be entitled to 
receive a new ordinary share.  The Company therefore intends to enter into an 
agreement to sell the fractions of new ordinary shares on behalf of the 
fractional shareholders to certain of the Directors and an existing shareholder. 
The price paid in respect of these shares is expected to be 10 pence per 
existing ordinary share. The proceeds of the sale will be distributed to the 
fractional shareholders in proportion to the fractions of new ordinary shares 
held by them, except where the payment due would be less than GBP5 in which 
case, for purely economic reasons, the Directors have decided to retain the 
proceeds of the sale and donate these to a charity. 
Whilst the Board believes that the delisting is in shareholders' interests, it 
recognises that the cancellation of the shares to trading on AIM will make it 
more difficult for shareholders to buy and sell the Company's ordinary shares 
should they so wish. The Board is therefore considering providing a matched 
bargain arrangement to enable Shareholders to trade the ordinary shares should 
they so wish. 
In addition to the proposals detailed above, the Group also intends to 
re-register as a private Company, which the Directors consider will make the 
Company easier to manage under the lighter regulatory regime for private 
companies introduced by the Companies Act 2006, and effect a share capital 
reduction to improve the Company's balance sheet. The Directors also believe 
that the proposed consolidation and re-registration will reduce the 
administrative burden of the Company. 
The Directors are currently in the process of writing to the Company's 
shareholders to set out in detail the reasons for the delisting and the related 
proposals and to convene a general meeting to seek shareholder approval for 
them.  The Board expects to post a circular to shareholders within the next 
month.  In addition to the full support from the Directors for the delisting, 
the Board also believes that it would have support from certain of the Company's 
shareholders to vote in favour of the proposals and is currently seeking 
irrevocable commitments from them. 
  Summary 
Whilst we continue to be encouraged by developments within the Group and have 
every confidence that the Board and senior managers will continue to make 
progress in the second half of the year despite the turndown in the global 
economy, notwithstanding the proposed delisting from AIM, the Board will remain 
vigilant and continue to take any steps necessary to maintain the Group's 
current trading position and to actively seek opportunities for improvement 
wherever they can be found. 
 Bob Jervis 
Chairman 
 
 
 
 
For further information please contact: 
 
 
NBA Quantum PLC 
Bob Jervis, ChairmanTel: 01483 243531 
 
 
Brewin Dolphin (NOMAD) 
Mark BradyTel: 0845 213 4730 
Alison Barrow 
 
 
 
 
NBA Quantum Plc 
 
 
Unaudited Consolidated Income Statement 
 
 
 
 
+------------+---------------------------------------+----------------+------------+ 
|            |                                       |                             | 
+------------+---------------------------------------+-----------------------------+ 
|            |                                       |6 months to 31  |  6 months  | 
|            |                                       |    December    |   to 31    | 
|            |                                       |      2008      |  December  | 
|            |                                       |      GBP       |    2007    | 
|            |                                       |                |    GBP     | 
|            |                                       |                |            | 
+------------+---------------------------------------+----------------+------------+ 
| Revenue    | Continuing operations                 |      2,298,791 |  1,441,452 | 
+------------+---------------------------------------+----------------+------------+ 
|            | Discontinued operations               |              - |          - | 
+------------+---------------------------------------+----------------+------------+ 
|            |                                       |      2,298,791 |  1,441,452 | 
+------------+---------------------------------------+----------------+------------+ 
|            |                                       |                |            | 
+------------+---------------------------------------+----------------+------------+ 
| Operating expenses                                 |                |            | 
+----------------------------------------------------+----------------+------------+ 
|            | Continuing operations                 |      2,040,494 |  1,362,656 | 
+------------+---------------------------------------+----------------+------------+ 
|            | Discontinued operations               |              - |          - | 
+------------+---------------------------------------+----------------+------------+ 
|            |                                       |      2,040,494 |  1,362,656 | 
+------------+---------------------------------------+----------------+------------+ 
|            |                                       |                |            | 
+------------+---------------------------------------+----------------+------------+ 
| Results from operating activities                  |                |            | 
+----------------------------------------------------+----------------+------------+ 
|            | Continuing operations                 |        258,297 |     78,796 | 
+------------+---------------------------------------+----------------+------------+ 
|            | Discontinued operations               |              - |          - | 
+------------+---------------------------------------+----------------+------------+ 
|            |                                       |        258,297 |     78,796 | 
+------------+---------------------------------------+----------------+------------+ 
|                                                    |                |            | 
+----------------------------------------------------+----------------+------------+ 
| Finance income                                     |          1,488 |     11,105 | 
+----------------------------------------------------+----------------+------------+ 
| Finance expense                                    |       (18,222) |   (22,590) | 
+----------------------------------------------------+----------------+------------+ 
| Profit before income tax                           |        241,563 |     67,311 | 
+----------------------------------------------------+----------------+------------+ 
|                                                    |                |            | 
+----------------------------------------------------+----------------+------------+ 
| Income tax expense                                 |                |            | 
+----------------------------------------------------+----------------+------------+ 
|            | Continuing operations                 |        104,179 |     11,635 | 
+------------+---------------------------------------+----------------+------------+ 
|            | Discontinued operations               |              - |          - | 
+------------+---------------------------------------+----------------+------------+ 
|            |                                       |                |            | 
+------------+---------------------------------------+----------------+------------+ 
| Profit for the period                              |        137,384 |     55,676 | 
+----------------------------------------------------+----------------+------------+ 
|                                                    |                |            | 
+----------------------------------------------------+----------------+------------+ 
| Attributable to:                                   |                |            | 
+----------------------------------------------------+----------------+------------+ 
| Equity holders of the parent                       |         28,001 |     58,058 | 
+----------------------------------------------------+----------------+------------+ 
| Minority interest                                  |        109,383 |    (2,382) | 
+----------------------------------------------------+----------------+------------+ 
|                                                    |        137,384 |     55,676 | 
+----------------------------------------------------+----------------+------------+ 
| Earnings per share                                 |          0.40p |      0.86p | 
+----------------------------------------------------+----------------+------------+ 
| Diluted earnings per share                         |          0.38p |    0.81p   | 
+----------------------------------------------------+----------------+------------+ 
|                                                    |                |            | 
+------------+---------------------------------------+----------------+------------+ 
 
 
 
 
Unaudited Consolidated Statement of Recognised Income and Expense 
+---------------------------------------+---+--------------+------------+--------------+ 
|                                       |   |              |    2008    |    2007      | 
|                                       |   |              |    GBP     |     GBP      | 
+---------------------------------------+---+--------------+------------+--------------+ 
| Gain/(loss) on foreign currency       |   |              |    460,429 |          286 | 
| translation                           |   |              |            |              | 
+---------------------------------------+---+--------------+------------+--------------+ 
| Net income recognised directly in     |   |              |    460,429 |          286 | 
| equity                                |   |              |            |              | 
+---------------------------------------+---+--------------+------------+--------------+ 
| Profit for the period from operations |   |              |    137,384 |       55,676 | 
+---------------------------------------+---+--------------+------------+--------------+ 
| Total recognised income and expense   |   |              |    597,813 |       55,962 | 
| for the period                        |   |              |            |              | 
+---------------------------------------+---+--------------+------------+--------------+ 
|                                       |   |              |            |              | 
+---------------------------------------+---+--------------+------------+--------------+ 
| Attributable to:                      |   |              |            |              | 
+---------------------------------------+---+--------------+------------+--------------+ 
| Equity holders of the parent          |   |              |    488,430 |       58,344 | 
+---------------------------------------+---+--------------+------------+--------------+ 
| Minority interest                     |   |              |    109,383 |      (2,382) | 
+---------------------------------------+---+--------------+------------+--------------+ 
|                                       |   |              |    597,813 |       55,962 | 
+---------------------------------------+---+--------------+------------+--------------+ 
 
 
 
+------+---------------------------+------+----------+------------+----------+-----------+ 
| Unaudited Summarised Consolidated Balance Sheet    |            |          |           | 
|                                                    |            |          |           | 
+----------------------------------------------------+------------+----------+-----------+ 
|                                  |      |   31 December 2008    |  31 December 2007    | 
+----------------------------------+------+-----------------------+----------------------+ 
|                                  |      |          |            |          |           | 
+----------------------------------+------+----------+------------+----------+-----------+ 
|                                  |      |          |    GBP     |          |    GBP    | 
+----------------------------------+------+----------+------------+----------+-----------+ 
|                                  |      |          |            |          |           | 
+----------------------------------+------+----------+------------+----------+-----------+ 
| Assets                           |      |          |            |          |           | 
+----------------------------------+------+----------+------------+----------+-----------+ 
|                                  |      |          |            |          |           | 
+----------------------------------+------+----------+------------+----------+-----------+ 
|                                  |      |          |            |          |           | 
+----------------------------------+------+----------+------------+----------+-----------+ 
|                                  |      |          |            |          |           | 
+----------------------------------+------+----------+------------+----------+-----------+ 
| Non current assets               |      |          |            |          |           | 
+----------------------------------+------+----------+------------+----------+-----------+ 
|      | Property, plant and       |      |          |     77,053 |          |    44,088 | 
|      | equipment                 |      |          |            |          |           | 
+------+---------------------------+------+----------+------------+----------+-----------+ 
|      | Goodwill                  |      |          |  3,771,985 |          | 3,773,332 | 
+------+---------------------------+------+----------+------------+----------+-----------+ 
|      | Other intangible assets   |      |          |     71,042 |          |         - | 
+------+---------------------------+------+----------+------------+----------+-----------+ 
|      | Investments               |      |          |        806 |          |     4,807 | 
+------+---------------------------+------+----------+------------+----------+-----------+ 
|                                  |      |          |  3,920,886 |          | 3,822,227 | 
+----------------------------------+------+----------+------------+----------+-----------+ 
|                                  |      |          |            |          |           | 
+----------------------------------+------+----------+------------+----------+-----------+ 
| Current assets                   |      |          |            |          |           | 
+----------------------------------+------+----------+------------+----------+-----------+ 
|      | Trade receivables         |      |          |  1,014,550 |          | 1,007,597 | 
+------+---------------------------+------+----------+------------+----------+-----------+ 
|      | Other current assets      |      |          |  1,564,525 |          | 1,556,417 | 
+------+---------------------------+------+----------+------------+----------+-----------+ 
|      | Cash and cash equivalents |      |          |    714,254 |          |   589,613 | 
+------+---------------------------+------+----------+------------+----------+-----------+ 
|                                  |      |          |  3,293,329 |          | 3,153,627 | 
+----------------------------------+------+----------+------------+----------+-----------+ 
| Total assets                     |      |          |  7,214,215 |          | 6,975,854 | 
+----------------------------------+------+----------+------------+----------+-----------+ 
|                                  |      |          |            |          |           | 
+----------------------------------+------+----------+------------+----------+-----------+ 
| Equity and liabilities           |      |          |            |          |           | 
+----------------------------------+------+----------+------------+----------+-----------+ 
| Equity attributable to equity    |      |          |            |          |           | 
| holders of the parent            |      |          |            |          |           | 
+----------------------------------+------+----------+------------+----------+-----------+ 
|      | Share capital             |      |          |    704,529 |          |   674,529 | 
+------+---------------------------+------+----------+------------+----------+-----------+ 
|      | Share premium             |      |          |  5,295,375 |          | 5,259,375 | 
+------+---------------------------+------+----------+------------+----------+-----------+ 
|      | Retained earnings         |      |          |  (817,788) |          | (779,052) | 
+------+---------------------------+------+----------+------------+----------+-----------+ 
|      | Currency translation      |      |          |    353,215 |          |    42,392 | 
|      | reserve                   |      |          |            |          |           | 
+------+---------------------------+------+----------+------------+----------+-----------+ 
|                                  |      |          |  5,535,331 |          | 5,197,244 | 
+----------------------------------+------+----------+------------+----------+-----------+ 
| Minority interest                |      |          |    110,682 |          |  (46,388) | 
+----------------------------------+------+----------+------------+----------+-----------+ 
|                                  |      |          |            |          |           | 
+----------------------------------+------+----------+------------+----------+-----------+ 
| Non current liabilities          |      |          |            |          |           | 
+----------------------------------+------+----------+------------+----------+-----------+ 
|      | Long term borrowings      |      |          |    224,111 |          |   269,022 | 
+------+---------------------------+------+----------+------------+----------+-----------+ 
|      | Obligations under financial leases - due    |     20,248 |          |         - | 
|      | over one year                               |            |          |           | 
+------+---------------------------------------------+------------+----------+-----------+ 
|      | Deferred tax              |      |          |    353,715 |          |   281,385 | 
+------+---------------------------+------+----------+------------+----------+-----------+ 
|                                  |      |          |    598,074 |          |   550,407 | 
+----------------------------------+------+----------+------------+----------+-----------+ 
|                                  |      |          |            |          |           | 
+----------------------------------+------+----------+------------+----------+-----------+ 
| Current liabilities              |      |          |            |          |           | 
+----------------------------------+------+----------+------------+----------+-----------+ 
|      | Trade and other payables  |      |          |    707,122 |          | 1,090,606 | 
+------+---------------------------+------+----------+------------+----------+-----------+ 
|      | Current portion of long term     |          |    117,000 |          |   106,000 | 
|      | borrowings                       |          |            |          |           | 
+------+----------------------------------+----------+------------+----------+-----------+ 
|      | Current tax payable       |      |          |    123,074 |          |    75,625 | 
+------+---------------------------+------+----------+------------+----------+-----------+ 
|      | Obligations under finance leases - due      |     22,932 |          |     2,360 | 
|      | within one year                             |            |          |           | 
+------+---------------------------------------------+------------+----------+-----------+ 
|      |                                             |    970,128 |          | 1,274,591 | 
+------+---------------------------------------------+------------+----------+-----------+ 
|      |                                             |            |          |           | 
+------+---------------------------------------------+------------+----------+-----------+ 
| Total liabilities                                  |  1,568,202 |          | 1,824,998 | 
+----------------------------------------------------+------------+----------+-----------+ 
| Total equity and liabilities                       |  7,214,215 |          | 6,975,854 | 
+------+---------------------------+------+----------+------------+----------+-----------+ 
 
 
Unaudited Consolidated Statement of Cash Flows 
 
 
 
 
+--------+---------------------------------+-----------+----+------+--------------+----------+----------------+ 
|                                          |                |      |              |                           | 
+------------------------------------------+----------------+------+--------------+---------------------------+ 
|                                          |                |      |6 months to   |          |  6 months to   | 
|                                          |                |      | 31 December  |          |  31 December   | 
|                                          |                |      |    2008      |          |      2007      | 
|                                          |                |      |     GBP      |          |      GBP       | 
|                                          |                |      |              |          |                | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
| Cash flows from operating activities     |                |      |              |          |                | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
| Profit for the period after tax before   |                |      |      137,384 |          |         55,676 | 
| minority interest                        |                |      |              |          |                | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
| Adjustment for:                          |                |      |              |          |                | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
|        | Depreciation                    |                |      |       20,160 |          |         20,003 | 
+--------+---------------------------------+----------------+------+--------------+----------+----------------+ 
|        | Loss on disposal of assets      |                |      |            - |          |              - | 
+--------+---------------------------------+----------------+------+--------------+----------+----------------+ 
|        | Finance income                  |                |      |      (1,488) |          |       (11,105) | 
+--------+---------------------------------+----------------+------+--------------+----------+----------------+ 
|        | Finance expense                 |                |      |       18,222 |          |         22,590 | 
+--------+---------------------------------+----------------+------+--------------+----------+----------------+ 
|        | Income tax expense              |                |      |      104,179 |          |         11,635 | 
+--------+---------------------------------+----------------+------+--------------+----------+----------------+ 
|                                          |                |      |      141,073 |          |         43,123 | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
|                                          |                |      |              |          |                | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
| Operating cash flows before movement in working capital   |      |      278,457 |          |         98,799 | 
+-----------------------------------------------------------+------+--------------+----------+----------------+ 
|        | Decrease in trade and other     |                |      |      387,988 |          |        191,337 | 
|        | receivables                     |                |      |              |          |                | 
+--------+---------------------------------+----------------+------+--------------+----------+----------------+ 
|        | (Increase) in other debtors     |                |      |    (178,380) |          |       (63,849) | 
+--------+---------------------------------+----------------+------+--------------+----------+----------------+ 
|        | (Decrease)/Increase                              |      |    (271,781) |          |        107,330 | 
|        |  in trade and other payables                     |      |              |          |                | 
+--------+--------------------------------------------------+------+--------------+----------+----------------+ 
|        | Increase in provisions                           |      |      127,901 |          |              - | 
+--------+--------------------------------------------------+------+--------------+----------+----------------+ 
|                                          |                |      |       65,728 |          |        234,818 | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
|                                          |                |      |              |          |                | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
| Cash generated from operations           |                |      |      344,185 |          |        333,617 | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
|        | Income taxes paid               |                |      |      (7,405) |          |        (7,772) | 
+--------+---------------------------------+----------------+------+--------------+----------+----------------+ 
|        | Interest paid                   |                |      |     (18,222) |          |       (22,590) | 
+--------+---------------------------------+----------------+------+--------------+----------+----------------+ 
|                                          |                |      |     (25,627) |          |       (30,362) | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
|                                          |                |      |              |          |                | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
| Net cash generated from operating        |                |      |      318,558 |          |        303,255 | 
| activities                               |                |      |              |          |                | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
| Cash flows from investing activities     |                |      |              |          |                | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
|        | Interest received               |                |      |        1,488 |          |         11,105 | 
+--------+---------------------------------+----------------+------+--------------+----------+----------------+ 
|        | Purchase of plant and equipment |                |      |     (25,517) |          |        (9,963) | 
+--------+---------------------------------+----------------+------+--------------+----------+----------------+ 
|        | Purchase of subsidiary - additional              |      |            - |          |       (90,700) | 
|        | consideration                                    |      |              |          |                | 
+--------+--------------------------------------------------+------+--------------+----------+----------------+ 
|        | Sale of discontinued operation  |                |      |            - |          |              - | 
+--------+---------------------------------+----------------+------+--------------+----------+----------------+ 
| Net cash used in investment activities   |                |      |     (24,029) |          |       (89,558) | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
|                                          |                |      |              |          |                | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
| Cash flows from financing activities     |                |      |      294,529 |          |        213,697 | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
|                                          |                |      |              |          |                | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
|        | Repayment of borrowings         |                |      |     (60,436) |          |       (41,317) | 
+--------+---------------------------------+----------------+------+--------------+----------+----------------+ 
|        | Repayment of obligations under finance      |    |      |            - |          |        (2,641) | 
|        | leases                                      |    |      |              |          |                | 
+--------+---------------------------------------------+----+------+--------------+----------+----------------+ 
|        | New loan granted                            |    |      |            - |          |              - | 
+--------+---------------------------------------------+----+------+--------------+----------+----------------+ 
| Net cash used in financing activities    |                |      |     (60,436) |          |       (43,958) | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
|                                          |                |      |              |          |                | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
| Net increase/(decrease) in cash and cash |                |      |      234,093 |          |        169,739 | 
| equivalents                              |                |      |              |          |                | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
| Cash and cash equivalents at 1 July 2007 |                |      |      574,597 |          |        415,816 | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
| Effect of foreign exchange rate changes on cash and cash         |     (94,436) |          |          4,058 | 
| equivalents                                                      |              |          |                | 
+------------------------------------------------------------------+--------------+----------+----------------+ 
| Cash and cash equivalents at 31 December |                |      |      714,254 |          |        589,613 | 
| 2007                                     |                |      |              |          |                | 
+------------------------------------------+----------------+------+--------------+----------+----------------+ 
|                                          |                |      |              |          |                | 
+--------+---------------------------------+-----------+----+------+--------------+----------+----------------+ 
 
 
 
 
Notes to the Consolidated Interim Financial Statements 
 
1    Basis of preparation 
 
 The consolidated interim financial statements for the six months to 31 December 
2008 have been prepared in accordance with the accounting policies set out in 
the Group's latest annual financial statements for the year ended 30 June 2008. 
These accounting policies are drawn up in accordance with International 
Accounting Standards (IAS) and International Financial Reporting Standards 
(IFRS) as issued by the International Accounting Standards Board and as adopted 
for use in the European Union that are effective at 31 December 2008. 
 
The consolidated interim financial statements are unaudited and have not been 
subject to review. They do not include all the information and disclosures 
required in the annual financial statements, and therefore should be read in 
conjunction with the Group's annual financial statements as at 30 June 2008. 
The financial information presented does not constitute statutory accounts as 
defined in section 240 of the Companies Act 1985. The Group's consolidated 
financial statements for the year ended 30 June 2008 have been filed and the 
audit report was not qualified and did not contain a statement under section 
237(2) or section 237(3) of the Companies Act 1985. 
 
2    Unaudited earnings per share (eps) 
 
      The calculation of the earnings per share was based on the profit for the 
period and on the weighted average 
      number of ordinary shares outstanding, calculated as follows: 
 
 
+----------------------------------------+--------------+-------------------+ 
|                                        | 6 months to  | 6 months to       | 
|                                        | 31 December  | 31 December       | 
|                                        | 2008         | 2007              | 
|                                        | GBP          | GBP               | 
+----------------------------------------+--------------+-------------------+ 
| Profit for the period                  |       28,001 |            58,058 | 
|                                        |              |                   | 
+----------------------------------------+--------------+-------------------+ 
| Weighted average number of ordinary    |    7,045,281 |         6,745,281 | 
| shares - basic eps                     |              |                   | 
|                                        |              |                   | 
+----------------------------------------+--------------+-------------------+ 
| Effect of dilutive potential ordinary  |      337,500 |           390,000 | 
| shares                                 |              |                   | 
|                                        |              |                   | 
+----------------------------------------+--------------+-------------------+ 
|                                        |    7,382,781 |         7,135,281 | 
+----------------------------------------+--------------+-------------------+ 
| Basic earnings per share               |        0.40p |             0.86p | 
|                                        |              |                   | 
+----------------------------------------+--------------+-------------------+ 
| Diluted earnings per share             |        0.38p |             0.81p | 
|                                        |              |                   | 
+----------------------------------------+--------------+-------------------+ 
 
 
3    Unaudited consolidated statement of changes in equity for the six month 
period ended 31 December 2008 
 
+----------------------------------------+--------------+-------------------+ 
|                                        | 6 months to  | 6 months to       | 
|                                        | 31 December  | 31 December       | 
|                                        | 2008         | 2007              | 
|                                        | GBP          | GBP               | 
+----------------------------------------+--------------+-------------------+ 
| Profit for the period                  |       28,001 |            58,058 | 
|                                        |              |                   | 
+----------------------------------------+--------------+-------------------+ 
| Gain on foreign currency translation   |      460,429 |               286 | 
|                                        |              |                   | 
+----------------------------------------+--------------+-------------------+ 
| Change in minority interest including  |       81,876 |           (2,382) | 
| adjustment for cost of subsidiary      |              |                   | 
|                                        |              |                   | 
+----------------------------------------+--------------+-------------------+ 
| Net increase in total equity           |      570,306 |            55,962 | 
|                                        |              |                   | 
+----------------------------------------+--------------+-------------------+ 
| Total equity at 1 July 2008 including  |    5,075,707 |         5,094,894 | 
| adjustment for cost of subsidiary      |              |                   | 
|                                        |              |                   | 
+----------------------------------------+--------------+-------------------+ 
| Total equity at 31December 2008        |    5,646,013 |         5,150,856 | 
+----------------------------------------+--------------+-------------------+ 
 
 
 
4    Adjustment made to acquisition cost of subsidiary 
 
 At 30 June 2008 the acquisition of Rock Hund was accounted for using 
provisional values as permitted by IFRS 3 Business Combinations. The Group has 
now completed its initial accounting for the acquisition and the opening figures 
recognise adjustments as follows: 
 
+-------------------------------------------------+---------------+ 
|                                                 |           GBP | 
+-------------------------------------------------+---------------+ 
| Addition to goodwill                            |           475 | 
+-------------------------------------------------+---------------+ 
| Reduction to retained reserves                  |        27,955 | 
+-------------------------------------------------+---------------+ 
| Reduction in minority interest                  |        27,317 | 
+-------------------------------------------------+---------------+ 
| Addition to other creditors                     |        55,747 | 
+-------------------------------------------------+---------------+ 
 
 
5    Copies of Statement and Accounts 
 
A copy of this report will be sent to the shareholders on 30 March 2009 and will 
shortly be available to download from the Company's website at www.nbagroup.com. 
Further copies of this statement and of the report and accounts for the year 
ended 30 June 2008 are available on request from the company's registered office 
3000 Cathedral Hill, Guildford, Surrey GU2 7YB. 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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