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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Netb2B2 | LSE:NEB | London | Ordinary Share | GB00B064S128 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.375 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:6413A Net b2b2 PLC 30 March 2006 Netb2b2 plc Interim results for the six months ended 31 December 2005 Netb2b2 plc ("Netb2b2" or "the Group"), the digital communications business aggregator, today announces its interim results for the six months ended 31 December 2005. Highlights: *Turnover increased by 6% to #3.2 million (2004: #3.0 million) *Strong growth in cScape, the largest Group business *Newly-acquired Fernhart New Media's innovative online racing portal, OneStopRacing.com, live in time for the Grand National *Strategic Review and revised performance targets initiated Commenting on the results, Keith Young, Chairman of Netb2b2 , said: "We continue to make progress and the first three months of trading in 2006 offers further encouragement. Netb2b2 now has sufficient positive momentum to accelerate the Board's aim to deliver shareholder value through greater intra-Group synergies and earnings enhancing acquisitions." For further information, please contact: Keith Young/Geoffrey Griggs John West/Claire Melly Netb2b2 plc Tavistock Communications Tel: 020 7878 1008 Tel: 020 7920 3150 Chairman's statement The Group's performance in the period was encouraging but much remains to be achieved. We are pleased to highlight the performance of our largest division, cScape Strategic Internet Services, and of our latest acquisition, Fernhart New Media, both of which continue to win new business, add services and broaden their client bases. As a Board, we are pleased that the Group is now operating in a much more mature market, where digital communications are no longer considered "new media" but are instead an established part of everyone's business and non-working life. With broadband commonplace in homes and offices, and with WiFi networks allowing business to be conducted outside the traditional workplace, the digital marketplace is expanding rapidly. Given this, we believe there is an enormous opportunity to be seized and the Board has agreed that the Group must now accelerate its activities. To this end, we are initiating a Strategic Review of the Group's entire portfolio of companies to benchmark the added value delivered by each company. We will also re-examine our acquisition strategy in order to produce a broad, high quality pipeline of potential new Group companies. The heads of individual operations that remain part of the Group anticipate tougher new performance targets for the coming year, building on prior year achievements. Financial results The Group saw an improvement in operating profits (before exceptional item) assisted by a maiden turnover contribution of #232,000 from Fernhart New Media, which we acquired last September. Turnover in the period rose 6% to #3.2 million (2004: #3.0 million). The Group broke even before tax and exceptional item (2004: loss #5,000). Our cash position at the period end remains satisfactory at #390,000 (2004: #181,000). We have continued to invest in our Group companies in terms of staffing, technology and administrative systems. We see continued investment as essential to the Group's goal of achieving greater critical mass in the digital world. The Group's overall financial performance for the year is summarised below: Six Months Six Months Year Ended Ended Ended 31.12.05 31.12.04 30.06.05 Unaudited Unaudited Audited #000's #000's #000's Turnover for Group 3,154 2,956 6,303 ---------- ---------- ---------- Operating profit/(loss) before 6 4 132 exceptional item Exceptional item (140) - (18) Net interest paid (6) (9) (19) ---------- ---------- ---------- Group profit/(loss) for the period (140) (5) 95 before tax Taxation - - 19 ---------- ---------- ---------- Group profit/(loss) for the period after (140) (5) 114 tax ========== ========== ========== As mentioned in our 30 June 2005 accounts, a provision has been made in respect of further contributions claimed by the independent trustee in respect of pensioners in a defined benefit scheme which has no active members. Consistent with professional advice received, it is now considered prudent to increase this provision and accordingly an exceptional amount of #140,000 has been charged to these accounts which produces a retained loss of that figure. Although this will have an impact on the Group's profitability at the year end, it is expected to be a non-recurring item. Due to the exceptional item referred to above we are reporting a loss per share of 2.48p (2004: loss 0.10p). Net assets grew to #2.3 million (2004: #1.7 million). The directors are not recommending the payment of an interim dividend, but will continue to review this on an ongoing basis. During the period the Group had four main areas of activity: internet services (cScape and NetPen), publishing and digital communication services (ITM), specialist hosting (Blue Sky) and media and interactive technology (Fernhart). As can be seen from Note 3 to the accounts, like for like turnover growth was once again achieved by cScape and we were pleased with the level of contribution from Fernhart which is progressing well since we acquired it in September 2005. Outlook We continue to make progress and the first three months of trading in 2006 offers further encouragement. Netb2b2 now has sufficient positive momentum to accelerate the Board's aim to deliver shareholder value through greater intra-Group synergies and earnings enhancing acquisitions. Keith Young 30 March 2006 Chairman GROUP PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 31 DECEMBER 2005 Six Months Six Months Year Ended Ended Ended 31.12.05 31.12.04 30.06.05 Unaudited Unaudited Audited Note #000's #000's #000's TURNOVER 3 3,154 2,956 6,303 Cost of sales (730) (806) (1,846) -------- -------- -------- GROSS PROFIT 2,424 2,150 4,457 -------- -------- -------- Administrative expenses pre (2,418) (2,146) (4,325) exceptional item Exceptional Item (140) - (18) -------- -------- -------- Administrative expenses (2,558) (2,146) (4,343) -------- -------- -------- OPERATING PROFIT/(LOSS) Pre exceptional item 6 4 132 Exceptional item (140) - (18) -------- -------- -------- Total operating (loss)/profit 3 (134) 4 114 -------- -------- -------- Interest receivable and similar - 2 - income Interest payable and similar (6) (11) (19) charges -------- -------- -------- (LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION (140) (5) 95 Tax on (loss)/profit on ordinary 5 - - 19 activities -------- -------- -------- (LOSS)/PROFIT FOR THE FINANCIAL (140) (5) 114 PERIOD ======== ======== ======== (LOSS)/PROFIT PER SHARE (PENCE) Ongoing activities 6 (2.48p) (0.10p) 2.32p ======== ========= ======== GROUP BALANCE SHEET AT 31 DECEMBER 2005 Six Months Six Months Year Ended Ended Ended 31.12.05 31.12.04 30.06.05 Unaudited Unaudited Audited #000's #000's #000's FIXED ASSETS Intangible assets 2,436 1,887 1,887 Tangible assets 549 400 416 -------- -------- -------- 2,985 2,287 2,303 CURRENT ASSETS Stocks 112 79 98 Debtors 1,328 1,337 1,231 Cash at bank 390 181 571 -------- -------- -------- 1,830 1,597 1,900 CREDITORS: amounts falling due within one year Bank loans and overdraft (125) (176) (270) Trade and other creditors (2,413) (2,011) (1,902) -------- -------- -------- (2,538) (2,187) (2,172) NET CURRENT LIABILITIES (708) (590) (272) -------- -------- -------- TOTAL ASSETS LESS CURRENT LIABILITIES 2,277 1,697 2,031 ======== ======== ======== CAPITAL AND RESERVES Called up share capital 596 2,873 523 Share premium 513 11,035 200 Capital redemption reserve 6 - 6 Profit and loss account 1,162 (12,211) 1,302 -------- -------- -------- EQUITY SHAREHOLDERS' FUNDS 2,277 1,697 2,031 ======== ======== ======== GROUP CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2005 Six Months Six Months Year Ended Ended Ended 31.12.05 31.12.04 30.06.05 Note Unaudited Unaudited Audited #000's #000's #000's Net cash inflow/(outflow) from 7 119 (230) 234 operating activities Returns on investments and 8 (8) (9) (19) servicing of finance Taxation - - - Capital expenditure 8 (170) (83) (169) Acquisitions 8 (551) - - -------- ------- ------- Net cash (outflow)/inflow before (610) (322) 46 financing Financing 8 574 (13) (85) -------- ------- ------- Decrease in cash in the period (36) (335) (39) ======== ======= ======= Reconciliation of net cash flow to movement in net funds Decrease in cash in the period 9 (36) (335) (39) (Increase)/decrease in debt and 9 (186) 13 301 lease financing ------- ------- ------- Movement in net funds in the 9 (222) (322) 262 period Net funds at start of period 9 268 296 6 ------- ------- ------- Net funds/(debt) at end of 9 46 (26) 268 period ======= ======= ======= NOTES TO THE ACCOUNTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2005 1. FINANCIAL INFORMATION The financial information is for the six months ended 31 December 2005 and is neither audited nor reviewed as defined by APB Bulletin 1999/4. The balance sheet and profit and loss account do not constitute statutory statements within the meaning of section 240 Companies Act 1985. The results for the year ended 30 June 2005 have been extracted from the financial statements of the Group on which an unqualified report from the auditors has been received and which have been filed with the Registrar of Companies. 2. BASIS OF PREPERATION The interim financial information has been prepared on the basis of the accounting policies adopted for the audited accounts for the year ended 30 June 2005 under the historical cost convention and in accordance with applicable accounting standards. 3. SEGMENTAL INFORMATION The Group operates in the UK and the whole of its turnover and profit relate to continuing activities and to the UK market. Six months Six months Year Ended Ended Ended 31.12.05 31.12.04 30.06.05 Unaudited Unaudited Audited #000's #000's #000's Turnover Internet services 1,707 1,522 3,316 Publishing and digital 874 1,081 2,307 communication services Specialist hosting 341 348 671 Media and interactive technology 232 - - Central costs - 5 9 --------- --------- --------- Group 3,154 2,956 6,303 ========= ========= ========= Profit before interest and tax Internet services 142 131 331 Publishing and digital 33 20 112 communication services Specialist hosting 64 109 204 Media and interactive technology 30 - - Central costs (263) (256) (515) Exceptional costs (140) - (18) --------- --------- --------- Group (134) 4 114 ========= ========= ========= 4. GOODWILL The Board has assessed each subsidiary with reference to its durability, ability to sustain future long term profitability and assessed ability to maintain market position. Based on this assessment the Board is of the opinion that the goodwill elements have indefinite economic lives. The Board has carried out impairment reviews on these goodwill elements and has concluded that their current recoverable amounts are in excess of their carrying values. 5. TAXATION No liability to UK corporation tax arose on ordinary activities for the period owing to trading losses brought forward from previous periods. 6. PROFIT/(LOSS) PER ORDINARY SHARE Basic profit/(loss) per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares during the year. The diluted profit/(loss) per share is the same as the actual loss per share. Six Months Six Months Year Ended Ended Ended 31.12.05 31.12.04 30.06.05 Unaudited Unaudited Audited #000's #000's #000's Basic earnings attributable to ordinary (140) (5) 114 shareholders: ========== ========= ========= Weighted average number of ordinary 5,644,999 4,795,472 4,911,048 shares ========== ========= ========== Profit/(loss) per share: (2.48p) (0.10p) 2.32p ========== ========= ========== 7. RECONCILIATION OF OPERATING PROFIT/(LOSS) TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES Six Months Six Months Year Ended Ended Ended 31.12.05 31.12.04 30.06.05 Unaudited Unaudited Audited #000's #000's #000's Operating (loss)/profit (134) 4 114 Depreciation charges 38 68 140 Increase in stocks (14) - (19) Increase in debtors (95) (232) (126) Increase/(decrease) in creditors 324 (70) 125 -------- -------- -------- Net cash inflow/(outflow) from operating 119 (230) 234 activities ======== ======== ======== 8. ANALYSIS OF CASH FLOWS Six Months Six Months Year Ended Ended Ended 31.12.05 31.12.04 30.06.05 Unaudited Unaudited Audited #000's #000's #000's Returns on investments and servicing of finance Interest received - 2 - Interest paid (6) (10) (13) Interest element of hire purchase (2) (1) (6) payments -------- -------- -------- Net cash outflow for returns on investments and servicing of finance (8) (9) (19) ======== ======== ======== Capital expenditure Purchase of tangible fixed assets (170) (83) (169) -------- -------- -------- Net cash outflow for capital expenditure (170) (83) (103) ======== ======== ======== Acquisitions Purchase of goodwill (551) - - -------- -------- -------- Net cash outflow for acquisitions (551) - - ======== ======== ======== Financing Issue of ordinary share capital 386 - 250 Bank loans (invoice discounting) - - (290) Capital element of hire purchase payments 188 (13) (11) Share buy backs - - (34) -------- -------- -------- Net cash inflow/ (outflow) from financing 574 (13) (85) ======== ======== ======== 9. ANALYSIS OF CHANGES IN NET (DEBT)/ FUNDS At 31 December At 1 July 2005 Cash flow 2005 #000's #000's #000's Net cash: Cash at bank and in hand 571 (181) 390 Bank overdrafts (270) 145 (125) -------- -------- ------- 301 (36) 265 -------- -------- ------- Debt: Hire purchase agreements (33) (186) (219) -------- -------- ------- Total 268 (222) 46 ======== ======== ======= At 31 December At 31 December At 1 July 2005 2004 2005 #000's #000's #000's Analysed in balance sheet Cash at bank and in hand 390 181 571 Bank overdrafts (125) (176) (270) Hire purchase payments due within (219) (31) (33) 1 year Hire purchase payments due after - - - 1 year ------- ------- ------- 46 (26) 268 ======= ======= ======= 10. COPIES OF THE INTERIM REPORT Copies of the interim report are available from www.netb2b2.com or the Company Secretary at Netb2b2 Plc, Central House, 142 Central Street, London, EC1V 8AR. This information is provided by RNS The company news service from the London Stock Exchange END IR KGGZFGLFGVZZ
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