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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Norman Broadbent Plc | LSE:NBB | London | Ordinary Share | GB00B3VF4Y66 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.75 | 9.00 | 10.50 | 9.75 | 9.75 | 9.75 | 270 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Business Consulting Svcs,nec | 8.7M | -338k | -0.0056 | -17.41 | 5.92M |
TIDMNBB
RNS Number : 6907N
Norman Broadbent PLC
26 September 2019
26 September 2019
Norman Broadbent plc
("Norman Broadbent" "NBB" "the Company" or "the Group")
Interim Results
The Board (the "Board") of Norman Broadbent plc (AIM: NBB) - a leading London quoted Professional Services firm offering a diversified portfolio of integrated Leadership Acquisition & Advisory Services (Board & Leadership Search, Senior Interim Management, Research & Insight, Leadership Consulting & Assessment, and executive level Talent Solutions) - is pleased to announce the Group's unaudited interim results for the six months ended 30 June 2019
Highlights
-- The Group posted a small profit before tax -- Group revenue increased by GBP0.6m (+13%) to GBP5.2m -- Net Fee Income (NFI) increased by GBP0.2m (+7%) to GBP3.5m
-- Group Operating Profit was GBP55,000 against a Group Operating Loss of GBP234,000 in H1 2018
-- PBT was GBP16,000 against a loss of GBP265,000 in H1 2018
-- Interim Management NFI for H1 2019 was GBP900,000, an increase of GBP101,000 from H1 2018 (+13%)
-- Following a change in leadership, Solutions H1 2019 NFI was GBP901,000, an increase of GBP283,000 (+46%) on the prior six months, and the best ever NFI and PBT results
-- New and enhanced Working Capital Facility agreed with Bibby Financial Services
Mike Brennan, Norman Broadbent Group CEO, said:
"I am pleased to report that the first six months of 2019 have seen continued positive top line growth. We also recorded a small profit before tax - the first for many years. The return to profitability in H1 is an extremely important milestone for the Group. Having posted a loss of GBP0.3m in H1 2018, and a loss of GBP0.5m in H2 2018, I am pleased with the significant improvement in H1 2019 which saw the Group return to profit.
These results validate our strategy of building a more diversified business supplying high value, more relevant services to clients. As we build a disruptive, market leading Professional Services business, we continue to attract, and invest in, high--quality Talent keen to join us on our journey.
On achieving this milestone, I would like to again thank my colleagues for their continued hard work, innovation and commitment, our clients for placing their continued trust in us, and our supportive shareholders"
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
For further information please contact:
Norman Broadbent plc
Mike Brennan/Will Gerrand 020 7484 0000
WH Ireland Limited
Adrian Hadden/Darshan Patel
020 7220 1666
About Norman Broadbent plc:
Norman Broadbent plc (AIM: NBB) is a leading Professional Services firm focusing on Talent Acquisition & Advisory Services. Since its formation nearly 40 years ago, NBB has developed a portfolio of complementary service centered on Board & Leadership & Executive Search, Senior Interim Management, Research & Insight, Leadership Consulting & Assessment, and executive level Recruitment Solutions. Unusually, NBB is one of the few businesses of its type offering clients an integrated Executive Search and Interim Management offering. This innovative approach gives clients access to business critical executive-level Talent, meeting both short and longer-term needs.
CEO Review:
In the six months to 30 June 2019, the Group posted an operating profit of GBP55,000 (2018: loss GBP234,000) on turnover of GBP5,260,000 (2018: GBP4,667,000). The achievement of operating profit for the first six months is a major landmark in our strategic journey.
The Group has changed from a predominantly single service executive search business to an enterprise providing our clients with an integrated range of complementary, progressive, and sophisticated offerings geared specifically to their needs. This not only helps us serve our clients better, but also enables us to differentiate ourselves in what is becoming an increasingly transactional/commoditised traditional executive search market. This also helps build a more balanced Group with complementary, high-quality recurring annuity type revenue streams.
The rebalancing of our service mix saw our established Executive Search business, (including Insight and Research revenue), contribute 46% of Net fee Income (56% in the year to 31 December 2018) with Interim and Solutions both growing and increasing their percentage share of Group Net Fee Income. This continued overall growth across the Group, and the introduction of new services has created a more relevant and balanced business.
Our aim is to continue strategically scaling all of the business units via the development of our existing resources and, where appropriate, the selective recruitment of high quality Talent to the Group. As we continue to grow, we will maintain our focus on innovation, client-service, enhancing our established brand, the growth of high-quality recurring revenues, and a return to profitability.
Summarised Financial Results:
The table below summarises the results for the Group.
Six months Six months Year ended to 30 June to 30 June 31 Dec 2019 2018 2018 GBP000's GBP000's GBP000's Continuing operations Revenue 5,260 4,667 9,414 Cost of sale (1,738) (1,377) (2,770) ------------ ------------ ----------- Gross profit / Net Fee Income 3,522 3,290 6,644 Operating expenses (3,467) (3,524) (7,308) Group operating profit / (loss) 55 (234) (664) ------------ ------------ ----------- Net finance cost (39) (31) (77) Profit / (Loss) before tax 16 (265) (741) Income tax - - - ------------ ------------ ----------- Profit / (Loss) after tax 16 (265) (741) ------------ ------------ -----------
Norman Broadbent Executive Search ("NBES")
Net Fee Income for H1 2019 was GBP1,612,000, a decrease of GBP163,000 from H1 2018 (-9%). NBES made a loss of GBP71,000 for H1 2019 compared with a loss of GBP18,000 in H1 2018.
Research & Insight ("R&I")
NBES revenues shown above include those generated by our R&I Practice where we continue to invest. The R&I Practice not only serves our own internal requirements, but also provides complementary services to our other businesses, and increasingly to external clients who buy our stand-alone Research & Insight services.
Norman Broadbent Interim Management ("NBIM")
NBIM continues to grow. Net Fee Income for H1 2019 was GBP900,000, an increase of GBP101,000 from H1 2018 (+13%), and up GBP215,000 (+31%) from the underlying H2 2018 Net Fee income. We have continued to invest into NBIM and our aim is to selectively and carefully scale as and when appropriate. Profit in H1 was GBP13,000 (GBP118,000 in H1 2018).
NB Solutions ("NBS")
NBS Net Fee Income for H1 2019 was GBP901,000, an increase of GBP283,000 from H1 2018 (+46%). NBS posted a Profit before Tax of GBP258,000 compared with a profit of GBP66,000 in H1 2018. Following a change in leadership within NBS, this part of the business posted its "best ever" results in H1 2019 and indeed NBS H1 Net Fee Income was 56% up as compared to that achieved in H2 2018.
Norman Broadbent Leadership Consulting ("NBLC")
NBLC Net Fee Income for H1 2019 was GBP108,000, an increase of GBP10,000 (+10%) from H1 2018. NBLC reported a loss of GBP30,000 for H1 2019 compared to a loss of GBP44,000 in H1 2018.
Financial Position
Equity shareholders' funds were GBP1,294,000 as at 30 June 2019 (GBP1,268,000 at 31 December 2018), with net current liabilities of (GBP418,000) (net current liabilities GBP454,000 at 31 December 2018). Cash and cash equivalents at 30 June 2019 amounted to GBP258,000 (GBP684,000 at 31 December 2018, GBP260,000 at 30 June 2018).
Net cash outflow from operations was GBP529,000 (Net cash inflow from operation was GBP354,000 at 31 December 2018) and net cash inflow from financing activities amounted to GBP160,000 (GBP103,000 outflow at 31 December 2018).
Outlook
These are positive results and evidence our progression. We remain confident that we will see continued top line and Net Fee Income growth, along with an improved bottom line for 2019. I would like to thank my colleagues for their hard work, innovation and commitment, our clients for placing their continued trust in us, and our supportive shareholders.
Michael J. Brennan
Group Chief Executive Officer
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six month period ended 30 June 2019
Note Six months Six months Year ended ended 30 ended 30 June 2019 June 2018 (unaudited) (unaudited) 31 December 2018 (audited) GBP000 GBP000 GBP000 Continuing operations Revenue 5,260 4,667 9,414 Cost of Sales (1,738) (1,377) (2,770) -------------- -------------- -------------- Gross profit / Net Fee Income 3,522 3,290 6,644 Operating expenses (3,467) (3,524) (7,308) Group operating Profit / (Loss) 55 (234) (664) Net finance cost (39) (31) (77) Profit / (Loss) on ordinary activities before income tax 16 (265) (741) Income tax expense - - - Profit / (Loss) for the period 16 (265) (741) ============== ============== ============== Other comprehensive income - - - Total comprehensive Profit / (Loss) 16 (265) (741) ============== ============== ============== Profit / (Loss) attributable to: Owners of the Company 13 (294) (763) Non-controlling interests 3 29 22 -------------- -------------- -------------- Profit / (Loss) for the period 16 (265) (741) ============== ============== ============== Total comprehensive profit / (loss) attributable to: Owners of the Company 13 (294) (763) Non-controlling interests 3 29 22 -------------- -------------- -------------- Total comprehensive profit / (loss) for the period 16 (265) (741) ============== ============== ============== Profit /(Loss) per share 4 - Basic 0.02p (0.55p) (1.42)p - Diluted 0.02p (0.55p) (1.42)p Adjusted profit/ (loss) per share - Basic 0.04p (0.53p) (1.38)p - Diluted 0.04p (0.53p) (1.38)p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2019
Note As at As at As at 30 June 30 June 31 December 2019 2018 2018 (unaudited) (unaudited) (audited) GBP000 GBP000 GBP000 Non-current assets Intangible assets 1,363 1,363 1,363 Property, plant and equipment 127 174 155 Trade and other receivables 153 168 135 Deferred tax 69 69 69 Total non-current assets 1,712 1,774 1,722 Current assets Trade and other receivables 2,732 2,597 2,175 Cash and cash equivalents 258 260 684 ------------ ------------ --------------- Total current assets 2,990 2,857 2,859 Total assets 4,702 4,631 4,581 ------------ ------------ --------------- Current Liabilities Trade and other payables (1,959) (1,599) (2,025) Provisions 5 (240) (125) (240) Loan Note (233) (300) (272) Bank overdraft and interest bearing loans (976) (872) (776) Total current liabilities (3,408) (2,896) (3,313) Net current assets / (liabilities) (418) (39) (454) Total liabilities (3,408) (2,896) (3,313) ------------ ------------ --------------- Total assets less total liabilities 1,294 1,735 1,268 ------------ ------------ --------------- Equity Issued share capital 6,266 6,266 6,266 Share premium account 13,706 13,706 13,706 Retained earnings (18,644) (18,207) (18,667) Equity attributable to owners of the Company 1,328 1,765 1,305 Non-controlling interests (34) (30) (37) Total equity 1,294 1,735 1,268 ------------ ------------ ---------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six month period ended 30 June 2019
Attributable to owners of the Company ------------------------------------------------ CONSOLIDATED GROUP Share Capital Share Retained Total Non-controlling Total Premium Earnings Equity interests Equity GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Balance at 1 January 2018 6,266 13,706 (17,923) 2,049 (59) 1.990 Loss for the period - - (294) (294) 29 (265) Adjustment for discontinued - - - - - - operation Total other comprehensive - - - - - - income -------------- --------- ---------- --------- ---------------- -------- Total comprehensive income for the period - - (294) (294) (29) (265) -------------- --------- ---------- --------- ---------------- -------- Transactions with owners of the Company, recognised directly in equity: Issue of ordinary shares - - - - - - Credit to equity for share based payments - - 10 10 - 10 -------------- --------- ---------- --------- ---------------- -------- Total transactions with - - - - - - owners of the Company, recognised directly in equity -------------- --------- ---------- --------- ---------------- -------- Balance at 30 June 2018 6,266 13,706 (18,207) 1,765 (30) 1,735 ============== ========= ========== ========= ================ ======== Balance at 1 July 2018 6,266 13,706 (18.207) 1,765 (30) 1,735 Loss for the period - - (469) (469) (7) (476) Total other comprehensive - - - - - - income -------------- --------- ---------- --------- ---------------- -------- Total comprehensive income for the period - - (469) (469) (7) (476) -------------- --------- ---------- --------- ---------------- -------- Transactions with owners of the Company, recognised directly in equity:
Issue of ordinary shares - - - - - - Credit to equity for share based payments - - 9 9 - 9 Total transactions with owners of the Company, recognised directly in equity - - 9 9 - 9 -------------- --------- ---------- --------- ---------------- -------- Changes in ownership interest - - - - - - in subsidiaries -------------- --------- ---------- --------- ---------------- -------- Total transactions with - - - - - - owners of the Company -------------- --------- ---------- --------- ---------------- -------- Balance at 31 December 2018 6,266 13,706 (18,667) 1,305 (37) 1,268 ============== ========= ========== ========= ================ ======== Balance at 1 January 2019 6,266 13,706 (18,667) 1,305 (37) 1,268 Profit for the period - - 13 13 3 16 Total other comprehensive - - - - - - income -------------- --------- ---------- --------- ---------------- -------- Total comprehensive income for the period - - 13 13 3 16 -------------- --------- ---------- --------- ---------------- -------- Transactions with owners of the Company, recognised directly in equity: Credit to equity for share based payments - - 10 10 - 10 Balance at 30 June 2019 6,266 13,706 (18,644) 1,328 (34) 1,294 -------------- --------- ---------- --------- ---------------- --------
CONSOLIDATED STATEMENT OF CASH FLOW
For the six month period ended 30 June 2019
Notes Six months ended 30 June 2019 (unaudited) Six months ended 30 June 2018 (unaudited) Year ended 31 December 2018 (audited) GBP000 GBP000 GBP000 Net cash generated / (used) in operating activities (i) (528) (255) 354 Cash flows from investing activities and servicing of finance Net finance cost (39) (31) (77) Payments to acquire tangible fixed assets (20) (152) (168) Net cash used in investing activities (59) (183) (245) ------------------------------------------ ------------------------------------------ --------------------------------- Cash flows from financing activities Repayment of borrowings (39) - (28) Net cash inflows from equity placing - - - Increase / (decrease) in invoice discounting 200 20 (75) Net cash from financing activities 161 20 (103) ------------------------------------------ ------------------------------------------ --------------------------------- Net (decrease)/increase in cash and cash equivalents (426) (418) 6 Net cash and cash equivalents at beginning of period 684 678 678 Effects of exchange rate changes on cash balances held in foreign - - - currencies ------------------------------------------ ------------------------------------------ --------------------------------- Net cash and cash equivalents at end of period 258 260 684 ========================================== ========================================== ================================= Analysis of net funds Cash and cash equivalents 258 260 684 Borrowings due within one year (1,209) (1,171) (1,048) Net funds (951) (911) (364) ========================================== ========================================== ================================= Note (i) Reconciliation of operating profit to net cash from operating activities Six months ended 30 June 2019 (unaudited) Six months ended 30 June 2018 (unaudited) Year ended 31 December 2018 (audited) ------------------------------------------ ------------------------------------------ --------------------------------- Operating profit / (loss) from continued operations 55 (234) (664) Depreciation/ impairment of property, plant and equipment 46 23 60 Share based payment charge 10 10 19 Increase in trade and other receivables (573) (477) (22) Increase/(decrease) in trade and other payables (66) 423 846 Increase/(decrease) in Provisions - - 115 Net cash generated / (used) in operating activities (528) (255) 354 ========================================== ========================================== =================================
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES 1.1 Basis of preparation
The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2018, prepared under International Financial Reporting Standards (IFRS), have been filed with the Registrar of Companies. The auditor's report on those statements was unqualified.
The interim financial information for the six months ended 30 June 2019, has been prepared in accordance with the AIM Rules for Companies. The Group has not elected to apply IAS 34 'Interim Financial Reporting'. The principal accounting policies used in preparing the interim results are those the Group expects to apply in its financial statements for the year ending 31 December 2019 and are unchanged from those disclosed in the Group's Annual Report for the year ended 31 December 2018. The interim financial statements have not been audited.
1.2 Basis of consolidation and business combinations
Group financial statements consolidate those of the Company and of the following subsidiary undertakings:
Principal Group investments: Country of incorporation or registration and operation Description and proportion of shares held by the Principal activities Company ---------------------------- --------------------------- ---------------------------- --------------------------- Norman Broadbent Executive England and Wales Executive Search 100 per cent ordinary Search Ltd shares Norman Broadbent Overseas England and Wales Executive Search 100 per cent ordinary Ltd shares Norman Broadbent England and Wales Assessment, coaching and 100 per cent ordinary Leadership Consulting Ltd Talent Mgmt. shares Norman Broadbent Solutions England and Wales Mezzanine Level Search 100 per cent ordinary Ltd shares Norman Broadbent Interim England and Wales Interim Management 75 per cent ordinary shares Management Ltd Norman Broadbent (Ireland) Republic of Ireland Dormant 100 per cent ordinary Ltd * shares Bancomm Ltd England and Wales Dormant 100 per cent ordinary shares
* 100 per cent of the issued share capital of this company is owned by Norman Broadbent Overseas Ltd.
2. copies of the unaudited interim report
Copies of this report are available on request from the Company's registered office at 10(th) Floor, Portland House, Bressenden Place, London, SW1E 5BH and are also available on the Company's website at www.normanbroadbent.com.
3. SEGMENTAL ANALYSIS
Management has determined the operating segments based on the reports reviewed regularly by the Board for use in deciding how to allocate resources and in assessing performance. The Board considers Group operations from both a class of business and geographic perspective.
Each class of business derives its revenues from the supply of a particular recruitment related service, from retained executive search through to executive assessment and coaching. Business segment results are reviewed primarily to operating profit level, which includes employee costs, marketing, office and accommodation costs and appropriate recharges for management time.
Group revenues are primarily driven from UK operations, however when revenue is derived from overseas business the results are presented to the Board by geographic region to identify potential areas for growth or those posing potential risks to the Group.
i) Class of Business:
The analysis by class of business of the Group's turnover and profit before taxation is set out below:
BUSINESS SEGMENTS Six months Un ended NBES NBLC NBS NBIM allocated Total 30 June 2019 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 --------------- ---------------- -------- -------- -------- --------------- -------- Revenue 1,617 130 901 2,611 - 5,259 Cost of sales (5) (22) - (1,711) - (1,738) --------------- ---------------- -------- -------- -------- --------------- -------- Gross profit / Net Fee Income 1,612 108 901 900 - 3,521 Operating expenses (1,631) (136) (640) (879) (134) (3,420) Other - - - - - - operating income Finance costs (8) (2) (2) (7) (20) (39) Depreciation and amort. (44) (1) (1) - (46) Profit/(Loss) before tax (71) (30) 258 13 (154) 16 --------------- ---------------- -------- -------- -------- --------------- -------- Six months Un ended NBES NBLC NBS NBIM allocated Total 30 June 2018 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 --------------- ---------------- -------- -------- -------- --------------- -------- Revenue 1,778 161 618 2,110 - 4,667 Cost of sales (3) (63) - (1,311 - (1,377) --------------- ---------------- -------- -------- -------- --------------- -------- Gross profit / Net Fee Income 1,775 98 618 799 - 3,290 Operating expenses (1,760) (139) (548) (675) (379) (3,501) Other - - - - - - operating income Finance costs (11) (3) (3) (6) (8) (31) Depreciation and amort. (22) (1) - - (23) Profit/(Loss) before tax (18) (44) 66 118 (387) (265) --------------- ---------------- -------- -------- -------- --------------- -------- Year ended Un 31 December NBES NBLC NBS NBIM allocated Total 2018 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 ---------------- ---------------- -------- -------- -------- --------------- -------- Revenue 3,737 345 1,196 4,136 - 9,414 Cost of sales (12) (106) - (2,652) - (2,770) ---------------- ---------------- -------- -------- -------- --------------- -------- Gross profit / Net Fee Income 3,725 239 1,196 1,484 - 6,644 Operating expenses (3,908) (272) (1,115) (1,384) (569) (7,248) Other operating - - - - - - income Finance costs (57) - (2) (1) (35) (60) Depreciation and amort. (20) (5) (5) (12) - (77) Profit/(Loss) before tax (260) (38) 74 87 (604) (741) ---------------- ---------------- -------- -------- -------- --------------- -------- ii) Revenue and gross profit by geography: Revenue GBP'000 Gross Profit GBP'000 Six Months Ended Year Ended Six Months Ended Year Ended 30 June 30 June 31 Dec 30 June 30 June 31 Dec 2018 2018 2018 2018 2018 2018 ---------------- --------- -------- ----------- --------- -------- ----------- United Kingdom 4,902 4,486 8,671 3,165 3,119 5,901 Rest of the World 357 181 743 356 171 743 Total 5,259 4,667 9,414 3,521 3,290 6,644 ----------------- --------- -------- ----------- --------- -------- ----------- 4. earnings PER ORDINARY SHARE i) Basic earnings per share:
This is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period:
Six months Year ended ended 31 December Six months ended 30 June 2019 30 June 2018 2018 (unaudited) (unaudited) (audited) ------------------------------ -------------------- --------------------------- Profit / (loss) attributable to shareholders 13,000 (294,000) (763,000) ------------------------------ -------------------- --------------------------- Weighted average number of ordinary shares 53,885,570 53,885,570 53,885,570 ============================== ==================== =========================== ii) Diluted earnings per share:
This is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The Company has issued share options which are potentially dilutive. A calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company's shares) based on the monetary value of the subscription rights attached to the outstanding options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.
Six months ended 30 June Six months ended 30 June Year ended 31 December 2019 2018 2018 (unaudited) (unaudited) (audited) --------------------------- --------------------------- --------------------------- Profit / (loss) attributable to shareholders 13,000 (294,000) (763,000) --------------------------- --------------------------- --------------------------- Weighted average no. of ordinary shares 53,885,570 53,885,570 53,885,570 - assumed conversion of share options - - - Weighted average number of ordinary shares for diluted earnings per share 53,885,570 53,885,570 53,885,570 =========================== =========================== =========================== iii) Adjusted earnings per share
Adjusted earnings per share has also been calculated in addition to the basic and diluted earnings per share and is based on earnings adjusted to eliminate charges for share based payments. It has been calculated to allow shareholders to gain a clearer understanding of the trading performance of the Group.
Six months ended 30 June Six months ended 30 June 2018 Year ended 31 December 2018 2019 Basic Diluted Basic Diluted Basic Diluted pence per pence per pence per pence per pence per pence per share share share share share share GBP000 GBP000 GBP000 -------- ---------- --------- -------- ---------- ---------- -------- ---------- ---------- Basic earnings (Loss)/Profit after tax 13 0.02 0.03 (294) (0.55) (0.55) (763) (1.42) (1.42) -------- ---------- --------- -------- ---------- ---------- -------- ---------- ---------- Adjustment ======== ========== Share based payment charge 10 0.02 0.02 10 0.02 0.02 19 0.04 0.04 Adjusted earnings 23 0.04 0.05 (284) (0.53) (0.53) (744) (1.38) (1.38) 5. PROVISIONS Six months ended 30 June Six months ended 30 June Year ended 31 December 2018 2019 2018 GBP000 GBP000 GBP000 ---------------------------- ---------------------------- --------------------------- Balance at beginning of period 240 125 125 Provisions made during the period - - 115 Balance at end of period 240 125 240 ============================ ============================ =========================== Non-Current - - - Current 240 125 240 ---------------------------- ---------------------------- --------------------------- 240 125 240 ============================ ============================ ===========================
The Company moved offices on the 30(th) of April 2018. Discussions are underway with the Landlord of St James Square to finalise the dilapidation position, The Group expects to have all negotiations concluded shortly.
6. RELATED PARTY TRANSACTIONS i) Purchase of services: Six months ended 30 June Six months ended 30 June Year ended 31 December 2018 2019 2018 GBP000 GBP000 GBP000 ---------------------------- ---------------------------- --------------------------- Brian Stephens & Company Limited 12 12 20 Total 12 12 20 ============================ ============================ ===========================
Brian Stephens & Company Limited invoiced the Group for the directors' fees and corporate finance services of B Stephens (GBP12,000) and business related travel costs of GBP2,000. B Stephens is a director of Brian Stephens & Company Limited.
All related party expenditure took place via "arms-length" transactions.
ii) Period-end payables Six months ended 30 June Six months ended 30 June Year ended 31 December 2018 arising from the purchases 2019 2018 GBP000 of services: GBP000 GBP000 ---------------------------- ---------------------------- --------------------------- Brian Stephens & Company Limited 2 4 2 Total 2 4 2 ============================ ============================ ===========================
The payables to related parties arise from purchase transactions and are due one month after date of purchase. The payables bear no interest.
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 rns@lseg.com or visit www.rns.com.
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