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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% | 9.25 | 8.50 | 10.00 | 9.25 | 9.25 | 9.25 | 7,584 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Business Consulting Svcs,nec | 8.7M | -338k | -0.0056 | -16.52 | 5.62M |
From Apr 2019 to Apr 2024
TIDMNBB
RNS Number : 1525A
Norman Broadbent PLC
28 September 2020
28 September 2020
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 - is pleased to announce the Group's unaudited interim results for the six months ended 30 June 2020
Highlights
-- Positive EBITDA of GBP11,000 -- NFI decline of just 5.7% despite the disruption arising from the Covid-19 pandemic
-- Interim Management and Solutions saw positive NFI increases from H1 2019 of +48% and +22% respectively
-- Net cash inflow from operations of GBP629,000 -- Debtor days at end of H1 2020 was 48 days (Dec 2019 - 72 days)
-- All external loans (excluding Bibby Working Capital Invoicing Discounting facility) fully repaid
-- Actively seeking growth opportunities via key appointments, M&A initiatives, and partnerships/strategic 'tuck-ins'
Mike Brennan, Norman Broadbent Group CEO, said:
"I am pleased to report that the first six months of 2020 showed positive EBITDA, and, despite Covid-19, we saw only a minimal decline in NFI of 5.7%. This remarkable achievement is down to the dedication of my colleagues and our strategy of building an innovative, diversified, and agile Group. These factors, coupled with our willingness to take difficult decisions quickly and early on in the pandemic, meant we were well placed to respond to market challenges and uncertainties.
We have proven our strategy is working, and our leadership team has the bandwidth to build the Group further. With this in mind, and despite these challenging times, we are actively seeking growth opportunities in the form of key strategic appointments to the Group, M&A initiatives, and partnerships/strategic 'tuck-ins'.
I and the Board would like to thank our supportive shareholders and clients for continuing to place their trust in us. I must also pay tribute to my colleagues - I am justifiably proud of them and their performance. Our continued positive momentum during this most difficult of times is down to their hard work, dedication, and commitment."
Steve Smith, Norman Broadbent Group CFO/COO, added:
"With the Group posting positive EBITDA for H1 2020, and with revenues only marginally down, we have demonstrated Norman Broadbent's resilience and relevance. Culturally and operationally we are no longer a traditional, siloed, pure-play executive search business but something much broader, more progressive, and relevant in today's market. Increasingly our clients see us for what we now are - a problem-solving business partner offering bespoke solutions incorporating Consulting, Interim, Research & Insight, and high -- quality fully retained Search Solutions."
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/Steve Smith 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, The Norman Broadbent Group has developed a portfolio of complementary services centered on Executive Search Solutions, Senior Interim Management, Research & Insight, and Leadership Consulting & Assessment. Unusually, Norman Broadbent is one of the few businesses of its type offering clients integrated Search and Interim Management Solutions. This innovative approach gives clients immediate access to business-critical executive-level Talent, meeting both short and longer-term needs.
CEO Review:
In the six months to 30 June 2020, the Group reported positive EBITDA of GBP11,000 (2019: GBP111k) on turnover of GBP4,430,000 (2019: GBP5,260,000). We are pleased with this result which has been achieved during a period of significant disruption due to the Covid-19 pandemic.
The Group has changed from a predominantly single service traditional executive search business to a more balanced service/revenue business providing clients with an integrated range of relevant, complementary, progressive, and sophisticated offerings. This not only helps us serve our clients better, but also enables us to differentiate ourselves in what is becoming an increasingly transactional and commoditised traditional executive search market.
Our aim is to continue strategically scaling all business units. 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 continued profitability. Despite the pandemic, we have not been deflected from pursuing our long-term strategy. This has seen us transition the Group to a business which is structured around specific industry and functional hubs and away from individual teams focussing on their own siloed service line. This strong client focus benefits our customers and, in turn, the company as evidenced by the record levels of internal referrals of work. By making this change we are no longer a traditional, siloed, pure-play executive search business but something much broader, more progressive, more integrated, and relevant in today's market. Increasingly our clients see us for what we now are - a problem-solving business partner offering bespoke solutions incorporating Consulting, Interim, Research & Insight, and high -- quality fully retained Search Solutions.
Summarised Financial Results:
The table below summarises the results for the Group.
Hot Features
Premium
Six months Six months Year ended
to 30 June to 30 June 31 Dec
2020 2019 2019
GBP000's GBP000's GBP000's
Continuing operations
Revenue 4,430 5,260 11,486
Cost of sale (1,109) (1,738) (3,879)
------------ ------------ -----------
Gross profit / Net Fee Income 3,321 3,522 7,607
Operating expenses (3,310) (3,411) (7,357)
EBITDA 11 111 250
------------ ------------ -----------
Net finance cost, depreciation
and amortisation (63) (95) (166)
Profit / (Loss) before tax (52) 16 84
Income tax - - -
------------ ------------ -----------
Profit / (Loss) after tax (52) 16 84
------------ ------------ -----------
Financial Position
Equity shareholders' funds were GBP1,322,000 as at 30 June 2020 (GBP1,365,000 at 31 December 2019), with net current liabilities of GBP254,000 (net current liabilities GBP219,000 at 31 December 2019). Cash and cash equivalents at 30 June 2020 amounted to GBP399,000 (GBP432,000 at 31 December 2019, GBP258,000 at 30 June 2019).
Net cash inflow from operations was GBP629,000 driven primarily by improved trade debt collections with debtor days improving to 48 days (72 days - December 2019) (Net cash outflow from operations was GBP182,000 at 31 December 2019) and net cash outflow from financing activities amounted to GBP621,000 driven entirely by pay down of debt. (GBP21,000 inflow at 31 December 2019).
Outlook
These positive results - generated during a difficult period - evidence our relevance, resilience, and progression, and we look forward to updating the market on FY2020 trading as early as possible in 2021. I would like to thank my colleagues for their hard work, innovation and commitment, our clients for placing their continued trust in us, and of course our supportive shareholders.
Michael J. Brennan
Group Chief Executive Officer
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six-month period ended 30 June 2020
Note Six months Six months Year ended
ended 30 ended 30
June 2020 June 2019
(unaudited) (unaudited) 31 December
2019
(audited)
GBP000 GBP000 GBP000
Continuing operations
Revenue 4,430 5,260 11,486
Cost of Sales (1,109) (1,738) (3,879)
-------------- -------------- --------------
Gross profit / Net Fee Income 3,321 3,522 7,607
Operating expenses (3,310) (3,411) (7,357)
EBITDA 11 111 250
Net finance cost, depreciation
and amortisation (63) (95) (166)
Profit / (Loss) on ordinary
activities before income tax (52) 16 84
Income tax expense - - -
Profit / (Loss) for the period (52) 16 84
============== ============== ==============
Other comprehensive income - - -
Total comprehensive Profit
/ (Loss) (52) 16 84
============== ============== ==============
Profit / (Loss) attributable
to:
Owners of the Company (174) 13 22
Non-controlling interests 122 3 62
-------------- -------------- --------------
Profit / (Loss) for the period (52) 16 84
============== ============== ==============
Total comprehensive profit
/ (loss) attributable to:
Owners of the Company (174) 13 (763)
Non-controlling interests 122 3 22
-------------- -------------- --------------
Total comprehensive profit
/ (loss) for the period (52) 16 (741)
============== ============== ==============
Profit /(Loss) per share 4
- Basic (0.32p) 0.02p 0.04p
- Diluted (0.32p) 0.02p 0.04p
Adjusted profit/ (loss) per
share
- Basic (0.31p) 0.04p 0.06p
- Diluted (0.31p) 0.04p 0.06p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2020
Note As at As at As at
30 June 30 June 31 December
2020 2019 2019
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Non-current assets
Intangible assets 1,363 1,363 1,363
Property, plant and equipment 77 127 87
Trade and other receivables 65 153 65
Deferred tax 69 69 69
Total non-current assets 1,574 1,712 1,584
Current assets
Trade and other receivables 1,602 2,732 2,948
Cash and cash equivalents 399 258 432
------------ ------------ ---------------
Total current assets 2,001 2,990 3,380
Total assets 3,575 4,702 4,964
------------ ------------ ---------------
Current Liabilities
Trade and other payables (1,710) (1,959) (2,315)
Provisions 5 (95) (240) (215)
Loan Note 1 (233) (119)
Bank overdraft and interest-bearing
loans (449) (976) (950)
Total current liabilities (2,253) (3,408) (3,599)
Net current assets / (liabilities) (254) (418) (219)
Total liabilities (2,253) (3,408) (3,599)
------------ ------------ ---------------
Total assets less total liabilities 1,322 1,294 1,365
------------ ------------ ---------------
Equity
Issued share capital 6,266 6,266 6,266
Share premium account 13,706 13,706 13,706
Retained earnings (18,797) (18,644) (18,632)
Equity attributable to owners
of the Company 1,175 1,328 1,340
Non-controlling interests 147 (34) (25)
Total equity 1,322 1,294 1,365
------------ ------------ ---------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six-month period ended 30 June 2020
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 2019 6,266 13,706 (18,667) 1,305 (37) 1.268
Profit for the period - - 13 13 3 16
Adjustment for discontinued - - - - - -
operation
Total other comprehensive - - - - - -
income
-------------- --------- ---------- --------- ---------------- ---------------
Total comprehensive income
for the period - - 13 13 3 16
-------------- --------- ---------- --------- ---------------- ---------------
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 2019 6,266 13,706 (18,644) 1,328 (34) 1,294
============== ========= ========== ========= ================ ===============
Balance at 1 July 2019 6,266 13,706 (18.644) 1,328 (34) 1,294
Loss for the period - - 9 9 59 68
Total other comprehensive - - - - - -
income
-------------- --------- ---------- --------- ---------------- ---------------
Total comprehensive income
for the period - - 9 9 59 68
-------------- --------- ---------- --------- ---------------- ---------------
Transactions with owners
of the Company recognised
directly in equity:
Issue of ordinary shares - - - - - -
Credit to equity for share
based payments - - 3 3 - 3
Total transactions with
owners of the Company,
recognised
directly in equity - - 3 3 - 3
-------------- --------- ---------- --------- ---------------- ---------------
Changes in ownership - - - - - -
interest
in subsidiaries
-------------- --------- ---------- --------- ---------------- ---------------
Total transactions with - - - - - -
owners of the Company
-------------- --------- ---------- --------- ---------------- ---------------
Balance at 31 December 2019 6,266 13,706 (18,632) 1,340 25 1,365
============== ========= ========== ========= ================ ===============
Balance at 1 January 2020 6,266 13,706 (18,632) 1,340 25 1,365
Profit / (Loss) for the
period - - (172) (172) 122 (50)
Total other comprehensive - - - - - -
income
-------------- --------- ---------- --------- ---------------- ---------------
Total comprehensive income
for the period - - (172) (172) 122 (48)
-------------- --------- ---------- --------- ---------------- ---------------
Transactions with owners
of the Company, recognised
directly in equity:
Credit to equity for share
based payments - - 7 7 - 7
Balance at 30 June 2020 6,266 13,706 (18,797) 1,175 147 1,315
-------------- --------- ---------- --------- ---------------- ---------------
CONSOLIDATED STATEMENT OF CASH FLOW
For the six-month period ended 30 June 2020
Notes Six months ended 30 June 2020 (unaudited) Six months ended 30 June 2019 (unaudited) Year ended 31 December 2019
(audited)
GBP000 GBP000 GBP000
Net cash generated / (used) in operating activities (i) 629 (528) (182)
Cash flows from investing activities and servicing of finance
Net finance cost (16) (39) (61)
Payments to acquire tangible fixed assets (27) (20) (30)
Net cash used in investing activities (43) (59) (91)
------------------------------------------ ------------------------------------------ ---------------------------------
Cash flows from financing activities
Repayment of borrowings (120) (39) (153)
Net cash inflows from equity placing - - -
Increase / (decrease) in invoice discounting (501) 200 174
Net cash from financing activities (621) 161 21
------------------------------------------ ------------------------------------------ ---------------------------------
Net (decrease)/increase in cash and cash equivalents (35) (426) (252)
Net cash and cash equivalents at beginning of period 432 684 684
Effects of exchange rate changes on cash balances held in foreign - - -
currencies
------------------------------------------ ------------------------------------------ ---------------------------------
Net cash and cash equivalents at end of period 397 258 432
========================================== ========================================== =================================
Analysis of net funds
Cash and cash equivalents 399 258 432
Borrowings due within one year (448) (1,209) (1,069)
Net funds (49) (951) (637)
========================================== ========================================== =================================
Note (i)
Reconciliation of operating profit to net cash from operating activities Six months ended 30 June 2020 (unaudited) Six months ended 30 June 2019 (unaudited) Year ended 31 December 2019
(audited)
------------------------------------------ ------------------------------------------ ---------------------------------
Operating profit / (loss) from continued operations (36) 55 145
Depreciation/ impairment of property, plant and equipment 37 46 93
Share based payment charge 7 10 13
(Increase)/decrease in trade and other receivables 1346 (573) (703)
Increase/(decrease) in trade and other payables (605) (66) 290
Increase/(decrease) in Provisions (120) - (25)
Net cash generated / (used) in operating activities 629 (528) (182)
========================================== ========================================== =================================
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 2019, 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 2020, 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 2020 and are unchanged from those disclosed in the Group's Annual Report for the year ended 31 December 2019. 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 Millbank Tower, 21-24 Millbank, London SW1P 4QP 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 2020 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------- ---------------- -------- -------- --------- --------------- --------
Revenue 833 89 1,096 2,412 - 4,430
Cost of sales (9) (14) - (1,086) - (1,109)
--------------- ---------------- -------- -------- --------- --------------- --------
Gross profit /
Net Fee
Income 824 75 1,096 1,326 - 3,321
Operating
expenses (1,132) (284) (1,111) (836) 43 (3,320)
Other - - - - - -
operating
income
Finance costs (2) - (4) (3) (7) (16)
Depreciation
and
amort. (35) (1) (1) - (37)
Profit/(Loss)
before tax (345) (209) (20) 486 36 (52)
--------------- ---------------- -------- -------- --------- --------------- --------
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) (3) (2) (7) (20) (39)
Depreciation
and
amort. (44) (1) (1) - (46)
Profit/(Loss)
before tax (71) (30) 258 13 (154) 16
--------------- ---------------- -------- -------- --------- --------------- --------
Year ended Un
31 December NBES NBLC NBS NBIM allocated Total
2019 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
---------------- ---------------- -------- -------- --------- --------------- --------
Revenue 3,335 278 1,830 6,043 - 11,486
Cost of sales (9) (62) - (3,808)) - (3,879)
---------------- ---------------- -------- -------- --------- --------------- --------
Gross profit /
Net Fee Income 3,326 216 1,830 2,235 - 7,607
Operating
expenses (3,502) (286) (1,618) (1,971) 8 (7,369)
Other operating - - - - - -
income
Finance costs (89) - (2) (2) (20) (93)
Depreciation
and amort. (15) (6) (6) (14) - (61)
Profit/(Loss)
before tax (280) (76) 204 248 (12) 84
---------------- ---------------- -------- -------- --------- --------------- --------
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
2020 2019 2019 2020 2019 2019
---------------- --------- -------- ----------- --------- -------- -----------
United Kingdom 3,958 4,902 10,804 2,849 3,165 6,925
Rest of
the World 472 357 682 472 356 682
Total 4,430 5,259 11,486 3,321 3,521 7,607
----------------- --------- -------- ----------- --------- -------- -----------
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 2020 30 June 2019 2019
(unaudited) (unaudited) (audited)
------------------------------ -------------------- ---------------------------
Profit / (loss) attributable to
shareholders (170,000) 13,000 22,000
------------------------------ -------------------- ---------------------------
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
2020 2019 2019
(unaudited) (unaudited) (audited)
--------------------------- --------------------------- ---------------------------
Profit / (loss) attributable
to shareholders (170,000) 13,000 22,000
--------------------------- --------------------------- ---------------------------
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 2019 Year ended 31 December 2019
2020
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 (174) (0.32) (0.32) 13 0.02 0.03 22 0.04 0.04
-------- ---------- --------- -------- ---------- ---------- -------- ---------- ----------
Adjustment
======== ==========
Share based
payment
charge 7 0.01 0.01 10 0.02 0.02 13 0.02 0.02
Adjusted
earnings (167) (0.31) (0.31) 23 0.04 0.05 35 0.06 0.06
5. PROVISIONS
Six months ended 30 June Six months ended 30 June Year ended 31 December 2019
2020 2019 GBP000
GBP000 GBP000
---------------------------- ---------------------------- ---------------------------
Balance at beginning of
period 240 240 240
Provisions made during the
period
(145) - -
Provisions utilised during
the year - - (25)
Balance at end of period 95 240 215
============================ ============================ ===========================
Non-Current - - -
Current 95 240 215
---------------------------- ---------------------------- ---------------------------
95 240 215
============================ ============================ ===========================
6. RELATED PARTY TRANSACTIONS
i) Purchase of services: Six months ended 30 June Six months ended 30 June Year ended 31 December 2019
2020 2019 GBP000
GBP000 GBP000
---------------------------- ---------------------------- ---------------------------
Brian Stephens & Company
Limited 8 12 20
Total 8 12 20
============================ ============================ ===========================
Brian Stephens & Company Limited invoiced the Group for the directors' fees and corporate finance services of B Stephens (GBP8,000), 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 2019
arising from the purchases 2020 2019 GBP000
of services: GBP000 GBP000
---------------------------- ---------------------------- ---------------------------
Brian Stephens & Company
Limited 1 2 -
Total 1 2 -
============================ ============================ ===========================
The payables to related parties arise from purchase transactions and are due one month after date of purchase. The payables bear no interest.
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