Interim Results

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 £11,000

· 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 £629,000

· 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 £11,000 (2019: £111k) on turnover of £4,430,000 (2019: £5,260,000). 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.

 

 

Six months to 30 June

2020

Six months to 30 June

2019

Year ended

31 Dec

2019

 

£000's

£000's

£000'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 £1,322,000 as at 30 June 2020 (£1,365,000 at 31 December 2019), with net current liabilities of £254,000 (net current liabilities £219,000 at 31 December 2019). Cash and cash equivalents at 30 June 2020 amounted to £399,000 (£432,000 at 31 December 2019, £258,000 at 30 June 2019).

 

Net cash inflow from operations was £629,000 driven primarily by improved trade debt collections with debtor days improving to 48 days (72 days - December 2019) (Net cash outflow from operations was £182,000 at 31 December 2019) and net cash outflow from financing activities amounted to £621,000 driven entirely by pay down of debt. (£21,000 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 ended 30 June 2020

(unaudited)

 

Six months ended 30 June 2019

(unaudited)

 

Year ended

31 December 2019

(audited)

 

 

£000

£000

£000

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

 30 June

2020

As at

30 June

2019

As at

31 December 2019

 

 

(unaudited)

 

(unaudited)

(audited)

 

 

£000

 

£000

£000

 

 

 

 

 

 

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 Premium

Retained Earnings

Total Equity

Non-controlling interests

Total Equity

 

 

£000

£000

£000

£000

£000

£000

 

 

 

 

 

 

 

 

 

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)

 

 

£000

£000

£000

 

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

 

 

 

Principal activities

 

Description and proportion of shares held by the Company

 

 

 

 

 

Norman Broadbent Executive Search Ltd

 

 

England and Wales

Executive Search

100 per cent ordinary shares

Norman Broadbent Overseas Ltd

 

England and Wales

Executive Search

100 per cent ordinary shares

Norman Broadbent Leadership Consulting Ltd

 

 

England and Wales

Assessment, coaching and Talent Mgmt.

 

100 per cent ordinary shares

Norman Broadbent Solutions Ltd

 

 

England and Wales

Mezzanine Level Search

100 per cent ordinary shares

Norman Broadbent Interim Management Ltd

 

England and Wales

Interim Management  

75 per cent ordinary shares

Norman Broadbent (Ireland) Ltd *

 

Republic of Ireland

Dormant

100 per cent ordinary 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 ended 30 June 2020

 

 

NBES

£000

 

 

NBLC

£000

 

 

NBS

£000

 

 

NBIM

£000

 

Un

allocated

£000

 

 

Total

£000

 

 

 

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 ended 30 June 2019

 

 

NBES

£000

 

 

NBLC

£000

 

 

NBS

£000

 

 

NBIM

£000

 

Un

allocated

£000

 

 

Total

£000

 

 

 

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 31 December 2019

 

 

NBES

£000

 

 

NBLC

£000

 

 

NBS

£000

 

 

NBIM

£000

 

Un

allocated

£000

 

 

Total

£000

 

 

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 £'000

Gross Profit £'000

 

 

Six Months Ended

Year Ended

Six Months Ended

Year Ended

 

 

30 June

2020

30 June

2019

31 Dec

2019

30 June

2020

30 June

2019

31 Dec

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 ended 30 June 2020

Six months

ended

30 June 2019

Year ended

 31 December

 2019

 

 

(unaudited)

(unaudited)

 

 

 

 

 

Profit / (loss) attributable to shareholders

 

(170,000)

13,000

 

 

 

 

 

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 2020

Six months ended 30 June 2019

Year ended 31 December 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

 2020

Six months ended 30 June 2019

Year ended 31 December 2019

 

 

 

 

 

 

 

 

£000

Basic  pence per share

Diluted pence per share

 

 

 

£000

Basic  pence per share

Diluted pence per share

 

 

 

£000

Basic  pence per share

Diluted pence per share

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 2020

£000

Six months ended 30 June 2019

£000

Year ended 31 December 2019

£000

 

 

 

 

Balance at beginning of period

240

240

240

Provisions made during the period

 

Provisions utilised during the year

(145)

 

-

-

 

-

-

 

(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 2020

£000

Six months ended 30 June 2019

£000

Year ended 31 December 2019

£000

 

 

 

 

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 (£8,000), B Stephens is a director of Brian Stephens & Company Limited.

 

All related party expenditure took place via "arms-length" transactions.

 

ii)  Period-end payables arising from the purchases of services:

Six months ended 30 June 2020

£000

Six months ended 30 June 2019

£000

Year ended 31 December 2019

£000

 

 

 

 

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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