Half-yearly Report

27 September 2012 Norman Broadbent plc ("Norman Broadbent" or "the Company") Norman Broadbent, a leading provider of executive search and leadership consultancy services, today announces its unaudited results for the six months ended 30 June 2012. Financial highlights * Group revenue increased to Â£4.0m from Â£3.5m for the six months ended 30 June 2011, an increase of 15 per cent. * Core UK executive search revenues increased 20 per cent. to Â£3.5m from Â£2.9m in 2011 * Operating profit of Â£0.26m before restructuring costs, compared with Â£0.45m in 2011 * Equity shareholders' funds increased to Â£2.4m from Â£2.3m at 31 December 2011. Operational highlights * UK executive search business continues to build market share, despite a difficult trading environment * New subsidiaries established in the United States and Singapore. * Discussions with potential acquisition targets and teams are underway with progress expected before the year end Pierce Casey, Executive Chairman, said: "Despite a challenging market we were pleased to grow UK executive search revenues by 20% over the corresponding period. We aim to continue to build market share in executive search and are optimistic about our plans to create a diversified, human capital group over the next twelve months." For further information please contact: Norman Broadbent plc Tel: 020 7484 0000 Pierce Casey/Sue O'Brien/Ben Felton Merchant Securities Limited Tel: 020 7628 2200 Simon Clements/Virginia Bull Notes to Editors Norman Broadbent plc is a leading provider of executive search and leadership consultancy services. It offers board and executive search services, interim management services and leadership consultancy services, such as executive assessment and development, talent management, and executive coaching services. Headquartered in London, the group operates globally and has offices in Barcelona, Bogota, Dublin, Limassol, Milan, Madrid, Singapore, Los Angeles and across the Middle East. For further information visit www.normanbroadbent.com Chairman's Statement Introduction Following our share placing in May 2011, which raised Â£1.75m, Norman Broadbent plc (the "Company" or the "Group") embarked on a fundamental restructure and expansion of the core UK executive search business through the appointment of 10 senior executives, the creation of a dedicated board and non-executive search practice, and geographical expansion with the opening of modest offices in Singapore and the United States. Market conditions for the search industry in the UK and rest of Europe in the first six months of 2012 have been very challenging. This has been reflected in the results and commentary of our competitors, with two global search firms publically traded in the United States showing significant European revenue declines in the first six months of 2012. In that context it is very pleasing to note that, despite anticipating it taking up to 18 months for new teams to reach full productivity, our core executive search revenues in the UK increased 20 per cent in the six months to 30 June 2012. The strategy, initiated in 2011, to reposition Norman Broadbent as a Tier 1 search firm was prescient as the market has demonstrably moved to favour firms that offer excellent service via seasoned professional consultants and provide innovative business solutions. The Board greatly appreciates the combination of ability, strong work ethic and persistence of all our team from managing directors to support staff. Our mission is twofold; we aim to support our existing team as it continues to build market share and reach full productivity while developing new offerings both in the UK and abroad. Financial Results The table below summarises the results for the Group. Six months to Six months to Year ended 30 June 30 June 31 Dec 2012 2011 2011 Â£000's Â£000's Â£000's REVENUE 4,014 3,490 6,900 Cost of Sale (116) (42) (109) GROSS PROFIT 3,898 3,448 6,791 Operating Expenses (3,643) (3,023) (6,515) Other Income 0 27 25 GROUP OPERATING PROFIT BEFORE 255 452 301 RESTRUCTURING COSTS Restructuring costs (189) (410) (802) GROUP OPERATING PROFIT 66 42 (501) Net Finance Cost (16) (6) (34) Profit Before Tax 50 36 (535) Income tax (7) (6) (26) Profit After Tax 43 30 (561) Group operating profit before restructuring costs declined to Â£255,000 during the period (Â£452,000 for six months ended 30 June 2011) due to the higher UK cost base and modest start-up costs in Singapore and the US. Total revenue grew by 15 per cent, while core UK executive search revenue grew by 20 per cent. Operating expenses grew by 20 per cent reflecting the higher salary costs of the new team combined with the incremental costs of operating in two new overseas territories. Restructuring costs of Â£189,000, relating to residual sign-on commissions were 54 per cent. lower than the comparative period and will be fully amortised by the year end. Earnings per share for the six months to 30 June 2012 increased to 0.40 pence per share compared with 0.37 pence in the comparative period and adjusted earnings per share increased to 0.89 pence from 0.67 pence in 2011. Financial Position Net assets increased marginally to Â£2.4m as at 30 June 2012 (Â£2.3m as at 31 December 2011). Net current assets were Â£0.58m as at 30 June 2012 (Â£0.47m as at 31 December 2011). Cash at Â£0.58m was down marginally (Â£0.65m as at 31 December 2011), whilst invoice discounting increased to Â£1.0m, reflecting the higher trade receivables balance of Â£1.6m (Â£1.2m at 31 December 2011) built up over a busy trading quarter. Bank debt was a modest Â£59,000 at 30 June 2012 (Â£109,000 at 31 December 2011). Strategy and Business Development The search business is by its nature highly operationally geared with substantial fixed costs associated with the provision of high level service to our clients. We believe that as our offering matures, the UK search business is well placed to continue to grow its revenue and market share resulting in increased profitability. The timing of achieving optimum levels of profitability in the business is also clearly dependent on an overall improvement in market conditions. Internationally we intend to develop our new subsidiaries in Singapore and the United States from their existing small bases. Through our Spanish business we have gained exposure to Latin America; in this regard, the opening in Columbia has got off to an encouraging start. In due course, we anticipate further market penetration into Latin America. We continue to look at development opportunities both in the UK and abroad. A number of discussions with potential acquisition targets and teams are underway and we are hopeful of progress on this front before the year end. We believe we can create a broader based human capital group with modest capital investment. Current Trading and Outlook The 20 per cent. growth in executive search revenue in the six months was encouraging. This was achieved despite the impact of an unexpectedly slow trading month in June 2012, also experienced by a number of our competitors. In view of the fact that the traditionally quiet July / August period coincided with the Olympic Games in London, we were pleased with revenues for this period. Recent data on UK and European growth prospects suggest a robust recovery is some way off. However, September revenues look satisfactory and the outlook for the last quarter of 2012 appears encouraging, albeit there is limited visibility particularly in view of heightened geo-political tensions and macroeconomic uncertainties across the globe. Pierce Casey Executive Chairman 27 September 2012 Consolidated Statement of Comprehensive Income for the six month period ended 30 June 2012 Note Six months Six months Year ended ended ended 31 December 30 June 30 June 2011 2012 2011 (audited) (unaudited) (unaudited) Â£000 Â£000 Â£000 REVENUE 3 4,014 3,490 6,900 Cost of sales (116) (42) (109) GROSS PROFIT 3,898 3,448 6,791 Operating expenses (3,643) (3,023) (6,515) Other income - 27 25 GROUP OPERATING PROFIT BEFORE 255 452 301 RESTRUCTURING COSTS Re-structuring costs 4 (189) (410) (802) GROUP OPERATING PROFIT/(LOSS) 66 42 (501) Net finance cost (16) (6) (34) PROFIT/(LOSS) ON ORDINARY ACTIVITIES 50 36 (535) BEFORE INCOME TAX Income tax expense (7) (6) (26) PROFIT/(LOSS) FOR THE PERIOD 43 30 (561) Earnings/(loss) per share - Basic 6 0.40p 0.37p (5.96)p - Diluted 0.40p 0.36p (5.96)p Adjusted earnings/(loss) per share - Basic 6 0.89p 0.67p (5.16)p - Diluted 0.89p 0.66p (5.16)p There are no recognised gains and losses other than as stated above. Consolidated Statement of Financial Position As at 30 June 2012 As at As at As at 30 June 30 June 31 December 2012 2011 2011 (Unaudited) (Unaudited) (Audited) Â£000 Â£000 Â£000 Non-Current Assets Intangible assets 1,810 1,810 1,810 Property, plant and equipment 114 147 131 Deferred tax assets 69 69 69 TOTAL NON-CURRENT ASSETS 1,993 2,026 2,010 Current Assets Trade and other receivables 2,652 2,185 1,829 Cash and cash equivalents 583 1,530 650 TOTAL CURRENT ASSETS 3,235 3,715 2,479 TOTAL ASSETS 5,228 5,741 4,489 Current Liabilities Trade and other payables 1,280 1,237 980 Deferred consideration 300 250 300 Bank overdraft and interest bearing 1,079 778 734 loans TOTAL CURRENT LIABILITIES 2,659 2,265 2,014 Non-Current Liabilities Deferred consideration 181 613 181 Interest bearing loans - 50 - TOTAL NON-CURRENT LIABILITIES 181 663 181 TOTAL LIABILITIES 2,840 2,928 2,195 TOTAL ASSETS LESS TOTAL LIABILITIES 2,388 2,813 2,294 Issued share capital 5,833 5,833 5,833 Share premium account 8,758 8,736 8,758 Retained earnings (12,203) (11,756) (12,297) TOTAL EQUITY 2,388 2,813 2,294 Consolidated Statement of Changes in Equity For the six month period ended 30 June 2012 Attributable to equity holders of the business Share Share Retained Total Premium Earnings Capital Equity Â£000 Â£000 Â£000 Â£000 Balance at 1 January 2011 5,804 6,985 (11,811) 978 Profit for the period - - 30 30 Total recognised income and expense - - 30 30 for the period Issue of ordinary shares 29 1,805 - 1,834 Costs relating to issue of shares - (54) - (54) Credit to equity for share based - - 25 25 payments Balance at 30 June 2011 5,833 8,736 (11,756) 2,813 Balance at 1 July 2011 5,833 8,736 (11,756) 2,813 Loss for the period - - (591) (591) Total recognised income and expense - - (591) (591) for the period Issue of ordinary shares - 22 - 22 Costs relating to issue of shares - - - - Credit to equity for share based - - 50 50 payments Balance at 31 December 2011 5,833 8,758 (12,297) 2,294 Balance at 1 January 2012 5,833 8,758 (12,297) 2,294 Profit for the period - - 43 43 Total recognised income and expense - - 43 43 for the period Issue of ordinary shares - - - - Costs relating to share issue - - - - Credit to equity for share based - - 51 51 payments Balance at 30 June 2012 5,833 8,758 (12,203) 2,388 Consolidated Statement of Cashflows For the six month period ended 30 June 2012 Six months Six months Year ended 31 December ended ended 2011 30 June 30 June (Audited) 2012 2011 (Unaudited) (Unaudited) Â£000 Â£000 Â£000 Net cash used in operating activities (i) (372) (196) (561) Cash flows from investing activities and servicing of finance Net finance cost (16) (6) (35) Dividends received - 27 25 Payments to acquire tangible fixed (24) (14) (33) assets Repayment of deferred consideration - (146) (528) Net cash used in investing activities (40) (139) (571) Cash flows from financing activities Net cash inflows from equity placing - 1,740 1,750 (Repayment)/increase in secured loans (50) 20 (116) Repayment of directors' loans - (7) (7) Increase /(decrease) in invoice 395 (28) 14 discounting Net cash from financing activities 345 1,725 1,641 Net (decrease)/increase in cash and (67) 1,390 510 cash equivalents Net cash and cash equivalents at 650 140 140 beginning of period Net cash and cash equivalents at end 583 1,530 650 of period Analysis of net funds Cash and cash equivalents 583 1,530 650 Borrowings due within one year (1,079) (778) (734) Borrowings due after one year - (50) - Deferred consideration (481) (863) (481) Net funds (977) (161) (565) Note (i) Six months Six months Year ended Reconciliation of operating profit to ended ended 31 December net cash from operating activities 30 June 30 June 2011 2012 2011 (audited) (unaudited) (unaudited) Operating profit/(loss) 66 42 (501) Depreciation / impairment of property, 41 44 79 plant and equipment Share based payment charge 51 25 75 Dividends received - (27) (25) (Increase) /decrease in trade and (823) (213) 144 other receivables Increase /(decrease) in trade and 300 (66) (306) other payables Loss on disposal of investment - 5 - Taxation paid (7) (6) (27) Net cash used in operating activities (372) (196) (561) 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 2011, 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 2012, 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 2012 and are unchanged from those disclosed in the Group's Annual Report for the year ended 31 December 2011. The interim financial statements have not been audited. 1.2 Basis of consolidation and business combinations The Group financial statements consolidate those of the Company and of the following subsidiary undertakings: Principal Group Country of Principal Description and investments: activities proportion of incorporation shares held by the or Company registration and operation Norman Broadbent England and Executive search 100% ordinary Executive Search Ltd Wales shares Norman Broadbent Overseas England and Executive search 100% ordinary Ltd Wales shares Human Asset Development England and Assessment, 100% ordinary International Ltd Wales coaching and shares talent mgmt. Norman Broadbent Inc United States Executive Search 100% ordinary of America shares The NB Consultancy Republic of Executive Search 100% ordinary (Singapore) Pte Ltd Singapore shares Norman Broadbent Republic of Executive Search 100% ordinary (Ireland) Ltd Ireland shares Bancomm Ltd England and Dormant 100% ordinary Wales shares NBBI Limited* England and Dormant 100% ordinary Wales shares Substantial Shareholdings: NBS Norman Broadbent SA** Spain Executive Search 20% ordinary shares * The 100% shareholding in this company is owned by Norman Broadbent Executive Search Ltd, a wholly owned subsidiary of the Company. ** The 20% shareholding in this company is owned by Norman Broadbent Overseas Ltd, a wholly owned subsidiary of the Company. 2. COPIES OF THE UNAUDITED INTERIM REPORT Copies of this report are available on request from the Company's registered office at 12 St James's Square, London, SW1Y 4LB 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, profit before taxation and net assets/ (liabilities) is set out below: BUSINESS SEGMENTS Six months ended 30 Executive Overseas Interim Assessment, Unallocated Total June 2012 Royalties coaching & Search Â£000 talent Â£000 Â£000 Â£000 mgmt. Â£000 Â£000 Revenue 3,500 189 73 252 - 4,014 Cost of sales (84) - - (32) - (116) Gross profit 3,416 189 73 220 - 3,898 Operating expenses (3,041) (86) (10) (313) (152) (3,602) Other operating - - - - - - income Re-structuring costs (189) - - - - (189) Finance costs (16) - - - - (16) Depreciation and (41) - - - - (41) amortisation Profit before tax 129 103 63 (93) (152) 50 Net assets 2,497 - - (109) - 2,388 BUSINESS SEGMENTS Six months ended 30 Executive Overseas Interim Assessment, Unallocated Total June 2011 Search Royalties coaching & Â£000 talent Â£000 Â£000 Â£000 Â£000 mgmt. Â£000 Revenue 2,945 191 47 307 - 3,490 Cost of sales (4) - - (38) - (42) Gross profit 2,941 191 47 269 - 3,448 Operating expenses (2,463) (115) - (303) (94) (2,975) Other operating 27 - - - - 27 income Re-structuring costs (270) - - - (140) (410) Finance costs (6) - - - - (6) Depreciation and (48) - - - - (48) amortisation Profit before tax 181 76 47 (34) (234) 36 Net assets 2,816 - - (3) - 2,813 BUSINESS SEGMENTS Year ended 31 Executive Overseas Interim Assessment, Unallocated Total December 2011 Search Royalties coaching & Â£000 talent Â£000 Â£000 Â£000 Â£000 mgmt. Â£000 Revenue 5,929 333 47 591 - 6,900 Cost of sales (50) - - (59) - (109) Gross profit 5,879 333 47 532 - 6,791 Operating expenses (5,336) (119) - (580) (401) (6,436) Other operating 25 - - - - 25 income Re-structuring costs (512) (290) (802) Finance costs (34) - - - - (34) Depreciation and (79) - - - - (79) amortisation Profit before tax (57) 214 47 (48) (691) (535) Net assets 2,312 - - (18) - 2,294 ii) Geographic Region: The analysis by geographic region of the Group's turnover, profit before taxation and net assets/ (liabilities) is set out below: BUSINESS SEGMENTS Six month period Executive Overseas Interim Assessment, Unallocated Total ended 30 June 2012 Search Royalties coaching & Â£000 talent Â£000 Â£000 Â£000 Â£000 mgmt. Â£000 Revenue United Kingdom 3,330 - 44 252 - 3,626 Europe 121 133 15 - - 269 Other 49 56 14 - - 119 Total 3,500 189 73 252 - 4,014 Gross profit United Kingdom 3,248 - 44 220 - 3,512 Europe 122 133 15 - - 270 Other 46 56 14 - - 116 Total 3,416 189 73 220 - 3,898 Profit/(Loss) before tax United Kingdom 174 - 38 (93) (152) (33) Europe - 72 13 - - 85 Other (45) 31 12 - - (2) Total 129 103 63 (93) (152) 50 Net assets United Kingdom 2,535 - - (109) - 2,426 Europe - - - - - - Other (38) - - - - (38) Total 2,497 - - (109) - 2,388 BUSINESS SEGMENTS Six month period Executive Overseas Interim Assessment, Unallocated Total ended 30 June 2011 Search Royalties coaching & Â£000 talent Â£000 Â£000 Â£000 Â£000 mgmt. Â£000 Revenue United Kingdom 2,574 - 34 195 - 2,803 Europe 313 140 10 112 - 575 Other 58 51 3 - - 112 Total 2,945 191 47 307 - 3,490 Gross profit United Kingdom 2,570 - 34 169 - 2,773 Europe 313 140 10 100 - 563 Other 58 51 3 - - 112 Total 2,941 191 47 269 - 3,448 Profit/(Loss) before tax United Kingdom 181 - 34 (34) (234) (53) Europe - 54 10 - - 64 Other - 22 3 - - 25 Total 181 76 47 (34) (234) 36 Net liabilities United Kingdom 2,816 - - (3) - 2,813 Total 2,816 - - (3) - 2,813 BUSINESS SEGMENTS Year ended 31 Executive Overseas Interim Assessment, Unallocated Total December 2011 Search Royalties coaching & Â£000 talent Â£000 Â£000 Â£000 Â£000 mgmt. Â£000 Revenue United Kingdom 5,284 - 34 356 - 5,674 Europe 333 263 10 235 - 841 Other 312 70 3 - - 385 Total 5,929 333 47 591 - 6,900 Gross profit United Kingdom 5,234 - 34 309 - 5,577 Europe 333 263 10 223 - 829 Other 312 70 3 - - 385 Total 5,879 333 47 532 - 6,791 Profit/(Loss) before tax United Kingdom (57) - 34 (40) (691) (754) Europe - 164 10 (8) - 166 Other - 50 3 - - 53 Total (57) 214 47 (48) (691) (535) Net liabilities United Kingdom 2,312 - - (18) - 2,294 Total 2,312 - - (18) - 2,294 Turnover by location is not materially different from turnover by destination. The unallocated costs refer to central costs of the Group including salaries, professional and other costs, which are not directly attributable to the delivery of the services. The four segments shown represent the management information provided to the Board and in the opinion of the directors reflect the nature of the Group's services. 4. RE-STRUCTURING COSTS Re-structuring costs include personnel costs relating to the hiring of new consultants, exiting of under-performing staff and external recruitment consultancy costs relating to the new hires. These items have been highlighted in the consolidated statement of comprehensive income because separate disclosure is considered appropriate in understanding the underlying performance of the business. Six months Six months Year ended ended ended 31 December 30 June 30 June 2011 2012 2011 Â£000 Â£000 Â£000 Personnel 189 335 677 Consultancy - 75 125 Total 189 410 802 5. EQUITY SECURITIES ISSUED During the six month period ended 30 June 2012 no equity securities were issued. During the six month period ended 30 June 2011, the following equity securities were issued: * On 31 March 2011 Mr C Auld, an existing shareholder, exercised warrants over 97,777 ordinary shares of 1p at a price of 45p per share. * On 30 April 2011 a resolution was passed at the company's Annual General Meeting, approving the placing of 2,692,308 ordinary shares of 1p for a total consideration of Â£1.75 million. * On 13 May 2011 61,069 ordinary shares of 1p were issued at a price of 65.5p per share to an employee in lieu of a bonus. * On 13 May 2011 the Company issued 1,037,832 options over ordinary shares of 1p to employees and certain members of the Board. The exercise price is 65.5p and the options vest in equal tranches over the next 3 years. An analysis of all ordinary shares issued during the period is shown below: Issue of ordinary shares during Six months Six months Year ended the period ended ended 31 December 30 June 2012 30 June 2011 2011 (unaudited) (unaudited) (audited) Shares Value Shares Value Shares Value 000's Â£000 000's Â£000 000's Â£000 Issue of shares on exercise of - - 98 44 118 54 warrants/options Issue of shares in lieu of - - 61 40 79 52 employee bonus Issue of shares for cash - - 2,692 1,750 2,692 1,750 Total - - 2,851 1,834 2,889 1,856 6. 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 Six months Year ended ended ended 31 December 30 June 30 June 2011 2012 2011 (unaudited) (unaudited) (audited) Profit/(Loss) attributable to Â£43,000 Â£30,000 Â£(561,000) shareholders Weighted average number of ordinary 10,607,801 8,233,881 9,416,510 shares 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 two categories of dilutive potential ordinary shares; share options and warrants. For these options and warrants, 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 warrants and 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 Six months Year ended ended ended 31 December 30 June 30 June 2011 2012 2011 (unaudited) (unaudited) (audited) Profit/(Loss) attributable to Â£43,000 Â£30,000 Â£(561,000) shareholders Weighted average no. of ordinary 10,607,801 8,233,881 9,416,510 shares - assumed conversion of share options - 68,823 49,272 - assumed conversion of warrants 3,076 55,122 55,343 Weighted average number of ordinary 10,610,877 8,357,826 9,521,125 shares for diluted earnings per share 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 the effects of impairment of intangibles and 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 Six months ended 30 Year ended 31 June 2012 June 2011 December 2011 Â£000 Basic Diluted Â£000 Basic Diluted Â£000 Basic Diluted pence pence pence pence pence pence per per per per per per share share share share share share Basic earnings Profit after tax 43 0.40 0.40 30 0.37 0.36 (561) (5.96) (5.96) Adjustment Share based 51 0.49 0.49 25 0.30 0.30 75 0.80 0.80 payment charge Adjusted earnings 94 0.89 0.89 55 0.67 0.66 (486) (5.16) (5.16) 7. RELATED PARTY TRANSACTIONS i. Purchase of services: Six months Six months Year ended ended ended 31 December 30 June 30 June 2011 2012 2011 Â£000 Â£000 Â£000 Adelaide Capital Limited 73 96 166 Anderson Barrowcliff LLP 15 15 35 Andrew Garner Associates Limited - 112 261 Total 88 223 462 Adelaide Capital Limited invoiced the Group for the directors' fees (P Casey Â£ 63,000, B Stephens Â£10,000). P Casey and B Stephens are directors of Adelaide Capital Limited. Taxation and company secretarial services of Â£5,000 were acquired from Anderson Barrowcliff LLP, an accountancy firm of which R Robinson is a partner. Anderson Barrowcliff also invoices the Group for R Robinson's director's fees (Â£10,000). Andrew Garner Associates Limited invoiced the Group for the director's fees and business related expenses of A C Garner, a former director of the Company, during 2011. A C Garner is a director of Andrew Garner Associates Limited. ii. Period-end payables arising from the purchases of services: Six months Six months Year ended ended ended 31 December 30 June 30 June 2011 2012 2011 Â£000 Â£000 Â£000 Adelaide Capital Limited 12 46 19 Anderson Barrowcliff LLP 6 19 4 Total 18 65 23 The payables to related parties arise from purchase transactions and are due one month after date of purchase. The payables bear no interest. iii) Loans from related parties: In order to assist the working capital position, certain directors and shareholders advanced loans to the Group, which are non-interest bearing and have no formal repayment terms. Six months Six months Year ended ended ended 31 December 30 June 30 June 2011 2012 2011 Â£000 Â£000 Â£000 Beginning of period - 7 7 Loans repaid during the period - (7) (7) End of period - - - iv) Personal guarantees from related parties: At 30 June 2012 A C Garner, a shareholder and former director of the Company had a Â£59,000 personal guarantee as security for the Group's bank loan.

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