TIDMNAK
RNS Number : 9378D
Nakama Group Plc
30 October 2015
For release at 07:00 on 30 October 2015
Nakama Group plc (AIM: NAK)
("Nakama" or "the Group")
"The AIM quoted recruitment consultancy working across UK,
Europe, Asia and Australia providing staff for the Web,
Interactive, Digital media, IT and Business Change sectors
announces its interim results for the six months ended 30
September 2015"
INTERIM RESULTS
Highlights
-- Profit before tax GBP169,000 (2014: profit GBP222,000)
-- Net fee income (NFI) rose by 11% to GBP3.0 million (2014: GBP2.7 million)
-- NFI increased to 28% (2014: 25%)
-- Permanent recruitment fees increased by 32.1% to GBP1.75 million (2014: GBP1.33 million)
-- Revenue across the APAC region increased by 18.4%*
*On constant currency the increase would have been 27%
Rob Sheffield, CEO of Nakama, commented:
"Since September we have conducted a widespread review of all
Group operations with a specific emphasis on sales. The Group
strategy for growth in all regions is a key focus aligning all
offices and enabling the business to grow globally".
Enquiries:
Nakama Group plc www.nakamaglobal.com
Rob Sheffield, CEO Tel: 0061 498 127 326
Ken Ford, Chairman Tel: 07884 313191
WH Ireland Limited
Paul Shackleton (NOMAD) Tel: 0207 220 1666
Johnny Martin Smith (Broking)
Peckwater PR Tel: 07879 458 364
Tarquin Edwards tarquin.edwards@peckwaterpr.co.uk
NOTES TO EDITORS
About Nakama Group plc
Nakama Group plc is a recruitment group of two branded solutions
placing people into specialist and management positions;
-- Nakama operates in the digital, creative, media, marketing
and technology sectors all over the world from offices in the UK,
Asia and Australia.
-- The Highams brand specialises in the Financial Services
sector, specifically Business Change and IT in Insurance and Wealth
Management currently in the UK and Europe.
Nakama Group plc was created in October 2011 through the merging
of Nakama Ltd UK and its subsidiaries in Hong Kong, Sydney and
Melbourne and Highams Recruitment Limited (formerly Highams Systems
Services Group plc).
Since forming in 2011, the Group has opened an office in
Singapore for Digital, Creative, Media and Marketing.
Our aim is to offer all our services from both our brands in all
our locations.
CEO'S STATEMENT
Interim results
Introduction
Nakama provides a range of specialist recruitment services to
its clients, providing staff for the Web, Interactive, Digital
Media, IT and Business Change sectors through the placement of
contract and permanent staff across the UK, Europe, Asia and
Australia.
The Group revenue of GBP10.6 million (2014: GBP11.1 million)
shows a small decrease but with an increase in Net Fee Income (NFI)
to GBP3.0 million (2014: GBP2.7 million). As a percentage of
Revenue, NFI increased to 28 per cent. (2014: 25 per cent).
Segmental analysis shows that we have increased our revenue in
the APAC region whilst UK revenues have decreased slightly. We have
seen NFI increase due to a shift away from low margin contract
business to higher permanent placements ("Perm") in our specialist
sectors. Staff levels across the Group have risen in all offices
which is reflected in an increased staff cost.
We are currently in line with our expectations for the first
half of the year and we anticipate no significant changes in
trading in the second half. The business continues to focus on
quality of service and the professional delivery of our products to
our customers. A key focus is to continue to improve contract
margins and drive Perm revenues whilst growing our headcount and
providing industry specific training. We have seen some impact by
Foreign Exchange losses on revaluation of intercompany debt for the
first half of the year (GBP37k).
Summary
Since September we have conducted a widespread review of all
Group operations with a specific emphasis on sales. "The Group
strategy for growth in all regions is a key focus aligning all
offices and enabling the business to grow globally"
Rob Sheffield
CEO
30 October 2015
Consolidated statement
of comprehensive
income
for the six months ended 6 months 6 months 12 months
30 September 2015 to to to
30 Sep 30 Sep 31 Mar
2015 2014 2015
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Total Revenue 3 10,649 11,089 21,715
Cost of sales (7,636) (8,388) (16,394)
----------- ---------- ----------
Net Fee Income 3,013 2,711 5,321
Administrative costs (2,827) (2,467) (4,985)
----------- ---------- ----------
Operating profit 3 186 244 336
Finance costs (17) (22) (39)
----------- ---------- ----------
Profit on ordinary activities
before taxation 169 222 297
Tax expenses 0 2 (53)
Profit for the period attributable
to equity shareholders 169 224 244
=========== ========== ==========
Basic Profit per share 0.14 p 0.19 p 0.21 p
Diluted Profit per share 0.13 p 0.19 p 0.19 p
Consolidated statement of
recognised income and expense
for the 6 months ended 6 months 6 months 12 months
30 September 2015 to to to
30 Sep 30 Sep 31 Mar
2015 2014 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
----------- ---------- ----------
Profit for the period 169 224 244
Exchange gains/(losses)
arising on translation
of foreign operations 10 (9) (8)
------------------------------------ ----------- ----------
Total recognised income
and expense for the period
attributable to equity
shareholders 179 215 236
----------- ---------- ----------
Statement of changes in equity
At 30 September 2015
Employee
share
Share Share Merger benefit Currency Retained Total
capital premium reserve reserve Reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2014 1,602 2,580 90 (61) 73 (2,652) 1,632
Comprehensive income
for the year
Profit for the Year - - - - - 244 244
Other Comprehensive
Income - - - - (8) - (8)
Total Comprehensive
profit for the year - - - (8) 244 216
---------------------- --------- --------- --------- --------- ---------------------- ---------- --------
Share based payment
credit - - - - - 7 7
At 1 April 2015 1,602 2,580 90 (61) 65 (2,401) 1,875
---------------------- --------- --------- --------- --------- ---------------------- ---------- --------
Income for the year - - - - - 169 169
Other comprehensive
income - - - - 10 - 10
---------------------- --------- --------- --------- --------- ---------------------- ---------- --------
Total Comprehensive
income for the year 1,602 2,580 90 (61) 75 169 179
---------------------- --------- --------- --------- --------- ---------------------- ---------- --------
Share based payment
credit - - - - - - -
At 30 September 2015 1,602 2,580 90 (61) 75 (2,232) 2,054
Consolidated statement
of financial position
As at 30 September 2015
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6 months 6 months 12 months
to to to
30 Sep 30 Sep 31 Mar
2015 2014 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Intangible assets 761 940 848
Property, plant and equipment 70 40 67
Deferred tax asset 178 226 178
Total 1,009 1,206 1,094
-------------------------------- ---------- ---------- ----------
Current assets
Trade and other receivables 4,281 3,927 3,514
Cash and cash equivalents 498 194 316
Total 4,779 4,121 3,830
-------------------------------- ---------- ---------- ----------
Total assets 5,788 5,327 4,924
-------------------------------- ---------- ---------- ----------
Liabilities
Current liabilities
Trade and other payables (2,137) (2,273) (1,978)
Borrowings (1,597) (1,202) (1,071)
Total (3,734) (3,475) (3,049)
-------------------------------- ---------- ---------- ----------
Net assets/(liabilities) 2,054 1,852 1,875
-------------------------------- ---------- ---------- ----------
Equity
Share capital 1,602 1,602 1,602
Share premium account 2,580 2,580 2,580
Merger reserve 90 90 90
Employee share benefit
trust reserve (61) (61) (61)
Currency reserve 75 64 65
Retained earnings (2,232) (2,423) (2,401)
Total equity 2,054 1,852 1,875
---------- ---------- ----------
Consolidated Cash Flow
Statement
As at 30 September 2015
6 months 12 months
6 months to to to
30 Sep 31 Mar
30 Sep 2015 2014 2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Operating activities
Profit /(loss)before taxation 169 222 297
Depreciation of property,
plant and equipment 27 17 33
Amortisation of intangible
assets 88 96 192
Net finance costs 17 22 39
Tax paid - 2 (1)
Changes in trade and other
receivables (767) (721) (311)
Changes in trade and other
payables 37 595 300
------------
Net cash used in operating
activities (428) 233 549
Cash flows from investing
activities
Purchase of property plant
and equipment (30) (10) (58)
Purchase of intangible
asset - - (4)
Proceeds from sale of assets - - 1
Net cash used in investing
activities (30) (10) (61)
------------ --------------- ----------
Financing activities
Increase/(decrease) in
borrowings 526 (117) (469)
Finance cost paid (17) (22) (39)
--------------- ----------
Net cash from financing
activities 509 (139) (508)
------------ --------------- ----------
Net changes in cash and
cash equivalents 51 84 (20)
Cash and cash equivalents,
beginning of period 95 114 114
Exchange losses, cash and
cash equivalent 8 (4) 1
Cash and cash equivalents
at end of period 154 194 95
Cash and cash equivalents
for the purposes of the
Statement of cash flows
comprises:
Cash and cash equivalent 498 599 316
------------ --------------- ----------
Bank overdrafts (344) (405) (221)
------------ --------------- ----------
154 194 95
------------ --------------- ----------
Notes to the Interim Report
1. Basis of Preparation
This unaudited consolidated interim financial information has
been prepared using the recognition and measurement principles of
International Accounting Standards, International Financial
Reporting Standards and Interpretations adopted for use in the
European Union (collectively EU IFRSs). The principal accounting
policies used in preparing the interim results are those that the
Group expects to apply in its financial statements for the year
ended 31 March 2016 and are unchanged from those disclosed in the
Group's Annual Report for the year ended 31 March 2015, except that
in the current financial year, the Group had adopted a number of
revised standards and interpretations. However, none of these has
had a material impact on the Group's reporting.
The financial information for the six months ended 30 September
2015 and 30 September 2014 is unreviewed and unaudited and does not
constitute the Group's statutory financial statements for those
periods. The comparative financial information for the full year
ended 31 March 2015 has, however, been derived from the audited
statutory financial statements for that period. A copy of those
statutory financial statements has been delivered to the Registrar
of Companies. The auditors' report on those accounts was
unqualified, did not include references to any matters to which the
auditors drew attention by way of emphasis without qualifying their
report and did not contain a statement under section 498(2)-498(3)
of the Companies Act 2006.
The financial information in the Interim Report is presented in
Sterling and all values are rounded to the nearest thousand pounds
(GBP'000) except when otherwise indicated.
2. Earnings per share
6 months 6 months 12 Months
to 30 to 30 to 31
Sept Sept March
2015 2014 2015
Unaudited Unaudited Audited
Weighted Weighted Weighted
average average average
number number number
of Profit of Profit of Profit
per per per
Profit shares share Profit shares share profit shares share
GBP'000 '000 p GBP'000 '000 p GBP'000 '000 p
Basic earnings
per share 169 117,791 0.14 224 117,791 0.19 244 117,791 0.21
Diluted earnings
per share 169 126,469 0.13 224 117,791 0.19 244 126,571 0.19
3. Segmental Analysis
The Group has two main reportable segments based on the
location revenue is derived from:
Asia Pacific - This segment includes Australia,
Hong Kong and Singapore
UK -The UK Segment includes candidates placed
in the UK and Europe.
These segments are monitored
by the board of directors.
Factors that management used to identify the Group's
reportable segments
The Group's reportable segments are strategic business units that although
supplying the same
product offerings, operate in distinct markets and are therefore managed
on a day to day basis
by separate teams.
Measurement of operating segment profit
or loss, assets and liabilities
The Group evaluates performance on the basis of profit or loss from operations
before tax not
including overhead costs incurred by the head office such as plc AIM
related costs not recharged,
exceptional items, amortisation and share based payments.
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