TIDMNAK
RNS Number : 2306A
Nakama Group Plc
10 September 2018
10 September 2018
Nakama Group PLC
("Nakama" or "the Group")
"The AIM quoted recruitment consultancy working across the UK,
Europe, Asia, USA and Australia providing staff for the Web,
Interactive, Digital Media sectors, IT and Business Change"
Final results for the year ended 31 March 2018
Nakama Group plc (AIM: NAK), the AIM quoted recruitment
consultancy working across UK, Europe, Asia and Australia providing
recruitment and related services for the web, interactive, digital
media, IT and business change sectors, announces its final results
for the year ended 31 March 2018, together with the publication of
its audited report and accounts (the "Annual Report").
The Annual Report is being posted to shareholders this week and
will shortly be made available on the Company's website,
www.nakamagroupplc.com.
Financial Highlights
-- Group revenue decreased by 25.4 per cent. to GBP16.8m (2017: GBP22.5m)
-- Net fee income reduced by 14.2 per cent. to GBP5.3m (2017: GBP6.19m)
-- Net fee income percentage increased to 31.6 per cent. (2017: 27.5 per cent.)
Andrea Williams, CEO of Nakama Group Plc, commented:
"After ceasing to trade with a high-volume client in Australia
that location has struggled to deliver meaningful results as
replacing such a large contract for services has proven to be far
more challenging than expected. This has reduced the revenues
significantly.
"We will embark on a journey to improve the development of our
people as well as raise expectations around achieving better
quality outputs, increasing levels of accountability in each
unit".
All references to notes in this announcement are to the notes to
the financial statements contained in the report and accounts.
Enquiries:
Nakama Group plc www.nakamaglobal.com
Andrea Williams, CEO Tel: +44 (0)752 559 5100
Patrick Meehan, FD Tel: +44 (0)20 7236 2400
Allenby Capital Ltd (Nomad Adviser www.allenbycapital.com
and broker) Tel: +44 (0)20 3328 5656
Virginia Bull / Nick Naylor
Notes to Editors:
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
acquisition of Nakama Ltd UK and its subsidiaries in Hong Kong,
Singapore and Sydney by AIM listed Highams Systems Services Group
plc.
CHAIRMAN'S STATEMENT
Financial results
Group revenue for the year ended 31 March 2018 was lower by
25.4% compared to the prior year at GBP16.8m (2017: GBP22.5m) and
Net Fee Income ("NFI") was 14.2% lower at GBP5.3m (2017: GBP6.19m).
The results over the past year have been extremely disappointing at
a Group level. The Group experienced significant change through
this financial year at executive management level as well as at all
other levels. Details of these changes are further explained in the
CEO's report. This impacted the Group's ability to deliver any
meaningful results.
Strategy
Nakama Groups strategy is to provide recruitment solutions to a
broad range of clients across Europe and Asia Pacific geographies.
Our teams have deep domain knowledge in the high growth areas of
digital, creative, technology, analytics, marketing and
project/change management. It is the strategy of the Board and
management team to be a leading international specialist within
staffing, delivering a quality service to our customers and
candidates whilst creating a sustainable business for the long-term
benefit of all stakeholders.
Over the past year, the company has experienced considerable
change, both at Board and executive management level. A new Chief
Executive was appointed in February 2018. A new non Board Finance
Director was also appointed in May 2018 and a new Non-Executive
Director was appointed in July 2018, to replace a number of long
serving executive and non-executive directors. We believe the
leadership team is now more focused on delivering acceptable
returns for shareholders and better positioned to take advantage of
the considerable opportunities in the sectors in which we operate.
Going forward, the group will be more disciplined in its financial
management and more focused on expanding from its core strengths.
There are currently no new offices planned for the next financial
year as the Board intends to concentrate on improving the
performance of the current operations.
Executives and staff
Under the leadership of the new Chief Executive, we have a small
but unified management team, responsible for delivering growth and
profitability in the offices where we operate. Each manager has
clear goals and budgets to achieve, and we expect to see gradual
improvement at both top and bottom line. Any priority investment
will be concentrated around improving and expanding our core
service offering. The group has a number of strong managers and
consultants, however, in order to deliver acceptable returns for
shareholders, specific performance metrics will be implemented and
upgrades recruited where necessary.
Outlook
Trading so far this year has been in line with expectations,
however, exceptional costs will be incurred as we continue the
restructuring of some local offices. Building a higher performance
culture will take time to establish and therefore we remain
cautious on achieving the long term operating profit margin set by
the Board. Our objective is to focus on improving financial
discipline and stabilizing revenues over the year ahead.
Tim Sheffield
Chairman
07 September 2018
CEO'S REPORT
Financial review
2018 2017
GBP'000 GBP'000
Revenue 16,792 22,519
NFI (Net fee income) 5,311 6,193
EBITDA* (845) 25
Operating loss for the financial year (1,425) (211)
Loss for the financial year before tax (1,480) (270)
Net current (liabilities)/assets (231) 720
Equity (139) 1,414
Loss per share (1.29)p (0.30)p
* EBITDA - Earnings before interest, tax, depreciation and
amortisation
Group revenue for the year ended 31 March 2018 decreased by
25.4% and Net Fee Income ("NFI") decreased on the prior year by
14.2%. This was a result of APAC revenue decreasing to GBP5.32m
from GBP8.82m last year and UK revenues decreasing to GBP11.5m from
GBP13.6m in FY 2017. The decrease in both markets was predominantly
due to a slowdown in the contractor market, which is explained in
more detail in the Operational Review below.
The NFI percentage has increased to 31.6% (2017: 27.5%). The
improvement in NFI percentage is due to a change in the revenue mix
coming from higher permanent revenue which this year accounts for
19% of total revenue (2017:15%). This was mainly due to the loss of
a high volume, but low margin contracting account in Australia.
The EBITDA loss of GBP845,000 for the year (2017: profit
GBP25,000) was mainly as a result of a slowdown in the UK and APAC
markets, as set out above, where overheads didn't reduce in line
with the decrease in revenue. The year-end balance sheet shows
borrowings decreased from GBP1.5m to GBP1.2m, this is due to a
lower requirement for invoice finance as contractor revenue slowed
down during the period, and a reduction in the cash position by
GBP100,000.
There was an operating loss for the year of GBP1,425,000 (2017:
loss of GBP211,000). The Group has seen a loss on foreign exchange
of GBP72,000 (gain 2017: GBP127,000) due to the weakening of
sterling against the other currencies in the markets the Group has
been trading in. The Directors undertook an impairment review of
the Group. Goodwill was reduced in value by GBP487,000 as a result
of the downturn in performance.
The Directors are not recommending the payment of a dividend for
the year.
UK operations
The London unit continued to see existing markets come under
pressure from in-house recruitment teams, recruitment process
outsourcing (RPO) and managed service providers. The market
continues to become more heavily brokered and fragmented and the
ability to generate value in traditional digital sectors has been
eroded. The business has attempted to diversify its recruitment
offerings into data and analytics as well as show a decreasing
reliance on digital agencies as a client base, where it has been
difficult to create value. Throughout the year staff turnover has
been an issue as the UK market has created so many opportunities
for the best recruiters and it has proven difficult not only to
attract quality candidates but also to retain the best talent. The
business, therefore, did not meet its hiring targets and struggled
to cover its cost base due to lack of new revenue growth.
There have been gains made with new corporate client accounts
secured and we expect these to have greater impact for the future.
In addition, it is evident that the increasing levels of
competition requires an increased focus on key disciplines in order
to drive more specialist/ niche services.
In contrast, the Highams business, which is already highly
specialized in its services and client base (insurance market -
project focus) had a pleasingly profitable year further
consolidating its position as a recruitment partner of choice
across General Insurance, Life & Pensions and Asset Management
markets. This market sector has seen an increase in M&A
activity throughout the year which has increased the demand for
Project Managers. Added to this, the increasing volume of digital
transformation projects being undertaken across the insurance
sector has also resulted in higher contractual demand for talent.
We expect this level of activity to continue.
APAC Operations
Operating conditions across the APAC region have not changed
much over the last 12 months. We have remained focused on servicing
high value verticals in each location. The businesses have
continued to drive retained services where possible.
External competition has been increasing in each location and
despite the brand being viewed as strong across Hong Kong and
Singapore the increased competition for top recruitment talent has
been fierce and the business has struggled to secure the quality
talent required, especially in Singapore.
After ceasing to trade with a high-volume client in Australia
that location has struggled to deliver meaningful results as
replacing such large contract for services has proven to be far
more challenging than expected. This has reduced the revenues
significantly. In addition, the company has faced some leadership
challenges in Australia resulting in the downsizing of the Sydney
operations and the closure of the Melbourne office post year end.
This has made staff retention quite challenging which has further
eroded NFI. Added to this the hiring restrictions in the Australian
market, due to changes in legislation, will put further pressure on
salaries and attracting consultants to the business.
It has been decided to strip back the Australian operation to
focus on areas of strength (customer experience/user experience,
tech, service & product design) in order to stabilise the
business and create a stronger platform for growth in the future. A
new leader has also been identified from FY 2018/19 onwards.
The digital and technology disruption seen globally is
beneficial to Nakama as we provide staff in these areas.
Traditional, non-digital businesses have also taken, or have
started to undertake, wholesale reviews of where to position
themselves, resulting in increased demand for suitable qualified
digital experts. This continues to increase the demand for talent
by our clients.
We continue to leverage our global networks to deliver against
these increasing demands. We believe the Australian market has
positive growth opportunities over the coming years as long as we
position ourselves appropriately as a highly specialised, quality
provider of staffing solutions.
Singapore focuses on the South East Asian corridor into Malaysia
and Thailand. Hong Kong continues to build market share and has
experienced higher demands from China and the wider region.
However, the main focus is into the local markets where quickest
and best gains can be made in the shorter term. The businesses
benefit from a collaborative approach to business development and
creating opportunity throughout the region based on this approach.
We see the growth of these business units as essential to our
strategy in the region.
The market continues to be competitive and the business has seen
a higher than expected turnover of staff this year (Australia and
Singapore), with high quality replacements very difficult to find.
In light of this we plan to change the focus of our talent
attraction strategies to include a higher proportion of less
experienced staff who we can train and develop to our own standards
which should also result in greater loyalty to the business.
Retaining high performing staff, as well as creating a future
supply of high performing staff is critical in all regions for the
business. We will embark on a journey to improve the development of
our people as well as raise expectations around achieving better
quality outputs, increasing levels of accountability in each unit.
We maintain the outlook that a strong understanding and passion for
local and global technology, digital and consultancy markets is
essential in achieving the growth we seek to deliver to our
shareholders, and we aim to build stronger, more focused/
specialised teams in each location in order to deliver on this
goal.
Post Financial Year 2017-18 actions
The Board has decided that the opportunities to grow the
Melbourne operation are not as positive as they should be and this
business unit has continued to struggle to cover its costs and
operate at the levels required. In light of this, the decision has
been taken to close this operation and a liquidator was appointed
in July, 2018. We believe that this will relieve the Sydney
operation of any obligations to back-up the Melbourne business and
allow the use of its capital to be focused on growth in that larger
and more lucrative location.
After undertaking the annual goodwill impairment review it was
decided that, given the losses in the period, a goodwill impairment
charge of GBP478,000 is to be recognised in the financial
statements. This represents a complete impairment of all
outstanding goodwill values in the business.
Andrea Williams
Chief Executive Officer
07 September 2018
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 MARCH 2018
2018 2017
GBP'000 GBP'000
=================================================== ========== ========
Revenue 16,792 22,519
Cost of sales 11,481 16,326
=================================================== ========== ========
Net fee income 5,311 6,193
Administrative costs 6,736 6,404
=================================================== ========== ========
Operating loss (1,425) (211)
Finance costs (55) (59)
=================================================== ========== ========
Loss before tax (1,480) (270)
Tax expense (34) (82)
=================================================== ========== ========
Loss for the period attributable to owners of the
parent (1,514) (352)
=================================================== ========== ========
Loss per share
Basic and diluted loss per share attributable
to owners of the parent (1.29)p (0.30)p
=================================================== ========== ========
All of the above relate to continuing operations.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 MARCH 2018
2018 2017
GBP'000 GBP'000
===================================================== ======== ========
Loss for the year (1,514) (352)
===================================================== ======== ========
Exchange losses on translation of foreign operations (39) (30)
===================================================== ======== ========
Total comprehensive loss for the period attributable
to owners of the parent (1,553) (382)
===================================================== ======== ========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2018
2018 2017
GBP'000 GBP'000
================================================= ======= =======
Assets
Non-current assets
Intangible assets - 524
Property, plant and equipment 37 86
Deferred tax asset 55 84
================================================= ======= =======
Total 92 694
Current assets
Trade and other receivables 2,870 3,885
Cash and cash equivalents 141 259
================================================= ======= =======
Total 3,011 4,144
================================================= ======= =======
Total assets 3,103 4,838
================================================= ======= =======
Current Liabilities
Trade and other payables (2,025) (1,953)
Borrowings (1,217) (1,471)
================================================= ======= =======
Total (3,242) (3,424)
================================================= ======= =======
Net (Liabilities)/Assets (139) 1,414
================================================= ======= =======
Equity
Share capital 1,602 1,602
Share premium account 2,580 2,580
Merger reserve 90 90
Employee share benefit trust reserve (61) (61)
Currency reserve (13) 26
Retained earnings (4,337) (2,823)
================================================= ======= =======
Total equity attributable to the shareholders of
the Company (139) 1,414
================================================= ======= =======
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 31 MARCH 2018
Employee
share benefit
Share Share Merger 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 2016 1,602 2,580 90 (61) 56 (2,471) 1,796
Loss for the
year - - - - - (352) (352)
Other comprehensive
income - - - - (30) - (30)
==================== ======= ======= ======== ===================== ========== ========== =========
Total comprehensive
loss for 2017 - - - - (30) (352) (382)
At 1 April 2017 1,602 2,580 90 (61) 26 (2,823) 1,414
Comprehensive
income for the
year
Loss for the
year - - - - - (1,514) (1,514)
Other comprehensive
income - - - - (39) - (39)
==================== ======= ======= ======== ===================== ========== ========== =========
Total comprehensive
loss for the
year - - - - (39) (1,514) (1,553)
==================== ======= ======= ======== ===================== ========== ========== =========
At 31 March
2018 1,602 2,580 90 (61) (13) (4,337) (139)
==================== ======= ======= ======== ===================== ========== ========== =========
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 MARCH 2018
2018 2017
GBP'000 GBP'000
==================================================== ========= =========
Operating activities
Loss for the year before tax (1,480) (270)
Depreciation of property, plant and equipment 56 80
Impairment and amortization of intangible assets 524 156
Net finance costs 55 59
Tax paid (5) (1)
Decrease/(Increase) in trade and other receivables 1,015 (445)
Increase in trade and other payables 70 105
==================================================== ========= =========
Net cash generated by operating activities 235 (316)
==================================================== ========= =========
Cash flows from investing activities
Purchase of property, plant and equipment (14) (45)
Net cash outflow from investing activities (14) (45)
==================================================== ========= =========
Financing activities
(Decrease)/Increase in invoice discounting facility (254) 224
Finance cost paid (55) (59)
==================================================== ========= =========
Net cash outflow from financing activities (309) 165
==================================================== ========= =========
Net changes in cash and cash equivalents (88) (196)
Cash and cash equivalents, beginning of year 259 582
Effect of foreign exchange rate movements (30) (127)
Cash and cash equivalents at end of year 141 259
==================================================== ========= =========
Cash and cash equivalents for the purpose of the
statement of cash flows comprises: 2018 2017
GBP'000 GBP'000
Cash at bank 141 259
Cash and cash equivalents at end of year 141 259
==================================================== --------- =========
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARED 31 MARCH 2018
Basis of Preparation
This announcement and the financial information were approved by
the Board on 7 September 2018. The financial information set out in
this announcement does not constitute the Company's statutory
accounts for the years ended 31 March 2018 and 31 March 2017.
Statutory accounts for the years ended 31 March 2018 and 31 March
2017 have been reported on by the Independent Auditors. The
Independent Auditors' Report on the Annual Report and Financial
Statements for the year ended 31 March 2018 included a material
uncertainty in respect of going concern, in the event that should
trading be below or at the lower end of expectations there would be
a requirement for further funding in order for the group to
continue as a going concern and that obtaining this additional
funding cannot be guaranteed. The audit report for the year ended
31 March 2017 was unqualified and did not contain a statement under
498(2) or 498(3) of the Companies Act 2006.
Statutory accounts for the year ended 31 March 2017 have been
filed with the Registrar of Companies. The statutory accounts for
the year ended 31 March 2018 will be delivered to the Registrar in
due course.
The financial statements have been prepared in accordance with
International Financial Reporting Standards as adopted by the
European Union ("IFRS"), IFRIC interpretations and the parts of the
Companies Act 2006 applicable to companies reporting under IFRS.
The Financial Statements have been prepared under the historical
cost convention.
The preparation of Financial Statements in conformity with IFRS
require the use of estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial
information, including the reported amounts of revenues and
expenses during the reporting period. Although these estimates are
based on management's best knowledge of current events and actions,
actual results may ultimately differ from those estimates.
Copies of the statutory accounts for the year ended 31 March
2018 will be posted to all shareholders. Additional copies will be
available from the Company Secretary, Nakama Group plc, Quadrant
House, 33/45 Croydon Road, Caterham, Surrey CR3 6PB and will be
available to download from the investor relations section on the
Company's website www.nakamagroupplc.com.
Going concern
Based on the latest trading expectations and associated cash
flow forecasts, the directors believe that the group and company
will be able to trade within its existing facilities and therefore
meet its liabilities as they fall due for a period of at least 12
months from the date of approval of these financial statements and
have therefore prepared the accounts on a going concern basis.
However, the directors recognise that if trading was below or at
the lower end of expectations there could be a requirement for
additional funding and that obtaining this additional funding
cannot be guaranteed. This is considered to be a material
uncertainty that may cast doubt over the group and company's
ability to continue as a going concern.
1. Operating segments
Operating segments are reported on a geographical basis.
The Group has three 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.
-- USA - This business is currently dormant.
These segments are monitored by the Board of Directors and are
reported in a manner consistent with the internal reporting
provided to them. The Board of Directors are considered to be the
chief operating decision makers. All revenue is derived from the
supply of recruitment and human resource services.
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 accounts policies of the operating segments are the same as
those described in the summary of significant accounting
policies.
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.
The Board does not review assets and liabilities by segment.
Asia Pacific USA UK Total
2018 2018 2018 2018
GBP'000 GBP'000 GBP'000 GBP'000
Revenue from external
customers 5,320 4 11,468 16,792
Segment profit/(loss)
before
income tax (705) (53) 38 (720)
==================================== ======================= ================= ================= =================
The comparisons for 2017:
Asia Pacific USA UK Total
2017 2017 2017 2017
GBP'000 GBP'000 GBP'000 GBP'000
==================================== ======================= ================= ================= =================
Revenue from external
customers 8,825 79 13,615 22,519
Segment profit/(loss)before
income tax (20) (78) 42 (56)
==================================== ======================= ================= ================= =================
Reconciliation of
reportable
segment profit to the
Group's
corresponding amounts:
2018 2017
Profit or loss after GBP'000 GBP'000
income
tax expense
==================================== ======================= ================= ================= =================
Total profit or loss for
reportable segments (720) (56)
PLC costs not cross charged (236) (58)
Amortisation and impairment
of intangibles (524) (156)
Loss before income tax
expense (1,480) (270)
Corporation taxes (34) (82)
==================================== ======================= ================= ================= =================
Loss after income tax
expense (1,514) (352)
==================================== ======================= ================= ================= =================
2. Revenue
The Group makes sales to Europe, Asia, USA and Australasia. All
revenue is derived from the provision of services. An analysis of
sales revenue by country is given below:
Revenue by country 2018 2017
GBP'000 GBP'000
--------------------- =================== ===================
United Kingdom 11,026 13,223
Europe 305 392
Hong Kong 1,551 1,121
Singapore 709 630
Australia 3,197 7,074
USA 4 79
===================== =================== ===================
16,792 22,519
--------------------- =================== ===================
3. Operating loss
The profit on ordinary activities before taxation is stated
after charging:
The analysis of auditor's remuneration is as follows:
2018 2017
GBP'000 GBP'000
----------------------------------------------- ------------------- -------------------
Remuneration received by Company's auditor
or an associate of the Company's auditor:
Company annual accounts 5 5
Group annual accounts 10 10
----------------------------------------------- ------------------- -------------------
15 15
Other fees payable to the Company's auditors:
Audit of subsidiary companies 48 28
Tax compliance 10 13
----------------------------------------------- ------------------- -------------------
73 56
----------------------------------------------- ------------------- -------------------
Amortisation of intangibles 37 156
Impairment of goodwill 487 -
Depreciation of equipment 56 80
Foreign exchange loss/(gain) 72 (127)
Operating lease rentals:
Property 492 202
Plant and equipment 13 24
Staff costs 4,053 4,343
----------------------------------------------- ------------------- -------------------
4. Income tax expense
2018 2017
GBP'000 GBP'000
--------------------------------------------- ------------------- -------------------
Comprising:
Current tax charge 5 58
Deferred tax from timing difference between
depreciation and capital allowance 1 3
Deferred tax from trading losses 28 21
--------------------------------------------- ------------------- -------------------
34 82
--------------------------------------------- ------------------- -------------------
The relationship between the expected tax expense based on the
effective tax rate of the Group at 19% (2017: 20%) and the tax
expense actually recognised in the income statement can be
reconciled as follows:
2018 2017
GBP'000 GBP'000
------------------------------------------------- ------------------- -------------------
Result for the year before taxation (1,480) (270)
Expected tax expense (282) (54)
Expenses not deductible for tax purposes 108 20
Unrecognised deferred tax 266 116
Difference in tax rates between UK and overseas (58) -
Total income tax expense 34 82
------------------------------------------------- ------------------- -------------------
5. Loss per share
2018 2017
======== ============ ========== ======= =========== ===========
Weighted Weighted
average average
number of Loss per number Earnings
Loss shares share Loss of shares per share
GBP'000 '000 p GBP'000 '000 p
================== ======== ============ ========== ======= =========== ===========
Basic and diluted
loss per share (1,514) 117,607 (1.29) (352) 117,607 (0.30)
------------------ -------- ------------ ---------- ------- ----------- -----------
The weighted average number of shares excludes 183,953 (2017:
183,953) shares held by the Employee Share Benefit Trust.
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