Source - PRN

30 September 2016

Norman Broadbent plc
(“Norman Broadbent” or “the Company” or “the Group”)
Interim Results

Norman Broadbent (AIM: NBB) -  a provider of time efficient, cost effective Board & Executive Search, Senior Interim Management, Solutions, Insight and Leadership Consulting services to companies ranging from established corporations to high-growth innovators -  today announces its unaudited interim results for the six months ended 30 June 2016.

Highlights

  • Appointment of Mike Brennan as Group CEO in April 2016
  • Continued focus on restructuring of all businesses in H1 2016 with a resulting decrease in net fee income to £3,214,000 (H1 2015: £3,794,000)
  • Operating expenses decreased by 12% to £3,287,000 (H1 2015: £3,732,000)
  • Group net loss decreased to £106,000 (H1 2015: £134,000), in comparison to a Group net loss of £351,000 for the last six months of 2015
  • Since the half year, the Board has appointed a new managing director of the Norman Broadbent Interim Management division, who joins the Group in October 2016
  • Since the half year, Norman Broadbent has rebranded and repositioned its mid-market business, AGP. As of 3 October 2016 this division will trade as NB:Solutions under a new managing director. NB:Solutions is now  positioned to provide innovative cost effective and flexible executive level recruitment solutions
  • Frank Carter joined the Board as Non-Executive Chairman, replacing Scanes Bentley, in September 2016

Mike Brennan, CEO of Norman Broadbent, said:

“Given the rightsizing of the cost base in recent years, we are now entering a new phase of growth underpinned by the £2.3m of new capital raised in September 2016 from both existing and new shareholders. This capital will stabilise the business from an operational perspective, has allowed us to repay expensive debt, but more importantly enable the business to scale up through the hiring of new and experienced fee earners across all of our three core offerings of Executive Search, Solutions and Interim Management. We expect to start to see the benefit of these new hires in 2017.”

For further information please contact:

Norman Broadbent plc                                                                                  

Mike Brennan/James Webber                                                                          020 7484 0000

Allenby Capital                                                                                                  

Nick Naylor/Liz Kirchner                                                                               020 3328 5656

Notes to Editors

Norman Broadbent plc is a provider of time efficient, cost effective Board & Executive Search, Senior Interim Management, Solutions, Insight and Leadership Consulting services to companies ranging from established corporations to high-growth innovators.

For further information visit www.normanbroadbent.com

  
CEO Review:

Summarised Financial Results:

The table below summarises the results for the Group.

Six months to
30 June

2016
Six months to
30 June
2015
Year ended
31 Dec
2015
£000's £000's £000's
Continuing operations
Revenue 3,639 4,883 8,644
Cost of sale (425) (1,089) (1,747)
Gross profit 3,214 3,794 6,897
Operating expenses (3,287) (3,732) (7,087)
Group operating profit / (loss) (73) 62 (190)
Net finance cost (33) (18) (41)
Exceptional Items - (125) (194)
(Loss) / profit before tax (106) (81) (425)
Income tax - - -
Loss from discontinued operation - (53) (60)
(Loss) / profit after tax (106) (134) (485)

In the first half of 2016 management continued its focus on the necessary restructuring of the Group’s businesses, resulting in a number of planned reductions in headcount. As a result of these actions, net fee income (after interim costs) declined by 16% to £3.2m (H1 2015: £3.8m), however encouragingly group losses reduced by 21% to £0.10m (H1 2015: £0.13m).

Norman Broadbent Executive Search (“NBES”) revenue declined by 15% to £2.4m (H1 2015: £2.8m) reflecting the impact of planned reduction in fee generating headcount. Encouragingly, the net profit margin increased to 14% reflecting the positive impact of restructuring the business in Q3 of 2015. Moving into the second half of 2016 and 2017, our key focus will be on the recruitment of senior consultants within our existing practices as well improving consultant productivity. Group wide productivity will be driven by our new Head of Business Development, the appointment of a Group Head of Research & Insight and a more holistic approach to account management.

Norman Broadbent Leadership Consulting (“NBLC”) had a slow first six months of 2016 with revenues excluding associate costs of £0.2m (H1 2015: £0.4m). The decline was in part due to a large assessment project with a FTSE 100 business being put on hold. The NBLC business operates using an associate model, therefore if revenues decrease then the associated operating costs will also fall. The business was marginally loss making in H1 2016, however this loss includes the cost of two employees who left the business in Q2 2016. Despite the small revenue contribution to the Group, NBLC has a high quality product range which through better account management can be sold more effectively across the Group.

Encouragingly AGP, which will be rebranded to NB Solutions (“NBS”), increased gross profit by 26% to £0.4m (H1 2015: £0.3m), however, disappointingly the business was still loss making. As a result, the business was restructured with a number of staff leaving in Q2 2016. Since the restructure we have appointed a new divisional managing director, re-defined NBS’ proposition and are in the process of re-building the team to enable NBS to leverage the NBES business more effectively.

The Group has been missing a high value interim executive offering of significant scale since the business was restructured in 2015. Such a business gives clients flexibility during periods of economic uncertainty, and can also be effectively cross-sold by the Group. In light of this the Board is delighted to announce that we have appointed a new divisional managing director who will join the Group from a well-regarded competitor at the beginning of October 2016.

Social Media Search (“SMS”) has been restructured significantly in recent years and its core offering refined. The business is now underpinned by long term annuity contracts and encouragingly revenues increased by 46% to £0.3m (H1 2015: £0.2m), however the business was marginally loss making. This loss, however, includes the cost of two underperforming consultants who were exited from the business in June 2016.

Financial Position

Equity shareholders’ funds were £1.1m as at 30 June 2016 (£1.2m at 31 December 2015), with net current assets of £0.1m (£0.2m at 31 December 2015). Cash and cash equivalents at 30 June 2016 stood at £0.3m, down from £0.4m at 31 December 2015, reflecting the continued investment in the new businesses (most notably AGP). The balance on the Group’s revolving invoice discounting facility was £0.6m (£0.9m at 31 December 2015), reflecting a trade receivables balance of £0.9m (£1.2m at 31 December 2015).

Board Changes

As highlighted in the 2015 full year results, I joined the Company as Group CEO in April 2016. Following my appointment and the £2.3m equity raise in September 2016, Frank Carter has joined the business as Non-Executive Chairman, taking over from Scanes Bentley. Frank has been an adviser to the Company since June 2016. Frank has most recently worked as a Senior Adviser to KPMG, following 18 years as a Senior Partner in the firm's Corporate Finance business. Frank is a highly experienced corporate adviser with over 25 years’ experience advising at board level on a range of strategic matters and transactions across a wide variety of sectors. He has worked in the UK, Europe and the US with major corporates, listed and private companies, financial sponsors and the public sector.

Finally, Richard Robinson announced his retirement as a Non-Executive Director of the Company on the 19th September 2016. The Board wishes to express its gratitude to Richard for his considerable contribution to the business over many years. In the short term, Richard will remain in his role as Company Secretary.

Current Trading

Since the period end, we have concentrated on investing in hiring new talent across our three brands and on further reductions in costs including exiting poor performers. This investment in our staff will continue into 2017 and beyond.

Monday 3rd October will see the formal launch of the rebranded business units Norman Broadbent Interim Management and NB: Solutions under new and revitalised leadership.

We anticipate that the refocussing and repositioning of the business and the refreshment of our brands will result in an improved financial performance with the benefits coming through during the second half of 2017.

Mike Brennan
Group CEO

 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six month period ended 30 June 2016

Note Six months
ended
30 June 2016

(unaudited)
Six months
ended
30 June 2015
(unaudited)
Year ended
31 December
2015
(audited)
£000 £000 £000
Continuing operations
Revenue 3,639 4,883 8,644
Cost of Sales (425) (1,089) (1,747)
Gross profit 3,214 3,794 6,897
Operating expenses (3,287) (3,732) (7,087)
Group operating profit / (loss) (73) 62 (190)
Net finance cost (33) (18) (41)
Exceptional Items 6 - (125) (194)
Loss on disposal of investment - - -
Loss on ordinary activities before income tax (106) (81) (425)
Income tax expense - - -
Loss from continuing operations   (106) (81) (425)
Discontinued operations
Loss from discontinued operation 7 - (53) (60)
Loss for the period (106) (134) (485)
Other comprehensive income
Foreign currency translation differences – foreign operations 2 4 -
Total comprehensive loss (104) (130) (485)
Loss attributable to:
Owners of the Company (104) (105) (452)
Non-controlling interests (2) (29) (33)
Loss for the period (106) (134) (485)
Total comprehensive loss attributable to:
Owners of the Company (102) (101) (452)
Non-controlling interests (2) (29) (33)
Total comprehensive loss for the period (104) (130) (485)
Loss per share 4
 - Basic (0.60p) (0.60)p (2.59)p
 - Diluted (0.60p) (0.60)p (2.59)p
Adjusted loss per share
 - Basic (0.60p) (0.58)p (2.59)p
 - Diluted (0.60p) (0.58)p (2.59)p
Loss per share – continuing operations 4
 - Basic (0.60p) (0.30)p (2.25)p
 - Diluted (0.60p) (0.30)p (2.25)p
Adjusted loss per share – continuing operations
 - Basic (0.60p) (0.27)p (2.25)p
 - Diluted (0.60p) (0.27)p (2.25)p

 
 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2016

Note As at
 30 June
2016
As at
30 June
2015
As at
31 December
2015
(unaudited) (unaudited) (audited)
£000 £000 £000
Non-current assets
Intangible assets 1,363 1,363 1,363
Property, plant and equipment 62 90 82
Deferred tax 69 69 69
Total non-current assets 1,494 1,522 1,514
Current assets
Trade and other receivables 1,707 2,722 2,172
Cash and cash equivalents 263 374 448
Total current assets 1,970 3,096 2,620
Total assets 3,464 4,618 4,134
Current Liabilities
Trade and other payables (1,243) (1,888) (1,536)
Bank overdraft and interest bearing loans (645) (1,042) (918)
Total current liabilities (1,888) (2,930) (2,454)
Net current assets 82 166 166
Non-current liabilities
Provisions
Loan Note                 
5 (125)
(350)
(125) (125)
(350)
Total liabilities (2,363) (3,055) (2,929)
Total assets less total liabilities 1,101 1,563 1,205
Equity
Issued share capital 5,901 5,901 5,901
Share premium account 10,699 10,699 10,699
Retained earnings (15,203) (14,747) (15,101)
Equity attributable to owners of the Company 1,397 1,853 1,499
Non-controlling interests (296) (290) (294)
Total equity 1,101 1,563 1,205

 
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six month period ended 30 June 2016

Attributable to owners of the Company
CONSOLIDATED GROUP

Share
Capital

Share Premium

Retained Earnings

Total Equity
Non-controlling interests
Total
Equity
£000 £000 £000 £000 £000 £000
Balance at 1 January 2015 5,901 10,699 (14,649) 1,951 (261) 1,690
Loss for the period - - (106) (106) (29) (135)
Adjustment for discontinued operation - - - - - -
Total other comprehensive income - - 4 4 - 4
Total comprehensive income for the period - - (102) (102) (29) (130)
Transactions with owners of the
Company, recognised directly in equity:
Issue of ordinary shares - - - - - -
Credit to equity for share based payments - - 4 4 - 4
Total transactions with owners of the Company, recognised directly in equity - - 4 4 - 4
Balance at 30 June 2015 5,901 10,699 (14,747) 1,853 (290) 1,563
Balance at 1 July 2015 5,901 10,699 (14,747) 1,853 (290) 1,563
Loss for the period - - (347) (347) (4) (351)
Total other comprehensive income - - (7) (7) - (7)
Total comprehensive income for the period - - (354) (354) (4) (358)
Balance at 31 December 2015 5,901 10,699 (15,101) 1,499 (294) 1,205
Balance at 1 January 2016 5,901 10,699 (15,101) 1,499 (294) 1,205
Loss for the period - - (104) (104) (2) (106)
Total other comprehensive income - - 2 2 - 2
Total comprehensive income for the period - - (102) (102) (2) (104)
Balance at 30 June 2016 5,901 10,699 (15,203) 1,397 (296) 1,101

 
 
CONSOLIDATED STATEMENT OF CASH FLOW
For the six month period ended 30 June 2016

Notes Six months
ended 30 June
2016
(unaudited)
Six months ended 30 June 2015 (unaudited)  Year ended
31 December 2015
(audited)
£000 £000 £000

Net cash used in operating activities

(i)

119

(477)

(590)
Cash flows from investing activities and servicing of finance
Net finance cost (33) (18) (41)
Dividends received - - -
Payments to acquire tangible fixed assets - (10) (22)
Disposal of discontinued operation, net of cash disposed of 7 - - -
Repayment of deferred consideration - - -
Net cash inflow from disposal of investments - - -

Net cash used in investing activities

(33)

(28)

(63)
Cash flows from financing activities
Proceeds from borrowings - - 350
Net cash inflows from equity placing - - -
(Decrease)/increase in invoice discounting (273) 369 245

Net cash from financing activities

(273)

369

595
Net (decrease)/increase in cash and cash equivalents (187) (136) (58)
Net cash and cash equivalents at beginning of period 448 506 506
Effects of exchange rate changes on cash balances held in foreign currencies 2 4 -

Net cash and cash equivalents at end of period

263

374

448
Analysis of net funds
Cash and cash equivalents 263 374 448
Borrowings due within one year (645) (1,042) (918)

Net funds

(381)

(668)

(470)
Note (i)
Reconciliation of operating profit to net cash from operating activities Six months ended 30 June 2016 (unaudited) Six months ended 30 June 2015 (unaudited)      Year ended 31 December 2015
(audited)

Operating loss from continued operations

(73)

62

(190)
Operating loss from discontinued operations - (50) (56)
Depreciation/ impairment of property, plant and equipment 20 25 45
Exceptional Items - (125) (194)
Share based payment charge - 4 -
Increase in trade and other receivables 465 (759) (209)
Increase/(decrease) in trade and other payables (293) 370 18
Taxation paid - (4) (4)

Net cash used in operating activities

119

(477)

(590)

 
 
NOTES TO THE FINACIAL 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 2015, 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 2016, 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 2016 and are unchanged from those disclosed in the Group’s Annual Report for the year ended 31 December 2015. 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 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 (formerly Human Asset Development International Ltd) England and Wales Assessment, coaching and talent mgmt. 100 per cent ordinary shares
AGP NB Ltd (formerly NBBI Ltd) England and Wales Contingent Search 100 per cent ordinary shares
Norman Broadbent Interim Management Ltd England and Wales Executive search 100 per cent ordinary shares
The NB Consultancy (Singapore) Pte Ltd Republic of Singapore Executive Search 100 per cent ordinary shares
Norman Broadbent Inc United States of America Executive Search 100 per cent ordinary shares
Norman Broadbent (Ireland) Ltd * Republic of Ireland Dormant 100 per cent ordinary shares
Connecting Corporates Ltd England and Wales Social Media Search and Consulting 51 per cent ordinary shares
Social Media Search Ltd Scotland 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 12 St James’s Square, London, SW1Y 4LB and will shortly be 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 2016
Executive Search
£000


NBLC
£000


AGP
£000


SMS
£000


NBIM
£000

Disc.
Operation
£000

Un
allocated
£000


Total
£000

Revenue
2,351 199 414
273
402 - - 3,639
Cost of sales (55) (36) (2) (1) (330) - - (424)
Gross profit 2,296 163 412 272 72 - - 3,214
Operating expenses (1,943) (167) (533) (282) (57) - (287) (3,269)
Other operating income - - - - - - - -
Finance costs (10) - (2) - (2) - (19) (33)
Depreciation and amort. (14) - (3) (2) - - - (19)
Restructuring costs - - - - - - - -
Exceptional items - - - - - - - -
Loss on disposal of investment - - - - - - - -
Profit/(Loss) before tax 329 (4) (126) (12) 13 - (306) (106)

   

BUSINESS SEGMENTS
Six months ended 30 June 2015
Executive Search
£000


NBLC
£000


AGP
£000


SMS
£000


NBIM
£000

Disc.
Operation
£000

Un
allocated
£000


Total
£000

Revenue
2,781 370 499 187 1,044
118
3 5,002
Cost of sales (3) (83) (173) - (830) (74) - (1,163)
Gross profit 2,778 287 326 187 214 44 3 3,839
Operating expenses (2,409) (225) (353) (259) (282) (93) (179) (3,800)
Other operating income - - - - - - - -
Finance costs (12) - (2) - (4) - - (18)
Depreciation and amort. (20) - (3) (2) - (1) - (26)
Restructuring costs - - - - - - (125) (125)
Exceptional items - - - - - - - -
Loss on disposal of investment - - - - - - - -
Profit/(Loss) before tax 337 62 (32) (74) (72) (50) (301) (130)

   

BUSINESS SEGMENTS
Year ended 31 December 2015
Executive Search
£000


NBLC
£000


AGP
£000


SMS
£000


NBIM
£000

Disc.
Operation
£000

Un
allocated
£000


Total
£000

Revenue
4,885 601 993 370 1,791
118
4 8,762
Cost of sales (17) (128) (205) - (1,397) - - (1,747)
Gross profit 4,868 473 788 370 394 118 4 7,015
Operating expenses (4,417) (403) (879) (457) (510) (173) (377) (7,216)
Other operating income - - - - - - - -
Finance costs (22) - (4) - (8) - (7) (41)
Depreciation and amort. (35) - (5) (4) - (1) - (45)
Restructuring costs - - - - - - - -
Exceptional items (68) - - - - - (126) (194)
Loss on disposal of investment - - - - - - - -
Profit/(Loss) before tax 326 70 (100) (91) (124) (56) (506) (481)

ii)        Revenue and gross profit by geography:

Revenue £’000 Gross Profit £’000
Six Months Ended Year Ended Six Months Ended Year Ended
30 June
2016
30 June
2015
31 Dec
2015
30 June
2016
30 June
2015
31 Dec
2015
United Kingdom 3,605 4,884 8,607 3,180 3,795 6,862
Rest of the World 34 118 155 34 44 153
Total 3,639 5,002 8,762 3,214 3,839 7,015

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 2016 Six months
ended
30 June 2015
Year ended
 31 December
 2015
(unaudited) (unaudited) (audited)
(Loss)/profit attributable to shareholders (104,000) (105,000) (452,000)
Weighted average number of ordinary shares 17,416,487 17,416,487 17,416,487

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
ended
30 June 2016
Six months
ended
30 June 2015
Year ended
31 December
2015
(unaudited) (unaudited) (audited)
(Loss)/profit attributable to shareholders (104,000) (105,000) (452,000)
Weighted average no. of ordinary shares 17,416,487 17,416,487 17,416,487
- assumed conversion of share options - - -
- assumed conversion of warrants - - -
Weighted average number of ordinary shares for diluted earnings per share 17,416,487 17,416,487 17,416,487

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
 2016
Six months ended 30 June 2015 Year ended 31 December 2015


£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 (104) (0.60) (0.60) (105) (0.60) (0.60) (452) (2.59) (2.59)
Adjustment
Share based payment charge - - - 4 0.02 0.02 - - -
Adjusted earnings (104) (0.60) (0.60) (101) (0.58) (0.58) (452) (2.59) (2.59)

5.            PROVISIONS

Six months
ended 30 June
2016

£000
Six months
ended 30 June
2015
£000
Year ended
31 December
2015
£000
Balance at beginning of period 125 125 125
Provisions made during the period - - -
Balance at end of period 125 125 125
Non-current 125 125 125
Current - - -
125 125 125

On the 6 March 2013 the Company signed a new ten year lease with a five year break for its main office in London. On signing the new lease the Company inherited the office fit-out from the previous tenant. Under the terms of the new lease the Company is obliged to return vacant possession to the landlord with the office returned to its original state. The Company has had the present cost of the future works required to return the office to its original state valued by an independent firm of advisors and this non-current liability of £125,000 is provided for in the financial period. The Company received a one-off payment of £250,000 in 2013 from the previous tenant in satisfaction of various costs and liabilities that it inherited with the new lease.

6.            EXCEPTIONAL ITEMS

Six months
ended 30 June
2016

£000
Six months
ended 30 June
2015
£000
Year ended
31 December
2015
£000
Personnel - 125 194
Balance at end of period - 125 194

7.            DISCONTINUED OPERATION

During 2015, the Group ceased its operations in both Singapore and the USA. These two segments were classified as discontinued operations as at 30 June 2015 and at 31 December 2015.                                                                                                                                         .

Six months
ended 30 June
2016

(unaudited)
Six months
ended 30 June
2015
(unaudited)
Year ended
31 December
2015
(audited)
£000 £000 £000
Results from discontinued operation
Revenue - 118 118
Operating Expenses - (168) (174)
Results from operating activities - (50) (56)
Exceptional items - - -
Tax - (4) (4)
Results from operating activities, net of tax - (54) (60)
Minority Interest - - -
Loss/Profit for the period - (54) (60)
Loss per share
 - Basic - (0.31)p (0.34)p
 - Diluted - (0.31)p (0.34)p

8.            RELATED PARTY TRANSACTIONS

i)          Purchase of services: Six months
ended 30 June
2016

£000
Six months
ended 30 June
2015
£000
Year ended
31 December
2015
£000
Adelaide Capital Limited - 149 145
Anderson Barrowcliff LLP 14 5 13
Brian Stephens & Company Limited 12 19 30
Connecting Corporates Limited 7 23 35
Scanes Bentley & Associates Limited - - 25
Total 33 196 248

Brian Stephens & Company Limited invoiced the Group for the directors’ fees and corporate finance services of B Stephens (£10,000) and business related travel costs of £2,000. B Stephens is a director of Brian Stephens & Company Limited. Taxation services of £5,000, accounting services of £8,000 and business related travel cost of £1,000 were acquired from Anderson Barrowcliff LLP, an accountancy firm of which R Robinson was a partner in the prior year. 

During the period the Group acquired research services from Connecting Corporates Limited of £7,000. The Group owns a 51 per cent stake in Connecting Corporates Limited.

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

ii)         Sales of services: Six months
ended 30 June
2016

£000
Six months
ended 30 June
2015
£000
Year ended
31 December
2015
£000
Connecting Corporates Limited - 8 17
Total - 8 17

During the prior period the Group recharged group services incurred for the benefit of Connecting Corporates Limited to Connecting Corporates Limited at a cost of £8,000.

iii)        Period-end payables arising from the purchases of services: Six months
ended 30 June
2016

£000
Six months
ended 30 June
2015
£000
Year ended
31 December
2015
£000
Adelaide Capital Limited - 78 -
Anderson Barrowcliff LLP 5 4 8
Brian Stephens & Company Limited 2 10 4
Connecting Corporates Limited 30 23 -
Total 37 115 12

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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