BOWOOD
30 Dec 2016
SMS I feel that many shareholders who had their feet on the ground always wondered how SMS fitted into NBB. This was another example of bad management of an earlier Board and the divesting is another positive move by a more focused and smaller BOD.
BOWOOD
01 Oct 2016
Re: H1 Results Ex search made a profit in the six months with all other segments losing money. If Ex search can maintain its progress and the other segments move into decent profits on operational gearing then the bottom line could be very attractive. I cannot see anymore savings in admin costs so it's down to increasing the NFI. M/C about £5m so we will need post tax profits to be £1m plus to get the shares moving. Seems a big ask on historicals but I think we are dealing with an effective new business.
broomfielder
01 Oct 2016
Re: H1 Results There's no doubt in today's uncertain market conditions that the strategy being adopted by NBB is high risk.However, as stated previously, the Co now finds itself in something of a cul-de-sac following its savage but perhaps wholly necessary pruning. The actions now being undertaken depend exclusively on the new Executive team's abilities and to be honest Co fortunes really always do. You really always want to back the 'top team' as it's they who will differentiate the Co from its competitors and I believe we now have genuine achievers on board.It's the correct and dare I say it only real option other than a bolt-on aquisition (with all the issues that could bring etc) that will move NBB forward.It's healthy now to be in this position as otherwise it wasn't going anywhere. As to potential SP levels, I guess anything is possible if the new business really takes off. I am genuinely perplexed about the dilutive effects of such a huge addition to the share capital however.B
BOWOOD
30 Sep 2016
Re: H1 Results MB is a no non CEO and I think we can expect a positive future - unless this happens and he gets support he will decide to go. 2017 is what it is all going to be about - new high earning consultants and high profile clients. If the consultants don't make the grade they will be out, but if they do then earnings will grow and more fee earners with a data base of clients will want to join. In a only a few months NBB appear to have achieved more than they did in the previous 10 years. Highly operationally geared suggests that in the next 18/24 months earnings could be enough to justify a sp of 50p plus.
broomfielder
30 Sep 2016
H1 Results Some positives in amongst the expected Losses and reduced Turnover etc.As they have found, there is always a limit to restructures and cost cutting before you get to the point when no matter how much you cut costs, you will still incur losses.I guess it's all about what MB and his team now do with the gear-up monies. It may be (relatively) easy to recruit the additional consultants, but control of costs / margins etc when trying to sustantially grow the business will be even more crucial. And all this in a very challenging business environment.Let's hope we continue to receive a regular news flow on progress.B
BOWOOD
29 Sep 2016
Re: Awaited H1 Results We will see shortly. Perhaps the buying is from more recent appointments who want to be part of the way ahead. A loss for the first half will show a loss and the interest will be if this can be reduced or indeed eliminated during the second half. But from next year we will need to see positive results half year on half year if the market is to buy into the new management.
broomfielder
28 Sep 2016
Awaited H1 Results B - Given your observations on NBB made on the KLN page, I am guessing here, but the recent firming in the SP may just suggest that we will indeed get a full update on the way ahead when the H1 figs are released on Friday.As these results as you say are expected to reveal further losses (on the back of what has gone on already at the Co), normally a bit of a sell-off might have been expected. So the small up ticks are welcome albeit on very little volumes.However, I think the extent of the anticipated gear-up that NBB are undertaking has attracted some attention with Mike B doubtless having his own following also adding to a feeling of expectation for the period ahead.Let's hope we are not disappointed.B
BOWOOD
20 Sep 2016
Re: RNS Yes I agree. The half year will come in at a loss and I doubt if the second half will make up the slack. So a loss again for the year as a whole but shareholders will be unforgiving as will the market if there is a further loss to June 17. I reckon the time to buy will be March/April 2017 if you beleive in the management and the economy which I think I do.
broomfielder
20 Sep 2016
Re: RNS I don't disagree with your comments B.As far as any top ups are concerned, given the extent of dilution we have suffered here, it may be better to wait to see how the SP reacts after the Subscription shares are taken up.B
BOWOOD
19 Sep 2016
Re: RNS Looking much better than it has for several years but cannot get it wrong again. Sorry to see Robinson go but he is the last of the old team. The new team appear to be licking from the same bowel and importantly have put some cash in notwithstanding it will be small beer to them. I expect then to kitchen sink all costs, charges and one offs in the year to December and be ready to grow from 1/117. A market cap of £4m together with financial backing and a focused management looks to be a good place to start. The sector is still a challenge so I expect nothing exciting happening unti 2018 but would prefer to top up with NBB rather than KLN as a contra thinker.
broomfielder
19 Sep 2016
RNS Excellent to see matters have continued to proceed at pace here.B - you are probably better placed to comment on the BoD 'exits' which are probably of little surprise. The recruitment of FC given his background (and the tone of the RNS comments) rather suggest future Corporate activity to further growth etc. That's to be welcomed.Repayment of the costly Loan Notes (shareholder loans) without penalty is all positive.Early days of course, but as I have said previously, there is a new dynamism afoot which is very encouraging. Despite the Sector travails, the new BoD set up looks much better than many to succeed.B
BOWOOD
02 Sep 2016
Re: RNS re: Subscription Good to see MB taking a usefull stake and JW upping his holding - both affordable no doubt. I wonder if the Loan Note will be repaid when due or extended by the interested parties or perhaps converted into further shares.
broomfielder
01 Sep 2016
Re: RNS re: Subscription 58% dilution to existing shareholders if the Subscription shares are taken up in full as indicated. Very substantially dilutive, but I guess this has to be acceptable to move the Co forward and in any case we currently don't have any realistic prospect it seems of otherwise attaining net profits at a substantive level.Also, the only way the debt element would be repaid would have been by share issue to one of our major shareholders in any case so at least it's strengthened the Balance Sheet. It may just have helped share liquidity as well.All set it seems for ratification at the Gen. Mtg. on 19 Sep. ......Fast Forward!B
broomfielder
01 Sep 2016
RNS re: Subscription Clearly things have been moving behind the scenes somewhat as the New Shares have already been fully subscribed (per yesterday's RNS).Refreshing to see the shares being taken by the Directors etc with JM taking the opportunity to back the latest issue but reduce his holding %. A sign of things to come.If they keep up the pace, this is what I mean by dynamic leadership.Now it just might be that things are finally on the 'up' with this Co.B
broomfielder
31 Aug 2016
Re: RNS I agree B; the capital raise is significant in quantum and I think all the more so given its intended uses.Repayment of the high cost/short term debt is understandable but meeting the recruitment costs of 50 highly paid and equity incentivised new consultants is a big 'ask' and let's hope a better presentation to prospective Inst. Investors is made than the somewhat lacklustre RNS.The nature of the Capital raising could be viewed a number of ways but let's be charitable and say it will minimise failure risk and be less expensive than other (arguably fairer) alternatives.The 'defensive' restructure period is now coming to a close having run its course with the Group flagging further losses to be announced for H1 in September much in line with Prior Year H1. So rather like other nameless companies (also in the recruitment business), they have to look for an alternative. Thankfully it's not simply a bolt-on aquisition with all the risks that these bring.At least here unlike the other Co.I have alluded to, we have a plan, or more accurately, a man with a plan and it's fairly clear why MB was recruited as he effectively takes on the role of shouldering the Group hopefully through a door to profitability. But it's still a strategy not without risk.Now I have always found that the key to success in corporate turnarounds rests not with business models per se but often with a few key people or even an individual. With the right drive they know what they want and how to achieve it as they thoroughly understand the business and marketplace in which they operate.I just hope they have the right man here and I think they do. He will recruit the right kind of people to support the task. Hopefully the wider economic picture won't see too many lurches of the Brexit type and the planned expansion is truly understood to be achievable.Then we just have to trust their judgement.....at least the additional capital is not sought at a material discount to the current SP (albeit that is standing close to an all time low). The Plan outlined says all the right sort of things but we all know too few Management Teams actually deliver when it comes to hard numbers.As you say B, they are buying themselves yet more time with end 2017 being now the date for sustainable profitability. Yes, we are going to have to be patient that bit longer.This will move forward only if some serious cash is put up by existing shareholders and Directors under the headline that all the dirty work has already been done and the Group is now finally ready for lift off.Hopefully for us all, this exercise will be successful and we can move forward under more dynamic leadership than we have witnessed for some time.B
