broomfielder
03 Jun 2016
Re: Results Wow, much more of a mixed bag than these appeared at first glance and as always underscores the dangers of taking year end figures in isolation and extrapolating trends etc!The undernoted are all IMO and of course no guarantee free of erratum etc.I wont repeat all the Accounting info that will be obvious to all from the RNS but suffice to say, the bullet points highlighted when looked at in conjunction with the random comparisons of differing Profit/Loss 'lines' in Chairman's statement (both in FY figs and H1) do rather paint a somewhat seamless picture of progress throughout the Group when in fact there are some distinctly underwhelming features.Overall however the Group IS heading in the right direction IMO with its attention to cost cutting still very much in evidence underscoring its streamlining of it's many areas of operation.A few observations (on Full Year figs):-- Group Revenues showing a healthy growth of 17%, but lack of any growth in Gross Profits suggest increasing competition and/or that they are 'chasing' business at the expense of margin- Operating Losses down c77% on 2014 at £190k but of course this masks the H2 blip. Although at Group level, these Losses year on year represent an improving trend, the reasons for the £60k Op Profit at H1 turning into the FY loss is less than clear. Part of this total is made up of losses at each of the 3 new businesses - AGP more than doubled it's H1 losses whilst SMS and NBIM reduced theirs but considerably lower profits at Exec Search and less so NBLC in H2 all contribute to the poorer Operating fig but it is another c £200k of Unallocated Expenses in H2 that altogether get close to the £250k adverse change at the Operating Profit to Loss level seen from end H1 to FY End.- Encouraging to see Group in Profit in Q1 2016 (not stated if this PBT or Operating level etc). We really could do with a Q1 update or trading statement which could build on this etc. but guess we will just have to await H2 release.- Key Profit driver remains Exec Search but it's severe blip in Sep/Oct shows the extent to which the Group remains sensitive to its performance/outlook etc. A major risk factor going forward.- All 3 new businesses remain Loss making at year end and essentially the continuing 'investment' in these companies mentioned by Chairman is little more than funding losses at present. These were supposed to be all in profit by end 2015.- Cash at year end looks in line but with Debtors now taking longer and the Group unable to repeat last year's achieve the of lengthening it's own credit taken, it's likely the squeeze on liquidity will increase if these losses are not choked off. They have headroom in their Investment Discounting facilities but past increases in usage coupled with last year's Loan Note issue has met this funding gap but we shouldn't be continuing this if at all possible. Also as Debtors days have lengthened, our biggest has moved from c8% to 11% - hope it's a good credit risk!The above are some of my main observations and centre around trying to understand if there is anything to worry about within these FY Accounts. The answer is that we won't know until an H1 update is issued to confirm that across the Group, the various components especially Exec Search are firmly back on track for the longer term and the objectives of Profits both at Operating and PreTax levels are indeed achievable in the near term. These we need without any further hitches or delays.A final point - looking at MB our new CEO, are we looking at a potential future owner with an MBO being his reward and of course J Moulton's exit? Just a thought.B
broomfielder
03 Jun 2016
Re: Off topic I will certainly have a look M and although my funds are fairly fully stretched at the minute, recommendations people put their name to are always worthy of a check IMO. It can greatly help to narrow potential targets for future and get a stint on my 'watch' list.Was of course hoping that NBB had delivered stellar results today to release a big win for us all.....more on the figs later!Rgds. B
mantrova
03 Jun 2016
Off topic Just by way of a mild diversion whilst we await developments at NBB, I'd just mention that TAVI might repay a looksee.There is a link on their bb to a recent press mention of the business.Yes, I have a large holiday which goes back to the cheap days, although I'm holding very tight as I expect much more to come here.All fwiw and just passing on something which perhaps you are already aware, but if not....m
BOWOOD
03 Jun 2016
Re: Results So there was an operating loss of £250k in the second half?
BOWOOD
03 Jun 2016
Re: Results Have not seen the figures but if we are showing a loss at the operating level against a profit at six months what has gone wrong? I hope there was no compensation for O'Brian.
mantrova
03 Jun 2016
Re: Results I've just now spotted the full read on the LSE site, but don't feel able to reiterate them here.m
broomfielder
03 Jun 2016
Results These are shown in detail on the ADVN news page (and reflect an RNS which for some reason is not showing on most other websites including III (or at least the ones I monitor).I'm still looking at the full statement but an encouraged by the trends being shown. Whilst we are still making Losses at Operating levels these are greatly reduced with the better news still that Q1 has in fact moved into modest Profit.I will pass on some further comment once I can get into all the detail, especially the cash flow/liquidity position etc. Background to the new CEO is particularly interesting and it suggests to me he could have a Profit linked reward package of some substance (otherwise I can't see why he is in the role).B
mantrova
03 Jun 2016
Very interesting here... The results are slated for today on Morning Star, unless that's a date which keeps being moved on daily, once results are overdue the anticipated date? ....No matter.The point is that any buying of NBB, however small, has a noticeable effect on the sp and where today 14.725p has been paid for just 1000 shrs - that's against the last highest recent buy/sell price showing on Level 2, of 13.5p.L2 is showing incredibly tight numbers here, with totals on the bid/ask of only 6000 shrs on each side. There are 3 mm's, each with just 2k showing on each side of the bid/ask. From each, their ask all shows as 15p.To my mind, it's pretty obvious that if the results show something of a sea-change in how the future of the business might be looking on more of an upward note, then my thinking is for a likely sharp improvement in the sp, which normally shows a very decent response to even the smallest of buys.m
BOWOOD
28 May 2016
Re: Sector The EU debate is a major distraction at the moment and has taken the place from the wheather as being the main talking point and is getting in the way of decision making.If we vote to stay then I feel within a week or so we will pick ourselves up, dust ourselves off and get on with it. If we leave then I fear the uncertainty of what the effect will be will encourage excuses for further indecision. Whatever the result the sun will still come up in the morning and the world will continue to go round and I am confident that NBB wil develope as a force in the sector.I had expected the results by now but perhaps the new CEO wants to set out his vision.GL
broomfielder
28 May 2016
Sector Albeit largely anecdotal in nature, there are reports that suggest recruitment demand within the UK has started to fall fairly sharply in recent weeks.Whilst all sorts of economic data could be produced no doubt to support this view, the biggest thorn in everyone's side at the moment IMO is the sheer panic in political circles should Brexit indeed occur. Irrespective of your views, the weight of negative press and media coverage generally, have no doubt if nothing else cautioned against any meaningful capex / recruitment etc by Companies in the short term at least until the EC Referendum uncertainty is resolved.Meantime let's hope the expected figures in the coming days reinforce the Company's progress to date as mentioned in previous entries.B
broomfielder
26 May 2016
Re: Results Any news sooner than later would be welcome and hopefully the latest figures should maintain or even improve upon past performance at H1 and before.Like you B, I often look first at the Chairman/CEO statements and post year end events to determine if progress is being maintained etc into current year before examining the Final Accounts in detail. Hopefully real progress can be demonstrated and with the input of the new Man at the helm, it could all be rather positive (for a change).Let's hope for once the SP can react positively and start the move back up to the 20 - 30p range or possibly higher. If the figures are good, we really should be leaving the current basement SP levels well behind.BF
BOWOOD
22 May 2016
Results I think we can expect some numbers this coming weekend. These should show a continuing improvement on the half year but it will be current trading and what the new CEO has to say on prospects that will be my focus. A sp nearer 20p will still only provide a value of £3.5m on a decent brand with a high profile CEO driving the business forward both organically and by acquisition.
BOWOOD
17 May 2016
Re: Buys Could be but it would be a foolish person to sell short
JakNife
17 May 2016
Re: Buys Presumably it must be time for another placing and so this is the pre-ramp?
broomfielder
17 May 2016
Re: Buys B - It would make sense for me to buy just now as it would lower my average SP. However my portfolio has been looking fairly weak for some time and funds are a bit stretched but I agree it would make sense given our perception of where the Co is in its recovery path.B
