Suffice probes apartments near university of minnesota twin cities to say metrodome conclude theglobal executive search business in the twenty five years of my acquaintancehas seen nothing like these conditions before. In the finalanalysis we withdrew from that possibility as the Norman Broadbent presence inCanada also covers North America.It is not appropriate in these remarks to make predictions about the future andfrankly, given the market, it would be foolish to do so. This decision was reached in view of thesignificant global reach of the Norman Broadbent name combined with thecommercial benefits of running a solo brand.As part of the Interim Statement for 2008 I talked of building relationshipswith Rhodes, a leading executive search firm in the United States. In January 2009 the decisionwas made to rebrand the combined Executive Search business as Norman Broadbent,integrating within this our extremely successful human resource consultingwhich trades as "Garner HR".
I attend theirboard meetings and am proud to confirm that they have a strong market positionin Spain.At the time of the acquisition the initial strategy was to trade under both theGarner International and Norman Broadbent brands baseball managers . In Spain, we own 20% of the NormanBroadbent business which operates out of Madrid and Barcelona minnesota twins . Additionally it gave us a strong position in InterimManagement, Leadership and HR Consulting twin babies clothes . I would like to offer my thanks to all those involved.When the transaction was confirmed at the Company's general meeting in Decemberit was worth noting that the combined business more than doubled our consultantbase and placed the Group as a considerable force amongst Executive Searchfirms in the UK twin babies clothing . Combining this with running our business in light of the overalldeterioration in the economy was difficult but with strong management, a goodconsulting team, prudent cost control and insightful leadership we performedwell. Net debt at year end reduced to £334,000 (2007: £1,183,000) representing a net cash flow of £849,000, which includes £731,000from the equity placement.Turning to non-financial matters, clearly a large part of 2008 was spentcontemplating, negotiating and managing the process of acquiring NormanBroadbent.
The primary drivers of this movement were the conversion of1,043,566 Preference Shares, recognised as a liability in 2007, into new equityplus an equity placement of 24,354,335 Ordinary Shares to fund the acquisitionof Norman Broadbent baseball tickets . These new relationshipscombined with our proven ability to create repeat business from valued clientswill provide a solid foundation to maximise future revenues.The Group is now reporting a much stronger balance sheet than in previousyears, with net assets at year end of £1,044,000 (2007: net liabilities of £1,301,000) twin babies gifts . In addition, the introduction ofthe Norman Broadbent companies to the Group provides an established client baseof over 250 businesses across sectors such as energy, professional services,pharmaceuticals, NHS and leadership consultancy twin babies products . The company engaged with 21 new clients during the year across a range ofsectors including media, education and retail metrodome . Although revenues from continuing operations were down 14% comparedwith 2007, there has been a continued drive by the team to expand our clientbase. Firstly, we sawthree weeks of Norman Broadbent turnover in December following the acquisition.Secondly, the Company benefited from the interest due from a VAT repayment of £191,000.Comparing like with like, turnover from continuing operations was down to £2,683,000 (2007: £3,122,000) with an operating profit of £99,000 (2007: £609,000).
It should bestressed that two factors played their part in this result joe mauer . We believe history will record thedecision to have proved sound although since December of last year life hasbeen challenging.The results for 2008 are that we made a Group profit after tax of £357,000(2007: £402,000) based on an increased turnover of £3,274,000 (2007: £3,122,000) Group earnings per share fell to 0.88p (2007: 1.06p) minnesota twins . At therisk of repeating the rationale behind the deal, we saw this as an opportunityto increase our scale and, alongside the agreement reached with the PreferenceShareholders, strengthen our balance sheet twin babies clothes . 26 June 2009Garner Plc ("Garner" or the "Company")Final Results for the year to 31 December 2008 Highlights* Group turnover up 4.8% to £3.3m (2007: £3.1m) * Profit down 11.2% to £0.36m (2007: £0.40m) * Acquisition of Norman Broadbent * Balance sheet strengthened with net assets of £1.0m (2007: net liabilities£1.3m) * Net debt £0.3m (2007: £1.2m) The Annual Report and Financial Statements for the year to 31 December 2008will be sent to all shareholders today . For latest earnings estimates made by Toyo Keizai, pleasedouble click on 6965.TK1..
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