TIDMNAK
RNS Number : 6853M
Nakama Group Plc
18 September 2019
18 September 2019
Nakama Group plc
("Nakama" or "the Group")
Final results for the year ended 31 March 2019 & notice of
AGM
Nakama Group plc (AIM: NAK), the AIM quoted recruitment
consultancy working across the UK and Asia 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 2019, together with the publication of its
audited report and accounts (the "Annual Report").
The Company expects to post its audited report and accounts for
the year ended 31 March 2019 shortly. It is also posting notice of
its annual general meeting ("Notice of AGM"), to be held at the
offices of Allenby Capital Limited, 5 St. Helen's Place, London,
EC3A 6AB on 17 October 2019 at 11.00 a.m. Copies of the final
report and accounts and the Notice of AGM will also be available to
view on the Company's website today, at www.nakamagroupplc.com.
Financial Highlights
-- Group revenue decreased by 20.2per cent. to GBP13.4m (2018: GBP16.8m)
-- Net fee income reduced by 22.6 per cent. to GBP4.1m (2018: GBP5.3m)
-- Net fee income percentage decreased to 30.8 per cent. (2018: 31.6 per cent.)
-- Operating profit increased to GBP91,000 (2018: loss GBP1,480,000)
All references to notes in this announcement are to the notes to
the financial statements contained in the Annual Report and
Accounts.
Enquiries:
Nakama Group plc www.nakamaglobal.com
Tim Sheffield, Chairman 00 44 20 7236 2400
Rob Thesiger, CEO 00 44 20 3588 4560
Allenby Capital Limited
(Nominated Adviser & Broker) 00 44 20 3328 5656
Nick Naylor / Nicholas Chambers
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
and Asia; and
-- 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 and
Singapore by AIM listed Highams Systems Services Group plc.
CHAIRMANS STATEMENT
Strategy
Nakama Group's strategy is to support the talent acquisition
programmes of high growth companies across multiple industries. We
provide permanent and contract recruitment solutions to a broad
range of clients across Europe and Asia Pacific geographies.
Our competitive advantage is that our teams have deep domain
knowledge in the areas of digital, creative, technology, analytics,
data, marketing and project/change management. It is the strategy
of the Board and management team to be a leading international
specialist staffing company, delivering a quality service to our
customers and candidates whilst creating a sustainable business for
the long-term benefit of all stakeholders.
After a difficult period for the Company, over the past year,
the business has undergone further change and transformation.
The primary objective of the executive management team is to
focus on delivering acceptable returns for shareholders and better
position the Company to take advantage of the considerable
opportunities in the sectors in which we operate.
During the trading period, the Group has become more disciplined
in its financial management and more focused on improving its core
operating business. This resulted in the closure of the Sydney and
Melbourne offices and refocusing our energies on UK, and Asia
Pacific regions. There are currently no new offices planned for the
next financial year as the Board intends to continue improving the
performance of existing operations.
Financial
The Group revenue for the year ended 31 March 2019 was lower by
20.2% compared to the prior year at GBP13.4m (2018: GBP16.8m) and
Net Fee Income ("NFI") was 22.6% lower at GBP4.1m (2018: GBP5.3m).
This reduction in revenue was primarily as a result of the closure
of our activities in Australia. Although we are disappointed not to
increase revenues, the significant improvement in EBITDA to
GBP424,000 (2018: Loss GBP845,000) is in line with our turnaround
strategy and provides a stronger base to begin the next financial
year.
Executives and staff
After a year of consolidation, in April 2019, the Company
appointed Rob Thesiger as Group Chief Executive. Rob's experience
and knowledge of the staffing sector brings significant expertise
to the business and enables us to begin the process of carefully
rebuilding our revenues and improving profitability.
Rob is building a unified management team, responsible for
delivering growth and profitability in the offices where we now
operate. Each office has clear goals and budgets to achieve, and we
expect to see further improvement at both top and bottom line. Any
priority investment will be concentrated around improving and
expanding our core services. The Group has several experienced
consultants, however, in order to deliver improved returns for
shareholders, specific performance metrics have been implemented
and new consultants 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. Attracting strong talent and
building a higher performance culture takes time and therefore we
remain cautious on increasing operating profit margin. Our
objective is to continue to focus on financial discipline and
improving revenues and profit margins over the year ahead.
This has been a difficult journey for the Company and our teams
across the Group have worked hard to reposition the business onto a
more positive footing. I would like to thank our valued members of
staff for their contribution to the business and I look forward to
working with the Board and management team to deliver further
positive outcomes in the next financial year.
Tim Sheffield
Chairman
18 September 2019
CEO's REPORT
Financial review
2019 2018
GBP'000 GBP'000
================================================ ======== ========
Revenue 13,408 16,792
NFI (Net fee income) 4,134 5,311
EBITDA* 424 (845)
Operating profit/(loss) for the financial year 91 (1,425)
Profit from discontinued operations 266 (537)
Profit/(loss) for the financial year before tax 354 (1,480)
Net current assets/(liabilities) 176 (231)
Equity 202 (139)
Earnings/(loss) per share 0.27p (1.29)p
================================================ ======== ========
*EBITDA - Earnings before interest, tax, depreciation and
amortisation.
Group revenue for the year ended 31 March 2019 decreased by
20.2% and Net Fee Income ("NFI") decreased on the prior year by
22.6%. This was a result of APAC revenue decreasing to GBP3.0m from
GBP5.3m last year and UK revenues decreasing to GBP10.4m from
GBP11.5m in FY 2018. 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 decreased to 30.8% (2018: 31.6%). The
slight decrease in NFI percentage is due to a slight drop in
contractor margins, due to change in mix of permanent and temporary
placements which have different margins.
The EBITDA of GBP424,000 for the year (2018: loss GBP845,000)
was mainly as a result of good performance at Highams Recruitment
and Nakama Hong Kong in addition to general cost reductions. Nakama
Singapore and Nakama Limited made substantial losses which offset
most of the profit made by Highams Recruitment and Nakama Hong
Kong. The year-end balance sheet shows borrowings decreased from
GBP1.2m to GBP438,000, this is due to a lower requirement for
invoice finance as contractor revenue slowed down during the period
as a result of quitting the Australian market.
There was an operating profit for the year of GBP91,000 (2018:
loss of GBP1,425,000). There was also profit from discontinued
operations in Australia which were derived from the write backs of
liabilities following the liquidations of Nakama Sydney and Nakama
Melbourne totalling GBP315,000 (2018: Nil) The Group has seen a
gain on foreign exchange of GBP24,000 (2018: loss GBP72,000) due to
the strengthening of sterling against the other currencies in the
markets the Group has been trading in.
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
continued to be an issue. However, with the appointment of a new
London Manager, we have been able to maintain a more stable team in
the second half of the year.
In contrast, the Highams business, which is already highly
specialised 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. There are also real opportunities for the London Nakama
business to leverage off these relationships and thus grow our UK
footprint further.
The UK operations have yet to experience any significant impact
due to the pending Brexit timetable. The senior managers continue
to discuss this with clients and candidates alike in order to be
prepared for any potential downturns that may be experienced.
APAC Operations
Trading conditions in the APAC region remained challenging
throughout the year and after a full review of our operating
activities the decision was made to cease trading in Australia
entirely which saw the closure of the Sydney office following the
earlier closure of the Melbourne office. This decision was made in
light of the office continuing to underperform in an increasingly
challenging market.
The offices in Hong Kong and Singapore saw further staff
retention challenges which has resulted in headcount reducing
further. However, with renewed focus on our core markets we have
recruited some highly experienced consultants thus providing
stability, particularly in Hong Kong.
The Singapore office continues to face hiring challenges due to
the increased competition, however, we are confident that we can
hire experienced consultants who will further complement our
existing staff. 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 in APAC are now working in a far more collaborative
manner which will see both operations benefit from a more regional
approach to client development and candidate acquisition.
The market continues to be competitive and the business has seen
a higher than expected turnover of staff for a variety of
reasons.
After conducting a full operational review of the business our
"modus operandi" will be one of contingent search across all our
chosen markets. This will see more junior staff being hired,
trained and developed into our future consultants and leaders.
This research model will also hugely benefit our candidate
acquisition strategy.
Robert Thesiger
Chief Executive Officer
18 September 2019
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 MARCH 2019
Continuing Discontinued Total Continuing Discontinued Total
operations operations 2019 operations operations 2018
2019 2019 GBP'000 2018 2018 GBP'000
GBP'000 GBP'000 GBP'000 GBP'000
======================================================= === ========== ============ ======== ========== ============ ========
Revenue Cost of sales 12,315 1,093 13,408 13,591 3,201 16,792
8,692 582 9,274 9,395 2,086 11,481
=========================================================== ========== ============ ======== ========== ============ ========
Net fee income 3,623 511 4,134 4,196 1,115 5,311
Administrative costs 3,498 544 4,042 5,120 1,616 6,736
============================================================ ========== ============ ======== ========== ============ ========
Operating profit/(loss) Finance costs Exceptional Item 125 (34) 91 (924) (501) (1,425)
(37) (15) (52) (19) (36) (55)
- 315 315 - - -
=========================================================== ========== ============ ======== ========== ============ ========
Profit/(loss) before tax 88 266 354 (943) (537) (1,480)
Tax expense (31) - (31) (34) - (34)
============================================================ ========== ============ ======== ========== ============ ========
Profit/(loss) for the period attributable to owners of the
parent 57 266 323 (977) (537) (1,514)
============================================================ ========== ============ ======== ========== ============ ========
Earnings per share
Basic and diluted Profit/(loss) per share attributable to
owners of the parent 0.05p 0.22p 0.27p (0.84)p (0.45)p (1.29)p
============================================================ ========== ============ ======== ========== ============ ========
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 MARCH 2019
2019 2018
GBP'000 GBP'000
====================================================================================== ======== ========
Profit/(Loss) for the year 323 (1,514)
====================================================================================== ======== ========
Exchange difference on translation of foreign operations 18 (39)
====================================================================================== ======== ========
Total comprehensive profit/(loss) for the period attributable to owners of the parent 341 (1,553)
====================================================================================== ======== ========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2019
2019 2018
GBP'000 GBP'000
============================================================= ======== ========
Assets
Non-current assets
Property, plant and equipment 8 37
Deferred tax asset 18 55
============================================================= ======== ========
Total 26 92
Current assets
Trade and other receivables 1,599 2,870
Cash and cash equivalents 166 141
============================================================= ======== ========
Total 1,765 3,011
============================================================= ======== ========
Total assets 1,791 3,103
============================================================= ======== ========
Current Liabilities
Trade and other payables (1,151) (2,025)
Borrowings (438) (1,217)
============================================================= ======== ========
Total (1,589) (3,242)
============================================================= ======== ========
Net Assets/(Liabilities) 202 (139)
============================================================= ======== ========
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 18 (13)
Retained earnings (4,027) (4,337)
============================================================= ======== ========
Total equity attributable to the shareholders of the Company 202 (139)
============================================================= ======== ========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 31 MARCH 2019
Share Share merger Employee Currency Retained Total
share
capital premium reserve reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
======================================== ======= ======= ======= ======== ========= ========= =======
At 1 April 2017 1,602 2,580 90 (61) 26 (2,823) 1,414
Loss for the year - - - - - (1,514) (1,514)
Other comprehensive loss - - - - (39) - (39)
======================================== ======= ======= ======= ======== ========= ========= =======
Total comprehensive income for 2017 - - - - (13) (4,337) (139)
======================================== ======= ======= ======= ======== ========= ========= =======
At 1 April 2018 1,602 2,580 90 (61) (13) (4,337) (139)
Comprehensive
income for the year
Profit for the year - - - - - 323 323
Other comprehensive
income - - - - 18 - 18
======================================== ======= ======= ======= ======== ========= ========= =======
Total comprehensive income for the year - - - - 18 323 341
======================================== ======= ======= ======= ======== ========= ========= =======
At 31 March 2019 1,602 2,580 90 (61) 5 (4,014) 202
======================================== ======= ======= ======= ======== ========= ========= =======
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 MARCH 2019
Continuing Discontinued Continuing Discontinued
Operations Operations Total Operations Operations Total
2019 2019 2019 2018 2018 2018
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
================================================================== ========== ============ ======== ========== ============ ========
Operating activities
Profit/(loss) for the year before tax 88 266 354 (885) (595) (1,480)
Depreciation of property, plant and equipment 12 6 18 31 25 56
Loss on disposal of fixed assets 1 5 6 - - -
Loss on abandonment of fixed assets - 5 5 - - -
Impairment and amortization of intangible assets - - - 320 204 524
Net finance costs 37 15 52 19 36 55
Tax credit/(paid) 5 - 5 (5) - (5)
Decrease in trade and other receivables 1,078 194 1,272 126 889 1,015
(Decrease)/increase in trade and other payables (296) (578) (874) 35 35 70
================================================================== ========== ============ ======== ========== ============ ========
Net cash generated by operating activities 838 (359) 594 235
================================================================== ================================== ========== ============ ========
Cash flows from investing activities
Purchase of property, plant and equipment - - - (6) (8) (14)
================================================================== ========== ============ ======== ========== ============ ========
Net cash outflow from investing activities - - - (6) (8) (14)
================================================================== ========== ============ ======== ========== ============ ========
Financing activities
(Decrease)/increase in invoice discounting facility (678) (101) (779) 186 (440) (254)
Finance cost paid (37) (15) (52) (19) (36) (55)
================================================================== ========== ============ ======== ========== ============ ========
Net cash (outflow)/inflow from financing activities (715) (116) (831) 167 (476) (309)
================================================================== ========== ============ ======== ========== ============ ========
Net changes in cash and cash equivalent 209 (202) 7 (198) 110 (88)
Cash and cash equivalents, beginning of year Effect of forei
gn exchange rate movements 120 21 141 241 18 259
(13) 31 18 (7) (23) (30)
================================================================= ========== ============ ======== ========== ============ ========
Cash and cash equivalents at end of year 166 36 105 141
================================================================== ================================== ========== ============ ========
Cash and cash equivalents for the purpose of the statement of
cash flows comprises:
Cash at bank 166 141
========================================= === ===
Cash and cash equivalents at end of year 166 141
========================================= === ===
NOTES TO THE FINANCIAL STATEMENTS
Basis of Preparation
This announcement and the financial information were approved by
the Board on 18 September 2019. The financial information set out
in this announcement does not constitute the Company's statutory
accounts for the years ended 31 March 2019 and 31 March 2018.
Statutory accounts for the years ended 31 March 2019 and 31 March
2018 have been reported on by the Independent Auditors. The
Independent Auditors' Reports on the Annual Report and Financial
Statements for the year ended 31 March 2019 was unqualified, did
not draw attention to any matters by way of emphasis, and did not
contain a statement under 498(2) or 498(3) of the Companies Act
2006. 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.
Statutory accounts for the year ended 31 March 2018 have been
filed with the Registrar of Companies. The statutory accounts for
the year ended 31 March 2019 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
2019 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 have considered forecasts for the
next 12 months and, whilst the Group is not achieving the revenue
that it is currently targeting, it is outperforming previous years
and turnaround plans are progressing. In common with many
businesses revenue is inherently uncertain, however the Directors
believe that the Group is financially strong enough to complete the
turnaround process and believe that the Group and Company will be
able to trade within its existing facilities and meet its
liabilities as they fall due for a period of at least 12 months
from the date of approval of these financial statements. Therefore,
the financial statements have been prepared on a going concern
basis.
1. Operating segments
Operating segments are reported on a geographical basis.
The Group has two main reportable segments based on the location
revenue is derived from:
-- Asia Pacific - This segment includes Australia (discontinued), Hong Kong and Singapore.
-- UK - The UK segment includes candidates placed in the UK and Europe.
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
==========================================================
2019 2019 2019 2019
==========================================================
GBP'000 GBP'000 GBP'000 GBP'000
========================================================== ============ ======= ======= =======
Revenue from external customers 2,980 - 10,428 13,408
Segment profit before interest, tax and exceptional items 36 - 55 91
========================================================== ============ ======= ======= =======
The comparisons for 2018:
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 interest, tax and exceptional items (705) (53) 38 (720)
================================================================= ============ ======= ======= =======
Reconciliation of reportable segment profit to the Group's
corresponding amounts:
Profit or loss after income tax expense 2019 2018
GBP'000 GBP'000
=============================================== ======== ========
Total profit or loss for reportable segments 90 (720)
PLC costs not cross charged (51) (236)
Amortisation and impairment of intangibles - (524)
Profit/(Loss) before tax and exceptional items 39 (1,480)
Exceptional items 315 -
Corporation taxes (31) (34)
=============================================== ======== ========
Profit/(Loss) after income tax expense 323 (1,514)
=============================================== ======== ========
2. Revenue
The Group makes sales to Europe and Asia. Operations in USA and
Australia have been discontinued. All revenue is derived from the
provision of services. An analysis of sales revenue by country is
given below:
Revenue by country 2019 2018
GBP'000 GBP'000
==================== ======== ========
United Kingdom 10,260 11,026
Europe 168 305
Hong Kong 1,449 1,551
Singapore 439 709
Australia 1,093 3,197
USA - 4
==================== ======== ========
13,408 16,792
==================== ======== ========
3. Operating loss
The profit/(loss) on ordinary activities before taxation is
stated after charging:
The analysis of auditor's remuneration is as follows:
2019 2018
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
============================================================================================= ======== ========
Other fees payable to the Company's auditors: 15 15
Audit of subsidiary companies 8 48
Tax compliance 5 10
============================================================================================= ======== ========
28 73
============================================================================================= ======== ========
Amortisation of intangibles - 37
Impairment of goodwill - 487
Depreciation of equipment 18 56
Loss on disposal of fixed asset and exchange 11 -
Foreign exchange gain/(loss) 24 (72)
Operating lease rentals:
Property 140 492
Plant and equipment 2 13
Staff costs 3,304 4,053
============================================================================================= ======== ========
4. Income tax expense
2019 2018
GBP'000 GBP'000
=============================================================================== ======== ========
Comprising:
Current tax charge (6) 5
Deferred tax from timing difference between depreciation and capital allowance (2) 1
Deferred tax from trading losses 39 28
=============================================================================== ======== ========
31 34
=============================================================================== ======== ========
The relationship between the expected tax expense based on the
effective tax rate of the Group at 19% (2018: 19%) and the tax
expense actually recognised in the income statement can be
reconciled as follows:
2019 2018
GBP'000 GBP'000
================================================== ======== ========
Result for the year before taxation 354 (1,480)
Expected tax expense 67 (282)
Expenses/(Income) not deductible for tax purposes (66) 108
Unrecognised deferred tax 33 266
Difference in tax rates between UK and overseas (3) (58)
Total income tax expense 31 34
================================================== ======== ========
5. Loss per share
2019 2018
========= ====================== =========== ========= ====================== ===========
profit Weighted average Loss Profit Weighted average Earnings
GBP'000 number of per share GBP'000 number of per share
shares p shares p
'000 '000
====================== ========= ====================== =========== ========= ====================== ===========
Basic and diluted
profit/(loss) per
share 323 117,607 0.27 (1,514) 117,607 (1.29)
====================== ========= ====================== =========== ========= ====================== ===========
The weighted average number of shares excludes 183,953 (2018:
183,953) shares held by the Employee Share Benefit Trust.
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END
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