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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Litebulb Grp | LSE:LBB | London | Ordinary Share | GB00BXVMLV36 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.125 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMLBB
RNS Number : 6229A
Litebulb Group Limited
30 September 2015
30 September 2015
LiteBulb Group Limited
("LiteBulb" or the "Company" or the "Group")
Half Yearly Report
LiteBulb (AIM: LBB), the branded product developer, announces unaudited results for the six months ended 30 June 2015 in line with management expectations.
Financial highlights
-- Revenue up 98% to GBP7.9m (H1 2014: GBP4.0m), with a confirmed order pipeline for delivery in H2 of over GBP19.4m, equating to committed revenues of 80% of anticipated full year sales target for 2015
-- Gross profit up 75% to GBP2.7m (H1 2014: GBP1.5m)
-- Gross margin in line with expectation but lower than 2014 at 34%, due to the effect of the acquisition of Concept Merchandise
-- Adjusted loss before tax* of GBP2.1m (H1 2014: GBP2.2m)
*before finance costs, taxation, depreciation, amortisation and exceptional administrative expenses
Operational highlights
-- Defined focus on organic growth and completion of integration of acquisitions -- Significant sales growth with Tesco and Underground Toys during the period
-- Secured group wide banking services and GBP7.5m working capital lines from HSBC Bank plc, consolidating the individual financing arrangements of each acquired subsidiary
Howard Partington, Interim Chief Executive of LiteBulb, commented:
"As set out in our announcement in July the Company has established a solid platform and excellent relationships with a number of retailers. The Group's focus is now on organic growth and economies of scale and I look forward to reporting a satisfactory outcome to the year."
For further information, please contact:
LiteBulb Group Limited www.litebulbgroup.com Howard Partington, Interim Tel: 020 3384 7100 Chief Executive Guy Pettigrew, Group Finance Director finnCap (NOMAD & Broker) Tel: 020 7220 0500 Stuart Andrews/Scott Mathieson (Corporate Finance) Joanna Scott (nee Weaving) (Corporate Broking) Walbrook PR Limited Tel: 020 7933 8780 or litebulb@walbrookpr.com Paul McManus Mob: 07980 541 893
About LiteBulb Group
LiteBulb Group designs, manufactures and distributes innovative brands and products to the global retail market.
LiteBulb Products, our wide range of products are sold in over 30 countries through blue chip retailers including: Tesco, M&S, John Lewis Partnership, Sainsbury's, Debenhams, Wilkinson's, Next, Boots, WH Smiths, Amazon, Target and Costco.
LiteBulb Creative is a creative agency with global reach, delivering compelling and agile brand extension programmes to the entertainment industry. LiteBulb Creative has designed products and campaigns for clients around the world, including Disney, Hasbro and Miramax.
Chairman's Statement
I am pleased to write to you with my report as Chairman of your company for the six month period to 30 June 2015.
Introduction
There has been much change in 2015, as well as much to be pleased about.
The Group has now achieved significant scale in terms of customer reach and product category offering and therefore, as previously announced, the Board has agreed on a strategy of focussing on developing these strengths organically, utilising the extensive retail experience of the existing operational management team.
There are significant challenges ahead, but the Group is well placed to meet them.
Financial Results
Revenues from continuing operations for the six months increased by 98% to GBP7.9m (H1 2014: GBP4.0m), with an increase in gross profit of 75% to GBP2.7m (H1 2014: GBP1.5m).
The revenue by division is shown in the table below:
Reported LiteBulb 6m to (GBP) Bluw Meld Go Entertain Concept Studios Other 30/6/15 =========== =========== =========== ============== =========== ========== ========== =========== 2015 2,231,849 900,137 1,918,384 2,200,976 607,255 3,797 7,862,398 ----------- ----------- ----------- -------------- ----------- ---------- ---------- ----------- 2014 898,253 1,021,484 1,474,109 - 526,217 58,108 3,978,171 ----------- ----------- ----------- -------------- ----------- ---------- ---------- ----------- Variance 1,333,596 (121,347) 444,275 2,200,976 81,038 (54,311) 3,884,227 ----------- ----------- ----------- -------------- ----------- ---------- ---------- ----------- Variance (%) 148% -12% 30% n/a 15% -93% 98% ----------- ----------- ----------- -------------- ----------- ---------- ---------- -----------
We are pleased with the excellent H1 performance of Bluw, which has been derived from the strong demand of its Star Wars range, but also note that the shortfall of Meld is mainly due to the later timing of sales of Mary Berry product against 2014.
Gross margin has reduced to 34% (H1 2014: 39%), due to the lower margin business that Concept brings to the overall group offering and, as such, is however in line with management expectation.
The loss before finance costs, taxation, depreciation, amortisation and exceptionals, and excluding discontinued operations, remained in line with 2014 at GBP2.1m (H1 2014: GBP2.2m). Although Concept is not as Q4 weighted as the rest of the product businesses within the Group, the overall seasonal profile of the Group remains in line with 2014 with H1 being a loss making period. On a like-for-like basis, the EBITDA performance is broadly the same as 2014, and we anticipate that the efficiency savings from our recent strategic review will deliver an improvement as the Group becomes fully integrated.
Net Cash at Bank at 30 June 2015 was GBP0.4m, (30 June 2014: GBP0.9m, 31 December 2014: GBP4.2m), with the decrease since year end resulting from the funding of losses for the period and the increase in stock to GBP4.2m in advance of the key trading period.
The Group uses invoice finance and import loan facilities to manage its working capital, which are secured against the receivable balances of each subsidiary. We are pleased that HSBC Bank plc has provided a very attractive offer to extend its services and facilities of GBP7.5m around the Group, and we are now in the process of expanding this relationship. We believe this puts the Group in a firm position in respect of the funding of its trading cycle.
The longer term debt of GBP6.3m remains in line with 31 December 2014. This debt comprises three rounds of secured convertible bonds, with the first round of GBP0.8m due for repayment in February 2016, the second of GBP2.0m in April 2017 and the final round of GBP3.5m in December 2017. All bonds carry a 10% per annum interest coupon with a 10% per annum redemption premium in the event that the loans are not converted.
Current trading
Post period end trading remains in line with expectations.
At 28 September 2015, the Group's contracted revenues were GBP27.3m, equating to 80% of the 2015 target of GBP34m. Revenues are largely derived from the UK (at 72% for H1 2015), with our customer base representing the most well-known brands on the high street, such as Tesco, M&S, Sainsbury's, JLP, Debenhams, Boots, Next and WH Smiths.
Review of operations
As announced on 6 July 2015, we have been conducting a full review of the Group to determine how best to improve performance and results. We are pursuing four key objectives: 1) to put the Group on a solid platform to deliver the anticipated growth potential; 2) to eliminate any unnecessary duplication; 3) to adopt best practices across all companies within the group; and 4) to deliver a strong top and bottom line performance in 2016 and beyond. In the short term, we are completely focused on integrating the existing businesses to achieve efficiency savings and delivering organic growth.
So far we have identified a number of areas which should deliver material savings to the Group overhead. The areas being addressed are: group-wide headcount, which we plan to reduce by 15% with annualised savings of GBP500k; consolidating our two London offices into our head office in Battersea by utilising the existing space more efficiently, delivering savings of GBP65k per annum; elimination of peripheral, start-up divisions; implementing our proven Group best practice product development process, to streamline operations and mitigate historic overspends; focus on fewer, but more valuable licenses and product ranges; and reviewing all service providers to determine the appropriate value of the service we are receiving.
Furthermore we believe we can deliver significant revenue growth by focusing on using our existing customer relationships more widely around the Group, developing bespoke branded product with our tier 1 retailers, growing our online offering and working in a more integrated manner when acquiring licences.
Finally Howard Partington remains committed to his role as interim CEO, which the Board believes is best for the Group at the present time, although the Board continues to consider future candidates for this role in conjunction with the review referred to above.
Outlook
The actions being taken by the new management team should put the Group in a good position to deliver substantial organic growth and allow us to consider further acquisitions in the medium term that both meet our selection criteria and will enhance profitability following integration.
On a final note, I'd like to thank Simon McGivern and James Phillips for their contribution to building your Group and handing the reins over to the new management team to take Litebulb into the next chapter of its evolution. I wish Simon and James the best for the future with their new opportunities.
Michael Hough
Chairman
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 02:01 ET (06:01 GMT)
30 September 2015
CONSOLIDATED INCOME STATEMENT
6 months 6 months to to 12 months 30 June 30 June to 31 December 2015 2014 2014 Notes (unaudited) (unaudited) (audited) GBP GBP GBP Revenue 3 7,862,398 3,978,171 21,868,906 Cost of sales (5,156,716) (2,433,308) (13,958,516) Gross profit 2,705,682 1,544,863 7,910,390 Administrative expenses (5,058,740) (3,875,456) (8,789,001) Exceptional administrative expense - (248,431) (627,604) Operating loss (2,353,058) (2,579,024) (1,506,215) Finance costs (527,373) (101,627) (445,650) Loss before tax (2,880,431) (2,680,651) (1,951,865) Taxation - - (25,128) Loss for the period from continuing operations (2,880,431) (2,680,651) (1,976,993) Other comprehensive income Exchange differences on translation of foreign operations (15,987) 26,693 8,526 Total comprehensive income (2,896,418) (2,653,958) (1,968,467) ------------ ------------ ---------------- Loss per share Basic and diluted loss per ordinary share 4 (0.057) (0.056) (0.040)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 June 30 June 31 December 2015 2014 2014 (unaudited) (unaudited) (audited) GBP GBP GBP Non-current assets Intangible assets 10,643,485 6,194,747 10,827,209 Property, plant and equipment 779,584 409,496 731,478 Deferred tax assets 163,617 163,617 183,769 Current assets Inventories 4,234,442 2,736,760 3,686,295 Trade and other receivables 5,763,194 4,105,796 11,418,736 Cash and cash equivalents 398,064 1,256,867 4,155,038 10,395,700 8,099,423 19,260,069 ------------- ------------- ------------- Total assets 21,982,386 14,867,283 31,002,525 ============= ============= ============= Equity and liabilities Capital and reserves attributable to equity shareholders Issued share capital 31,548,276 28,453,815 31,506,219 Share based payment reserve 102,148 102,148 102,148 Reverse acquisition reserve (13,221,177) (13,221,177) (13,221,177) Convertible loan notes issued 1,001,948 284,470 1,001,948 Retained earnings (10,903,952) (8,693,025) (8,007,534) Total equity 8,527,243 6,926,231 11,381,604 ------------- ------------- ------------- Non-current liabilities Trade and other payables - - 4,324 Interest bearing borrowings 5,298,052 2,515,530 5,298,052 Total equity 5,298,052 2,515,530 5,302,376 ------------- ------------- ------------- Current liabilities Trade and other payables 7,852,460 4,299,521 14,011,777 Interest bearing borrowings 304,631 1,126,001 306,768 8,157,091 5,425,522 14,318,545 ------------- ------------- ------------- Total equity and liabilities 21,982,386 14,867,283 31,002,525 ============= ============= =============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Reverse based Share acquisition payment Equity Retained Total capital reserve reserve reserve earnings equity GBP GBP GBP GBP GBP GBP Group At 31 December 2013 26,135,051 (13,221,177) 102,148 111,861 (6,039,067) 7,088,816 Equity element of convertible loan notes - - - 890,087 - 890,087 Shares issued in period Cash 57,297 - - - - 57,297 Settlement of creditors 112,640 - - - - 112,640 Acquisitions 2,070,088 - - - - 2,070,088 Conversion of loan note 350,000 - - - - 350,000 Shares to be issued: Acquisitions 2,781,143 - - - - 2,781,143 Comprehensive income: Loss for the period - - - - (1,968,467) (1,968,467) At 31 December 2014 31,506,219 (13,221,177) 102,148 1,001,948 (8,007,534) 11,381,604 Shares issued in period Settlement of creditors 42,057 - - - - 42,057 Comprehensive income: Loss for the period - - - - (2,896,418) (2,896,418) At 30 June 2015 31,548,276 (13,221,177) 102,148 1,001,948 (10,903,952) 8,527,243 =========== ============= ========= ========== ============= ============
CONSOLIDATED STATEMENT OF CASHFLOW
6 months 6 months to to 12 months 30 June 30 June to 31 December 2015 2014 2014 (unaudited) (unaudited) (audited) GBP GBP GBP Cash flows from operating activities Loss after tax (2,896,418) (2,653,958) (1,968,467) Non-cash adjustments Amortisation 84,525 29,220 236,744 Depreciation 126,632 92,722 192,254 Share payments 42,057 91,380 112,640 Increase in working capital (Increase)/decrease in inventories (458,198) 48,344 502,106 Decrease/(increase) in trade and other receivables 5,675,694 2,590,977 (1,008,475) (Decrease)/increase in trade and other payables (6,163,839) (2,567,856) 4,092,762 Net cash flows from operating activities (3,589,547) (2,369,171) 2,159,564 ------------ ------------ ---------------- Cash flows from investing activities Purchase of fixed assets (165,290) (202,841) (473,083) Product development costs - (35,694) (547,021) Purchase of subsidiaries (net of cash and cash equivalents) - (2,292,155) (6,082,893) Net cash flows from investing activities (165,290) (2,530,690) (7,102,997) ------------ ------------ ---------------- Cash flows from financing activities Repayment of bank loans (2,137) (328,607) (341,157) New loans - 2,398,661 5,500,000 Conversion of loan notes - (350,000) (350,000) Shares issued - 2,227,384 2,477,384 Net cash flows from financing activities (2,137) 3,947,438 7,286,227 ------------ ------------ ---------------- Net (decrease)/increase in cash and cash equivalents (3,756,974) (952,423) 2,342,794 Opening cash and cash equivalents 4,155,038 1,812,244 1,812,244 ------------ ------------ ---------------- Closing cash and cash equivalents 398,064 859,821 4,155,038 ============ ============ ================ RECONCILIATION OF CASHFLOW TO NET CASH At 1 January At 30 June 2015 Cashflow 2015 GBP GBP GBP Cash 4,155,038 (3,756,974) 398,064 Overdraft - - - (3,756,974) ------------ Debt due within 1 year (306,768) 2,137 (304,631)
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September 30, 2015 02:01 ET (06:01 GMT)
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