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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Blue Star Mob | LSE:BTR | London | Ordinary Share | GB00B06HJN03 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.55 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:7128D
Blue Star Mobile Group plc
30 May 2006
BLUE STAR MOBILE GROUP PLC
Preliminary Results
Blue Star Mobile Group PLC ("Blue Star."), the provider of mobile marketing and
content solutions, announces preliminary results for the period ended 31 March
2006.
Highlights
- Turnover grew to #3.1m (2005: #0.2m), H2 Turnover of #1.9m up 63% on
H1
- First overseas' sales achieved in H2
- Gross Profit of #1.1m, H2 Gross Profit of #0.7m up 64% on H1
- Operating Profit achieved in H2, halving H1 operating loss
- Net Cash balances of #0.4m at 31 March 2006 same level as 30
September 2005
- Profit after tax of #30k
Operational Highlights
- Extension to News Group Newspapers agreement to manage all SMS
services including subscription services and competitions in addition
to managing the "Sun Mobile" WAP portal.
- Preferred vendor status with Motorola UK, Motorola North Asia
- A contract with Motorola North Asia to develop an internal mobile
sales tool for China
- Major promotions with a number of leading brands, including British
Airways, Bacardi, T-Mobile and BBC
- Successful integration of SPEC (renamed Blue Star Sport) following
acquisition
- Re-appointment as T-Mobile UK's exclusive English football
sponsorship agency
- Blue Star Sport wins Hollis Award for best use of public relations in
a sponsorship campaign for "Great Escape" campaign with T Mobile and
West Bromwich Albion
In his statement, David Cromwell, Chairman, said:
"Our company has grown at a strong but manageable pace. We believe that the
business will continue to grow profitably going forward as we exploit
opportunities within the growing mobile marketing and content solutions' market.
We will continue to encourage and exploit our entrepreneurial management skills
and culture all of which are needed in this market place and remain aware of the
need to continue sound financial disciplines as we grow and expand
We will continue to develop relationships with new and existing partners in the
UK and Overseas. In addition we will focus on media agencies to access brands
where we see they have great opportunity to utilise the mobile channel.
For further Information, please contact
Steve Clarke, Chief Executive Paul McManus
Tel: 020 7317 2300 Parkgreen Communications Ltd
Tel: 020 7786 9600
Adam Hayes, Finance Director Mob: 07980 541893
Tel: 020 7317 2300
About Blue Star Mobile Group PLC
Blue Star Mobile Group plc listed on the Alternative Investment Market on 1
April 2005.
The Group consists of two companies:-
1 Blue Star Mobile Ltd - a mobile content and solutions specialist. It
operates two business segments:
Channel Marketing: Operating a fully managed mobile solutions' service for large
media organisations.
The largest customer is News International.
Brand & Product Marketing: Working with creative & media agencies, corporate
brands, handset manufacturers and retailers to develop and exploit mobile
content and mobile services to promote their brand awareness, drive additional
handset sales and develop more effective use of mobile phones.
Partners worked with include Motorola, Cake Media, T-Mobile, British Airways and
the BBC.
2 Blue Star Sport Ltd - a sports marketing company that specialises in
the mobile industry. Its main client is T-Mobile UK for which it negotiates,
manages and "activates" its English football and cycling sponsorship programmes.
Blue Star Mobile Group PLC
Chairman's Statement
The Mobile Market
The mobile phone is the device that nobody leaves at home and it is also
becoming increasingly important for brands to have a "mobile strategy". Blue
Star believes that the mobile content and mobile solutions industry is however
extremely confusing to both consumers and Corporates. The majority of consumers
do not know how to download content or activate WAP settings. Corporates do not
have the capability or resource to handle content rights, handset compatibility,
content formatting and the ability to develop innovative marketing solutions
using mobile. With its knowledge of the industry and its creative talents Blue
Star, addresses these issues and delivers solutions to it's customers.
Even as consumers and corporates become more knowledgeable about mobile content
and mobile solutions, we believe the industry will become more complex as mobile
handset technology develops and mobile handset capabilities increase. Therefore
the need for cutting-edge products and services will remain for existing and new
clients alike.
Financial Results
Blue Star Mobile Group plc was incorporated on 25th February 2005. The Company
has adopted reverse acquisition accounting following the acquisition of Blue
Star Mobile Ltd on 16th March 2005. The comparatives shown in the financial
statements are for Blue Star Mobile Ltd.
The Group has generated a turnover of #3.1m (#0.2m in the prior year
comparative) in the period ending 31 March 2006 (a twelve month trading period),
including #1.2m of turnover from Blue Star Sport which was acquired on 1 April
2005.
In the same period Gross Profit rose to #1.1m and the business has been
profitable since Q2 in line with internal business plans.
An H2 profit before tax of #59k reduced the full year operating loss before tax
to (#56k).
After tax the Group made a profit for the year of #30k, against a loss of #446k
following the recognition of brought forward tax losses as a deferred tax asset.
On the Company's admission to AIM, loan notes that had been issued by the Group
or its subsidiaries were all converted to shares.
The business held #0.4m of net cash at the 31 March 2006 the same level as at 30
September 2005.
The directors do not propose the payment of a dividend.
Business Review
Turnover Analysis
2006 H2 H1 2005*
Channel Marketing 1,419 865 554 157
Brand & Product Marketing 473 347 126 90
Sports marketing 1,172 687 485 782
Total 3,064 1,899 1,165 1,029
* Pre acquisition result included for Sports Marketing
Channel Marketing (turnover up 56% H2 to H1)
We work with media companies to develop and manage their mobile services,
operating a revenue share business model which aligns the interests of all
parties to deliver growth and offer a successful service. Growth has been
primarily achieved through developing and launching new services for News
International and in particular The Sun newspaper. The original offerings of
ringtones and games have been supplemented by the launch of SMS services such as
football results, reverse auctions and competitions.
Work has also been undertaken for a number of other newspaper and magazine
customers.
Brand & Product Marketing (turnover up 175% H2 to H1)
Our role is to work with Blue chip organisations to create new and innovative
ways for them to promote their brand or specific product to their desired
audience through the mobile channel for which we receive a development fee and
an ongoing management fee. The growth in H2 is underpinned by our expanding
relationship with Motorola, for whom we delivered a number of promotions
including one linked to their sponsorship of the Brit awards and our first
overseas orders for a sales information service delivered over a mobile handset
to Motorola employees in China. We develop promotions and services in
partnership with a number of advertising agencies and their brand clients.
Corporate Brands we have worked with in this period include British Airways,
Bacardi, T Mobile and the BBC.
This is the area where we see most growth potential for the business,
particularly as the capability of mobile handsets is increasing and brands and
advertising agencies are becoming aware of the need to develop and implement
mobile strategies.
Sports Marketing (turnover up 42% H2 to H1)
Our role is to negotiate and manage all aspects of a customer's sports
sponsorship activity for which we receive a pre-defined fee.
The year saw T-Mobile renew its contract to negotiate, manage and "activate" its
English football sponsorship and has seen the relationship expand over the year.
The role broadened to include managing T-Mobile's sponsorship of Cycling (Tour
of Britain), and it's Football related radio spend.
The year culminated with the winning of the Hollis award for "best use of public
relations in a sponsorship campaign" for last season's "Great Escape" campaign
run at West Bromwich Albion.
With T-Mobile, spend is generally higher in the second half of the year, due to
the football season, but H1 2006/7 will see spend related to T-Mobiles
sponsorship of the World Cup.
2006 H2 H1 2005*
Sales 3,064 1,899 1,165 1,029
Gross Profit 1,062 659 403 338
Costs (1,127) (603) (524) (796)
Profit (Loss) before tax (56) 59 (115) (458)
Profit after Tax 30 145 (115) (458)
* Pre acquisition result included for Sports Marketing
The key objectives for the period were to establish a stable, profitable and
robust business and to complete the acquisition, integration and re-branding of
Blue Star Sport Ltd. We believe that we have achieved both of these objectives.
Gross Profit % was stable at 35% with Gross Profit growth of 64% from H2 to H1.
Costs were up 15% H2 to H1 reflecting the growth in salary costs as we expanded
the team to support the growing business, and an increase in travel costs linked
to the international expansion of the business. Cost control remains a key focus
of the team.
The growth in the business coupled with the control on costs ensured that the
business moved into profit in H2. At a post tax level the recognition of the
deferred tax asset as the business moved into profit, resulted in a post tax
profit of #30k.
We are pleased with the performance of the business to date and are excited
about what can be achieved going forward.
Outlook
Our Company has grown at a strong but manageable pace. We believe that the
business will continue to grow going forward as we exploit opportunities within
the growing mobile marketing and content solutions market. We will continue to
encourage and exploit our entrepreneurial management skills and culture all of
which are needed in this market place and remain aware of the need to continue
sound financial disciplines as we grow and expand.
We will continue to develop relationships with our existing partners in the UK
and Overseas. In addition we will focus on media agencies to access brands where
we see they have great opportunity to utilise the mobile channel.
Blue Star Sport Ltd will exploit opportunities around World Cup 2006 by
utilising our expertise within sport and mobile.
Summary
We are pleased with the performance of Blue Star Mobile Group PLC to date and
whilst we understand the challenges ahead, we are very excited and optimistic
about the potential that our business can realise in a rapidly growing market.
We have already established a number of profitable relationships with a range of
Blue Chip organisations and these demonstrate our ability to grow and develop
the business.
David Cromwell
Chairman
21 November 2005
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Period ended 31 March 2006
Unaudited Audited
Period Period
ended ended
31 March 31 March
2006 2005
Note #'000 #'000
TURNOVER 1,892 247
Acquisitions 1,172
Total Turnover 6 3,064 247
COST OF SALES (2,002) (119)
GROSS PROFIT 1062 128
Administrative expenses (1,128) (567)
OPERATING (LOSS) (66) (439)
Interest receivable and similar income 10 1
Interest payable and similar charges - (8)
LOSS ON ORDINARY ACTIVITIES (56) (446)
BEFORE TAXATION
Tax on profit on ordinary activities 86 -
PROFIT (LOSS) ON ORDINARY ACTIVITIES 30 (446)
AFTER TAXATION
Equity dividend payable -
RETAINED PROFIT (LOSS) FOR THE FINANCIAL PERIOD 30 (446)
BASIC PROFIT PER ORDINARY SHARE p/share .0011 n/a
FULLY DILUTED PROFIT PER ORDINARY SHARE p/share .0011
There are no recognized gains and losses other than those passing through the
profit and loss account.
CONSOLIDATED BALANCE SHEET
As at 31 March 2006
Unaudited Audited
Period Year
ended ended
31 March 31 March
2006 2005
Note #'000 #'000
FIXED ASSETS
Intangible Assets 426
Other tangible fixed assets 25 22
451 22
CURRENT ASSETS
Debtors 805 132
Cash at bank and in hand 400 441
1,205 573
CREDITORS: amounts falling due (763) (991)
within one year
NET CURRENT ASSETS/ (LIABILITIES) 442 (418)
TOTAL ASSETS LESS CURRENT LIABILITIES 893 (396)
CREDITORS: amounts falling due -
after more than one year
NET ASSETS 893 (396)
CAPITAL AND RESERVES
Called up share capital 8 295 50
Share premium account 8 1,225
Reverse Acquisition reserve 8 (211)
Profit and loss account 8 (416) (446)
EQUITY SHAREHOLDERS' FUNDS 893 (396)
CONSOLIDATED CASH FLOW STATEMENT
Period ended 31 March 2006
Unaudited Audited
Period Year
ended ended
31 March 31 March
2006 2005
Note #'000 #'000
Net cash (outflow) from operating activities 7 (214) (216)
Returns on investment and servicing of finance
Interest received 10 1
Interest paid (8)
Net cash inflow (outflow) from returns on investments and servicing of 10 (7)
finance
Taxation
UK corporation tax paid - -
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (15) (30)
Receipts from sale of fixed assets
Payments to improve investment properties
Net cash outflow from capital expenditure and financial investment (15) (30)
Acquisitions and disposals
Payments to acquire subsidiary (98)
Cash acquired in subsidiary 26
Net cash (outflow) from acquisitions and disposals (72) -
Equity dividends paid - -
Cash (outflow) before financing (291) (253)
Financing
Issue of share capital 1,051 50
Expenses incurred in issuing share capital (155)
New borrowings 738
Repayment of borrowings (646) (94)
Expenses incurred in arranging finance
Net cash inflow from financing 250 694
(Decrease)/ Increase in cash (41) 441
NOTES TO THE PRELIMINARY FINANCIAL INFORMATION
Period ended 31 March 2006
1. The financial information included in the report comprises the
consolidated profit and loss account, the consolidated balance sheet, the
consolidated cash flow statement and notes 1 to 11. These have been prepared in
accordance with the normal accounting policies of the Group.
2. This financial information does not constitute statutory accounts
within the meaning of s240(5) of the Companies Act 1985.
3. Blue Star Mobile Group PLC was incorporated on 25th February 2005. In
the consolidated financial information the group adopted reverse acquistion
accounting for its acquisition of Blue Star Mobile Ltd in March 2005.
Consequently the comparative figures provided for the periods ended 31 March
2005 are those of Blue Star Mobile Ltd.
4. The Company completed the acquisition of Sports Programming & Event
Consultants Limited (SPEC) following the Company's listing on AIM on 1st April
2005.
5. Analysis of Turnover
By Segment
Unaudited Audited
Period Year
ended ended
31 March 31 March
2006 2005
#'000 #'000
Channel Marketing 1,419 157
Brand and Product Marketing 473 90
Sports Marketing 1,172
Turnover 3,064 247
By Destination
Unaudited Audited
Period Year
ended ended
31 March 31 March
2006 2005
#'000 #'000
UK 2,908 247
Overseas 156
Turnover 3064 247
6. Earnings per Share
The calculation of basic earnings per share is based on the profit for the
financial year of #30k and the weighted average number of ordinary shares in
issue during the year of 27,384,740. The calculation of the diluted earnings per
share is calculated on 27,714,740 shares. This is based on the basic earnings
per share adjusted to allow for the dilutive effect of contingently issuable
shares.
7. Reconciliation of operating loss to net cash inflow from operating
activities
Unaudited Audited
Period Year
ended ended
31 March 31 March
2006 2005
#'000 #'000
Operating loss (66) (439)
Depreciation 12 8
Amortisation of Goodwill 22 -
(Increase) in debtors (531) (132)
Increase in creditors 349 347
Net cash inflow from operating activities (214) (216)
8. Statement of movements on share capital and reserves
Called up Share Reverse Profit and Total
share premium Acquisition loss
capital reserve account
#'000 #'000 #'000 #'000 #'000
Share issue to acquire BSM 200 200
Share issue on admission to AIM 61 793 854
Share issued to acquire SPEC 20 404 424
Less cost of issue (155) (155)
Share issue June 05 14 183 197
Retained loss Blue Star mobile Ltd (446) (446)
Reverse acquisition reserve (211) (211)
Retained loss for the period 30 30
At 31 March 2006 295 1,225 (211) (416) 893
9. Financial Information
This preliminary announcement does not constitute statutory accounts within the
meaning of Section 240 of the Companies Act 1985.
The information for the year ended 31 March 2005 is an extract from the
statutory accounts of Blue Star Mobile Ltd. The statutory accounts for the year
ended 31 March 2005 have been delivered to the Registrar of Companies and
included an audit report which was unqualified and which did not contain a
statement under Section 237(2) or (3) of the Companies Act 1985. The statutory
accounts for the year ended 31 March 2006, upon which the auditors have still to
report, will be delivered to the Registrar following the Company's Annual
General Meeting.
10. Annual Report & Financial Statements
The Annual report and Financial Statements will be posted to shareholders
shortly and will include notification of the date of the Annual General Meeting.
11. Copies of this statement and the annual report will be available to the
public for collection at the Company's registered office at 116 Gloucester
Place, London, W1U 6HZ.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SEWEEWSMSESI
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