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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 | |
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0.00 | 0.00% | 0.55 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:6406M Blue Star Mobile Group plc 24 November 2006 BLUE STAR MOBILE GROUP PLC Interim Results Blue Star Mobile Group PLC ("Blue Star"), the provider of mobile marketing and content solutions, announces its interim results for the period ended 30 September 2006. Financial Highlights - Turnover up 87% to #2.2m (2005: #1.2m) - Gross profit up 101% to #0.8m (2005: #0.4m) - Gross profit margin strengthens to 37% (2005: 35%) - EBITDA of #28,000 against loss of #105,000 in 2005 - Profit before tax of #7,000 against loss of #117,000 - Net cash balances of #0.4m at 30 September 2006 Operational Highlights - International Business - International sales now 17% of total sales following significant expenditure to develop international opportunities. - World Cup 2006 - Significant World Cup activity including the activation in the UK of T-Mobile's official mobile sponsorship. - David Beckham - The negotiation on behalf of Motorola Inc for David Beckham to become its Global Brand Ambassador. Extended agreement for Blue Star to manage the partnership globally for the contract duration. - 20th Century Fox - Production and delivery of mobile marketing campaigns to promote their launch of major film releases including: X-Men 3, Eragon and The Devil Wears Prada. - China - The successful launch of "Mobile WOW" in China, an internal communication tool created by Blue Star for Motorola Sales Agents nationwide. - US Operation - The incorporation of Blue Star Mobile Inc and the opening, in October 2006, of its Chicago HQ in order to support existing business and develop new opportunities in North America. For further Information, please contact Steve Clarke Paul McManus Chief Executive Parkgreen Communications Ltd Tel: 020 7317 2300 Tel: 020 7493 3716 Mob: 07980 541 893 Adam Hayes Finance Director Tel: 020 7317 2300 About Blue Star Mobile Group PLC The Group consists of three companies:- Blue Star Mobile Ltd is a leading market provider in developing and delivering mobile marketing solutions for large blue chip organisations. The company creates compelling propositions and delivers a complete end-to-end technical solution. Clients include: 20th Century Fox, Sky, Motorola, News Group Digital, Bacardi and British Airways. Blue Star Sport Ltd specialises in providing sports marketing services to mobile brands. Its role is to negotiate, manage and activate sponsorship contracts in both the UK and overseas for its clients. Blue Star Sport's main clients are T-Mobile UK, acting as their exclusive football and cycling sponsorship agency and Motorola Inc, managing their David Beckham global partnership. Blue Star Mobile Inc is the North American subsidiary set up to develop mobile marketing and promotional activity in the US market. Its initial customers are Motorola and 20th Century Fox. Blue Star Mobile Group PLC Chairman's Statement The Mobile Market Our underlying view of the mobile market has not changed, in that it is still very confusing to both consumers and corporates. Our aim is to simplify it by delivering a complete end-to-end technical solution whilst retaining the freedom to develop exciting products and services. Business Review We have continued to develop innovative and creative promotions and services for our customers. Clients originate from the areas of handset manufacturers, network operators, retailers, media companies and major brands and include Motorola, News International, 20th Century Fox, T-Mobile, British Airways and Bacardi. We operate in three business channels that are scaleable globally, all of which have seen growth. Turnover Analysis 2006/7 2005/6 Growth 2005/6 H1 H1 Total Sports Marketing 750 485 55% 1,172 Brand & Product Marketing 779 126 518% 473 Channel Marketing 645 554 16% 1,419 Total 2,174 1,165 87% 3,064 Sports Marketing Sports Marketing successfully managed and activated T-Mobile's sponsorship of The FIFA World Cup in the UK and is continuing to develop new sponsorship activities for them going into 2007. It also played a key role in negotiating Motorola's three-year agreement with David Beckham for him to become their global brand ambassador and has already arranged for this partnership to be activated in Asia, Australia and Africa. This contract demonstrates our ability to deliver synergies across the Group. Brand & Product Marketing We are particularly pleased with the progress achieved in this area as we have always believed that this is the key area of development for the business. Whilst we recognised that our core business would come from handset manufacturers and retailers, we are encouraged at the rate at which we have attracted other brands outside the mobile arena. In particular, our activities with 20th Century Fox have expanded in the UK and US and we are working with them to develop numerous mobile applications and features for a range of films including "Eragon" and "The Devil Wears Prada". The launch of an exclusive David Beckham content promotion on the Motorola RAZR V3i in all O2 High Street stores demonstrates the ability of the Group to develop value from the Sports Marketing business and link it into effective campaigns for customers. The period also saw the successful launch of "Mobile WOW", an internal communication tool for Motorola's sales agents in China. Our core strengths are our ability to create compelling mobile products and services and then our ability to deliver a complete end-to-end technical solution. Channel Marketing Channel Marketing has seen the effects of price erosion in its ringtone and download services. Turnover grew as a result of new services that were launched in the second half of last year. We will continue to seek new opportunities should they arise but we increasingly see this area as an enabler to assist in the development of campaigns and services for brands and promotions. Financial Results 2006/7 2005/6 Growth 2005/6 H1 H1 Total #000 #000 #000 Sales 2,174 1,165 87% 3,064 Gross Profit 812 403 101% 1,062 Costs (809) (526) 54% (1,137) EBITDA* 28 (105) - (32) Profit (loss) before tax 7 (117) - (65) Profit after tax 5 (117) - 21 * before charge for share option grant The group has generated a turnover of #2.2m (H1, 2005: #1.2m) in the six months ending 30 September 2006. In the same period gross margin doubled to #812,000 (H1, 2005: #403,000) with operating costs rising by 54%. The cost increase was primarily incurred in staff and travel costs as the business increased resource to support the expansion of turnover and international opportunities. This expansion has been achieved whilst the group has remained profitable. The business holds #0.39m of net cash at the 30 September 2006. Six Months Overview The key objective for the period was to develop our existing relationships and to expand our offering globally. We have delivered on both of these objectives. We are pleased with the performance of the business to date and are excited about what can be achieved going forward. Outlook We will continue to develop relationships with our existing partners in the UK and overseas, expanding further our relationships focussing on media agencies and brands that see the value in utilising the mobile channel. We have recently incorporated a subsidiary in the US and established an office in Chicago in order to support our expanding US business. As part of this programme David Maclachlan, a major shareholder, and previously a non executive director, has agreed to move to Chicago to drive the business expansion forward. David brings his wealth of experience to the role having lived and worked in the US for many years with Monster Worldwide. As part of the board changes brought about by David taking on this role I am pleased to welcome onto the board Michael Slater and Oli Roxburgh. Michael is a lawyer with considerable commercial experience working with a number of companies and he will join the board as a non executive director and will also sit on both the audit and remuneration committees. Oli Roxburgh will also join the board reflecting his expanding role as Group Commercial Director. 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 invest in the business where we see additional opportunities and would expect this to include further geographic expansion as well as additional headcount. 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 key relationships with a range of blue chip organisations and are confident about our ability to grow and develop the business. David Cromwell Chairman 24 November 2006 CONSOLIDATED PROFIT AND LOSS ACCOUNT Period ended 30 September 2006 Unaudited Unaudited Audited Period Period Period ended ended ended 30 September 30 September 31 March 2006 2005 2006 #'000 #'000 #'000 TURNOVER 2,174 1,165 3,064 COST OF SALES (1,362) (762) (2,002) GROSS PROFIT 812 403 1,062 Administrative expenses (809) (526) (1,137) OPERATING PROFIT/(LOSS) 3 (123) (75) Interest receivable and similar income 4 6 10 Interest payable and similar charges - - - PROFIT/(LOSS) ON ORDINARY ACTIVITIES 7 (117) (65) BEFORE TAXATION Tax on profit on ordinary activities (2) - 86 PROFIT/(LOSS) ON ORDINARY ACTIVITIES 5 (117) 21 AFTER TAXATION BASIC AND DILUTED EARNINGS/(LOSS) PER ORDINARY SHARE 0.024 (0.457) 0.077 (pence) There are no gains and losses other than those passing through the profit and loss account. CONSOLIDATED BALANCE SHEET As at 30 September 2006 Unaudited Unaudited Audited Period ended Period ended Year ended 30 September 30 September 31 March Note 2006 2005 2006 #'000 #'000 #'000 FIXED ASSETS Intangible Assets 415 437 426 Other tangible fixed assets 21 21 25 436 458 451 CURRENT ASSETS Debtors 1,143 661 805 Cash at bank and in hand 389 399 400 1,532 1060 1,205 CREDITORS: amounts falling due (1,066) (770) (763) within one year NET CURRENT ASSETS 466 290 442 TOTAL ASSETS LESS CURRENT LIABILITIES 902 748 893 CREDITORS: amounts falling due - - - after more than one year TOTAL NET ASSETS 902 748 893 CAPITAL AND RESERVES Called up share capital 295 295 295 Share premium account 1,225 1,225 1,225 Reverse Acquisition reserve (211) (211) (211) Share Option Reserve 13 2 9 Profit and loss account (420) (563) (425) EQUITY SHAREHOLDERS' FUNDS 5 902 748 893 CONSOLIDATED CASH FLOW STATEMENT Period ended 30 September 2006 Unaudited Unaudited Audited Period Six months Year ended ended ended 30 September 30 September 31 March Note 2006 2005 2006 #'000 #'000 #'000 Net cash inflow from operating activities 4 (9) (222) (214) Returns on investment and servicing of finance Interest received 4 6 10 Net cash inflow from returns on investments and servicing 4 6 10 of finance Taxation UK corporation tax paid - - - Capital expenditure and financial investment Payments to acquire tangible fixed assets (6) (4) (15) Net cash outflow from capital expenditure and financial (6) (4) (15) investment Acquisitions and disposals Payments to acquire subsidiary (98) (98) Cash acquired in subsidiary 26 26 Net cash (outflow)/inflow from acquisitions and disposals - (72) (72) Cash outflow before financing (11) (292) (291) Financing Issue of share capital - 246 246 Expenses incurred in issuing share capital - (155) (155) New borrowings - 256 256 Repayment of borrowings - (97) (97) Expenses incurred in arranging finance - Net cash inflow from financing - 250 250 Decrease in cash (11) (42) (41) NOTES TO THE INTERIM FINANCIAL INFORMATION Period ended 30 September 2006 1. The financial information included in the interim report comprises the consolidated profit and loss account, the consolidated balance sheets, consolidated cash flow statement and notes 1 to 6. These have been prepared in accordance with the normal accounting policies of the Group subject to the following: Change in accounting policy The group has adopted FRS 20 Share-based payments. The adoption represents a change in accounting policy and the comparative figures have been restated accordingly. Employees of the group receive part of their remuneration in the form of share-based payment transactions, whereby the employee provides services in exchange for shares or rights over shares (equity-settled transactions). The fair value of employee share options is calculated at the date of grant using the Black- Scholes model. In accordance with FRS 20 the resulting cost is charged to the Profit and Loss account over the vesting period. The value of the charge is adjusted to reflect the expected and actual levels of vesting. This resulted in an additional charge of #9,000 in year ended 2006 2. This interim financial information does not constitute statutory accounts within the meaning of s240 (5) of the Companies Act 1985. 3. The financial information is unaudited and has not been reviewed by the Group's auditors. 4. Reconciliation of operating profit/(loss) to net cash outflow from operating activities Unaudited Unaudited Audited Period Period Year ended ended ended 30 September 30 September 31 March 2006 2005 2006 #'000 #'000 #'000 Operating Profit/(loss) 3 (123) (75) Depreciation 10 5 12 Share Option provision 4 2 9 Amortisation of Goodwill 11 11 22 Increase in debtors (340) (473) (531) Increase in creditors 303 356 349 Net cash outflow from operating activities (9) (222) (214) 5. Statement of movements on share capital and reserves Called up Share Reverse Share Profit share premium Acquisition Option and loss capital reserve Reserve account Total #'000 #'000 #'000 #'000 #'000 #'000 At 31 March 2006 295 1,225 (211) 9 (425) 893 Retained profit for the period - 4 5 9 unaudited At 30 September 2006 - unaudited 295 1,225 (211) 13 (420) 902 6. Copies of this statement are 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 IR DXLFLQFBLFBX
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