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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cellcast Plc | LSE:CLTV | London | Ordinary Share | GB00B0GWFM68 | 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% | 1.25 | 1.00 | 1.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMCLTV
RNS Number : 8706K
Cellcast plc
27 September 2016
Cellcast plc
("Cellcast" or the "Company")
Interim results for the six months ended 30 June 2016
The Board of Cellcast plc (AIM: CLTV) announces the Company's interims results for the six months ended 30 June 2016.
Highlights
-- UK interactive broadcast revenues of GBP5.3 million (H1 2015: GBP5.6 million) -- Revenues from newly launched overseas gaming services of GBP320,000 (H1 2015: GBPnil) -- Profit before tax of GBP78,000 for the period (H1 2015: GBP256,000) -- Earnings per share of 0.1p (H1 2015: 0.4p)
Andrew Wilson, CEO of Cellcast plc, commented:
"Whilst demand for our core interactive broadcast revenues in the UK continued to decline, we are encouraged to have commenced revenue generation from our new consulting operations in the gaming and gambling sectors in emerging markets. The Directors are hopeful that this provides an opportunity to offset further decline in the domestic TV related business."
For further information:
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Premium
Cellcast plc
Andrew Wilson, CEO Tel: +44 (0) 203
376 9420
andrew@cellcast.tv www.cellcast.tv
Allenby Capital Limited
(Nominated Adviser)
Nick Naylor/James Reeve Tel: +44 (0) 20
3328 5656
CHIEF EXECUTIVE OFFICER'S STATEMENT
Half year results
UK interactive broadcast revenues for the six months ended 30 June 2016 were approximately GBP5.3 million, a decrease of 8% on the same period last year. Revenue from newly launched overseas gaming consultancy services represented GBP320,000. Gross profit amounted to GBP378,000 (H1 2015: GBP639,000).
Operating costs for the period were GBP343,000 (H1 2015: GBP380,000).
Overall, the Company's operations generated a profit before tax of GBP78,000. This compares to an operating profit of GBP256,000 for the period ending 30 June 2015.
The post-tax profit for the period amounted to GBP78,000. This represents earnings per share of 0.1p. By comparison, the period to 30 June 2015 achieved a net profit of GBP339,000 and earnings per share of 0.4p.
The Company's cash and cash equivalents at 30 June 2016 stood at GBP1,189,000 compared to a balance of GBP1,563,000 at 30 June 2015.
Outlook
As the Group's core revenues from UK interactive broadcasting diminish, the Directors are continuing to explore opportunities for diversification, specifically focussing on building revenues from the licensing, consulting and support of interactive gaming products and services in emerging markets. The Directors are pleased with the progress made in the Company's first venture into this new business area, as a services provider to a gaming operator in Kenya. Whilst launched in November 2015, the Company commenced meaningful revenue generation during H1 2016 and its contract with its local client is on-going. It is hoped that net contribution from these services could be increased by margin improvement from the economies of scale that could be achieved by expanding its portfolio of applications.
Whilst the Group does not envisage a short term recovery in its core UK interactive TV business, the Company is progressing interesting opportunities in these area, such as launching on a new cable TV platform and provision of new paid-for online content. The Company's objective over the medium term is that the new and other related initiatives can offset the continuing deterioration of the domestic TV related business.
Andrew Wilson
Chief Executive Officer
27 September 2016
UNAUDITED CONDENSED CONSOLIDATED STATEMENT of comprehensive income
For the 6 months ended
30 June 2016
Audited
6 months 6 months
ended ended Year ended
30/06/16 30/06/15 31/12/15
GBP GBP GBP
Revenue 5,663,962 5,790,625 11,840,875
Cost of sales (5,285,847) (5,151,415) (10,606,279)
Gross profit 378,115 639,210 1,234,596
----------- ----------- ------------
Operating costs and
expenses:
Administrative expenses (264,473) (304,338) (660,203)
Amortisation and depreciation (78,694) (75,230) (152,702)
Total operating costs
and expenses (343,166) (379,568) (812,905)
----------- ----------- ------------
Operating profit 34,948 259,642 421,691
Interest receivable
and similar income 14,352 - 28,880
Interest payable &
similar charges (4,514) (4,000) (6,268)
Share of results of
associate 33,202 - 7,135
Profit before tax 77,989 255,642 451,438
----------- ----------- ------------
Taxation - 84,160 -
Tax credit - - 78,384
Profit for the period 77,989 339,802 529,822
Total comprehensive
income attributable
to owners of the parent 77,989 339,802 529,822
=========== =========== ============
Profit per share
Basic and diluted 0.1p 0.4p 0.7p
=========== =========== ============
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2016
Audited
30/06/16 30/06/15 31/12/15
GBP GBP GBP
Assets
Non-current assets
Intangible assets 129,856 185,655 154,912
Property, plant and equipment 165,752 216,447 209,373
Investments 88,813 177,627 88,813
Interest in associate 40,341 - 7,139
424,762 579,729 460,237
------------- ------------- -----------
Current assets
Investments 242,350 165,000 205,335
Trade and other receivables 1,785,150 1,610,743 2,301,178
Cash and cash equivalents 1,188,962 1,563,601 839,276
3,216,462 3,339,344 3,345,789
------------- ------------- -----------
Non-current assets classified
as held for sale - - -
------------- ------------- -----------
Total assets 3,641,224 3,919,073 3,806,026
============= ============= ===========
Capital and reserves
Called up share capital 2,285,398 2,285,398 2,285,398
Share premium account 5,533,626 5,533,626 5,533,626
Merger reserve 1,300,395 1,300,395 1,300,395
Warrant reserve 13,702 13,702 13,702
Retained earnings (7,343,666) (7,611,675) (7,421,655)
------------- ------------- -----------
Equity / (deficit) attributable
to owners of the parent 1,789,455 1,521,446 1,711,466
------------- ------------- -----------
Liabilities
Non-current liabilities 435,000 535,000 485,000
Current liabilities
Trade and other payables 1,416,769 1,862,627 1,609,560
Total liabilities 1,851,769 2,397,627 2,094,560
------------- ------------- -----------
Total equity and liabilities 3,641,224 3,919,073 3,806,026
============= ============= ===========
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
As at 30 June
2016 Share Share Merger Warrant Retained Shareholders
Capital Premium Reserve Reserve Earnings Funds
GBP GBP GBP GBP GBP GBP
---------------- --------- --------- --------- ------- ----------- ------------
Balance at 1
January 2016 2,285,398 5,533,626 1,300,395 13,702 (7,421,655) 1,711,466
---------------- --------- --------- --------- ------- ----------- ------------
Profit for the
period - - - - 77,989 77,989
Balance at 30
June 2016 2,285,398 5,533,626 1,300,395 13,702 (7,343,668) 1,789,453
---------------- --------- --------- --------- ------- ----------- ------------
As at 31 December
2015 Share Share Merger Warrant Retained Shareholders
Capital Premium Reserve Reserve Earnings Funds
GBP GBP GBP GBP GBP GBP
-------------------- --------- --------- --------- ------- ----------- ------------
Balance at 1
January 2015 2,285,398 5,533,626 1,300,395 13,702 (7,951,477) 1,181,644
-------------------- --------- --------- --------- ------- ----------- ------------
Loss for the
period - - - - 529,822 529,822
Balance at 31
December 2015 2,285,398 5,533,626 1,300,395 13,702 (7,421,655) 1,711,466
-------------------- --------- --------- --------- ------- ----------- ------------
As at 30 June
2015 Share Share Merger Warrant Retained Shareholders
Capital Premium Reserve Reserve Earnings Funds
GBP GBP GBP GBP GBP GBP
---------------- --------- --------- --------- ------- ----------- ------------
Balance at 1
January 2015 2,285,398 5,533,626 1,300,395 13,702 (7,951,477) 1,181,644
---------------- --------- --------- --------- ------- ----------- ------------
Profit for the
period - - - - 339,802 339,802
Balance at 30
June 2015 2,285,398 5,533,626 1,300,395 13,702 (7,611,675) 1,521,446
---------------- --------- --------- --------- ------- ----------- ------------
In the above tables, the amounts are attributable to the equity holders of the parent.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the 6 months ended 30 June 2016
Audited
6 months 6 months
ended ended Year ended
30/06/16 30/06/15 31/12/15
GBP GBP GBP
Net cash inflow / (outflow)
from operations a 364,216 (47,738) (556,463)
Net cash (outflow)
/ inflow from investing
activities b (10,017) 1,017,669 804,337
Net cash used in financing
activities c (4,514) (4,000) (6,268)
---------------------------- --------- --------- ----------
Net increase in cash
and cash equivalents 349,685 965,931 241,606
-------------------------------- --------- --------- ----------
Cash and cash equivalents
at beginning of period 839,276 597,670 597,670
Cash and cash equivalents
at end of period 1,188,961 1,563,601 839,276
-------------------------------- --------- --------- ----------
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the 6 months ended 30 June 2016
6 months 6 months Audited
ended ended Year ended
30/06/16 30/06/15 31/12/15
GBP GBP GBP
a Reconciliation of net loss
to net cash (outflow) /
inflow from operating activities
Profit before tax 77,989 255,642 451,438
Interest receivable & similar
income (14,352) - (28,880)
Interest payable & similar
charges 4,514 4,000 6,268
Amortisation and depreciation 78,694 75,230 152,702
Gain on sale of intellectual
property - (173,673) -
Share of associates profit (33,202) - (7,135)
FX gain on current asset
investment (22,663) (11,455)
Impairment of non-current
asset investments - - 88,814
R&D tax credit - 84,160 78,384
Decrease / (increase) in
trade and other receivables 516,028 (136,811) (827,246)
Decrease in trade and other
payables (242,791) (156,286) (459,353)
Net cash (outflow) / inflow
from operations 364,216 (47,738) (556,463)
------------------------------------- ---------------- --------- -----------
Cash flow from investing
b activities
Proceeds on sale of channel - - -
Proceeds on sale of intellectual
property - 173,673 -
Purchase of property, plant
and equipment (10,017) (16,004) (55,659)
Refund of JV - - 1,000,000
Investment in treasury
fund - (165,000) (165,000)
Sale / (purchase) of investment - 1,025,000 -
Proceed from non-current
investment - - 25,000
Purchase of investment
in associate - - (4)
Net cash inflow / (outflow)
from investing activities (10,017) 1,017,669 804,337
------------------------------------- ---------------- --------- -----------
Cash flow from financing
c activities
Interest paid (4,514) (4,000) (6,268)
Net cash used in financing
activities (4,514) (4,000) (6,268)
------------------------------------- ---------------- --------- -----------
d Cash and cash equivalents
Cash at bank 1,188,962 846,624 839,276
Cash and cash equivalents
at the end of the period 1,188,962 846,624 839,276
----------------------------- --------- ------- -------
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
1. General Information
Cellcast plc is a limited liability Company incorporated and domiciled in the United Kingdom. Its business address is Unit 20-22 Cochran Close, Crownhill Industrial Estate, Milton Keynes, MK8 0AJ. The address of its registered office is The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU. Copies of this statement are available from this address and from the Company's website www.cellcast.tv.
The Company is quoted on the AIM Market of the London Stock Exchange.
This condensed consolidated interim financial information was approved for issue on 27 September 2016.
2. Basis of preparation
This unaudited condensed consolidated interim financial information is for the six months ended 30 June 2016. This has been prepared in accordance with recognition and measurement principles of International Financial Reporting Standards (IFRS) as endorsed by the European Union and implemented in the UK. The financial information in this interim announcement does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.
The interim financial information does not include all of the information required for full annual financial statements and accordingly, whilst the interim financial information has been prepared in accordance with the recognition and measurement principles of IFRS, it cannot be construed as being in full compliance with IFRS.
The comparative financial information for the year ended 31 December 2015 does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The statutory accounts of the Group for the year ended 31 December 2014 have been reported on by the Company's auditor and have been delivered to the Registrar of Companies.
The current and comparative periods to June have been prepared using accounting policies and practices consistent with those adopted in the annual financial statements for the year ended 31 December 2015 and are also consistent with those which will be adopted in the 31 December 2016 financial statements.
There were no other Standards and Interpretations which were in issue but not effective at the date of authorisation of this condensed interim financial information that the directors anticipate will have a material impact on the financial statements of the Group.
NOTES TO THE UNAUDITED INTERIM ACCOUNTS STATEMENT
3. Revenue
Audited
6 months 6 months
ended ended Year ended
30/06/16 30/06/15 31/12/15
GBP GBP GBP
Revenue
Interactive broadcast 5,343,767 5,790,625 11,840,875
Overseas gaming services 320,195 - -
--------- --------- ----------
Total revenue 5,663,962 5,790,625 11,840,875
--------- --------- ----------
4. Earnings per share
Basic and diluted earnings per share is based on the profit after tax and on the following weighted average number of shares in issue.
6 months 6 months Audited
ended ended Year ended
30/06/2016 30/06/2015 31/12/2015
GBP GBP GBP
Reported profit for the
financial period 77,989 339,802 529,822
---------- ---------- -----------
Number Number Number
Weighted average number
of ordinary shares 76,471,557 76,471,557 76,471,557
Dilutive effect of outstanding
share options and warrants - - -
Weighted average number
of ordinary shares for
diluted earnings per share 76,471,557 76,471,557 76,471,557
========== ========== ===========
Basic earnings per share
(pence) 0.1p 0.4p 0.7p
Diluted earnings per share
(pence) 0.1p 0.4p 0.7p
---------- ---------- -----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGUBABUPQGQQ
(END) Dow Jones Newswires
September 27, 2016 02:00 ET (06:00 GMT)
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