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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cheerful Scout | LSE:CLS | London | Ordinary Share | GB00B4QHH456 | ORD 12.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCLS
RNS Number : 9645B
Cheerful Scout PLC
28 February 2011
Cheerful Scout Plc / Index: AIM / Epic: CLS / Sector: Media
28 February 2011
Cheerful Scout Plc ('Cheerful' or 'the Company')
Interim Results
Cheerful Scout Plc, the AIM-traded multi media specialist, announces its results for the six months ended 31 December 2010.
Chairman's Statement
The first six months of the year were very busy for the Company as we focussed on developing our client base in the private sector. Following the acquisition of Twentyfirst Century Communications Limited ('Twentyfirst') in January 2010, turnover has increased by 34 per cent. to GBP985,640 (2009: GBP736,664).
Operations
Cheerful provides high quality corporate communication solutions through two divisions - On Screen and Events.
Our On Screen division provides innovative and comprehensive visuals to convey corporate messages and strategy. Our team continues to gain recognition and we have been nominated for awards at the New York Film Festival for our work with an international law firm and a leading engineering company, the results of which will be announced in April 2011.
We have had success in broadening our client base within the private sector, which we anticipate will be reflected in our results during the second half of the year. This focus has provided some resilience to recent cuts in government spending which have naturally affected some contracts within the public sector, including the Central Office of Information. Although challenges remain, we are confident that our long term relationships with our public sector clients will maintain our position as their corporate communications company of choice, and that we can continue to make inroads into the private sector.
The Events division, which was created as a result of the acquisition of Twentyfirst in January 2010, is now fully integrated and performing well. During the period, we completed a number of exciting projects including a product launch for a leading software agency as well as a series of charity events for Trinity Hospice and Oasis, the Archant London Business Awards, the National Magazine Company awards gala, and the BVCA's annual gala dinner.
Financial Results
The Group is reporting a loss before tax of GBP84,552 (2009: loss of 21,789) on a turnover of GBP985,640 (2009: GBP736,664). The operating loss for the Group is GBP84,697 (2009: loss of GBP23,499). The Group's cash balance continues to be healthy at GBP681,756 (2009: GBP901,587).
Outlook
Over the next six months we will focus on building relationships with our new clients and increasing our profile in the corporate communications arena. We expect gross margins to recover somewhat in the second half of the year, thus improving our full year financial performance.
I would like to thank the team for their hard work and shareholders for their continued support.
S Appleton
Chairman
28 February 2011
** ENDS **
For further information visit www.cheerfulscout.com or contact:
Gary Fitzpatrick Cheerful Scout Plc Tel: 020 7291 0444 Mark Percy Seymour Pierce Tel: 020 7107 8000 Catherine Leftley Seymour Pierce Tel: 020 7107 8000 Elisabeth Cowell St Brides Media & Finance Tel: 020 7236 Ltd 1177
Condensed Consolidated Statement of Comprehensive Income
Six months ended 31 December 2010
Notes Unaudited Unaudited Audited Six months Six months to to Year ended 31 December 31 December 30 June 2010 2009 2010 GBP GBP GBP Continuing operations Revenue 985,640 736,664 1,809,757 Cost of sales (692,840) (461,400) (1,132,142) ------------ ------------ ------------ Gross profit 292,800 275,264 677,615 Administrative expenses (377,497) (298,763) (695,275) Operating loss (84,697) (23,499) (17,660) Finance income 145 1,710 1,883 Other income - - 16,921 ------------ ------------ ------------ (Loss) / profit before taxation (84,552) (21,789) 1,144 Taxation - 9,250 49,082 Total comprehensive (loss) / income for the period attributable to owners of the parent (84,552) (12,539) 50,226 Basic 5 (1.07881)p (0.15695)p 0.63098p Diluted 5 (1.07881)p (0.15695)p 0.63098p
There are no other comprehensive income items.
Condensed Consolidated Statement of Financial Position
At 31 December 2010
Unaudited Unaudited Audited Six months Six months to to Year ended 31 December 31 December 30 June 2010 2009 2010 GBP GBP GBP Non-current assets Intangible assets 365,154 365,154 365,154 Property, plant and equipment 111,618 155,847 133,375 Deferred taxation 39,832 - 39,832 -------------- ------------ ----------- 516,604 521,001 538,361 Current assets Inventories 2,674 2,167 2,252 Trade and other receivables 366,088 167,516 506,592 Current tax receivable - 9,250 - Cash and cash equivalents 681,756 901,587 632,200 -------------- ------------ ----------- 1,050,518 1,080,520 1,141,044 Total assets 1,567,122 1,601,521 1,679,405 Current liabilities Trade and other payables (342,937) (353,007) (386,226) (342,937) (353,007) (386,226) Net assets 1,224,185 1,248,514 1,293,179 ============== ============ =========== Equity Share capital 979,688 1,004,688 979,688 Capital redemption reserve 257,812 232,812 257,812 Retained earnings (28,873) 11,014 55,679 Share based payment reserve 15,558 - - -------------- ------------ ----------- Equity attributable to equity holders of the parent 1,224,185 1,248,514 1,293,179 ============== ============ ===========
Condensed Consolidated Statement of Changes in Equity
At 31 December 2010
Share Capital based Share redemption Retained payment Total capital reserve earnings reserve equity GBP GBP GBP GBP GBP At 1 July 2009 1,054,688 170,312 48,678 - 1,273,678 Comprehensive expense for the period - - (12,539) - (12,539) Purchase of own shares (62,500) 62,500 (25,125) - (25,125) Issue of shares 12,500 - - - 12,500 ---------- ----------- ---------- ----------- ----------- At 31 December 2009 1,004,668 232,812 11,014 1,248,514 At 1 July 2009 1,054,688 170,312 48,678 - 1,273,678 Comprehensive income for the period - - 50,226 - 50,226 Purchase of own shares (87,500) 87,500 (43,225) - (43,225) Issue of new shares 12,500 - - - 12,500 At 30 June 2010 979,688 257,812 55,679 - 1,293,179 At 1 July 2010 979,688 257,812 55,679 - 1,293,179 Comprehensive expense for the period - - (84,552) - (84,552) Share based payments - - - 15,558 15,558 At 31 December 2010 979,688 257,812 (28,873) 15,558 1,224,185
Condensed Consolidated Statement of Cash Flows
Six months ended 31 December 2010
Unaudited Unaudited Audited Six Six months months Year to to ended 31 31 December December 30 June 2010 2009 2010 GBP GBP GBP Cash flows from operating activities (Loss) / profit before taxation (84,552) (21,789) 1,144 Depreciation 35,607 32,821 68,908 Gain on sale of property, plant and equipment (15,000) - - Share based payment 15,558 - - Finance income (145) (1,710) (1,883) ---------- ---------- ---------- (48,532) 9,322 68,169 Increase in trade and other payables 140,504 52,629 85,848 (Increase) / decrease in trade and other receivables (43,289) 42,378 (296,698) Increase in inventories (422) (134) (219) Taxation - - 9,250 ---------- ---------- ---------- Cash generated / (used) in operating activities 48,261 104,195 (133,650) Cash flows from investing activities Finance income 145 1,710 1,883 Purchase of property, plant and equipment (13,850) (23,184) (36,799) Proceeds from sale of property, plant and equipment 15,000 - - ---------- ---------- ---------- Cash generated / (used) in investing activities 1,295 (21,474) (34,916) Cash flows from financing activities Purchase of own shares - (25,125) (43,225) Issue of new shares - 12,500 12,500 ---------- ---------- ---------- Cash used in financing activities - (12,625) (30,725) Net increase / (decrease) in cash and cash equivalents 49,556 70,096 (199,291) Cash and cash equivalents at beginning of period 632,200 831,491 831,491 Cash and cash equivalents at end of period 681,756 901,587 632,200
Cheerful Scout plc
Notes to the Interim Condensed Financial Statements
Six months ended 31 December 2010
1 General information
Cheerful Scout Plc is a public limited company incorporated in the United Kingdom under the Companies Act 1985. The Company is domiciled in the United Kingdom and its principal place of business in 25-27 Riding House Street, London, W1P 7PB. The Company's Ordinary Shares are traded on the AIM market of the London Stock Exchange.
These condensed consolidated interim financial statements for the period ended 31 December 2010 (including the comparatives for the periods ended 31 December 2009 and 30 June 2010) were approved by the board of directors on 28 February 2011.
The financial information set out in this interim report does not constitute statutory accounts for the purposes of section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 30 June 2010, prepared under International Financial Reporting Standards (IFRS), have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under either Section 498 (2) or Section 498 (3) of the Companies Act 2006.
The interim financial statements have been prepared using the accounting policies set out in the Group's 2010 statutory accounts and have not been audited.
Copies of the annual statutory accounts and the interim report can be found on our website at www.cheerfulscout.com or can be requested from the Company Secretary at the Company's Registered Office: 65 New Cavendish Street, London, W1G 7LS.
2 Basis of preparation
These condensed consolidated interim financial statements for the period ended 31 December 2010 have been prepared in accordance with IAS 34, 'Interim Financial Reporting' as adopted by the European Union. The interim condensed consolidated financial statements should be read in conjunction with the annual financial statements for the year ended 30 June 2010, which have been prepared in accordance with IFRS's as adopted by the European Union.
3 Accounting policies
The accounting policies adopted are consistent with those of the annual financial statements for the year ended 30 June 2010, as described in those annual financial statements. There has been no impact on the Group's financial position or performance from new and amended IFRS and IFRIC interpretations mandatory as of 1 July 2010.
4 Revenue and segment information
Revenue and segmental results have been disclosed by two operating segments of On Screen and Events in the manner that the information is presented to the Board of Directors, being the Chief Operating Decision Makers. From 1 July 2010, the company's DVD & Interactive segment has been incorporated into the On Screen segment. Comparative figures for On Screen include DVD & Interactive.
On Screen On Screen Events Events Total Total 6 6 months 6 months 6 months 6 months months 6 months to 31 to 31 to 31 to 31 to 31 Dec Dec Dec Dec to 31 Dec Dec 2010 2009 2010 2009 2010 2009 GBP GBP GBP GBP GBP GBP Revenue 482,625 736,664 503,015 - 985,640 736,664 Segment results (36,765) 41,880 31,943 (16,586) (4,822) 25,294 Unallocated expenses (79,875) (48,793) Operating loss (84,697) (23,499) Finance income 145 1,710 Taxation - 9,250 Total comprehensive expense for the period (84,552) (12,539) Segment assets 521,759 677,886 258,482 - 780,241 677,886 Unallocated assets 786,881 923,635 Total assets 521,759 677,886 258,482 - 1,567,122 1,601,521 Segment liabilities (176,722) (268,219) (136,394) (16,584) (313,116) (284,803) Unallocated liabilities (29,821) (68,204) Total liabilities (176,722) (268,219) (136,394) (16,584) (342,937) (353,007) Capital expenditure 10,868 23,184 2,983 - 13,851 23,184 Depreciation & amortisation 35,247 32,821 360 - 35,607 32,821
5 Earnings per share
Basic earnings per share are calculated by dividing the profit or loss attributable to ordinary owners of the parent by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share are calculated by dividing the profit or loss attributable to ordinary owners of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would have been issued on the conversion of all dilutive potential ordinary shares in ordinary shares.
The following reflects the income and share data used and dilutive earnings per share computations:
Unaudited Unaudited Audited Six months Six months Year ended to to to 31 December 31 December 30 June 2010 2009 2010 GBP GBP GBP (Loss) / profit attributable to owners of parent (84,552) (12,539) 50,226 Shares Shares Shares Basic and diluted weighted average number of shares 7,837,500 7,989,130 7,959,966
6 Capital expenditure
During the period, the Group acquired property, plant and equipment with a cost of GBP13,851 (2009: GBP23,184). During the period, the Group disposed of property, plant and equipment for proceeds of GBP15,000 (2009: GBPNil).
7 Related party transactions
The Group has a related party relationship with its subsidiaries and its directors.
Transactions between Group companies, which are related parties, have been eliminated on consolidation and are therefore not included in these consolidated interim financial statements.
Unaudited Unaudited Six months Six months to to 31 December 31 December 2010 2009 GBP GBP Subsidiaries Amounts owed by subsidiaries 396,423 226,272 Less provision (201,308) (200,000) Amounts owed by subsidiaries 195,115 26,272 Amounts owed to subsidiaries - 1
Cheerful Scout Plc is a guarantor for a lease entered into by Cheerful Scout Productions Limited (formerly known as Centralfix Limited), its subsidiary undertaking.
Harris and Trotter LLP is a firm in which N J Newman is a member. The following was charged to the Group in respect of professional services.
Harris and Trotter LLP GBP GBP Cheerful Scout plc 8,008 6,225 Cheerful Scout Productions Limited 4,017 4,880 nVision Technology Limited 2,800 - 14,825 11,105
The compensation of key management (including directors) of the Group is as follows:
GBP GBP Short-term employee benefits 60,150 75,000 Post-employee benefits 26,492 - 86,642 75,000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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