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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Maverick Ent | LSE:MVK | London | Ordinary Share | GB0030404346 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.05 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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RNS Number:7800C
Maverick Entertainment Group PLC
11 May 2006
Maverick Entertainment Group PLC
11 May 2006
Further progress achieved during the year, with significantly improved
performance
Maverick Entertainment Group PLC ("Maverick" or "the Company"), the AIM listed
company specialising in the creation, acquisition and development of IPR in
children's films, television programmes, characters and related entertainment
products, today announces its Final Results for the year ended 31 December 2005.
* Turnover increased from #155,887 to #848,607
* Administrative expenses reduced significantly
* Positive EBITDA of #31,000 compared to a negative EBITDA of #707,000 for
the comparative period
* Loss per share for the year of 0.0114p (2004: loss 0.812p)
IP
* Muffin the Mule continues to grow in popularity topping the most recent
viewing figures for the week commencing 3rd April 2006 (Official BARB
figures)
* Roll out of Muffin the Mule merchandise to continue throughout 2006
* 60th Anniversary of Muffin in October 2006 expected to generate further
interest
* Priority remains to maximise returns from existing IP investments
Publishing
* DVD catalogue sales remain buoyant despite the reported difficulties in
the retail market
* Contributed 53% of turnover for the year
* Further progress expected from 'Fairly Odd Parents', '64 Zoo Lane' and
'Hairy Maclary' in the coming year
* Focus on undervalued, underdeveloped pre-school brands will continue
"We remain optimistic about Muffin the Mule and our DVD publishing business. A
sustainable, profitable business is a realisable objective. The Company will
remain vigilant and flexible about changes in trends and developments in key
trading areas."
For further information please contact:
Maverick Entertainment Tavistock Communications
Mike Diprose/ Sookra Raveendran Lulu Bridges/Paul Dulieu
Tel: 01844 260858 Tel: 020 7920 3150
Email: Email:
info@maverickentertainment.co.uk lbridges@tavistock.co.uk
Seymour Pierce Limited
Mark Percy
Tel: 0207 107 8000
Email:
markpercy@seymourpierce.com
CHAIRMAN'S STATEMENT
Financial Performance
I am pleased to report that 2005 was a year of significantly improved financial
performance for the company which showed a particularly sharp improvement with a
positive EBITDA of #31,000 for the year ended 31 December 2005 compared to a
negative EBITDA of #707,000 in 2004, a turnaround of #738,000. Turnover for the
year increased more than five fold to #849,000 (2004: #156,000) on the back of
the launch of 'Muffin the Mule' and improved DVD sales. Administrative expenses
were reduced to #540,000 (2004: #755,000). The loss for the year was reduced by
over #2,000,000 to a loss of #71,933 (2004: a loss of #2,742,000). Loss per
share for the year was 0.0114p compared to a loss per share of 0.812p in 2004.
Company Objectives
A continued improvement in trading and operating profitability remains the key
objective for this year. Constantly changing trends and new emerging
opportunities will require the Company to be focussed on brand development and
management of its key IP. The migration to digital media and emerging platforms
is still in its infancy and producers, broadcasters and platform providers are
experimenting with what content will work best. Ultimately, children may become
their own programmers. However, content is still king and the Company recognises
the value in its key IP. Pre-school programming has been largely unaffected by
developments in technology and the company expects that this will remain the
case. Consequently, our focus will continue to be on developing good quality,
pre-school content.
IP Update
As previously reported in our January trading update, Muffin the Mule continues
his quest to be as popular to a new generation of children as he was in the
1950's. The most recent viewing figures for the week commencing 3rd April 2006
again put Muffin at number one on Cbeebies ahead of all children's programmes
(Official BARB figures). The roll out of merchandise throughout 2006 commences
imminently with Fun2Learn's sit on rides in supermarkets and forecourts and
other locations. This will be shortly followed by merchandise releases from
Character Options, Martin Yaffe International, Zoo Digital, Future Publishing
and Falcon Games. Character Options have already secured listings with Argos and
Toys R Us for two product lines from their range. The range of products expected
to be available include Muffin and Friends Caravan Playset, Muffin traditional
Marionette, Talking Plush (soft) toys, Muffin Hobby Horse, Muffin rocker and a
range of puzzles and games. Maverick will support these products with its own
range of DVDs and books. After this initial roll out, we are confident of
securing additional licensees. The continued transmissions by the BBC are
constantly increasing the awareness of Muffin which we anticipate will be
further heightened by the significant coverage expected from Muffin's 60th
Birthday celebrations in October this year. The agreement with Peak
Entertainment has been terminated by the Company and Maverick has taken over
direct development of Muffin the Mule in International markets. These changes
should result in improved margins in 2006 and allow for more co-ordination in
prospective new markets. Further announcements will be made shortly concerning
these developments.
The key objectives for 2006 are to: capitalise on the Muffin the Mule broadcast
and merchandising platform already in place and to exploit Muffin's 60th
Anniversary to establish sales in International markets. Production of the
remaining 14 episodes due to be delivered to the BBC by April 2007 has
commenced.
The Bananas in Pyjamas brand has been fairly dormant over the last couple of
years due to no new programming or broadcast slots. However, given that the
characters have been around for nearly 16 years in the UK, a healthy 'retro'
market is emerging which we intend to capitalise on.
The two newly acquired IPs announced in January, 'Bleep and Booster' and 'Bengo
the Boxer pup', are still awaiting development. The Company will be looking at
alternative routes to market for these two characters. We are seeking
co-production partners and development deals in order to take these IPs to the
next stage of development. Our priority is to maximise return from the IPs in
which we have invested.
Publishing Update
Despite reports in certain sectors that the DVD market is under pressure at a
retail level, our catalogue sales remain buoyant and represented a significant
proportion of the turnover in 2005 (53%). This is largely due to the quality of
the programming which is, principally, targeted at the pre-school market. We are
expecting similar success during 2006, with strong performances from 'Fairly
OddParents', '64 Zoo Lane' and 'Hairy Maclary'. These titles regularly feature
in Woolworths, Tesco and Sainsbury's DVD campaigns. We also have a significant
amount of programming still to release on DVD from our output deals with Nelvana
and Millimages.
Book publishing has proved problematic during the year and, despite good
products, sales have been below our expectations. We have, however, received
interest from established publishers to license some of our IP, in particular
Bananas in Pyjamas and Muffin the Mule, which we will explore further and
develop in the coming months. We may chose to license our product in future and
close our book publishing division. This would enable us to focus on our more
successful and profitable trading areas. The Company will continue to seek
undervalued, underdeveloped pre-school brands for its DVD division to secure the
longevity of the catalogue. The key catalogues already secured ensure that a
release schedule is in place until 2009.
The Year Ahead
The IP already secured by the Company should ensure a progressive trading
pattern over the next couple of years. Maximising the return on investment in
Muffin the Mule and our DVD catalogue remains a priority but we do not intend to
expose the Company to further significant investment in those IPs without
presales or co-production agreements in place.
An improvement of operating profit and the generation of stable cash flow will
be key objectives for 2006. We have succeeded in significantly reducing
administrative expenses in 2005 compared with 2004. The scope for further
improvements in this area is limited but all potential areas for savings and
efficiencies will continue to be reviewed. The key out-sourced relationships we
have will constantly be reviewed. Further announcements will be made soon about
developments with these relationships. It is expected that the company will need
to secure funding from a number of sources throughout 2006 including, but not
limited to, International co-production for Muffin the Mule, International and
UK licensing for Muffin and co-production partners to develop the company's new
IP.
The board remains optimistic about Muffin the Mule and its DVD publishing
operation. A sustainable, profitable business is a realisable objective. The
Company will remain vigilant and flexible about changes in trends and
developments in key trading areas.
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDING 31 DECEMBER 2005
2005 2004
Notes # # # #
Turnover 848,607 155,887
Cost of sales (324,772) (2,101,562)
------------ ------------
Gross profit/(loss) 523,835 (1,945,675)
Distribution costs 11,527 14,253
Administrative expenses 539,947 755,062
------------ ------------
(551,474) (769,315)
------------ ------------
Operating loss (27,639) (2,714,990)
Interest receivable and
similar income 195 20,903
Interest payable (44,489) (48,052)
------------ ------------
Loss on ordinary activities
before taxation (71,933) (2,742,139)
Tax on loss on ordinary
activities - -
------------ ------------
Loss for the financial
year after taxation (71,933) (2,742,139)
============ ============
Loss per share 4 (0.0114)p (0.812)p
============ ============
Fully diluted loss per
share 4 (0.0114)p (0.812)p
============ ============
Continuing operations
The profit and loss account has been prepared on the basis that all operations
are continuing operations.
Total recognised gains and losses
The Group has no recognised gains or losses other than the profit or loss for
the above two financial years.
UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2005
2005 2004
Notes # # # #
Fixed assets
Intangible assets 1,649,376 1,073,009
Tangible assets 6,570 8,670
------------ ------------
1,655,946 1,081,679
Current assets
Stock 399,531 349,442
Debtors 515,703 420,720
Cash at bank and in hand 5,396 189,701
------------ ------------
920,630 959,863
Creditors: amounts falling due
within one year (815,040) (407,603)
------------ ------------
Net current assets 105,590 552,260
------------ ------------
Total assets less current
liabilities 1,761,536 1,633,939
Creditors: amounts falling due
after more than one year (617,700) (617,700)
------------ ------------
Net assets 1,143,836 1,016,239
============ ============
Capital and reserves
Called up share capital 5 3,425,268 3,341,268
Share premium 2,318,178 2,202,648
Merger reserve (749,653) (749,653)
Profit and loss account (3,849,957) (3,778,024)
------------ ------------
Shareholders' funds 6 1,143,836 1,016,239
------------ ------------
Equity interests (1,607,364) (1,734,961)
Non-equity interests 2,751,200 2,751,200
------------ ------------
1,143,836 1,016,239
============ ============
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2005
Notes 2005 2004
# #
Net cash inflow / (outflow) from operating activities 124,538 (941,213)
Returns on investment and servicing of finance (6,594) 19,950
Capital expenditure and financial investment (633,167) (684,320)
------------ ------------
(515,223) (1,605,583)
Financing 199,530 682,507
------------ ------------
Decrease in cash (315,693) (923,076)
============ ============
UNAUDITED RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING
ACTIVITIES
2005 2004
# #
Operating loss (27,639) (2,714,990)
Depreciation and amortisation charges 58,900 2,007,966
Increase in stock (50,089) (329,636)
(Increase) / decrease in debtors (94,983) 11,917
Increase in creditors 238,349 83,530
------------ ------------
Net cash inflow / (outflow) from operating activities 124,538 (941,213)
============ ============
UNAUDITED ANALYSIS OF MOVEMENTS IN NET DEBT
At Non-cash At
1 January Cash flow changes 31 December
2005 2005
# # # #
Cash in hand and at bank 189,701 (315,693) - (125,992)
Convertible redeemable
loan stock 2008 (580,000) - - (580,000)
------------ ------------ ------------ ------------
Net debt (390,299) (315,693) - (705,992)
============ ============ ============ ============
NOTES TO THE UNAUDITED FINANCIAL INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2005
1. Publication of non-statutory information
The information in this announcement, which is unaudited and was approved by the
Board of Directors on 10 May 2006, does not comprise statutory accounts as
defined by section 240 of the Companies Act 1985 (the Act). The statutory
accounts for the year ended 31 December 2004 have been delivered to the
Registrar of Companies and included an audit report which was unqualified and
did not contain statements under sections 237(2) or (3) of the Act. The
statutory accounts for the year ended 31 December 2005 will be delivered to the
Registrar of Companies in accordance with section 242 of the Act following the
Company's AGM.
2. Basis of preparation
The unaudited financial information for the year ended 31 December 2005 has been
prepared using accounting policies consistent with those adopted by Maverick
Entertainment Group plc in its statutory accounts. The financial information has
been prepared on a going concern basis. The Company is dependent on the future
commercial success of its intellectual property and merchandising and the need
to raise additional funding over and above its existing agreed facilities. The
Directors are confident that sufficient funding will be available and,
therefore, consider it is appropriate to prepare the financial information on a
going concern basis.
3. Annual report and accounts
Copies of this announcement are available from the Company's registered office
at Maverick Entertainment Group plc, Belmont House, 13 Upper High Street, Thame,
Oxfordshire, OX9 3ER.
4. LOSS PER SHARE
Loss per share has been calculated in accordance with Financial Reporting
Standard 22. The calculation has been based on the loss attributable to equity
shareholders of #71,933 (2004 - loss #2,742,139) and 628,883,324 (2004 -
337,610,366) shares, being the daily average of the number of shares in issue
during the year. The diluted loss per share is based on a weighted average of
628,883,324 (2004 - 337,610,366) shares after allowing for any dilution for
share warrants outstanding.
5. SHARE CAPITAL - Company 2005 2004
# #
Authorised
2,248,799,990 ordinary shares of 0.1p each 2,248,800 2,248,800
305,688,890 deferred ordinary shares of 0.9p each 2,751,200 2,751,200
------------ ------------
5,000,000 5,000,000
============ ============
Allotted, called up and fully paid
674,066,886 ordinary shares of 0.1p each 674,068 590,068
305,688,890 deferred ordinary shares of 0.9p each 2,751,200 2,751,200
------------ ------------
3,425,268 3,341,268
============ ============
During the year, the Company issued 84,000,000 ordinary shares of 0.1p each for
cash, raising #210,000 before issue costs of #10,470.
6. Reconciliation of movement in shareholders funds
2005 2004
# #
Loss for the financial year (71,933) (2,742,139)
New shares issued (net of issue costs) 199,530 682,507
Opening shareholders' funds 1,016,239 3,075,871
------------ ------------
Closing shareholders' funds 1,143,836 1,016,239
============ ============
This information is provided by RNS
The company news service from the London Stock Exchange
END
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