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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 |
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RNS Number:4551D
Maverick Entertainment Group PLC
29 September 2004
Embargoed for release until: 0700, Wednesday, 29th September 2004
MAVERICK ENTERTAINMENT GROUP PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2004
This statement contains unaudited interim results for Maverick Entertainment
Group plc ("Maverick or "the Company") for the six months ended 30th June 2004.
*Turnover decreased to #77,652 from #228,321 in the first half of last
year.
*Loss before tax of #394,558 compared to a loss of #320,412 for the first
half of 2003.
*Muffin the Mule subject to significant commercial interest.
*Eight Snailsbury Tales books are in distribution through high street
retailers.
*DVD sales of "Snailsbury Tales", "Hairy Maclary" and "64 Zoo Lane" are
developing through high street chains such as Tesco, Sainsbury and
Morrisons.
*Work started on Muffin the Mule 60th anniversary annual and a range of
story and activity books.
*Acquisition of the DVD rights to the much acclaimed series "The Way
Things Work", based on the award winning, multi million selling book
published by Dorling Kindersley.
For further information please contact
Katy Pratt and Lulu Bridges
Tavistock Communications
Tel: 020 7920 3150
kpratt@tavistock.co.uk
CHAIRMAN'S STATEMENT
Results Overview
The Company continued to face challenging trading conditions and showed a
decline in turnover to #77,652 from #228,321 for the same period last year. The
Company showed a loss before tax of #394,558 compared to a loss of #320,412 for
the six months ended 30th June 2003 including the continuing amortisation of
Snailsbury Tales, which amounted to #121,500 in the half year. The results stem
from the decline in turnover which has been caused by a delay in securing retail
distribution for the Company's portfolio of Intellectual Property Rights (IPR)
in its core Video/DVD business as well as the launch of its innovative DVD
activity pack concept. Whilst we are disappointed with the poor performance in
the period we do believe that we have the right range of IPR to improve the
Company's position. The Company is in the process of licensing some of its IPR
categories and arranging Joint Ventures with potential commercial partners. We
are also in discussions with potential financial partners to provide additional
funding. The launch of the first DVD activity packs took place in the second
half of this year and has been well received. It is the intention of the Company
to continue its focus on developing this aspect of the business and to build
relationships with key retailers within the sector.
Muffin the Mule Update
The "He's Back" campaign to launch new Muffin will begin at the 2004 Brand
Licensing show in October. Muffin is already subject to significant commercial
interest and the Company expects to sign licensing and international television
contracts in the last quarter of this year and first quarter of next year. The
Muffin 60th anniversary range will also be previewed over the coming months.
Production of the TV series is on time and due to be delivered to the BBC in
July 2005.
Snailsbury Tales Update
Following another successful run on BBC2 during the summer of 2004, Snailsbury
is building a loyal band of supporters. Eight books are now being distributed
through high street retailers and we have released the first DVD. David Halsall
International is also developing a range of toy and plush products to be
available in spring 2005. International TV sales continue to be spearheaded by
Indigo Television Distributors who will be representing the series at MIPCOM in
October.
Bananas in Pyjamas Update
The Bananas brand continues to go from strength to strength and is underpinned
by the highly successful touring stage show. The show will have been seen by an
estimated 100,000 people in 100 venues around the UK during 2004. The Company
receives royalties from ticket and merchandise sales and will soon release two
Bananas in Pyjamas books through its publishing division and will produce the
first audio CD of the show which should be available in spring 2005.
DVD Update
In what has generally been regarded in the industry as a difficult year for
children's DVD and Video publishing it is believed the worst is over. The
transition from tape to disc is virtually complete and the Company will not be
releasing any further programmes on videotape, concentrating on the more
profitable disc format. Sales and distribution of certain key DVD series,
"Snailsbury Tales", "Hairy Maclary" and "64 Zoo Lane" are developing through
high street chains such as Tesco, Sainsbury and Morrisons and it is hoped the
Company will continue to expand its range of products available through major
retailers.
Publishing Update
The first eight Snailsbury Tales books are now for sale in shops around the UK
and will be followed shortly by the release of two Bananas in Pyjamas activity
books. Work has now begun on the Muffin the Mule 60th anniversary annual, as
well as a range of activity books and TV tie-in books, all of which will become
available throughout 2005.
New Series Update
The Company is pleased to announce it has acquired the UK DVD rights to "Miss
Spiders Sunnypatch Friends" a 26 half hour TV series through its output deal
with Nelvana. The series will begin airing on Channel Five in autumn 2004,
followed by a major toy launch in 2005 by the Fisher Price Toy Company.
The Company is also pleased to announce the acquisition of the DVD rights to the
much acclaimed series "The Way Things Work", a co-production of 26 15 minute
episodes between Pearson TV and Millimages based on the award winning, multi
million selling book published by Dorling Kindersley.
New Developments and Outlook
Despite recent difficult trading conditions the Company believes it has the
strong catalogue of DVD rights and general IPR needed to maintain progress.
The ever changing climate of the Company's operating environment means we need
to remain flexible in our forward looking strategy. The board has entered into
discussions with potential partners to achieve a number of long term commercial
objectives and to maximise shareholder value. The intention of these discussions
is to add an extra dimension to the Company's business activities and to become
a larger, stronger and more internationally focused business. The Directors
believe the Company is well placed to continue to achieve its ongoing objectives
of developing, owning and managing valuable children's IPR.
Derek Morris
Chairman
29th September 2004
MAVERICK ENTERTAINMENT GROUP PLC
GROUP PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 30 JUNE 2004
Unaudited Unaudited Audited
Six Months Ended Six Months Ended Year Ended
30 June 2004 30 June 2003 31 December 2003
# # # # # #
Turnover 77,652 228,321 255,945
Cost of sales 211,602 274,666 449,062
__________ __________ __________
Gross loss (133,950) (46,345) (193,117)
Distribution
costs 8,098 17,945 18,704
Administrative
expenses 271,573 253,937 686,963
__________ __________ ________
(279,671) (271,882) (705,667)
__________ __________ __________
Operating loss (413,621) (318,227) (898,784)
Interest
receivable/
(payable) 19,063 (2,185) (4,663)
__________ __________ __________
Loss on
ordinary
activities
before
taxation (394,558) (320,412) (903,447)
Tax on
ordinary
activities 0 0 0
__________ __________ __________
Retained loss
for the
financial
period
after
taxation (394,558) (320,412) (903,447)
=========== =========== ===========
Basic loss per
share (0.1290p) (0.1769p) (0.4214p)
=========== =========== ===========
Diluted loss
per share (0.1290p) (0.1769p) (0.4214p)
=========== =========== ===========
MAVERICK ENTERTAINMENT GROUP PLC
GROUP BALANCE SHEET
AS AT 30 JUNE 2004
Unaudited Unaudited Audited
As at 30 June 2004 As at 30 June 2003 As at 31 December 2003
# # # # # #
Fixed
assets
Intangible
assets 2,732,453 2,128,037 2,395,716
Tangible
assets 9,534 10,456 9,609
____________ ____________ ____________
2,741,987 2,138,493 2,405,325
Current
assets
Stock and
Work in
Progress 172,744 6,327 19,806
Debtors 518,964 562,006 432,637
Cash at bank
and in hand 157,501 527 1,112,777
__________ __________ __________
849,209 568,860 1,565,220
Creditors:
amounts
falling due
within one
year (329,883) (292,911) (314,674)
__________ _________ __________
Net current
assets 519,326 275,949 1,250,546
__________ _________ __________
Total assets
less current
liabilities 3,261,313 2,414,442 3,655,871
Creditors:
amounts
falling due
after one
year
Convertible
Debt (580,000) 0 (580,000)
____________ ____________ ___________
Net assets 2,681,313 2,414,442 3,075,871
============ ============ ===========
Capital and
reserves
Called up
share
capital 3,056,890 2,066,667 3,056,890
Share
premium 1,804,519 1,550,281 1,804,519
Merger
Reserve (749,653) (749,653) (749,653)
Profit and
loss account (1,430,443) (452,853) (1,035,885)
____________ ____________ ___________
Shareholders'
funds(equity
interests) 2,681,313 2,441,442 3,075,871
============ ============ =========
MAVERICK ENTERTAINMENT GROUP PLC
SUMMARISED GROUP CASHFLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2004
Unaudited Unaudited Audited
Six Months to Six Months to Twelve Months to
30 June 2004 30 June 2003 31 December 2003
# # #
Net cash outflow from
operating activities (515,127) (205,557) (447,109)
Returns on investment and
servicing of finance 19,063 (2,185) (4,663)
Capital expenditure (459,212) (8,486) (397,073)
__________ _________ _________
(955,276) (216,228) (848,845)
Financing 0 220,500 2,044,959
__________ _________ __________
Increase/(decrease) in
cash (955,276) 4,272 1,196,114
=========== =========== ===========
RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES
Unaudited Unaudited Audited
Six Months to Six Months to Twelve Months to
30 June 2004 30 June 2003 31 December 2003
# # #
Operating loss (413,621) (318,227) (898,784)
Depreciation and
amortisation charges 122,550 120,249 242,004
Decrease/(increase) in
debtors (86,327) 55,225 184,595
(Decrease)/increase in
creditors 15,209 (198,870) (97,511)
Decrease/(increase) in
stock (152,938) 136,066 122,587
_________ _________ _________
Net cash (outflow) from
operating activities (515,127) (205,557) (447,109)
========== ========== =========
MAVERICK ENTERTAINMENT GROUP PLC
ANALYSIS OF MOVEMENTS IN NET (DEBT) /FUNDS-UNAUDITED
At At
1 January 2004 Cashflow 30 June 2004
# # #
Cash in hand and at bank and
overdraft 1,112,777 (955,276) 157,501
Convertible redeemable loan
stock (580,000) 0 (580,000)
=========== ========== ===========
532,777 (955,276) (422,499)
=========== ========== ===========
NOTES TO THE INTERIM RESULTS
1. The interim financial statements for the period ended 30 June 2004 have been
prepared using accounting policies consistent with those set out in the
statutory accounts of Maverick Entertainment Group plc for the year ended 31
December 2003. The financial information for the year ended 31 December 2003
is derived from the statutory accounts of the Company and on which the
auditors gave an unqualified opinion. The interim financial statements have
been prepared on a going concern basis. The Company is dependent upon the
future commercial success of its animated productions and merchandising,
some of which are still in early marketing and development stages. In order
to complete the productions and effectively market them, the Company is in
negotiations with its bankers and other potential commercial and financial
partners to secure future funding. The Directors are confident that
sufficient finance will be available and, therefore, consider it is
appropriate to prepare the interim financial statements on a going concern
basis.
2. The interim financial statements for the period ended 30 June 2004 are
unaudited and do not constitute statutory accounts within the meaning of
Section 240 of the Companies Act 1985. The information has been reviewed by
the Company's auditors.
3. The loss per share for the period has been calculated based on the loss on
ordinary activities after taxation divided by the weighted average number of
shares in issue during the period.
4. Copies of the interim report will be sent to all shareholders in due course
and will be available from the Company Secretary, Maverick Entertainment
Group plc, Belmont House, 13 Upper High Street, Thame, Oxfordshire OX9 3ER
This information is provided by RNS
The company news service from the London Stock Exchange
END
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