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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
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0 | 0 | N/A | 0 |
RNS Number:6282L Maverick Entertainment Group PLC 28 April 2005 For immediate release: Thursday 28 April 2005 Maverick Entertainment Group PLC ("Maverick" or "the Company") Preliminary Results for the year ended 31 December 2004 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 preliminary results for the year ended 31 December 2004. Summary of the results * Turnover for the year amounted to #156,000 (2003: #256,000). * Loss before tax of #2,742,000 (2003: loss #903,000) reflecting an adjustment to the carrying value of Snailsbury Tales and continuing poor trading conditions during the year. * Muffin the Mule continues to go from strength to strength with the first 26 episodes to be delivered to the BBC at the end of July, for broadcast in September to coincide with the 60th anniversary of Muffin the Mule. * Strategic relationships established during 2004 and 2005 with: Peak Entertainment which will bring synergies to both businesses and will also help drive the distribution of the Muffin the Mule animation globally and will assist in securing better terms for the sale of merchandise licences. Lace Group - a DVD sales and distribution agreement which has already resulted in sales of DVDs in the first quarter of the financial year exceeding those of the first half of last year with an increased depth of distribution in high street stores. Character Group - major toy licence agreement. Initial launch range will include a wooden puppet Muffin the Mule with caravan toy set and an interactive plush toy. Outlook * Key partners in place adding an extra dimension to the business * Stronger retail presence in our core UK market * Launch of Muffin the Mule in September 2005 Mike Diprose, Chief Executive, commented: "Maverick has come through a challenging period of evolution and I am looking forward to taking the Company to the next stage. We are now well positioned to take advantage of new technologies and benefit from the seemingly insatiable appetite for popular children's characters and TV series. The Company controls the distribution of its key brands with experienced industry partners. Maverick will continue its policy of identifying and purchasing undervalued brands, as well as developing, producing and commercially exploiting intellectual properties. I believe the Company is a re-energised and re-focussed business and am confident it will achieve its objectives for 2005, and return to profit during the year." 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: info@maverickentertainment.co.uk Email: ;lbridges@tavistock.co.uk Preliminary results for the year ended 31 December 2004 Chairman's Statement Overview The last 18 months have proved to be a period of transition for the Company. The key markets in which it operates have changed considerably due to both economic factors and technological advancements. The Board's focus has been on developing external partnerships and building an in-house sales and marketing capability. There have been no significant new acquisitions during the last six months, however there have been recent developments with existing intellectual property rights that will prove revenue enhancing for 2005, as noted in the Chief Executive's report. The financial results for the year ended 31 December 2004 reflect the Board's focus on change and the poor trading environment. The Board has also taken the opportunity to review the balance sheet and adjust the carrying values of some of its intellectual property rights, most notably the investment in Snailsbury Tales. Whilst this makes the figures for 2004 disappointing, the Board believes this is a prudent approach, which will help maximise the potential of the Company in future years. Financial Performance Turnover for the year ended 31 December 2004 declined to #156,000 (2003: #256,000). This resulted in a loss before tax of #2,742,000 (2003 loss #903,000). Loss per share for the year was 0.089p compared to a loss per share of 0.042p in 2003. The increased loss is due to the decision to adjust the carrying value of Snailsbury Tales, which resulted in a #2,006,000 reduction in value and increased loss. Company Objectives The main objective for 2005 is for the Company to return to profitability by utilising its main programming assets. A key to this will be the launch of Muffin the Mule on BBC TV in September 2005. The Company also intends to develop overseas TV sales for Muffin the Mule and Snailsbury Tales and has brought that function in-house by recruiting J.J.Breijinck, a well respected industry professional who commenced work for the Company at the recent MIPTV trade show. Over the last 18 months, the Company has invested significantly in new publishing rights and the intention is to start exploiting these rights fully this year. Finally, the Company intends seeking new intellectual property rights for development and co-production for delivery in 2006/2007. Outlook Despite the demanding environment over the last 18 months, the Directors believe that the Company is well positioned to progress to the next level. We now have the structure and management in place in order to achieve the key objectives set for 2005. Our strategy is clear and, with the right personnel in place and key relationships working, we are confident of a successful year ahead. Chief Executive's Review and Trading Update. Key Relationships In addition to the announcement on 21 March 2005 of our strategic relationship with Peak Entertainment ("Peak"), I am also pleased to announce a key DVD sales and distribution agreement with Lace Group Limited that has recently taken effect. Lace Group is the leading independent DVD distributor in the UK. This agreement will allow the Company to take advantage of Lace Group's relationships with key retailers, further strengthening our channels to market. In the past, Lace Group has been responsible for major hits on DVD such as the Rugby World Cup 2003 and the recent number one fitness title Pump It Up. Lace Group is also responsible for sales and distribution of the Time Life catalogue and Channel Four's new video label, 4DVD. Maverick continues to develop its relationship with Blue Fish Cartoons, the animators of Muffin the Mule and Snailsbury Tales and there are now three series at an early stage of development; James and the Space Dog, Panto and Crabbie Bill. Panto is a pre school product while Crabbie Bill and James and the Space Dog are both aimed at the 5 to 10 year old market. In-house, we continue to focus on marketing our key brands, in particular Muffin the Mule, Snailsbury Tales and Bananas in Pyjamas. We have also brought the TV sales function under our control with the appointment of J.J.Breijinck who started his sales campaign for Muffin the Mule and Snailsbury Tales at the recent MIPTV trade show. DVD Publishing Maverick has developed some excellent new concepts during 2004, but disappointingly did not get retail support for these for most of the year. The same situation occurred with many of the new releases. I am pleased to report however that as a result of our new agreement with Lace Group, this situation has improved considerably. For the first time the Company has achieved depth of distribution in high street stores and sales in the first quarter of 2005 have already exceeded the first six months of 2004. Particular highlights include Fairly Odd Parents, which will be available in Woolworth's and Sainsburys in April 2005 to coincide with a Burger King Promotion. Fairly Odd Parents was the ninth most viewed children's programme in 2003 and the second most viewed children's programme in 2004 (source: BARB). Sales of new release DVDs will commence in April 2005 when the Moomins will be available on DVD for the first time. Muffin the Mule (original) will make a return to DVD later in the year as well as Dorling Kindersley's The Way Things Work. More releases of Fairly Odd Parents, 64 Zoo Lane, Hilltop Hospital and others should ensure a successful year for the Company's DVD business. Book Publishing 2004 was the Company's first full year as a book publisher. Releases include eight Snailsbury Tales books and two Bananas in Pyjamas activity books. The Bananas in Pyjamas books sell particularly well at the venues for the live show. 2005 will see the Company launching an official Muffin the Mule 60th Anniversary Annual in September and four TV books to tie in with the launch of Muffin the Mule on Cbeebies. Snailsbury Tales Snailsbury Tales generated only limited revenue in 2004 from book and DVD sales. International TV sales were made to Hop TV in Israel, Czech TV, RTV Slovenia, Intermedia in the Middle East and Viziontrade in Albania. Maverick formally attended MIPTV for the first time this year. It is expected that the renewed focus by the Company on international TV sales will have some effect in 2005. Snailsbury Tales will also be re-launched as a giftware range later in 2005 through the Company's alliance with Peak Entertainment and the series will be back on Cbeebies in July 2005. Bananas in Pyjamas Bananas in Pyjamas continued to succeed in 2004 principally through the touring live show. That show will continue throughout 2005 at a total of 95 venues, including 45 appearances at Haven Holiday Camps during the summer holiday period. Muffin the Mule Muffin the Mule continues to go from strength to strength, courting much press attention and trade interest. The first 26 episodes will be delivered to the BBC at the end of July. The remaining 14 episodes should commence production in Autumn 2005. The strategic relationship with Peak Entertainment announced earlier in the year has resulted in the first major deal being signed for Muffin the Mule merchandise. We are pleased to announce a major Toy Licence agreement with Character Options UK Limited a highly respected UK toy company and part of the Character Group. Responsible for the 2004 Toy of the Year, Robosapian, Character Group's toy portfolio also includes the New Dr Who and Little Britain. The initial launch range will include a wooden puppet, Muffin the Mule and caravan play set, and an interactive plush toy. The launch of new Muffin the Mule will commence in September 2005 with most activity planned for 2006. In addition to the new theme music and incidental music written for the series by ex Herman's Hermit Keith Hopwood, the Company has commissioned different versions of the old music including rap and dance styles as well as original music relating to the new characters. Technology devices, such as ring tones and downloads will be used to maximum effect to tell everybody Muffin the Mule is back! The Year Ahead Since its admission to trading on AIM in 2001, Maverick has experienced many changes in its operating environment and has had to adjust to those surroundings. Both 2003 and 2004 were difficult years but 2005 is proving to be a year of more stability. We have key partners in place who add an extra dimension to our business. We have a stronger retail presence in our core UK market. Through our relationship with Peak, we expect to be able to capitalise on their experience in the highly complex US market as well as having a manufacturing partner with access to the Far East. Conclusion Maverick has come through a challenging period of evolution and I am looking forward to taking the Company to the next stage. We are now well positioned to take advantage of new technologies and benefit from the seemingly insatiable appetite for popular children's characters and TV series. The Company controls the distribution of its key brands with experienced industry partners. Maverick will continue its policy of identifying and purchasing undervalued brands, as well as developing, producing and commercially exploiting intellectual properties. I believe the Company is a re-energised and re-focussed business and am confident it will achieve its objectives for 2005, and return to profit during the year. UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2004 2004 2003 Notes # # # # Turnover 155,887 255,945 Cost of sales (2,101,562) (449,062) _____________ _____________ Gross loss (1,945,675) (193,117) Distribution costs 14,253 18,704 Administrative expenses 755,062 686,963 _____________ (769,315) _____________ (705,667) _____________ _____________ Operating loss (2,714,990) (898,784) Interest receivable 20,903 - Interest payable (48,052) (4,663) _____________ _____________ Loss on ordinary activities before taxation (2,742,139) (903,447) Tax on loss on - - ordinary activities _____________ _____________ Loss for the financial year after taxation (2,742,139) (903,447) ============= ============= Earnings/(loss) per share 4 (0.0888)p (0.0421)p ============= ============= Fully diluted earnings/(loss) per share 4 (0.0888)p (0.0421)p ============= ============= Continuing operations There are no differences between the results shown in the consolidated profit and loss account and those on an historical cost basis. 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 2004 2004 2003 Notes # # # # Fixed assets Intangible assets 1,073,009 2,395,716 Tangible assets 8,670 9,609 _____________ _____________ 1,081,679 2,405,325 Current assets Stock 349,442 19,806 Debtors 420,720 432,637 Cash at bank and in hand 189,701 1,112,777 _____________ _____________ 959,863 1,565,220 Creditors: amounts falling due within one year (407,603) (314,674) ____________ ____________ Net current assets 552,260 1,250,546 _____________ _____________ Total assets less current liabilities 1,633,939 3,655,871 Creditors: amounts falling due after more than one year (617,700) (580,000) _____________ _____________ 1,016,239 3,075,871 ============= ============= Capital and reserves Called up share capital 5 3,341,268 3,056,890 Share premium 2,202,648 1,804,519 Merger reserve (749,653) (749,653) Profit and loss account (3,778,024) (1,035,885) _____________ _____________ Shareholders' funds -(equity interests only) 6 1,016,239 3,075,871 ============= ============= UNAUDITED CONSOLIDATED CASHFLOW STATEMENT AND RELATED NOTES FOR THE YEAR ENDED 31 DECEMBER 2004 2004 2003 # # Net cash outflow from operating activities (941,213) (447,109) Returns on investment and servicing of finance 19,950 (4,663) Capital expenditure and financial investment (684,320) (397,073) _____________ _____________ (1,605,583) (848,845) Financing (net of issue costs) 682,507 2,044,959 _____________ _____________ (Decrease)/increase in cash (923,076) 1,196,114 ============= ============= UNAUDITED RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES 2004 2003 # # Operating loss (2,714,990) (898,784) Depreciation and amortisation charges 2,007,966 242,004 (Increase)/decrease in stock (329,636) 122,587 Decrease in debtors 11,917 184,595 Increase/(decrease) in creditors 83,530 (97,511) _____________ _____________ Net cash outflow from operating activities (941,213) (447,109) ============= ============= UNAUDITED ANALYSIS OF MOVEMENTS IN NET (DEBT)/FUNDS At Cashflow Non-cash At 1 January changes 31 December 2004 2004 # # # # Net cash: Cash at bank and in hand 1,112,777 (923,076) - 189,701 Debts falling due after one year: Convertible redeemable loan stock 2008 (580,000) - - (580,000) _________ _________ _________ _________ Net funds/(debt) 532,777 (923,076) - (390,299) ========= ========= ========= ========= NOTES TO THE UNAUDITED FINANCIAL INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2004 1. Publication of non-statutory information The information in this announcement, which is unaudited and was approved by the Board of Directors on 27 April 2005, does not comprise statutory accounts as defined by s240 of the Companies Act 1985 (the Act). The statutory accounts for the year ended 31 December 2003 have been delivered to the Registrar of Companies and included an audit report which was unqualified and did not contain statements under s237(2) or (3) of the Act. The statutory accounts for the year ended 31 December 2004 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 2004 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 upon the future commercial success of its animated productions and merchandising. In order to complete the productions and effectively market them, the Company may require future funding. The Directors are confident that, if required, sufficient finance 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. Earnings/(loss) per share Earnings per share have been calculated in accordance with Financial Reporting Standard 14 "Earnings Per Share". The calculation has been based on the loss attributable to equity shareholders of #(2,742,139) (2003: #(903,447)) and 3,088,810,412 (2003: 2,143,833,480) ordinary shares being the weighted average number of shares in issue during the year. The diluted earnings per share is based on a weighted average of 3,088,810,412 (2003: 2,143,833,480) ordinary shares after allowing for any dilution for share warrants outstanding. 5. Share Capital 2004 2003 # # Authorised 4,000,000,000 ordinary shares of 0.1p each 4,000,000 - 400,000,000 ordinary shares of 1p each - 4,000,000 =========== =========== On 1 November 2004 the Company subdivided each existing ordinary share of 1p each into 10 Ordinary shares of 0.1p each. Allotted, called up and fully paid: 3,341,267,746 ordinary shares of 0.1p each 3,341,268 - 305,688,886 ordinary shares of 1p each - 3,056,890 =========== =========== During the year the company issued a total of 284,378,886 new ordinary shares of 0.1p each by way of two placings on AIM at a placing price of 0.25p per share and this raised #710,945 before costs of #28,438. NOTES TO THE UNAUDITED FINANCIAL INFORMATION (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2004 6. Reconciliation of movement in shareholders funds 2004 2003 # # Loss for the financial year (2,742,139) (903,447) New shares issued (net of issue costs) 682,507 1,464,961 _____________ _____________ Net movement in shareholders' funds (2,059,632) 561,514 Opening shareholders' funds 3,075,871 2,514,357 _____________ _____________ Closing shareholders' funds 1,016,239 3,075,871 ============= ============= This information is provided by RNS The company news service from the London Stock Exchange END FR PUUMPCUPAGRM
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