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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:6699J
Maverick Entertainment Group PLC
29 September 2006
29 September 2006
Maverick Entertainment Group PLC
Interim Results for the six months to 30 June 2006
Further progress achieved during the period - Muffin gains pace
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 Interim Results for the six months ended 30 June
2006.
* Turnover increased 17.5% to #179,469 (2005: #152,736)
* Administrative expenses reduced by 9% to #206,136 (2005: #226,632)
* Loss for period decreased to #141,172 (2005: loss #187,176) before the full
amortisation of the investment in Muffin the Mule of #85,200
* Loss per share for the period of 0.0329 pence (2005: loss 0.0317 pence)
IP
* BBC TV showing Muffin the Mule series for third time this year
- Viewing figures from BARB confirm Muffin as number one for previous runs
* Overseas distributor appointed for Muffin the Mule
* Character Options and Martin Yaffe International launched their Muffin the
Mule ranges at the London Toy Fair to critical acclaim
* 60th Anniversary of Muffin in October 2006 expected to generate further
interest
* Priority remains to maximise returns from existing IP investments
Commenting on the results, Derek Morris, Chairman said: "The key markets we
operate in are biased towards the second half of the year. Because of the
commercial launch of Muffin the Mule in the UK during the second half and the
International launch of the television series at Mipcom in October 2006, we
expect this trend to be more pronounced this year. The Company expects the next
12 months to be ever improving."
For further information please contact:
Maverick Entertainment Tavistock Communications
Mike Diprose / Sookra Raveendran Lulu Bridges / Paul Dulieu
Tel: 01844 260858 Tel: 020 7920 3150
info@maverickentertainment.co.uk pdulieu@tavistock.co.uk
Seymour Pierce Limited
Mark Percy
Tel: 020 7107 8000
markpercy@seymourpierce.com
CHAIRMAN'S STATEMENT
Results Overview
The first half of the 2006 financial year saw an increase in turnover of 17.5%
to #179,469, compared with #152,736 for the first half of 2005. Gross profit
amounted to #1,116 (2005: #61,016) and, before the full amortisation of the
investment in Muffin the Mule of #85,200 (2005: #Nil), the net loss for the half
year decreased to #141,172 (2005: loss #187,176). Distribution and
Administration expenses decreased 9% during the period to #206,136 (2005:
#226,632).
The key markets we operate in are biased towards the second half of the year.
Because of the commercial launch of Muffin the Mule in the UK during the second
half and the International launch of the television series at Mipcom in October
2006, we expect this trend to be more pronounced this year.
During the period the Company successfully raised #114,000 through the placing
of 60,000,000 new ordinary shares. Following the period end a further #228,000
was raised through the placing of 160,000,000 new ordinary shares. The net
proceeds of the placings will provide the Company with additional working
capital to continue to develop its existing IP.
IPR Developments
Muffin the Mule
During the period, Character Options and Martin Yaffe International launched
their Muffin the Mule ranges at the London Toy Fair to critical acclaim and
favourable press coverage.
BBC TV broadcast the series twice during the period, in February and April, and
official viewing figures from BARB confirmed Muffin's number one slot during
both runs. The BBC is currently transmitting Muffin for the third time, which is
helping to build further awareness and yet again, during the week ending 17
September 2006 Muffin reached number one.
Further licenses agreed during the period include Falcon puzzles, Fun 2Learn sit
on rides and S4C, the Welsh broadcaster, who have agreed to a Welsh language
version of Muffin, called Myffin y Mul.
Since the period end, the Company has appointed the highly respected Target
Entertainment as overseas distributor for Muffin the Mule. The series will be
launched at the Mipcom programme market in October 2006.
Character Options' range of toys has been available in High Street stores since
August and initial demand has been strong. This range will be followed by ranges
from Martin Yaffe and Fun2learn which are due to be launched in October 2006.
Bill Kenwright Productions' show at the Theatre Royal Windsor this Christmas
will feature Muffin as a special guest and will lead to Muffin having his own
show in 2007. A new Muffin music CD and a DVD entitled "Muffin's Mules United"
will be available from October 2006.
Muffin the Mule has commenced his new life well and we intend to continue to
capitalise on the high level of awareness. Many activities are planned around
Muffin the Mule's 60th birthday in October 2006 to raise awareness for the
character, including BB's Coffee shops hosting special half term birthday
parties.
The last quarter of 2006 will be important in establishing Muffin and his
friends as successful range of consumer products.
DVD
A considerable proportion of Group sales for the period under review were made
up from sales of DVD's, which remains an important part of the Company's
profile. Despite the background of a weak retail environment DVD sales are
performing well.
New releases of key characters, Muffin the Mule and Fairly Odd Parents, featured
in the first half of the year, and will also play a crucial role in the all
important Christmas market.
New Intellectual Property
There has been no acquisition of new IP during the period, however we are still
actively seeking co production partners for two previously acquired IP, "Bleep
and Booster" and "Bengo the Boxer Pup".
Outlook
The Company expects the next 12 months to be ever improving. There are no
significant investments planned in IP except for some DVD rights that are being
considered at the moment.
The commercial launch in the UK and overseas of Muffin in the next few months
will generate revenue in the second half of this year and into 2007.
The Company is continuing discussions with other parties to investigate
opportunities that will assist it in achieving its key objectives.
The board is happy with Muffin's progress and the short-term outlook for its DVD
business and remain focussed on improving operating profit and the generation of
stable cash flow.
Derek Morris
Chairman
28 September 2006
MAVERICK ENTERTAINMENT GROUP PLC
GROUP PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 30 JUNE 2006
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 June 2006 30 June 2005 31 December 2005
# # # # # #
Turnover 179,469 152,736 848,607
Cost of sales (178,353) (91,720) (324,772)
----------- ----------- -----------
Gross profit/(loss) 1,116 61,016 (523,835)
Distribution costs 8,495 9,320 11,527
Administrative expenses 197,641 217,312 539,947
----------- ----------- -----------
(206,136) (226,632) (551,474)
----------- ----------- -----------
Operating loss (205,020) (165,616) (27,639)
Interest receivable - - 195
Interest payable (21,352) (21,560) (44,489)
----------- ----------- -----------
Loss on ordinary activities
before taxation (226,372) (187,176) (71,933)
Tax on ordinary activities - - -
----------- ----------- -----------
Retained loss for the
financial period after
taxation (226,372) (187,176) (71,933)
=========== =========== ===========
Basic loss per share (0.0329)p (0.0317)p (0.0114)p
=========== =========== ===========
Diluted loss per share (0.0329)p (0.0317)p (0.0114)p
=========== =========== ===========
MAVERICK ENTERTAINMENT GROUP PLC
GROUP BALANCE SHEET
AS AT 30 JUNE 2006
Unaudited Unaudited Audited
As at 30 June 2006 As at 30 June 2005 As at 31 December 2005
# # # # # #
Fixed assets
Intangible assets 1,564,550 1,538,374 1,649,376
Tangible assets 5,520 7,620 6,570
----------- ----------- -----------
1,570,070 1,545,994 1,655,946
Current assets
Stocks 413,592 365,790 399,531
Debtors 424,501 419,600 515,703
Cash at bank and in hand 432 2,346 5,396
----------- ----------- -----------
838,525 787,736 920,630
Creditors:
amounts falling due
within one year (759,431) (832,780) (815,040)
----------- ----------- -----------
Net current assets /
(liabilities) 79,094 (45,044) 105,590
----------- ----------- -----------
Total assets less
current liabilities 1,649,164 1,500,950 1,761,536
Creditors:
amounts falling due
after more than one
year
Convertible debt (617,700) (617,700) (617,700)
----------- ----------- -----------
Net assets 1,031,464 883,250 1,143,836
=========== =========== ===========
Capital and reserves
Called up share capital 3,485,268 3,370,268 3,425,268
Share premium 2,372,178 2,227,835 2,318,178
Merger reserve (749,653) (749,653) (749,653)
Profit and loss account (4,076,329) (3,965,200) (3,849,957)
----------- ----------- -----------
Shareholders' funds 1,031,464 883,250 1,143,836
=========== =========== ===========
MAVERICK ENTERTAINMENT GROUP PLC
SUMMARISED GROUP CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2006
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 June 2006 30 June 2005 31 December 2005
# # #
Net cash outflow from
operating activities (99,550) (26,887) 124,538
Returns on investment
and servicing of finance (2,352) (2,560) (6,594)
Capital expenditure and
financial investment (374) (259,856) (633,167)
----------- ----------- -----------
(102,276) (289,303) (515,223)
Financing 114,000 - 199,530
----------- ----------- -----------
Increase/(decrease) in cash 11,724 (289,303) (315,693)
=========== =========== ===========
RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 June 2006 30 June 2005 31 December 2005
# # #
Operating loss (205,020) (165,616) (27,639)
Depreciation and amortisation charges 86,250 1,050 58,900
Increase in stocks (14,061) (16,348) (50,089)
Decrease/(increase) in debtors 91,202 55,307 (94,983)
(Decrease)/increase in creditors due
within one year (57,921) 98,720 238,349
----------- ----------- -----------
Net cash (outflow)/ inflow from
operating activities (99,550) (26,887) 124,583
=========== =========== ===========
ANALYSIS OF MOVEMENT IN NET DEBT - UNAUDITED
At 1 January 2006 Cash flow At 30 June 2006
# # #
Cash in hand and at bank 5,396 (4,964) 432
Bank overdraft (131,388) 16,688 (114,700)
Convertible redeemable loan stock (580,000) - (580,000)
----------- ----------- -----------
Net debt (705,992) 11,724 (694,268)
=========== =========== ===========
MAVERICK ENTERTAINMENT GROUP PLC
NOTES TO THE INTERIM RESULTS
1. The interim results for the period ended 30 June 2006 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
2005. The financial information for the year ended 31 December 2005 is derived
from the statutory accounts of the Group which have been delivered to the
Registrar of Companies and on which the auditors gave an unqualified opinion.
The interim results have been prepared on a going concern basis. The Group is
dependent upon the future commercial success of its intellectual property and
merchandising. In order to complete the productions and market them, the Group
may require future funding. The Directors are confident that, if required,
sufficient finance will be available and, therefore, consider it appropriate to
prepare the interim results on a going concern basis.
2. The interim financial information for the period ended 30 June 2006 is
unaudited and does not constitute statutory accounts within the meaning of
Section 240 of the Companies Act 1985.
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.
5. The interim report was approved by the Board of Directors on 28 September
2006.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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