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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mporium Group Plc | LSE:MPM | London | Ordinary Share | GB00BGDW0L56 | ORD 0.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMMPM
RNS Number : 3363N
mporium Group PLC
08 August 2017
8 August 2017
mporium Group plc
("mporium" or the "Group")
Half Year Results
mporium Group plc (AIM:MPM), the technology company that delivers high performance advertising campaigns, today announces its results for the six months ended 30 June 2017.
Financial Highlights
Hot Features
Premium
Revenue increased 21% to GBP1.1 million (H1 2016: GBP0.9
-- million), driven by an increase in Technology & Other Recurring
Revenue
Operating loss reduced 18% to GBP2.4 million (H1 2016:
-- GBP2.9 million) despite a substantial increase in headcount,
predominantly associated with Technology & Data Science
and Sales & Account Management
GBP3.0 million raised in March 2017 to support continued
-- investment in the IMPACT technology product
Operational Highlights
Revised product strategy driving improved
-- product performance
Commercial agreement (IMPACT) with Essence,
-- a market-leading global digital agency majority
owned by WPP
Commercial agreement and industry award (IMPACT)
-- with the7stars, the UK's largest independent
media agency
Expansion of IMPACT into several Continental
-- European markets ahead of schedule
Advanced discussions with additional leading
-- agencies are ongoing
Board Changes
Barry Moat appointed Executive Chairman with Nigel Walder's
-- departure
Nelius De Groot, the Group's COO, appointed CEO
--
Richard Gordon, FD, to leave at the end of September
--
Nelius De Groot, CEO of mporium, commented:
"We have made strong progress in the first half: signing new commercial agreements and taking significant steps towards further contracts, while improving our IMPACT product and adding key resource that will support future growth. I am delighted that we have managed to increase our revenues while simultaneously reducing our costs and thereby narrowing our loss.
"We look to the future with confidence; the global market for IMPACT is vast and we have proved that the technology delivers significant performance improvements. We are confident that the progress and momentum generated to date, will continue throughout 2017."
Enquiries
mporium 020 3841 8402 Barry Moat Nelius De Groot N+1 Singer (Nominated Adviser & Broker) 020 7496 3000 Michael Taylor Mark Taylor Bell Pottinger 020 3772 2573 Elly Williamson Dan de Belder
About mporium
mporium is a technology company that delivers high performance advertising campaigns, maximising the advertiser's return on investment.
mporium's proprietary technology, IMPACT, enables advertisers and the media agencies that serve them to achieve better outcomes from digital advertising campaigns. The patent pending technology allows advertisers to target consumers when real world events stimulate consumer interest, delivering high performing digital advertising campaigns from brand advertising to direct response.
Mobile advertising has proved challenging to both advertisers and media agencies. In a world where the majority of traffic comes from smartphones, a solution is urgently needed to address the challenge of capturing consumer intent in the moment. mporium is uniquely positioned to address this issue by leveraging a range of data inputs - including TV, news, sports and social media - to deliver sophisticated real-time bidding, timing and creative switching for digital advertising campaigns.
The technology has already been adopted by several market leading media agencies: Jellyfish, Essence and the7stars. Although the Company is based in the UK, the technology has been used to drive campaigns across the UK and Continental European markets, and management intend to expand across the global digital markets.
Based in the UK, mporium Group plc is quoted on AIM, the growth market of the London Stock Exchange plc.
www.mporium.com
Registration number: 8696120 (England and Wales)
mporium Group PLC
Financial Statements for the 6 months ended
30(th) June 2017
Company information for the 6 months ended 30 June 2017...............................................................................2 Directors' report for the 6 months ended 30 June 2017.............................................................................3 Consolidated interim statement of total comprehensive income for the period ended 30 June 2017.......5 Consolidated interim statement of financial position as at 30 June 2017....................................................6 Consolidated interim statement of changes in equity for the period ended 30 June 2017........................7 Consolidated interim statement of cash flows for the period ended 30 June 2017...................................8 Notes to the consolidated interim financial statements .........................................................................9
Company information for the 6 months ended 30 June 2017
Directors: N Walder - Non-Executive Chairman
B Moat - Chief Executive Officer
R J Gordon - Finance Director and Company
Secretary
S Bjornstad - Non-Executive Director
A Casey - Non-Executive Director
Registered 106 New Bond Street
office: London
W1D 1DS
Registered
number: 08696120
Statutory Grant Thornton UK LLP
Auditors: Grant Thornton House
Melton Street
Euston Square
London
NW1 2EP
Nominated Nplus1 Singer Capital Markets Limited
Advisor One Bartholomew Lane
and Broker London
EC2N 2AX
Public Bell Pottinger
Relations Holborn Gate
330 High Holborn
London
WC1V 7QD
Registrars Capita Asset Services
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Banker Metro Bank
One Southampton Row
London
WC1B 5HA
Directors' report for the 6 months ended 30 June 2017
mporium Group PLC (AIM: MPM) ("mporium" or the "Company"), the technology company that delivers high performance advertising campaigns, today announces its results for the six months ended 30 June 2017.
Results Overview
Overall revenue during the period under review was GBP1,052,750 (2016: GBP870,473) and the loss from ordinary activities before taxation was GBP2,418,414 (2016: loss of GBP2,939,919). The loss per share was GBP0.01 (2016: loss of GBP0.01). The Group had cash reserves at the end of the half year of GBP1,641,643.
Business Review
The Company's revised product strategy has been responsible for driving improved performance in the period under review. Rollout of the Group's flagship IMPACT product accelerated significantly during H1 2017, building on the initial deployments in Q4 2016. The Group's Fast Web Media (FWM) business performed well, benefitting from a more targeted focus with improving revenues, clients and margins.
IMPACT has been engineered to operate as a performance overlay to the two principal digital advertising platforms: Google (Search) and Facebook (Social), delivering performance improvement for digital advertising campaigns. During the period under review, IMPACT has been significantly enhanced, delivering additional performance capabilities: these include new signal sources, advanced bid modification and creative switching functionality. These enhancements have provided increased commercial traction and further strengthened the product's market position.
The rollout of IMPACT to agencies and advertisers, which began in Q4 2016 with an agreement with Jellyfish, has accelerated throughout H1 2017, with agencies including Essence and the7stars adopting its use, the latter to great effect in winning Best Paid Search Campaign in The Drum Digital Trading Awards.
This commercial progress with leading agencies has provided further validation of mporium's route to market: working alongside industry leading media agencies allows us to achieve a leveraged sales model. This close relationship with agencies has also been critical in the product development cycle, ensuring that IMPACT enhancements are targeted at addressing the core needs of a rapidly growing market. These agency relationships were directly responsible for extending the use of IMPACT into several Continental European markets, a development that was not expected to take place until 2018.
The Group made substantial investment in staff during the period, particularly across Technology & Data Science and Sales & Account Management. These investments were targeted to correctly position the business for growth.
The Company has made significant progress against the Key Performance Indicators (KPIs) that were outlined in the 2016 Annual Report. The increase in advertising Spend Under Management (SUM) has been particularly significant. Refinement and measurement of these KPIs will continue to be monitored closely by the business over the coming quarters.
To support this continued investment, the Company raised GBP3.0 million (after expenses) through the placing and subscription of ordinary shares in March through an accelerated book build.
Board Changes
As announced today, after nearly two intensive years as Chairman throughout the company's crucial foundation phase, Nigel Walder is leaving the Board. Chief Executive Officer Barry Moat is taking the role of Executive Chairman, while Nelius De Groot is joining the Board as Chief Executive Officer after two years as Chief Operating Officer. All of these changes take place with immediate effect.
Richard Gordon, who provided essential continuity as Finance Director while mporium was established within the listing of a predecessor company, will be leaving at the end of September, to focus on other business interests. Succession planning is already underway.
Outlook
The market for IMPACT is vast, with global Digital Ad spend equating to $194bn in 2016. This figure is estimated by eMarketer to grow to $335bn by 2020, with most of this growth being driven by mobile advertising. mporium is well positioned to benefit from this growth and is poised for its IMPACT technology to be used across global markets. As was the case with the expansion into Continental Europe, the initial phases of this expansion will not require the addition of local staff. Ultimately, full monetisation of the expansion into global markets will naturally require the introduction of a limited number of local Sales and Account Management resources.
Advanced discussions with additional leading agencies regarding commercial arrangements are ongoing and the overall pipeline for mporium IMPACT is promising.
The Directors believe the progress and momentum generated to date will continue throughout 2017.
Consolidated Interim Statement of Total Comprehensive Income
for the 6 months ended 30 June 2017
6 months
to 6 months Year ended
30 June to 30 31 December
2017 June 2016 2016
Note unaudited unaudited audited
GBP GBP GBP
Continuing operations
Revenue 4 1,052,750 870,473 1,824,108
Cost of sales (78,796) (154,778) (318,731)
------------ ------------ -------------
Gross profit 973,954 715,695 1,505,377
Administrative expenses (3,391,243) (3,648,134) (6,310,785)
------------ ------------ -------------
Operating loss (2,417,289) (2,932,439) (4,805,408)
Financial income 621 2,508 4,612
Financial expense (1,746) (9,988) (4,558)
Loss on ordinary activities
before taxation (2,418,414) (2,939,919) (4,805,354)
Taxation - - 626,848
------------ ------------ -------------
Total loss (2,418,414) (2,939,919) (4,178,506)
Other comprehensive
loss for the period
Revaluation of investment
which will subsequently
be reclassified to
profit and loss 6 (323,381) 269,023 283,601
------------ ------------ -------------
Total comprehensive
losses attributable
to equity holders
of the parent company (2,741,795) (2,670,896) (3,894,905)
------------ ------------ -------------
Basic and diluted
loss per share for
losses attributable
to the owners of the
parent during the
period 7 (0.01) (0.01) (0.01)
The notes on pages 9 to 11 form part of these financial statements
Consolidated Interim Statement of Financial Position
as at 30 June 2017
As at As at As at
30 June 30 June 31 December
2017 2016 2016
Note unaudited unaudited audited
GBP GBP GBP
Non-current assets
Property, plant
and equipment 351,111 326,006 345,936
Intangible assets 3,366,547 2,277,615 2,881,850
Investments 6 400,624 688,480 724,005
------------- ------------- -------------
Total Non-current
assets 4,118,284 3,292,101 3,951,791
Current assets
Trade and other
receivables 1,596,540 1,574,547 1,696,752
Cash and cash equivalents 1,641,643 662,052 1,282,429
------------- ------------- -------------
Total Current assets 3,238,183 2,236,599 2,979,181
Total assets 7,356,467 5,528,700 6,930,972
------------- ------------- -------------
Current liabilities
Trade and other
payables (1,212,769) (1,779,228) (1,233,654)
------------- ------------- -------------
Total Current liabilities (1,212,769) (1,779,228) (1,233,654)
Total liabilities (1,212,769) (1,779,228) (1,233,654)
------------- ------------- -------------
Net assets 6,143,698 3,749,472 5,697,318
============= ============= =============
Shareholders' Equity
Share capital 2,672,692 2,351,049 2,571,027
Share premium 20,386,239 14,614,568 17,493,454
Share option reserve 1,926,120 2,136,763 1,854,505
Merger reserve 7,641,598 7,641,598 7,641,598
Retained earnings (26,482,951) (22,994,506) (23,863,266)
Equity shareholders'
funds 6,143,698 3,749,472 5,697,318
============= ============= =============
The notes on pages 9 to 11 form part of these financial statements
Consolidated Interim Statement of Changes in Equity
for the 6 months ended 30 June 2017
Retained Share Share Share Merger Total
earnings capital premium option reserve
reserve reserve
GBP GBP GBP GBP GBP GBP
31 December 2015
- audited (20,323,611) 2,350,663 14,614,568 1,889,558 7,641,598 6,172,776
Total loss for
the year (4,178,506) - - - - (4,178,506)
Share-based payments - - - 320,197 - 320,197
Transfer related
to lapsed share
options 355,250 - - (355,250) - -
Share issue cost - - (86,824) - - (86,824)
Share issue during
the year - 220,364 2,965,710 - - 3,186,074
Other comprehensive
income -
revaluation of
investment 283,601 - - - - 283,601
------------- ---------- ----------- ------------ ---------- ------------
31 December 2016
- audited (23,863,266) 2,571,027 17,493,454 1,854,505 7,641,598 5,697,318
Comprehensive
loss for the
period (2,418,414) - - - - (2,418,414)
Share-based payments - - - 193,725 - 193,725
Transfer related
to lapsed share
options 122,110 - - (122,110) - -
Share issue during
the year - 101,665 2,948,285 - - 3,049,950
Share issue cost - - (55,500) - - (55,500)
Other comprehensive
income -
revaluation of
investment (323,381) - - - - (323,381)
------------- ---------- ----------- ------------ ---------- ------------
30th June 2017
- unaudited (26,482,951) 2,672,692 20,386,239 1,926,120 7,641,598 6,143,698
------------- ---------- ----------- ------------ ---------- ------------
The notes on pages 9 to 11 form part of these financial statements
Consolidated Interim Statement of Cash Flows
for the 6 months ended 30 June 2017
6 months 6 months Year ended
to 30 to 30 31 December
June 2017 June 2016 2016
unaudited unaudited audited
GBP GBP GBP
Cash flows used in operating
activities
Loss before taxation (2,418,414) (2,939,919) (4,805,354)
Adjustments for:
Depreciation of property,
plant and equipment 89,800 67,183 144,403
Amortisation of intangible
assets 449,179 125,000 312,749
Impairment of intangible
assets - 575,250 575,250
Loss on sale of intangible - 10,500 -
assets
Share based payment expense 193,724 247,206 320,197
Write-off of intercompany - - -
receivable
Financial income (621) (2,508) (4,612)
Financial expense 1,746 9,988 4,558
Dividend - - -
Cash flows from operating
activities before changes
in working capital (1,684,585) (1,907,300) (3,452,809)
------------ ------------ -------------
Decrease/(increase) in
trade and other receivables 125,754 (2,058,444) (11,751)
Increase /(decrease)
in trade and other payables (70,536) 2,257,238 (730,916)
Cash used in operations (1,629,368) (1,708,506) (742,667)
------------ ------------ -------------
Income taxes received 24,109 - 900,528
Net cash used in operating
activities (1,605,259) (1,708,506) (3,294,948))
------------ ------------ -------------
Cash flows used in investing
activities
Interest received 621 2,508 4,612
Investment - - (20,947)
Purchase of intangible
assets (933,877) (298,872) (1,080,356)
Purchase of property,
plant and equipment (94,976) (58,794) (155,942)
Net cash used in investing
activities (1,028,232) (355,158) (1,252,633)
------------ ------------ -------------
Cash flows from financing
activities
Interest paid (1,745) (9,988) (4,558)
Issue of share capital 3,049,950 386 3,186,074
Issue cost of share (55,500) - (86,824)
Net cash generated from
financing activities 2,992,705 (9,602) 3,094,602
------------ ------------ -------------
Net increase/(decrease)
in cash and cash equivalents 359,214 (2,073,266) (1,452,889)
Cash and cash equivalents
at start of period 1,282,429 2,735,318 2,735,318
Cash and cash equivalents
at end of period 1,641,643 662,052 1,282,429
============ ============ =============
The notes on pages 9 to 11 form part of these financial statements
Notes to the consolidated interim financial statements
1 Basis of preparation
The interim condensed consolidated financial statements are the unaudited Consolidated Financial Statements of mporium Group plc, for the six months ended 30 June 2017. This non-statutory interim statement has been prepared on a basis consistent with that used in the preparation of the annual accounts, which are prepared under International Financial Reporting Standards as adopted by the EU ("IFRS"). They do not include all of the information required in annual financial statements in accordance with IFRS.
The interim financial statements were approved by the Board on 24 August 2017. The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial statements have been prepared under the historical cost convention and the consolidated financial statements incorporate the financial statements of the Company and its subsidiary companies.
The comparative figures for the year ended 31 December 2016 were derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. Those accounts received an unqualified audit report which did not contain statements under sections 498(2) or (3) (accounting record or returns inadequate, accounts not agreeing with records and returns or failure to obtain necessary information and explanations) of the Companies Act 2006.
2 Significant accounting policies
The principal accounting policies and presentation followed in the preparation of this interim report have been consistently applied to all periods in these financial statements and are the same as those applied in the Group's annual accounts for the year ended 31 December 2016. The accounts for the Group can be obtained from the company's website.
3 Critical accounting judgements and key estimation of uncertainty
The preparation of financial statements in conforming with adopted IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and assumptions are based on historical experience and other factors considered reasonable at the time, but actual results may differ from those estimates. Revisions to these estimates are made in the period in which they are recognised. The critical accounting judgements made in preparing this interim report are the same as those in preparing the annual accounts for the Group for the year ended 31 December 2016 which can be obtained from the company's website.
4 Business segments
The mporium Group plc's operations are centred on providing software and supporting services. Management therefore considers there to be one reporting segment covering the entire Group.
A supplementary analysis of revenue is as follows:
6 months 6 months Year ended
to 30 June to 30 31 December
2017 June 2016 2016
unaudited unaudited audited
GBP GBP GBP
Technology & Other
Recurring Revenue 925,027 508,982 1,223,599
Upsold Project Fees
to Existing Clients 127,723 361,491 600,509
1,052,750 870,473 1,824,108
============ =========== =============
Notes to the consolidated interim financial statements
continued
5 Staff numbers
The average number of persons employed by the mporium Group during the period including executive directors is analysed below:
6 months to 30 June 2017 6 months to 30 June 2016 Year ended 31 December 2016
unaudited unaudited audited
Directors 5 6 5
Administration 5 4 4
Technology & Data Science 15 10 11
Analytics, Search & Marketing 12 11 12
Product & Project Management 6 3 4
Sales & Account Management 14 8 11
------------------------- ----------------------------- ----------------------------
57 42 47
------------------------- ----------------------------- ----------------------------
6 Investments
On 8 June 2015, the Company entered into a share swap agreement with Cxense ASA, the Norwegian specialists in data management and personalized online experiences, to license Cxense's technology.
The equity securities are denominated in NOK and are publicly traded in Norway. Fair values of this investment have been estimated by reference to quoted bid prices in active markets at the reporting date and are categorised within Level 1 of the fair value hierarchy. On the 27 July 2016, the business acquired 1,936 additional shares as part of a fundraise. A loss of GBP323,381 to reflect the movement in market value was recognised in other comprehensive income.
6 months 6 months Year ended
to 30 June to 30 June 31 December
2017 2016 2016
unaudited unaudited audited
GBP GBP GBP
Number of shares 53,113 51,177 53,113
Share price Norwegian
Krona 82 150 145
FX NOK/GBP 10.87 11.15 10.64
Fair value 400,624 688,480 724,005
Revaluation recognised
in consolidated
statement of income (323,381) 269,023 283,601
7 Loss per share
6 months to 30 June
6 months to 30 June 2017 2016 Year ended 31 December 2016
unaudited unaudited audited
GBP GBP GBP
Loss for the period (2,418,414) (2,939,919) (4,178,506)
Deemed average ordinary
shares
in issue during the period 534,538,406 470,206,403 489,348,567
Loss per share (0.01) (0.01) (0.01)
Deemed average ordinary shares are used due to the application of merger accounting.
8 Interim Report
The Group's interim report will be available from the Company's registered office and on the Company's website www.mporium.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SSLFWWFWSELA
(END) Dow Jones Newswires
August 08, 2017 02:00 ET (06:00 GMT)
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