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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Parallel Media | LSE:PAA | London | Ordinary Share | GB00BGSGT481 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 38.00 | 36.00 | 40.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMPAA
RNS Number : 0793L
Parallel Media Group PLC
28 September 2016
28 September 2016
PARALLEL MEDIA GROUP PLC
("PMG" OR THE "GROUP")
HALF-YEARLY RESULTS FOR THE SIX MONTHSED 30 JUNE 2016
Parallel Media Group Plc (AIM:PAA), a leading live event and entertainment agency, announces its half-yearly results for the period ended 30 June 2016.
Highlights
-- Through its associated music business, the Group has:
o Secured sponsorship and media deals for the Classic Rock Awards, due to be staged in Tokyo on 11 November 2016;
o Reached a settlement with Arena Group whereby the Group has received a cash sum of USD125k (GBP84k) received in March 2016 and another USD25k (approx. GBP17k) is to be received in February 2017; and
o Continued to reduce its outstanding current liabilities by an additional GBP836k against the same period last year.
Chairman of PMG, David Ciclitira, commented: "
"We are continuing the process of improving the Group's balance sheet and developing its event and entertainment business.
I would like to make a special mention of the Group's Board and Staff worldwide for their considerable efforts and I would, at the same time, like to thank all our stakeholders for their support."
Contact Details
For more information please contact:
Parallel Media Group Plc David Ciclitira www.parallelmediagroup.com +44 (0) 20 7225 2000 Stockdale Securities Robert Finlay / Ed Thomas - Corporate Finance www.stockdalesecurities.com +44 (0) 20 7601 6115
CHAIRMAN'S STATEMENT
Music
The Group continues the development of its Asian-based music business. This year's Classic Rock Awards in Tokyo has the confirmed participation of Cheap Trick, Richie Sambora, Jeff Beck and his band featuring Dead DeLeo, Joe Walsh (Eagles), Jimmy Page, Kirk Hammet (Metallica), Phil Collen (Def Leppard), Orianthi, Slot Machine, Joe Elliot (Def Leppard), Sarah Geronimo, Bamboo, Tommy Henriksen (Hollywood Vampires) and Ray Luzier (Korn).
Golf Events
PMG is in active discussion with various potential title sponsors of the Championship.
Financial Review
Gross profit has increased by GBP86k and the operating loss has improved by GBP24k against the same period last year. The twelve month period between the previous interims has seen the net liabilities reduced by GBP836k.
As in previous years, I have supported the working capital requirements of the Group. The balance of the monies due to me and entities owned and controlled by me at the period end was GBP1.15m. In addition, the bank facility at period end totalled GBP0.28m and is secured by a personal guarantee provided by me at a monthly cost of GBP1,319 to the Group.
The loans have been made in the name of David Ciclitira on a short term basis and as yet there are no formal terms of these loans. It has, however, been agreed between David Ciclitira and the independent directors, being Tim Sturm and Ranjit Murugason (the "Independent Directors"), that the loans will not carry interest and will be repayable upon demand. The Independent Directors consider that, having consulted with the Group's Nominated Adviser, the provision of the loans are fair and reasonable in so far as the Group's shareholders are concerned.
Post Balance Sheet Events
There has not been any matter or circumstance occurring subsequent to the end of the financial period that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years. As previously stated, the Group continues to look for acquisitions in the live event and entertainment sector and expects to make an announcement before the end of 2016.
Going forward
I remain positive and would like to use this opportunity to thank our board and hardworking staff, without whose support our undoubted potential would not be possible.
David Ciclitira
Chairman
Date: 28 September 2016
Consolidated income statement for half year to 30 June 2016
Hot Features
Premium
30 30 31 December
June June 2015
2016 2015 audited
unaudited unaudited
Note GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 267 107 241
Cost of sales (78) (4) (5)
----------- ----------- ------------
Gross profit 189 103 236
Other administrative expenses (208) (198) (354)
Foreign exchange (23) 30 (9)
Depreciation and amortisation
of non financial assets (68) (69) (139)
----------- ----------- ------------
Total admin expenses (299) (237) (502)
Operating (loss) before exceptional
items (110) (134) (266)
Exceptional items 183 - -
----------- ----------- ------------
Operating profit/(loss) after
exceptional items 73 (134) (266)
Finance costs (16) (19) (43)
Proft/(loss) before tax 57 (153) (309)
Tax expense - - -
----------- ----------- ------------
Profit/(loss) for the period 57 (153) (309)
Discontinued operations - - 920
----------- ----------- ------------
Profit/(loss) from year after
discontinued operations 57 (153) 611
Attributable to:
Non-controlling interests - - -
Equity holders of the parent 57 (153) 611
----------- ----------- ------------
Proft/(loss) for the financial
period 57 (153) 611
----------- ----------- ------------
Earnings Profit/(loss) per
share
-basic 4 1.9p (5.1p) 20.3p
-diluted 4 1.9p (5.1p) 20.3p
The accompanying accounting policies and notes form an integral part of the financial statements.
Statement of comprehensive income for half year to 30 June 2016
Group
30 June 30 June 31 December
2016 2015 2015
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
Profit/(loss) for the period 57 (153) 611
Exchange difference on translation
of foreign operations (50) (31) 34
----------- ----------- ------------
Total comprehensive income/(expense)
for the period 7 (184) 645
----------- ----------- ------------
Total comprehensive (expense)/income
attributable to:
Equity holders of the parent 7 (184) 645
Non - controlling interest - - -
----------- ----------- ------------
7 (184) 645
----------- ----------- ------------
Statement of financial position for the half year to 30 June 2016
30 June 30 June 31 December
2015
2016 2015 (audited)
(unaudited) (unaudited)
GBP'000 GBP'000 GBP'000
Non current assets
Property, plant and equipment - 4 3
Intangible assets - Tournament
rights 1,390 1,526 1,458
Total non current assets 1,390 1,530 1,461
-------------- -------------- ------------
Current assets
Trade and other receivables 90 22 61
Cash and cash equivalents (3) (7) 14
Total current assets 87 15 75
-------------- -------------- ------------
Current liabilities
Financial liabilities - Borrowings 85 85 85
Trade and other payables 2,198 3,032 2,229
Total current liabilities 2,283 3,117 2,314
-------------- -------------- ------------
Net current liabilities (2,196) (3,102) (2,239)
Non current liabilities
Financial liabilities - Borrowings 196 266 231
-------------- -------------- ------------
196 266 231
Net (liabilities)/assets (1,002) (1,838) (1,009)
-------------- -------------- ------------
Equity
Share capital 4,612 4,612 4,612
Share premium 8,741 8,741 8,741
Other reserves 503 503 503
Capital redemption reserve 5,034 5,034 5,034
Foreign exchange reserve (132) (147) (82)
Retained earnings (19,913) (20,734) (19,970)
Equity attributable to equity
holders of the parent (1,155) (1,991) (1,162)
Non-controlling interests 153 153 153
--------- --------- ---------
(1,002) (1,838) (1,009)
--------- --------- ---------
Statement of cashflows for the half year to 30 June 2016
30 June 30 June 31 December
2016 2015 2015
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash flows from operating
activity
Operating (loss) (110) (153) (266)
(Decrease)/increase in translation
reserve (50) (31) 34
Depreciation 3 2 3
Amortisation of intangibles
- Tournament rights 68 68 136
Gain on exceptional item 183 - -
Decrease/(increase) in receivables (29) 50 11
(Decrease)/increase in payables (31) 105 (748)
Consideration of purchaser
of Parallel Media Group Championship
Ltd - - 50
Profit from discontinued operations - - 920
Cash generated from/(used
in) operations 34 41 140
------------- ------------- ------------
Cash flow from financing activities
Loans repaid (42) (42) (86)
Interest paid (9) (9) (43)
Net cash (used in)/generated
from financing activities (51) (51) (129)
------------- ------------- ------------
Cash and cash equivalents
at beginning of the period 3 3 3
Net (decrease)/increase in
cash and cash equivalents (17) (10) 11
------------- ------------- ------------
Cash and cash equivalents
at end of the period (14) (7) 14
------------- ------------- ------------
Consolidated statement of changes in equity for half year to 30 June 2016
Ordinary Share Other Capital Foreign Retained Subtotal Non Total
Share Premium Reserves Redemption Exchange Earnings controlling
Capital Reserve Interests
At 31 December
2015 4,612 8,741 503 5,034 (82) (19,970) (1,162) 153 (1,009)
Gain for
the half
year - - - - - 57 57 - 57
Foreign
Exchange - - - - (50) - (50) - (51)
--------------- --------- --------- --------- ----------- --------- --------- --------- ------------ --------
Total
comprehensive
income (50) 57 7 - 7
At 30 June
2016 4,612 8,741 503 5,034 (132) (19,913) (1,155) 153 (1,003)
--------------- --------- --------- --------- ----------- --------- --------- --------- ------------ --------
Consolidated statement of changes in equity for the year ended 31 December 2015
Ordinary Share Other Capital Foreign Retained Subtotal Non Total
Share Premium Reserves Redemption Exchange Earnings controlling
Capital Reserve Interests
At 31 December
2014 4,612 8,741 503 5,034 (116) (20,581) (1,807) 153 (1,654)
Loss for
the year - - - - - - 611 - 611
Foreign
exchange - - - - 34 - 34 - 34
--------------- --------- --------- --------- ----------- --------- --------- --------- ------------ --------
Total
comprehensive
income 34 611 645 - 645
At 31 December
2015 4,612 8,741 503 5,034 (82) (19,970) (1,162) 153 (1,009)
--------------- --------- --------- --------- ----------- --------- --------- --------- ------------ --------
NOTES TO THE FINANCIAL INFORMATION
1. Basis of Preparation
The condensed financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards. The condensed consolidated Half-yearly Financial Statements should be read in conjunction with the annual financial statements for the year ended 31 December 2015, which have been prepared in accordance with International Financial Reporting Standards. These half-yearly results are unaudited and do not constitute statutory accounts.
2. Significant Accounting Policies
The condensed financial statements have been prepared under the historical cost convention. The same accounting policies, presentation and method of computation are followed in these condensed financial statements as were applied in the preparation of the Group's financial statements for the year ended 31 December 2015.
3. Segment Information - Changes in Operating Segments
The group now operates under three segments, Sports, Entertainment and Media.
Operating
Segments Sports Entertainment Media Consolidated
---------------- -------------- ---------------- -------------- ----------------
GBP'000 GBP'000 GBP'000 GBP'000
---------------- -------------- ---------------- -------------- ----------------
June June June June June June June June
2016 2015 2016 2015 2016 2015 2016 2015
---------------- ------ ------ ------- ------- ------ ------ ------ --------
Revenue 267 107 - - - - 267 107
---------------- ------ ------ ------- ------- ------ ------ ------ --------
Joint ventures - - - - - - - -
---------------- ------ ------ ------- ------- ------ ------ ------ --------
Segment result 189 104 - - - - 189 104
---------------- ------ ------ ------- ------- ------ ------ ------ --------
Unallocated
corporate
expenses (299) (237)
---------------- ------ ------ ------- ------- ------ ------ ------ --------
Exceptional
items 183 -
---------------- ------ ------ ------- ------- ------ ------ ------ --------
Operating
profit after
exceptional
items 73 (134)
---------------- ------ ------ ------- ------- ------ ------ ------ --------
Finance costs (16) (19)
---------------- ------ ------ ------- ------- ------ ------ ------ --------
Profit/(loss)
for the year 57 (153)
---------------- ------ ------ ------- ------- ------ ------ ------ --------
4. Earnings per Share
The basic earnings per share are calculated by dividing the profit attributable to equity shareholders by the weighted average number of shares in issue during the year. In calculating the diluted earnings per share, outstanding share options, warrants and convertible loans are taken into account where the impact of these is dilutive.
Six months Six months Year
to to ended
30 June 30 June 31 December
2016 2015 2015
(i) Basic
Gain/(Loss) for the period
(GBP'000) 57 (153) 611
Weighted average number
of shares in issue (No.) 3,009,223 3,009,223 3,009,223
----------- ----------- -------------
Earning/(loss) per share
(p) 1.9p (5.1p) 20.3p
(ii) Fully diluted
Gain/(Loss) for the period
(GBP'000) 57 (153) 611
Revised (loss) for the
period (GBP'000) 57 (153) 611
----------- ----------- -------------
Weighted average number
of shares in issue (No.) 3,009,223 3,009,223 3,009,223
Ordinary shares issuable
under convertible loan
agreements * - - -
----------- ----------- -------------
3,009,223 3,009,223 3.009,223
Diluted Earnings per share
(p)* 1.9p (5.1p) 20.3p
* The fully diluted loss per share is the same as the basic loss per share as the effects of potential shares are anti-dilutive.
5. Dividends - No dividend was recommended or paid for the period under review
6. Financial Liabilities - Borrowings
30 June 30
2016 June
2015
GBP'000 GBP'000
Bank facility 85 85
85 85
The bank facility represents amounts due to Lloyds Bank Plc in less than one year. The total amount outstanding to Lloyds Bank as at 30 June 2016 was GBP0.28m.
7. Non-Current Liabilities - Borrowings
30 June 30 June
2016 2015
GBP'000 GBP'000
Bank facility > 1 year 196 266
196 266
The bank facility represents amounts due to Lloyds Bank in more than one year. The total amount owed to Lloyds Bank was GBP0.28m (of which GBP0.08m is included in current liabilities and GBP0.2m in non current liabilities). The loan carries interest payable at 4% over base rate. The loan may be repaid early at the discretion of the Group. The loan is secured by personal guarantee provided by David Ciclitira.
8. Issued Share Capital
Issued share capital as at 30 June 2016 is comprised as follows:
-- 3,009,223 ordinary shares of GBP0.01p being GBP0.03 million -- 3,009,223 new deferred shares of GBP0.518p being GBP1.559 million* -- 199,831,545 deferred ordinary shares of 0.5p each being GBP0.999 million* -- 103,260 deferred B shares of GBP19.60 being GBP2.024 million*
* The deferred ordinary shares and new deferred shares do not entitle their holders to receive dividend or other distribution nor do they entitle their holders to receive notice, attend speak or vote at any General Meeting of the Group. The rights of deferred shareholders are set out in full in the financial statements for the year ended 31 December 2015.
9. Related Parties
Luna Trading Limited is a company under the control of David Ciclitira, which provides consultancy services, loans and guarantees to Parallel Media Group Plc. The movements in the payable balances due by Parallel Media Group Plc were as follows:
Period Period
ended ended
30 June 30 December
2016 2015 (audited)
------------------------------------- --------- ----------------
GBP'000 GBP'000
------------------------------------- --------- ----------------
Opening balance 177 157
------------------------------------- --------- ----------------
Loan guarantee interest paid 7 20
------------------------------------- --------- ----------------
Amounts owed to Luna Trading
including consultancy and business
services 110 -
------------------------------------- --------- ----------------
Total amounts outstanding to
D Ciclitira entities 294 177
------------------------------------- --------- ----------------
Luna Trading is the company through which PMG contracts with D Ciclitira for consulting and business services. During the period, Luna Trading charged GBP110k to PMG for consultancy fees and charged GBP10k for loan guarantee in the first 6 months of 2015.
Total amounts owed to David Ciclitira and entities under his control is GBP1,148k (Parallel Contemporary Arts Ltd GBP775k, David Ciclitira GBP67k, Luna Trading GBP294k and START (2013) Ltd GBP12k).
10. Other
Copies of unaudited half-yearly results have not been sent to shareholders, however copies are available at www.parallelmediagroup.com or on request from the Group's Registered Office.
11. Approval of Half-Yearly Financial Statements
The half-yearly financial statements were approved by the board of directors on 28 September 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGURGBUPQGUR
(END) Dow Jones Newswires
September 28, 2016 06:22 ET (10:22 GMT)
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