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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Screen Fx | LSE:SFX | London | Ordinary Share | GB00B23Z3283 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 7.10 | 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:5868W Screen FX PLC 15 May 2007 Press Release 15 May 2007 ScreenFX plc ("ScreenFX" or "the Group") Unaudited Preliminary Results ScreenFX plc (AIM:SFX), the digital advertising and communications specialist, announces its unaudited Preliminary Results for the year ended 31 December 2006. Highlights * Turnover up 244% to #1.85 million (2005: #0.54 million) * Operating losses of #6.6 million (2005: #3.5 million) * #9.1 million, before costs, of new capital successfully raised in the year * Number of shopping malls up to 26 as at December 2006 (2005: 16) Post Year End Highlights * Indication of interest signed with major advertising player regarding possible acquisition of the retail (Malls) business unit * Significant contract secured with Land Securities for 13 super malls * Current portfolio includes 40 'super malls' which yields a footfall of approximately 750 million consumers per annum Commenting on the results, Mike Cottman, Executive Chairman, said: "Whilst 2006 has been a challenging year financially, it has seen the Group consolidate and strengthen its position as the leading provider of out-of-home digital media advertising and information. The Group has invested significantly in additional overhead in its core business, MallFX, building a high value network and an infrastructure capable of delivering long term growth. At the same time the Group has invested further in developing new channel activities in both the transport and health sectors. "Looking forward, 2007 sees ScreenFX uniquely positioned with our TrainFX division to exploit the major and as yet unfulfilled commercial opportunities within the transport sector that our TrainFX brand addresses. In the era of an increasingly fragmented advertising industry, the emergence of a major new advertising and communications channel with a high profile, captive audience represents an extremely exciting opportunity for the Group to embrace." - Ends - For further information: ScreenFX plc Mike Cottman, Executive Chairman Tel: +44 (0) 161 428 5544 mikec@screenfx.com www.screenfx.com Seymour Pierce Limited Stuart Lane / Sarah Jacobs, Corporate Finance Tel: +44 (0) 20 7107 8000 sarahjacobs@seymourpierce.com www.seymourpierce.com Media enquiries: Abchurch Henry Harrison-Topham / Gareth Mead Tel: +44 (0) 20 7398 7700 henry.ht@abchurch-group.com www.abchurch-group.com CHAIRMAN'S STATEMENT This is my first Chairman's statement since joining the Group in December 2006 in order to secure its position and progress its strategy of building on a market leading share in the provision of digital advertising screens to shopping malls, as well as pioneering the development of digital screen advertising in other market sectors. ScreenFX is a leader of such advertising advancements and has achieved a critical mass market position in the retail sector. The Group is also developing exciting new markets, particularly transport, which offers strong potential for future growth. Such leading edge technologies, and the strong management team in place, are essential components of the promise that I see in this Group and which originally motivated me to assume the position of Executive Chairman at ScreenFX. My first task as Chairman has been to ensure that sufficient financial resources were available to the Group. My own personal commitment to the Group, and the confidence of both myself and others in its future, is evidenced by the personal loans and the underwriting of a portion of new capital which raised #5.3 million, before costs, for the Group late in December 2006. Financial Results Since the last report to shareholders in September, covering the six months to June 2006, operating losses have continued at a faster rate as national advertising revenue remained elusive despite the success of gaining additional shopping mall sites. Additional sales costs were incurred to look for alternative revenue sources whilst at the same time additional resources were devoted to continuing the expansion into the retail market and to progress our entry into the transport and health sectors. Strategy In order to preserve capital and focus all of our resources on our target markets, the Group has been re-shaped and re-focused and we have evaluated the areas where shareholder value can be best achieved. Going forward in 2007 this has principally involved a strong focus on the retail (Malls) and transport sectors. We have already implemented significant cost reduction plans across the Group and streamlined our operations. In particular, we have made overhead savings and reduced the Group's headcount. Furthermore, we have streamlined the management of the business, creating clear objectives and reporting structures, to ensure that the business is leaner and more capable of taking advantage of opportunities in the market and responding quickly to our business needs. Outlook Although new capital has been introduced, the revenue base thus far in 2007 has not grown to a satisfactory extent and we have therefore decided to partner the retail advertising estate with a major industry player. It is our strategic decision that the task of selling advertising onto our networks is best left done by those with the necessary critical mass and industry muscle required to achieve the most significant results. As such, I am delighted to be able to advise shareholders that a great deal of interest has been expressed in this opportunity and that, as announced separately today, we are pursuing strategic alternatives with respect to our retail (Malls) business unit, and in connection therewith, have signed a non-binding indication of interest with a major advertising player, that grants them exclusive rights to finalise a purchase agreement regarding that business unit. Such a transaction, which is subject to shareholder approval, if successful, will provide the proceeds to develop other digital screen based advertising sectors, notably our TrainFX franchise. In order that the Group has short term finance at this stage of its development, I have again organised temporary short term loans to be made available to the Group in May 2007 to finance working capital and operating costs. These personal loans will be supplemented with an additional share issue up to a maximum total value of #750,000, at a minimum price of 0.5 pence per share, to be allotted within the 10% authority for Directors to issue new shares. In addition, we are proposing a further new share issue to the value of #750,000 at the same price and this will be confirmed at a forthcoming EGM to be announced in due course. This, together with the proposed transaction secures future development and allows the Group to develop its full potential. My thanks go to all the staff and the shareholders for their continued support during the last year. Looking forward, 2007 sees ScreenFX uniquely well positioned with our TrainFX division to exploit the major and as yet unfulfilled commercial opportunities within the transport sector that our TrainFX brand addresses. In the era of an increasingly fragmented advertising industry, the emergence of a major new advertising and communications channel with a high profile, captive audience represents an extremely exciting opportunity for the Group to embrace. Mike Cottman Executive Chairman 14 May 2007 CHIEF EXECUTIVE'S REVIEW Operating Review Introduction Whilst 2006 has been a challenging year financially, it has seen the Group consolidate and strengthen its position as the leading provider of out-of-home digital media advertising and information. During the year we have further developed our market leading position through increasing our footprint in the core premium shopping mall business (MallFX) operated by our wholly owned subsidiary, High Profile (UK) Limited. The acquisition of POPtv in August 2006 enabled us to increase revenues whilst strengthening our position in this sector by removing a key competitor. At the same time, we have made significant progress in developing our capabilities to provide digital marketing screens into trains within our TrainFX company. Operations MallFX In line with our stated strategy of achieving critical mass in the important retail sector, we have continued to roll out our network of premium mall locations during the year, through MallFX. Our focus has been to build the leading screen advertising network in major shopping malls in the UK. A key driver to success is the creation of a network platform, with critical mass, that allows us to target and attract major consumer brands and their media agencies and which presents them with a compelling proposition to drive revenue growth. Having successfully installed 16 centres by December 2005 (8 centres installed by December 2004), and with the addition of new centres to the portfolio in the year (see table below), the Group was able to reach an audience of some 450 million shoppers annually at the beginning of 2007, through a portfolio of 26 premium centres across the UK, with 22 already fully installed. In August 2006, POPtv, an independent media sales company representing screen media in shopping malls, health and other retail environments, was acquired by the Group. This acquisition further strengthened our position in this sector with the introduction of a number of additional premium locations including the Bullring Birmingham and Manchester Arndale. Shopping Centre (Installed) Annual footfall (millions) The Bullring, Birmingham* 39.0 Manchester Arndale* 32.0 The Trafford Centre, Manchester 31.2 Lakeside, Thurrock 26.0 Eldon Square Shopping Centre, Newcastle 24.9 Victoria Centre, Nottingham 23.5 Metrocentre, Gateshead 22.9 Merry Hill, Birmingham 20.8 The Glades Shopping Centre, Bromley 19.0 Broadmarsh, Nottingham 18.4 CastleCourt, Belfast 18.2 Frenchgate, Doncaster* 18.0 The Harlequin Shopping Centre, Watford 17.0 Braehead, Glasgow 16.9 St James Shopping Centre, Edinburgh 16.1 The Oracle, Reading* 16.0 Drakes Circus, Plymouth** 15.0 The Potteries Shopping Centre, Stoke 13.0 The Chimes Shopping Centre, Uxbridge 10.4 Royal Victoria Place, Tunbridge Wells 9.8 The Friary Shopping Centre, Guildford 9.6 Fulham, Broadway* 9.0 * added in 2006 ** installed in 2006 Shopping Centre (contracted, not installed) Westfield, Derby 18.2 Millgate, Bury 15.6 St. Anns, Harrow 12.0 Fareham 11.0 Also during the year, in our core MallFX business, we have continued to develop relationships and work closely with the leading property companies to extend, not only our audience reach, but also our geographic coverage of premium mall locations. As a direct consequence of these efforts, we announced in April 2007 that we have been awarded a major long term contract with Land Securities, the UK's leading property company. Initially this contract is for 13 centres, taking our portfolio of centres now under contract to 40, with an annual footfall of nearly 750 million consumers. This is a further endorsement of our leading position in the retail sector and further supports the move from traditional media formats to dynamic digital screens. It also follows the addition of the UK property portfolio of Westfield Shoppingtowns Limited in 2005. We continue to build upon our strong relationships with the UK's other leading property managers and owners including Liberty International (CSC), Jones Lang LaSalle and Hammerson Plc. During the second half of 2006 our regional media sales initiative gained traction, becoming a significant contributor to revenue in the period, albeit at a somewhat lower level than had originally been anticipated. Our national media revenue has been disappointing in the year reflecting the early stage installation roll out of the Mall network. In 2006 we reached a critical mass in the installed network, however sales traction remained slow. In the second half of 2006 we have seen leading industry players establishing a significant digital presence in alternative market sectors, reinforcing the strength and more widespread acceptance of this rapidly developing media proposition. In the latter part of 2006 new initiatives were considered to accelerate and capitalise on the revenue opportunity and have culminated in our decision to partner our retail advertising estate with a major industry player. Acquisition The acquisition of POPtv created synergies for the Group, in particular in the retail sector. It also removed a key competitor and strengthened our core offering of retail mall locations. In addition, POPtv provides access to new advertising revenue channels including The Life Channel (currently screened in almost 900 GP surgeries nationwide) and BabyTV (a specialist in antenatal waiting rooms in hospitals). TrainFX The TrainFX division reached a major new agreement with one of the main Train Operating Companies (TOC's) in the year, covering a number of important London rail commuter routes, to pilot the installation of on-board information and communication systems in this sector. This will greatly improve customer service by providing rail passengers with up-to-date travel information. The trials and gaining of the necessary regulatory approvals have been successful and a roll out across the network of an on-board service will commence during 2007. The Group continues to work closely with the other major TOCs to secure the remaining London commuter rail routes, leveraging off its highly skilled team and its success achieved with Central Trains (part of the National Express Group). Financial Results Turnover in the year rose by 244% to #1.85 million (2005: #0.54 million) with an operating loss before interest of #6.6 million (2005: #3.5 million). The losses for the year, whilst materially worse than anticipated, are largely due to investment in developing our networks further and infrastructure investment in overheads being incurred ahead of revenue progression. The Group has invested significantly in additional overhead in its core business, MallFX, building a high value network and an infrastructure capable of delivering long term growth. At the same time the Group has invested further in developing new channel activities in both the transport and health sectors. As a consequence of the investment made in the business to date significant value exists in our recognised leading UK retail mall network and that further upside potential exists through our strong mall pipeline and emerging revenue streams. As the established leading provider of digital services in this sector we are well positioned to exploit the widely reported anticipated growth in the market. Capital expenditure in the year was #0.9 million (2005: #1.5 million) of which #0.53 million was spent in connection with new transport concession infrastructure, #0.12 million was incurred in installing new screens and pods across the estate and a further #0.15 million in developing the IT infrastructure of the business. During the year the Group raised, in aggregate, #8.8 million (net of expenses) through the issue of new shares. The cash balance at the year end was #3.4 million. Dave Clark Chief Executive 14 May 2007 UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2006 Notes 2006 2005 # # TURNOVER 3 1,845,525 543,109 Cost of sales (2,685,062) (949,505) Gross loss (839,537) (406,396) Other operating expenses (net) (5,787,769) (3,074,593) LOSS ON ORDINARY ACTIVITIES BEFORE INTEREST (6,627,306) (3,480,989) Investment income 9,603 42,166 (6,617,703) (3,438,823) Interest payable (680,670) (151,802) LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION 4 (7,298,373) (3,590,625) Taxation 5 (6,992) - RETAINED LOSS FOR THE PERIOD 11 (7,305,365) (3,590,625) Earnings per ordinary share - basic 13 (2.08)p (2.39)p Earnings per ordinary share - diluted 13 (2.08)p (2.39)p The operating loss for the period arises from the Group's continuing operations. No separate Statement of Total Recognised Gains and Losses has been presented as all such gains and losses have been dealt with in the Profit and Loss Account. UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2006 Notes 2006 2005 # # FIXED ASSETS Intangible assets 1,283,525 1,049,042 Tangible assets 6 2,794,606 2,810,759 4,078,131 3,859,801 CURRENT ASSETS Debtors 7 1,499,729 656,272 Cash at bank and in hand 3,393,369 136,479 4,893,098 792,751 CREDITORS: Amounts falling due within one year 8 (4,462,650) (1,528,704) NET CURRENT (LIABILITIES)/ASSETS 430,448 (735,953) TOTAL ASSETS LESS CURRENT LIABILITIES 4,508,579 3,123,848 CREDITORS: Amounts falling due after more than one year 9 (701,592) (776,203) 3,806,987 2,347,645 CAPITAL AND RESERVES Called up share capital 10 6,610,748 1,693,333 Share premium account 10,112,144 6,264,852 Profit and loss account (12,915,905) (5,610,540) EQUITY SHAREHOLDERS' FUNDS 11 3,806,987 2,347,645 UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2006 Notes 2006 2005 # # Net cash flow from operating activities 12a (4,053,366) (2,444,756) Returns on investments and servicing of finance 12b (365,067) (109,636) Taxation 12,033 - Capital expenditure and servicing of finance 12b (413,830) (699,937) CASH OUTFLOW BEFORE FINANCING (4,820,230) (3,254,329) Financing 12b 8,393,048 2,724,633 (DECREASE)/INCREASE IN CASH IN THE PERIOD 3,572,818 (529,696) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN DEBT 2006 2005 # # (Decrease)/increase in cash in the period 3,572,818 (529,696) Funds from invoice discounting and financing (231,673) (119,824) Capital element of finance lease and hire purchase payments 512,582 232,923 Bank loan repaid 15,000 15,000 CHANGE IN NET DEBT RESULTING FROM CASHFLOWS 3,562,727 (401,597) New finance leases and hire purchase contracts (527,871) (795,802) Premium on loan conversion (306,000) - MOVEMENT IN NET DEBT IN PERIOD 3,034,856 (1,197,399) NET DEBT BROUGHT FORWARD (1,214,157) (16,758) NET DEBT ACQUIRED (9,928) - NET DEBT CARRIED FORWARD 1,810,771 (1,214,157) NOTES TO THE PRELIMINARY ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2006 1. PRESENTATION OF FINANCIAL INFORMATION Information in this preliminary announcement does not constitute statutory accounts of the Group within the meaning of Section 240 of the Companies Act 1985. The figures for the year ended 31 December 2006 are unaudited. The preliminary announcement is prepared on the same basis as set out in the previous year's statutory accounts except for the changes in accounting standards as detailed below. FRS 20 "Share based payment" is effective for accounting periods beginning on or after 1 January 2006. An analysis of the impact of FRS 20 is as follows: Profit and loss account 2006 2005 # # (Loss) before adoption of new accounting standard (7,305,365) (3,590,625) Impact of FRS 20 17,462 7,422 Restated (loss) after adoption of new accounting standard (7,322,827) (3,598,047) The directors consider these amounts to be immaterial in the context of these results and, therefore, have not adjusted for the FRS 20 charge in the financial statements. Statutory accounts for the year ended 31 December 2005, which were prepared under accounting practices generally accepted in the UK, have been filed with the Registrar of Companies. The auditor's report on those accounts was unqualified and did not contain any statement under Section 237 (2) or (3) of the Companies Act 1985. It did contain however an explanatory paragraph dealing with a fundamental uncertainty relating to going concern. The auditors are yet to sign their report on the statutory accounts for the year ended 31 December 2006 but have indicated that their auditor's report may be modified by the inclusion of an emphasis of matter paragraph which highlights the existence of a material uncertainty that casts doubt on the company's and group's ability to continue as a going concern. Their opinion is not qualified in this respect. Further information is disclosed below. 2. GOING CONCERN The preliminary announcement is prepared on a going concern basis, which assumes the Group will continue in operational existence for the foreseeable future. The Group's ability to meet its future working capital requirements and therefore continue as a going concern is dependent upon being able to generate significant free cash flow, from both trading and financing activities. The Group has also announced additional short term financing by way of loans, a further placing of new equity, and is in negotiations to dispose of part of its business, which actions together would generate significant amounts of cash and which would, based on projections prepared by the group, enable it to continue to meet its debts as they fall due for at least the next 12 months. At the date of release of this preliminary announcement, however, there remains some uncertainty over the timing of the completion of these matters. Whilst there is fundamental uncertainty in relation to the above matters, the directors are continuing their negotiations with various parties and, based on indications received so far, anticipate a positive outcome and consider that it is appropriate that the preliminary announcement be prepared on a going concern basis. The accounts therefore do not include any adjustments that would result from the Group being unable to continue as a going concern. 3. TURNOVER AND PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION The Group's turnover and profit before taxation were all derived from its principal activity, in the United Kingdom. Sales originated from the following networks: 2006 2005 Turnover Loss Turnover Loss # # # # Banners 265,061 (43,989) 81,104 (111,588) Digital network 747,585 (4,151,493) 305,501 (2,868,056) Other 832,879 (1,866,142) 156,504 (305,088) 1,845,525 6,061,624 543,109 (3,284,732) Common costs and central interest payable (1,236,749) (305,893) Loss on ordinary activities before taxation (7,298,373) (3,590,625) 4 LOSS ON ORDINARY ACTIVITIES 2006 2005 # # Loss on ordinary activities before taxation is stated after charging: Amortisation of intangible fixed assets 226,367 129,778 Depreciation and amounts written off tangible fixed assets: Charge for the period - owned assets 529,770 419,757 - hire purchase and leased assets 393,559 164,196 Operating lease costs - operating leases 102,758 50,326 - leasehold property rentals 154,448 78,791 Auditors' remuneration - audit fees: 33,222 21,700 Auditors' remuneration - non-audit fees: - further assurance services 7,541 7,500 - tax compliance 3,800 4,000 5 TAXATION No charge to UK corporation tax arises for the year (2005: nil). The group has tax losses of approximately #13 million to carry forward and relieve against future profits. 6 TANGIBLE FIXED ASSETS Ipods and Fixtures, plasma screens fittings & Computer equipment Leasehold Total equipment # # # # # GROUP Cost or valuation: As at 1 January 2006 2,531,175 1,017,331 150,773 - 3,699,279 Additions 447,895 149,728 277,102 32,897 907,622 31 December 2006 2,979,070 1,167,059 427,875 32,897 4,606,901 Depreciation: As at 1 January 2006 399,525 417,940 71,055 - 888,520 Charged in the period 539,754 349,393 32,435 2,193 923,775 31 December 2006 939,279 767,333 103,490 2,193 1,812,295 Net book value 31 December 2006 2,039,791 399,726 324,385 30,704 2,794,606 31 December 2005 2,131,650 599,391 68,423 11,295 2,810,759 Hire purchase and finance lease agreements Included within the net book value of #324,385 (2005 - #68,423) in respect of Fixtures and Fittings is #39,885 (2005 - #8,445) relating to assets held under hire purchase. Included in the net book value of #2,039,791 (2005 - #2,131,650) in respect of Ipods and plasma screens is #1,434,607 (2005 - #1,204,801) relating to assets held under finance leases. The depreciation charged in the period in relation to these assets is #6,423 (2005 - #3,269) and #387,136 (2005 - #160,927) respectively. 7 DEBTORS 2006 2005 # # Due within one year: Trade debtors 404,433 341,360 Other debtors 12,079 240 Other taxation and social security 191,009 39,428 Owed by group companies - - Corporation tax repayable - 19,025 Prepayments and accrued income 892,208 256,219 1,499,729 656,272 8 CREDITORS: Amounts falling due within one year 2006 2005 # # Hire purchase and leasing 657,169 439,609 Trade creditors 1,324,000 561,257 Other taxation and social security 232,798 78,599 Other creditors 8,482 7,463 Accruals and deferred income 1,798,704 306,952 Bank loan 15,000 15,000 Invoice discounting 126,497 119,824 Other loans 225,000 - Deferred consideration 75,000 - 4,462,650 1,528,704 9 CREDITORS: Amounts falling due in more than one year 2005 2005 # # Bank loan 78,750 93,750 Trade creditors 95,757 - Hire purchase and finance leases 480,182 682,453 Other creditors 46,903 - 701,592 776,203 Repayable by instalments: In more than one year but not more than two years 603,863 455,698 In more than two years but not more than five years 78,979 286,755 In five years or more 18,750 33,750 701,592 776,203 Hire purchase and finance lease arrangements are secured on the assets to which the loans relate and bear interest at variable rates. The bank loan is secured by a fixed and floating charge, bears interest at 2.5% over base rate and is repayable over 120 months. 10 SHARE CAPITAL 2006 2005 # # Authorised: 8,600,000,000 ordinary shares of 0.1p each 8,600,000 2,400,000 Deferred ordinary shares of 0.1p each 7,740,000 - 16,340,000 2,400,000 2006 2005 2006 2005 Issued and fully paid: No. No. # # Ordinary shares of 0.1p each 2,103,596,066 169,333,340 2,103,596 1,693,333 Deferred ordinary shares of 0.1p each 4,507,151,760 - 4,507,152 - 6,610,747,826 169,333,340 6,610,748 1,693,333 RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS Group Group 2006 2005 11 # # Loss for the financial period (7,305,365) (3,590,625) Proceeds from issue of shares 8,764,707 2,852,732 Net addition to shareholders' funds 1,459,342 (737,893) Opening shareholders' funds 2,347,645 3,085,538 3,806,987 2,347,645 12 CASH FLOWS 2006 2005 # # A Reconciliation of operating loss to net cash outflow from operating activities Operating loss (6,627,306) (3,480,989) Depreciation and amortisation 1,149,696 713,731 (Profit) on disposal of fixed assets - (3,739) (Increase) in debtors (594,869) (237,413) Deferred Revenue 572,046 - Increase/(decrease) in creditors 1,447,067 563,654 Net cash outflow from operating activities (4,053,366 (2,444,756) 2006 2005 # # B Analysis of cash flows for headings netted in the cash flow Returns on investments and servicing of finance Interest received 9,603 42,166 Interest paid (374,670) (151,802) Net cash (outflow)/inflow from returns on investments and servicing of finance (365,067) (109,636) Capital expenditure and financial investment (377,966) (724,091) Purchase of tangible fixed assets Sales of tangible fixed assets - 24,154 Purchase of subsidiary (35,864) - Net cash outflow from capital expenditure and financial investment (413,830) (699,937) Financing Issue of ordinary share capital 9,146,641 3,020,000 Issue costs (381,934) (167,268) Loans received 1,915,000 - Invoice discounting (69,077) 119,824 Repayment of bank loans (15,000) (15,000) Other loans repaid (1,690,000) - Capital element of hire purchase and finance lease contracts (512,582) (232,923) Net cash inflow from financing 8,393,048 2,724,633 13. EARNINGS PER SHARE The calculation of basic loss per ordinary share is based on losses of #7,305,365 (2005 #3,590,625) and on 351,122,376 ordinary shares (2005: 150,151,600) being the weighted average number of shares in issue during the year. The loss for the period and the weighted average number of ordinary shares for calculating the diluted loss per share for the year ended 31 December 2006 are identical to those used for the basic loss per share. This is because the outstanding share options and warrants would have the effect of reducing the loss per ordinary share and would therefore not be dilutive under the terms of Financial Reporting Standard ("FRS") No 22. 14. OTHER INFORMATION The board of directors of ScreenFX plc approved the preliminary results on 14 May 2007. A date relating to both the Annual General Meeting and the Extraordinary General Meeting will be announced shortly. - Ends - This information is provided by RNS The company news service from the London Stock Exchange END FR OKQKKBBKBPPD
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