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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Secora | LSE:SECO | London | Ordinary Share | GB00B01J2S79 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 7.00 | 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:3578K
Secora PLC
20 December 2007
SECORA PLC
INTERIM RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2007
Secora plc announces interim results for six months to 30 September 2007.
CHAIRMAN'S STATEMENT
SUMMARY
O Return to first half profit
O Profit reflects income from investment in Billy Elliot the Musical, tight
cost control and capital preservation
O Earnings per share of 0.07p (diluted 0.06p) compared to a loss per share of
3.89p previously
Post Balance Sheet Events
O Profitable sale of remaining shares in Premier Exhibitions Inc adding to
cash on deposit.
O Appointment of Richard Charles Thompson as Chief Executive Officer
O Board actively considering opportunities in line with broader investment
strategy
O Company free of debt with approximately £1 million available for investment
Profit
A profit before tax, amortisation, and interest of £60,808 compares to a loss
for the corresponding period last full fiscal year of £621,554. This is the
result of substantial reduction in costs during a period of restructuring and
strategic review. Earnings per share were 0.07p (diluted 0.06p) compared to a
loss per share of 3.89p previously. No dividend is proposed.
Billy Elliot the Musical
Our investment in this show has been taken via Old Vic Productions plc, from
whom we received profit distributions during the period. The show continues to
perform well and offers the Company an ongoing earnings stream.
Diana A Celebration
The Company received a second moderate profit distribution generated from
exhibitions in North America. No further capital is required from the Company
to mount or run these exhibitions and we have no obligations to commit capital
to future deals.
Post Balance Sheet Events
Premier Exhibitions, Inc.
The Company sold its remaining interest in Premier Exhibitions, Inc. (Nasdaq:
PRXI), in October 2007, and received cash of approximately £437,000. The
holding of 69,000 shares was sold after an increase in share price of more than
eight times. The directors concluded that it was prudent to dispose of the
investment to help fund future activities. As a result the total cash on deposit
has increased to approximately £1 million.
Directors
Richard Charles Thompson was appointed to the Board of Secora and as chief
executive officer (CEO), on 30 November 2007. Jemma George, former CEO, remains
an executive director and will operate in a supporting role to Richard. John
Wilson continues as finance director and Marcus Yeoman as non executive
chairman.
Outlook
The Company has been efficiently run throughout the financial year and continues
to operate with reduced overheads, ongoing revenues, approximately £1 million of
cash in the bank and without debt.
As stated in our Report and Accounts for the year to 31 March 2007 published in
August, the restructured board of Secora offers experience in the lifestyle
sectors of, media, entertainment, technology and consumer brands. The recent
appointment of Richard Thompson as CEO adds significantly to this experience. It
is therefore the board's intention to rebuild Secora as a specialist and active
financier of niche brands that sit within these sectors and that recognise and
can benefit from both traditional and online distribution channels.
Marcus Yeoman
Chairman
December 2007
Income Statement
For 6 months to 30 September 2007
Unaudited - Audited Unaudited -
period 1 -period 1 period 1 April
April 2007 April 2006 to 2006 to 30
to 30 31 March 2007 September 2006
September
2007
£ £ £
Revenue 134,473 1,619,792 1,477,600
Cost of sales - (1,446,918) (1,464,384)
Gross profit 134,473 172,874 13,216
Administrative expenses Note 5 (73,665) (794,428) (290,961)
Operating profit/(loss) before 60,808 (621,554) (277,745)
amortisation
Amortisation Note 3 (65,940) (131,850) (65,910)
Operating loss after amortisation (5,132) (753,404) (343,655)
Interest receivable 16,925 26,582 10,797
Profit/(loss) on ordinary activities
before exceptional item 11,793 (726,822) (332,858)
Exceptional item- loss on Movin' Out - (109,712) (109,712)
Profit/(loss) on ordinary activities 11,793 (836,534) (442,570)
before tax
Tax Note 2 3,400 (56,000) -
Profit/(loss) on ordinary activities 8,393 (892,534) (442,570)
after tax
Earnings (loss) per ordinary share pence per pence per pence per
share share share
- Basic 0.07 (7.85) (3.89)
- Diluted 0.06 (7.85) (3.89)
Balance Sheet
As at 30 September 2007
Unaudited at 30 Audited at 31 Unaudited at 30
September 2007 March 2007 September 2006
£ £ £
Fixed Assets
Tangible fixed assets 1,188 1,687 1,688
Intangible assets Note 3 302,821 368,761 454,462
304,009 370,448 456,150
Current Assets
Debtors and prepaid expenses 59,810 86,817 178,139
Current asset investments held for sale 75,735 75,735
Cash at Bank 680,623 945,737 960,782
816,168 1,108,289 1,138,921
Current Liabilities
Creditors: Amounts falling due within one (72,035) (438,988) (105,358)
year
Net Current Assets 744,133 669,301 1,033,563
Net assets 1,048,142 1,039,749 1,489,713
Share capital and reserves
Share capital Note 4 568,750 568,750 568,750
Share premium 3,368,080 3,368,080 3,368,080
Profit and Loss reserves (2,888,688) (2,897,081) (2,447,117)
1,048,142 1,039,749 1,489,713
Cash Flow Statement
For the 6 months to 30 September 2007
Unaudited Audited period Unaudited
period 1 1 April 2006 to period 1 April
April 2007 to 31 March 2007 2006 to 30
30 September September 2006
2007
£ £ £
Net cash outflow from operating (282,039) (520,041) (469,450)
activities
Returns on investments
Interest received 16,925 26,582 10,797
Net cash inflow for returns on 16,925 26,582 10,797
investments and servicing of
finance
Capital expenditure and financial
investment
Payments to invest in productions - (109,712) (129,473)
Net cash outflow for capital - (109,712) (129,473)
expenditure
Net cash outflow before management (265,114) (603,171) (588,126)
of liquid resources and financing
Financing
Net proceeds from issue of - - -
ordinary share capital
(Decrease) in cash in the period (265,114) (603,171) (588,126)
Statement of Changes in Equity
Share premium
account
Share Retained Total
capital earnings equity
£'000 £'000 £'000 £'000
As at 1 April 2006 568,750 3,368,080 (2,004,547) 1,932,283
Loss for the period - - (442,570) (442,570)
------------ ---------- ---------- ------------
As at 30 September 2006 568,750 3,368,080 (2,447,117) (1,489,713)
Loss for the period - - (449,964) (449,964)
------------ ------------ ------------ ------------
As at 1 April 2007 568,750 3,368,080 (2,897,081) 1,039,749
Profit (Loss) for the period - - 8,393 8,393
------------ ------------ ------------ ------------
As at 30 September 2007 568,750 3,368,080 (2,888,688) 1,048,142
------------ ------------ ------------ ------------
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD TO 30 SEPTEMBER 2007
1. Basis of Preparation
Secora Plc has adopted International Financial Reporting Standards ("IFRS") as
adopted by the European Union with effect from 1 April 2006. The Company will
apply IFRS in its consolidated financial statements for the year ended 31 March
2008. Therefore, these interim statements for the six months ended 30 September
2007 are prepared using accounting policies in accordance with IFRS and
International Financial Reporting Interpretations Committee ("IFRIC")
interpretations that are expected to be applicable to the consolidated financial
statements for the year ended 31 March 2008. These standards remain subject to
ongoing amendment and/or interpretation and are therefore still subject to
change. Accordingly, information contained in these interim financial
statements may need updating for subsequent amendments to IFRS required for
first time adoption or for new standards issued post the balance sheet date.
The basis of preparation and accounting policies followed in this interim report
differ from those set out in the Annual Report and Accounts for the year ended
31 March 2007 which was prepared in accordance with United Kingdom accounting
standards (UK GAAP).
The interim financial statements do not constitute statutory accounts as defined
by Section 240 of the Companies Act 1985.
The financial information for the year ended 31 March 2007 has been extracted
from the statutory accounts for the Company for that period now amended to
conform to the IFRS accounting policies expected to be applied in the
consolidated financial statements for the year ended 31 March 2007. These
published accounts in a form consistent with UK GAAP were reported on by the
auditors without qualification or an emphasis of matter reference and did not
include a statement under Section 237(2) or (3) of the Companies Act 1985 and
have been delivered to the Registrar of Companies.
Revenue
Revenue is derived from the company's exploitation of its intangible assets and
includes ticket sales, distributions from investments, royalties received,
licence fees, net proceeds from the sale of related assets and other allied
income. The policy is to recognise such income when binding unconditional
contracts have been signed by both parties. It includes any withholding tax but
excludes value added tax.
Intangible assets
Intangible assets are stated at cost less provision for diminution in value.
Investments in exhibitions, shows or other live entertainment are amortised over
the anticipated life of the production.
Current assets investments held for sale
Current asset investments held for sale consist of 69,000 shares of Premier
Exhibitions Inc. stated at cost of £75,735; this investment was sold subsequent
to 30 September 2007 for approximately £437,000.
Share based payments
The Company operates a share option scheme which allows employees and directors
to acquire shares in the Company. The requirements of IFRS 2 Share Based
Payments have been considered in respect of share options granted.
2. Tax
The tax charge in 2007 arises from the provision of income tax in respect of
interest income. Remaining profits are relieved by available losses carried
forward.
3. Intangible Assets
Investments
£
At 1 April 2007 368,761
Amortisation (65,940)
302,821
Investments include principally the Company's remaining interest in Billy Elliot
at cost less accumulated amortisation.
4. Share capital
30 September 2007 31 March 2007
£ £
Authorised
20,000,000 Ordinary Shares at 5P each 1,000,000 1,000,000
Allotted, called up and fully paid
11,375,000 Ordinary shares of 5P each 568,750 568,750
5. Share based payments
On 16 August 2007, a total of 750,000 options were granted to directors at the
issue price of 9p per share. The options are exercisable after one year from the
date of grant and at any time thereafter until the expiry of five years. As at
30 September 2007, the total number of options granted and held by directors was
960,000 but post the half year end Jemma George agreed to cancel 210,000 options
for a nominal sum of £1,500. The remaining 750,000 options are divided between
directors as follows:
Jemma George Chief Executive 450,000 options
John Wilson Finance Director 150,000 options
Marcus Yeoman Non Executive Chairman 150,000 options
The Directors' have evaluated the value of options in accordance with the
requirements of IFRS 2 using the Black Scholes option pricing model based on an
independent valuation report. Inputs to the model included the strike price of
the option, the share price at the measurement date (the date of grant), (9p);
the dividend yield (0%), the risk free rate (5.28%), the maturity and the
volatility (37.4%). The total fair value of options granted was estimated to be
£23,162, this cost has been amortised on a monthly straight line basis over the
vesting period of 1 year and is included in administrative expenses.
There are no other options held by existing or former directors.
6. Earnings per Share
Basic earnings/(losses) per share is calculated by dividing the earnings/
(losses) attributable to ordinary shareholders of £8,393 (2006 losses
(£442,570)) using a weighted average of ordinary shares in issue during the
period.
7. Responsibility
The directors of the company accept responsibility for the information contained
in this document and to the best of their knowledge and belief (having taken all
reasonable care to ensure that such is the case) the information contained is in
accordance with the facts and does not omit anything to affect the importance of
such information.
Copies of this report are available to the public at the registered office at
Room 424 Linen Hall, 162-168 Regent Street, London W1B 5TE.
8. Dividend
No interim dividend is declared on the ordinary shares.
APPENDIX TO THE INTERIM REPORT
REPORTING UNDER INTERNATIONAL FINANCIAL REPORTING STANDARDS
The interim financial statements are the first to be prepared by the Company
using policies in accordance with IFRS as adopted by the European Union. The
comparative figures have been prepared on the same basis and have therefore been
restated from those previously prepared under UK GAAP. The commentary below
details the key changes that have arisen due to the transition to reporting
under IFRS. The Company's date of transition is 1 January 2007, which is the
beginning of the comparative period for the 2006 financial year. Therefore, the
opening balance sheet for IFRS purposes is that reported at 1 January 2006, as
amended for changes due to IFRS.
To explain the impact of the transition, reconciliations have been included in
this appendix that show the changes made to the statements previously reported
under UK GAAP. The following un-audited reconciliations are included in this
appendix:
1. Reconciliation of Company balance sheet at 1 April 2006 from UK GAAP to IFRS.
2. Reconciliation of Company balance sheet at 31 March 2007 from UK GAAP to
IFRS.
3. Reconciliation of Company income statement for the year ended 31 March 2007
from UK GAAP to IFRS.
4. Reconciliation of Company balance sheet at 30 September 2006 from UK GAAP to
IFRS.
5. Reconciliation of Company income statement for the 6 months ended 30
September 2006 from UK GAAP to IFRS.
The transition from UK GAAP to IFRS does not affect the cash flows generated by
the Company. The IFRS cash flow statement is presented in a different format
than that required under UK GAAP. The reconciling items between the UK GAAP
format and the IFRS format have no net impact on the cash flows generated and
accordingly reconciliations have not been presented.
The accounting policies used for IFRS are set out in note 3 of the main report.
First time adoption
The Company has applied the provisions of IFRS1 - (First-Time Adoption of
International Financial Reporting Standards) which, generally, requires that
IFRS accounting policies be applied retrospectively in determining the opening
balance sheet at the date of transition. IFRS1 contains both mandatory and
optional exemptions to the principle of retrospective application. The Company
has not made use of any exemptions.
Descriptions of the reconciling items between UK GAAP and IFRS are listed below.
The amounts of the reconciling items are detailed in tables set out beneath
each of the reconciliations.
Reconciliation of the Company Balance Sheet at 1 April 2006
The Company has adopted the provisions of the IFRS effective while the
accounting policies differ conceptually from those previously applied there were
no material changes to the financial statements.
UK GAAP IFRS
As at Effect of As at
transition
1 April 2006 to IFRS 1 April 2006
Fixed Assets
Tangible fixed assets 3,908 - 3,908
Intangible assets Note 3 500,611 - 500,611
------------ ------------ ------------
504,519 - 504,519
Current Assets
Debtors and prepaid expenses 606,639 - 606,639
Current asset investments 68,511 - 68,511
Cash at Bank 1,548,908 - 1,548,908
------------ ------------ ------------
2,224,058 - 2,224,058
Current Liabilities
Creditors: Amounts falling due within one (796,294) - (796,294)
year
------------ ------------ ------------
Net Current Assets 1,427,764 - 1,427,764
------------ ------------ ------------
Net assets 1,932,283 - 1,932,283
------------ ------------ ------------
Share capital and reserves
Share capital Note 4 568,750 - 568,750
Share premium 3,368,080 - 3,368,080
Profit and Loss reserves (2,004,547) - (2,004,547)
------------ ------------ ------------
Shareholders Funds 1,932,283 - 1,932,283
------------ ------------ ------------
Reconciliation of the Company Balance Sheet at 31 March 2007
UK GAAP IFRS
As at Effect of As at
transition
31 March 2007 to IFRS 31 March
2007
Fixed Assets
Tangible fixed assets 1,687 - 1,687
Intangible assets 368,761 - 368,761
------------ ------------ ------------
370,448 - 370,448
Current Assets
Debtors and prepaid expenses 86,817 - 86,817
Current asset investments 75,735 - 75,735
Cash at Bank 954,737 - 954,737
------------ ------------ ------------
1,108,289 - 1,108,289
Current Liabilities
Creditors: Amounts falling due within one year (438,988) - (438,988)
------------ ------------ ------------
Net Current Assets 669,301 - 669,301
------------ ------------ ------------
Net assets 1,039,749 - 1,039,749
------------ ------------ ------------
Share capital and reserves
Share capital 568,750 - 568,750
Share premium 3,368,080 - 3,368,080
Profit and Loss reserves (2,897,081) - (2,897,081)
------------ ------------ ------------
Shareholders Funds 1,039,749 - 1,039,749
------------ ------------ ------------
Reconciliation of the Company Income Statement for the year ended 31 March 2007
UK GAAP IFRS
Year ended Effect of Year ended
transition
31 March 2007 to IFRS 31 March
2007
Revenue 1,619,792 - 1,619,792
Cost of sales (1,446,918) - (1,446,918)
------------ ------------ ------------
Gross profit 172,874 - 172,874
Administrative expenses (794,428) - (794,428)
------------ ------------ ------------
Operating loss before amortisation (621,554) - (621,554)
Amortisation (131,850) - (131,850)
------------ ------------ ------------
Operating loss after amortisation (753,404) - (753,404)
Exceptional item (109,712) - (109,712)
------------ ------------ ------------
Operating loss (863,116) - (863,116)
Interest receivable 26,852 - 26,852
------------ ------------ ------------
Loss on ordinary activities before tax (836,534) - (836,534)
------------ ------------ ------------
Tax Note 2 (56,000) - (56,000)
------------ ------------ ------------
Loss on ordinary activities after tax (892,534) - (892,534)
------------ ------------ ------------
Loss per ordinary share pence per share pence per share
- Basic (7.85) - (7.85)
- Diluted (7.85) - (7.85)
Reconciliation of the Company Balance Sheet at 30 September 2006
UK GAAP IFRS
As at Effect of As at
transition
30 September 2006 to IFRS 30 September
2006
Fixed Assets
Tangible fixed assets 1,688 - 1,688
Intangible assets 454,462 - 454,462
------------ ------------ ------------
456,150 - 456,150
Current Assets
Debtors and prepaid expenses 178,139 - 178,139
Current asset investments
Cash at Bank 960,782 - 960,782
------------ ------------ ------------
1,138,922 - 1,138,921
Current Liabilities
Creditors: Amounts falling due within one (105,358) - (105,358)
year
Net Current Assets ------------1,033,564 ----------- ------------1,033,563
-
Net assets 1,489,713 - 1,489,713
Share capital and reserves
Share capital 568,750 - 568,750
Share premium 3,368,080 - 3,368,080
Profit and Loss reserves (2,447,117) - (2,447,117)
------------ ------------ ------------
Shareholders Funds 1,489,713 - 1,489,713
------------ ------------ ------------
Reconciliation of the Company Income Statement for the 6 months ended 30
September 2006
UK GAAP IFRS
Six months ended Effect of Six months
transition
30 September 2006 to IFRS ended
30 September
2006
Revenue 1,477,600 - 1,477,600
Cost of sales (1,464,384) - (1,464,384)
------------ ------------ ------------
Gross profit 13,216 - 13,216
Administrative expenses (290,961) - (290,961)
------------ ------------ ------------
Operating loss before amortisation (277,745) - (277,745)
Amortisation (65,910) - (65,910)
------------ ------------ ------------
Operating loss after amortisation (343,655) - (343,655)
Interest receivable 10,797 - 10,797
------------ ------------ ------------
Loss on ordinary activities
before exceptional item (332,858) - (332,858)
Exceptional item- loss on Movin' Out (109,712) - (109,712)
------------ ------------ ------------
Loss on ordinary activities before tax (442,570) - (442,570)
Tax
Loss on ordinary activities after tax (442,570) - (442,570)
------------ ------------ ------------
Loss per ordinary share pence per share pence per share
- Basic (3.89) - (3.89)
- Diluted (3.89) - (3.89)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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