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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tinopolis | LSE:TIN | London | Ordinary Share | GB0009365692 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 45.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 8910X Tinopolis PLC 30 June 2008 TINOPOLIS PLC ("TINOPOLIS" or the "COMPANY") INTERIM RESULTS FOR THE SIX MONTHS TO 31st MARCH 2008 Financial Highlights: * Turnover £30.3m, down 4% (2007: £31.6m) * Profit from Operating Activities £1.71m, up 125% (2007: £0.76m) * Profit before tax of £1.88m, up 96% (2007: £0.96m) * Basic Earnings Per Share 1.4p, up 100% (2007: 0.7p) * Net cash outflow from operating activities £0.66m (2007: -£0.8m) * Cash and cash equivalents at end of period is £9.3m (2007: £11.5m) Commenting on the results, Ron Jones, Executive Chairman said: "I am pleased to report that Tinopolis is continuing to show the steady and progressive improvement in its performance that has been evident since our purchase of The Television Corporation two years ago. All parts of our business are doing well and Mentorn, our biggest management challenge, continues to be on the improvement schedule we set out for it at acquisition. Since the end of the period, a recommended offer has been made for the Company at a price of 45 pence per share. Shareholder and Court approval for the scheme of arrangement was obtained on 16 June 2008 and the effective date of the scheme is expected to be 10 July 2008, following which time Tinopolis will cease to trade on AIM. For further information, please contact: Tinopolis Plc. 01554 880880 Ron Jones, Executive Chairman Arwel Rees, Managing Director Mantra PR Nick Bishop 020 7438 4910 Post Balance Sheet Events Shareholders will be aware that on 9 May 2008 the Independent Director of Tinopolis and the board of Red Dragon Acquisitions Limited ("Bidco") announced that they had reached agreement on the terms of a recommended acquisition of the entire issued and to be issued share capital of Tinopolis by Bidco. Bidco is a newly incorporated company which has been formed, and is controlled, by investment partnerships advised by Vitruvian Partners for the purposes of making the Acquisition. The acquisition is to be implemented by a Scheme of Arrangement under Part 26 of the Companies Act 2006 entitling Scheme Shareholders to receive 45 pence in cash for each Scheme Share. The Acquisition values the entire issued and to be issued share capital of Tinopolis at approximately £44.7 million. The Scheme has been approved by shareholders. The Acquisition remains subject to certain conditions which are set out in the Scheme Document, including the sanction of the Scheme by the Court. It is anticipated that the hearing by the Court to sanction the Scheme will be held on 7 July 2008 and that the hearing by the Court to confirm the Reduction of Capital comprised in the Scheme is expected to be held on 9 July 2008. The Effective Date of the Scheme and the date of the cancellation of Tinopolis Shares are expected to be 10 July 2008 Ron Jones Arwel Rees Executive Chairman Managing Director 30th June 2008 TINOPOLIS PLC CONSOLIDATED INCOME STATEMENT SIX MONTHS ENDED 31 MARCH 2008 Unaudited six Unaudited six Year ended 30 months ended months ended 31 September 2007 Notes 31 March March 2007 2008 £000 £000 £000 Revenue 30,299 31,620 65,981 Cost of sales (21,719) (25,739) (52,608) Gross profit 8,580 5,881 13,373 Administrative expenses (6,867) (5,123) (11,196) Profit from operating 1,713 758 2,177 activities Finance expenses (8) (7) (14) Finance income 176 210 399 Profit before income tax 1,881 961 2,562 Income tax expense 2 (546) (279) (723) Profit for the period 1,335 682 1,839 Attributable to: Equity holders of the parent 1,299 641 1,728 company Minority interest 36 41 111 Earnings per share - basic 3 1.4p 0.7p 1.8p Earnings per share - diluted 3 1.3p 0.6p 1.7p TINOPOLIS PLC CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2008 Unaudited as at 31 Unaudited as at 31 As at 30 September March March 2007 2007 2008 £000 £000 £000 Assets Property, plant and equipment 6,229 4,287 6,487 Intangible assets - goodwill 23,813 21,922 25,013 Intangible assets- learning 1,331 - 643 content Total non-current assets 31,373 26,209 32,143 Current assets Inventories 146 - 174 Trade and other receivables 16,072 9,688 13,505 Cash and cash equivalents 11,059 13,485 12,418 Total current assets 27,277 23,173 26,097 Total assets 58,650 49,382 58,240 Equity Issued capital 1,989 1,989 1,989 Share premium 24,157 24,157 24,157 Reserves 607 607 607 Reserve for own shares (1,612) (1,862) (1,612) Retained earnings 6,241 3,842 4,936 Total equity attributable to 31,382 28,733 30,077 equity holders of the parent company Minority interests 172 81 151 Total equity 31,554 28,814 30,228 Non-current liabilities Loans and borrowings 94 17 129 Other payables - 617 505 Deferred tax liabilities 285 261 285 Total non-current liabilities 379 895 919 Current liabilities Bank overdrafts 1,726 2,013 1,329 Loans and borrowings 80 29 75 Current income tax payable 1,276 1,066 2,390 Trade and other payables 23,635 16,565 23,299 Total current liabilities 26,717 19,673 27,093 Total liabilities 27,096 20,568 28,012 Total equity and liabilities 58,650 49,382 58,240 TINOPOLIS PLC CONSOLIDATED CASH FLOW STATEMENT SIX MONTHS ENDED 31 MARCH 2008 Unaudited six Unaudited six months Year ended 30 months ended ended 31 March 2007 September 2007 31 March 2008 £000 £000 £000 Profit for the period 1,335 682 1,839 Adjustments for: Depreciation and amortisation 814 484 1,150 Net finance income (168) (203) (385) Loss / (Gain) on sale of - 101 (2) property, plant and equipment Equity settled share-based 6 6 63 payments Taxation 546 279 723 Operating cash flow before 2,533 1,349 3,388 changes in working capital and provisions Change in inventories 28 - 42 Change in accounts receivable (2,567) (742) (2,575) Change in accounts payable (327) 507 4,277 (333) 1,114 5,132 Interest paid (8) (7) (14) Income taxes paid (317) (310) (331) Income taxes received - - 884 Net cash from operating (658) 797 5,671 activities Net (cash paid) cash acquired - (53) (2,897) with subsidiaries Payments to acquire property, (1,244) (577) (3,390) plant and equipment Receipts from sales of - 24 51 property, plant and equipment Interest received 176 210 399 Net cash from investing (1,068) (396) (5,837) activities Repayment of borrowings - (568) (568) Payment of finance lease (44) (44) (67) liabilities Finance Lease additions 14 - 207 Own shares acquired - (1,862) (1,862) Net cash used in financing (30) (2,474) (2,290) activities Net decrease in cash and (1,756) (2,073) (2,456) cash equivalents Cash and cash equivalents at 11,089 13,545 13,545 start of period Cash and cash equivalents at 9,333 11,472 11,089 end of period TINOPOLIS PLC CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 31 March 2008 Attributable to equity holders of the parent company March 2008 Share capital Share premium Merger reserve Reserve for own Retained earnings Total Minority interest Total equity shares £000 £000 £000 £000 £000 £000 £000 £000 Balance at 1 October 2007 1,989 24,157 607 (1,612) 4,936 30,077 151 30,228 Profit for the period - - - - 1,299 1,299 36 1,335 Dividends paid - - - - - - (15) (15) Equity-settled share-based - - - - 6 6 - 6 payments Balance at 31 March 2008 1,989 24,157 607 (1,612) 6,241 31,382 172 31,554 Attributable to equity holders of the parent company March 2007 Share capital Share premium Merger reserve Reserve for own Retained earnings Total Minority interest Total equity shares £000 £000 £000 £000 £000 £000 £000 £000 Balance at 1 October 2006 1,989 24,147 607 - 3,195 29,938 60 29,998 Profit for the period - - - - 641 641 41 682 Dividends paid - - - - - - (20) (20) Equity-settled share-based - - - - 6 6 - 6 payments Shares issued - 10 - - - 10 - 10 Own shares acquired - - - (1,862) - (1,862) - (1,862) Balance at 31 March 2007 1,989 24,157 607 (1,862) 3,842 28,733 81 28,814 Attributable to equity holders of the parent company September 2007 Share capital Share premium Merger reserve Reserve for own Retained earnings Total Minority interest Total equity shares £000 £000 £000 £000 £000 £000 £000 £000 Balance at 1 October 2006 1,989 24,147 607 - 3,195 29,938 60 29,998 Profit for the period - - - - 1,728 1,728 111 1,839 Dividends paid - - - - - - (20) (20) Equity-settled share-based - - - - 13 13 - 13 payments Shares issued - 10 - - - 10 - 10 Own shares acquired - - - (1,862) - (1,862) - (1,862) Own shares issued on - - - 250 - 250 - 250 acquisition Balance at 30 September 2007 1,989 24,157 607 (1,612) 4,936 30,077 151 30,228 Notes to the interim accounts 1 Accounting policies Basis of preparation The condensed consolidated interim financial statements for the six months ended 31 March 2008 have been prepared under applicable International Financial Reporting Standards adopted by the European Union ("IFRS"), which include International Accounting Standards ("IAS") and interpretations issued by the International Accounting Standards Board ("IASB") and its committees, which are expected to be endorsed by the European Union. The financial information included in this document is unaudited and does not comprise statutory accounts within the meaning of section 240 of the Companies Act 1985. The comparative figures for the financial year ended 30 September 2007 are extracted from the statutory financial statements for that year which have been filed with the Registrar of Companies and on which the auditor gave an unqualified report, without any statement under section 237(2) or (3) of the Companies Act 1985. The principal accounting policies shown in the financial statements for the year ended September 2007 have been applied consistently in dealing with items which are considered material in relation to the group's financial statements. The financial statements have been prepared on the historical cost basis. These accounting policies have been applied consistently across the group for the purposes of these consolidated financial statements. 2 Taxation charge Taxation for the six months to 31 March 2008 is based on the effective rate of taxation which is estimated to apply for the year ending 30 September 2008. Unaudited six Unaudited six months Year ended 30 months ended ended 31 March 2007 September 2007 31 March 2008 £000 £000 £000 UK taxation at standard rate 546 279 553 Deferred taxation - - 170 546 279 723 3 Earnings per share Unaudited six Unaudited six months Year ended 30 months ended ended 31 March 2007 September 2007 31 March 2008 £000 £000 £000 Profit for the period 1,299 641 1,728 attributable to equity holders Weighted average number of 95,465,888 97,699,336 96,467,884 shares - basic Earnings per share - basic 1.4p 0.7p 1.8p Weighted average number of 99,627,960 101,757,426 100,669,734 shares - diluted Earnings per share - diluted 1.3p 0.6p 1.7p This information is provided by RNS The company news service from the London Stock Exchange END IR WUUWCQUPRGWU
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