Share Name Share Symbol Market Type Share ISIN Share Description
Vitesse Media LSE:VIS London Ordinary Share GB0006563406 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 2.00p 1.75p 2.25p 2.00p 2.00p 2.00p 140,804 07:30:02
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 2.7 -0.2 -0.3 - 1.01

Vitesse Media PLC Final Results

11/08/2017 10:35am

UK Regulatory (RNS & others)


Vitesse Media (LSE:VIS)
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RNS Number : 7838N

Vitesse Media PLC

11 August 2017

11 August 2017

VITESSE MEDIA plc

FINAL RESULTS

Vitesse Media plc ("Vitesse", the "Company" or the "Group") announces its audited final results for the 14-month period ended 31 March 2017 (the "14-month period"), the Company's new financial year end. References in this announcement to the preceding period, being the year ended 31 January 2016, are to the "prior year".

Highlights

-- Total Normalised Revenue* increased by 26% in the 14-month period to GBP2,688k (prior year: GBP2,130k)

   --     Events revenue in the 14-month period increased by 45% to GBP1,263k (prior year: GBP870k) 

-- Gross profit margin in the 14-month period reduced to 65% from 70% in the prior year due to higher revenue in the Events division, which generally has slightly lower margins than the traditional media mix of business in Vitesse

-- Operating loss before non-recurring costs** in the 14-month period increased to GBP12k (prior year: GBP7k)

-- The Group's balance sheet has improved over the 14-month period with a strong improvement in cash from operations compared to the position at the prior year end resulting in an underlying reduction in payables and loans

-- An impairment of assets has been made during the 14-month period which included the Group's discontinued crowdfunding project, some of the Group's websites (prior to their relaunch) and paper stock.

* Total Normalised Revenue comprises total revenue less non-recurring costs

** Non-recurring costs mainly comprise the impairment of the Group's discontinued crowdfunding project; the impairment of some of the Group's websites (prior to their relaunch); and the write-off of paper stock for the Group's printed magazines

CHAIRMAN'S STATEMENT

Overview of Results

In addition to changing the Company's financial year end, by extending the period by two months to 31 March 2017, we have separately identified non-recurring costs in the income statement thereby seeking to increase transparency. Overall, we have been building on the prior year's success, in particular by launching new events, whilst relaunching all of our websites, which has increased traffic across our sites.

The Board is not recommending payment of a dividend.

Commentary on results

Revenue

The increase in the Group's revenue in the 14-month period compared to the prior year is almost entirely due to the continued focus on, and success of, the Group's Events division. This included positive inaugural events for British Small Business and Tech Leaders Summit together with the continuing success of Women in IT and Investor All Stars. The media business remained relatively flat with a small increase in both lead generation and subscription revenues.

Cost of Sales

Cost of sales in the 14-month period have increased mainly due to the success of the Group's events held throughout the period, including the launch of new events to continue the Group's expansion of this division.

Admin Expenses

During the 14-month period, our admin expenses have included a number of non-recurring costs. Taking this into account, while the pro-rated Admin expenses are up compared to the prior year, as a percentage of revenue they are lower than in the prior year, which we anticipate will be a continuing trend.

Non-Recurring Costs

There were sizeable GBP176k of non-recurring costs included in admin expenses for the 14-month period. The main components were: the impairment of the Group's discontinued crowdfunding project; the impairment of some of the Group's websites (prior to their relaunch); and the write-off of paper stock for the Group's printed magazines.

The operating loss for the 14-month period was GBP188,462 (prior year: GBP195,481).

Current Trading

Trading in the current year to date is in line with the Board's expectations. The Board's strategy has been to focus the Group's resources on the Events division where it sees more opportunities. We intend to continue with this strategy, whilst at the same time we intend to invest in our media businesses, which we believe will improve the Group's performance in what is a changing market.

The business is in a much stronger position than it has been for some time and the Board is confident this will be reflected in the Group's trading performance in the year ahead.

Notice of AGM and publication of Annual Report

The Company's Annual General Meeting is due to be held on 26 September 2017 at 10.00am at the offices of Stephenson Harwood LLP, 1 Finsbury Circus, London EC2R 7SH. The notice of meeting together with the Annual Report & Accounts will be dispatched to shareholders in due course and will be available on the Company's website at www.vitessemedia.com, when published.

A copy of this announcement will be posted today on the Company's website.

For further information, please contact:

Vitesse Media Plc Tel 020 7250 7010

Dave Smith, Non-Executive Chairman

Niki Baker, Chief Executive

Stockdale Securities Limited Tel 020 7601 6100

Tom Griffiths/David Coaten

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the 14-month period ended 31 March 2017

 
                                                 2017                                      2016 
                                                  GBP                                       GBP 
                                             Non-Recurring                             Non-Recurring 
                                 Normalised      Costs         Total       Normalised      Costs         Total 
 
Revenue                         2,688,433      (17,340)      2,671,093    2,130,235          -         2,130,235 
Cost of sales                   (946,368)      (15,534)      (961,902)    (641,776)          -         (641,776) 
                                 ________      ________      ________      ________       _______      ________ 
Gross profit                    1,742,065      (32,874)      1,709,191    1,488,459          -         1,488,459 
 
Administrative expenses        (1,753,743)     (143,910)    (1,897,653)  (1,495,625)     (188,315)    (1,683,940) 
                                 ________      ________      ________      ________       _______      ________ 
Operating loss                   (11,678)      (176,784)     (188,462)     (7,166)       (188,315)     (195,481) 
 
Finance costs                    (17,098)          -         (17,098)      (8,565)           -          (8,565) 
                                 ________      ________      ________      ________      ________      ________ 
Loss before tax                  (28,776)      (176,784)     (205,560)     (15,731)      (188,315)     (204,046) 
Tax                                 -              -             -                                         - 
                                 ________      ________      ________      ________      ________      ________ 
Loss for the period 
 and total comprehensive 
 income for the period 
 attributable to owners 
 of the parent                    (28,776)      (176,784)    (205,560)      (15,731)      (188,315)    (204,046) 
 
Loss per share attributable 
 to the owners of the 
 parent 
Basic and diluted                                             (0.32p)                                   (0.40p) 
 
 
 
 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 31 March 2017

 
                                             31 March   31 January 
                                                 2017         2016 
                                                  GBP          GBP 
Non-current assets 
Goodwill                                      729,332      729,332 
Other intangible assets                     1,358,659    1,369,486 
Property, plant and equipment                   7,386        1,121 
                                             ________     ________ 
                                            2,095,377    2,099,939 
                                             ________     ________ 
Current assets 
Inventories                                         -       15,533 
Trade and other receivables                   381,848      409,384 
Cash and cash equivalents                     116,000       77,411 
                                             ________     ________ 
                                              497,848      502,328 
                                             ________     ________ 
Total assets                                2,593,225    2,602,267 
                                             ________     ________ 
Equity 
Share capital                               2,949,957    2,811,068 
Share premium account                       3,368,921    3,257,810 
Share option reserve                          117,786      117,786 
Other reserves                                103,904      103,904 
Retained earnings                         (5,071,999)  (4,866,439) 
                                             ________     ________ 
Total equity attribUtable to OWNERS OF 
 THE PARENT                                 1,468,569    1,424,129 
 
 
  CURRENT LIABILITIES 
  Trade and other payables                    976,667      724,478 
Borrowings                                    147,989      453,660 
                                             ________     ________ 
                                            1,124,656    1,178,138 
                                             ________     ________ 
 
Total liabilities                           1,124,656    1,178,138 
                                             ________     ________ 
Total equity and liabilities                2,593,225    2,602,267 
                                             ________     ________ 
 
 
 

CONSOLIDATED STATEMENT OF CASH FLOWS

For the 14-month period ended 31 March 2017

 
                                                     2017      2016 
                                                      GBP       GBP 
 
CASH FLOWS USED IN OPERATIONS                     210,882    37,773 
Interest paid                                    (17,098)   (8,565) 
                                                  -------   ------- 
NET CASH GENERATED FROM OPERATING ACTIVITIES      193,784    29,208 
                                                  -------   ------- 
 
INVESTING ACTIVITIES 
Purchases of property, plant and equipment        (9,961)         - 
Purchases of intangible assets                   (89,563)  (40,794) 
                                                   ______    ______ 
NET CASH USED IN INVESTING ACTIVITIES            (99,524)  (40,794) 
                                                   ______    ______ 
 
FINANCING ACTIVITIES 
Proceeds from issue of ordinary shares            250,000         - 
Proceeds from short term borrowings                     -    40,000 
Repayment of invoice discounting facility 
 and other borrowings                           (278,637)   (5,405) 
                                                   ------    ------ 
NET CASH (USED IN)/GENERATED FROM FINANCING 
 ACTIVITIES                                      (28,637)    34,595 
                                                   ______    ______ 
 
NET INCREASE IN CASH AND CASH EQUIVALENTS          65,623    23,009 
 
CASH AND CASH EQUIVALENTS AT BEGINNING 
 OF YEAR                                           50,377    27,368 
                                                  _______   _______ 
 
CASH AND CASH EQUIVALENTS AT END OF YEAR          116,000    50,377 
 
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 
              ATTRIBUTABLE TO OWNERS OF THE PARENT 
                                                    Share-based 
                                  Share      Share      payment      Other     Retained 
                                capital    premium      reserve   reserves     earnings                       Total 
                                    GBP        GBP          GBP        GBP          GBP                         GBP 
 
 
 
As at 31 January 2015         2,811,068  3,257,810      101,127    103,904  (4,662,393)                   1,611,516 
 
  Total comprehensive 
  loss for the year                   -          -            -          -    (204,046)                   (204,046) 
 
Recognition of share-based 
payments                              -          -       16,659          -            -                      16,659 
 
As at 31 January 2016         2,811,068  3,257,810      117,786    103,904  (4,866,439)                   1,424,129 
 
 
 Total comprehensive 
 loss for the period                  -          -            -          -    (205,560)                   (205,560) 
 
 
 
TRANSACTIONS WITH OWNERS 
 IN THEIR CAPACITY AS 
 OWNERS 
 
 Issue of share capital         138,889    111,111            -          -            -                     250,000 
 
Total transactions with 
 owners in their capacity 
 as owners                      138,889    111,111            -          -            -                     250,000 
 
 
 
As at 31 March 2017           2,949,957  3,368,921      117,786    103,904  (5,071,999)                   1,468,569 
 
 
 
 

NOTES

1. The audited financial information for the periods ended 31 March 2017 and 31 January 2016 contained in this announcement do not constitute statutory accounts as defined in the Companies Act 2006. The comparative financial information is based on the statutory accounts for the financial year ended 31 January 2016. Those accounts, upon which the auditors issued an unmodified opinion with an emphasis of matter paragraph relating to going concern, have been delivered to the Registrar of Companies. The financial information for the 14-month period ended 31 March 2017 has been extracted from the audited financial statements of Vitesse Media Plc which will be delivered to the Registrar of Companies in due course. The auditors have issued an unmodified opinion on the financial statements for the 14-month period ended 31 March 2017 which did not include reference to any matters to which the auditor drew attention by way of an emphasis of matter paragraph or any statement under Section 498 (2) or (3) of the Companies Act 2006.

2. This announcement was approved by the Board of Directors and authorised for issue on 11 August 2017.

3. The Group prepares its annual consolidated financial statements in accordance with International Financial Reports Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) endorsed by the European Union (EU) and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial information included in this announcement does not include all the disclosures required by IFRS or the Companies Act 2006 and accordingly does not itself comply with IRFS or the Companies Act 2006.

This information is provided by RNS

The company news service from the London Stock Exchange

END

FR PBMLTMBJBMBR

(END) Dow Jones Newswires

August 11, 2017 05:35 ET (09:35 GMT)

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