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| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.20 | 2.10 | 2.30 | 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
TIDMVIS
RNS Number : 0787I
Vitesse Media PLC
25 August 2016
25 August 2016
Vitesse Media plc
("Vitesse", the "Company" or the "Group")
Unaudited interim results for the six months ended 31 July 2016
Vitesse Media plc (AIM: VIS), the AIM-quoted B2B events and digital media company, announces its unaudited interim results for the six months ended 31 July 2016.
Financial highlights
-- Revenues increased by 12.5% to GBP931k (H1 2015: GBP828k) -- Gross margins increased to 75.5% (H1 2015: 71%) -- Losses reduced by 45% to GBP69k (H1 2015: GBP125k) -- On track to report a strong recovery in profitability by our financial year end
Operational highlights
-- Appointment of Chris Ingram as Executive Chairman and personal subscription of GBP250k -- Creation of Commercial Director role -- Major overhaul of all brand websites to be launched by the end of September 2016
-- Notable momentum in Events including successful launch of Data Awards, with revenues in the division building well for second half of the year
-- "Women in IT" revenues significantly increased over the prior year. In only its third year we are expecting 650 attendees, up from 450 last year
Chris Ingram, Executive Chairman of the Company, said:
"With revenues up 12.5%, gross margins increased to 75.5% and losses reduced, we are very pleased with our progress in the first half of this year. The Board remains confident in its ability to continue to grow the Company and achieve full year results in line with management expectations."
For further information, please contact:
Vitesse Media plc Chris Ingram, Executive Chairman +44 (0)20 7250 7010 Niki Baker, Chief Executive Officer Stockdale Securities Limited Tom Griffiths David Coaten +44 (0)20 7601 6100 Redleaf Communications vitessemedia@redleafpr.com Rebecca Sanders-Hewett +44 (0)20 7382 4730 David Ison Sam Modlin
About Vitesse Media plc
Vitesse Media plc is a leading B2B media business specialising in events, digital activities, data and research for the technology, SME business and high-net-worth investment industries. Its flagship titles include SmallBusiness.co.uk, Growth Company Investor, Information Age, GrowthBusiness.co.uk and What Investment. Vitesse Media is also responsible for a growing portfolio of high-profile events, including The Quoted Company Awards and Women in IT Awards. Vitesse Media is focused on developing innovative products and services while evaluating further business opportunities in the fragmented B2B media space. Vitesse Media is quoted on AIM.
Chairman's Statement
I am pleased to say that the turn-around of Vitesse continues at a good pace.
Overall revenues increased by 12.5% to GBP931k in the first six months of the year (H1 2015: GBP828k). Gross margins increased to 75.5% from 71% in H1 2015. Traditionally, the first half is heavily loss-making for the Group with none of our major events taking place. Nevertheless, losses were nearly halved, reducing from GBP125k in the comparable period last year to GBP69k.
Three divisions - Events, SMEs and Technology - grew strongly, while the Investment division requires more time and attention having been under supported in previous years.
All websites will be relaunched by the end of September 2016. The anticipated resulting higher traffic creates a corresponding opportunity to generate more advertising revenue for the Group.
The Board remains confident that the Company will return to making a profit this financial year which we appreciate is long overdue. This is in an extended financial period.
We plan both organic and buy-and-build growth as part of our future strategy to create greater scale for the Company.
As announced in the annual results for the year ended 31 January 2016, we are changing our financial year end to 31 March with effect from 31 March 2017, therefore we will provide a trading update in October 2016 for the period 1 April to 30 September 2016. By that time, we expect the new management team to be complete.
Chris Ingram
Executive Chairman
Consolidated statement of comprehensive income
Hot Features
Premium
6 months 6 months
ended ended Year ended
31 July 31 July 31 January
2016 2015 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Revenue 931 828 2,130
931 828 2,130
Cost of
sales (230) (244) (642)
Gross profit 701 584 1,488
Administrative
expenses (766) (706) (1,495)
Operating loss (65) (122) (7)
Exceptional
costs - - (188)
Finance
costs (4) (3) (9)
Loss before tax (69) (125) (204)
Tax expense - - -
Loss for the period
attributable (69) (125) (204)
to owners of the
parent
============= ============ =============
Loss per share
Basic (0.12p) (0.25p) (0.40p)
============= ============ =============
Diluted (0.12p) (0.25p) (0.40p)
============= ============ =============
Consolidated statement of financial position
As at
31 July
2016 (unaudited) 31 July 2015 (unaudited) 31 January 2016 (audited)
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Goodwill 729 739 729
Other intangible
assets 1,369 1,529 1,370
Property, plant
and equipment 6 4 1
2,104 2,272 2,100
------------------ ------------------------- ----------------------------
Current assets
Inventories 16 16 16
Trade and other receivables 482 442 409
Cash and cash equivalents 115 117 77
------------------ ------------------------- ----------------------------
613 575 502
Total assets 2,717 2,847 2,602
================== ========================= ============================
EQUITY AND LIABILITIES
Equity
Share capital 2,950 2,811 2,811
Share premium account 3,369 3,258 3,258
Share option reserve 118 101 118
Other reserves 104 104 104
Retained earnings (4,936) (4,787) (4,867)
Total equity attributable
to 1,605 1,487 1,424
------------------ ------------------------- ----------------------------
owners of the parent
Current liabilities
Trade and other payables 844 1,010 724
Borrowings 268 240 454
------------------ ------------------------- ----------------------------
1,112 1,250 1,178
Non- current liabilities
Borrowings - 110 -
------------------ ------------------------- ----------------------------
Total liabilities 1,112 1,360 1,178
Total equity and liabilities 2,717 2,847 2,602
================== ========================= ============================
Consolidated statement of cash flows
6 months ended 6 months ended Year ended
31 July 2016 31 July 2015 31 January 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Loss before taxation (69) (125) (204)
Adjustments
Finance costs 4 3 9
Amortisation 18 18 34
Impairment - - 96
Depreciation of property, plant and equipment - - 2
Goodwill write-down - - 15
Share-based payment charge - - 17
Operating cash flows before movements (47) (104) (31)
in working capital
Decrease/(increase) in inventories - - -
(Increase)/decrease in receivables 53 114 142
Increase/(decrease) in payables (73) 212 (73)
Cash flows from (used in) operating activities (67) 222 38
Interest received - - -
Interest paid (3) (3) (9)
Net cash from/(used in) operating activities (70) 219 29
---------------- --------------- -------------------------
Investing activities
Purchases of property, plant and equipment - - -
Purchases of intangible assets (23) (82) (41)
Net cash used in investing activities (23) (82) (41)
---------------- --------------- -------------------------
Financing activities
Proceeds from issue of share capital 180 - -
Share issue costs - - -
Short-term loan (12) 40 40
Drawdown on invoice discounting facility (10) (87) (5)
Proceeds from long-term borrowings - - -
Net cash (used in)/generated from financing
activities 158 (47) 35
---------------- --------------- -------------------------
Net increase/(decrease) in cash and cash
equivalents 65 90 23
Cash and cash equivalents at beginning of period 50 27 27
---------------- --------------- -------------------------
Cash and cash equivalents at end of period 115 117 50
================ =============== =========================
Consolidated statement
of changes in equity
Share Share
6 months ended 31 July Share premium options Other Retained
2016 capital account reserve reserves earnings Total
GBP GBP GBP GBP GBP
'000 GBP '000 '000 '000 '000 '000
ATTRIBUTABLE TO OWNERS
OF PARENT
As at 1(st) February
2016 2,811 3,258 118 104 (4,867) 1,424
Profit for the period - - - - (69) (69)
Total comprehensive income
for the period - - - - (69) (69)
========= ========= ========= ========== ========== ======
TRANSACTIONS WITH OWNERS
IN THEIR CAPACITY AS
OWNERS
Issue of share capital 139 111 - - - 250
Issue costs - - - - - -
TOTAL TRANSACTIONS WITH
OWNERS IN THEIR CAPACITY
AS OWNERS 139 111 - - - 250
--------- --------- --------- ---------- ---------- ------
Recognition of share-based
payments - - - - - -
Share options lapsed - - - - - -
As at 31 July 2016 2,950 3,369 118 104 (4,936) 1,605
========= ========= ========= ========== ========== ======
12 months ended 31 January
2016
ATTRIBUTABLE TO OWNERS
OF PARENT
As at 1 February 2015 2,811 3,258 101 104 (4,662) 1,612
Profit for the year - - - - (205) (205)
Total comprehensive income
for the period - - - - (205) (205)
========= ========= ========= ========== ========== ======
TRANSACTIONS WITH OWNERS
IN THEIR CAPACITY AS
OWNERS
Issue of share capital - - - - - -
Issue costs - - - - - -
TOTAL TRANSACTIONS WITH
OWNERS IN THEIR CAPACITY
AS OWNERS - - - - - -
--------- --------- --------- ---------- ---------- ------
Recognition of share-based
payments - - 17 - - 17
Share options lapsed - - - - - -
As at 31 January 2016 2,811 3,258 118 104 (4,867) 1,424
========= ========= ========= ========== ========== ======
6 months ended 31 July
2015
ATTRIBUTABLE TO OWNERS
OF PARENT
As at 1(st) February
2015 2,811 3,258 101 104 (4,662) 1,612
Profit for the period - - - - (125) (125)
Total comprehensive income
for the period - - - - (125) (125)
========= ========= ========= ========== ========== ======
TRANSACTIONS WITH OWNERS
IN THEIR CAPACITY AS
OWNERS
Issue of share capital - - - - - -
Issue costs - - - - - -
TOTAL TRANSACTIONS WITH
OWNERS IN THEIR CAPACITY
AS OWNERS - - - - - -
--------- --------- --------- ---------- ---------- ------
Recognition of share-based
payments - - - - - -
Share options lapsed - - - - - -
--------- --------- --------- ---------- ---------- ------
As at 31 July 2015 2,811 3,258 101 104 (4,787) 1,487
========= ========= ========= ========== ========== ======
Notes to the Interim Results
1. Basis of preparation
These unaudited condensed consolidated interim financial statements are for the six months ended 31 July 2016. They have been prepared in accordance with recognition and measurement principles of International Financial Reporting Standards (IFRS) as adopted by the European Union. This report should be read in conjunction with the annual financial statements for the year ended 31 January 2016, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and International Financial Reporting Interpretations Committee ('IFRIC') Interpretations and the Companies Act 2006, as applicable to companies reporting under IFRS.
The financial information in this interim announcement does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The unaudited interim financial statements were approved by the Board on 24th
August 2016.
The comparative financial information for the year ended 31 January 2016 does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The statutory accounts of Vitesse Media plc for the year ended 31 January 2016 have been reported on by the Company's auditor, RSM UK Audit LLP (formerly Baker Tilly UK Audit LLP), and have been delivered to the Registrar of Companies.
The accounting policies adopted in the preparation of the unaudited interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 January 2016.
These financial statements have been prepared under the historical cost convention.
The financial information for the six months ended 31 July 2016 is unaudited.
Nature of operations and general information
Vitesse Media plc is a leading B2B media business specialising in events, digital activities, data and research for the technology, SME business and high-net-worth investment industries.
Vitesse Media plc is the Group's ultimate parent company. It is incorporated and domiciled in England. The address of Vitesse Media plc's registered office is 5th Floor, 6 St. Andrew Street, London, EC4A 3AE. Vitesse Media plc's shares are admitted to trading on the AIM Market of the London Stock Exchange.
Vitesse Media plc's consolidated interim financial statements are presented in Pounds Sterling (GBP), which is also the functional currency of the parent company.
2. Segmental information
Events SME Investment Technology Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
6 months ended 31 July
2016
Segmental revenue
- continuing 242 287 180 222 931
Total segmental
revenue 242 287 180 222 931
-------- -------- ----------- ----------- --------
Segment result 242 287 180 222 931
6 months ended
31 July 2015
Segmental revenue
- continuing 215 236 187 190 828
Total segmental
revenue 215 236 187 190 828
-------- -------- ----------- ----------- --------
Segment result 215 236 187 190 828
-------- -------- ----------- ----------- --------
12 months ended
31 January 2016
Segmental revenue
- continuing 870 548 366 346 2,130
Total segmental
revenue 870 548 366 346 2,130
---- ---- ---- ---- ------
Segment result 870 548 366 346 2,130
---- ---- ---- ---- ------
3. Earnings/(loss) per share
The calculation of loss per share is based on the following losses and numbers of shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The Company has one category of dilutive potential ordinary shares: share options.
6 months 6 months Year ended
to 31 July to 31 July
2016 2015
(unaudited) (unaudited) 31 January
2016
(audited)
------------------- ------------- ------------- ------------
GBP'000 GBP'000 GBP'000
------------------- ------------- ------------- ------------
Earnings/(loss)
for the period (69) (125) (204)
------------------- ------------- ------------- ------------
No. No. No.
------------------- ------------- ------------- ------------
Weighted average
number of shares 56,913,230 50,672,743 50,672,743
------------------- ------------- ------------- ------------
4. Dividends
No dividend is proposed for the six months ended 31 July 2016.
5. Availability
Copies of this announcement are available from the Company's website www.vitessemedia.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR AKQDBFBKDFFB
(END) Dow Jones Newswires
August 25, 2016 02:01 ET (06:01 GMT)
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