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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Yoomedia | LSE:YOO | London | Ordinary Share | GB00B29WFV68 | ORD 100P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 126.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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YooMedia plc
Interim report for the six months to 30 June 2007
YooMedia plc ("YooMedia" or "the Company"), the AIM-traded interactive media
and games group announces results for the six months to 30 June 2007. The
results reflect a period of restructuring and repositioning across the
business. Significant improvements in operating margins and reduction of losses
have been achieved during a period of rapid market changes.
HIGHLIGHTS
* The loss for the period fell to £3.1m (H1 2006: £4.9m)
* Admin expenses reduced by 18% and interest payable cut by 43%
* Continued margin growth in Games & Gambling
Post period end
* Significant headway made in the high value car parking market
* Agreement to provide services announced with Meteor Parking Ltd
* Remote Gaming Licence awarded
Neil MacDonald, Managing Director, Commented:
"YooMedia continues to explore opportunities in the interactive gaming sector
and for its dedicated transaction services and we anticipate further positive
news in the coming months. During a period of major change in the broadcast
sector we have continued with the transformation of YooMedia into a leading
provider of interactive transaction based products and services."
28 September 2007
Enquiries:
YooMedia PLC +44 (0) 207 462 0870
Neil MacDonald, Managing Director
Nexus Financial Ltd +44 (0) 207451 7068
Nicholas Nelson/Kathy Boate Nicholas.nelson@nexusgroup.co.uk
Seymour Pierce Limited +44 (0) 207 107 8000
Mark Percy
Chairman's Statement
In the final results last June, the Company reported a period of restructuring
and repositioning resulting in a streamlining of operations and the resulting
margin benefits which were expected to surface in the current period. Today's
results demonstrate that our margin expectations are being fulfilled.
As shareholders will be aware, the sector within which we operate has been
subjected to major challenges. Whilst there is confidence that these are now
largely behind us it will take time to make up for delays on project launch
dates by broadcasters, programme makers and network operators. It has been a
period of intense negotiations which has led to significant agreements
announced in the few months subsequent to the period end and touched upon
below.
Results Summary
Revenue has declined slightly to £26.1m (H1 2006: £31.2m) reflecting the change
to becoming a service provider rather than operating own brand services in the
Games & Gambling division. Difficult market conditions in the Interactive
Services division as the industry faces the repercussions of the high profile
issues raised earlier in 2007 have also impacted revenue growth.
The total loss for the period has fallen to £3.1m (H1 2006: £4.9m) and losses
before interest, tax, depreciation and amortisation reduced to £1.5m (H1 2006:
£2.2m). Administrative expenses were reduced by 18% to £4.2m (H1 2006: £5.1m).
Management expect this trend to continue for the full year. In 2006 the Company
decided to switch much of its expensive debt to cheaper equity. This has
reduced the interest payable by 43% to £0.58m (H1 2006: £1.02m). These cost
cutting measures leave the Company well positioned to create future profits for
shareholders.
Gross profit margins have improved through the focus on interactive gaming and
transaction services.
Games & Gambling
Gross revenue fell to £21.6m (H1 2006: £24.7m) although Gross profit increased
by 28% to £0.9m (H1 2006: £0.7m) as a result of the Company's strategic move
towards supplying other brand owners rather than operating own branded
services. The Company is currently negotiating a number of new contracts driven
by the liberalisation of television marketing for the games and gambling sector
brought in by the 2007 Gambling Act.
In order to take advantage of this favourable change, the Company has moved
decisively to transition the business towards a business-to-business model.
Further news will be announced in the coming weeks.
YooMedia's gambling subsidiary, The Gaming Channel Ltd, is one of the first
companies in the UK to have been awarded a Remote Gaming Licence by the
Gambling Commission.
Interactive Services
Gross profit in the Interactive Services division has increased to £1.4m (H1
2006: £1.2m). This in part is due to significant headway made in positioning
its remote payment services towards the high value car parking market. The
result was an agreement announced in August 2007, with Meteor Parking Limited,
a subsidiary of the GoAhead Group Plc and Britain's third largest car parks
company. The aim of the agreement was to enable motorists to dispense with the
tradition of feeding car park machines with coins. Instead payment can be
tendered using an Interactive Voice Response (IVR) system without any
requirement for prior registration or, if preferred, via mobile phone text
messaging (for those who choose to register).
The Directors believe that car parking provides, potentially, a rich source of
income to the business and believe that a growing number of car park operators
will view YooPark as the most efficient way for customers to pay for their
parking.
Further new interactive products and services have been introduced and are
expected to start contributing to revenues before the end of the year. These
include interactive kiosks which provide a point of fulfilment for consumers
who interact with advertising and promotion via their mobile phones such as the
pilot scheme run for L'Oreal during the period.
The broadcast sector was beset with problems relating to premium rate telephony
participation by viewers and this has had the effect of temporarily depressing
interactive activity by broadcasters and programmers. Whilst YooMedia is not a
provider of these services, the fall out has effected new business growth in
this sector. The new products and revenue streams coming online this year will
offset any further impact from these events.
Dating
Net revenue in the Dating business line has decreased to £0.7m (H1 2006: £
1.87m). As previously announced, dating is non-core to the Company's strategic
aims and the business trading as Avenues has been closed and the disposal of
the Dateline business is anticipated in the near future. This will leave
YooMedia better placed to continue improving the commercial activities of its
more profitable, higher margin products.
Financial Reporting
In line with new reporting requirements for AIM-listed companies, a review has
been conducted for the transition from UK GAAP to IFRS accounting standards,
the impact of which is detailed in the Transition Statement released earlier
today. This statement includes an increase in net assets at 31st December 2006
of £1.5m and a reduction in the retained loss for the year ended 31 December
2006 of £0.1m.
Post period end negotiations
In July we announced that a Spanish investment group called Kasei 2000 has been
granted an option to acquire the Company's subsidiary, The Gaming Channel Ltd
for a consideration of £5.25m. Following on from this, on 19th September 2007
the Company announced that the duration of the option had been extended to
allow for a continuation in our negotiations with Kasei 2000 which has
expressed interest in gaining a wider holding in the Company which may, if
concluded, result in their becoming involved in the Group as a whole.
Outlook
YooMedia continues to explore opportunities in the interactive gaming, remote
payments, advertising and promotion sectors for its dedicated transaction
services and we anticipate further positive news in the coming months. With the
discussions underway with the Spanish investment group the Directors believe
that YooMedia will be able to provide sufficient resources to support the
growth of the business.
Consolidated income statement for the six months to 30 June 2007
Note Six months Six months Year ended
ended ended
31 December
30 June 2007 30 June 2006 2006
(Unaudited) (Unaudited) (Unaudited)
£000's £000's £000's
Revenue 26,054 31,233 62,586
Cost of sales (23,429) (28,352) (54,171)
Gross profit 2,625 2,881 8,415
Administrative costs (4,164) (5,073) (9,258)
Loss before interest, tax, (1,539) (2,192) (843)
Depreciation, amortisation and
Exceptionals
Depreciation (342) (817) (1,276)
Amortisation of and impairment of (448) (625) (1,296)
intangibles
Impairment of goodwill - - (16,383)
Provision for bad debts - - (637)
Restructuring costs (54) (2,988)
Share-based payment charges (187) (254) (539)
Total depreciation, amortisation (1,031) (1,696) (23,119)
and exceptionals
Total administrative costs (5,195) (6,769) (32,377)
Operating loss (2,570) (3,888) (23,962)
Finance income 4 1 3
Finance expense (583) (1,023) (1,411)
Loss on ordinary activities (3,149) (4,910) (25,370)
before taxation
Taxation - - -
Loss for the financial period (3,149) (4,910) (25,370)
Loss per share
- basic & diluted 4 (0.41p) (0.94p) (4.36p)
There were no other gains or losses recognised in the period.
There is no difference between the loss on ordinary activities before taxation
and the loss for the periods stated above, and their historical cost
equivalents.
Consolidated balance sheet as at 30 June 2007
Note 30 June 30 June 31 Dec
2007 2006 2006
(Unaudited) (Unaudited) (Unaudited)
£000's £000's £000's
Non-current assets
Goodwill 25,520 43,930 25,521
Intangible assets 1,335 1,886 1,378
Property, plant and equipment 1,803 3,014 2,123
Investments 18 1,493 18
Total non-current assets 28,676 50,323 29,040
Trade and other receivables 5,896 7,767 6,591
Cash and cash equivalents 102 401 139
Current assets 5,998 8,168 6,730
Total assets 34,674 58,491 35,770
Trade and other payables (10,101) (14,763) (9,536)
Provisions (26) (52) (23)
Current liabilities (10,127) (14,815) (9,559)
Net current liabilities (4,129) (6,647) (2,829)
Total assets less current liabilities 24,547 43,676 26,211
Interest bearing loans and borrowings (5,684) (6,483) (5,518)
Provisions for liabilities (999) (869) (348)
Accruals and deferred income (1,736) (1,977) (2,512)
Non-current liabilities (8.419) (9,329) (8,378)
Total liabilities (18,546) (24,144) (17,937)
Net Assets 16,128 34,347 17,833
Capital and reserves
Issued Capital 6 15,156 12,482 13,878
Shares to be Issued 281 281 281
Share Premium 78,735 76,490 78,755
Other Reserves 2,065 1,592 1,877
Retained Earnings (80,109) (56,498) (76,958)
Equity shareholders' funds 5 16,128 34,347 17,833
Consolidated statement of cash flows six months to 30 June 2007
6 months 6 months Year ended
ended ended
30 June 07 30 June 31 Dec 2006
2006
(Unaudited) (Unaudited) (Unaudited)
£000's £000's £000's
Cash flows from operating activities
Loss for the period (3,149) (4,910) (25,370)
Depreciation of property, plant and 342 817 1,276
equipment
Amortisation and impairment of 448 625 17,679
goodwill and intangible assets
Share-based payment charges 188 254 539
Net finance costs 579 1,022 1,408
Cash flow relating to restructuring - - 2,988
provisions
Operating cash flows before movements (1,593) (2,192) (1,480)
in working capital
Change in receivables 695 (133) 1,398
Change in payables 472 153 (212)
Cash generated by operations (426) (2,172) (294)
Interest and similar expenses paid (29) (991) (1,004)
Net cash from operating activities (455) (3,163) (1,298)
Cash flows from investing activities
Interest and similar income received 4 1 3
Acquisition of subsidiary, net of - (5) (357)
overdrafts
Assets in the course of construction - - (360)
Acquisition of property, plant and (21) (1,095) (664)
equipment
Acquisition of other intangible (405) (536) (705)
assets
Net cash used in investing activities (422) (1,635) (2,083)
Cash flows from financing activities
Proceeds from issue of share capital 721 1,695 2,008
New loans acquired 250 6,000 6,000
Repayment of Loans - (1,000) (1,000)
Repayment of Capital Element of (131) (59) (117)
Finance Leases
Net cash used in financing activities 840 6,636 6,891
Net (decrease)/increase in cash and (37) 1,838 3,510
cash equivalents
Opening cash and cash equivalents 139 (3,371) (3,371)
Closing cash and cash equivalents 102 (1,533) 139
Notes to the Accounts
1. Going concern
During the 6 months ended 30 June 2007, the Group recorded a loss before
interest, tax, depreciation, amortisation and exceptionals of £1.5 million and
a net loss of £3.1 million, and at 30 June 2007 the Group had net current
liabilities of £4.1 million. Net cash outflow from operations in the period was
£0.4 million.
During 2007 the directors have raised £650,000 from draw downs of the existing
convertible debt facility and it has also raised £1,638,000 through share
placings. Additionally, the Group has a £0.85 million undrawn facility
remaining on convertible debt of £7.5 million. On 2 July 2007 the Company
entered into an option agreement with a Spanish investment group, Kasei 2000,
to dispose of the Company's subsidiary The Gaming Channel Ltd for £5.25
million. Subsequent to this agreement wider discussions have been taking place
which have led to Kasei 2000 indicating their intention to invest into the
Group as a whole which the Directors believe would be sufficient to fund the
Group's working capital requirements for at least the next twelve months.
Consequently, the directors consider that it is appropriate to prepare the
accounts on the going concern basis. However, the directors recognise that
there will remain a material uncertainty over the Group's ability to realise
future profitability and positive cash flows until the Group has established a
track record of profitable trading, cash generation and meeting its working
capital projections.
There is, therefore, material uncertainty related to the above events and
conditions which may cast significant doubt on the entity's ability to continue
as a going concern and it may be unable to realise its assets and discharge its
liabilities in the normal course of business.
2. Accounting policies
The accounting policies set out below, have, unless otherwise stated, been
applied consistently to all periods presented in these Group financial
statements and in preparing an opening IFRS balance sheet at 1 January 2006.
These interim results are unaudited and do not constitute statutory accounts.
Basis of Preparation
The financial statements are presented in sterling, rounded to the nearest
thousand unless otherwise stated. The consolidated financial statements of
YooMedia Plc have been prepared in accordance with International Financial
Reporting Standards as adopted by the EU ('adopted IFRS').
The unaudited financial information presented in this document has been
prepared on the basis of the expected accounting policies which the Group will
comply with in the accounts to 31 December 2007 and on the basis of all
International Financial Reporting Standards ('IFRS'), including International
Accounting Standards ('IAS') and interpretations issued by the International
Accounting Standards Board ('IASB') and its committees, as adopted by the EU.
These are subject to ongoing amendment by the IASB and subsequent endorsement
by the European Commission and are therefore subject to possible change. As a
result, information contained within this release will require updating for any
subsequent amendment to IFRS required for first time adoption or those new
standards that the Group may elect to adopt early.
The financial statements have been prepared in accordance with applicable
accounting standards, and under the historical cost accounting rules, except
for derivative financial instruments which are stated at their fair value, and
non-current assets and disposal groups held for sale which are stated at the
lower of previous carrying value and fair value less costs to sell.
Basis of consolidation
The Group financial statements consolidate the financial statements of YooMedia
plc and its subsidiary undertakings drawn up to 30 June 2007. No profit and
loss account is presented for YooMedia plc as permitted by section 230 of the
Companies Act 1985.
The subsidiaries have been included within the Group financial statements using
the acquisition method of accounting. Accordingly the Group profit and loss
account and Group cash flow statement includes the results and cash flows of
the subsidiaries from the dates of acquisition up to 30 June 2007.
Subsidiaries
Subsidiaries are all entities over which the Group has the power to govern the
financial and operating policies generally accompanying a shareholding of more
than one half of the voting rights. The results of subsidiaries are included in
the Group income statement from the date of acquisition, or in the case of
disposals, up to the effective date of disposal. Inter-company transactions and
balances between Group companies are eliminated upon consolidation.
Goodwill
Goodwill represents the difference between the cost of acquisition of a
business and the fair value of identifiable assets, liabilities and contingent
liabilities acquired. Identifiable intangibles are those which can be sold
separately or which arise from legal rights regardless of whether those rights
are separable. Goodwill is stated at cost less any accumulated impairment
losses. Goodwill is allocated to cash generating units and is tested annually
for impairment. Any impairment is recognised immediately in profit or loss and
is not subsequently reversed.
Intangible assets
Intangible assets acquired by the Group are stated at cost less accumulated
amortisation and impairment losses. Intangible assets are amortised on a
straight-line basis over their useful lives in accordance with IAS 38
'Intangible Assets'.
Assets are not re-valued. The amortisation period and method are reviewed at
each financial year end and are changed in accordance with IAS 8 'Accounting
Policies, Changes in Accounting Estimates and Errors' if this is considered
necessary.
Externally acquired computer software which is not integral to a related item
of hardware is included in intangible assets and amortised over its estimated
useful life of 2 years.
Costs relating to development of computer software for internal use are
capitalised once the recognition criteria are met. These development costs are
included within intangible fixed assets. Development costs are capitalised in
accordance with IAS 38 if the directors are satisfied that the asset can be
used or sold to generate a future economic for the group and that that benefit
can be reliably measured. A project will be capitalised either on completion or
at a particular point in development where there exists an intention and the
technical feasibility for the project to be completed.
The policy of the Group is to amortise these capitalised development costs over
their useful economic lives which is expected to be between one and three
years. These costs are expensed through the profit and loss account. In
addition to this an annual impairment review is also carried out in accordance
with IAS 36 and any impairment costs, if required, are also expensed.
Research costs are not capitalised but expensed to the profit and loss account
as incurred.
Tangible fixed assets
Tangible fixed assets are stated at cost net of depreciation and any provision
for impairment. Depreciation is calculated so as to write off the cost of fixed
assets, less their estimated residual values, on a straight-line basis over the
expected useful economic lives of the assets concerned. The principal annual
rates used for this purpose are:
Computer equipment 33%
Office equipment 33%
Fixtures and fittings 33%
Short-leasehold improvements 20%
Deferred taxation
The charge for taxation is based on the loss for the year and takes into
account taxation deferred because of timing differences between the treatment
of certain items for taxation and accounting purposes.
Deferred tax is recognised in respect of all timing differences that have
originated but not reversed at the balance sheet date where transactions or
events that result in an obligation to pay more, or a right to pay less, tax in
the future have occurred at the balance sheet date, except that deferred tax
assets are recognised only to the extent that the Directors consider that it is
more likely than not that there will be suitable taxable profits from which the
future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on a non-discounted basis at the tax rates that are
expected to apply in the periods in which timing differences reverse, based on
tax rates and laws enacted or substantively enacted at the balance sheet date.
Provisions
A provision is recognised in the balance sheet when the Group has a present
legal or constructive obligation as a result of a past event, and it is
probable that an outflow of economic benefits will be required to settle the
obligation. If the effect is material, provisions are determined by discounting
the expected future cash flows at a pre tax rate that reflects current market
assessments of the time value of money and, where appropriate, the risks
specific to the liability.
Finance leases
Assets funded through finance leases are capitalised as property, plant and
equipment and depreciated over their estimated useful lives or the lease term,
whichever is shorter. The amount capitalised is the lower of the fair value of
the asset or the present value of the minimum lease payments during the lease
term at the inception of the lease. The resulting lease obligations are
included in liabilities net of finance charges. Finance costs on finance leases
are charged directly to the income statement.
Share based payments
The Company has adopted IFRS 2 `Share-based Payment' in the year. Under IFRS 2
the Company charges the profit and loss account with the fair value of the
options issued. The fair value is calculated using the Black-Scholes method,
which is spread over the vesting period allowing for expected lapses.
Compound financial instruments
Compound financial instruments comprise both liability and equity components.
At issue date, the fair value of the liability component is estimated by
discounting its future cash flows at an interest rate that would have been
payable on a similar debt instrument without any equity conversion option. The
liability component is accounted for as a financial liability.
The difference between the net issue proceeds and the liability component, at
the time of issue, is the residual or equity component, which is accounted for
as an equity instrument.
Transaction costs that relate to the issue of a compound financial instrument
are allocated to the liability and equity components of the instrument in
proportion to the allocation of the proceeds.
The interest expense on the liability component is calculated by applying the
effective interest rate for the liability component of the instrument. The
difference between any repayments and the interest expense is deducted from the
carrying amount of the liability.
Financial liabilities
Interest-bearing bank loans and overdrafts are recorded initially at fair
value, which is generally the proceeds received, net of direct issue costs.
Subsequently, these liabilities are held at amortised cost using the effective
interest method.
Finance charges, including premiums payable on settlement or redemption and
direct issue costs are accounted for on an accrual basis to the income
statement using the effective interest method and are added to the carrying
amount of the instrument to the extent that they are not settled in the period
in which they arise.
Foreign currency transactions
Transactions denominated in foreign currencies are translated at the exchange
rate at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies at the balance sheet date are translated at
the exchange rate ruling at that date. Foreign exchange differences arising on
translation are recognised in the income statement.
Revenue
Revenue consists of sales from interactive media services and dating services
and is recognised as these services are provided or in accordance with the
contract. Revenue is recognised when the significant risks and rewards of
products and services have been passed to the buyer and can be measured
reliably.
Gaming revenues, where the Company holds a gaming licence, are recognised on a
gross basis and winnings are recognised as a cost of sale. All revenue is
generated in the United Kingdom.
3. Segmental information
A segment is a distinguishable component of the Group that is engaged in
providing products or services within a particular economic environment. The
principal activities of the Group are divided into the following business
segments; games and gambling, dating and interactive services. These segments
are the basis on which the management analyses Group's performance. The
operations of the Group are based in the UK and as a consequence, the Group has
only one business segment and no secondary segment disclosure has been made.
Six months Six months Year
ended ended ended
30 June 2007 30 June 2006 31 Dec 2006
£'000 £'000 £'000
Segment Revenue
Games and gambling 21,578 24,784 50,690
Interactive services 3,815 4,515 8,996
Dating 661 1,934 2,900
Consolidated revenue 26,054 31,233 62,586
Gross profit
Games and gambling 883 723 2,307
Interactive services 1,413 1,235 4,702
Dating 329 923 1,406
Consolidated 2,625 2,881 8,415
Segment result for period
Games and gambling 623 265 1,901
Interactive services 458 (858) 870
Dating (242) (405) (709)
Unallocated central costs (3,988) (3,912) (27,432)
Consolidated loss for the period (3,149) (4,910) (25,370)
There is no significant inter-segment revenue included in neither of the
segments which is required to be eliminated.
4. Loss per share
The basic loss per share for the six months ending 30 June 2007 of 0.41p has
been calculated by dividing the net loss for the period of £3.149m (2006: £
25.37m) by the weighted average number of 766,356,541 shares in issue during
the period (2006: 581,251,181). The Company has potentially dilutive ordinary
shares being share options issued to staff and shares contracted to be issued.
For the periods ended 30 June 2007, 31 December 2006 and 30 June 2006 the
diluted loss and earnings per share is calculated on the same basis as basic
loss and earnings per share because the effect of the potential ordinary shares
reduces the net loss per share and is therefore anti-dilutive.
The deferred shares are not included in the earnings per share or diluted
earnings per share. These shares have no voting rights and are non-convertible
and therefore do not form part of the ordinary share capital used for the loss
per share calculation.
5. Reconciliation of movement in shareholders' funds
Six months Six months Year
ended ended ended
30 June 2007 30 June 2006 31 Dec 2006
£'000 £'000 £'000
Loss for the period (3,149) (4,910) (25,370)
New shares issued 1,257 1,391 5,052
Additions to Capital reserves 187 629 914
Minority Interest - (357) (357)
Net reduction in shareholder funds (1,705) (3,247) (19,761)
Opening shareholders funds 17,833 37,594 37,594
Closing shareholder funds 16,128 34,347 17,833
6. Share Capital
30 June 07 30 June 07 31 Dec 2006 31 Dec 2006
No. £ No. £
Authorised
Ordinary shares of 1p each 1,200,000,000 12,000,000 1,200,000,000 12,000,000
Deferred shares of 1p each 900,000,000 9,000,000 900,000,000 9,000,000
Total 2,100,000,000 21,000,000 2,100,000,000 21,000,000
Allotted, called up and
fully paid
Ordinary shares of 1p each 824,742,053 8,247,421 696,964,276 6,969,643
Deferred shares of 1p each 690,822,639 6,908,226 690,822,639 6,908,226
Total 1,515,564,692 15,155,647 1,387,786,915 13,877,869
During the year the following share
issues took place:
Date of Description Funds Raised Shares Nominal Share
Notice Issued Value Premium
£ No. £ £
15 February Placing 762,500 67,777,777 677,778 84,722
07
5 May 07 Loan conversion 250,000 25,000,000 250,000 -
5 May 07 Loan conversion 250,000 25,000,000 250,000 -
5 May 07 Loan conversion 100,000 10,000,000 100,000 -
Total 1,362,500 127,777,777 1,277,778 84,722
7. Post balance sheet events
On 2 July 2007 the Company announced that a Spanish investment group, Kasei
2000, had been granted an option to acquire the Company's subsidiary, The
Gaming Channel Ltd, for a consideration of £5.25 million. On 19 September 2007
the Company announced that the duration of the option period had been extended
to allow for a continuation in the negotiations with Kasei 2000.
On 16 July 2007 the Company raised £375,000 (gross) through a placing of
37,500,000 new ordinary shares at 1p each.
On 8 August 2007 the Company raised £500,000 (gross) through a placing of
500,000,000 new ordinary shares at 1p each.
On 7 September 2007 the Company announced the cessation of trading of its
subsidiary company Finlaw 532 Ltd which trades under its brand name, Avenues.
8. Other
Copies of unaudited interim results have not been sent to shareholders, however
copies are available on request from the Company Secretary at the Company's
registered office, Northumberland House, 155-157 Great Portland Street, London,
W1W 6QP.
END
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