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ProShares Short Oil and Gas | AMEX:DDG | AMEX | Exchange Traded Fund |
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RNS Number:6652S Dream Direct Group PLC 01 December 2003 Dream Direct Group plc PRESS RELEASE For Immediate Release 1 December 2003 Dream Direct Group plc ("Dream Direct") is the UK's leading direct retailer of family software and related peripheral products. RESULTS HIGHLIGHTS FOR 6 MONTHS ENDED 30th SEPTEMBER 2003 * Revenue increased by 54% to #3.76m (2002: #2.45m). * Customer database increased to 390,000 (2002: 228,000) - up 71% period on period. * Pre tax loss for the period reduced to #366k (2002: #522k loss). * Loss before interest, depreciation and amortisation reduced to #300k (2002: #479k loss). * Cash outflow from operations reduced to #475k (2002: #755k), which incorporates prepayment of Autumn and Christmas catalogues of #409k. Christmas and New Year trading period expected to be cash generative. * Commenced strategy of creating stable of complementary catalogues with launch of Boogaloo - initial performance ahead of expectations. * Loss included #45k of Boogaloo set up costs * Business is now entering the key Christmas and New Year trading period. Commenting on the results and prospects for the Company, Robert Colquhoun, Chief Executive, said: "I am pleased to be able to report another period of strong revenue growth together with a further significant reduction in operating loss. During the period we completed our research into a second catalogue focused on the toy, games and hobby market, ahead of its launch in October. We therefore move in to the key Christmas trading period with a stronger product portfolio and are well positioned to maintain a strong rate of revenue growth and to report a profit in 2004/5 as our customer database grows" ENDS For further information and enquiries contact: Dream Direct Group plc www.eDREAM.co.uk Robert Colquhoun Chief Executive Tel: 01869 328210 E-mail: robertc@dream-direct.co.uk Oliver Vintcent Director Tel: 01869 328211 E-mail: ollie@dream-direct.co.uk PR IKON Associates Adrian Shaw Tel: 01483 535102 Mobile: 0797 9900733 E-mail: adrian@ikonassociates.com Download images of the catalogue and software titles are available at the above web site under the press section at: http://www.edream.co.uk/press/ pressimages.asp?GUID=&MC Notes for editors: - Dream Direct Limited was founded in 1997 by Robert Colquhoun and Ollie Vintcent and the Group was admitted to AIM on 2 May 2002 following its acquisition of Willisham Group plc, a cash shell. - Through its Dream Catalogue, the Company is the UK's leading direct marketing retailer to the family PC software and peripherals market. Titles cover simulation and family games, home interest and hobbies, education, children's software and home office. Dream Direct also supplies selected peripheral equipment for the home PC user including such items as DVD drives, equipment to transfer photographic negatives and music onto a PC, and also, digital cameras. - The Boogaloo catalogue and website was launched in October 2003 offering toy, game and hobby based products aimed primarily at Dream Direct's core market of adults over 40. The range of products offered covers Games, Entertainment, Reference, Childrens Range, Models, Puzzles, Hobbies, Gadgets and Personalised items - Dream Direct offers over 800 products across its two catalogue brands and up to 2,500 on its websites, (www.eDream.co.uk and www.eBoogaloo.co.uk), with around half of its titles not being available on the High Street. In the family software market, it is the "best seller of non-best sellers", and now also offers products to the traditional toys, games and hobbies market. - Examples of best selling titles are English Counties from the Air, Scrabble, Family Tree Maker, Hornby Virtual Train Set, PC Tutorial Guides, Carlton Cards, Pocket Camcorder, Memory Pen Drive, Encyclopaedia Britannica, Audio Cleaning Lab, Flying Scotsman train sets, Games Hut, and Model Cars. DREAM DIRECT GROUP PLC CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 CHAIRMAN'S REVIEW The results for the six months ended 30th September 2003 show continued strong revenue growth and a further reduction in operating losses. Revenue for the period was #3.76m, an increase of 54% over the same period last year whilst our pre-tax loss was reduced to #366k (2002: #522k). We have continued to build our customer database and closed the period at 390,000 an increase of 71% since 30th September 2002, and in line with our expectations. Further growth in customer numbers has been experienced since the period end, giving us confidence that we will meet our year end target of 450,000. The loss for the period included #45k of set up costs associated with the research and development of a new catalogue, Boogaloo ahead of its launch in October. This catalogue offers a selection of traditional toy, game and hobby based products with a particular appeal to our core market, being adults over 40 who are time rich with disposable income. A carefully managed test marketing programme was commenced at the beginning of October and the response we have received to date has exceeded our initial expectations. The decision to launch a second catalogue and website (www.eBoogaloo.co.uk) was taken after extensive research and is a long established growth path for mail order businesses, whereby a complementary product range is offered to an existing customer base. This allows us to offer a wider range of products to our existing customers whilst also providing a second platform for revenue growth. In the longer term, and as we move into profit, we will look to develop complementary catalogue brands. This will provide a broader platform for continued substantial revenue growth and reflects a core element of our strategy to build on the opportunities presented by a significant database of customers with above average leisure time and disposable income. It will allow us to exploit the mail order expertise we have developed since the inception of Dream. At the beginning of September we opened a small factory outlet showroom at our premises in Bicester and results to date are proving satisfactory. We have also invested in a new call centre telephone system that is already delivering significant operational improvements as we move into the peak Christmas trading period. The business closed the period with cash of #96k having prepaid #409k of autumn and Christmas catalogue costs. The revenue associated with these prepaid costs is not generated until October onwards and therefore the early payment of these costs reduces the cash balance at the end of September. Conversely the second half of the financial year is expected to be cash generative. OPERATIONAL REVIEW We have continued to deliver significant revenue growth through our strategy of expanding catalogue distribution and selected national press advertising. Gross profit margin is strong at 57.4% and catalogue distribution is on track. We have continued to reduce our Off The Page (OTP) advertising spend in line with the market but overall database growth is ahead of plan and we should exceed our March 2004 target of 450,000 customers. We have continued to invest in the business infrastructure in terms of people, systems and capacity. The investment in new warehouse systems and call centre technology is delivering progressively greater efficiencies as business volumes build and we now have sufficient warehouse, call centre and office capacity to cope with our expected growth through the next two years. The policy of managing all of these functions in-house enables us to provide the best and most flexible service to our customers, a key driver in generating repeat business orders. DREAM DIRECT GROUP PLC CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 CURRENT TRADING AND PROSPECTS Activity in November was affected by the postal strike and the Rugby World Cup was an identifiable distraction. These factors have increased the volatility of response rates to our marketing activity. However, we believe that these are short terms issues and response rates to more recent marketing activity are returning to pre-strike levels. Our full year results will as always be dependent on Christmas, New Year and January trading and we intend to issue a trading update in early February 2004 to report on this critical period. Whilst we anticipate a further significant reduction in losses for the full year we will not be looking to make a full year profit. With the Dream Direct catalogue having rapidly established a significant database of customers, we have now, with the launch of Boogaloo, commenced the implementation of our strategy to develop a stable of catalogue brands in order to increase the offering to existing customers and broaden our market reach with new customers. This will underpin the sustainable and profitable development of the Group and we are well placed to report a profit in the 2004/5 financial year. DREAM DIRECT GROUP PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 Unaudited Unaudited Audited Six Months Six Year Ended Months Ended 30th Ended 31st September 30th March 2003 September 2003 2002 #'000 #'000 #'000 Turnover - continuing operations 3,759 2,446 7,393 Cost of sales (1,600) (981) (3,007) Gross profit 2,159 1,465 4,386 Administrative expenses (2,459) (1,944) (5,103) Loss before depreciation, amortisation, (300) (479) (717) interest and tax Depreciation and amortisation (69) (55) (121) Operating Loss (369) (534) (838) Interest receivable 3 12 57 Interest payable and similar charges - - (1) Loss on ordinary activities before (366) (522) (782) taxation Taxation on loss from ordinary activities - - - Loss retained and transferred from (366) (522) (782) reserves Basic Loss per share (4.2p) (6.0p) (9.3p) There were no recognised gains or losses other than the loss for the period. All transactions arise from continuing operations. DREAM DIRECT GROUP PLC CONSOLIDATED BALANCE SHEET AT 30 SEPTEMBER 2003 Unaudited Unaudited Unaudited Unaudited Audited 30th 30th 30th 30th 31st September September September September March 2003 2003 2002 2002 2003 #'000 #'000 #'000 #'000 #'000 Fixed assets Intangible assets 420 465 442 Tangible assets 190 119 113 Investments 511 511 511 1,121 1,095 1,066 Current assets Stocks 298 214 266 Debtors 893 536 388 Cash at bank and in hand 96 596 633 1,287 1,346 1,287 Creditors: amounts falling due (1,263) (713) (885) within one year Net current assets/ 24 633 402 (liabilities) Total assets less current 1,145 1,728 1,468 liabilities Creditors: amounts falling due (80) (39) (38) after more than one year Net assets / (liabilities) 1,065 1,689 1,430 Capital and reserves Called up share capital 906 906 906 Share premium account 165 165 165 Merger Reserve 3,468 3,468 3,468 Capital Reserve 1,652 1,652 1,652 Profit and loss account (5,126) (4,502) (4,761) Equity Shareholders' funds/ 1,065 1,689 1,430 (deficit) DREAM DIRECT GROUP PLC CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 Unaudited Unaudited Unaudited Unaudited Audited Six Months Six months Six Months Six Months Year Ended Ended Ended Ended Ended 30th 30th 30th 30th 31st September September September 2003 September 2002 2002 March 2003 2003 #'000 #'000 #'000 #'000 #'000 Net cash outflow from operating (475) (755) (716) activities Returns on investments and servicing of finance Interest received 3 27 57 Interest paid - (14) - Interest element of finance lease (1) (1) (1) rentals Net cash inflow/(outflow) from 2 12 56 returns on investment and servicing of finance Capital expenditure and financial investment Purchase of tangible fixed assets (124) (56) (97) Net cash outflow from capital (124) (56) (97) expenditure and financial investment Acquisitions and disposals Cash acquired with subsidiary - 1,554 1,554 undertakings Costs of subsidiary acquisition - (361) (361) Net cash outflow from - 1,193 1,193 acquisitions and disposals Cash inflow/(outflow) before (597) 394 436 financing Management of liquid resources Financing Issue of share capital - 300 300 Expenses paid in connection with - (118) (118) share issues Capital element of finance leases 60 3 (2) Cash inflow from financing 60 185 180 Increase / (decrease) in cash in (537) 579 616 the period DREAM DIRECT GROUP PLC FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 Notes to the interim financial information 1. Publication of non-statutory accounts The unaudited financial information contained in this interim report does not constitute statutory accounts as defined in Section 240 Companies Act 1985. The financial information for the full preceding year is based on the statutory accounts for the financial year ended 31 March 2003. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. 2. Basis of preparation of interim financial information The interim financial information has been prepared on the basis of the accounting policies set out in the group's financial statements for the year ended 31 March 2003. Fixed annual charges are apportioned to the interim period on the basis of time elapsed. Other expenses are accrued in accordance with the same principals used in the preparation of the annual accounts. The taxation charge, where applicable, is calculated by applying the Directors' best estimate of the annual tax rate to be paid for the period. 3. Loss per share The loss per share for the six months ended 30th September 2003 was 4.2p (six months ending 30th September 2002: loss per share 6.0p, year ending 31st March 2003: loss per share 9.3p) 4. Copies of report This report is being sent to all registered shareholders of the company. Copies of the report are available upon application to the company at Granville Way, Bicester, OXON OX26 4JT. End This information is provided by RNS The company news service from the London Stock Exchange END IR FSDSMFSDSEIE
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