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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| InFocus Group Holdings Ltd | ASX:IFG | Australian Stock Exchange | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.001 | -6.25% | 0.015 | 0.015 | 0.016 | 0.016 | 0.015 | 0.016 | 4,578,698 | 02:04:50 |
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RNS Number:3150K
I Feel Good (Holdings) PLC
24 April 2003
24 April 2003
I Feel Good (Holdings) plc ("IFG")
Preliminary Results for the Year Ended 31 December 2002
IFG, the AIM listed magazine publisher (incl Viz and Jack) is pleased to
announce Preliminary results for the year ended 31 December 2002.
Financial Highlights
* Turnover up 90% - #8.0 m (2001: #4.2 m)
* LBITDA - #0.2 m (2001: #1.2 m)
* Loss per share - 1.17p (2001: loss per share of 3.02p)
* Cash increased to #1.1 m (2001: #0.8 m)
Operational Highlights
* Jack - Achieved critical acclaim in its first six issues
o Won various awards including "Launch of the Year" and "Best Designed
Launch"
o Advertising revenues continue to grow - high profile brands include
Prada, D&G, Audi, Jaguar, Microsoft, Clinique and Stella Artois
* Bizarre - The Group's strongest performer
o UK sales increased by 16% and advertising increased 15%
* Viz - Frequency increased from six to ten issues per year, annual
sales increased by 36%
o Subscriptions up 93%
o Four books published including Viz Annual and Roger's
Profanisaurus, sales of which have exceeded expectations
* Fortean Times & Leeds Leeds Leeds - continue to make positive
contributions to the Group
Commenting on the results, Chairman, Alistair Ramsay said:
"The current year has started in line with our expectations. UK newsstand sales
of Bizarre remain strong and Viz and Fortean Times are performing in line with
management expectations. Despite difficult market conditions we believe that
the Group is well placed to achieve further success in 2003."
For further information, please contact:
I Feel Good (Holdings) plc Tel: 020 7687 7000
Tom Gleeson, Managing Director
James Brown, Chief Executive
Jason Smith, Finance Director
Buchanan Communications Tel: 020 7466 5000
Mark Edwards / Louise Bolton
I Feel Good (Holdings) Plc
Preliminary Results for the year ended 31 December 2002
Chairman's Statement
I am pleased to present the preliminary results for I Feel Good (Holdings) plc
for the year to 31 December 2002.
Overview
Turnover has risen by 90% to #8.0 million in 2002, a year which has seen the
Group make significant progress towards its stated strategy of increasing its
market share of the general interest men's lifestyle sector. Central to this
strategy was the launch of Jack magazine in April 2002 into the 'upmarket,
fashion segment', initially on a quarterly basis and monthly from October 2002.
Jack has already received critical acclaim and the Group will continue to seek
to further grow the magazine over the coming months.
Despite the heavy promotion of competing magazines, Bizarre has been the Group's
strongest performer with growth in both its advertising revenues and copy sales.
The increased frequency of Viz has resulted in 36% more copies being sold during
the course of 2002 compared to the previous year. Four Viz books were also
published over the Christmas period, selling approximately 170,000 copies in
total to 31 December 2002.
Fortean Times has shown growth in copy sales and continues to make a positive
contribution before overhead to the Group.
On the cost side, management completed a review of the whole production process
during 2002. As a result, print deals have been renegotiated and a reprographic
facility has been introduced in-house, resulting in considerable savings, of
which most of the benefit will accrue in 2003.
Due to good management of working capital during the year, cash balances have
increased by 38% to #1.1 million.
As reported previously, the Group decided to sell Hotdog magazine in January
2002 to Paragon Publishing Limited to focus investment on key areas of the
business. We continue to receive consideration of #5,000 per month.
Financial Review
Revenues for the year to 31 December 2002 rose by 90% from #4.2 million to #8.0
million, reflecting a full year of trading from the magazine titles acquired in
2001. The Group made a loss before interest, depreciation, amortisation and
exceptionals of #0.2 million, which compares to a loss of #1.2 million in 2001.
Excluding an investment of #0.6 million in the launch of Jack magazine during
the year, the Group generated earnings before interest, taxation, depreciation,
amortisation and exceptionals of #0.4 million.
There was a cash inflow from operating activities during 2002 of #0.4 million,
compared with a #1.9 million outflow in 2001, which is testament to the
management processes that have been put in place throughout the year. Loan
notes amounting to #6.4 million issued as part of the consideration for Euphoria
Holdings Limited (formerly JBP Holdings Limited) have been paid in full during
the year. The Group closed the year with net cash balances of #1.1 million.
Trading
Jack
Jack was launched in April 2002 with an investment of #0.6 million in the '
upmarket, men's fashion' sector. Management believe that the product, published
in an A5 format, is bringing differentiation and innovation into an otherwise
stale market, which has seen a decline in net sales in the mens lifestyle sector
in the last two years (Source: Seymour Distribution).
The Group did not release an ABC for the July to December 2002 audit period,
which included only 3 monthly issues of Jack during the period. Sales are
currently below monthly targets, but management are taking steps to address
this, including improvements to the product in response to market research that
was recently commissioned.
Advertising revenues continue to grow in a difficult market, with some of the
highest profile global companies and brands advertising in the title, including
Prada, D&G, Moschino, Audi, Clinique, Stella Artois, Gucci, Jaguar and
Microsoft.
Jack has achieved critical acclaim in its first six issues, including the
following awards:
* Launch Editor of the Year at the 'British Society of Magazine Editors
Awards'
* Best Designed Launch at the 'Magazine Design Awards'
* Best Magazine Cover as voted by 'Campaign' magazine
* Launch of the Year as voted by 'Campaign' magazine
However, market conditions remain tough, as demonstrated by the decline in UK
newsstand sales of 2% in the men's lifestyle sector for the July to December
2002 audit period compared to the previous year.
General market and industry expectation is that a new launch will typically
achieve profitability within 3 years and management will continue to closely
monitor Jack against this target.
Bizarre
Bizarre recorded an audited circulation of 105,620 for the period from July to
December 2002, compared to 97,036 in the previous audit period from January to
June 2002 (Source: Audit Bureau of Circulation), an increase of 9%. This was
driven by a 16% increase in UK sales, which was achieved in spite of heavy
promotional activity amongst its competitors and difficult market conditions as
noted above. Advertising revenues also increased, with growth of 15% compared
to 2001.
Viz
Viz recorded an audited circulation of 150,730 for the period from January to
December 2002, compared to 178,745 for the previous audit period from July to
December 2001 (Source: Audit Bureau of Circulation). This decline of 16%
reflects the shorter sales period of the magazine as a result of its increased
frequency from six to ten issues per year. However, annual sales have increased
by 36% as a result of the change, from 1.1 million in 2001 to 1.5 million in
2002. Advertising revenues have also increased by 66%.
In addition, subscriptions have increased by 93% from 4,900 in 2001 to 9,500 in
2002. We will continue to target subscriptions in 2003.
In association with Macmillan Publishers Limited, IFG published four books in
October 2002, being the Viz Annual, Roger's Profanisaurus, Sexist Book of
Records and Wigwatching. Combined sales have exceeded 170,000 to 31 December
2002, which is above management expectations, and Roger's Profanisaurus
continues to sell well in 2003.
IFG signed a licensing deal with Copyright Promotions Limited in November 2002.
We intend to launch products including posters, calendars and boxer shorts in
2003. Billy the Fish has recently been syndicated on a weekly basis to the
London Evening Standard.
Fortean Times
Fortean Times recorded an audited circulation of 30,072 for the period from July
to December 2002 compared to 29,003 for the previous period from January to June
2002 and made a positive contribution before overhead to the Group (Source:
Audit Bureau of Circulation).
Outlook
The current year has started in line with our expectations. UK newsstand sales
of Bizarre remain strong and Viz and Fortean Times are performing in line with
management expectations. Under difficult market conditions, the Group will
continue to closely monitor Jack.
Management believes that the Group is well placed to achieve further success in
2003.
The Company announced on 15 April 2003 that it has received an approach that may
or may not lead to an offer being made. A further announcement will be made in
due course.
Alistair Ramsay
24 April 2003
Consolidated Profit and Loss Account
or the year ended 31 December 2002
2002 2001
Note #'000 #'000
Turnover 7,962 4,217
Cost of sales (6,607) (3,660)
Gross profit/(loss) 1,355 557
Administrative expenses
Depreciation (104) (70)
Amortisation (479) (175)
Other administrative expenses (1,787) (1,756)
Total administrative expenses (2,370) (2,001)
Operating loss (1,015) (1,444)
Profit on sale of magazine title 214 -
Loss before interest (801) (1,444)
Net interest 51 51
Loss on ordinary activities before taxation (750) (1,393)
Taxation 2 - (11)
Loss for the financial year
transferred from reserves (750) (1,404)
Loss per share - basic and 1 (1.17)p (3.02)p
fully diluted
Consolidated Balance Sheet
as at 31 December 2002
2002 2001
Note #'000 #'000
Fixed assets
Intangible assets 6,420 6,899
Tangible assets 375 384
6,795 7,283
Current assets
Stocks 117 120
Debtors 1,996 1,845
Cash at bank and in hand 3 1,119 812
Restricted cash deposits 3 - 4,860
3,232 7,637
Creditors: amounts falling due within one year 4 (2,090) (6,217)
Net current assets 1,142 1,420
Creditors: amounts falling due after more than one year (7) (23)
7,930 8,680
Capital and reserves
Called up share capital 6 639 639
Share premium account 11,223 11,223
Profit and loss account (3,932) (3,182)
Equity shareholders' funds 7,930 8,680
Consolidated Cash Flow Statement
for year ended 31 December 2002
2002 2001
Note #'000 #'000
Net cash inflow/(outflow) from operating activities 7 367 (1,871)
Return on investments and servicing of finance
Interest received 54 56
Interest element of finance lease rental payments (3) (5)
Net cash inflow from investments and servicing of finance 51 51
Capital expenditure and financial investment
Purchase of tangible fixed assets (102) (291)
Sale of tangible fixed assets 21 -
Withdrawal of/(investment in) restricted deposits 4,860 (4,860)
Net cash inflow from capital
expenditure and financial investment 4,779 (5,151)
Acquisitions and disposals
Cash paid on acquisition of subsidiary undertakings - (2,066)
Repayment of loan notes issued on purchase
of subsidiary undertakings 5 (4,860) -
Net cash from purchase of subsidiary undertakings - 9
Net cash outflow from acquisitions of
Subsidiary undertakings (4,860) (2,057)
Management of liquid resources
Withdrawal of short term deposits 43 1,279
Net cash inflow from management of liquid resources 43 1,279
Financing
Issue of ordinary share capital - 8,209
Share issue expenses - (398)
Capital element of finance lease rental payments (30) (5)
Net cash (outflow)/inflow from financing (30) 7,806
Increase in cash in the period 9 350 57
Notes to the Financial Statements
1. Loss per share
The calculation of the basic loss per share is based on the loss attributable to ordinary shareholders divided
by the weighted average number of shares in issue during the period.
Reconciliations of the loss and weighted average number of shares used in the calculations are set out below:
Weighted Weighted
average Amount average Amount
Loss number of pence Loss number of pence
#'000 shares per share #'000 shares per share
2002 2002 2002 2001 2001 2001
Basic and diluted loss
per share
Loss attributable to
ordinary shareholders (750) 63,932,916 (1.17) (1,404) 46,469,884 (3.02)
In view of the loss for the period, there was no dilutive effect of the options
in place at 31 December 2002.
2. Tax on loss on ordinary activities
2002 2001
#'000 #'000
Based on the result for the year
UK corporation tax at 26% (2001: 26%) - 11
- 11
Unrelieved tax losses of approximately #3,130,000 (2001: #2,800,000) remain
available to offset against future taxable trading profits. Should suitable
taxable profits arise, these losses would represent a deferred tax asset of
approximately #939,000 (2001: #840,000) at a corporation tax rate of 30%.
3. Cash at bank and in hand and other deposits
2002 2001
#'000 #'000
Cash 436 86
Liquid resources - cash held on deposit 683 726
Cash at bank and in hand 1,119 812
Other deposits - restricted - 4,860
1,119 5,672
Other deposits at 31 December 2001 comprised cash of #4,860,000 held on deposit
in a loan note guarantee issuance facility. These were held to meet the
Company's obligations under the terms of the loan note (see note 5) issued in
connection with the acquisition of Euphoria Holdings Limited and could not be
accessed for any other purpose. The loan notes were redeemed on 30 September
2002.
4. Creditors: amounts falling due within one year
2002 2001
Group Group
#'000 #'000
Trade Creditors 1,069 663
Social security and other taxes 66 103
Other creditors 50 110
Accruals and deferred income 902 473
Amounts due under finance leases and
hire purchase contracts 3 8
Loan notes (see note 5) - 4,860
2,090 6,217
5. Loan notes
2002 2001
#'000 #'000
Amounts falling due within one year:
Loan notes - 4,860
Loan notes comprised unsecured floating rate notes (fully redeemable on 30
September 2005) issued in connection with the acquisition of Euphoria Holdings
Limited. Noteholders were entitled to require the Company to repay the whole of
the Notes from the anniversary of their issue on 16 July 2001. Cash of
#4,860,000 was held on deposit in a guarantee issuance facility to meet the
Company's obligations under the terms of the loan notes. The loan notes were
fully repaid on 30 September 2002.
6. Share Capital
2002 2001
#'000 #'000
Authorised
87,748,439 ordinary shares of 1p each (2001: 87,748,439) 877 877
Allotted, called up and fully paid
63,932,916 ordinary shares of 1p each (2001: 63,932,916) 639 639
7. Net cash outflow from operating activities
2002 2001
#'000 #'000
Operating loss (801) (1,444)
Depreciation charge 104 70
Goodwill amortisation 479 175
Decrease/(increase) in stock 3 (30)
Increase in debtors (151) (820)
Increase in creditors 738 151
(Profit)/loss on disposal of fixed assets (5) 27
Net cash inflow/(outflow) from operating activities 367 (1,871)
8. Reconciliation of net cash flow to movement in net funds
2002 2001
#'000 #'000
Net (debt)/funds at 1 January 2002 (4,078) 1,999
Increase in cash in the period 350 57
Cash outflow from decrease in lease contracts 5 5
Cash outflow from decrease in liquid resources (43) (1,279)
Redemption/(issue) of loan note 4,860 (4,860)
Changes in net funds resulting from cash flows 5,172 (6,077)
New lease contracts (10) -
Repayment of lease contracts 25 -
Net funds/(debt) at 31 December 2002 1,109 (4,078)
9. Analysis of changes in net funds
At 1 Non- At 31
January Cash flow cash December
2002 items 2002
#'000 #'000 #'000 #'000
Cash in hand and at bank 86 350 - 436
Liquid resources 726 (43) - 683
Finance leases (30) 30 (10) (10)
Debt due within one year (4,860) 4,860 - -
(4,078) 5,197 (10) 1,109
10. Nature of the Financial Information
The foregoing financial information does not amount to full accounts within the
meaning of Section 240 of the Companies Act 1985. The financial information has
been extracted from the draft Group Accounts for the year ended 31 December 2002
on which it is expected that the auditors will give an unqualified report.
Copies of the Annual Report and Accounts will be posted to shareholders shortly
and will be available from the Company's registered office at 9 Dallington
Street, London, EC1V 0BQ.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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