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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| IMD International Medical Devices SpA | BIT:IMD | Italy | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.50 | 1.44 | 1.55 | 1.53 | 1.50 | 1.52 | 5,250 | 16:40:00 |
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RNS Number:3082P
Independent Media Distribution PLC
03 September 2003
INDEPENDENT MEDIA DISTRIBUTION PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003
HIGHLIGHTS
Accelerating Growth in Sales and Profits.
* Sales increase to #1.55m. up 18%
* Pre-tax Profit increase to #0.61m up 37%
* Profit after Tax increase to #0.43m up 37%
* Increase in net Cash to #2.5m up 25%
* Interim Dividend increase to 0.55p up 22%
Growth in New Services
* Television Music Videos capture 75% of Potential Market
* Successful Trials for New Television Broadcast delivery service.
Second Half Lifts Momentum
* Sales July/August increase exceeds 25%
David Haynes, Chairman commented:
"These excellent results follow from renewed growth in the radio industry and
strong uptake of the music video service for the television industry. The
Company's policy of continuing technical development of core products has
improved profit margins by controlling costs within an expanding sales
environment. It is particularly noteworthy that the major technological
requirements of the new video service are common to the core radio service.
Trials for the new service to distribute to television stations certain of their
broadcasting needs commenced in July 2003. This is a most important development
for the Company and initial response has been positive from both music and TV
companies. A decision on full rollout will follow completion of detailed
testing. Next year, broadcast quality television has the potential to generate
revenue not only from music but also the larger markets of advertising and
programme material".
Enquiries
IMD plc
David Haynes, Chairman
0207 468 6868
Bridgewell Securities Ltd
Martin Gibbs
0207 003 3000
CHAIRMAN'S STATEMENT
SUMMARY OF RESULTS
Six Months to Six Months to Year to 31
30 June 2003 30 June 2002 December 2002
#'000 #'000 #'000
Turnover 1,551 1,312 2,712
Profit before Tax 605 442* 940*
Profit after Tax 428 313* 680*
Earnings per Share
Basic 1.28p 0.93p* 2.03p*
Diluted 1.27p 0.93p* 2.01p*
Dividend per Share 0.55p 0.45p 0.95p
====== ====== ======
* For comparative purposes these figures are stated before the write-off of
goodwill of #168,000.
Radio Services.
Sales in the core radio business are showing strong growth reflecting improved
conditions in the advertising marketplace. The increase in sales/profits is
based on three important trends in the radio industry:
+ Continued growth in radio's share of the total advertising marketplace
+ Greater use of the medium to target specific audiences and to create and
maintain an ongoing dialogue with them
+ More commercials being produced within each radio advertising campaign
IMD continues to broaden its services to the radio industry on behalf of
advertisers, programme producers, music houses and others. Management of the
delivery and processing plus co-ordination of the administrative functions for
these vital elements in the radio industry are being steadily improved by
constant additions to the range of services.
In the half year IMD benefited by slightly improving the average return per
transaction through these additional services and when taken in conjunction with
a revival in radio advertising it has resulted in a pleasing increase in
revenues from the Company's core activity.
Television Services
Music video distribution to television stations, producers, and others involved
in television music programming has continued its initial success. Over 75% of
review quality videos sent to these destinations are now managed through IMD.
During the half year the service has steadily expanded the number of
distribution points, prices have been adjusted accordingly so that revenue has
steadily risen as a combination of both volume and the value per order.
The service has generated considerable goodwill and provided sound evidence for
the possibilities of broadcast quality distribution. All the major record labels
have indicated they will use the broadcast service once the trials confirm its
reliability and quality.
These trials commenced in July 2003 and limited charging for the service has
just begun. Roll out of the service to all relevant stations from the initial
two station trial is now under way. Revenue will initially be generated from
music videos and later from other services, the timing of each activity being
dependent on a number of short term variables.
Television Services (continued)
Capital expenditure for television broadcast is fairly substantial as it
requires expensive reception equipment at each destination together with very
substantial telecom bandwidth, however, all outlays are expected to fall within
the company's normal cash flow. Software development has been completed in house
and, in accordance with company policy, has been fully expensed.
Financial Summary
The first half of the year is normally the better for cash generation and the
increase in net cash from #2.0m to #2.5m in the half year is in line with
expectations. Certain television expenditure was outlaid in the first half but
expenditure in the current period is expected to be larger. This factor combined
with other outlays normal in the second half makes it unlikely that cash
generation in this half will be as substantial as in the first.
Earnings growth and earnings per share of 1.28p enable an increase in the
interim dividend to 0.55p from 0.45p last year and 0.50p for the final. The
interim dividend will be paid on 31 October 2003 to shareholders on the register
as at 10 October 2003.
Current Trading
Group sales in the two months July and August are up more than 25% compared with
last year. The rate of sales increase continues to rise:
1st half 2002 - 1%
2nd half 2002 + 12%
1st half 2003 + 18%
Jul/Aug 2003 + 25%
All sectors of the Company are experiencing buoyant trading, radio advertising
is strengthening and new revenue from music videos is contributing a substantial
proportion of the total increase.
DAVID HAYNES
Chairman
Independent Media Distribution plc
3 September 2003
Six months to Six months to Year to 31
30 June 2003 30 June 2002 December 2002
Note #'000 #'000 #'000
TURNOVER 3 1,551 1,312 2,712
Cost and overheads, less other income (989) (896) (1,834)
------------- ------------- -------------
TRADING PROFIT 562 416 878
Goodwill on consolidation 1 - (168) (168)
written-off
-------------- ------------- -------------
OPERATING PROFIT 3 562 248 710
Interest receivable 43 26 62
-------------- ------------- -------------
PROFIT ON ORDINARY 605 274 772
ACTIVITIES BEFORE TAXATION
Tax on profit on ordinary activities 4 (177) (129) (260)
------------- ------------- -------------
PROFIT ON ORDINARY ACTIVITIES 428 145 512
AFTER TAXATION
Dividends to equity shareholders 5 (185) (151) (318)
------------- ------------- -------------
RETAINED PROFIT/(LOSS) 243 (6) 194
======= ====== ======
NORMAL EARNINGS PER SHARE
BASIC 6 1.28p 0.43p 1.53p
====== ====== ======
DILUTED 6 1.27p 0.43p 1.51p
====== ====== ======
EARNINGS PER SHARE - PRIOR TO
GOODWILL WRITE-OFF
BASIC 6 1.28p 0.93p 2.03p
====== ====== ======
DILUTED 6 1.27p 0.93p 2.01p
====== ====== ======
DIVIDEND PER SHARE 0.55p 0.45p 0.95p
====== ====== ======
As at 30 June As at 30 June As at 31
2003 2002 December 2002
#'000 #'000 #'000
FIXED ASSETS
Intangible assets - 4 -
Tangible assets 430 435 385
------------- ---------- ----------
430 439 385
------------- ---------- ----------
CURRENT ASSETS
Debtors 700 668 660
Cash at bank 2,484 1,838 2,008
------------- -------------- ----------
3,184 2,506 2,668
CREDITORS: amounts falling
due within one year (916) (698) (627)
------------- ------------- ----------
NET CURRENT ASSETS 2,268 1,808 2,041
-------------- ------------- ----------
TOTAL ASSETS LESS CURRENT LIABILITIES 2,698 2,247 2,426
PROVISION FOR LIABILITIES AND CHARGES
Deferred taxation (48) (11) (23)
------------- ------------- ----------
NET ASSETS 2,650 2,236 2,403
====== ====== =====
CAPITAL AND RESERVES
Called up share capital 3,355 3,352 3,352
Share premium account 2 1 1
Other reserve (1,796) (1,796) (1,796)
Profit and loss account 1,089 679 846
------------- ------------- ----------
EQUITY SHAREHOLDERS' FUNDS 2,650 2,236 2,403
======= ====== ======
Six months to Six months to Year to 31
30 June 2003 30 June 2002 December 2002
#'000 #'000 #'000
Operating profit 562 248 710
Depreciation and amortisation 184 227 417
Increase in debtors (40) (36) (28)
Increase/(decrease) in creditors 98 16 (17)
Goodwill write-off - 168 168
-------------- --------------- ---------------
CASH FROM OPERATING ACTIVITIES 804 623 1,250
Returns on investments and servicing of finance 43 26 62
Taxation received/(paid) 21 - (205)
Capital expenditure and financial investment (228) (191) (328)
Acquisitions and disposals (net of transaction costs) - 785 785
Equity dividends paid (168) (841) (992)
-------------- --------------- ---------------
CASH INFLOW BEFORE MANAGEMENT OF LIQUID RESOURCES AND
FINANCING 472 402 572
MANAGEMENT OF LIQUID RESOURCES
Increase in monies held on 30 days notice (617) (454) (632)
FINANCING
Issue of shares 4 27 27
--------------- ------------- ---------------
CHANGE IN CASH IN THE PERIOD (141) (25) (33)
======= ====== ======
Six months to Six months to Year to 31
30 June 2003 30 June 2002 December 2002
#'000 #'000 #'000
Change in cash in the period (141) (25) (33)
Increase in liquid resources 617 454 632
------------- ------------- -------------
Movement in net funds in the period 476 429 599
Net funds at beginning of period 2,008 1,409 1,409
------------- ------------- -------------
Net funds at end of period 2,484 1,838 2,008
====== ====== ======
1. BASIS OF CONSOLIDATION
On 21 February 2002 the Company, then named Chemex International plc, became the legal parent company
of Independent Media Distribution plc in a share-for-share transaction. Due to the relative values of
the companies, reverse acquisition accounting was adopted as the basis of consolidation.
2. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The interim financial information has been prepared on a basis consistent with the basis of preparation
and accounting policies set out in the annual report of Independent Media Distribution plc for the
fifteen months ended 31 December 2002.
The comparative figures are presented for the corresponding interim period and the previous full
financial year to provide a meaningful view of performance.
The information set out in this interim report for the six months ended 30 June 2003 does not comprise
statutory accounts within the meaning of section 240 of The Companies Act 1985. The statutory accounts
for the fifteen months ended 31 December 2002, incorporating an unqualified auditors' report, have been
filed with the Registrar of Companies.
3. BUSINESS SEGMENT ANALYSIS
The turnover, profit on ordinary activities before taxation and net assets, all
of which occur in the United Kingdom, are attributable to one activity, that of
electronic data distribution.
4. TAXATION
The tax charge for the six months to 30 June 2003 has been provided at the
estimated rate applicable for the year.
5. DIVIDENDS TO EQUITY SHAREHOLDERS Six months to Six months to Year to 31
30 June 2003 30 June 2002 December 2002
#'000 #'000 #'000
Proposed interim dividend 185 151 151
Proposed final dividend - - 167
------------- ------------- -------------
185 151 318
====== ====== ======
6. EARNINGS PER SHARE
The calculation of basic earnings per share is based on the following profits and numbers of shares:
Six months to Six months to Year to 31
30 June 2003 30 June 2002 December 2002
Basic earnings for the period (#'000) 428 145 512
======= ======= =======
Basic weighted average number of shares (000s) 33,522 33,415 33,469
Dilutive potential ordinary shares:
Share options (000s) 286 425 361
--------------- --------------- ---------------
Diluted weighted average number of shares 33,808 33,840 33,830
(000s)
======= ======= =======
An adjusted earnings per share calculation based on the results before the
write-off of goodwill is set out below to facilitate comparison of the
underlying performance of the group.
Six months to Six months to Year to 31
30 June 2003 30 June 2002 December 2002
Basic Diluted Basic Diluted Basic Diluted
Basic earnings per share 1.28p 1.27p 0.43p 0.43p 1.53p 1.51p
Goodwill write off - - 0.50p 0.50p 0.50p 0.50p
------------- ------------- ------------ ------------- ------------- ---------
Adjusted earnings per share 1.28p 1.27p 0.93p 0.93p 2.03p 2.01p
====== ====== ====== ====== ====== ======
We have been instructed by the company to review the financial information for
the six months ended 30 June 2003 which comprise the Group Profit and Loss
Account, the Group Balance Sheet, the Group Cash Flow Statement and the related
notes. We have read the other information contained in the interim report and
considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.
This report is made solely to the company in accordance with guidance contained
in Bulletin 1999/4 'Review of interim financial information' issued by the
Auditing Practices Board. To the fullest extent permitted by the law, we do not
accept or assume responsibility to anyone other than the company, for our work,
for this report, or for the conclusions we have formed.
Directors' responsibilities
The interim report, including the financial statements contained therein, is the
responsibility of, and has been approved by the directors. The directors are
responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board. A review consists principally of making
enquiries of management and applying analytical procedures to the financial
information and underlying financial data and based thereon, assessing whether
the accounting policies and presentation have been consistently applied and
adequately disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with Auditing
Standards and therefore provides a lower level of assurance than an audit.
Accordingly we do not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2003.
haysmacintyre
Chartered Accountants Southampton House
Registered Auditors 317 High Holborn
London
WC1V 7NL
3 September 2003
This information is provided by RNS
The company news service from the London Stock Exchange
END
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