Interim Results

RNS Number:3205J
Alibi Communications PLC
31 March 2003


ALIBI COMMUNICATIONS PLC

INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2002

CHAIRMAN'S STATEMENT

I present the Company's interim results for the period 1st July 2002 to 31st
December 2002.  Cashflow and expenditure continue to be strictly controlled and
contained. The accounts for the period show a result slightly better than
breakeven which compares favourably with the loss of #45, 845 in the same period
last year. I set out below a brief review of the business and highlights from
the Company's productions and projects updated from my statement with the final
years results in December.

ALIBI PRODUCTIONS

Sir Gadabout 1 During this period, we were delighted and honoured that the first
series of Sir Gadabout was nominated for a BAFTA Award for 'Best Children's
Drama' and won the coveted 'Variety Best Children's Programme of the Year' Award
at the Indie Awards in March 2003. The series received it's first repeat in June
/July 2002 and there is the prospect of a second repeat on ITV during 2003. The
series continues to be represented internationally by Chatsworth Television
Distributors who will be selling the series at the upcoming MIP-TV market in
Cannes.

Sir Gadabout 2 The second series of 10 x 30 minute episodes of Sir Gadabout was
filmed at Ealing Studios, who invested in Series 2, and was completed on
schedule and on budget.  The series is currently being transmitted on Friday
afternoons at 4.30pm on CITV and there is the prospect of a first repeat during
2003. The series also featured on SMTV-Live who recently themed a Saturday
morning show around the antics of Sir Gadabout and the Knights of Camelot.

Sir Gadabout 3 Discussions are taking place with ITV for the production of a
third series of Sir Gadabout.

Inspector Banks Alibi Productions continues to collaborate with Mystique Films
and the Canadian Broadcasting Company in Canada on the adaptation of Peter
Robinson's best selling series of detective novels. Carlton International have
also supported the development of the project in return for the option of
investing in the production and handling overseas sales.  A pilot script is now
complete and is under discussion with UK broadcasters as a UK/Canadian
co-production.

With the substantial reduction of feature film activity within the Company,
Alibi Productions is no longer pursuing feature film development and is focusing
entirely on securing commissions for prime-time drama and children's programming
from the terrestrial broadcasters. We are also in discussions with
non-terrestrial broadcasters for the production of long-running children's
series, for which Alibi Productions is clearly gaining an excellent reputation.
Carlton International and Granada International continue to report revenue on
overseas sales of The Safe House, Goodbye Mr Steadman and Without Motive.

ALIBI FILMS INTERNATIONAL

As I reported in December the Company has appointed or is in the process of
appointing sub-distributors or is making other arrangements for the
representation of its films. This has allowed the Company to substantially
reduce costs whilst retaining a carried financial interest in the films.

The Hard Word (formerly Blood & Guts) stars Guy Pearce (L.A. Confidential,
Memento) and Rachel Griffiths (Muriel's Wedding, Hilary and Jackie), and is
scheduled to be released by Lions Gate Films in the USA in November 2003.

Secretary stars James Spader (Sex, Lies & Videotape, Crash) and Maggie
Gyllenhaal (Donnie Darko, Cecil B. Demented). The film won the Special Jury
Prize at the Sundance Film Festival in 2002 and, following a successful release
in the USA in September 2002, is scheduled for release in the UK later this year
through Metro Tartan.

The Company continues to hold the sales and distribution rights in One More Kiss
starring Valerie Edmond, Gerard Butler and James Cosmo, One of the Hollywood Ten
starring Jeff Goldblum, Greta Scacchi and Angela Molina, The Most Fertile Man in
Ireland starring Kris Marshall, Bronagh Gallagher, James Nesbit and Kenneth
Cranham and County Kilburn starring Ciaran McMenamin, John Bowe, Rick Warden and
Georgia Mackenzie.

PROSPECTS

The Company has derived significant income from its television production of the
Sir Gadabout series and now has 26.5 hours of drama being sold internationally.
Having reduced staffing levels to a minimum Alibi Films International is making
a positive contribution. However, the future prospects of the Company depend
upon the management team's ability to secure new programme commissions and seek
out alternative opportunities.


Lord Romsey
Chairman


CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 31ST DECEMBER 2002

                                       6 Months Ended             6 Months Ended                   Year to
                                     31 December 2002           31 December 2001              30 June 2002
                                          (Unaudited)                (Unaudited)                 (Audited)
                                                    #                          #                         #
Turnover                                    3 944,263                  3,092,766                 3,929,227
Cost of sales                               (750,751)                (2,818,177)               (3,525,503)
Gross profit                                  193,512                    274,589                   403,724
Administrative expenses                     (182,110)                  (316,612)                 (608,837)
Operating profit / (loss)                      11,402                   (42,023)                 (205,113)
Interest receivable                                 -                        332                       352
Interest payable                             (11,313)                    (4,154)                  (12,969)
Profit / (loss) on
ordinary activities before
and after taxation                                #89                  #(45,845)                #(217,730)

Earnings per share (pence)                          -                     (0.76)                     (3.6)

                                                   

CONSOLIDATED BALANCE SHEET
AT 31ST DECEMBER 2002

                                     31 December 2002           31 December 2001              30 June 2002
                                          (Unaudited)                (Unaudited)                 (Audited)
                                                    #                          #                         #
FIXED ASSETS
Tangible assets                                 1,067                      3,771                     1,307


CURRENT ASSETS
Work in progress                            1,505,933                  1,357,038                   942,516
Debtors                                       381,386                    199,064                   353,831
Cash in hand                                   46,530                    160,666                   180,771
                                            1,933,849                  1,716,768                 1,477,118
CREDITORS: Amounts falling                (1,892,397)                (1,506,884)               (1,436,655)
due within one year
NET CURRENT ASSETS                             41,452                    209,884                    40,463
TOTAL ASSETS LESS CURRENT                     #42,519                   #213,655                   #41,770
LIABILITIES


CAPITAL AND RESERVES
Called up share capital                        61,260                     60,600                    60,600
Share premium account                       1,219,382                  1,219,382                 1,219,382
Profit and loss account                   (1,238,123)                (1,066,327)               (1,238,212)
EQUITY SHAREHOLDERS' FUNDS                    #42,519                   #213,655                   #41,770




NOTES TO THE INTERIM STATEMENTS
FOR THE SIX MONTHS ENDED 31ST DECEMBER 2002

1. BASIS OF PREPARATION

The financial information set out in this interim report does not comprise the
company's statutory financial statements. Statutory financial statements for the
previous financial year ended 30th June 2002 have been delivered to the
Registrar of Companies.  The auditors' report on those financial statements was
unqualified and did not contain any statement under section 237(2) or (3) of the
Companies Act 1985.

2. ACCOUNTING POLICIES

The financial statements have been prepared in accordance with applicable United
Kingdom accounting standards and under the historical cost convention.  The
principal accounting policies of the Group have remained unchanged from the
previous year.

3. TURNOVER

The group's turnover, net of value added tax, has been derived from its
principal activity, namely the development and production of feature films and
television programmes and the acquisition and sale of international distribution
rights in feature films. All amounts are in respect of continuing operations.

4. EARNINGS PER SHARE

The calculation of basic earnings per ordinary share is based on earnings of
#89.  The weighted average number of ordinary shares in issue during the six
month period ended 31st December 2002 was 6,126,000 shares for basic earnings
per ordinary share. Diluted earnings per share are not materially different from
basic earnings per share.

Copies of the interim statement are being sent to shareholders and will be
available from the company's registered office.


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