We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Nuveen Muni Income Fund Inc | NYSE:NMI | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.04 | 0.42% | 9.54 | 9.55 | 9.51 | 9.51 | 12,757 | 21:00:17 |
Hot Features
Premium
RNS Number:0317U
New Media Industries PLC
09 January 2004
NEW MEDIA INDUSTRIES PLC (NMI)
Interim results for the six months ended 31 October 2003
New Media Industries PLC, the integrated marketing services group, today
announces its interim results for the six months ended 31st October 2003.
* Margins stable for the period; turnover continues to improve.
* Operating loss significantly reduced to #0.15m (2002: #1.1m; 12
months to 30 April 2003: #3.3m).
* NMI Digital Workflow unit appointed on first client project.
* New Business wins continue to flow across the Group.
* Restructuring of Finance department now complete.
Jon Summerill, Deputy Chairman and CEO, said:
'The Group continues to make sustained progress across all its activities, with
a strong indication across all business that the erosion of spend has finally
'bottomed out'. Indeed, every sign is that clients are cautiously upgrading
their budgets for the next fiscal year.
We have just completed the final stage of a thorough restructuring of all
elements of the Group, with the appointment of Toni Denby as Group FD. This, in
conjunction with a reorganised Accounts department, is already delivering
tangible benefits.
With the diverse range of activities undertaken by the Group, the ability to
handle a complex structure of charging and margin analysis is essential to
future profitability and continued increase in margins. The completion of the
upgraded Job Tracking System is ensuring that we capture all income and costs in
a way that adds value to the management decision process.
Our headcount has now stabilised, and we are very much looking forward to a new
phase of enhanced productivity, combined with ongoing recruitment, to service
the overall increase in business.
We are continuing to evaluate opportunities to broaden the scope and
effectiveness of our Group offering, and I will be able to report more fully on
some of these initiatives at the year end.'
Chairman's Statement
Business Unit Review:
Interactive
There has been a strong recovery in this sector, with a variety of clients
continuing to re-evaluate and invest in interactive activity.
Procter & Gamble have just awarded the Interactive team with a new project, in
recognition of their continued contribution to their Global recruitment website.
This new project will involve working on a number of Corporate initiatives.
Furthermore, after a long period of evaluation the Brandhouse consultancy have
appointed the Interactive unit as their sole supplier on all Interactive work.
Given the broad range of blue chip clients they look after, this augers
extremely well for a range of opportunities.
Production
We are continuing to improve the service and offering to our wide range of
Production clients, both centralising Global production around the hub at NMI,
whilst striving to offer a personalised service.
The Digital Workflow group have been extremely busy talking to existing and new
clients, and were appointed on their first project to produce an asset library,
which can form the core of a wider management system
The introduction of the second phase Job Tracking System, has meant an
unparalleled control over materials and cost, whilst offering precise
information to our client base. The new system will automate most of the
administration tasks - including Billing - and allow for a greater shift in
focus onto the core Production requirements.
Increasingly, the client base is evaluating the broad range of services the
Group has on offer, as many companies try to integrate many of the functions,
which they feel will help save them substantial amounts across their budgets.
Solutions
The range of opportunities afforded to the Solutions team is increasing, as
their reputation continues to develop.
Further to an extremely successful launch of FHMs High Street Honeys for Emap,
we continue to evolve our relationship with this client. The quality of work
and value equation are well demonstrated across the business we handle for them.
The team recently launched Pro Evolution Soccer 3 for Konami with a broad mix of
media, and the Creative relationship - Solutions also launched Dancing Stage -
continues to flourish. The Konami work also demonstrates the increasing synergy
between the Creative & Media units, as clients become increasingly confident in
the combined offering.
In reference to the more liberal climate in clients budgets, Temenos - one of
our longstanding clients - has recently confirmed that it will be looking to
increase its overall marketing spend. Solutions has just completed a brand
overhaul for its new software offering - T24 - implementing the variety of work
across their marketing channels.
The only loss of business has been based on the decision by HR Owen, in line
with other car dealerships, to bring their creative work inhouse - effective end
of November.
Already, through a variety of business wins, any loss of income has been
replaced.
Target
As a testament to the excellent job the Media department have been doing across
the HR Owen business, a very clear decision to retain media planning and buying
was made. Given the client review across their business - with a view to
restructuring suppliers and increasing value - it is a great endorsement of
Media delivery.
Target have also continued to win more business across a variety of sectors,
both in their 'heartland' and outside. Our relationship with the BBC continues
to strengthen, with the Media appointment on a groundbreaking new project titled
'Fightbox'.
Further business wins include Blackwells - the eminent booksellers and
Silverscreen, the new venture dedicated to DVD retail.
The mix of Media business handled has dramatically expanded outside the original
core of theatrical releases, to encompass all forms of entertainment -
especially video games - and leisure, whilst increasingly servicing a broader
mix of other clients within the Group.
8 January 2004
J G P Summerill
Deputy Chairman and CEO
New Media Industries PLC
Consolidated profit and loss account for the period ended 31 October 2003
Notes Period Period Year
1 May 2003 1 May 2002 Ended
to 31 October to 31 October 30 April
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
# # #
Turnover 15,393,390 11,374,815 23,714,602
Cost of sales (12,133,808) (8,808,914) (18,032,295)
_______ _______ _______
Gross profit 3,259,582 2,565,901 5,682,307
Administrative expenses (3,405,916) (3,646,384) (8,956,918)
Operating loss before goodwill amortisation
and exceptional items (146,334) (388,327) (1,064,742)
Goodwill amortisation - (77,068) (154,135)
Impairment of goodwill - - (1,310,552)
Exceptional costs 2 - (615,088) (745,182)
_______ _______ _______
Operating loss (146,334) (1,080,483) (3,274,611)
Interest receivable - 1,576 1,830
Interest payable and similar charges (16,637) (30,104) (103,039)
_______ _______ _______
Loss on ordinary activities before taxation (162,971) (1,109,011) (3,375,820)
Taxation on loss from ordinary activities 3 - - (24,528)
_______ _______ _______
Loss on ordinary activities after taxation (162,971) (1,109,011) (3,400,348)
_______ _______ _______
Loss per ordinary share - basic and diluted 4 (0.133)p (1.829)p (4.591)p
_______ _______ _______
- pro-forma 4 (0.133)p (0.687)p (1.607)p
_______ _______ _______
The notes on pages 8 to 10 form part of this interim statement.
New Media Industries PLC
Consolidated balance sheet at 31 October 2003
Notes As at As at As at
31 October 31 October 30 April
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
# # #
Fixed assets
Intangible assets 1,539,612 2,767,666 1,539,612
Tangible assets 897,438 981,759 787,259
_______ _______ _______
2,437,050 3,749,425 2,326,871
_______ _______ _______
Current assets
Stocks 195,510 221,489 188,678
Debtors 5,917,302 5,019,344 4,397,720
Cash at bank and in hand 464,209 238,261 24,003
_______ _______ _______
6,577,021 5,479,094 4,610,401
Creditors: amounts falling due within one year (6,426,099) (5,591,750) (5,555,032)
_______ _______ _______
Net current assets/(liabilities) 150,922 (112,656) (944,631)
_______ _______ _______
Total assets less current liabilities 2,587,972 3,636,769 1,382,240
Creditors: amounts falling due after more than one year (19,638) (48,026) (33,833)
_______ _______ _______
Net assets 2,568,334 3,588,743 1,348,407
_______ _______ _______
Capital and reserves
Called up share capital 5 1,396,366 702,907 778,366
Share premium account 5 4,106,977 3,292,079 3,292,079
Shares to be issued 5 - 442,166 50,000
Merger reserve 1,916,580 1,587,728 1,916,580
Profit and loss account (4,851,589) (2,436,137) (4,688,618)
_______ _______ _______
Shareholders' funds - equity 2,568,334 3,588,743 1,348,407
_______ _______ _______
Approved by the Board on 8 January 2004
T Denby
Director
The notes on pages 8 to 10 form part of this interim statement.
New Media Industries PLC
New Media Industries PLC
Reconciliation of movements in shareholders' funds for the period ended 31 October 2003
Notes Period Period Year
1 May 2003 1 May 2002 Ended
to 31 October to 31 October 30 April
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
# # #
Loss on ordinary activities after taxation
for the financial period (162,971) (1,109,011) (3,400,348)
Ordinary shares issued, net of expenses 5 1,382,898 - 443,167
Shares to be issued 5 - - 50,000
Deferred and contingent shares - - (442,166)
_______ _______ _______
Net increase/(decrease) in shareholders' funds 1,219,927 (1,109,011) (3,349,347)
Opening shareholders' funds 1,348,407 4,697,754 4,697,754
_______ _______ _______
Closing shareholders' funds 2,568,334 3,588,743 1,348,407
_______ _______ _______
The notes on pages 8 to 10 form part of this interim statement.
New Media Industries PLC
Consolidated cash flow statement for the period ended 31 October 2003
Period Period Year
1 May 2003 1 May 2002 Ended
to 31 October to 31 October 30 April
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
# # #
Reconciliation of operating loss
to net cash outflow from operating
activities
Operating loss (146,334) (1,080,483) (3,274,611)
Depreciation charges 160,433 158,744 297,608
Impairment of tangible fixed assets - 569,071 462,516
Amortisation charges - 77,068 154,135
(Increase)/decrease in stocks (6,832) 28,526 60,837
(Increase)/decrease in debtors (1,518,321) 1,772,499 2,311,382
Decrease in creditors (36,930) (3,507,530) (2,143,681)
Impairment of goodwill - - 1,310,552
_______ _______ _______
Net cash outflow from operating activities (1,547,984) (1,982,105) (821,262)
_______ _______ _______
Cash Flow Statement
Net cash outflow from operating activities (1,547,984) (1,982,105) (821,262)
Returns on investments and servicing of (16,637) (28,528) (92,098)
finance
Taxation paid (34,895) (126,421) (126,416)
Capital expenditure and financial investment (270,612) (84,974) (106,338)
Disposals - - (5,812)
_______ _______ _______
Cash outflow before financing (1,870,128) (2,222,028) (1,151,926)
Financing 1,368,702 (80,678) (102,218)
_______ _______ _______
Decrease in cash in the period (501,426) (2,302,706) (1,254,144)
_______ _______ _______
Reconciliation of net cash outflow to
movement in net debt
Decrease in cash in the period (501,426) (2,302,706) (1,254,144)
Cash outflow from decrease
in debt and lease financing 14,196 80,678 102,218
_______ _______ _______
Change in debt resulting from cash flows (487,230) (2,222,028) (1,151,926)
Finance lease of subsidiary in liquidation - - 48,996
New finance leases - (91,563) (91,563)
_______ _______ _______
Movement in net debt for the period (487,230) (2,313,591) (1,194,493)
Net (debt)/funds at start of period (534,243) 660,250 660,250
_______ _______ _______
Net debt at 31 October/30 April (1,021,473) (1,653,341) (534,243)
_______ _______ _______
The notes on pages 8 to 10 form part of this interim statement.
New Media Industries PLC
Notes to the interim results
1 Accounting periods
The accounting reference date of the group is 30 April.
The current interim results are for the period from 1 May 2003 to 31 October 2003.
Comparative interim results are for the period from 1 May 2002 to 31 October 2002.
Comparative audited results are for the period from 1 May 2002 to 30 April 2003.
2 Exceptional costs
Included within administrative expenses in the prior year were exceptional costs relating to:
Year
1 May 2002
to 30 April
2003
(Audited)
#
Abortive acquisition costs 49,262
Fundraising costs 29,801
Risk premium costs 50,000
Write off of fixed and current assets to recoverable amounts 537,769
Employment termination costs 78,350
_______
745,182
_______
3 Taxation on loss from ordinary activities
Period Period Year
1 May 2003 1 May 2002 1 May 2002
to 31 October to 31 October to 30 April
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
# # #
The charge for taxation is based on the loss on
ordinary activities for the period and comprises:
UK Corporation tax charge on ordinary activities - - 24,528
______ ______ ______
No taxation charge arises on the loss for the current period due to the availability of eligible tax losses.
New Media Industries PLC
Notes to the interim results
4 Loss per ordinary share
Figures for loss per ordinary share have been calculated using the weighted average number of shares in issue during
the relevant periods.
Basic loss per share
The eligible loss for the current period (being the loss on ordinary activities after taxation) was #162,971 (2002
interim: #1,109,011 loss; 2002/03 full year: #3,400,348 loss).
The weighted average number of ordinary shares in issue during the current period was 122,496,631 (2002 interim:
60,641,233; 2002/03 full year: 74,063,649).
Diluted loss per share
The diluted loss per ordinary share figures are not disclosed as the effect of conversion of ordinary share options
is not dilutive.
Pro-forma loss per share
This is calculated by dividing the loss before goodwill amortisation, impairment, reorganisation costs, exceptional
items and provision against fixed asset investment, of #162,971 (2002 interim: #416,855 loss; 2002/03 full year:
#1,190,479 loss) by the weighted average number of ordinary shares in issue during the period of 122,496,631 (2002
interim: 60,641,233; 2002/03 full year 74,063,649).
5 Refinancing
During the period, the company negotiated new debt facilities providing increased liquidity. These increased
facilities allowed the company to raise significant new capital. The share issues that have occurred since 30 April
2003 have been summarised below:
Share
Share premium Shares to
capital account be issued
(Unaudited) (Unaudited) (Unaudited)
# # #
At 1 May 2003 778,366 3,292,079 50,000
Allotment of newly issued shares 618,000 929,501 (50,000)
Costs incurred in issuing shares - (114,603) -
__________ __________ ________
At 31 October 2003 1,396,366 4,106,977 -
________ ________ _______
6 This Interim Report was approved by the Board of directors on 8 January 2004.
This interim financial information does not comprise statutory accounts as
defined in Section 240 of the Companies Act 1985.
The financial information for the period ended 30 April 2003 is an extract from
the latest group accounts. The accounts received an unqualified auditor's report
and have been filed with the Registrar of Companies. The financial information
for the periods ended 31 October 2003 and 2002 is unaudited.
The auditors have carried out a review of the financial information and their
report is set out on page 11.
The interim financial information has been prepared using accounting policies
consistent with those adopted by New Media Industries PLC in its financial
statements for the period ended 30 April 2003 except with regard to goodwill.
Until the year ended 30 April 2003, capitalised goodwill was amortised through
the profit and loss account over the directors' estimate of its useful economic
life of 20 years. Having undertaken an impairment review at 30 April 2003 which
resulted in a charge of #1,310,552, the directors consider that the remaining
goodwill of the group currently has an indefinite economic life because of the
institutional nature of the client's brand names and the group's commitment to
develop and enhance their value. The carrying value of these intangible assets
will continue to be reviewed annually for impairment and reduced to the
recoverable amount if required.
The financial statements depart from the specific requirement of companies
legislation to amortise goodwill over a finite period in order to give a true
and fair view. The directors consider this to be necessary for the reasons given
above. If the group had continued with its accounting policy and regarded all
intangible assets as having a limited useful economic life, and the useful
economic life it chose remained at 20 years, then the resulting impact on the
profit and loss account in the six months to 31 October 2003 would have been a
charge of #43,866.
7 Copies of this Interim Report are available from the Company Secretary at
Middlesex House, 34-42 Cleveland Street, London, W1P 5FB.
New Media Industries PLC
Independent review report to New Media Industries PLC
Introduction
We have been instructed by the company to review the financial information for
the six months ended 31 October 2003 on pages 4 to 10. 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.
Our report is made solely to the company in accordance with the terms of our
engagement to assist the company in meeting the requirements of the rules of the
London Stock Exchange for companies trading securities on the Alternative
Investment Market. Our review has been undertaken so that we might state to the
company those matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the company for our review work, for
this report, or for the conclusions we have reached.
Directors' responsibilities
The interim report, including financial information contained therein, is the
responsibility of, and has been approved by, the directors. Where a company is
fully listed, 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. The directors of New Media Industries PLC have voluntarily complied
with this requirement in preparing the interim review report.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of group 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 unless otherwise 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 United Kingdom 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 31 October 2003.
BDO Stoy Hayward
Chartered Accountants
Epsom, Surrey
8 January 2004
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UUUCGGUPCGMR
1 Year Nuveen Muni Income Chart |
1 Month Nuveen Muni Income Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
